Short Sale
|
Dear Homeseller: Are you one of the 1000's of Southern California homeowners who owe more on your home than its current worth but need to sell? Have you considered what your options may be? Hi, I'm Don Seo and I have some good news for you. Through a process called a Real Estate Short Sale, I can help you:
Sound too good to be true? It's not. Let me repeat that: If you owe more on your home than its current worth, but need to sell, I can help you sell your home quickly and easily for top market dollar without ruining your credit. Why should you care about protecting your credit? Because you can turn your "lemon" into "lemonade" by putting yourself in a position to capitalize on this falling real estate market by buying another home AT or BELOW current prices. The best part of this is that you will pay absolutely nothing to sell your home, and OWE nothing to your lender. Your credit will not be marred by a bankruptcy or a foreclosure; but more importantly, you won't have to wait up to 7 years to buy another home; instead you can buy again within 24 months. Contrary to popular belief, a short sale actually saves your credit, not ruin it. The lender considers it a "settlement of a debt" which is always better for your credit than a foreclosure or bankruptcy. I know because I have helped homeowners do precisely that within the past several months. Yes, a short sale is different in many respects from a regular real estate transaction. The most important fact is that, the minute you stop or fall behind on your mortgage payments, the foreclosure process begins, which in turn reaps havoc on your normally peaceful life. To make matters worse, you have one chance to do a successful short sale and if you fail, it's FORECLOSURE! You do not want to get foreclosed upon... Your credit will be shattered, dropping as much as 300-400 points (or more). Worse yet, it will be difficult to get credit cards, auto loans and even to rent a home or an apartment for the next 7 years. Also, the bank repossess your home then sell it, either at auction, or more commonly through a real estate agent with a large sign out front that says "Bank Foreclosure", "Bank owned", "Foreclosure", you have already seen your neighbor's go through it-not pretty. To add insult to injury, the type of loan you have will determine whether or not the lender can pursue you for the difference even after they foreclose on you. You either have a "purchase money" loan or a "cash out" refinance after your purchase loan. The good news is, either way, I can help. It's just that the process happens to be different. Thus, do your homework, and don't trust this short sale process to just anyone. Also, you should be careful of those "companies" which actually encourage you to get foreclosed upon simply to live in the home for a few more months without paying the mortgage. They prey on people who are vulnerable and unaware of the foreclosure and mortgage laws in CA. They of course even charge you a hefty fee, upfront, so you can experience being foreclosed upon firsthand. This is the same as committing financial suicide, which is utterly unnecessary because... Truth#1. Your lender does not really want to foreclose on your home. It's their preference that you continue to live and pay your mortgage. They will even take a loss on the sale, simply to remove it off of their books. Foreclosure is the lenders' last option. Truth#2. Banks are not landlords and make their money off of the interest they get from generating mortgage loans, not collecting and maintaining vacant properties. Truth#3. Regardless of who your lender is, at the end of day they need to have assets that are producing a profit rather than assets that are not-the government calls it "Troubled Assets", others refer to it as "Toxic assets", or "Toxic liabilities". Truth#4. With the government's mandate, the lenders are offering Loan Modifications to try and keep homeowners in the home, but the negative downsides are too blaring to ignore: A. None of the lenders are REQUIRED to accept or to provide a loan modification. This is not an inalienable right to the ailing homeowner, it is the governments attempt to try to slow down the foreclosure meltdown and its caustic affect on the economy.
B. You must have the income and meet the debt ratio to establish the new mortgage payment. Tragically, at anytime during the loan modification period, when you fail to make that new payment, the foreclosure process resumes. (See D below) C. It's a short-term fix. Generally it's only for 5 years of either a reduced interest rate (which adds to your principal loan balance) or adding the delinquent amount to the principal (again, adding to your principal loan balance). So, your principal will get bigger and you'll be further "upside down" on your home. D. As of the 4th QTR of 2008, the delinquency rate of loan modifications were at 52%. This means that slightly over 1/2 of the loan modifications wound up in foreclosure. Finally, be leery of the attorneys who have gotten into the short sale & loan modification business recently. On their websites, their mantra is, you are crazy to let anyone but us handle a short sale or loan modification, because we are the only ones qualified. The tragedy of this sales pitch is to hear from those who drank from this "kool-aid" paid a huge fee, upfront mind you, only to find themselves now facing foreclosure because their "qualified" attorney couldn't sell their home or get the loan modification low enough to make it affordable enough to prevent foreclosure. You will find that in general, and in short sales in particular, timing is absolutely essential! The sooner you begin the process, the more options you will have. To procrastinate would be the worst thing you could do at this point. All you have to do is to make a phone call. So call me, or send me an e-mail. Listen, I have a great, but more importantly a successful system for doing real estate short sales. So call me. I know what I'm doing, and I can help you. For more information, and a FREE, no obligation. over-the-phone consultation about your unique situation, call me at 760 798-4513 or email me below. Thank you for reading this. I hope to talk to you soon. Sincerely, Don Seo Broker Associate, ABR, GRI Short Sale Specialist 760 798-4513 P.S. Remember, in a Real Estate Short Sale, you pay nothing, you owe nothing, and you save your credit to buy another home AT or BELOW current prices. It's a WIN-WIN-WIN-WIN! |
