Extreme Short Sale

Good Morning All!

The topic for the day is Short Sales and hardship! Read the text below and be more informed! We welcome your comments. 

With several homeowners upside down on their homes, we’re starting to see more homeowners becoming strategic defaulters on their loans. What does this mean? This simply means that homeowners who do not have a true hardship such as loss of job, loss of income, or any sort of financial hardship are selling their homes for less than what they owe by doing a short sale. Many people are asking how can this be done? First off, we’re not saying that strategic default is right or wrong. We’re just stating that it is happening out there. Most people believe that there must be a valid hardship for the homeowner to complete a short sale, but my question to all of you is this? Who has the hardship when the homeowner/borrower stops paying the bank or lender? THE BANK OR LENDER DOES!!! The bank or lender is the one that is receiving the money from the borrower and when that payment stops coming in who suffers? THE BANK DOES! Here is another example of passing on a hardship to another party. My friend Joe owns a condo as a rental property. He rents it out to Lisa for $1,400.00. Lisa stops paying Joe. Who suffers?JOE DOES! So when a homeowner current on payments with no valid hardship decides to stop making payments, it becomes the banks problem. Of course the bank has three options at this point. They could let the homeowner live in the home for free, foreclose, or approve the short sale! Now the bank has a hardship because they are not going to let the homeowner live in the home for free so they are narrowed down to options two and three. Foreclosure or short sale and we all know that it is savings over foreclosure. A short sale would be a better choice for a bank because they will save MONEY over foreclosing. Like we mentioned earlier, we’re not saying that this is right or wrong. We’re just showing how a bank would end up having the hardship.

WATCH FOR SCAMS

Again we must remind everyone to please  beware of SCAMS out there. With the number of people struggling with their mortgages and without jobs there’s always those sharks looking to take advantage of the situation. If it sounds to good to be true, it probably is!! NEVER give anyone any money up front to help you with your loan modification. Stay away from the Forensic Audits as well as the Check for Securities. These are not exactly scams but the chance that either one of these being helpful is less than 5% and cost $3000 to $5000.

Realtor commissions for short selling your home should be FREE to the homeowner. It should be negotiated with the lender to pay the commissions.

Please contact us for a FREE consultation and we’ll help you explore your options. There are always solutions and we really want to help you find one.

Have a Great Day!

matt@ExtremeShortSale.com

Good afternoon & welcome, from all of us here at ExtremeShortSale.com. It’s Monday, 5/24/10 & we’re very excited about this weeks FREE Community Town Hall Meeting. If you’re struggling with your mortgage and just want to be informed this is the perfect meeting to attend. You’re all invited but you must RSVP to reserve your seat. Space is limited! Take a look at the video announcement and read below for all the information.

 This meeting is FREE but you must RSVP by calling us at 1-800-952-1105 ext 1061. It’s this Wednesday night, 5/26/10 located at Valencia Library but call the number for all the updated information. You will be able to hear an expert speaker talk about Foreclosures, Loan Modifications, Cash for Keys, Short Sales as well as legal ramifications and tax issues. How does any one of these options affect your credit?? Come to the free community meeting and find out! You will have the opportunity to interact with an expert panel including an Attorney, CPA, Real Estate Broker, Bank Negotiator & Loan Officer at NO CHARGE! If you’re struggling with your mortgage you must attend this FREE meeting! Don’t despair! You have options! Don’t believe everything you read in the newspaper or hear on the news. Your bank cannot be believed regarding these issues! Your Government cannot be believed regarding these issues! You owe it to yourself to learn the unbiased and absolute truth!

