Short Sale Info Archives - Page 2 of 8 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

I’ve Seen The Middle Class Bail Out And It Looks A Lot Like A Short Sale

06/15/2011
Short Sale Info

Lately, my phone has been ringing off the hook. As a Santa Maria short sale agent, I am used to receiving urgent calls from homeowners in distress. Some are weeks away from foreclosure auction, others are at the precipice of missing their first mortgage payment. These are tough times for many California homeowners.

Short Sales & The Point of No Return

06/04/2011
Short Sale Info

Have you reached the point of no return? I meet and speak with people considering short sales almost everyday. Some are ready to begin the process and some are not. I tell each one of them -- I don’t talk people into short sales -- most people who want to list their home as a short sale know it before call me.

Two Loans with Bank of America and Short Sale Approval Received in 37 Days!

05/21/2011
Short Sale Info

I have another short sale success story to report. Just last month, I received short sale approval on a file, with two Bank of America loans, only 37 days after the offer was presented via the Equator system. So, the fact that this was a short sale only added about one month to the total time it took to get an approval from Bank of America and close escrow. Both loans were processed concurrently through the Equator platform that Bank of America uses for its short sale processing.

I Haven’t Missed Any Payments — Can I Apply for A Short Sale?

05/19/2011
Short Sale Info

As a Santa Maria Short Sale Agent, I am asked this question by potential short sale sellers all the time. It is important for those inquiring to understand that even though they have not missed any payments, they may have an “imminent hardship” that would qualify them for a short sale. Imminent hardship means that your hardship may not be here today, but it is definitely on the horizon. And you do not have to currently be in default on your payments to apply for a short sale. A well documented imminent hardship may be enough.

I’m Seriously Ill — Will that Qualify me for a Short Sale?

05/16/2011
Short Sale Info

Yes, many short sale lenders consider a serious illness a hardship. Receiving a diagnosis of a chronic illness, having a serious health event such as a heart attack, cancer, or a recent diagnosis of a disability that will affect your ability to earn future income, will generally qualify you for a short sale. Potential short sale sellers should provide a personal hardship letter describing the details of the illness and how it requires them to sell their home or how it impacts their ability to pay the mortgage.

Will My Bank Still Approve My Short Sale If I Owe Twice What My Home Is Worth?

05/13/2011
Short Sale Info

Many homeowners who are severely underwater ask this question. Generally, the reason a bank accepts a short sale is due to the hardship of the seller. It is not because the short sale offer is close to or far from the loan balance. Once hardship is established, the issue becomes the market value of the asset. If market value is half -- market value is half -- there is no way around that.

Will I Still Owe the Bank Money If I Do A Short Sale?

05/11/2011
Short Sale Info

If you have one mortgage loan on your California home the answer is no. Senate Bill 931 allows that after January 1, 2011, if a lender on a first mortgage accepts a short sale, they are agreeing to waive the deficiency amount. So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not paid back the entire loan balance.

Coast Hills Short Sale Approved in Two Days!

05/08/2011
Short Sale Info

Coast Hills Short Sale Approved in Two Days! I have another short sale success story to report. Just last month, I closed a Coast Hills short sale that was approved within two days of submitting an offer to the bank’s representative. Coast Hills is a local credit union and working with a local entity is very different from working with a national bank. An appraisal had already been completed and the sellers financials were already on file -- so they did not require these documents to be resubmitted. In total, this short sale was closed within 65 days of it being placed on the market. So, beginning to end, this was a two month process for the seller and very much mirrored the timeline of a traditional sale. I think the buyer was shocked given what everyone says about short sales. But, not every short sale is a long drawn out experience. Smaller banks have the ability to be quicker in their response time. The reality is that a short sale does not take months and months to process, and if you can get your file to a decision maker quickly, you will usually get a quick decision. If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced Central Coast short sale agent to guide you through this process. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950. Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California. *Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Copyright© 2011 Tni LeBlanc *Coast Hills Short Sale Approved in Two Days!*