DO YOU KNOW HOW A RANCHO CUCAMONGA, CA SHORT SALE WORKS??
Each bank processes short sales differently, and we haveÂ had great success with many banks,Â butÂ to better understand your individual situation and to decipher if you would be a good candidate for a short saleÂ we would review your following information:
- How many loans do you have on the property?
- If more than one loan, who are theÂ banks the loans are with, or who are the mortgageÂ holder(s)?
- Have you stopped making payments? If yes, how long ago?
- Have you attempted a loan modification? If yes, what is the status of the modification?
- Does the property have a HOA (Home Owner's Association)? If yes, are you behind on the HOA dues? If yes, how many payments missed?
- Is the property in a 55+ community?
- Was the property your primary residence?Â Are you still living in the property?
- Do you have a tenant in the property?
- Have you ever refinanced the property?
- Have you ever taken cash out ofÂ a loan on the property or receivedÂ money from the equityÂ of the property?
- Have you recently claimed Bankruptcy or do you have any other judgments against you? (i.e. Child support, alimony, etc.)
- Do you pay your property taxes and homeowners insuranceÂ outside the mortgage? If yes, when was the last time you paid?
- Do you have any outstanding utility bills, trash, sewer or water on the property?
We handle all of our short sales "in house". We are a real estate teamÂ and we handle the short sale from start to finish.Â Our servicesÂ are at no charge to you, the cost of the saleÂ is paid from your mortgage holder(s).
If youÂ persued a short sale, you would be required to supply theÂ following documents to complete your short sale application. TheseÂ items are required fromÂ your mortgage holder(s) to be considered for a short sale:
- 2 months bank statements
- 2 months check stubs
- 2 years tax returns
- Letter of Explanation why you need a short sale
- Mortgage holder application form (Which we can provide to you).
The short sale is initiated by listing the property, we then market the property for a buyer. Once a buyer isÂ obtained we then submit all the above documents with your listing agreement, buyer information and purchase agreement, theÂ buyer's proof of funds, and an estimated pay off to the mortgage holder(s).
The mortgage holder(s) then begin their process of review. This consists of assigning a bank negotiator to the file, ordering appraisal(s) and valuationsÂ of the property (at the banks expense) and comparing allÂ the numbers for release.
A typical short sale process takes 3-6 months for bank review depending on who the mortgage holder(s) are.Â We are in direct contact with the mortgage holder(s) on a regular basis negotiating the terms of the sale. Understand that we strive toÂ obtain aÂ releaseÂ for you from the mortgage with no money or contribution out of pocket and with full deficiency release, but every short sale is different and no specific outcome can be guaranteed.
Call us now to interview us: 1 (888) 9-LIST-IT
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