What is a Short Sale?
A short sale is simply when a homeowner (borrower), owes more on their homes outstanding mortgage balance(s), than what it can sell for in today's real estate market. Understanding a short sale is simple, trying to perform one is not. In order to conduct a short sale, the lender(s), who you owe money to, must approve the sale, if they will not be paid in full. If they approve it, that means they will take a loss, and your debt will be forgiven* (what you owe minus what it will actually sell for). Homeowners who elect to perform a short sale, often do so as an attempt to avoid a full foreclosure.
Often times, the bank will be willing to do this, so they too can avoid the costly foreclosure process that they must go through, in order to lawfully obtain the property in default. In order to be approved, the homeowner must prove to the bank, that they can no longer afford to live in the home, and to prove that, you must show a true hardship through rigorous documentation. This documentation, and the marketing of the home, is where a fantastic team such as TeamShortSales.com comes in. We will go to bat for you, negotiate with your lender(s), and make sure that the documentation to support your short sale, is exactly how the lenders want it. Due to the Mortgage Debt Tax Relief act of 2007, some Short Sales performed will no longer be subject to taxation of the forgiven debt. Some conditions apply, so you will need to discuss those details with your tax advisor or attorney.
ATTENTION ALL POTENTIAL SHORT SALE HOMEOWNERS!
If you're a Santa Clarita homeowner, and you're having difficulty paying your mortgage, it might be possible for you to avoid foreclosure! You're not alone. Prices over the last several years increased dramatically, only to decline in many cases over the last year. If you think you can't sell your home because it might be worth less than what you owe, your wrong. Contact Robert & Brian right away to discuss what their team can do for you. Robert & Brian will guide you through the Short Sale process for your Santa Clarita home, educating you along the way, and establish the proper line of communications with your lender(s).
To discuss your situation with Robert and Brian, just call 661.291-2707.
They can also be emailed at Info@TeamShortSales.com
Santa Clarita Short Sale Seller Tips
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Send a letter to all mortgage holders giving them permission to speak with your Realtor
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Always deal with the bank's "loss mitigation" department, and not their collections dept
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Have ready your W-2's, bank statements, 2 yrs of tax returns, and create a "hardship letter"
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Make sure current income claimed does not contradict your original loan application, unless employment circumstances have drastically changed
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The ideal candidate for a short sale is still making loan payments and has a credit rating worth preserving
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Watch out for unethical investors who will try to convince you to sign a quit-claim deed
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State in the purchase contract that "Lenders must approve the offer and release all liens on the property" in order to avoid liability, if the short sale is not approved
To discuss your situation with Robert and Brian, just call 661-291-2707.
They can also be emailed at Info@TeamShortSales.com
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