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The Silver Lining in a Short Sale

Is there a silver lining in a short sale? Sometimes, I am so focused on a short sale that a seller could say, "And then I cut off my arm with the lawn mower blade" and it's possible I could blubber, "that's great!" It's not that I'm not listening to their story; it's that I am listening too closely. I'm looking for that angle to present to the bank, which often ends with: And that's your story and you're sticking to it.

I'm searching for that positive light. There is often a positive aspect to a short sale, even though you might think it's really depressing. If I thought short sales were depressing, I could not have specialized in them all of these years. I'm a glass half-full kinda person. In fact, I just found out yesterday that I am the number one short sale agent at Lyon Real Estate for last year. Yup, I've closed more short sales than any of its 1000 or so agents. Yay, Elizabeth Weintraub.

I pat myself on my back because my cats are not going to. I do have one cat, Pica, who comes up to me during the day to poke me on the arm to ask if I have any Grey Poupon. But I digress.

Yesterday, I told a client that she had a silver lining in her short sale. Her silver lining was she called me to say she wanted to do a HAFA short sale. I am certified in HAFA short sales. Before I list a short sale, I look it up to find out whether it is a Fannie Mae or a Freddie Mac loan as that makes a difference. I particularly understand the nuances of a Fannie Mae HAFA and a Freddie Mac HAFA, which are different from other HAFA short sales.

The circumstances surrounding this woman's short sale indicated she would not qualify for a Fannie Mae HAFA. She has a Fannie Mae loan. I feel comfortable making that call. Especially since she had 3 reasons why she would not qualify for a Fannie Mae HAFA. If she had gone to some other short sale agent who was not as familiar, let me tell you that agent would have listed this short sale in a heart beat.

What would have happened was this woman would have screwed around for 3 to 4 months trying to get the Fannie Mae HAFA and by the time she found out she was not qualified, her home would be foreclosed upon. That's because if Fannie Mae is closer to the auction date than the short sale closing, 9 times out of 10, Fannie Mae will choose the trustee's sale.

So, in essence, this woman's short sale is actually likely to close as a short sale now because she called me. See, there is often a silver lining. You just need to know where to look, and to call the right Sacramento short sale agent. This woman did not even realize she had a Fannie Mae loan until I looked it up. I shudder to think what could have happened otherwise. Agents don't always do their homework. And not all agents understand HAFAs.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

The Silver Lining in a Short Sale
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