18391 W Capistrano Ave
This seller came to us wanting to short sale the home, so we said sure. Now, he didn’t have a hardship, it was a strategic default and unfortunately for him, the lender denied him. He was losing a tenant and the income that was helping pay for the house, but the owner had too many assets to get the short sale approved.
Once we knew he would have to come to the table with about $60,000 to get it closed, we looked at this differently. We suggested a rehab to improve the value of the home. That would help mitigate his loss, but would be a risk to him putting more money into a house he was upside down on already. It was a big risk for him but he ultimately saw our vision.
After the home ultimately sold, instead of bringing $60,000 to title to get it closed, he put $25,000 into the home and only had to bring $13,000 at closing, saving $22,000 in the process.