Short Sale Success Story – Elk Grove

20 Jan

“Sometimes it is better to be lucky then good and I was lucky to have stumbled on to Peter and his team”
– Chris Daste, former owner of 9482 Lyndley Plaza, a satisfied short sale client –

Picture of Short Sale Property

Lyndley Plaza, Elk Grove

Please take a moment to listen to a Q&A session with one of Peter’s short sale clients where he describes why doing a short sale was the best option for him and his family and why Peter Parker was the absolute right agent to handle it.

Q:  Why did you choose a short sale versus just letting the property foreclose and walking away from it?

A:  I’m not a financial expert but the key is that you just want to move on with your life and so the way I understand the credit laws is that if you do a foreclosure, that stays on your credit for 7 years and a short sale is much short than that, between 2-5 years, it just depends.  The thing that sucks about a short sale is that everybody loses.  I lost a ton of money; I put a lot of money into that house.  I lost everything I put into it.  The bank lost some.  So everybody kind of loses.  But what you want to be able to do is to move on.  A short sale is better for your credit rating right out of the gate.  I have an online credit thing and I look at it and it just says mutual agreement with the lender; they’ve worked out something for less than what the price was and the ding wasn’t as much as a foreclosure and credit unfortunately in this country means everything and so being able to do a short sale as opposed to a foreclosure really helped initially and also in the long term because it comes off your record quicker so that made it a pretty easy decision.

Listen to Chris’ Answer

Q:  What would you say to someone who were considering using Peter and his team to handle their short sale?

A:  I would tell them a couple of things:  I would tell them to definitely talk with you and then I‘d tell them to talk with another realtor probably after the fact and I think that what they’d see is that you knowledge of it and your systems, the way you’ve embraced technology, and it’s you and Alex; Alex is phenomenal, he’s always accessible and it’s nice knowing that when I’m talking to Alex, I’m talking to Peter as well.  I think they’ll see that if talk to you and they’re not convinced and they talk to somebody else, it’d be a pretty easy decision for them.

Listen to Chris’ answer

Q: What got you to the point of realizing that a short sale was the right option for you?

A:  What got us to the point of it was we found that the laws had changed and there was some ambiguity at first about whether you were going to get 1099’d and if you were to go through a short sale process at a time when the feds and the state weren’t sure whether there was going to be a 1099 with it and nobody really knew and then final legislation was signed that basically said these people are in distress and that pretty much made it an easy one.  We’d much rather do a short sale for the credit reasons, whereas I certainly didn’t want to do a short sale and get 1099’d for hundreds of thousands of dollars, I just didn’t have the money and that didn’t make any sense to me so at first I didn’t know what to do but once they changed the laws, it just became a very easy decision.

Listen to Chris’ answer

Q:  How would you describe your experience working with Peter Parker and his team?

A:  It was funny, my experience with you was actually the opposite of what a lot of my friends that had gone through [a short sale] was, whereas once we signed and the process was started, I became more and more comfortable and you were just as accessible from the time before I signed with you till the time after and till the whole thing was finished.  And that’s a complaint a lot of my friends have is that once they signed, it’s hard to get a hold of the Realtor, the Realtor doesn’t call them back, they don’t’ know what’s going on in the process and you and Alex were always available so it was great, it was very little stress as far as that goes and that’s always something I’ve been appreciative of.

Listen to Chris’ answer

Q:  How well did our systems and processes work for you during your short sale?

A:  It was great.  I don’t live in Sacramento; I live in Southern California.  And, what’s nice is that you guys have really embraced technology so the document signings were all done on-line, through email and making my situation even a little more complex is that I’m going through a divorce and so documents had to be sent to me and my ex-wife simultaneously but the whole thing was really seamless and that was really easy and it just didn’t matter that I was not in town, even with the final documents, you sent somebody over with a Notary and they came right to my office and I signed the stuff.  Very easy process, very quick, as far as that kind of stuff goes, it was nice.

Listen to Chris’ answer

Q:  Before speaking with Peter did you find the information available concerning short sales and foreclosures clear and concise?

A:  It’s very confusing and I think one of the reasons I liked working with Peter Parker and his gang is that obviously when you’re going through this, sometimes people will say something that’s in their best interest, whether it’s a bank, or realtor or loan person or whatever, and after a period of time I became very comfortable that while Peter is a professional and he’s a professional realtor and the information he was giving me was straight up information and wasn’t slanted one way or the other and so it was really nice to feel that I had actually someone that was a partner.

Listen to Chris’ answer

Q:  What do you think are important factors when choosing someone to help you on your short sale?

A:  I think what’s important is to select somebody I think is an expert in short sales and somebody who understands what banks are looking for particularly with something complex like mine where I had not only had a 1st lender but had a 2nd attached to it.  So what I’ve heard are Realtors that go through it and they don’t really realize what the language is that the banks are using or really the processes that the banks are using and so what was nice for me was the bank would make an offer and right off the bat you guys already knew this was just their first offer right out of the chute and if you don’t mind, we’re just going to tell them no and really moved through the process.  What I’ve heard a lot of times are Realtors aren’t really sure what this means and that didn’t happen with you guys; you guys knew what the language was, what the process was right from the beginning.  There just wasn’t a lot of anxiety with it and that was nice.

Listen to Chris’ answer

Q:  What could we do to improve how we handled your short sale?

A:  I wish I could say that there was but I can’t think of a single time when I needed to get a hold of you about something and I didn’t hear back.  I can’t think of a single time when I didn’t know what was going on or you weren’t able to answer a question that I had so I’d have to say no, I think you guys kind of got it down.

Listen to Chris’ answer

Q:  Do you have any stories you want to share about how other people’s short sales have been handled?

A:  This is from the “department of life is not fair”.  He start’s his process before I do.  He wanted to do a short sale right away where I had hesitated.  He signed on with a Realtor who didn’t really realize what the processes were and this had these discussions where “I’m calling you and you need to call me back”,  and those kinds of things; and really what wound up happening is my process happened and finished and kind of out of nowhere the bank started to foreclose on his home, even though they were supposedly working and they had this buyer, so I felt bad for him because he wanted to short sale right from the beginning but it wound up being foreclosed and I think it was really because the person representing him, his Realtor, just didn’t really understand the process and what was going on with the bank, so I guess I was smart enough and lucky enough to pick somebody who knows what they were doing whereas my buddy didn’t so he wound up with a foreclosed house and is moving on, and it was kind of an unfortunate situation.  As a matter of fact, I was telling him what you guys did as far as being able to go online any day to see exactly where things were in the process, when you’d talked to the bank, what’s happening, and he said “God, I didn’t have anything like that.”

Listen to Chris’ answer

Q:  Do you have any final words about how Peter handled your short sale?

A:  I appreciated you didn’t do any kind of hard sell or anything like that; I’m just kind of glad we stumbled on to you and I’m glad it worked out for us so I appreciate everything.

Listen to Chris’ answer

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