The
"Short Sale"
Call me if you need to sell your home. I hold the exclusive SFR designation giving me the ability to handle it for you and do it right.
951-500-8969
| I owe more money now that my neighbors are selling their homes for!! |
"Short Sale" Call me if you need to sell your home. I hold the exclusive SFR designation giving me the ability to handle it for you and do it right. 951-500-8969
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My interest rate adjusted and my payments jumped hundreds of dollars!! |
| I can't afford my payments anymore, things have happened!!! | My company's transferring me & I don't have equity to sell!!! | |
| They said I could refinance in a couple of years to a fixed rate & now they say I can't!!! | I lost my job and we can't afford the payments! We're divorcing! | |
| I received a "Notice Of Default" (NOD)!!! | They say they're foreclosing!!! An accident put me on disability!!! |
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Do any of the above statements express what you're facing? If so, it is natural that you feel mixed emotions including despair, anger, helplessness and fear over what will happen next.
Be assured, you are not alone. This downturn in the Real Estate industry is affecting everyone, and there are many people in your situation.
Banks are taking back properties in record numbers! This isn't good news for the banks. Did you know that it costs the banks around $80 thousand to take a home back, put it on the market and sell it?
This happened about 10 years ago (for different reasons). Property values went down, and many people were "upside down" on their loans. When circumstances such as divorce, injury, transfer, job loss, death of partner, etc. happened, they had no way to save their credit.
That's when the Real Estate Industry came up with a creative solution called the "short sale". The owner, with the help of an agent, sells the home for the best possible price and negotiates with the bank to accept it.
It benefits the bank because they avoid the costs of foreclosure and remarketing. It benefits the seller because it costs them nothing & by taking action, their credit is better than if they did nothing.
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The Process: Call me. We'll, evaluate your situation and home's value, answer your questions and get your home on the market.
At that time, we'll need to assemble these items:
These items form the "Short Sale Package" that I'll need to submit to the bank, upon which they make their decision. The purpose is to prove to the bank that it is impossible for you to make the payments and that a foreclosure is unavoidable if they don't accept this sale.
If you have more than one loan, we'll be negotiating with all banks.
Some banks will accept the package up front and give acceptance before receiving an offer. Other's won't look at it until an offer is received.
When we get an offer, it is still your property, so you make the decision to accept the offer and sign all the paperwork. In addition, we include the short sale form for you and the buyer to sign, stating that the sale is entirely contingent on the bank's approval. Then we submit the offer to the bank and wait anywhere from a week to several months depending on the bank.
The thing to know here is that the bank has all the control and doesn't always communicate well. They are overwhelmed, overworked and each negotiator works differently. This is the cause of the frustration with short sales that you may have heard about.
The trick is to have an agent who supplies the entire package of information they request, with nothing missing, follows up to make sure it is received without being abrasive & knows how to negotiate on their terms.
Once we have the bank's acceptance letter, we can open escrow and proceed to closing.
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