Not all short sales are Created Equal - if you are contemplating Selling a Short Sale or Buying a Short Sale you need the best and most up to date information possible.
For either proposition - you are going to get your very own and personalized Real Estate Game Plan developed.
LOW BALL SHORT SALES - PLAYING THE ODDS? What about Selling your home as a Short Sale? What are the most frequently asked questions as they pertain to different Aspects of Short Sales?
How to Short Sale
- What is a Short Sale package
- How do Short Sales Work
- What is a deficiency judgment
- What is a Short Sales effect on Credit
- How does the Loss Mitigation Department handle short sales and credit
- What are Short Sale implications
- Is there a trick when handling BOA short sales
- How is life after Short Sale
- What is a short sale letter
- What should you watch out for if you are a short sale buyer
If you are looking for Santa Clarita Short Sale negotiators - Then you have found your Resource. We have homework that we assign that consists of Attorney consultation and Tax Consulting. Why? - Just another added level of protection, so in a couple of years after your short sale - when the dust settles - you are not left without any protection.
If you have someone that is telling you that they are an Expert in Handling Short Sales without ensuring you speak with other Subject Matter Experts in other fields that pertain to the Short Sale Process - RUN AWAY.
Please check out our Short short sale resources about how we protect our Short Sale Clientèle.
"Short Sale Legislation changes on a daily basis - you need the most current information from those that you can hold accountable."
For More Detailed information regarding your specific Short Sale - In The Santa Clarita Valley or Surrounding Communities - Please check out this Resource.
Short Sales are the buyers road to riches, that is: "if you believe the promo advertising that is all over the place." But the road is not a short one nor is it a smooth one. It is best covered with professional help and guidance.
The buyer attempts to get the bank to give up gads of lost equity is the goal of the short sale investor. The question is how much is the bank going to give up and how much will the seller think reasonable (if the seller has any economic ability to still influence the sale).
Let's talk about two important issues: the low ball offer and the seller's control of the sale.
1. The low ball offer is the buyer goal and the bank's gremlin. The bank's BPO or appraisal is most often going to guide the transaction. Sometimes the BPO will come in low enough to get the bank to get the loan off its books at almost any price. What are the chances of this happening? I don't think there is any analytical study on the subject, but the articles I have read generally say about 10 -25%, with the low numbers coming from the loss mitigation departments of the banks (I wonder why). This is versus a normal best efforts sale procedure and documentation with the bank, which comes in at 70 to 80% success rate. So the low ball of course can work and will cover a far greater upside potential for the buyer - but you may have to go through ten to get one -- or of course you might go through 28 before you get 2. It's playing the odds and the odds ain't good!
2. In this environment of the short sale it seems apparent that the bank controls the sale. Some might say the buyer controls the sale. My opinion is that both statements are primarily incorrect. The seller owns the house. The seller must sign the contract. The seller must sign the deed. Of course, if the seller can't sell and the bank forecloses, then the bank will likely have the REO and the sale is now with them - as the new owner. The issue is that the bank is the "reluctant" owner. The bank has already determined (by working with the seller and buyer in the short sale process) that it is in the bank's best economic interest to sell the house outside of the foreclosure process and prevent an REO occurrence. If the bank won't go down low enough and tries to beat up the seller or seller broker - the seller can say NO. What choice does the bank have? It's like playing poker - who is bluffing?
The short sale enterprise is a game. There are usually 3 main players - the bank, the buyer, and the seller. Assisting the players are the seller broker and the appraiser, and sometimes the buyer broker (if 2 brokers are involved). Playing the game takes expertise and knowing how the opposing players think.
Short Sales Santa Clarita | Real Estate Short Sales
Paris911 can help you with your real estate short sales. The Santa Clarita valley is where we are located in handle most of our short sales for our clients.
Short sale on a house
Is your home worth less than owe on your mortgage? If this is the case a short sale may be one of your options. Don't just walk away from a property, a short sale will allow us to negotiate with your bank and get a short sale approved. Banks are not always open to take in a loss on a property from a short sale. This been side not everyone will be able to perform A short sale.
Banks are also very selective in what they will pay for with a short sale. There may be tax implications with doing a short sale. Despite some of the native sides of a short sale, the positive sides might outweigh the negative of losing your home to foreclosure. However banks in this market are more than willing to try to negotiate a short sale.
The mortgage forgiveness debt relief act of 2007, was passed to help eliminate short sale tax penalties and having to pay additional taxes due the Loss to the bank. This will help you out with the Federal tax but not necessarily with the state.
If you're within the Santa Clarita Valley and looking at listing your house as a short sale or you're looking to purchase a home that is short sale we can help. We've helped many people buy and sell short sales within the Santa Clarita Valley. Just to confirm the cities we are most comfortable within when handling those inquiring "How to Short Sale", they are:
- Castaic Short Sale Negotiation
- Canyon Country Short Sales
- Newhall Short Sales
- Saugus Short Sales
- Stevenson Ranch Short Sales
- Valencia Short Sales
- Which are All of the Cities contained in the Santa Clarita Valley
- Acton and Agua Dulce Too!