This beautiful home in Hawaii Kai was listed as a short sale in late July for $700k. It was just approved as a short sale for $786k by Indymac bank. Fortunately we had 8 offers all well over asking. It took just under 90 days to get the approval, which isn't too bad. We are opening escrow today and hope to close in November.
A few things I learned from this short sale:
- Short sales can and do close. I just closed another one last week. (See previous posts.)
- Put together a really good short sale application package, with the loan number on every page, a detailed hardship letter with pictures, and send it with a nice cover letter.
- Communicate with buyers often so they don't cancel before the approval.
- Indymac has really good short sale dept customer service. Call them and you'll see.
- Make sure to send a hard copy of the short sale package. Don't just fax it, they'll lose pages, especially since the packages are about 75 pages.
- Pricing a house low can often get you multiple offers above asking. This is just a lesson that applies to all real estate.