Turlock, CA

If you have not read my previous posts on the Central California Short Sale Process please do so, that way this post will make much more sense to you.

Central California Short Sale Process - Part 1

Central California Short Sale Process - Part 2

Central California Short Sale Process - Part 3

Once I have all the needed documents from you it may or may not be time to submit them to your lender. Some banks don't want anything, other than the Authorization to Receive Information, until we have an offer on the property. Some will accept everything right away.

It is now up to me to get everything to your lender in an efficient manor and one that will communicate to your lender that a short sale will be in theirs and your best interest. Along with all the previous documents that I talked about I will also send to the bank the listing agreement, the purchase contract, comparable properties both active and sold and an overview of everything I have done and am doing in order to get the property sold.

All of this information will be put together in an organized fashion so the negotiator and anyone else at the bank will be able to make an informed decision. By the time the short sale package gets put together it can be well over 100 pages. We know that the banks see lots and lots of short sale packages everyday. Most negotiators are swamped with files so anything we can do to make their jobs easier is what we want to do.

Once this is done now comes the hardest part for most sellers. Waiting to hear an answer from your lender. This could take anywhere from a couple of weeks to a couple of months. There is always the possibility the lender will want more information. It is not uncommon for them to ask for more bank statements and pay stubs, especially if we go into a new month while we are in the negotiation process. Keep in mind that the quicker we get them what they have requested the better. The negotiators are not our enemy, we want to keep them happy. I have actually had negotiators send ME an email thanking me for the good job I have done with the package and the entire process. I realize that my sellers are a big part of this. If we both work together chances are we can get your short sale approved.

My next post will talk about what to expect once we have the short sale approval. In the meantime if you would like more information about Foreclosure VS Short Sales be sure to see this chart.

11 Reasons to List During the Holidays

1. People who look for a home during the Holidays are more serious buyers!

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

3. Since the supply of listings will dramatically increase in January, therewill be less demand for your particular home! Less demand means less money for you!

4. Houses show better when decorated for the Holidays!

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!

6. Buyers have more time to look for a home during the Holidays than they do during a working week!

7. Some people must buy before the end of the year for tax reasons!

8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!

9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

This is the third installment of Central California Short Sale Process. In the first two parts I talked about some of the things I will be needing from you in order to short sell your property. It is important that I have a short sale package ready to go to the bank before we receive an offer. That way I can get the process started with the bank as soon as we have an offer or even sooner with some banks.

If you have not read Central California Short Process - Part 1 or Central California Short Sale Process - Part 2 I urge you to do so. I can not stress enough how important it is that we have EVERYTHING that the bank wants in the short sale package. If an item is missing it could very well delay , or completely stop the whole process.

Now for Central California Short Sale Process - Part 3. The Hardship letter. The qualifications for a short sale are different than a traditional sale. The major difference is that in order for a bank to accept a short sale, the borrower must have a demonstrable financial hardship. They will have to prove this hardship through a signed letter .

A hardship can be defined as: "A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage." Examples of acceptable hardships are:

Loss of Job - Business Failure - Damage to Property - Death of a Spouse - Death of Family Members - Sever Illness - Inheritance - Divorce - Mandatory Job Relocation - Medical Bills - Military Service - Payment Increase or Mortgage Adjustment - Insurance or Tax Increase - Reduced Income - Separation - Too Much Debt - Incarceration

The Hardship letter is your chance to convince the bank why you need to short sell your home. It should detail the reason or reasons that you are unable to pay your mortgage. This should not be a time for you to engage in finger pointing at the mortgage company, but should be an honest letter from you asking the mortgage company to help you out by allowing you to sell your home in a short sale.

My next post will deal with what happens next now that you have provided me with all these documents. If you would like more information on selling your home in a short sale please do not hesitate to contact me. If you would like more information about Foreclsoures VS Short Sales be sure to check out this chart!

My last post was about what you will need to do get started with a Central California Short Sale. If you didn't read Central California Short Sale Process - Part 1 I urge you to take the time to check it out.

Now that I have the Authorization to Release Information and the Statement of Information there are other documents that the bank is going to want. Remember that not all banks do everything exactly the same way so this is a general overview of what you may need.

Two months Checking and Savings account statements. The last 2 years tax returns. Your 2 most recent mortgage statements for all mortgages. And finally a financial statement.

The first few items are pretty self explanatory, the last one not so much. Some banks will require that the financial statement be on one of their own forms. Others will be ok with the one that I provide to you. Basically the Financial Statement is just a list of your income and expenses. It's really a pretty simple form to fill out. You (and your co borrower if there is one) just fill in the blanks with information like how much you spend on groceries, utilities, insurance, credit cards, etc. Then you enter in how much you make, how often you are paid and any other income you might have. They may also want to know what other assets you have.

Most people are able to get all this information together pretty easily. Once I have all of this information I can start putting together the short sale package that I will need to send to the lender once we receive an offer.

My next post will deal with one of the most important documents that will need to be included in the short sale package: THE HARDSHIP LETTER

If you want more information please be sure to see my Foreclosure VS Short sale chart here. If you have more questions about Central California Short Sales please do not hesitate to contact me.

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