Mission Viejo Short Sales Need the Bank’s Help
The real estate wheel has turned recently, with rising prices and equity sellers trumping the flood of Mission Viejo short sales and bank owned home listings from several years ago. Yet, in the second decade of the 21st century, there are still some home sales that need the bank’s involvement. And much to my frustration, they have the remarkable resemblance to times gone by. If you have nothing better to do, such as watching paint dry or water boil, just keep reading. This may take you back a couple of years.
When well qualified buyers fall in love with the perfect home for them, it really is one of the most rewarding moments in a Realtors’ life, knowing you’ve helped make someone’s dream come true. But never underestimate the journey you must travel together, buyers and their agent linked at the hip, to make it all come together. Especially when the banker doesn’t have the hip clip. Check this out.
There’s this fabulous home in an popular, age restricted Mission Viejo community and the list price is a little bit below the current market value. Which means, when stacked up to the other active listing, it looks like a smoking hot deal. Trouble is, it’s a short sale. Which is such a small percentage of homes for sale in Mission Viejo today, you might have forgotten how a short sale works. Here we go!
When a home is being offered for sale as a short sale, it means that the seller’s bank must approve the sale. The offers come in to the owner/seller and are reviewed with their agent and when they select the one best offer, they have to then present that one offer to their bank, to whom they owe the remainder of their mortgage. And they have to say “I cannot personally pay you back what you loaned me to buy this house, and I can’t afford to make my mortgage payments anymore. Would you please consider this awesome offer from well qualified buyers for a price that is in alignment with the current market pricing. Pretty please?”
The buyers and sellers then sit on pins and needles waiting for an answer from the bank. The Realtors try to manage expectation for both the sellers and the buyers. And it all hangs on the banker.
In this particular case, the bank had approved the sale at the listed price. Then that buyer bailed. The bank represented that they’d honor that same price for a new, qualified buyer. Enter my well qualified buyers, who love the home, offering full list price. Offer accepted by the seller!! Now we just need the bank’s approval.
So when the banker sends back written approval in the name of the buyers who bailed, instead the my new well qualified buyers, twice. And each “re-do” takes between 24 and 48 hours. It can make you a little uncomfortable. Fingers crossed the bank gets the names right next time and we can open escrow.
Remind me to tell you about the other agent’s husband having a heart attack in the middle of the whole thing. Thankfully, he’s home from the hospital and she’s back on line.
I’m Leslie Eskildsen, just keeping it real in Mission Viejo real estate.
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com.