Do you Owe More on Your Home than it's Worth? Falling Behind on Your Payments?Getting a Divorce? Bankruptcy? Can't Afford Your Payments? Moving out of the area?
Many Sellers in today's market have little or no equity, that is, the Seller owes at close to or more than the property is worth. In these situations, lenders are often willing to accept less than the full amount due, commonly referred to as a "Short Pay" or "Short Sale".
Many folks who are "upside down" on their mortgage opt to simply "walk away" from their home, and allow it to foreclose. The Short Sale offers a much better option and provides a win-win for the lender and the home owner.
Form the lender's perspective, a Short Sale saves many of the high costs associated with the foreclosure process (attorney fee's, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc.) In a Short Sale scenario, the lender gets their money faster and is able to cut its losses.
Do you want to know your options?
 Foreclosure VS Short Sale
A foreclosure can affect a homeowner in the following ways;
- Your ability to get a job and/or keep their current job.
- Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony.
- You lose the ability to purchase a Fannie Mae loan for 5 years for primary and 7 years for non primary residence
- On any future 1003 application you will have to answer yes to the foreclosure question, and will affect your credit rate.
- Your credit score may be lowered from 250-300 points and will take longer to recover.
Through a Real Estate Short Sale, we can help you:
· Get Your home sold!
· Avoid Foreclosure!
· Save Your Credit!
· Walk away owing your lender and Uncle Sam nothing!
And you Don't Pay Any Commissions!
The Short Sale Process is designed to help anyone suffering a "hardship". Through proper negotiations the bank agrees to take less than what is owed on the home. The bank benefits by not having to go through the expensive foreclosure process and You Benefit by having the opportunity to get out of a bad situation with as little damage to your credit as possible.
If you are considering completing a real estate short sale you need to do your homework.
If you or the agent that you choose to work with makes a mistake it can mean financial suicide for your credit, choose wisely.
We have specialized in short sale transactions and helping people avoid foreclosure/ bankruptcy since 2004. Here is a list of the banks that we have successfully negotiated on behalf of our clients in the last year.
Countrywide, Chase, Wells Fargo, Bank of America, CITI, GreenTree, Washington Mutual, Wachovia, World Savings, HSBC, First Franklin, Flagstar, GMAC, Greenpoint, CTX, Beneficial, Homecomings, Home Eq, Irwin, National City, Option One, Ocwen, Aurora, Goldman Sachs, US Bank, First Horizon, Indymac...pretty much every bank possible.
The sooner you start the process, the more options you will have. The worst thing you can do is wait.
Who Qualifies for a Short Sale?
Criteria 1: Market Pricing Must Be Less Than the Loan Amount-
The market value of the home must be less than the loan amount.
Criteria 2: The Homeowner Must Be Financially Insolvent-
The homeowner can't have money or assets elsewhere.
Criteria 3: The Homeowner Must Demonstrate a Hardship-
The homeowner should be able to demonstrate a hardship that made loan payments impossible by being able to compile documentation that proves the hardship
Criteria 4: The Homeowner Must Be Cooperative-
The homeowner must be willing to cooperate with the agent, lender, and buyer.
Short Sale Process:
1. Set Sale Price based on Fair Market Value & list Home for Sale
2. Collect financial information from Seller(s) to create Short Sale Request Package
3. Present offers to Seller(s) and accept the best one
4. Buyer(s) offer submitted to Lender with the Seller Package, Lender assigns a negotioator...this can take up to 45 days
5. Negotiator orders the appraisal or BPO to determine a current value of the property
6. The successful Buyer(s) are notified of the Lenders and Seller(s) acceptance
7. Negotiations begin with the Lender, once the appraisal or BPO has been received
8. Terms are set by the Negotiator the best offer is submitted for final approval
9. Contract time-lines begin and Buyer(s) are advised to complete contingencies so we are able to proceed to close
Call us. We will do whatever we can to help you.
For more information, and a FREE, no obligation over-the-phone consultation about your unique situation, call 916-367-8186. Or fill out the information below and you will receive information about the short sale process and what it will take to save your credit.
I hope to hear from you soon.
Sincerely,
Mike Rothery, Certified Short Sale Specialist
Cosmetic Improvements >Cosmetic Changes
When a home goes on the market, it should look great. Often there are improvements that must be made before a house is ready to show well. When you are preparing to list your home, it is strongly recommended that you go through each room with a critical eye.
What are you looking for? Start with the ceiling, and look for any cracks or water stains, then inspect the condition of the paint and wallpaper. Make sure that the windows are clean and window treatments are attractive. All of the closets and storage spaces should be neat and organized (a cluttered closet looks smaller!). If the rooms seem crowded with too much furniture, you can create a more spacious look by storing your "overflow".
A well-maintained house tends to sell much more quickly than one where buyers must use a lot of imagination to see it in a positive light. The condition of your house will help to determine the selling price. The better the house looks, the better your chances of selling it at the best price. A real estate agent can help you by recommending the repairs and cleaning that will increase your home's marketability.
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
 See More Real Estate Trivia > |
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