Selling? I can help you ...
- Are you upside down on your property? Do you owe more than the property is worth?
- Are you in a loan you can not afford?
- Are you late on your mortgage payments?
- Are you in a hardship and can no longer afford your home payment?
- Is your mortgage going to adjust soon and you will not be able to afford the new payment?
Pricing is important but it’s not the only factor to compete in today’s very different market. I can
market your property with a proven system that generates interest, calls and offers. Whether you are in distress or not,
I have ways to structure your transaction so that you come out the winner!
Selling real estate is one of the most important
endeavors in life. In today’s fast changing Orange County, and Inland Empire
California real estate world, it is crucial to work with a real
estate agent who knows the market, works like a business consultant and
negotiates the best value for you. Whether you are selling in distress or you are
cashing on remaining equity, building a new custom home or selling your existing
home to relocate near or far, you want the process to be smooth and easy.
A Laguna Niguel, Laguna Hills, Orange County, and Inland Empire real estate, Riverside real estate
transaction is a process that requires
cooperation of many entities. I work with a team of
professionals who will facilitate a smooth and quick completion of this
process. The result is world class service to my clients.
When it comes to a successful short sale it is important to have a confident team in place to handle the
listing, marketing, finding a buyer, creating a short sale package, negotiating with the lender, handle
the transaction and keep the buyer interested through this process.
Whether selling or short selling in Laguna Niguel, Laguna Hills, Orange County or Riverside real estate, or homes in any of the other nearby locals,
I can help. Please use the resources on this website to search our
listings, information about the short sale process in various Orange County and Riverside communities,
learn more about me, send referrals, and contact a short sale agent
such as myself, for further assistance or expert advice with no
obligation. I am honored to be your Short Sale Realtor of choice.
Short Sale
Short Sale or Short Pay off is a process of negotiating with the lender to agree to sell the property for less than what is owed by the borrower. The lender also pays for all the costs of selling the property such as escrow, title insurance, any delinquent property taxes, etc.
Lenders have different requirements to accept a short sale. The home owner has to establish a true hardship in order to get a short sale approval. The hardship can be financial, loss of job, health issues, divorce, job transfer, or any other reason that can explain why the borrower can not afford the payments or has to move to a new area.
Advantages of Short Sale
- Avoid Foreclosure
- Save Credit
- No out of pocket expenses
- No tax consequences for primary residence
When to do a short sale?
The property value is less than the amount owed. And, the home owner has to move or can not afford the monthly payments
What documents are needed for Short Sale?
Generally, lenders have different requirements but almost always they end up asking for some or all of the documents below:
- Hardship Letter
- Two months bank statements
- Two years Tax returns
- Financial Statement
- Two paycheck stubs
- Authorization to release information
- Residential Listing Agreement
- Purchase Agreement
- Estimated HUD1
Loan Modification
Loan Modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make your payments more affordable including:
- Adding missing payments to the existing loan balance.
- Converting an adjustable rate mortgage into a fixed rate mortgage.
- Extending the number of years you have to repay the loan
Advantages of Loan Modification
- Avoid Foreclosure
- Stay in the house
- Make your payments affordable
- Get better terms on your loan
When to do a Loan Modification?
- When you can not afford your mortgage payments but you would like to stay in your home.
- If your are facing interest rate increase and you might not be able to afford the payment increase.
Who can qualify for loan modification?
To qualify for loan modification one has to establish a financial hardship. That will be done through submitting a
financial statement to the bank. The financial statement lists all your expenses and income and shows a clear picture of your financial situation to the lender. You also
need to show enough income to convince the lender you will be able to sustain the new payments.
What documents are needed for Loan Modification?
Lender's have different document requirements. You should be prepared to submit part or all of the following documents:
- Hardship Letter
- Financial Statement
- Two latest bank statements
- Last two paycheck stubs or proof of income
- Last two tax returns
The bank will try to reduce the interest rate and increase the term say from 30 to 40 years in order to reduce your payment.
This reduction is sometimes temporary for three to five years and sometimes permanent.
Warning: Effective October-11th, 2009. It is illegal for any body even an attorney to collect advance fee for Loan Modification from a home owner who is in foreclosure.
If a Notice of Default has been issued you do not have to pay any advance fee for Loan Modification services.
REO Bank Owned Properties
REO or real estate owned homes are properties that have been foreclosed by
lenders, creditors or government agencies because the homeowner (or mortgagee)
failed to make mortgage payments or property taxes on the property. Also called
bank-owned foreclosures REO homes are in great demand today because of the growing number of foreclosures and declining prices. Generally banks, private institutions and government agencies repossess the homes of delinquent borrowers and sell them to the general population.
For real estate investors and homebuyers, bank-owned properties and REOs offer opportunities that are not available in the Pre-foreclosure and auction phase of the foreclosure process . Buying bank-owned real estate offers the foreclosure buyer many advantages:
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Bank-owned properties are usually sold at below-market prices with great terms like low down payments and low interest rates.
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Buying bank-owned properties involves less risk and less competition.
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Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
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Since the seller of REO homes is also the lender, you can negotiate with the bank to have them pay for all or some of the closing costs.
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Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.