If you’re unable to attend this meeting you may also contact us direct at pete@ExtremeShortSale.com or call the number listed above. We will arrange a confidential personal meeting and help you explore your options. Please, please, watch out for yourselves. There are scams out there looking to take advantage of your desperate situation. Remember, if it sounds too good to be true, it probably is! Do not give anyone any money up front to help you with a Loan Modification! Watch out for the Forensic Loan Audits! If you decide to short sell your home be very careful about who you work with to sell and negotiate your sale. A Short Sale can be very tricky and it’s important to use someone that’s qualified to handle your sale. Matt Gregory, here at ExtremeShortSale.com is a Certified Distressed Property Expert and highly experienced in such matters. We’re here to help you, even if we don’t end up doing business together. We don’t want to see anyone lose their home to foreclosure or make an uninformed decision about their mortgage. If we think you qualify for a Loan Mod, we’ll tell you!! If we think you’d best benefit from a short sale, we’ll tell you! We’ll help you explore your options!! This is our promise to you! We want to HELP you, help yourself!

Pete & Matt Gregory

ExtremeShortSale.com

Good Afternoon to all!

Today, Certified Distressed Property Expert Matt Gregory interviews Chicago Title Account Manager, Derrick Le Blanc. They discuss how a short sale transaction affects the process of clearing title during the escrow process. Watch the video and read below to learn about short sales and title issues.

Guess what? There are no added title clearance issues or difficulties associated with a short sale transaction! As we’ve mentioned before, once the seller receives their approval letter from their lender the mechanics or a short sale transaction progresses as a normal real estate transaction. This holds true for the process involved in clearing title as well. The process is the same as any other real estate transaction. This does not mean there will be no problems but there will not be any more problems because it’s a short sale. That’s good news! As always, the key to a successful short sale is doing the work up front in preparing your package to your lender. After that it’s just the waiting and hounding the lender to obtain their response. We all know they are slow to respond and that has not changed much in the last year!

ANNOUNCEMENT!

The FREE Townhall Community Meeting is coming up again this month on Wednesday, May 26th at the Valencia Library from 6:00pm to 7:30pm. there will be a guest speaker & expert panel on hand to answer any questions you might have regarding Loan Modifications, Foreclosures, Short Sales, Cash for Keys, etc. You must contact us in advance to reserve a seat and seating is limited. If your struggling with your mortgage this is a great opportunity to learn about your options and find a solution!

Have a great day! 

pete@ExtremeShortSale.com

Greetings to all from Short Sale & Certified Distressed Property Expert Matt Gregory and the Team here at ExtremeShortSale.com. Today Matt talks a bit about receiving the short sale approval letter, so watch the video and read below for more.

The Southern California real estate short sale market  is saturated with homes that are under contract, but waiting for the bank to issue an approval letter. What does this mean? When the bank issues an approval letter it means that they have approved the short sale based on their price and terms, and are now allowing the seller to complete the process of selling their home for less than what they owe. When I receive a short sale approval letter on one of my listings, it means that we will now open escrow, get inspections done, get the financing in place, and then close the sale and transfer the title to the new owner. Short sale approval letters are very important! I suggest that the agent and the seller read them very carefully because the banks can often get tricky and approve the sale, but may keep the seller on the hook for some sort of financial obligation. It may also be a good idea to have a real estate attorney or CPA read the short sale approval letter and advise the seller of what they might be up against.

Again I must remind everyone to please remember to beware of SCAMS out there. With the number of people struggling with their mortgages and without jobs there’s always those sharks looking to take advantage of the situation. If it sounds to good to be true, it probably is!! NEVER give anyone any money up front to help you iwth your loan modification. Stay away from the Forensic Audits as well as the Check for Securities. These are not exactly scams but the chance that either one of these being helpful is less than 5% and cost $3000 to $5000.

Realtor commissions for short selling your home should be FREE to the homeowner. It should be negotiated with the lender to pay the commissions.

Please contact us for a FREE consultation and we’ll help you explore your options. There are always solutions and we really want to help you find one.

Have a Great Day!

pete@ExtremeShortSale.com 

matt@ExtremeShortSale.com

Good Afternoon from our ExtremeShortSale team here in Southern California! Today, Matt and Pete talk about what a buyer should know before entering in to a short sale type transaction. Take a look at the video & read Matt’s post below to learn a little about Short Sales.

