Extreme Short Sale

Welcome again to ExtremeShortSale.com! Certified Distressed Property Expert and top Keller Williams Santa Clarita Real Estate Agent, Matt Gregory continues our series on Santa Clarita Short Sale Pitfalls and how to avoid problems with your short sale. Take a look a the video and read below to learn more. 

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Pitfall: The buyer is not properly qualified to buy a home

In the current Santa Clarita real estate economic climate, a buyer’s willingness to make an offer on a short sale or any other property for that matter does not mean that the buyer is truly qualified to purchase. The reality is that buyers need to be pre approved for financing, closing funds must be verified, and their ability to buy needs to be confirmed. Many times I will show up to our office in Valencia and have a 1 page faxed offer to purchase one of my short sales in my fax machine. These offers are from investors that have never seen the home, did not provide a pre approval letter, did not provide proof of funds, and are not a qualified buyer for this home. Accepting this sort of offer can and most often will lead you directly into a pitfall! The idea here is to avoid foreclosure! You’ve probably already discovered that a Loan Modification won’t work for you! If your buying a home or selling a home, you can’t afford mistakes with your short sale, so be sure to contact Santa Clarita Short Sale Expert, Matt Gregory.

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Solution: Properly Qualify All Buyers

 
Your agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don’t risk this process with an uneducated agent who does not appreciate this aspect of short sales. It is a requirement on our short sales that all buyer’s get preqaulified with The Renno Lending Team at Prospect Mortgage. Once pre qualified with my trusted lenders we will open escrow and look forward to a successful close of escrow!

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One more time!  The idea here is to avoid foreclosure and protect your future wealth! You’ve probably already discovered that a Loan Modification won’t work for you! If your buying a home or selling a home, you can’t afford mistakes with your short sale. We highly recommend you be sure to contact Santa Clarita Short Sale Expert, Matt Gregory. You may contact Matt right here or call him at his cell phone now! 661-713-4799.

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STRUGGLING WITH YOUR MORTGAGE? YOU’RE INVITED / LATE NOTICE

If you’d like to attend tonight’s Community Townhall Meeting, it’s tonight, Wednesday, 7/28 from 6:00pm to 8:00pm at the Valencia Library. This is a great and free meeting featuring an expert speaker & panel on the topic of Distressed Mortgages. You will be able to ask questions directly to the expert panel, consisting of a CPA, Loan Officer, Bank Negotiator, Attorney and Real Estate Broker. Matt Gregory will be there, but you should RSVP in advance since seating is limited. As always, if you can’t make the meeting Matt will be glad to meet with you for a confidential meeting to explore your options and find a solution that’s right for you.

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Matt@ExtremeShortSale.com

Pete@ExtremeShortSale.com

Good Afternoon from our team here at ExtremeShort Sale.com. Today, Matt Gregory continues our series on Short Sale Pitfalls with Santa Clarita Short Sale Pitfall Number Two”. Matt is top Keller Williams Santa Clarita Real Estate Agent is also a Certified Distressed Property Expert. Matt has vast experience in short sale transactions and has helped many to avoid foreclosure by successfully transacting a short sale. Take a look at the video and read below to find out more.

Short sales can be very tough and take a very long time if you don’t submit your file to the bank with all of the requested and necessary documents. This brings us to Santa Clarita short sale pitfall #2.

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Pitfall #2: Not Submitting your file Properly to the bank
If you do not follow the directions you receive from the bank for submission of your file, then you are expecting an over-worked, under-staffed department to go out of their way to handle your file. There is very little likelihood of this situation working out in your favor. I know of one bank short sale negotiator in particular that has over 300 files that she works per month and only closes between 15 and 20 files per month. So the question is this: How do you give your file the best odds of becoming the 15 or 20 files a month getting approved?

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 Answer: Verify your lender’s requirements, follow Instructions closely and carefully.
First, be sure to verify with your lender on exactly what they require to be included in the short sale package. Not all lenders are the same andal though they all require the same basic information, there will be some differences. If you are instructed to fax your file, fax it and send a backup copy in the mail. If you are instructed to mail two copies, mail two copies. When you reach the point of having a contract, all your information, and a valid purchase, you do not want your deal to fall apart because no one sees it. Also, if you don’t have time for these tasks, hire an assistant or a short sale negotiator on your team. Often times they are very inexpensive and they don’t get paid until the transaction closes escrow. These are some simple instructions that give your file a great chance to be approved as long as you follow them. Good luck!

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Reminder!!

Be on the look out for scams!  With our current economy, many are struggling with their finances and mortgages. As a result, we have scam artists out ready to pounce and take advantage of others in desperate financial situations. People are desperate looking for a solution! This desperation is what can cause some folks to make poor financial decisions which end up costing them more money and make their situation even more desperate! Remember this:

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If it sounds to good to be true, it probably is!

Do not give anyone any money up front for a loan modification.

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Be sure to make an informed decision about obtaining a loan modification. Loan modifications are really only for someone that has experienced short term loss of income due to health or employment issues. We know you hear all the advertising about loan modifications but in the end you’ll pay more money for your loan than you were before. Matt Gregory offers a free analysis of your loan modification and you can find out exactly what it will cost you. Contact Matt to arrange for a free confidential meeting.

Avoid the Forensic Loan Audits and Check for Securities. These services can cost $3,000. to $5,000. and rarely result in any significant savings.

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Good Luck! We look forward to your comments & we look forward to hearing from you. We’d like to help!

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Matt@ExtremeShortSale.com

Pete@ExtremeShortSale.com

661-290-3735

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Good Afternoon from our team here at ExtremeShortSale.com. Matt Gregory is a top Keller Williams Real Estate Agent and Certified Distressed Property Expert. Matt’s topic for the day covers how to correctly price a Santa Clarita property for short Sale. Take a look at the video and read below to learn more. Thanks for visiting and we welcome your comments.

The Santa Clarita Valley real estate market currently has 784 active listings for sale and 316 (40%) are short sale listings. With such a large number of Santa Clarita short sales flooding the market, I thought it would be a great idea to talk about one of the pitfalls a homeowner faces when listing their home as a short sale and a simple solution to avoid that pitfall.

Short Sale Pitfall #1 - Your Property is Priced Incorrectly

It is no secret that all homeowners want top dollar for their home. Over pricing a home is the most common mistake made with all properties, and the number one reason that a property doesn’t sell. In the case of a short sale, this pitfall can lead a homeowner straight down the path of foreclosure. Most short sale listings are time sensitive and are usually facing a deadline to get the home sold or the lender will foreclose.

Solution - Hire an Experienced Short Sale Agent

Short sales are NOT an easy task for an inexperienced agent. Pre qualify your real estate agent and make sure that they have extensive training in short sales and have actually completed a short sale transaction. An agent such as a CDPE Certified Distressed Property Expert has gone through proper training and understands the concept of a short sale. This real estate agent will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

Matt Gregory

Matt@ExtremeShortSale.com

661-290-3735