Posted on Nov 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your short sale specialist in the Roseville and Sacramento area. Thanks for joining me today. I’d like to talk about a recent short sale success with Bank of America. This particular short sale had two loans, a Bank of America first and second loan. Typically your Bank of America first and second liens are negotiated together, which is one of the nice things that Bank of America does so we don’t always have two different negotiators for our file. There are certain cases, such as with a line of credit being with certain investors, that have to be negotiated separately, but for the most part these can be negotiated together making the short sale much easier.

In this particular case, the hardship is what I really wanted to focus on today. It was a voluntary relocation. What does that mean? They simply chose to not live in this house anymore; that was their reason for leaving and for the short sale. They wanted to relocate to a different area, were underwater on their mortgage and because they couldn’t afford to do a traditional transaction, they sought out a short sale, were approved and we just closed it. This just goes to show that some banks, like Bank of America, are willing to work with the homeowner to get the short sale approved.

If you have any specific questions about whether or not you might qualify for a short sale, give me a call and we’ll talk about it. We can see if you are a candidate for a short sale whether it’s Bank of America, or any other bank. I can help you determine your hardship if need be and get your short sale approved with your lender. If you’re also on the fence about whether a short sale is best for you, check out my short sale decision calculator to find out your property value as well as when your home will become an asset again.

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