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Are you being encouraged to avoid short sale listings? Do you feel like you are missing out on good deals or beautiful homes that really appeal to you? Or, are you FHA approved and nobody is accepting your offers because you simply can’t compete with cash or higher down payments?
It may be time for you to re-think short sales! A year or two ago I might have said the same thing, avoid short sales… at least until they are approved. My thoughts on short sales have changed and yours should too, especially if you are competing with an FHA loan against other buyers who have larger down payments or all cash.
Why not go where others fear to tread! While others are flocking to the “perfect deal” you can be getting your foot in the door of a home that meets your needs at a great price…if your patient.
The reason your agent is not showing you these homes is because they don’t know how to handle them. What a mistake! I’m here to tell you through experience that you can buy a short sale if you have the patients and don’t give up! That doesn’t mean you should stop looking at traditional sales and foreclosures, it just means to broaden your search horizons!
Quickly let’s review what a short sale is: When a seller must sell their home for less than they owe on the property, and the lenders that they owe the money to agrees to take less than they originally loaned, that is a short sale.
For example: Let’s say Joe Seller Owes $400K on his home and he must sell. But, now the market dictates that his home is only worth $300K. The only way for Joe to get rid of his home is to find a buyer at the new market value of $300K, and get the bank he owes the original $400K, to “forgive” the $100K. That $100K negative difference is the “short” of the sale.
So how does this affect you the buyer if you are interested in such a home? Often these homes are listed below current market value to attract offers quickly. So you could potentially purchase a home below market value. But moreover, because these transactions take longer than the typical sale it turns many buyers off. But not you! You are patient and not in a hurry!
The bottom line here is don’t miss another bargain “Short Sale” property because you found out too late or you were discouraged from seeing it! Sometimes as first time buyers you will have to think "out of the box" to be competitive with other buyers, especially with inventory is low or you have a lower down payment.
How we List & Sell your Home as a Short sale
We help you complete the necessary documentation your bank needs to start the short sale process. Then we'll take over communications with your bank, giving you immediate relief from their phone calls.
If you think or believe you qualify for a short sale, Munson Realty, your Los Angeles short sale agents are here ready to start the process of a short sale for you so please contact us immediately at 626-376-9732. There is no fee for a consultation.
Munson Realty's Los Angeles short sale agents are group of real estate/property advisers, escrow agents and title representatives with the intention to streamline the process of a short sale. Our goal is to create a win-win scenario for “you”, the homeowner and your lender. Our team of experts has helped countless distressed sellers through the stressful threat of foreclosure.
Our Los Angeles short sale agents close short sales and save homeowners from foreclosure where others fail. We will be very direct in telling you that we cannot guarantee we will save you from your “auction sale date” but we do have a 92% successes ratio. To date, the only reason we have not been able to successfully close on a short sale is because the seller has reached out to us too late.
In California, you have approximately 90 days (may vary from lender to lender) from the Notice of Default filed by your lender for property to be sold at property auction.
Starting the process of a short sale now can stop foreclosure. If your intention is to stop foreclosure through a short sale then it is important that you start the short sale process sooner rather than later.
On a personal note: We have friends and family who have experienced the hardship of having to Short Sale their homes. It is not an easy decision but once the process is over, there is such a feeling of freedom that will allow you to have a more productive life and eventually be able to enjoy home ownership again if you choose to do so. Before you do anything else, let go of any negative judgment you have about your situation. We all experience challenges in life. Many of the worlds most successful people have had much larger challenges than you are probably going through right now. Like them, you must detach emotionally and realize this is a business decision and indeed, this too shall pass!
Copyright © 2012 By Stephen Munson-Munson Realty, Los Angeles short sale agents|Short Sale Process.
How long does a short sale take?Banks like Wells Fargo and Bank of America tend to take the longest to process and approve a short sale. Others like Wachovia are speeder and can have an approval within a couple weeks.
The chart above is representative of the long side of the short sale process. With banks like Wells Fargo and Bank of America they will not even begin to look at your short sale until you have an accepted offer from a qualified buyer. Other banks will allow you to start the short sale process but you will ultimately need an accepted offer to get an approval and close the transaction.
Once you decide to go the short sale route your agent will have to provide you with the paperwork necessary to submit to the bank. They will gain permission to communicate on your behalf so you will no longer have to deal with the phone calls yourself.
Then your agent will begin marketing your home to attract offers from potential buyers. Once an offer is accepted by you, it is then submitted to the bank for approval. This is when the timeline above kicks in.
Since the above timeline begins its course only after an accepted offer, it’s very important to get you home up for sale and aggressively marketed as soon as possible. This means that not only does the agent you work with need to be an expert in short sales but also a real estate marketing expert!
Our team typically generates multiple offers within the first few days. We often do not have time to put a “for sale” sign in the front yard. Generating multiple offers quickly starts the above timeline getting you out of your situation much faster. For more information on short sales or our Los Angeles short sale services please contact us at: 323-216-9671. There is no fee for our short sale services as our fees are paid by your lender. Consultations are also free.
Copyright © 2012 By Stephen Munson-Munson Realty, Los Angeles short sale agents|How long does a short sale take? *How long is a short sale, How long is the short sale process,Los Angeles short sale agents, Short Sale FAQ’s
Short Sale Hardship-In a traditional short sale where there is a true ”hardship” for the underwater homeowner, the bank will often ask for a “hardship letter” explaining the homeowners case for “short sale hardship”.
A short sale hardship can include:
In this video Munson Realty, Pasadena short sale agents describe short sale hardship and we answer the question: Is it always necessary to have a true hardship for a short sale? You may be surprised to find out just how flexible banks are getting with short sale hardship cases. In fact you will learn about how many homeowners are doing a “strategic short sale” with no real short sale hardship.
f you believe you pass the “Hardship Test”, it is most likely time to proceed with the Process of a short Sale. It is now time to contact Us and we will quickly be able to confirm if indeed you qualify for a Short Sale. Once that is established, we will begin the Listing Process and guide you through the following steps:
More questions about Pasadena short sales? Contact us directly at 626-376-9732 .
Copyright © 2011 By Stephen Munson-Munson Realty, Pasadena short sale agents*Discreet and Confidential Short Sale •does a short sale stop foreclosure • foreclosure • foreclosures • hafa • hafa program • hafa short sale • hafa short sales •Pasadena short sale agents Pasadena short sales • Pasadena short sale broker • Pasadena short sales broker • short sale •short sales • strategic short sale • What is a strategic short sale
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Munson Realty and their Pasadena Short Sale Agents are a group of real estate/property advisers, escrow agents and title representatives with the intention to streamline the short sale process.
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