SOLD — Lake Tahoe HAFA Short Sale Success Story

by Joe Salcedo on 12:26 am

Sold short sale in North Tahoe

HAFA Short Sale Success Story

11 months and 2 days.

The amount of time my client and I had to go through  to close my latest HAFA short sale in the North Lake Tahoe area.

A big part of that eleven months was not “official” short sale negotiations but a series of actions — big and small — before we even established contact with the lien holder.

My client deserves as much credit as she did a LOT to get this deal done.  The lender routinely asks important documents to be submitted the next day ( and it wasn’t easy to get), she supplied it within a few hours.

I will say it again: to reach a successful short sale, the agent and the homeowner need to form a strong partnership.  Doesn’t mean you always have to agree — no, but at the end of the day you need to be committed to get the the job done.

It all started with a call from her in a cold winter day on October last year. She said that she found me on this site and is in dire need of help to avoid a foreclosure on her property, which was already in default.

I asked who holds the lien(s) on the property and if she has explored the “Modification” part of things and told her that in order for this to work out I will need her 100% dedication to help me as the bank would ask a lot from her that she would have do on her own. She said yes and off we went

Three months after she was denied with the “modification”, I then suggested to her to explore the HAFA short sale program. Mind you, I have not listed the property just yet.  She and I were just laying the groundwork.

Another three months passed by, then the BPO was finally done (“Bank Price Opinion”). Two months after, the “HAFA Short Sale Agreement ” was supplied by the bank.  This was our first big milestone. We then listed the property for that amount and within two days I hooked a buyer.

The next step should be closing next month, right? Nope.

It took another two months before the bank issued the “Approval Letter” with the buyers name  in order for the buyer to move forward with their loan.

(Note: HAFA short sale agreement is not the “short sale approval” but all terms need to match the HAFA agreement.)

One month after — finally, SUCCESS.

My buyers got the house they loved, my seller got out of a foreclosure and some “change” ($3,000 for them to relocate). I got paid and earned new friends.

Life is good, the journey was an arduous uphill climb but it was all worth it.

Comments on this entry are closed.

Previous post:

Next post:

“Joe’s your man if you need someone to trust. Joe Salcedo is a hard working Realtor. Joe is very professional and will go the extra mile.”

– Philip Duane Johncock

“I was laid off from the state in November of 2007 due to major budget cuts. We were no longer able to make our house payments as the job market was just beginning to get worse and worse. My agent in San Jose found Joe Salcedo in Reno for me and told me he has a lot of experience in short sales. He priced our home at a very realistic price in relation to the market values at the time. Joe was very professional and before we knew it we had an offer on our home. In September of 2008 our home closed and the bank forgave the difference. A short sale comes off of your credit in a much, much shorter time than a bank foreclosure. We will be forever grateful for the assistance of Joe Salcedo”

– James and Marsha McGinnis (feel free to call for a reference, Joe has my number)

  • FREE Short Sale Guide:
    Learn about options for distressed owners, what to expect in a short sale, hardship letter samples, etc.,

    powered by MailChimp!