Sacramento Short Sale Success with HOA lien

Sacramento Short Sales have gotten easier in the last few months!  If you are a homeowner and are struggling to make your payments we are here to help!  This Sacramento short sale was more of a challenge than most and we just closed it!  It always feels so good when we can call a homeowner and let them know they truly have avoided foreclosure and can move on with their lives!

This Sacramento Short Sale was a condominium and the seller came to us after a Notice of Default had been filed and another agent was not able to get the home sold and closed!  The homeowner owned approximately $180,000 on a first loan with Seterus and had an Homeowners Association lien on the property in the amount of $9500!  We listed and sold the condominium right away, of course, in this market…and then the fun starts with negotiating with Seterus and with the homeowners association.

The buyer had offered $82,000 cash and Seterus after 40 days of negotiating came back and countered the buyer at $88,000 and they would not pay any of the HOA lien!  We always highly recommend to our sellers that they keep their HOA current during the short sale process as most banks will not contribute toward delinquent homeowners dues.  The seller had no funds to contribute as he had relocated to Washington DC recently to find work; prior to that he was unemployed for 1.5 years.  The buyer realizing the value of this condominium and knowing there were no others on the market to purchase agreed to the increase price and would pay a portion of the HOA lien.  We were able to negotiate with the HOA down to $4,000 which the buyer agreed to pay!  In the meantime Seterus had filed a Notice of Trustee Sale which left us little time to get the transaction closed; we successfully got Seterus to postpone the Trustee Sale one time and then we closed escrow the day before the new sale date!

We have helped another Sacramento homeowner avoid foreclosure and have successfully closed another Sacramento short sale!  If you are a Sacramento homeowner who is struggling, there is help out there…call us today at (916) 405-5737.  We have helped dozens and dozens of homeowners in bad situations with their homes find relief and move on with their lives.

 

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