WHY CHOOSE US FIRST TO ASSIST YOU WITH YOUR SHORT SALE?
We Are The #1 Team in the Inland Empire - We have the proven track record, resources and connections to complete your short sale.
Absolutely ZERO Cost To You -You will never pay us a penny. Only after we have successfully negotiated and closed your short sale, will the lender pay us.
We Always Use Professional Negotiators - Negotiating with lenders can be a long tedious, process- we compensate our negotiators who understand what is necessary to complete this process.
We Will Be With You Every Step Of The Way - We will share our knowledge with you so you know what to expect and prevent some of the frustration that goes along with a short sale.
DON'T TRUST YOUR SHORT SALE TO JUST ANYONE!CONTACT US FOR YOUR CONFIDENTIAL CONSULTATION TODAY!(866) 733-4623 A Few Reasons A Short Sale Could Be Best For You:
(1) Absolutely No Fees Or Cost To You!
(2) The Loan Balance On Your Property Is Greater Then The Value Of Your Home.
(3) Gets You Out Of Debt That You Cannot Longer Afford With No Recourse.
(4) Allows You To Stay In Your Home Longer And You Get To Choose Your Move Out Date. Leave With Dignity And On Your Terms!
(5)Much Better For Your Credit Than Foreclosure And Allows You To Re-Enter The Market In As Little As 0-2 Years.
(6) HOA Delinquencies, Liens, Judgments, IRS Liens, Franchise Tax Liens Or Deficiency Amounts Can be Negotiated While In Escrow!
(7) Your Loan Modification Was Denied, You Didn't Receive Principal Reductions Or You Have Been Waiting For Months For Any Feedback.
(8) You Already Damaged Your Credit Because Your Loan Modification Company Or Bank Told You That You Had To Stop Paying Before Getting A Loan Modification- Now You Have Poor Credit And An Asset Worth Significantly Less Then You Owe On It.
(9) Do You Have Savings, Other Homes, Assets or Income? We Can Still Help You And Protect Your Other Assets.
A SHORT SALE MAY BE YOUR ANSWER
If you bought your Southern California home in the past few years chances are you have little or no equity. With the slow economy and adjustable rate mortgages adjusting chances are you might be forced to sell. A short sale may be the answer to your problem.
What is a short sale ?
A short sale is when a seller owes close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount of the loan, commonly referred to as a short pay or short sale.
Why does a bank agree to a short sale ?
From the lender's perspective, a short sale saves many of the costs associated with the foreclosure process - attorney fees, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets the property back faster, so it is able to cut its losses. Your short sale expert's job is to convince the lender that it will fare better by accepting less money now.
How does a short sale work ?
The lender will want some information about the property, the borrower and the deal he has made with you. Specifically, the lender wants to know what the property is worth. The lender will generally hire a local real estate broker or appraiser to evaluate the property (called a broker's price opinion or BPO). You can also submit your own appraisal or comparable sales information. Also, include some relevant information about the neighborhood and the local economy if things are bad (copies of newspaper articles with bad news may help). Be sure to tell the bank about any and all repairs needed to the home. A contract's bid for repair estimates should also be submitted!
Can I do a short sale myself ?
Negotiating a short sale with the lender is a difficult process, generally because it is a daunting task finding a bank officer who has the authority to accept a discount. You will have to call around to locate the lender's Loss Mitigation Department. More than likely, each lender you deal with will have a separate name for this department, so be patient when calling. You can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the negotiating begins. An experienced real estate agent for short sales already has a rapport with each bank's loss mitigation department. This can save you valuable time in the short sale process.
What information does the bank need from me ?
The lender will also ask for financial information about the borrower. Sort of a backwards loan application, the borrower must prove that he is broke and unable to afford the payments. The borrower must show that he has no other source of income or assets to repay the loan. This process may involve as much, if not more paperwork than an original mortgage application! This information is only good for 60 days and must be resubmitted if an offer is not received in that time period. The borrower should submit a hardship letter, which is basically a sob story about how much financial trouble the borrower is in. This may require a little literary creativity, and some help on your part. Don't lie, just paint a picture that doesn't look good. Remember a person will be reading your letter so appeal to their emotions. Finally, the lender generally wants to see a written contract between you and the seller. The lender wants to make sure the seller isn't walking away with any cash from the deal. Generally, the contract must be written so that the buyer pays all costs associated with the transaction, so that the net cash to the seller is the exact amount of the short pay to the lender. A preliminary HUD-1 settlement statement is often requested, which can be difficult, since many title and escrow companies simple won't prepare one in advance of closing. An experienced short sale agent will have the necessary relationship with title companies to have them prepare this document.
What else can I expect to happen ?
If you are a buyer, don't be surprised if your first short sale bid is rejected. Lenders aren't emotionally attached to their properties, so they aren't as likely to give you steal. Many short sales fall through if the BPO comes in too high, which is often the case. You can't pull the wool over a lender's eyes if the property isn't is need of serious repair, it is unlikely you can convince the lender the property is worth a whole lot less than the appraised value. The lender also has guidelines on how much they are willing to accept based on the current market value. This is where most inexperienced short sale agents fall short. They get anxious to close a deal and submit the first offer they receive. An experienced short sales agent knows each bank's threshold and can help you negotiate with a buyer and counter offer to bring them up to an amount the bank is willing to accept. Remember a short sale approval can take months and you may not get a second chance. Don't put your financial future at risk!
A short sale process is not that complicated, but the success or failure of the deal depends upon how you present it to the lender. Many novice buyers and realtors give up at short sales quickly because their first deal is rejected. Like any business, short sales takes practice to get good. Generally speaking, loss mitigators are pretty good at spotting amateur agents. If your agent knows what they are doing, the loss mitigators are more likely to make a deal with you soon.
Please contact me or anyone of our professional Real Estate First, Inc agents anytime if you are in need of a knowledgeable and professional Short Sales Expert for Southern California.
(866) REF-INC3 or (866)733-4623 Ext 111
(866) REF-INC3 or (866)733-4623 Ext 111