Realtor, REO Specialist "House Sellersâ€ Team
Re/max Grand Central
18946 Ventura Blvd, Tarzana CA 91356
Please email me if you have any questions/concerns about this. I won't check back on this same posting for new answers.
Realtor Since 1996
You CAN do a short sale without ever missing a payment. If you're current on all your other obligations the credit hit isn't that bad.
You CAN purchase a home again immediately after doing a short sale provided you don't miss any payments.
You CAN do a short sale & not get a Deficiency Judgment in the future.
The IRS Mortgage Debt Forgiveness Act EXPIRES 12-31-2012.
My team has negotiated over 500 short sales. It's extremely important to choose an agent who can show you proof that they are CLOSING multiple short sales. A short sale is a whole different ball of wax than a traditional home sale.
Please email me if you have any question / concerns. I list & sell short sales successfully within a 300mi. radius of where I live.
Realtor Since 1996
We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Affidavit of "Arm's Length Transaction" Notary
Pursuant to a residential purchase agreement ("Agreement"), the parties identified below as "Seller(s)" and "Buyer(s)," respectively, are involved in a real estate transaction whereby the real property ("Property") referenced below will be sold by Seller(s) to Buyer(s). Property address:
("Lender") holds a deed of trust or mortgage against the Property.
In order to complete the sale of the Property, Seller(s) and Buyer(s) have jointly asked Lender to discount the total amount owed on the loan which is secured by the deed of trust or mortgage. Lender,in consideration for the representations made below by Seller(s), Buyer(s), and their respective agents, agrees to a short sale on the express condition that Seller(s), Buyers, and their respective agents (including, without limitation, real estate agents, escrow agents, brokerages and title agents) each truthfully represents, affirms, and states as follows:
1. The purchase and sale transaction reflected in the Agreement is an "Arm's Length Transaction," meaning that the transaction has been negotiated by unrelated parties, each of whom is acting in his or her own self-interest, and that the sale price is based on fair market value of the Property. With respect to those persons signing this affidavit as an agent for either Seller(s), Buyer(s), or both, those agents are acting in the best interests of their respective principal(s).
2. No Buyer or agent of Buyer(s) agents is a family member or business associate of the Seller(s) or the borrower(s) or the mortgagee(s).
3. No Buyer or agent of Buyer(s) shares a business interest with the Seller(s) or the borrower(s) or the mortgagee(s).
4. There are no hidden terms or hidden agreements or special understandings between the Seller(s) and the Buyer(s) or among their respective agents which are not reflected in the Agreement or the escrow instructions associated with this transaction.
5. There is no agreement, whether oral, written, or implied, between the Seller(s) and the Buyers and/or their respective agents which allows the Seller(s) to remain in the property as tenants or to regain ownership of the Property at any time after the consummation of this sale transaction.
Any 1 who financially qualified can purchase your home once it listed as short sale on mls. There are a couple of questions on the disclosing form that you have to make prior to Bank accepting the purchase offer. Bank may choose to reject the purchase due to "arm-length" issue. Research more on it if you want. And all the transfer back and forth you suggested sounds hanky panky to me. I will be very SHOCK to see if any 1 who are willing to stick their neck out to advice you on that.
Now let me tell you about this 1 lady I knew. She was 400K upside down, walked, and asked her dad to purchased a cheaper home for her, she lives there currently under the impression that when her dad "pass away" she will inherit the house. The only problem is: her dad looks pretty healthy to me .. he may be around for another 20years :)
You can't refinance because you have no equity on the property but 24 months after the short sale you you can buy a house if you have a good credit. Doesn't it mean it's better to do a short sale and keep a good credit other than go to a foreclosure?
Start by getting comps for your property. I'll be happy to send you comps but if you would like to do it yourself please visit http://housesaleinfo.com and choose your area.
Please contact me at 818.522.0660 and I'll be happy to help you.
You can try to modify your loan thru the HAFA Program, however, the modifications work when you can prove income. Short sale is less damaging to your credit than foreclosure. You can also try to call the bank directly to see if they would be willing to work with you. If I can be of assistance, please call me directly to discuss further options.
Dilbeck Real Estate
Sara Mehrpouyan CDPE
#1 Listing and Selling Agent
Keller Williams Realty