Short Sale Negotiation: 1114 Kay Cir, Turlock, CA (Modesto area)

Here are the raw short sale negotiation notes/transcript from our internal system on 1114 Kay Cir, Turlock, California (near Modesto, yes we go outside Sacramento sometimes).

As you can see negotiating short sales is definitely not a walk in a park... more like climbing up a steep cliff. But we love the challenge of rescuing overleveraged homeowners (and banks!)

Friday, April 10 Note by Angela O.

I spoke with the Jessica in the Short Sale dept at WAMU / Chase today and she said this file does not show as being assigned to Rodney. I faxed her the email correspondence I had with Rodney last week where he asked me to fax him the HUD and purchase contract. She told me to call back on Monday for more information. She did not yet confirm if we could get the auction date postponed. [...]


Email from Angela O. to Rodney on Thu Apr 9

Hello Rodney,

Please see attached offer and HUD for the purchase of 1114 Kay Circle. Please also see the addendum showing the buyers will pay for the judgments on title. Please let me know if you need anything else. Also this property is set to go to auction on April 21st. Is there anyway you can get the date postponed so we can proceed with the short sale?

Thank you,
Angela O'Neil

-----Original Message-----
From: Rodney
Sent: Tuesday, March 17, 2009 4:58 PM
To: Angela O'Neil
Subject: RE: 1114 Kay Circle

Sure.

-----Original Message-----
From: Angela O'Neil
Sent: Tuesday, March 17, 2009 4:57 PM
To: Rodney
Subject: RE: 1114 Kay Circle

Hello Rodney,

Would you allow the buyers to come in with additional funds to pay for the judgments on title?

Thank you,
Angela O'Neil

-----Original Message-----
From: Rodney
Sent: Tuesday, March 17, 2009 3:56 PM
To: Angela O'Neil
Subject: RE: 1114 Kay Circle

Unfortunately, the bank will not pay it.

-----Original Message-----
From: Angela O'Neil
Sent: Tuesday, March 17, 2009 3:55 PM
To: Rodney
Subject: 1114 Kay Circle

Hello Rodney,

We recently faxed you a revised HUD showing two judgments on title with a combined amount of approximately $10K. Can you please let me know if these contractor's liens will be able to be paid in the Short Sale?

Thank you,

Angela O'Neil
West Coast Realty Group
2830 I Street, Suite 203
Sacramento, CA 95816

Tuesday, April 7 Note by CK.

Some agent called, said, [...] there are holes in the walls and evidence of a break-in [doesn't seem right, need to drive out there and investigate]

Tuesday, April 7 Note by Angela O.

I received an email from negotiator, he said once I have offer to email him the following:

1. Purchase Contract
2. Listing Agreement
3. Loan Approval for Buyer
4. Hardship Letter
5. Financial Worksheet
6. Estimated HUD

I am just waiting for offer

Monday, April 6 Note by Angela O.

I just received a call from a buyer agent; he is going to be faxing over an offer with an addendum for an additional 10K at close to cover judgements for his buyer. I will forward this to the bank as soon as I receive it.

Thursday, April 2 Task completed by Angela O.

[done] Pls update notes with latest status. I took a call from seller. See my latest note, thnx!

Thursday, April 2 Note by Angela O.

I received a call from a buyer agent regarding his clients offer. I explained the situation regarding the judgments on title. he is going to contact his clients to see if they want to lower their offer and do an addendum to bring in 10k at close to cover the judgments.

Thursday, April 2 Task completed by Angela O.

[done] talk to Angel about offers & bank

Thursday, April 2 Note by CK.

Just lowered by 20K to 169 and changed status to Short Sale. We really want an offer on this so we may stop the auction.

Thursday, April 2 Note by CK.

[Seller] called, her cousin called her this morning saying there is a Notice of Trustee Sale with a foreclosure auction date of April 21st. She was concerned about leans on the properties and being able to walk away free and clear. She is also concerned that there has been many showings but still no offers. (I thought there IS an offer?). [...]

Tuesday, March 31 Note by Angela O.

We have an offer that was received on 01/28/09. I sent him an email on 03/20 to see if his clients could bring in an additional 10k at closing to cover the two judgements on title. I have not heard back from him so I left him a follow up v/m today to see if his clients were still interested in the property.

Thursday, March 12 Note by Angel L.

Called and left a message to Rodney the negotiator regarding the two judgments also sending an email. Hope for some direction both lien holder are not negotiating.