This is Short Sale Information in General. I'd love to help any homeowner figure out their options or explain the short sale process!
By now, the words "short sale" are almost an everyday term. You may have known of someone buying a short sale, thinking about listing their home as a short sale or someone who is unsure if a short sale is right for them. The short sale information being provided here will, I hope, shed a little light on the dreaded topic to many.
As a Short Sale Specialist, staying on top of how the lenders are treating short sales and providing short sale information to the consumer is my top priority. As an active real estate agent dealing with short sales every day, I would like to share short sale information to you in an effort to encourage those who are unsure if your lender will allow you to do one or explain some of the nuances of the process.
What is a Short Sale? A short sale is when you owe more money to the bank than what you can sell your home for today. Basically, you are upside down or underwater. Example: You bought your home for $475,000 and have a loan with Bank of America for $400,000. You had a market analysis done by your local real estate agent and it was determined that your home could be sold for $295,000. Obviously, you will be "short" in your payoff to the bank.
Will your bank agree to a short sale? In most cases, yes. Some of the short sale information we need to provide to your lender will be proof of a hardship of why you need to do a short sale. Some of the hardships viewed as acceptable would be: Divorce, loss of job, medical issues, cut back in pay, relocation for job. These are some of the typical hardships.
Why will your bank agree to a short sale? It's taken a few years for banks to figure out that a short sale will cost them less than if they pursued a foreclosure. They get a professional agent to administrate the sale, provide the proper short sale information to all parties, and get the highest price for the bank.
What are your options? If you have already attempted a loan reconfiguration or "loan modification" and it didn't work for various reasons, AND you are faced with the inability to pay your mortgage, you should discuss with your short sale specialist the difference between foreclosure and short sale or other options you may have. Your local Short Sale Specialist, such as myself, will be happy to give you all of the short sale information you need to make an informed decision. Foreclosure versus Short Sale? Call or email me anytime. I'd be happy to have a phone conversation with you. 805-296-9005 or suzannebmartin@yahoo.com.
What's involved in listing your home as a short sale? Your local Short Sale Specialist will meet with you, look at your home and prepare a market evaluation. Then, you will fill out a short sale information sheets provided to you such as a Third Party Authorization giving your bank permission to talk with your agent on your behalf. You should work with agents who specialize in short sales because we know how to navigate the process with the lenders. Once the property is listed, we find a buyer and submit all of your short sale information to your lender(s) to start the process. Yes...it may sound convoluted and confusing, but your short sale specialist will know exactly how to get it done so you won't have to stress out and call your bank for help!
How much does it cost to do a short sale? Nothing! If the bank agrees to do the short sale, they pay all agent commissions and selling related fees. There's nothing to lose for you to do a short sale! It surely is better than a foreclosure.
What's A HAFA short sale? A HAFA Short Sale is a government backed program which gives you a $3000,00 moving incentive (more short sale information and paperwork needed, of course) and a Cooperative Short Sale is a streamlined, private version provided from your bank. Example: The Bank of America cooperative short sale gives you $2500 at closing.
How can I find out if I can do a short sale? Call Suzanne Martin at 805-296-9005 and set up a free, no obligation in person meeting or phone meeting. You will be given straight forward, honest, short sale information with no pressure. I have been doing short sales for years, and I truly care about my clients. Your best interests are always looked after.
If you own a home in San Luis Obispo County, please contact Suzanne Martin, your Short Sale Specialist, to help you in answering all of the questions you have about your property. I can even help people from any state as a Short Sale Information Resource!
For more Short Sale Information call Suzanne at 805-296-9005 or email your questions. I will personally respond to any of your questions!
Suzanne Martin, Your HAFA Certified, Short Sale Specialist! 805-296-9005
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