Valencia Short Sale Update

by kevinjones on March 19, 2012

in Latest News, Short Sales

Valencia Short Sale Update:  Included here will be information that will be logged and updated daily as the short sale progresses.  Most of your questions and concerns will be answered here.  If you follow this link you should be updated as much as the listing agent is on this file.  At any time that you have any questions or concerns please contact your representative immediately.  Remember that Short Sales are different than a Traditional or Standard sale in the sense the we are dealing with other entities, some of which may include a bank, servicing company, investors, private parties, corporations, insurance companies, trusts, etc. and more so than not a Short Sale typically takes longer than e regular sale where you only have a buyer and seller.  Please be patient with the process as we the agents are working our tails off and it requires us Much more work than a Tradition transaction.  We will commit to you that we will work diligently, blood, sweat and tears if it requires it … to get this transaction completed for you … all we ask in return is for you to be as committed to this transaction as we are!  Thank you in advance … the Realty Professionals team.

Valencia1 300x225 Valencia Short Sale Update

Los Angeles Short Sale 818-955-SOLD (7653)










3/19/2012 – Transferred from Bank of America to SLS, spoke with Scarlet, Christina will be point of contact, sent docs in they requested.
3/21/2012 – Spoke with Keith, documents imaged in 3/20/2012, need rma, mortgage assistance, emailed forms to sellers.
3/22/2012 – received paystubs, resent rma to seller, lm re importance.
3/23/2012 – Trustee Sale postponed to 4/12/2012, resent rma to seller.
3/26/2012 – SLS received rma. la, sent to SLS
3/28/2012 – Spoke with Kristina verified Trustee Sale 4/12/2012 request another postponement, workout agent assigned. cb 7 days
4/5/2012 –  SLS no Trustee Sale scheduled, call back 4 days
4/9/2012 – Trustee Sale 4/12/2012, spoke with Lorenzo, need 2 years tax returns
4/13/2012 – Appraisal done
4/17/2012 – Received tax returns, faxed to SLS
4/19/2012 – Trustee Sale postponed 5/14/2012, Coleen value in, request paystubs CB 4/25
4/242012 – Spoke with Ignacio needs W2′s and current paystubs
5/2/2012 – Received W2′s
5/5/2012 – TS on hold, recon trust  $274,944

5/8/2012 – Spoke with Frankie net proceeds good, HUD1 with SLS, line 1301 removed, new termite report, requested updated HUD1, received new HUD1, requested new termite, left messages for HOA both #’s, need to renegotiate $.
5/9/2012 – received new termite report, sent to SLS. spoke with Delmy at HOA stated $11k would be minimum accepted amount, meeting on Friday, letter sent pleading our case.
5/10/2012 – received paystubs from sellers and submitted to SLS.  verified they have not uploaded new HUD1 yet, CB Monday. LM for HOA
5/14/2012 – Spoke with Delmy HOA agreed $8500 + $900 for removal of liens.  Buyers agree.
5/15/2012 – Spoke with Jimmy, still under review. work out agent assigned.  called back spoke with oscar, appraisal in and verified ok value. Escrow revised HUD, sent in, lowered commission.
5/22/2012 – spoke with Manuel, offer and package looks good, assigned to Lauren.
5/23/2012 – spoke with Tim, pending approval
5/29/2012 – spoke with Julio, investor fees not approved,  after review, Julio is resubmitting the file as they thought the Investor was paying the HOA fees, but after reviewing line item 1305 on the HUD they realized that the buyer is in fact paying this amount.
6/1/2012 – spoke with Benjamin, passed all approvals through Servicing Company, sent to investor for Final Approval, no time frame as each investor is different in regards to response.
6/5/2012 – spoke with Tricia, no answer yet call back 2 days.
6/7/2012 – spoke with Julie, No answer yet from investor, we will email you.  Recon Trust Trustee Sale date
6/14/2012, spoke with Frank, currently on hold status as of today.
6/11/2012 – Trustee Sale still set for 14 June 2012 at 1pm, spoke with Chad and he assured me that the sale was on hold and that the file was sent back due to the proposal was missing sellers bank statements.
6/13/2012 – Received bank statements, packaging for investor approval.
6/14/2012 – Trustee Sale Postponed
6/18/2012 – Trustee Sale 16 July 2012, 1pm, spoke with Emily, bank statements received, package sent out to investor, no response as of today.  Requested Seller to call SLS and update financials over the phone.
6/20/2012 – spoke with Mark, all docs are in, we are all good, just waiting for final investor approval.
6/22/2012 – spoke with Rhea, we are still in a holding pattern … no approval as of yet.
6/26/2012 – spoke with Joshua (333p), states that he is submitting for investor approval???  Also states that he is a supervisor.  Denied several times to speak with a supervisor, finally after 11 requests to speak with supervisor Joshua transfers me to a line that no one picks up and you cant leave a message … called right back and spoke with Gerard (412p), explained that it is a 3 stage process, agent review, board review and audit or investor approval … we are in the 3rd stage just waiting for a final answer.
If you have any questions at any time please contact your representative immediately.
6/29/2012 – spoke with Marianne, still waiting on final approval should be in anytime.
7/2/2012 – received approval … sent out for signatures
7/30/2012 – Loan Funded
7/31/2012 – Escrow Closed

This Short Sale took just over 100 days to complete once we got the lender that held the note.  The actual listing time was over 2 years!  We proceeded with 2 previous buyers, that did not work out due to the previous Lender (Bank of America) taking too long for the approvals!  The last buyer got down to the final stages and lost her job just before her loan was funded!

We are happy for all parties that the listing and sale has come to a happy ending, the Seller will now have an easier time with their credit and the Buyer will have a “Penthouse Style” Condo just blocks from Downtown Los Angeles and the Staples Center!

This is yet another example how Kevin Jones closes deals all over California from his Pismo Beach Real Estate office, if you are in need of a strong Real Estate Agent or Broker, call today 855-955-SOLD (7653)

RP LOGO 300x56 Valencia Short Sale Update

Commitment to Professionalism 818-955-SOLD


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Realty Professionals 805-473-0300 791 Price Street Suite 191 Pismo Beach Ca 93449

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