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Short Sale Process Sacramento CA

By
Real Estate Broker/Owner with Nakano Realty 01396046

Short Sale Process Sacramento CA - The short sale process should start when a seller has a financial hardship and is unable to pay the monthly mortgage payment or will be unable in the future to pay the monthly mortgage payment.  The seller should contact an experienced short sale agent and discuss foreclosure avoidance options.  A short sale is one option to avoid foreclosure and depending on the seller's situation it may or may not be the best option for the seller.  An ethical Realtor should help you evaluate foreclosure avoidance options.

An experienced short sale agent should evaluate your situation before you pursue a short sale.  Many people don't realize that a seller must qualify for a short sale and an experienced short sale agent should discuss these qualifictions with the seller upfront.  Some examples of financial harship are loss of job, decrease in pay, divorce, medical bills, relocation for a job, incarceration, too much debt, business failure, death in the family, change in mortgage payment due to adjustible rate mortgage, etc.  Solely being upside down in your home (mortgage is more than current market value) does not constitute financial hardship. 

Seller should then consider the foreclosure avoidance options and if a short sale is the best option for the seller, then the seller should discuss short sale rammifications with a credit specialist (or loan officer), real estate attorney, employer (if security clearance is required for job or if credit standing is evaluated for job), income tax professional and any other professionals the seller deems necessary.

If the seller decides a short sale is the best option to pursue, then the seller should meet with an experienced short sale agent to sign a listing agreement and put the home on the market as soon as possible.  Time is of the essence with real estate transactions and even more so in the context of a short sale transaction because once a seller has missed a mortgage payment, the foreclosure process can start and there are deadlines imposed by the foreclosure process.  If a seller waits too long and is too far in the foreclosure process, the short sale lenders may not consider the short sale.

Once the property is listed, it usually takes one to two months to obtain a viable short sale offer/buyer.  Short sale offers/buyers are much different than traditional or bank owned offers/buyers.  It's crucial to the success of your short sale that your short sale offer contain short sale specific terms and your short sale buyer has the proper expectations/qualifications. 

After you have an offer, your agent will submit the offer and your financial documents to the short sale lenders.  Your agent will continue to follow up with the short sale lenders until the lenders provide a response.  In many situations, you lender will ask you for additional information.  It's important to provide any requested information to the bank quickly.  In a best case scenario, the lender will accept the short sale offer and you'll move forward with escrow and close the transaction.

I hope you've found this high level overview of the short sale process in Sacramento CA helpful.  I'm an exprienced short sale listing agent, a Certified Distressed Property Expert and a Certified HAFA Specialist.  If you'd like more information about short sales, please visit the link below or call me for a confidential consultation at (800) 477-0075. 

Short Sale Information:

http://www.nakanorealty.com/ss/short-sales.htm

Nakano Realty:

http://www.NakanoRealty.com

Nakano Realty - DRE 01396046

Contact Us - Office Locations:

http://www.nakanorealty.com/contact_us.htm

 

Posted by

Kevin Nobuo Nakano

Realtor / Real Estate Broker Since 2003

Masters Club, Life Member

Nakano Realty

Toll Free: (800) 477-0075

Fax: (800) 660-0365

Website: www.NakanoRealty.com

Website for Investors: www.NakanoRealtyIPS.com 

 

BRE: 01396046

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