front_640This 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.