Extreme Short Sale

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