Before you short sale your home.
Have you tried a loan mod or talked to a distressed home counselor?
Below is a link to HUD (U.S. Department of Housing and Urban Development)
Look for an office near you and contact them first thing Tuesday morning.
Try to keep your home before you give up and do a short sale.
Jes Sierra, B.Sc.
Every short sale deal is different. Various lenders can be difficult to work with and some are easy to work with. Over time you will learn. Getting the short sale package ready is key. Getting an approval from the lender as early as possible in the game is important. Out sourcing your Shorts to a third party will make the whole process go smoother and free up your time as an agent to go out and get more Shorts to work on. Unless you like hanging on the phone 60 hours a week chasing down some LM agent(s) trying to find out about your deal. Most of those short sale negotiation companies already have inside contacts with the various lender LM departments. The cost for the Negotiator is a line item cost on the HUD1 which could be paid by the lender, buyer, or negotiated 50/50 between the two parties. Most investors (flippers) have already figured that Negotiator cost into their property P&L sheet. 90% of all Shorts can get closed and close within 60 days or less. But everything has to be done correctly right from the start.
And just because somebody claims to be "A Certified Short Sale Specialist" doesn't mean they know what they are doing no matter how many paid short sale courses they have taken.
Only work with the best to get the best results for your short sale.
I'm assuming you are the buyer of a short sale. I do have a very high success rate getting the short sales closed for my buyers. I have a few blogs on this but basically it's a matter of preparation and experience.
Preparation is how you, as the buyer, approach a short sale. We need to know about the lenders involved. Since I've had so much experience with this, I know which lenders are easy/difficult to work with. We also need to know about the hardship of the seller. Is it a legitimate hardship which is going to create a better atmosphere for settlement? We also need to understand the comps of the home. Most short sales are priced very low to generate an offer to start the process...then once they get an approval, the listing agent comes back to renegotiate with us....or find a new buyer which matches the lenders' terms. We need to know going into the transaction what we might really be asked to pay...and make sure we are willing to do.
Experience....this has to do with getting the home tied up for us. So we are the only offer the bank sees and so we know that another buyer can't come in at the last minute to scoop up the house we've waited for. I do this by getting the sellers to open escrow with our offer. Now we have a small deposit in escrow and they cannot sell the home to someone else without our permission. This also shows strong commitment to the bank on our behalf and this reinforces that we are the buyer to work with. So experience comes into play with this relationship.
I'd love to help you buy a short sale....or any other home :)....let me know if you'd like to do some looking.
short sales are a bad idea usually for buyers and sellers. REOs are a much better deal if you're trying to time the market. however, since the comps are all distresed (REOs and short sales), almost anything is cheeper than replacement value and a good deal. If you want to buy to live and not loose any money...you can choose almost anything in the 92620. Paul 949 232 8363
I have not yet seen any Realtor that specializes in short sales. Many realtors have been through the training that various boards of realtors have offered. I think if a Realtor specialized in short sales they would be out of business fairly soon. We do have short sales closing, I have closed just two myself. The truth is most don't close. And by most I mean well over 60%. You must be ready to play a long waiting game with the lender that in the end you may or may not win. If you do win, you may still be paying market value for the home! Plus a lot of extra charges that the seller usually pays and the bank refuses to pay. So what have you really gained for your aggravation? May I ask what is the reason you want to purchase a short sale? A bank repo or a motivated seller will likely find you with a home in less than 60 days. At least you know you will be purchasing a home! If you really want to try a short sale I strongly suggest you use an agent who will hire a service to handle the bank. The reason I say this is because... think about it; the banks have thousands of short sales going on right now. If you were a bank employee who needed to talk to agents with short sale offers; and you had 40 different calls from different agents with one home each, how much time would that take the bank employee? Now consider one person calling that same bank employee with 40 different files. Would it not be easier to deal with one person and 40 files; or 40 different agents with 40 different files! This is why I feel the third party is an extreme benifit to both the buyer and seller of a short sale. The real estate agents should be paying the fee, for that service, not you, so don't let anyone tell you different! That is my opinion on the subject!!!
I wish you the best in your endevor!
Although I would obviously meet with you to get things going and take pictures of the home & things like that, but then most of the work in a short sale involves lots of faxing & emailing and calling the bank who's probably located in Texas or ?.
I can also help you to find another home to rent and educate you on how you can actually buy another home within 2yrs or less of doing a short sale. There is a light at the end of the tunnel after a short sale. You Can buy again & take advantage of this depreciating market
I like to handle my own short sales myself, rather than taking a listing & then hiring an outside negotiation company. I'm currently handling short sale transactions in Southern California as well as Las Vegas (for CA investors who are completely upside down)
I also co-authored a book called "Should I Short Sale My Home?", I'm currently revising it with new updates on laws & regulations, you can check it out on my website. I'd be happy to talk to you about your unique situation.
As one of the other agents indicated - you'll probably hear from several realtors with short sale experience. We too have a great deal of short sale experience both on the buyer and the seller side and have several buyers in escrow now on succesful short sale offers. Short sales take patience and persistance and we have both! I also happen to live and work in Irvine and have been a broker for over 20 years. If I can be of assistance or you'd like to ask questions about short sales and strategies that can increase the chances of success of an offer, please don't hesitate to contact me.
Home Buyer ResourceGroup
See my recent blog post article on subject of short listings and sales ~ Short Listings (Short Sales) Are Messy and Very Challenging for Buyers ~ http://activerain.com/blogsview/1209125/short-listings-short
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews
I work together with Stephanie Abrego (also my mother) and collectively we have both been in the business for over 20 years. With the market having changed so much over the last several years, the two of us have become very well versed in Short Sales as well as bank owned properties, REO's and so on. We also have a program that we use that specializes in Short Sales and has a 90% success rate in getting Short Sales accepted. We would be happy to help you. Feel free to give me a call and/or email me for more information on how I might be able to help you personally based on your specific situation. I would also be happy to answer any questions you might have about the market etc. Have a wonderful weekend Eric.
"The Abrego Team"
First Team Real Estate
I just completed the financing for a short sale in Orange County. The listing agent was Cesi Pagano at Keller Williams and she did a great job. She can be contacted at firstname.lastname@example.org.
Best of luck,
I have been dealing with short sales as a buyer agent and a seller agent so I understand how it works on both ends. I have also been taking numerous short sale classes so I have up to date information for my buyer or seller. It is imprtant that you find an agent who knows what to do if there are multiple bids to help you get the deal and understands the process so they are able to ask the listing agent the right questions. An important tip is you really need to have patience as a buyer to wait for a short sale to be approved because they are definitely not short sales. Amy- 949-315-9326
We have been working with short sale buyers and sellers for a very long time. We have extensive knowledge in what goes on "behind the scenes" to get these deals done. Call me at 714-349-5454 do we can discuss the best way to help you.
Yes I do. I have listed several homes lately and can help you with whatever you need. You can log into my website directly at http://www.joehoms.com and click the link "Free Short Sale Solutions." Let me know what I can do.