Wachovia rolls out aggressive short sale program for San Fernando Valley and all Southern California
Yesterday I attended a meeting at the Southland Association of REALTORS® with asset managers and short sale representatives from Wachovia. They presented their Wachovia short sale program that is refreshingly aggressive toward selling the homes of folks who are behind in their payments.
They’re honoring 6% commissions to real estate agents, help to pay closing costs (this may include 3% back to buyer), financial help to sellers to help them move at close of escrow to a new location (could be first and last month’s rent), 45-day escrows (they claim they’re closing in 28 days on average in Northern CA) are some of the incentives. Incentives are decided on a case-by-case basis. They want to get through the bad loan inventory as soon as possible.
This is good news for buyers as it extends the inventory beyond the MLS and good news for sellers who owe more than their property is worth and want a reasonable and fair way out.
Sellers: Right now is the best time to sell, the inventory is very low, there are multiple offers on anything reasonably priced.
Buyers: I can search properties with your search criteria and identify which properties have Wachovia loans, provide you with that list and property details/location, you drive by and identify the properties you’re interested in. Then I’ll develop a strategy for contacting the home owner on your behalf to submit an offer.
I can do this only for people who are preapproved by their lenders or will pay all cash.
Wachovia started this program in Northern California this year and it’s been very successful. They’re just starting the program here in Southern California and they said yesterday that the average time to close an escrow is 28 days. Give me a call at 818 693-9799 and we can discuss further.