For those of you doing "Short Sales" in your marketplace...Here is a Checklist of documents to send in to the lenders!
I"m sure everybody knows this by now....a quick refresher should do!
□ Authorization to Release Information for all loans signed by borrowers
□ All letters you have received from the lenders pertaining to foreclosure
□ A copy of the Notice of Default
□ The Hardship letter detailing your situation on why you are unable to pay the loan (please see sample attached in package)
□ Financial Statement (attached) - completed and signed by all borrowers
□ 2 most recent mortgage statements for all loans
□ 2 most recent bank statements for all borrowers
□ 2 most recent pay stubs (if employed) for all borrowers
□ Copies of Termination Letter, SSC Award Letter, Retirement Income, etc.
□ 2 Years of Tax Returns including W2's, 1099's, and all schedules for all borrowers
□ Photos of the property
Prestige Real Estate Services
http:www.Prestige-RES.com
sara@prestige-res.com
One of the most common questions we get when working with homeowners is "What are the advantages of a Short Sale." For today's purposes, I just want to point out two main reasons, among the many advantages of considering a Short Sale instead of letting the property go into Foreclosure.
Advantage #1. You have the opportunity to minimize the damage to your credit: Foreclosures can remain on your credit for up to seven years. On the other hand, a short sale will usually report as a "settled debt." This results in significantly less damage to your credit rating. A short sale will preserve your credit more than a foreclosure and your FICO score will not be as negatively impacted. This will allow you will be able to get into a new home much sooner.
Advantage #2. You have the opportunity to minimize your financial liability: In a foreclosure situation, the lender will sell the property at a significant discount once they regain control and possession of the property. The homeowner can then be financially accountable to the lender. In a short sale situation, the same financial accountability may still stand. However, in a short sale, the homeowner is still involved in the negotiation process. This involvement and contribution of input can allow the homeowner to have more control over the sale price of the property. This can reduce the potential associated liabilities.
If anyone is interested in knowing more, I would be happy to explain.
Cheers!
Prestige Real Estate Services
Sara Ard
Sara@Prestige-RES.com
In my experience with many San Diego Agents and Homeowner's, many are skeptical if short sales even work. I don't blame them. There are a very small percentage of companies in San Diego that are successfully closing short sales. Fortunately, we are one of the companies that ARE doing them correctly and successfully!
I have addressed a brief description of why the banks really do want to Short Sale their properties instead of letting them go into foreclosure.
Why does the short sale process work?
Typically once a notice of default is assigned, the mortgage company will run different scenarios on your property to determine what they can get for a return on their investment. Your mortgage company takes the following 5 factors into consideration among many others:
1. The foreclosure process costs extra money.
2. They may have to make repairs on the property (especially in foreclosure situations)
3. They may have to pay realtors commissions up to 6% of the selling price of the house. Typically the homeowner would pay these fees but there is no equity left in the house or the homeowner does not have the funds.
4. There are holding costs associated with foreclosure.
5. They will have to carry property insurance on your property and all properties in their Real Estate Owned division.
These reasons will allow the bank to consider taking less that what is currently owed on a property. The lender will typically want their money now as opposed to getting the same amount of money six months from now.
Warm Regards,
Sara Ard
Prestige Real Estate Services
sara@prestige-res.com
619-365-9328
What is a short sale?
The term short sale is prevalent in today's market. However, it seems that many are still inexperienced as to what a short sale really entails. For educational purposes, we have included a brief definition of a Short Sale ---
A "Short Sale" is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default" has been filed. A short sale will typically stop the Trustee Sale which terminates the foreclosure process. The short sale process occurs when our company negotiates with your current mortgage company to accept a discount on the amount that is currently owed on a property. Banks are in the business of lending money and not owning real estate. This is what makes a short sale such a viable option for lenders and homeowners. However, many homeowners are unaware that there is a resource out there for them that will put them in a better situation when all is said and done. We feel a Short Sale is a much more dignified solution then a Foreclosure and it is also better for the homeowner for financial reasons and credit worthiness.
The process of a Short Sale is much more complex that that of a single paragraph. If you would like further information, please call or email us!
Warm Regards,
Prestige Real Estate Services
619-365-9328
info@prestige-res.com
FREE REPORT: "5 WAYS TO STOP FORECLOSURE IN 48 HOURS OR LESS..."
