Short Pay Tips (San Fernando Valley, CA Short Sale Broker)

By
Real Estate Broker/Owner with Action Investments and Hawaii Pacific Realty BRE Lic# 01481898

1. Always have the seller contact the asset manager to discuss a short payoff of their loan.

2. Most lenders require a signed listing agreement before they will speak with an agent.

3. Most lenders have specific requirements and may fax them to you upon request.

4. Be aware that there will be time constraint to close the escrow because the lender must approve the reduced payoff.

5. Always get everything in writing from the sellers payoff lender.

6. Some of the requirements of the asset manager may include, verification of employment, tax returns, W2's, hardship letter, financial statement, and bank statements.

7. Always be completely honest with the asset manager in advising them of the sellers financial situation and the sale transaction.

8. Always recommend that the seller speak with an accountant and an attorney PRIOR to signing the listing agreement.

9. Use the short sale addendum when taking a listing.  Now the new CAR form is the Short Sale Information and Advisory in lieu of the short sale addendum.

10. Use the CAR Default Residential Purchase Agreement when writing an offer on a property in which there is a notice of default filed.  The buyer may be exempt from purchasing the subject property during a five day rescission period and no escrow should be opened or any monies deposited by the buyer during those 5 days.

Short Pay Tips (San Fernando Valley, CA Short Sale Broker)

Posted by

Jason Hector, Real Estate Broker, CA Dept of Real Estate Lic. #01481898
(818) 357-9658 Cell
(866) 791-3290 Fax
jhector@socal.rr.com
www.jasonhector.com
Broker--Action Investments
11630 Seminole Circle
Northridge, CA 91326
(800)-626-6469 Phone
(866)-791-3290 Fax

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Show All Comments
Rainer
61,539
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate
Jason - good for you knowing about #10.  Not too many agents understand there is a special contract for defaults...
Mar 03, 2008 05:21 PM #1
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii
Thanks for the kind words Dorene.
Mar 12, 2008 01:27 PM #2
Rainmaker
185,736
John Kim
Property Services & Short Sale TC - Irvine, CA

Hey Jason,

     Good tips for all realtors to read...

Mar 13, 2008 04:41 AM #3
Rainer
43,993
Julie Jalone
MagnumOne Realty - Roseville, CA

Hello Jason - Good information here, thanks for sharing.

Thanks for the nice comment on my blog post this morning aobut the referral exchange.  Julie Jalone

Mar 13, 2008 09:29 AM #4
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii

Julie,

You are very welcome.  Just starting to enjoy the benefits of active rain.  Hope everyone can benefit from the information on short sales.

Mar 14, 2008 07:12 AM #5
Anonymous
Crystal G

Hello,

 

I am a private real estate investor looking for real estate agents to work for me in locating short sale properties. I specialize in purchasing short sales and making immediate offers on them.  My agents will locate the property, get the paperwork signed by the seller then pass the info to my negotiation team.  I pay double commissions and the agents never have to talk to banks!!  The agents focus is to produce leads.  I have a team of negotiators, an attorney, funding resources and a few agents that I currently work with.  I need a few more excellent agents to join my team.  If interested please contact me at 818-571-4655 or shortsalecrystal@live.com

Jul 04, 2009 06:57 AM #6
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii

Thanks Crystal but it sounds like we are doing the same thing.  Are you a licensed broker? Jason

Jul 07, 2009 12:24 PM #7
Rainer
19,308
James Collins
BERKSHIRE HATHAWAY HOMESERVICES - Walnut Creek, CA

Good info and could we call it the short sale commandments?

Jul 23, 2009 02:48 PM #8
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Rainer
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Jason Ian Hector

Real Estate Broker in California and Hawaii
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