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May 13, 2010

Just Sold: 432 Ulloa (A Shorter Short Sale Than Expected)


My clients closed escrow yesterday at 432 Ulloa, a 2BR/2BA single-family home with a bonus bedroom/bath and two-car parking in Forest Hill Extension. The home was listed at $699,000 and attracted significant interest due to its close proximity to the heart of West Portal.

I have to admit that I was not looking forward to the prospect of a short sale, but things went incredibly smoothly. I believe this is because the lender for both loans was Bank of America, which recently instituted a policy to push short sales through more quickly. Indeed, the sale was approved within a month’s time. The listing agent moved things along well, and kept us updated throughout the process. The seller was also very cooperative (not to mention my buyers). Look for these factors to check out if you’re heading into a short sale. The lender is key to expediting the process.

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