Elk Grove Short Sale - 10 Steps To Success / Elk Grove Short Sale Specialist Mike Rigley
Looking for Elk Grove short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about the 10 steps of a Elk Grove Short Sale
Before we can even start the process the borrower must first acknowledging the fact that the property is upside down and it may be years if ever before the property is worth what you owe. When this is the case there are really only two options: Elk Grove Foreclosure or Elk Grove Short Sale. Unless you NEVER plan on moving, keeping an over encumbered property just doesn’t make sense
Step 1. It all starts with the initial consultation. We sit down with you to discuss all your options and alternatives. Without giving tax or legal advice we review the potential tax and legal considerations and set up an appointment with a tax professional or attorney if applicable all so you can make the choice that is right for you
Step 2. We collect all your financial documentation and complete the bank specific application. Each servicer is different so it is important we get them what they need before the need it
Step 3. We list your property as we would any other type of transaction, complete with our total marketing program including virtual tour, toll free 800 property information line, text rider with QR code so potential buyers can scan the information directly to their smartphone phone and as always full color flyers.
Step 4. Accepting the offer that has the best chance of getting not only approved but closed as well. The best offer is not always the highest offer. In today’s tight market we find buyers writing offers that have zero chance of getting appraised at that price. When this happens we are required to basically re-negotiate the terms costing us serious delays
Step 5. With the right offer in hand and accepted by the buyer and seller, we submit your Elk Grove Short Sale package to your lender for review. We like to submit what we refer to as the “perfect Elk Grove Short Sale package” giving the servicer what they want before they need it
Step 6. With the Elk Grove Short Sale package in the hands of the servicer, the servicer will determine the value of the property. Most times they will either order a full appraisal or have what called a BPO – Brokers Price Opinion completed
Step 7. With a value in hand the servicer will determine if the net proceeds of our Elk Grove Short Sale is sufficient to settle the debt. If not they usually counter, if so they approve the Elk Grove Short Sale and we move to the traditional part of the transaction
Step 8. During the traditional part of the Elk Grove Short Sale the buyer will complete their investigations, get their own appraisal and final loan approvals. With those tasks complete we then move to closing.
Step 9. At the closing the buyer and seller will each sign the escrow documents, the loan will fund in the following days and title will transfer to the new owners. Generally the sellers will need to be out of the property the day before the escrow closes.
Step 10. With the escrow closed and title transferred the you the seller will have successfully completed your Elk Grove Short sale and avoided a costly foreclosure, avoided a potential deficiency for the unpaid balance and if you qualify, avoid paying income tax on the forgiven debt – what a great feeling that is
Is an Elk Grove Short Sale Right For Me?
To get a better idea of when your Elk Grove home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest Elk Grove short sale information. Call me today and sleep better tonight; you’ll be glad you did
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