My Short Sale Professional 619 948 9504
San Diego, CA
ph: 619.948.9504
fax: 888.812.6269
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Short Sale News
What NOT to do when you’ve missed 3 Mortgage Payments!
1. Do not rely on a family friend to buy your house; the process could take 3-6 months. What if they change their mind or something happens and they can’t buy your home?
2. Do not waste your money on an appraisal just to see what the value of your home is. Values change every month in this market, it would be a waste of your time and money. Don’t do it!
3. Do not hire an agent who has never done a short sale. Interview agents who have done short sales before and… have gotten them approved! Most Agents hate them, they’re a lot of work and there’s no guarantee they’ll go through. If an agent wants to do your short sale, they genuinely want to help. Period!
4. Do not let your property sit on the market 2 weeks without an offer! The bank will not even look at your file without an offer. If it’s been 30 days and you still don’t have an offer, this means you are not negotiating with the bank yet… and time is ticking.
5. Do not sign with an agent that says “I can get you more money” the market is what it is. Getting more money for the property has very little to do with getting the short sale approved! We price your property where it needs to be according to the market and prove it to the bank; that this is where it needs to be!
6. Do not try to “sell it yourself”! You’re wasting your time! You need a buyer, 2-3 buyers, you need to hold on to those buyers and… try to negotiate the short sale. Just hire a professional. It’s a totally different ball game.
7. Don’t wait until the last minute to hire a real estate agent to do a short sale. Short Sales can take 3-6 months and we need that time to try and get it done. Call us as soon as you get the “Notice of Default” or better yet, before you miss a payment.
8. Don’t concentrate on one form of negotiation, banks take forever to render a decision. And remember you have to qualify for re-payment plans or modification plans and if you know you may not qualify, don’t play games. Get moving on a short sale and let someone else work on it at the same time your trying to do a repayment plan. Don’t let time slip by, multitask!
9. Do not procrastinate! Once you get a notice of default, find a solution quick. Let the professionals handle it. It’s less stressful if you hire an experienced short sale professional to handle this type of emergency.
10. Do not Deed the Property over to your spouse if they’re not on the “Title” that’s a “Red Flag” for the bank; needless to say, the loan is still in your name. Also, banks will not sell to anyone who is considered “Arms Length”. You must find a buyer.
Countrywide Financial Corp
Unprecedented Times for Lenders
ALL JUST MARKETING!!
Countrywide the largest mortgage company has something that might help you?
Read the story:
http://www.kfwb.com/pages/1123511.php?
I called Countrywide to find out about this and the loans officer I spoke with said
"to be honest with you this is just marketing".
"If you have no equity in your property we can't do anything for you!".
'Short sales' called an emerging trend
By Emmet Pierce
UNION-TRIBUNE STAFF WRITER
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Such transactions, designed to prevent defaults, often are called “short sales.” They occur when home prices fall and mortgage debt exceeds the value of the property.
If the lender agrees, homeowners can sell the depreciated homes and settle their debts for reduced sums.
After the great gains in equity that occurred in the recent housing boom, short sales are “something new and, to be honest with you, something kind of scary,” said Erik Weichelt, a San Diego real estate broker who specializes in foreclosures. “If a short sale doesn't work, it becomes a foreclosure. When prices went up, people got in over their heads.”
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One of those people was José Padilla, a 28-year-old social worker who used an adjustable loan to become a first-time homeowner last year. He recently decided he no longer could afford to pay his mortgage or the homeowner fees on his three-bedroom condo in Paradise Hills. Facing foreclosure, he views a short sale as his “best option.”
“I do know it will impact my credit score,” Padilla said. “It has been quite a setback.
I will be feeling this for a while, but as far as the short sale, it is definitely the light at the end of the tunnel. It's positive for me.”
Analysts describe short sales as an emerging trend. Sandicor, the local real estate industry's multiple-listing service, tracks probable short sales through descriptions posted by real estate agents. Chief Executive Officer Ray Ewing said only five listings in 2005 contained the words “short sale,” out of 41,492 sales of attached and detached homes in the county.
As of Nov. 20, short sales were noted for 55 listings, out of 27,571 total sales.
For the whole story http://www.signonsandiego.com/news/metro/20061211-9999-1n11sales.html
“Filing for bankruptcy isn’t a good option. Bankruptcy will not only ruin your credit but, depending on whether you file Chapter 7 or Chapter 11, the lender may still be able to foreclose or the court may order the sale of your home.”
TIPS:
- Talk to your lender as soon as possible
- Get financial counseling
- Consider selling before foreclosure is final
San Diego, CA
ph: 619.948.9504
fax: 888.812.6269
info
