“Hello Lender, I Want To Do A Short Sale.”

If you decide to sell your home, and you owe more than the home is worth, you will be attempting a “short sale.”  Short sales have to be approved by your lender(s), and they typically require you to be suffering from some sort of financial hardship.  Every lender handles short sales differently, has their own requirements and has their own processes for submitting, negotiating and approving short sales.  Due to the maze of information and requirements to get a short sale approved, it is highly recommended you select a real estate agent that has experience and training in short sales..ideally a Certified Distressed Property Expert (CDPE).

One of the requirements that many lenders share, is they want to speak with the homeowner directly.  Recently I was on a call with a homeowner I am representing in a short sale as they spoke with Bank of America regarding the second loan on their property.  What homeowners need to realize is that lenders prefer a homeowner go through a short sale rather than foreclosing on a property.  In addition to short sales, there are many other options to avoid foreclosure and the lenders also want to ensure the homeowners are aware of all the options.  For a list of all the foreclosure alternatives visit the Homeowner Relief Center.

For those of you who like to be prepared, here is a list of questions the Bank of America representative asked my client after she verified his name and address:

1. Do you want to stay in the home?
2. Are you aware there are options to stay in your home?
3. Do you want to proceed with the short sale?
4. Do you currently have an offer / signed purchase agreement on the property?
5. Is this your “primary residence?”
6. Are you currently living in the property?
7. What is your real estate agent’s name?
8. Have you attempted a loan modification?
9. Are you willing to sell the property?
10. If this is a “junior” loan?  If so, is the first loan eligible for HAFA?

To find out more about foreclosure alternative such as short sales and loan modifications, as well as government programs such as HAFA, please visit the Homeowner Relief Center.

Facebook Brings Distressed Homeowner and Realtor Together

Check out the link below for the Press Release explaining how Facebook helped us locate a local homeowner and save him from foreclosure. 

Who says short sales can’t be quick?

This one was listed and closed in just over 2 months (64 days to be exact).

http://bit.ly/hFIZ3O

A “Short Sale” Can Be A “Quick Sale”

Short sales always take a long time and are difficult to close..MYTH or REALITY?

With “short sales” being more common occurances than “regular” sales (homeowners with equity) these days, I constantly hear both buyers and sellers asking how long the short sale will take to close…and if it will close at all?  It seems there is still a stigma around short sales that they always take a long time and are hard to close.  While short sales do require more paperwork and lender approval, so they typically take longer, they can be closed just as quickly as a ”regular” sale.  Of course, you can’t control how quickly the lender reviews and responds to the offer, but there are things you can do to speed up the process.

The lender will require specific documentation before they will review your file (offer) and decide if they will approve it.  Getting this paperwork together and submitted with your offer will greatly reduce the time it takes for the bank to review and approve your short sale.  Just as important as the required documents, is how they are prepared and presented to the lender.  The right real estate agent who is trained in short sales can be the difference in whether your short sale gets approved at all…and how quickly. 

Agents with the Certified Distressed Property Expert (CDPE) designation are trained in helping homeowners avoid foreclosure, and specifically on short sales.  They are trained to help homeowners put together all the required documentation and the proper way to package it for the lender.  Working with a CDPE is the first and most important decision a distressed homeowner should make.

As a CDPE trained in short sales, I recently listed a home as a short sale that closed in just over 2 months.  Most “regular” sales take longer than that, so it goes to show you that working with the right agent can make a huge difference in how fast your home sells…and if it sells.

Check out the link for a recent press release on the importance of using a Certified Distressed Property Expert from Alex Charfen, the founder of the Certified Distressed Property Institute.  http://bit.ly/gyzs2M

Short sales take a long time = MYTH

While short sale may typically take longer than regular sales, there are things you can do to speed them up, and the first and most important is selecting an agent with the CDPE designation.

For more info on avoiding foreclosure and short sales, visit http://HomeownerReliefCenter.info.

Solving the foreclosure crisis one homeowner at a time.

John Fagan, CDPE, SFR, e-PRO
Real Estate Broker, DRE# 01472149

New Website: Homeowners Relief Center

Bluefin Realty and SuperiorRealtyServices.com are pleased to announce the new website:

http://HomeownerReliefCenter.info

This new website is specifically designed to give homeowners the information and resources they need regarding short sales, loan modifications, and other options for avoiding foreclosures. 

“6 out 10 homeowners go into foreclosure without visible intervention,” according to the Certified Distressed Property Institute.

The problem we’re finding is that homeowners don’t know all of their options, and many don’t think they have any options.  They think that once they miss a payment, or receive a Notice of Default (NOD), that it’s too late.  It’s true that the sooner you take action the better, but it’s never too late and homeowners should never give up.  We’re hoping this website will be a resource for homeowners and allow then to see that they do have options.

If you’re having trouble paying your mortgage, or know someone who is, please visit this new resource:

http://HomeownerReliefCenter.info