At times, home owners with jumbo loans may have debts well into seven figures on real estate they own in the Portland Metro area and we can help those clients with short sales too. Below is an excerpt from a letter we received from a client who we helped with a jumbo loan short sale that also involved a 2nd lien that was a cash-out home equity line of credit. Equity lines, seven figure debts and luxury homes all present unique challenges but our experience and success with these transactions means you’ll be in good hands.
Call us today to learn more about what to expect from your bank and how we can help you: 503-473-8001.
…My situation involved selling a high end home to avoid pending foreclosure. I had attempted to short sell the home a few years prior using a conventional real estate broker but it fell through. The loan servicer had accepted the short sale price but at the last minute the bank that owned the loan tried to get more from everyone and the deal fell through.
I did not know Bruce prior to his knocking on my door. Bruce related how he and Richard specialize in short sales and the unconventional process involved. In order to receive an offer quickly to forestall the foreclosure, Bruce priced the home very low relative to the neighborhood. I was skeptical that even if we received an offer in time that the bank would reject the purchase price as too low given that the previous short sale fell through.
Times had changed and so had the loan’s owner & servicer. Bruce’s instincts were correct and we quickly received an offer at our asking price and the loan servicer forestalled the foreclosure. Richard then took over and managed the negotiations with the servicer and owner of the mortgage and gained their acceptance of the purchase price. Richard then had to settle a HELOC on the property which he did with minimal out of pocket from me.
All in all Bruce and Richard delivered exactly what they promised. They successfully sold the house at the price we agreed upon and settled my HELOC loan with a different creditor for a greatly discounted amount.
The process isn’t fun but Bruce and Richard know how to manage the specialized needs to close a short sale efficiently and successfully.