If you live in the Escondido Country Club and need to sell your home right now, you may need to participate in a short sale.
A short sale occurs when you are “upside down” on your mortgage-when you owe more on your loan then your property is worth. That’s where a Realtor® can help. A Realtor® experienced with short sales can negotiate with the bank that services your loan for them to accept the current market value and forgive the difference.
If you live in or around the Escondido Country Club area of Escondido in the North San Diego County, then you probably are already familiar with the term, short sale. The process, however, can be tricky and time-consuming and it helps to be familiar with the short sale process before embarking on such a serious endeavor.
Again, if you need to sell your home now, you should consult with an experienced Realtor®. Ask your Realtor® how many short sale transactions s/he has negotiated and get a good feel for the agent’s experience with distressed properties. Once you have decided upon a qualified agent to list your property, you will need to provide the agent with some documentation that will be required by your lending institution: pay stubs, bank statements, tax returns, a hardship letter, a financial statement, and authorization to speak with the bank on your behalf.
If you are uncomfortable providing those items, then you may be out of luck. Most lending institutions require all of those pertinent documents before they will even assign an employee to look at your “short sale package.”
Once the short sale package is complete, then the bank will order a Broker Price Opinion (also called a BPO). This is a mini-appraisal of your property paid for by the bank. The goal is to assure that the offer on the table is close to the market value of the property. If everything seems in order, then the bank will submit your file for approval by upper management or the outside investor who owns the note on your property. If all goes well, the short sale will be approved.
While this may sound smooth, it takes time (and lots of it). Banks have hundreds of thousands of short sale files right now and sometimes it takes 1-2 months just to get a bank employee to open up your package. Additionally, due to the extreme volume, all sorts of mishaps occur (papers are lost or never received, bank employees leave their jobs but no one is reassigned to your file, etc.) Because of these things, it takes a detail-oriented person to be able to wade through the bureaucracy and get your Escondido County Club short sale approved fast!
That’s where my company comes in. Short Sale Expeditor® has closed hundreds of short sale transactions throughout the state of California and beyond. While the average agent closes somewhere between 30 – 50% of his or her short sales, our office closes 90% of our transactions. We have the detail-oriented and experienced staff to get the job done right the very first time.
If you have any questions about short sales, please do not hesitate to give me a call.
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