Get a nicer House, for Less Money, and not have to move into a Rental or Apartment !
HOMEOWNER OPTIONS:
• Keep paying mortgage, and in 5 to 10 years break even with your equity
• Modify the loan; but no negative equity relief provided against principal
• Short Refinance, however few lenders participate
• Short Sell, & if payments remain current – possibly purchase another home
• Foreclosure, which disallows financing a new home for at least 3+ years.
QUALIFYING GUIDELINES:
• Visit ShortSellAndBuy.com and click on link at left that states QUALIFYING GUIDELINES
• Federal Housing Authority (FHA) 4155 loan program
SHORT SELL AND BUY BENEFITS:
• Jeremy Smiley and your lenders do the work and the negotiations on your behalf – typically at no cost to you
• Sell your home and eliminate the lost equity
• Move into a new home for similar – or less – in monthly mortgage payments
• Continue your dream of home ownership and the tax benefits
• No need to rent an apartment or house for the next 3 years, or store or sell some of the contents of your house
THE PROCESS:
• Continue to make your monthly mortgage payments
• Complete the Short Sell & Buy loan application
• Get pre-approved for your next home loan
• List your home to Short Sell with your Realtor Jeremy Smiley
• Accept offers from prospective buyers
• Once Short Sell is approved make offers on new home
• Close on the Short Sell of your current home
• Close on your new home – and move in!
How does a Typical Short Sale and Buy transaction Work?
For example, let’s look at a typical Fresno home that has $500,000 in mortgage debt, but is now worth only $375,000 in today’s Fresno market. I market and sell this home for $365,000, and I also negotiate with the Bank(s) to reduce their loan balances to a value a little less than that, in order to pay closing costs, back taxes and other costs. This is called a Short Sale. Simultaneously, the property Seller works with the Mortgage Lender to qualify for the Short Sale and Buy Program. Once approved, we help the property owner find and purchase a similar replacement Fresno home at today’s bargain values. The replacement property must be priced less then the $500,000 that is currently owned on this example short sale property. Once everything is approved and processed, we close escrow on the Fresno short sale home, and simultaneously close on the replacement home the very next day. The past mortgage debts are eliminated and now your are living in a home that you own with positive equity.
Why Would a Mortgage Bank Consider a Short Sale on your Fresno Home?
Lenders often entertain such an option for in the long run, they will usually receive a higher percentage of their principal back as compared to forcing the property into Foreclosure. In a Foreclosure, the Mortgage Bank runs the risk of property neglect or damage, and additional delays and costs, and other market losses.
Today, most California lenders won’t commit to a Short Sale until their is a valid and firm purchase offer in hand from a qualified new buyer, and a knowledgeable broker/agent who can negotiate the deal. It’s imperative to work with an experienced real estate broker for they will need to prepare a professional and complete Short Sale package.
Why Do Mortgage Banks allow a Fresno Short Seller to Buy a Replacement Home ?
The Federal Government has injected Billions of dollars of capital in the financial markets via TARP and other programs. A larger portion of these funds are earmarked for mortgage banking and real estate. A significant portion of these funds are being supplied to FHA programs such as the FHA 4155. Recent studies have shown that many Loan Modification programs are not working for many homeowners, and Banks and the Feds are pulling out the stops to curb the level of Foreclosures. Hence, the reason and motivation for the new Short Sell and Buy Program.
How is a Fresno Short Sale Negotiated with a Mortgage Bank?
Short Sales are one of the most difficult and complicated residential transactions. Compared to a normal sale, these transactions require additional paperwork, intricate negotiations with the mortgage banker(s), and careful preparation of the process and purchase offer. A Short Sale package typically includes: a purchase offer contract, buyers loan qualifications, a realistic and detailed analysis of the fair market value of the home, current local real estate market conditions, seller financial information, seller hardship letter and more.
Basically, the Short Sale real estate professional must demonstrate to the mortgage bank(s) that the home is upside down, the purchase offer is fair and just, and the homeowner has a financial hardship worthy of a short sale. This financial hardship can be due to job layoffs, illnesses, divorce, or even the unexpected large increase in mortgage payments due to interest rate resets.
What is the Reason for the large number Short Sales in the Fresno, CA Real Estate Market ?
Today, the upside down Mortgages in California are due mostly to the risky, highly leveraged loans that were extensively used over the past 7 years to purchase homes with little or nothing down. Worse yet, many of these loans were adjustable rate loans, or negative amortization loans in which the loan balance gets higher every month.
In addition, Fresno California home prices have decreased by as much as 45% to 50% in some areas. These factors are causing many home owners to consider a Short Sale to solve their financial crisis. The result is, there are 1,000′s upon 1,000′s of Fresno homeowners who are upside down on their mortgage loan by then of thousands of dollars, and can no longer afford their mortgage payment.
Do I need a Real Estate Professional to Conduct my Short Sale ?
Although, it is theoretically possible to conduct your own Short Sale (ie: Do-It-Yourself), I strongly recommend that you do not. Here is why: 1.) My Services effectively cost you nothing… Need I say more ?… but I will. I Negotiate our fee’s with the Mortgage Banks, and we do not charge any type of up front fee’s (be very wary of anyone who wants to charge an upfront fee by the way).
Why should I work with Jeremy Smiley, Realtor, Short Sale Specialist ?
I’m glad you are thinking about this question… The Association of Realtors recently conducted a statewide survey which reported that only 10% of all Short Sales actually closed escrow !!! That’s terrible.. the Great News is our Short Sale closing Rate is better then 85%. How you may ask ?… Experience – Education – Tough Bank Negotiations – Dogged Persistence.
PLEASE DON’T WAIST ANOTHER MINUTE… Click here to contact me NOW!
