Do You Owe More Than Your Inland Empire Home Is Worth?
Are You Facing the Loss of Your Inland Empire Home?
Are You Behind In Your Payments on your Inland Empire Home?
SHORT SALE – OPTION FOR THE FINANCIALLY DISTRESSED SELLER . . .
It May Be Time To Consider A Short Sale
We know it’s not just a house! It’s your home . . . your community . . . your life . . . your fight! But, you’re not alone. It’s probably of little consolation right now, but there are millions of hard working Americans in the midst of your same fight and just that many more heading into battle. You will get through this . . . And we’d like to be there standing shoulder to shoulder to help you through.
We specialize in Listing Short Sales and finding Buyers for our Inland Empire Short Sale Listings from Rancho Cucamonga to Rancho Belago and all the surrounding Inland Empire communities in between. The TCR Group has the expertise, proven track record, and resources to communicate with your lender(s). We understand Short Sale guidelines and have successfully worked with lenders big and small to complete many Inland Empire Short Sale transactions. We have outstanding relationships with several banks including:
Inland Empire Short Sales for Sellers
A Short Sale can be an answer to a distressed Inland Empire Seller’s prayer. For a homeowner that applies for a Short Sale and is approved by the lien holder, there are some great benefits:
- The lender forgives the Seller the sum of the difference between the amount owed and the Short Sales price. For example, if a Seller owes $500,000 on the original mortgage and the Short Sale is approved at $400,000, then the Seller would be forgiven the $100,000 difference.
- With a Short Sale the Seller’s credit is adversely affected for a much shorter period of time vs. having a foreclosure.
- The CA state legislature approved a bill that would exclude Short Sale homeowners from having to pay taxes on the debt forgiveness, aligning state law with the federal Mortgage Tax Debt Forgiveness Act.
Short Sale Documentation Requirement
Although all lender requirements vary, all lenders require the home owner to submit certain documentation. The following items will give you a general idea of what you, as a Seller, will have to provide for a successful Short Sale approval.
- Letter of Authorization – Lenders will not discuss your personal information without your express written authorization to do so. The Letter of Authorization gives the lender permission to speak to us on your behalf. The document should include the date, the address of the property, the loan number, your contact information, your SSN, your Realtors name, their company and company contact information.
- Hardship Letter – This is a concise, but detailed explanation of the financial hardship that is causing – or has lead to – your mortgage delinquency. Include timeline of hardship as well as timeline of steps taken to resolve the hardship. Be sure to sign and date this document.
- Financial Statement, if applicable – Some Lenders require full disclosure of your financial situation in order to determine if your debt is worthy of forgiveness and will often require a Borrower’s Financial Statement to be completed with your Short Sale package. Please fill out these forms as accurately and completely as possible. It is important to be thorough, as any information omitted from the Financial Statement may cause future problems in completing a successful and appropriate work out.
- Proof of Income and Assets – You will need to provide copies of your Bank Statements, most recent Pay stubs, current signed Tax Returns and information on any additional real estate you own to the lender.
- NOTE: IF YOU HAVE INCOME THAT IS NOT SALARY/HOURLY such as child support, alimony, disability, etc. Provide documents proving the amount per month. Rental agreements are also needed for any tenants or roommates.
The Lender will require additional documentation from your Realtor that will require your initials and signature. Those items would include, but are not limited to:
- Copy of a Signed Listing Agreement
- Copy of the Multiple Listing Sheet showing how long the property has been on the market and at what price
- Broker’s Price Opinion
- Estimated HUD-1 Settlement Statement
- Fully Negotiated Purchase Agreement
Inland Empire Short Sales for Buyers
Purchasing an Inland Empire Short Sale can represent a good opportunity to buy a home that is under market value, but it requires a great deal of patience and an experienced Realtor to guide you through the process. There are also drawbacks to buying Short Sale properties:
- Buying a Short Sale can take anywhere from 2-6 months – even longer if the Listing Agent does not understand the complexities of a Short Sale.
- Even if a Seller accepts your Short Sale offer, the final decision rests with the Lender
- Some Short Sales are still listed at market price, and lenders may be unwilling to negotiate a much lower offer
- If you don’t keep looking at what else is available, you may miss out on a good deal elsewhere while waiting for the Short Sale to be approved.
- The seller may have a 2nd Mortgage and the lender on the 1st may approve the Short Sale, and not allow enough to satisfy a payoff solution for the 2nd.
- There are no guarantees the Seller’s Lender will approve their Short Sale at all.
We Have Short Sale Experience
When a medical emergency arises, you consult a specialist. When you face a legal issue, you turn to a trusted professional with the experience and skill to handle your needs. Similarly, in this current economic crisis, why would you attempt a Short Sale without an experienced Short Sale specialist? The prospect of foreclosure can be frustrating and challenging, finding a qualified Short Sale Real Estate professional should not have to be. You need a local Inland Empire Short Sale Realtor with exceptional Short Sale experience, comprehensive training, market experience and a specific understanding of the complex issues that confront today’s Inland Empire homeowner in distress. You need a Short Sale Real Estate professional that is able to provide real solutions for the real issues in today’s Inland Empire real estate market. Here at the TCR Group, in addition to our vast hands on experience, we have taken the time to become certified to address your specific needs. Join the hundreds of satisfied Inland Empire Short Sale Sellers that have put the strength of our 21 year proven track record of real estate experience and knowledge to work for them. We only get paid when we find a Buyer and successfully negotiate the approval and close of your Short Sale. As Real Estate Agents, we are not licensed as Attorneys or CPAs and cannot advise on the legal or tax ramifications of a Short Sale, but we can certainly refer you to a well-qualified Attorney or CPA who can. When you are ready to discuss the SHORT SALE OPTION . . . Give us a call: (909) 476-9600.
Do You Need to Find a Short Sale Listing Agent in
The Inland Empire / Riverside County / San Bernardino County / Bloomington / CanyonCrest / Chino Hills / Claremont / Colton / Corona / DiamondBar / Eastvale / Fontana / Highland / Lake Elsinore / La Verne / Loma Linda / Mira Loma / Montclair / MorenoValley / Murrieta / Norco / Ontario / Orangecrest / Perris / Pomona / Rancho Cucamonga / Redlands / Rialto / Riverside / San Bernardino / San Dimas / San Jacinto / Upland / Woodcrest