Short Sale success with River City Bank and B of A

So the short sale negotiations with River City and B of A took 131 days, start to loan funding. Not typical, but expected due to the volume of short sales, foreclosures and loan modifications that B of A is dealing with. This is mainly due to their acquisition of Countrywide Home Loans, but that's another discussion for another day.

Luckily our buyer was very patient, but did get anxious after about 2 months of waiting and wanting to see more homes in anticipation of a short sale denial by B of A. Nope, to our surprise the BPO come back in line with our offer, River City paid much of the closing costs we asked for, plus most of the B of A loss request. Great news, here we go right? Nope, you sitting down? The real snag came near the end of the sale, when someone broke into the home via the side garage door, stole the light fixtures, the water heater and the pool equipment. It got worse from there, as the appraiser took it upon himself to play inspector and requested pool equipment, hot water and electrical repairs to the home before he would issue a clean appraisal. Our buyer was not FHA, VA or USDA, so there was no real need for him to make those requests, but once the lender saw them, it was trouble.

Anyway, so we got an electrician, pool guy (Thank you Mike from Nor Cal Pools) and plumber out there to repair everything. We sent the inspector, sorry, the appraiser (avoid AVK Appraisal Services) back out there and he gave it a clean bill of health.

Congrats Joe and Laura on your new home!

First time home buyer success!

Just closed our first internet buyer lead. She was a first time home buyer, all cash, great to work with and closed in only 17 days! The $100k home market in the Sacramento area is very competitive, but after only two weeks of searching we found her dream home. Congratulations Lori and Ron Hulsey!