A Short Sale is not always a pleasant transaction and that's why you need a good realtor to assit you. If you are thinking about buying a short sale or foreclosures (REO), allow me to evaluate that home for you. Before walking from away from your home, find out your options! Please contact Tina Kang for a FREE consultation. (DRE #01404129)
Short Sale is a real estate sale transaction in which the follow occurs;
* Seller owes more on his or her home than the home is worth.
* The lender(s) agreed to sell the property with loss.* The lender(s) agreed to settle to avoid costly foreclosure fees.
* Seller(s) agreed to settle to avoid poorer credit history.
* Seller is unable or unwilling to bring money to closing.
Who qualify for a "Short Sale"?
Distressed homeowners with a valid HARDSHIP such as: job loss, business failure, illness and medical costs, divorce or death of a spouse, natural disasters, job relocation, loss of income source, reduction of salary or pay, mortgage rate adjustment, and excessive financial responsibilities.
Benefits of Short Sale:
* It is a responsible way to walk way from your home
* Allow you to live in your home rent free during the process
* No "Foreclosure" damaging your credit history
* An opportunity to negotiate a settlement with the 2nd lien holder
* Allow you to purchase another home after 2-3 years (FHA guidelines)
* Most likely bank pays for all the commission
* Avoid bankruptcy from damaging your credit
Types of Short Sale:
* Traditional Short Sale
* HAFA Short Sale
* Cooperatie Short Sale
Contact me Today to see if you qualify
Short Sale Document Checklist
* Hardship Letter (written explanation of the cause of the current financial situation)
* Copy of two most recent Federal Tax Return:
For 1040 filing, provide only the first 2 pages
For 1099 (self-employment) filing, provide the Schedule C & all attachment including W-2s
* Copy of previous full month's paystub(s) with year to date totals. Proof of additional income such as Social Security, pension, disability, child support, alimony or rental income.
If 1099 (Self-employed), year to date profit and loss statement.
* Copy of previous two month's bank statements (all pages including blanked page)
* Current mortgage statements from all liens against property. Include any personal notes, home equity line of credit.
* Financial Statement Forms (I can provide you this).
Please bring these document to your appointment.
The Short Sale Process
2. Market Analysis of home value.
3. Listing the home for sale
4. Sign disclosures and preparing financial statement
5. Open an escrow
6. Showing the property
7. Choosing a buyer(s)
8. Submit short sale package to lender(s) and wait for lender(s) to review them
9. Interior BPO order by lender(s)
10. Negotiate short sale terms with lender(s) and buyer(s)
11. Wait for final short sale approval from lender(s) and investors
12. Receive and review short sale approval terms
13. Buyer to initial loan process
14. Seller start packing
15. Buyer's home inspection
16. Buyer's appraisal inspection
17. Seller to sign closing package/Buyer(s) sign loan doc and closing package
18. Seller Move out and forward address
19. Buyer final inspection
20. Close of Escrow
21. Delivery key to buyer
*** I cannot give you any advice regarding your tax and laws. Please always consult with your CPA, Tax Attorney, and/or Bankuptcy Attorney.