AMAZING NEWS! As of Feb 1st, 2015, all lenders are paying owners or tenants $10,000 at the close of escrow when owners and bank agree to short sale and have verified Gov. HAFA Approved Participation.
· Lenders erase ALL your debt on your house
· Make NO more payments on the house
· Pay NO more property taxes on the house
· Your lenders pay for ALL real estate fees and commissions
· Stay in the house at least four to six months for FREE
· Sell the property “as is” with NO repairs or fees
· Purchase another property in as little as 1-3 years for significantly Less
· Owe the I.R.S NO taxes. There is presently a moratorium for “owner occupants” who short sale
VERY IMPORTANT CHANGE TO BENEFIT SELLERS:
Neither 1st nor 2nd lender can ask seller for ANY money after close of escrow:
As of August 1, 2011, in the state of California, our new Governor, Jerry Brown put law (SB458) into effect. There is no longer a threat to home owners of a “deficiency judgment”. This is a huge benefit for property owners. Previous to this law, owners would have to live in fear of lenders asking them for money in the future or selling their home loan to a collection agency and having them harass the owner.
Effects of a Short Sale
· A short sale may affect your credit score for approximately 2 years. Not because of the actual Short Sale, more so from the fact that most sellers are currently late on their Mortgage Payments
The short sale process:
· As your broker, my team of experts works with lender Directly to Settle on Debt Forgiveness
· We request a short sale Lender Package & assist you toward completion of required Documents
· Many sellers decide to stop making payments on Mortgage & Property Taxes in preparation for transition from home and begin to start stock piling personal savings
· Seller Accepts offer contingent upon your lender(s) agreeing to short sale & paying all fees, costs, & commissions
· Wait until lender sends out appraiser valuation package to verify offer price of Short Sale
· Wait approx. another 30 to 60 days for approval from your bank.
· Buyer completes inspections within 17 days.
· Buyer and seller close escrow approx. 30 days later.
· This entire process takes approx. 4 to 6 months which allows sellers like you to save a lot of money should you elect to defer on making your monthly mortgage & Property tax payments while you live rent free for additional 4-6 months.
· Seller Receives Government approved & lender authorized relocation money, most cases $10,000 Relocation Money for seller to use at their discretion upon closing of Short Sale transaction.