Ben Lee, Esq. 
Real Estate Broker / Licensed Attorney
ben@benleeproperties.com
Coldwell Banker
Beverly Hills North Office
301 N. Canon Drive, Suite E
Beverly Hills, CA 90210
(310) 858-5489 direct
(310) 704-6580 cell
Ben Lee has sold properties throughout the Westside of Los Angeles, including Cheviot Hills, Pacific Palisades, Santa Monica, Brentwood, Beverlywood, Westwood and Beverly Hills. Ben is a Cheviot Hills resident. Learn more about Ben here.
| Who's Afraid of the Big Bad Short Sale? |
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Not Ben! I recently closed a fabulous short sale on the West Side, and the hardly was even in arrears! That means that the seller’s credit was barely impacted. They bought their home in 2005 at the top of the market, and put down only 3%. They were totally underwater, and needed to relocate for work. They kept making payments in good faith, and were able to sell their property and move on without a big fat FORECLOSURE on their credit. There are three reasons a short sale will fail. 1. The package is incomplete. The lender won’t even tell you if the Seller’s package is complete or not. They just won’t respond. 2. The buyer’s expectations haven’t been clearly laid out. If the buyer is not prepared for the long lag in between getting into escrow and closing escrow, they will walk in the meanwhile. Short sales can take a long time! 3. The communication is ineffective. Bad communication equals frustrated buyers and sellers, and banks who don’t respond! This is key. We make sure that the package is air-tight, make sure the hardship is in place, and that the property is properly marketable. And we make sure that the lender will take what is fair, which may be under 20 cents on the dollar (where a junior lien holder is concerned). Also, we have state of the art communication methods where everybody can log into our password protected site and see what the last conversation was with the bank. Even if you have a notice of trustee sale and are 2 weeks from sale, we can save your home and your credit! Just give us a call and we can help you determine if a short sale is right for you. |
