Short sale update: APPROVED!!

[edna_mode]

Do you have any advice for making an attractive bid? High downpayment? All cash? Offer over the amount? Flattering letters to how wonderful the lender is?

[spdrun]

Make a dozen offers and hope one sticks? Sort of the real-estate equivalent of spam. Eventually, you’ll find SOMEONE interested in teh c1aLi5 and v1a6ra that you’re peddling.

Other than that, ain’t over till it’s over. Everything seems to be moving at a glacial pace — fortunately, the bank’s deadline for closing is two months out. (Though I hope to do much sooner.)

California’s system of doing most things by mail is also very different from NJ/NY, where you have a closing day involving a bunch of dudes and attorneys sitting around a table, signing shite, and where they give you the HOA docs FOR FREE upon offer acceptance, rather than having to pay the management $300 to wait 5 days, then make a few clicks and e-mail them.

[earlyretirement]

[quote=spdrun]Make a dozen offers and hope one sticks? Sort of the real-estate equivalent of spam. Eventually, you’ll find SOMEONE interested in teh c1aLi5 and v1a6ra that you’re peddling.

Other than that, ain’t over till it’s over. Everything seems to be moving at a glacial pace — fortunately, the bank’s deadline for closing is two months out. (Though I hope to do much sooner.)

California’s system of doing most things by mail is also very different from NJ/NY, where you have a closing day involving a bunch of dudes and attorneys sitting around a table, signing shite, and where they give you the HOA docs FOR FREE upon offer acceptance, rather than having to pay the management $300 to wait 5 days, then make a few clicks and e-mail them.[/quote]

LOL. Funny spdrun. So true about California’s system being different. The first time I bought here was 2011 and I was surprised as well on several things. For example, it seems like the buyer can back out for almost ANY reason for a certain # of days even after signing a contract to buy.

As well, I remember being out of town when the closing date came. And I insisted to fly back here to do a final walk through the day before or the day of closing. And they kind of acted like I was being a pest about it. LOL.

Everything is done via Docusign and just wiring out to the Escrow agent with no one even meeting. That is different vs. many places I’ve bought before.

[HLS]

Nothing unusual about wanting a walk thru prior to closing.
Closings/settlement are handled differently in the western US.

Escrow companies are normally used in the western half of the US. A escrow & title company (instead of a lawyer) holds the money, signed deed, and handles the transfer and recording with the county.

It makes it easier for the seller to release ownership of the property, and the buyer submits funds to escrow, neither party needs to be present or ever meet. Escrow is a neutral third party that needs signed instructions from both sides.
They are highly regulated
*************************************
In the middle & Eastern US, closings are also called ‘settlement’… They are arranged on a specific date & specific time and buyer & seller meet along with an attorney as ‘settlement agent’, a title company rep may attend also.

The settlement agent accounts for all funds listed on the settlement/closing statement and the property exchange takes place, and the deed is then recorded with the county.
*********************************
Same end result. I think it is better to deal with an escrow company but the option may not be available in many areas.

[earlyretirement]

[quote=HLS]Nothing unusual about wanting a walk thru prior to closing.
Closings/settlement are handled differently in the western US.

Escrow companies are normally used in the western half of the US. A escrow & title company (instead of a lawyer) holds the money, signed deed, and handles the transfer and recording with the county.

It makes it easier for the seller to release ownership of the property, and the buyer submits funds to escrow, neither party needs to be present or ever meet. Escrow is a neutral third party that needs signed instructions from both sides.
They are highly regulated
*************************************
In the middle & Eastern US, closings are also called ‘settlement’… They are arranged on a specific date & specific time and buyer & seller meet along with an attorney as ‘settlement agent’, a title company rep may attend also.

The settlement agent accounts for all funds listed on the settlement/closing statement and the property exchange takes place, and the deed is then recorded with the county.
*********************************
Same end result. I think it is better to deal with an escrow company but the option may not be available in many areas.[/quote]

Yep. I agree HLS. I think it is perfectly fine to use the Escrow company. In fact, it’s a more efficient process. It was always a pain to have to actually go to the closing or sign a Power of Attorney for my lawyer to go for me.

The system out here actually works really well.

[Author]

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