Tri Valley CA – The short sale process can vary, but it will generally work as follows:
1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale.
2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.
3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.
4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will usually want to validate the seller's financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.
5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.
6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.
To get the lenders approval, first of all write a letter to him about your hardships, backing it up with substantial proof of your financial situation. The next step would be to place the offer.
It would help your case if you get your real estate agent to convince the lender that the price of the property has not been ridiculously lowered.
The last step would be to have detailed pictures and a map of the house, showing details of any repair work if required to be done.
Once the lender approves, the deal is ready to be closed. The buyer can then make out payment to your real estate agent, lawyer or short sale expert who helped negotiate the short sale.
The remainder of the funds is then diverted to paying off your mortgage. In case you are a buyer and are interested in buying a short sale property then you might get enticed at the low prices for a property in a high priced neighborhood.
However, it is better to take caution and not jump at the opportunity. First of all it would be advisable to suggest to your real estate agent to make enquiries with the listing agent and ensure that the property is a short sale one.
Before taking the leap hire an agent who has experience in short sale. Next, it is essential that your agent find out how much the seller owes the lender, who is in the title and whether a foreclosure notice has been filed.
Although the seller might have approved your offer, no deal can be made until the lender has approved.
Have a copy of your earnest money deposit sent to the lender and additionally the lender also might want to know if you are pre-approved and have your own loan available.
Most likely the lender will directly negotiate the commission with your listing broker since he is losing money. The deal will be finalized at this point. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 925-290-7043
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Tri Valley loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Eva and Ron Cedillo.
Eva and Ron are Real Estate Agents at Home Buyers Realty.
Phone: 925-290-7043. email@example.com.
View My homes for sale at www.HomeBuyersRealty.com.
Eva and Ron Cedillo specialize in loan modification assistance and short sales in Tri Valley California. Tri Valley Loan Modification Help, Tri Valley Short Sales. Tri Valley Short Sale Realtor. Pleasanton Short Sale Realtor. Livermore Short Sale Realtor. Dublin Short Sale Realtor. Tri Valley CA Short Sales. Tri Valley Realtor.
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Eva and Ron Cedillo, Home Buyers Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cedillo's personal views and do not reflect the views of Home Buyers Realty.
This information on Tri Valley Short Sales: The Short Sale Process from beginning to end is provided as a courtesy to our viewers to help them make informed decisions