Short Sales Specialist Chino Hills, CA
What is a Short Sale, you may ask? Well, in Chino Hills, a short sale is anything but short. It is a sales transaction where the seller's mortgage lender agrees to accept a payoff less than the balance due on the loan. To start, one MUST have a true hardship. Have you missed a payment? Have you received a Notice of Default from your lender? You cannot just wake up one morning and decide, "Honey, let's short sale the house, I'm tired of paying this mortgage." All hardships must be explained for the lender to clearly understand why they should accept and approve your short sale request. Once you, the homeowner, has established your hardship, its time to contact your local Short Sales Specialist. To start the Short Sale process, you will need to:
- Know your hardship (e.g. Unemployment/loss of wages, Divorce, Medical, Death).
- Contact your local Real Estate Agent, preferably someone who is a short sales specialist.
- Provide all financial information (paystub, W2's/1040's and all monthly expenses, e.g. utilities, insurance, food, etc.) This info will determine if you qualify for a short sale
- Your Agent, who will hopefully be a short sales specialist, will review and advise if you meet your lenders qualifications
- When you are qualified, you will sign a Listing Agreement to sell your property
- Your Agent will find a buyer with an acceptable offer
- You will accept and sign the buyer's purchase offer contract
- Your Agent will prepare a packet with all of your lender requirements and documents (Agent will advise of all details)
BE ADVISED:
DEPENDING ON YOUR LENDER, FINAL RESULTS MAY VARY
AND ARE TREATED PER EACH UNIQUE BASIS
Truly, if you have a dynamic short sales specialist agent, the moment you sign with him/her you literally should not ever have a need to speak to your lender throughout transaction. Your short sales specialist will speak on your behalf. Your agent will be your voice, so communicate EVERYTHING. Do not assume anything. There should be no ambiguities at any time throughout the transaction. Don't wait. The longer you wait, the more difficult to get your short sale approved. Remember, you are literally deciding on the lesser of two evils: Short Sale vs. Foreclosure. There are credit, tax and possible legal consequences for both. Get to know them?
TYPE OF TRANSACTION TIME ON YOUR CREDIT TRADELINE STATUS*
Short Sale Up to 7 Years "Settled for Less"
Foreclosure 5-7 Years "Foreclosed"
*Decision making tool for possible employment, potential creditors, landlords, etc.
If you are a residence in Chino Hills or you know someone in need of short selling their home contact the office of Bonita Gloster Realty for a free consultation from a short sales specialist to the next step for short selling your home. Consultation includes possible lender "Relocation Assistance" up to $3000. Call now for details.
www.bonitaglosterrealty.com
info@bonitaglosterrealty.com
951-264-0723
All information is considered reliable but not guaranteed. Always seek advise from professionals in the legal and finacial/tax fields.
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