Ever wonder why San Jose short sales “don’t close”?
We just closed another San Jose Short Sale! We received Short Sale Lender Approval on 5-3-2010. We closed in 19 calendar days. We could have closed sooner IF only the Listing Agent had timely performed. Because we were waiting for the listing agent to perform we faced unexpected delays in the San Jose short sale process. Delays can not only be costly, delays can cause a San Jose short sale transaction to blow up.
It’s not always the short sale negotiator as many inexperienced San Jose short sale listing agents claim. That certainly was not the case in this transaction. Despite the delays caused by the listing agent and the errors created by the Old Republic Escrow Officer … we did close on the San Jose short sale. We closed because at the 11th hour the agents agreed to contribute their hard earned commission.
The punch line to this San Jose short sale: The short sale lender approved 6% commission. The listing agent kept 3.5% and paid 2.5%. The only way we could close the transaction and prevent the property from going to Trustee Sale was to cover the shortage with commission. Buyer’s agent contributed 50% of the shortage and the Listing agent contributed 50% of the shortage.
At the end of the day, despite my personal desire to say “no deal” if I had done that, my client would have paid the ultimate price by either paying an additional $1,400 dollars OR not closing on the home and be out of pocket over $1,700 in appraisal fees, credit reports, property inspection fees, termite inspection fees, foundation inspection fees, etc.
A special thanks to my friend Julie for the referral.
I truly enjoy working with San Jose short sales and helping San Jose homeowners avoid foreclosure.
Certified San Jose Short Sale Specialist
Copyright © 2010, All Rights Reserved by Kathleen Daniels
*San Jose Short Sales – another success story!*