San Jose Short Sales

Infinite Investment Realty and Broker Alan Nguyen just had another successful San Jose Bay Area Short Sale Closing with Bank of America.

The property: 4 bedroom 2.5 bath SFH located in San Jose California, 95136. This home has 1,651 sq ft of living area. It was purchased in 2009 for close to $57000. It sold today for $440,000.

Liens:
■ 1st Mortgage with BankofAmeria Mortgage for $540,000

Hardship:
■ Increasing in expense and reducing of income.

Summary:

The owner didn’t want to go thru a short sale process without knowing if he is qualified. Luckily, his mortgage was FHA and FHA allows doing a preforeclosure approval before listing. I initiated the FHA preforeclosure short sale in Nov 19 2011 and got the ATP (Approved to Participate) price at $440,000 on 1/6/2012. We got a buyer right away and closed the deal on 2/22/2012. Please contact me at alan@i2realty.com or call me at 408-835-7743 if you want to do a short sale.

Alan Nguyen, Broker
www.i2realty.com

1. Submit complete and organized short sale packages with contract that makes sense.

2. Fully understand the Short Sale process and treat the negotiators with respect.

3. Only escalate when all other avenues have been exhausted. Help the negotiator have a good experience working with you. If you do have to escalate don’t bash the negotiator.

4. Be a problem solver not a problem creator. Work with the lenders to get the short sale approved.

5. Never stop learning and being open for new ways to handle short sales. Know the difference between a regulation or law and a rule or company policy.

Negotiators work on many shortsale files, you need to build a reputation as one who gets deals closed. If you have any other thoughts, please email me at alan@i2realty.com or call 408-835-7743