A past client of the Ildiko Pali team, Eddie, a lawyer living in San Francisco, tried to negotiate a loan modification on his condo in the Mission District of San Francisco, while still paying his mortgage and honoring the system. After a year and a half of fighting the bank’s maze of bureaucracy, he gave up on that course of action.
Eddie was then referred to Princeton Real Estate, given their extensive experience in Short Sale transactions since 1995. There is a common misconception that only people in foreclosure can submit Short Sales, but Eddie was without deficiency. He simply had to get relocate and sell his home with huge negative equity.
There are many lawyers who call themselves as a better option over real estate agents to take on Short Sale transactions given their legal knowledge. However, that work often comes with high upfront costs for homeowners that not everybody can afford. Real estate agents, on the other hand, work for free until the close of the transaction and are then paid their commission by the lender. On either end, a qualified representative must have extensive knowledge and expertise in the field in order for success.
The Ildiko Pali team was able to demonstrate Eddie’s genuine financial hardship, negotiate a successful discounted payoff with the lender, and successfully close the transaction. Sometimes, a qualified real estate agent can do what an attorney can not in this housing market. Just ask Eddie.
Interviewed by Christine Meade.
Christine: Tell me a little bit about your experience with Short Sale and working with Princeton Real Estate. What property were you selling?
Eddie: I was selling my loft condo at 2130 Harrison St. [San Francisco]. I bought it in 2005, and because of financial reasons, I was trying to sell it. I was very fortunate that over a period of time we were able to do a short sale..
Christine: How did you hear about Princeton Real Estate and the Ildiko Pali Team?
Eddie: Through referrals from friends. This was my first time selling. I had heard that Ildiko was great.
Christine: What was it like working with Ildiko?
Eddie: It was fantastic. Ildiko takes care of everything and made the process as painless as possible. She is very thorough and followed up on a lot of details. She explained the process to me very well from the beginning, letting me know what it would entail and what to expect. She explained what would happen very accurately, both the challenges and the successes.
Christine: Where there any challenges during the Short Sale process that you faced?
Eddie: First, locating a buyer was very hard. The buyer’s offer came in so low it was scary. The place looked nice, and they [Princeton] did a great job showing it, but the market was so bad. Once they did locate a buyer, they were able to keep the buyer interested, even though it was a long process and the buyer could walk away any time.
Christine: What was the best part of the selling process?
Eddie: I was always confident things would be taken care of. Ildiko was great negotiating with banks. Things just moved along and then we got the approval. I was just following along. As a lawyer, I knew nothing about Short Sales, and I learned all about it through ildiko. It’s a very complicated subject area, and she instructed me very well through it.
Christine: Where to now?
Eddie: I’m still figuring out where I want to live. I might try a new city.
Christine: Any other comments on your overall experience?
Eddie: Kate [Fomina] and ildiko are a great team. It was nice having someone on your side that knew what they were doing. It was comforting to not have to worry through whole process. They negotiated a better deal than I would have been able to do myself. I got the best from what I could have out of the situation.