By: PRESTIGE REAL ESTATE SERVICES
Our Help for Homeowners Program is a systematic approach designed to help homeowners who are experiencing real estate related problems that have become emotionally and financially draining. Whether you are currently in foreclosure now or this may soon be a reality, we have the expertise and information that can help.
Prestige Real Estate Services provides assistance with every major Mortgage Relief Program available to homeowners in today's market to stop foreclosure! Prestige Real Estate Services provides the homeowners with:
1. Preforeclosure educational consulting
2. Foreclosure loan packages
3. Short Sale Processing and Negotiating
4. Loan Modification Programs
Our goal is to provide you with immediate relief from the intense stress associated with facing the complexities of foreclosure. With the right help, virtually any foreclosure situation can be successfully resolved. Our affiliates have helped hundreds of homeowners to stop foreclosure and we can help you too.
The sooner you call, the earlier you can reclaim your peace of mind. Remember, you're not alone.
FOR IMMEDIATE ASSISTANCE PLEASE CALL THE MORTGAGE RELIEF HOTLINE:
San Diego Area:
800-515-4232
Or email: info@prestige-res.com
To obtain your free copy of the "5 Ways To Stop Foreclosure in 48 Hours or Less" simply visit http://www.prestige-res.com/contact_short_sale_experts.php and complete the short registration form. Our Success Coach will email you the report within one business day. It's that easy!
Keywords: San Diego Short Sale, San Diego Loan Modification, Help for Homeowners, Help for Homeowners San Diego, Help for Homeowners 2008, Foreclosure help, Foreclosure help San Diego, Short Sale Help San Diego
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Our primary business consists of acquisition, redevelopment, and lender negotiations. We purchase multiple homes per month, and the majority of our work is in the pre-foreclosure market.
San Diego's Short Sale Experts!
Prestige Real Estate Services is a San Diego based company with unparalleled real estate techniques and experience. Our primary business consists of lender negotiations, acquisition, and redevelopment; all concentrating in the pre-foreclosure market. We provide a comprehensive array of solutions and services; specializing in Short Sale Requests. We work directly with Homeowners and Real Estate Investors nationwide to avoid foreclosure and mitigate the associated negative credit impact. Working on behalf of both parties, we submit and negotiate with banks on your behalf to ensure the process goes smoothly, efficiently and in a timely manner.
Our successful foundation in high-level pre-foreclosure services has been established in making a positive difference by providing opportunities for new homeownership and fresh starts. Our licensed experts and our company's infrastructure are designed to handle transactions that typical real estate agents cannot do and banks will not do in the pre-foreclosure process. Prestige Real Estate Services helps property owners, Agents, Brokers, and lenders avoid the lengthy and costly process of foreclosure and the stressful act of eviction that follows.
The right representation will make the difference in your transaction! We are dedicated with the outmost ethical and "good-faith" intent to negotiate the fairest value and to maximize the exposure of the distressed property and/or short sale listing
The Prestige Process is simple. Lenders are not in the real estate business, they are in the lending business. The last resort for the bank is to go through the extended and pricey process of foreclosure. The Prestige Process will help both Agents and Homeowners identify solutions to any situation in today's real estate market.
For homeowners:
A Short Sale may prove to be a more advantageous solution than a Foreclosure. If you are currently behind on your mortgage payment or this may soon be a reality - Please contact us. The right representation will make the difference in your transaction
For agents:
Use our professional negotiating service to get your deals done! A real estate short sale is an extremely time-consuming and complex process. This along, can consume an Agent's resources and energy. By using Prestige's services you can now accept new short sale listings with confidence.
Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.
"When I came to Prestige Real Estate Services I didn't know what to do. I was in over my head and heading for foreclosure. Prestige Real Estate Services not only kept me from going into foreclosure but they also helped me to find a buyer. They also educated me into a home that better fits my budget."
Tammy N - La Jolla
"Prestige Real Estate Services was not your typical short sale company. They actually came in and purchased my house, preventing a foreclosure on my credit report. Prestige was really there when I had no other options."
Mark - San Marcos
"The staff at Prestige Real Estate Services is so helpful and professional. They really do know their stuff. They helped me with my situation right away. I truly felt the weight lift right off my shoulders after our first meeting. Thank you Prestige!"
Chris and JoAnne - San Diego
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