*Can I short sale my own house?
No, this would be illegal. A short sale must be an "arms length" transaction. You cannot short sale your own house nor can close members of your family or friends do one for you either.
In a short sale, the lender is agreeing to discount the mortgage amount due to legitimate hardships; but not so that the homeowner can make a profit. No money from a short sale transaction can be paid to the homeowner (seller). Lenders will not approve any short sale in which they suspect the foreclosed homeowner will profit.
* Can't I just go down to my branch or mortgage broker and talk to them about reducing my mortgage?
Unfortunately, things don't work that way anymore in the banking business. Once you obtain a mortgage, it typically gets bundled with other mortgages and sold to other banks or investors. Oftentimes, the company to which you make your payments is not even the bank who holds your mortgage; they are simply paid to "service" the loan.
Also, once you mortgage lender begins the foreclosure process, the file is turned over to a loss mitigation company so the "lending" departments or the branch no longer have anything to do with the loan.
All negotiations regarding the short sale are done between the Listing Agent and whatever loss mitigation or asset management company works for the lender.
Contact Fred Sed 949-274-3733 to see if you qualify for a Short Sale.
*Who owns the house after a short sale?
The purchaser of the house is the owner after a short sale just as in a normal sales transaction. The mortgage lender is paid off and the previous homeowner moves to a different home.
*What do I do about my back property taxes when I do a short sale?
Just as in a normal home sale, property taxes are the responsibility of the homeowner until the date the sale is closed. Then they become the responsibility of the buyer or investor.
If your property taxes have not been paid this will affect the negotiations between the buyer and the bank, so you must inform us or any buyer of those taxes owed.
* What is "Financial Hardship" and why is it so important?
"Financial Hardship" is a critical part of the short sale equation. No matter what you hear about banks "not in the business of owning real estate", etc., they DO NOT give homeowners a break easily. They require GOOD REASON to give a discount for a short sale. They have entire departments called "Loss Mitigation", which means their entire job is to reduce the loss the bank takes on a bad loan. Giving big discounts to sellers increases the loss on a bad loan, so they don't take it lightly.
The ONLY reason a lender will agree to a short sale is if they determine that the short sale will net the more money that proceeding with the foreclosure. Understanding the homeowner's financial hardship is a big part of the lender estimating whether they will be paid in full for the mortgage.
IF THERE IS NOT A LEGITIMATE FINANCIAL HARDSHIP, A LENDER WILL NOT SHORT SALE EVEN IF THE HOME IS WORTH LESS THAN THE MORTGAGE BALANCE. Quite simply, the lender will make the borrower pay the shortfall if there is no hardship.
Many homeowners try to use a short sale as a "get out of jail free" card to dump their poor investment. Lenders will not allow this and it is a waste of time to try. If you are employed and have some assets, but you have simply lost value on your home and want to sell, YOU PROBABLY CANNOT SHORT SALE. If you are current on your mortgage, IT IS VERY DIFFICULT TO SHORT SALE. Lenders need to see that you simply cannot pay them back before they will short sale.
To see if we might be able to handle your short sale call (949) 274-3733, or e-mail us at FredSed@PGcoastal.com
If you expect to make money on my short sale, can I get some of it?
Unfortunately, that is not allowed by the lenders. A lender will not allow a seller to profit from a short sale. If they perceive that there is any "excess" money in the transaction, they want it for themselves to offset their loss.
Do I have to move after I do a short sale?
Yes. After the short sale transaction, the new owner will own the house and the seller must move, just as in a normal sale.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
Why do I have to sign a Borrower's Authorization?
In order to both determine if your lender will consider a short sale and then to actually negotiate the short sale, The Pahua Group needs be able to speak to your lender about the mortgage. The lender will only speak to people you have authorized them to speak with.
By signing a Borrower's Authorization, you give the lender permission to speak to The Pahua Group about your loan. That is all it does, but it is necessary. An authorization must be filled out for each mortgage.
How does The Pahua Group make money on a short sale?
We make a standard real estate sales commission that is paid by the lender only in the event of a successful short sale.
IF YOU ARE HAVING TROUBLE WITH MAKING YOUR PAYMENTS OR ARE HAVING ANY FINANCIAL DIFFICULTIES A SHORT SALE MIGHT BE YOUR BEST OPTION.
CONTACT US TODAY TO SEE IF YOU CAN QUALIFY. OUR SERVICES ARE FREE AND EVERYTHING IS KEPT IN THE STRICTEST CONFIDENTIALITY.
CONTACT FRED SED AT 949-274-3733 OR EMAIL AT FREDSED@PGCOASTAL.COM
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Fred Sed of The Pahua Group specializes in buyer representation of foreclosures/bank owned REOs and tenant representation of Orange County Rental Properties. Fred is also a short sale specialist.
Thank you for taking the time out of your day to browse my site. I cannot stress enough how very important it is that you seek the right advice from the right realtor with the right skills. Today's market is much different than what we have experienced in years past. A few years ago, all you had to do is place a home on the market and it would sell in a few days with multiple offers, and really no skills were needed. But today's market as I have said is completely different.
Every decision you make, every step you take, could affect the outcome of whether or not your home sells for the top dollar this market will allow or whether or not you negotiate the best deal possible. That is why you need a professional that is highly trained, experienced, and skilled in today's marketplace. Someone who is going to work for you day in and day out to make sure all of yours need are not just met, but exceeded.
Contact me today, whether you are in the market to buy or sell real estate, so that I can send you the information that is crucially needed in today's marketplace,
Thank you for the opportunity to be able to assist you with all of your real estate needs!
Best Regards,
Fred Sed
The Pahua Group
949-274-3733
FredSed@PGcoastal.com
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