Short Sale Report - CalFHA
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 120 | 56 | 176 | TBD | 1 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
Although they are few and far between we are starting to see CalFHA short sale submissions. They appear to be easy to work with and you have a single point of contact. The homeowner must stay living in the property in order to qualify for a short sale. If the homeowner moves out and abandons the property then the short sale is immediately cancelled.
Comments
CALFHA was easier to talk to but much less flexible than other lenders. They used comps from a completely different part of town, which really hurt as this property was in a less than stellar part of town. they refused to reveal what the comps were, until I got one of their really best who had no problem telling me. They decided to foreclose (buyer brought in $264k, they wanted $275) and
got it foreclosed in a day, where the buyer picked the property up for $252.
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