Many Southern California city real estate property listings are short sale, or pre-foreclosure sales. We’ll use Santa Clarita, CA as an example. In Santa Clarita, 37% of their active housing inventory are short sales. It is important that a first time short sale buyer be aware of the complicated process of purchasing a short sale. 275 out of 737 homes for sale in the Santa Clarita Valley are in fact short sales that are getting multiple offers from buyers. I would say that there are three very important things that can have an impact on a buyer that is making an offer on a short sale. First off, SHORT SALES TAKE TIME!!!!!!!! Just because you put an offer in on a short sale and is accepted by the homeowner does not mean that the home is now yours. The price and terms still have to be approved by the seller’s bank or banks involved. Next, THE LISTING PRICE IS NOT GUARANTEED!!! The Realtor is the one that sets the list price and this price in most cases has not been approved by the bank yet. Often times, a Realtor will set a list price lower than comparable homes for sale in hopes of getting a quick offer to submit to the bank. This will get the short sale process started with the bank. Lastly, IN MOST CASES THE HOME IS SOLD AS IS!!! More often than not, a short sale seller is facing some type of financial hardship which is why they have initiated the short sale process. It is free for a short sale seller to sell their home as the bank will pay the Realtors commission. They most likely do not have extra funds to make repairs to the home so it is best to know up front that home is being sold as is. In conclusion, these are just 3 rules of many to follow when trying to buy a short sale. Every short sale is different, so make sure you get as many details from your Realtor as possible. I would recommend using a Realtor with the CDPE designation which means that they are a certified distressed property expert or an ABR designation as an accredited buyer representative. For more information please feel free to contact me directly.

 Matt Gregory 661-713-4799 or matt@extremeshortsale.com

Certified Distressed Property Expert

Good Afternoon and Happy Friday!

If you’re struggling with your mortgage and thinking about short selling your home there’s much to learn! The most inportant factor in determining the success or failure of your deal may be the contents and proper submittal of your package to your lender. We at ExtremeShortSale.com provide this information in an effort to help those folks that find themselves in difficult financial situations to find a suitable solution to their problem. You have options and there are solutions. Watch the video and read below and please contact us with any questions.

Today Certified Distressed Property Expert, Matt Gregory discusses the importance of the actual short sale package submittal. the success or failure of most short sale transactions are determined in the first 30 days. Once you’ve received your offer you need to have your lender submittal package ready to go so it can be sent to your lender along with the offer. It’s absolutely critical that the package contain all the information your lender might require. The various lenders may require slightly different documentation but here’s what’s needed to start with. At the very least, you’ll need bank statements, tax returns, mortgage statements, hardship letter, employment status, etc. Virtually everything you would provide to obtain a new loan may be required when submitting this package. By the way, you must get this info to your agent or negotiator just as fast as you can after your home is listed! Do not delay in compiling this information!  It’s critical you hire an experienced Real Estate Agent that specializes in short sales. It is also critical that your agent use an experienced bank negotiator to handle this process. This should be outsourced or the negotiator should be a member of the agents staff. Most agents are not bank negotiators and it’s critical you find out before you hire your realtor how they intend to negotiate your deal. If this package is not submitted in a complete and professional manner the odds of your success go down!! Beware!

As always, please avoid those scams out there! Remember, if it sounds to good to be true, it probably is! Never pay anyone any money up front to help you with your loan modification. Loan Modifications rarely work. Forget those Forensic Loan audits! Don’t allow yourself to be taken advantage of during these difficult times!! Contact us for a free consultation and we’ll help you explore your options and find your solutions. We want to help you help yourself. Don’t despair! We’ll help if you let us!

Pete & Matt Gregory

ExtremeShortSale.com

pete@extremeshortsale.com