El Dorado Lakes Long Beach Condo Sold - 7890 East Spring St 5C

An El Dorado Lakes condo has just been sold by Annie September-Butler of Beach Cities Real Estate who was the buyer's agent.  The sale occurred at 7890 E Spring Street #5C, Long Beach which sold for $219,000 and closed escrow on 08/21/2015.  The one bedroom, one bath condo had been on the market for a total of 219 days which was due to the fact that the condo was being sold as a short pay to the bank.  This is a private community located near the 605 freeway and the large El Dorado park area. Short sales typically take up to six months or longer to process through the bank since there are several steps involved in getting the sale approved.  

First, the condo must go on the market for sale and then an offer is received.  The offer is then sent to the bank along with the seller's financial statements.  The bank first see's if the owner of the property qualifies for a short pay.  If they do, the purchase agreement offer is then reviewed to see if it compares with other comparable pricing in the neighborhood.  Often an independent appraisal will be done for the bank to make sure the offering price is at market value.  Once the offer is then approved a normal escrow period is started and buyer does their inspctions and starts the loan process.  Short sales are not for everyone but can offer great savings for those who are willing to wait.  To learn more about the short sale process please contact Annie at 714-651-4073 today.