There’s no way I can keep this home…will a Short Sale save my credit?
That depends on what “saving” means to you
Here are a few things we know are true for everyone:
- Short sales will lower your credit score…but most “experts” say they are less damaging than Foreclosures
- If you so nothing you will have a foreclosure on your credit…and that is not good
- California does not allow definiency judgments for purchase money loans
- FHA will consider making loans to folks starting 24 months after a short sale
- FHA generally requires at least 48 months after foreclosure before they allow new loans
- Short Sales are negotiations, it may be possible to negotiate terms that help the borrower
What do I need to do to sell my home through a Short Sale
First, here is a great link to a blog with more short sale information, these articles will help you understand more about the local short sale market.
The next thing you need is an experienced Realtor who can guide you through the entire process…start to finish…someone that works hard to get the package accepted by the lender, find the best buyer, and close the sale.
I’ve handled both sides of short sales…representing buyers and sellers…this helps me understand all the issues…and what it takes to get your home sold with a minimum of hassles.
I won’t just put a sign in your front yard and walk away…you are my priority…I earn your trust with hard work…and experience.
I have a team of skilled people that are the best in their specialties…negotiating with the banks, tracking every form in every file, and handling the Escrow. I’m your single point of contact for all your needs…you only need one phone number or email…you always have my personal attention.
Basic Rules for a Succesful Short Sale
Here is a list of the three conditions you need for a successful short sale:
- Documented evidence of a hardship…financial, medical, personal…that prevents you from paying the mortgage you agreed to pay.
- A lender willing to accept a short-pay situation in lieu of a foreclosure
- PATIENCE…this will take some time
Next, you will need to gather LOTS of background paperwork…all of the loan documentation, tax and income documentation, income and bank records…expense statements…and we help you every step of the way!
I have complete checklists that help you prepare every document…nothing will be missed!
Once we have the complete package you’re ready to go on the market. With correct pricing the current market environment should yield multiple offers within the first two weeks.
I manage the entire sale process to make it as “stress-free” as possible. We price and market your property to generate the best offers with the least disruption to your life and to your home!
How long will this process take?
The lender is almost completely in control of the time it takes to navigate this process. Most lenders are processing the sale paperwork and issuing an authorization letter in three to four months. We have seen sales from small independent lenders in as little as three weeks…and some from the lending giants that take six months or more.
“In for a little…in for a lot” is our byline here…whatever it takes, as long as it takes…I am here to serve you. We don’t stop until the sale is complete.
What happens when the sale is completed?
You will be moving to a different home…and starting the credit-rebuilding process. My service doesn’t stop at the conclusion of the sale. I can offer you help in locating another home to rent, and steps to take to rebuild your credit. It may be a tough thing to consider buying again…but everyone wants to repair their credit.
Time heals all wounds…and within 24 months you may be eligible to obtain a new mortgage…and this time I’ll be there to make certain you get a fair deal and a great mortgage.
The only way to avoid making mistakes is to never do anything…just like riding a bicycle it’s ok to take a spill here and there…my goal is to get you back up and going with the minimum number of bumps and scrapes!
My mom has a favorite saying, “This too shall pass”…this is a tough time…but it will pass…and I will still be here offering you excellent service long after these problems are memories.
Do you have Questions? Are you ready to get started?
Email me and I’ll get you the information and appointments you need