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short sale realtor in Central Velley, familiar with citi bank's process and foreign buyer,

Hi, I am looking for a short sale realtor who is familiar with citi bank's process and overseas cash buyer. Property locates in the central valley, California.
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October 23 2009 - Lathrop
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Answers (6)

Elizabeth Weintraub has written an excellent free online primer about real estate. She practices in Sacramento so will likely also be either able to help or able to point you to an experienced local agent.
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November 08 2009
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Could you explain more about the "arm-length" requirement?  Does friends or remote family like cousin, uncle are in arm-length restriction?

If I disclose it to the bank and bank accepts the offer, it should be fine, right?  Besides, the purchase price is market price, bank will have their appraiser evaluate it before acceptance. There are a bunch of houses have been foreclosed for a year before they got sold. Almost all the houses in this neighborhood have been foreclosed or short-saled once. Some of them are going through the 2nd round.  Rather than wasting more in waiting longer to sell at even lower value, bank could consider an immediate cash buyer at market or above market price, I suppose?

I expressed to bank that I have friend or family interested in purchasing my house, I didn't get a no answer but a requirement of a purchase agreement.  They did say at beginning that they need a realtor and have the house listed on the market for 90 days not sold.  When I mentioned it is a cash buyer and will purchase at market price.  They asked me to submit a purchase agreement of the offer for determination.  So, I am here looking for a experienced realtor.  However, if the offer is not accepted, can I still have loan modification approved? Thanks.



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October 26 2009
Rockinblu is correct regarding the "Arms-Length" issues of selling a home short of what is owed. While you may get away with it if nobody finds out, you will end up in court with bigger than expected troubles "when" they do. Also, I have found that most banks want a home to be listed on the open market with a realtor to generate the best opportunity to limit their losses. I agree with them on this issue. If you are underwater, I am sorry. Do not compound the issue by taking a dangerous risk.
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October 25 2009
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dreamhouse2007,

Glad you have a real buyer, but sorry that it's a relative. While it has been done,  it's much, much more difficult doing a short-sale when a relative is involved due to the arms length rule. I'm sorry, but I scanned the Realtors listed in Central Valley, CA on both Zillow and Trulia and didn't recognize any names, so I don't have anyone I could really recommend. Good luck. I have a feeling this is going to be a diificult one.
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October 24 2009
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Yes, I have a real buyer.  It is a relative of mine.  My house has lost 60% value. I am negotiating short sale with the bank. Bank requires a purchase agreement/offer to approve the short sale.  Rather than benefit strangers for the bargain to, I would rather benefit to my relative.  It will even be better if you can speak Chinese but is not a requirement.  Any recommendation?
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October 24 2009
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October 24 2009
 
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