Indymac Short Sale
Michael Gaddis recently closed an Indymac short sale in Carlsbad, CA. The property was located at 3080 Monroe St. The borrower qualified for the HAFA Indymac short sale program and received $3,000 in relocation assistance. The home, while in good condition, was very dated, and finding a buyer for a price the bank wanted was somewhat challenging. Eventually, a FHA buyer was located who, at the onset, was attempting to obtain a FHA 203k loan. However, the process in obtaining the 203k loan proved too lengthy and the buyer converted to a traditional FHA loan. Although there was only one lien holder, for some reason the negotiation process took a long time with this short sale. Michael Gaddis and his staff literally had to call the negotiator 3 times a day as well as email him constantly to keep this loan modification moving along. Typically the big problem in these prolonged short sale situations is the buyer walking around the same time that the approval is procured. In this instance the buyer stuck around and Michael Gaddis was able to close the short sale.
The property sold for $410,000 and closed escrow on November 21, 2012.
Homeowners need to realize that not all real estate professionals are the same. A homeowner’s friend or acquaintance might have a real estate license but that does not mean that they are qualified to properly handle a short sale. For more information on how to select a real estate professional for a short sale please click the following link: https://sdshortsaleattorney.com/how-do-i-find-a-realtor-for-a-short-sale/.
Jenny Winford July 23rd, 2017
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