Thursday, February 28, 2013

Glendale Short Sale Update Part II

I recently blogged about my short sale in Glendale. The buyer had a roofer take a look at the flat roof last week and it turns out the home needs a new roof. The roofer estimated that it would cost $20,000 to replace the roof. We submitted a request for a $20,000 price reduction in lieu of any repairs to the bank. The listing agent told us the bank would be sending out their own roofer to get their own estimate. This week the listing agent told us that a revised HUD was being sent to the closing officer for the $20,000 price reduction! Escrow will need to draw up an amendment for the price reduction so the lender can proceed with getting full loan approval before drawing docs. 

I spoke with the buyer's lender yesterday and she told me she was able to get a property inspection waiver so no appraisal was necessary. The buyer had a few outstanding conditions to send to his lender before we can get full loan approval. He sent the conditions today and we should hopefully have full loan approval next week so we can order docs! We won't be able to close by 3/5/13 but the 1st and 2nd should be giving us extensions.

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