Just received short sale approval on our listing on Shattuck avenue in Oakland !! The house was initially listed as a regular sale, given the market conditions, the seller was confident we could sell it for a decent price. But the volatility of the market and the condition of the property fetched us eyeballs but no offers.
When I got this listing, I was unpleasantly surprised to see that the property was in a state of disrepair and needed a thorough clean up. Our team swung into action, since the seller resided overseas. We hired a cleaning crew and got the property scrubbed clean, backyard was full of dead grass and debris and we got it cleaned. Given the age of the property, built in 1923, we also got inspections done to find out what all needed to be repaired so we could price it accordingly.
Heavy marketing to our network of agents, buyers did not yield the results we wanted. After a serious discussion with the seller and given the hard times they had faced, the only solution was to short sell the home. Again, our team specializes in short sales and we knew we had our work cut out for us !! Once listed as a short sale, the home got multiple offers from investors and we went pending in a few days. The work started from that point onwards.
Unfair value assessments from the bank led to a value dispute, escalations, and finally we got an inside BPO ordered. That revealed the true valuation of the home, and we were right on the mark. Our buyer was very patient and stuck it out through the process of playing the game with the lender. We just got approvals a day ago and are excited that the seller will be able to come out from under the burden and the buyer will be rewarded for their patience. Hoping to close soon !! And the best part that made me extremely happy that this was my first client ever in my real estate career and I was able to help them out of their situation. I assured them that I would fight tooth and nail with the bank to get the needed results. They had trusted me at the beginning of my career and I have an immense sense of loyalty towards my clients. And now we have a much needed respite for the seller !!!!! Cheers to another short sale success story !!