The Challenge

Derrick contacted Kim Ward in June 2011 regarding selling his San Diego real estate.  He was transferred out of the San Diego area and had been renting his Escala townhouse for several years. The rent did not fully cover the monthly mortgage payment and he was paying over $900 of his own money towards the mortgage, homeowner association payments, upkeep, plus the property management fee each and every month. He made the decision to sell. He and his wife had purchased the real estate directly from the builder in 2004 and in the current marketplace they owed more on the property than it was worth. Derrick did not wish to be involved with a short sale transaction because it was important to protect his credit and maintain his strong FICO score; keeping his security clearance for his work.

The Strategy

Kim and Derrick researched the Homeowner’s Assistance Program and determined it was the best option for a sale of the San Diego condominium. The property became available for purchase July 13, 2011. Within 14 days a good offer was negotiated and the Horizon Real Estate team began the process of helping Derrick, working with the government and keeping the real estate buyer interested in completing the purchase towards a successful sale.

The Results

Over nine months including hundreds of emails and phone calls, the Horizon Real Estate team helped Derrick accomplished his goal! The property was value range listed at $399,000-$419,000 and sold as-is for $405,000.

Although frustrated with the amount of time it took to complete the transaction, Derrick is happy with the results of his San Diego real estate sale. He is free of the financial responsibility for the property and retains his good credit. A job well done!