DO YOU KNOW HOW A DESERT HOT SPRINGS, CA SHORT SALE WORKS??

By
Real Estate Broker/Owner with Garrigus Real Estate CalBRE# 01844442/01844441

 

DO YOU KNOW HOW A DESERT HOT SPRINGS, CA SHORT SALE WORKS??

 Short Sale Process

Each bank processes short sales differently, and we have had great success with many banks, but to better understand your individual situation and to decipher if you would be a good candidate for a short sale we would review your following information:

 

 

  • How many loans do you have on the property?
  • If more than one loan, who are the banks the loans are with, or who are the mortgage holder(s)?
  • Have you stopped making payments? If yes, how long ago?
  • Have you attempted a loan modification? If yes, what is the status of the modification?
  • Does the property have a HOA (Home Owner's Association)? If yes, are you behind on the HOA dues? If yes, how many payments missed?
  • Is the property in a 55+ community?
  • Was the property your primary residence? Are you still living in the property?
  • Do you have a tenant in the property?
  • Have you ever refinanced the property?
  • Have you ever taken cash out of a loan on the property or received money from the equity of the property?
  • Have you recently claimed Bankruptcy or do you have any other judgments against you? (i.e. Child support, alimony, etc.)
  • Do you pay your property taxes and homeowners insurance outside the mortgage? If yes, when was the last time you paid?
  • Do you have any outstanding utility bills, trash, sewer or water on the property?

 

We handle all of our short sales "in house". We are a real estate team and we handle the short sale from start to finish. Our services are at no charge to you, the cost of the sale is paid from your mortgage holder(s).

 Required Documents

If you persued a short sale, you would be required to supply the following documents to complete your short sale application. These items are required from your mortgage holder(s) to be considered for a short sale:

  • 2 months bank statements
  • 2 months check stubs
  • 2 years tax returns
  • Letter of Explanation why you need a short sale
  • Mortgage holder application form (Which we can provide to you).

 

Submit Short Sale PackageThe short sale is initiated by listing the property, we then market the property for a buyer. Once a buyer is obtained we then submit all the above documents with your listing agreement, buyer information and purchase agreement, the buyer's proof of funds, and an estimated pay off to the mortgage holder(s).

 

The mortgage holder(s) then begin their process of review. This consists of assigning a bank negotiator to the file, ordering appraisal(s) and valuations of the property (at the banks expense) and comparing all the numbers for release.

 

A typical short sale process takes 3-6 months for bank review depending on who the mortgage holder(s) are. We are in direct contact with the mortgage holder(s) on a regular basis negotiating the terms of the sale. Understand that we strive to obtain a release for you from the mortgage with no money or contribution out of pocket and with full deficiency release, but every short sale is different and no specific outcome can be guaranteed.

 

Call us now to interview us: 1 (888) 9-LIST-IT

 

Posted by

Todd & Devona Garrigus

Broker / REALTORS®

951.490.3698 | Direct for Todd
951.490.3683 | Direct for Devona

www.GarrigusRealEstate.com
CalBRE# 01844442/01844441

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Rainmaker
173,284
Wendy Rich-Soto, Realtor Strategize, Stage, Sell
Keller Williams Realty, LA Harbor - San Pedro, CA
Owner of SellingLASouthBay.com @ the WRichTeam

A wonderful resource for anyone considering a short sale.  Thank you for educating the public about this.  A short sale is so much better than a foreclosure!

Aug 31, 2010 05:13 AM #1
Rainmaker
611,703
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Thank you, Wendy. Many homeowners are in need of manyanswers to their myriad of questions.

Sep 10, 2010 08:23 PM #2
Rainmaker
611,703
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

By the way, here's one our new listings:

Beautiful Seneca Springs Home in Beaumont CA - 128 Lenore Ct., Beaumont, CA

Beautiful Seneca Springs home - Ready to move into!!!! Lots of room, all the upgrades. Its got a formal Living room, kitchen with granite counter tops and upgraded cabinetry, large family room with fireplace and dining area with upgraded flooring, downstairs also features a bedroom and bathroom. Upstairs has a large loft, 3 bedrooms, 2 of the bedrooms share a Jack and Jill bathroom, 3rd bedroom has direct private access to another bathroom. This bathroom is also shared with the upstairs living space. The upstairs also features a large master suite complete with a private fireplace, his and hers closets, separate bathtub and shower and is nicely separated from the other bedrooms. Home has upgraded flooring, upgraded cabinetry, upgraded counter tops, indoor laundry room and custom paint throughout the home. The backyard has a cement patio area, great view of the mountains and is large enough to add a pool if desired. No home owners association. All financing is welcome. Above ground pool excluded. Click on the address above to check it out!

Sep 10, 2010 08:24 PM #3
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

Get a free Lowe's Coupon good for 10% off of up to $10,000!

 


JUST CLICK HERE

Sep 01, 2012 03:22 AM #4
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

Contact Us Now
...We're Here to Help!


Call us now at: 1 (888) 9-LIST-IT

Or you can reach us directly at 951-490-3683, or just click on this Contact Us Link and fill out the email form and we'll contact you as soon as possible. The information you provide will be kept confidential and will not be used for any other purpose.

Sep 01, 2012 03:22 AM #5
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

Search the MLS Multiple Listing Service For Free:

Search the MLS Multiple Listing Service For Free

Sep 01, 2012 03:23 AM #7
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

More About Us:

We are standard sale, short sale and foreclosure Real Estate Professionals. We handle home listings, sales and home buyers in Riverside and San Bernardino Counties and can help you buy or sale your home. We are members of the NAR (National Association of REALTORS), CAR (California Association of REALTORS) and East Valley Association of REALTORS, and have experience handling all aspects of the real estate transaction.

If you need a smart and tough REALTOR that works hard for their clients and understands this challenging real estate market, call us now at: (888) 9-List-It. That's (888) 954-7848.

Sep 01, 2012 03:23 AM #8
Rainer
211,183
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

We handle many aspects of real estate transactions:

  • Standard Home Sales
  • Real Estate Short Sales
  • Foreclosure REO Sales
  • Land Sales
  • And More

SAN BERNARDINO COUNTY CA SHORT SALE REALTORS

Sep 01, 2012 03:23 AM #9
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Rainmaker
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Todd & Devona Garrigus

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