Michael Gaddis recently closed a short sale in Oceanside, CA. The homeowner had one loan on the property with Bank of America. Michael Gaddis was able to get the homeowner HAFA relocation assistance of $3,000. The property, one side of a duplex, was located on Calle Las Positas and sold for $150,000 ($11,000 over the asking price). Michael Gaddis received numerous offers for this property mainly from investors and FHA buyers. Due to the fact that the property had some deferred maintenance and the fact that the homeowner was unwilling (rightfully so) to put any money into the property Michael Gaddis did not feel that FHA buyers were the best group of buyers to entertain for this property. Michael Gaddis received numerous all-cash offers from investors which resulted in a bidding war. There seems to be a high demand for this type of property in the Oceanside area.
Overall, the negotiations and process of this short sale went smoothly.