Patelco Credit Union Denies CA Short Sale
No, I'm NOT an Active Rain Junkie. I just can't sleep. I went to bed tonight at 10:30pm, but I woke up at 1:30am. This is on my mind and I can't make it stop. I have to write about it. It's now 2:30am, so here goes.
I submitted a short sale package to Patelco Credit Union a month ago for a Short Sale in Antioch, CA. They promised a response in 10 to 15 business days. I got that response today at 6:05pm via email from the Short Sale/REO Administrator. I'll include her response from the email as well as the email history at the end of this post.
My client is in the midst of a divorce, what better reason for a short sale!!?? His father is disabled from a stroke, and his mother who was free from breast cancer is seeing a recurrence. The two grown children who are living at home because they lost their jobs depend on their father now more than ever. I mean, really, can it get any worse than this?
I have an offer from another agent. Her clients are hanging in there. They were even required by Patelco Credit Union to provide a DU Approval to Patelco Credit Union. This is far beyond the norm. Their offer is above market. I promise you, Patelco Credit Union will likely not see a better offer on an REO.
I was approached by Patelco Credit Union to apply for an REO listing in San Bruno 6 months ago. They wanted someone who was CDPE certified. I wasn't at the time - I was taking the course on line. (I am now.) I didn't get the listing. Could I get this one? But that seems so wrong.
I'll be calling the Short Sale/REO Administrator on Wednesday to ask her why the Short Sale is denied. Are they above Government regulations? What can be their benefit? Can they pursue money lost if they foreclose? California is a non-recourse state, meaning that if they do foreclose, the lender cannot come after you for the lost value. They can however issue you a 1099 for the lost value. With the possibility of a successful Short Sale right in front of us, why would Patelco JUST SAY NO?
After waiting and being so hopeful, the response from Patelco simply said:
Thank you for all of the information/documentation you provided.
After careful consideration of the short sale request, management has denied the request for a short sale.
John M Scott, Broker / Owner, Scott Keys Properties, Certified Distressed Property Expert (CDPE), Council of Real Estate Brokerage Managers (CRB), serving San Francisco and the surrounding San Francisco Bay Area