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SHORT SALE

Why would a bank agree to a "short sale"?

A lender can save $$$ by doing a "short sale" instead of a foreclosure.   A Foreclosure can cost the bank up to 70% of the loan amount balance.

Advice

1) Seek legal and tax advice. You will want to avoid a deficiency judgment (where the bank sues you for the money they lost).

2) Contact a real estate agent that is not intimitated with doing a short sale.

Your real estate agent will do a market analysis to determine a price range on where a sale is expected. The home will be marketed. When an offer is received you and your agent will negotiate with the buyer through the buyer's agent a contract price. Your agent will then submit the contract to your lender along with a package that should include: a market analysis; market history; a Macro outlook on your area real estate market; a Micro outlook on your neighborhood real estate market; pricing history; marketing history; your financial statement; your financial docs;your authorization to release information (again); listing agreement; buyer's qualifications; etc.

Your agent will then negotiate with the lender to approve the sale. The lender may reject, counter-offer, or Accept the "CONTRACT" (notice the word "contract" because it is not an offer). Once the contract is accepted by the lender the lender will send a "short pay" approval letter to your agent. Once the lender has approved the short sale you typically have 30 days to close.  

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Short Sale (click here for Free Info)  

History Repeats Itself, The Mortgage Crisis Today (click here) The main difference between the S&L Crisis and what is now being called the Subprime lending Crisis is that during the S&L crisis institutions were the principals in the majority of the mortgages that went bad. These defaults caused the market collapse described above.

Reasons to Avoid Foreclosure (click here)You would be surprised how many times a homeowner in foreclosure will have given up, perhaps because they don’t understand the process or feel like they no longer care. DO NOT GIVE UP! Here is why.........

1. You will always have to disclose that you had a foreclosure on any mortgage application submitted in the future and this can have an adverse affect on your future mortgage rates. This is the only credit item that is asked specifically and does not rely on what is on an individual’s credit report. There is no 7 year time limit on this item.

2. Some Options for Homeowners in or facing Possible Foreclosure (click here)

3. Visit Freddie Mac's Website for Housing Info, Avoiding Foreclosure, Avoiding Scam

                                                                                       "Jack Lara is not only an excellent real estate agent but he is even a better person. I trust that he will keep his client's best interests always in his heart. He is very efficient, trustworthy, and a hardworking man. If you hire Jack to do whatever you want he will always come through, he is kind of old fashion in that regard, a throwback to when a man's word meant something!" Nelda B. 

"Jack helped me get through buying my first home. I did not think I would be able to do it. Jack encouraged me and directed me the right way. He never gave up on me and because of that I was able to buy a Brand New Home!" Mary L. 

"He is a veteran of the industry and someone you need on your side during the process of buying or selling real estate. Jack is committed to doing the best job possible and to look out for the best interests of his clients. I would recommend him to anyone looking to buy or sell real estate.” Steve S.