Why is it that Bank of America can be so easy to work with on a short sale and Wells Fargo is so dreadful? They both use Equator. Wells Fargo promised us last January that it had approved a short sale and was sending the approval letter any day now, at least by the third week of January. The buyer was excited. Yet, that third week came and went and no approval letter. OK, drop-dead date of February 4th, promised Wells Fargo. No letter. So, yesterday, the buyer canceled.
I don't have that problem with Bank of America. When Bank of America tells me it will do something, it performs. Yesterday, a law firm contacted me to say Bank of America would not release our mutual client from personal liability. The lawyer had sent Bank of America a letter, talking about California Civil Code 580e and so forth -- it was a non-recourse loan -- but no release was forthcoming. The request was denied. I suspect the lawyers advised the client to close anyway because the hard-money second was releasing her.
The problem was the lawyer's letter wasn't reaching the right person at Bank of America. I emailed my executive contact at Bank of America, explained the situation and asked his team to take a second look. By late afternoon we had a release of personal liaibility letter for that seller. No deficiency judgment.
The following short sale I just listed in Roseville does not have any loans with Bank of America nor Wells Fargo. I suspect this short sale will be a relatively smooth escrow. It's a darling home, with a truly open floor plan. When you walk in the front door, you are standing in the family room with a sweeping view of the fireplace, the dining area and kitchen.
The family room, hall and 2 of the 3 bedrooms boast laminate flooring that look just like real wood. Both of the baths have ceramic floors, so does the kitchen. The master bath has a granite top on the vanity, and 12-inch ceramic around the tub.
This home was built in 2005 by JML. It's a popular one-story with high ceilings. You've got indoor laundry, an attached 3-car tandem garage, and a pretty back yard with a couple of uncovered patio areas.
2008 Milan Way, Roseville, CA 95678 is exclusively offered by Lyon Real Estate as a short sale at $180,000. For more information, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Linda Swanson at 916 607 0111.
Photos: Elizabeth Weintraub
Certified HAFA Specialist
Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying expert for About.com, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area with an emphasis on Elk Grove. Call Elizabeth Weintraub at 916.233.6759. Put 40 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. BRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.
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 Lyon Real Estate. 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.