Although a bipartisan bill has been introduced to the legislature to shorten short sale approval periods to 45 days, I wouldn't get your hopes up that short sales will be processed faster. Congressmen Tom Rooney and Bob Andrews introduced this bill on April 12th: Prompt Decision for Qualification for Short Sale Act of 2011. I predict banks will write their own rules and slip in loopholes.
In any case, we short sale agents on the sidelines are all clapping. It would be nice if the California short sale addendum default time period came true, but I'm not holding my breath. Instead, I ask buyer's agents to give us 60 or 90 days, depending on the lender. I'd rather be safe than sorry.
Except, this new listing in Campus Commons. This lender is PNC. Oh, I know you're shaking your head reading this, tisk-tsking your tongue, and if you could, you'd probably throw garlic and crosses at me to ward off this vampire. Because let's face it, PNC isn't the best short sale lender out there. OK, maybe some agents would say they are the worst. Not me, though. The one thing PNC does is respond quickly. Right it before it plunges the knife into your heart. But c'est la vie.
Here is a spacious, open, light and airy corner condo in Campus Commons that is offered as a short sale. It has 3 bedrooms -- the master is huge -- and 2 1/2 baths. There is more than 2,100 square feet in this unit. I'm telling ya, huge. The first floor has wood floors mostly throughout.
Upon entry, you are greeted by the living room. It's a room nobody uses but has a built-in wall of cabinets and shelving opposite an entire wall of mirrors. Perhaps you can find a use for this space? Study area? Hobby room? Off to the right is a formal dining area and a super cool kitchen. It's the ceiling lights that are so cool -- retro. The rest of it could use updating. It has a wet bar with a sink. A pass-through to the family room and a ton of counter space, plus a newer Bosch dishwasher.
All 3 bedrooms are located on the second floor, with the master facing Commons Drive and the other 2 on the west side. This unit comes with an attached 2-car garage and two patios. Close to the river, restaurants, transportation and Sac State.
1322 Commons Drive, Sacramento, CA 95825 is offered exclusively by Lyon Real Estate as a short sale at $275,000. For more information, please call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, please call Barbara Dow at 916 761 7398.
Photos: Elizabeth Weintraub
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
I have not the experience of working with PNC yet in a Short Sale. I would like to think they'd be a decent bank to work with since I make out my own mortgage payments to them each month.
They are relatively fast, Chris An, but they are ruthless. I have not had an "easy" PNC short sale ever.
I don't think PNC has much market share in the Silicon Valley. I have not run across them yet.