How long does a short sale take, I need to get out now!
First it comes down to how prepared you and your broker are in this situation. If your broker or short sale specialist is experience then you will have the quicker turn around. Also it depends on what banks you have your loans with. Meaning if you have your mortgage with a smaller bank who does not have as many defaulted loans then the approval should take 30-45 days to receive.
But if the bank who has your mortgage is a larger bank, meaning they have a large amount of defaulted loans then it could take up to 60-90 days for the approval.
This is very important. This complicated process takes time so to have the option of a short sale, you must act soon. If you wait until 1 week before eviction, no one can help you do a short sale. It is simply impossible. DO NOT WAIT.
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.
Are short sales guaranteed to work?
No. Even though short sales are increasing they are still fairly complex, as I have stated. All the criteria MUST be met for a bank to even consider a short sale. It is not easy to convince a bank that the market value of the home is lower than what they are owed. They do not like to take a loss on a loan.
With short sales the banks must be convinced to discount the mortgage enough to make it viable for a potential buyer. So it is very important that every request that is made by the bank, we respond quickly and correctly. This is easily done by both us as broker and you as the homeowner on are the same page from day one.
In some short sales, we do all the paperwork and wait several weeks only to be denied. Again, the homeowner continues to own and live in the house if he or she chooses.
If the lender does not approve the short sale, The Pahua Group has no rights at all to the property and no transaction occurs. The purchase agreement becomes void and the listing continues.
From the very moment you contact us initially we make sure that you actually can qualify for a short sale. We are not here to waist your time or ours so it is crucial that you answer every question honestly so that if we attempt a short sale on your home, we are successful.
What if a bank doesn't accept the short sale?
Again, if the bank doesn't accept the short sale offer, there is no transaction and the home is still owned by the foreclosing homeowner and the foreclosure process continues.
Also if the bank does not accept the short sale, we probe the bank to find out why they won't approve it. It could be many different reasons why they would not accept it.
But then this goes back to the beginning of the short sale process and our pre-qualifying of your situation. As I said, we should know upfront whether or not we can short sale your property. If we know we can't then we will tell you. Our job is to help you not hurt you.
Orange - County - Short - Sale - Specialist - Qualifying - Terms
*Owe more than your home is worth.
*Having trouble making your mortgage payments.
*Having already missed 1 or more mortgage payments.
*Have some sort of hardship that holds you back from your payments and or monthly expenses.
*Have a loan in which the interest has adjusted up which makes the payments hard to make.
*Need to sell your home, but there is not equity to do so.
*Heading toward a foreclosure and have run out of options.
There are many other factors that would help you qualify for a short sale. Please contact our Short Sale Realtor Fred Sed 949-274-3733 to discuss if you do qualify for a short sale. We do cover all of Orange County, Riverside County, and Los Angeles County.
Watch Fred's Short Sale Video's
To Avoid Foreclosure and Save Your Credit, Call Your Orange County Short Sale Specialist Realtor, Fred Sed, and see if this would be the best option for you!
Fred Sed
(949) 274-3733
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.
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
What other options might I have at this point?
When faced with a foreclosure, some things you may be able to do are:
1.Sell your home through the normal channels
2.Bring your mortgage current by making the missed payments and paying the penalties
3.Refinance your mortgage with another lender
4.File for bankruptcy
If you can do any of the first 3, then you probably should! Those are usually the best solutions for a homeowner in foreclosure. However, if your situation is such that your house cannot be sold for the amount owed, and you have no money to bring the payments current, and you have no equity to qualify for a refinance, then you should consider a short sale before considering option #4.
Again, we encourage you to educate yourself as much as possible about your situation and seek advice from any attorney or CPA you have access to about your choices. We do caution you against paying for the advice of so-called "foreclosure work-out specialists" or other such advisers unless it is by personal recommendation.
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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