Chances are you already know the answer but need to rationalize it out
Questions about a short sale
in your mind. Before going forward with a short sale lets go over a few reasons
a Temecula short sale may be the correct solution for you and your family.
Your home has lost value, and you see no recovery in the near future.
Your payment has or is adjusting up, and you can no longer make the mortgage payment.
Job loss, reduction in pay, relocation.
Not so Obvious.
Current laws have opened a window for you to get a fresh start via a short sale.
Current tax benefit windows will be closing soon.
A Failed loan modification, this could be your golden ticket into a short sale.
Saving your credit, Yes a short sale will allow your credit to bounce back quickly.
No Realtor Fees – you pay no commissions or fees for your short sale.
These are just a few of the facts that may answer your question,”should I short sale my Temecula home?”
I have been helping local Temecula homeowners for over 16 years and have earned the title Temecula Short Sale Specialist, and I’m also a certified *HAFA short sale agent.
Lets can go over your situation in detail and then if you decide a short sale is for you, we will go over the process on how to get your Temecula short sale approved at no charge to you. Call me at 951-215-6745
How Can A Temecula Short Sale Agent Help You?
Like many Temecula homeowners caught in the misfortunes of our global economic contraction, you’ve found it harder and harder, even impossible, to make your monthly house payments. Deep down, you know that it’s going to stop. You will not be able to sustain your payments and living expenses as they are now.We have a solution.
You’ve heard the term,short sale bantered about, and as you’re probably well aware, there are many Temecula short sale agents willing and ready to list your home. Some Temecula agents may regard it as an easy listing as they have no real skin in the game. These same agents will list all the Temecula homes they can and only a few will sell. You need a professional Temecula Short Sale Specialist from Realty Works Temecula working for you.
Your Temecula home most likely is a liability that can harm your credit through foreclosure but it will be reported as paid as agreed at the end of a short sale, helping you smoothly transition to a fresh start.Choose the best qualified and experienced Temecula short sale agent who is more interested in helping you to a successful close than just making you another number that ends up foreclosed on.
You can have confidence in my ability to help you. I’ve been helping homeowners in Temecula CA for over 17 years.Realty Works Temecula and Sidney Kutchuk (broker)have a proven success rate.Go with the Temecula & Murrieta short sales specialist.
We specialize in timely and completed approved short sale closings, with minimal impact on your credit and no drama. If you think it’s expensive to hire a professional,wait until you hire an amateur!
A Temecula Short Sale Agent Can Help You?
by Sidney Kutchuk – Realty Works broker & Certified Short Sale Agent – 951-215-6745
The advantages of choosing a short sale over a foreclosure from a Murrieta short sale expert
If you are going through a tough financial situation and are worried that you have no choice but to let the bank take your home, this might not be the wisest decision for you.
As a Murrieta short sale expert, I have seen how selling homes as a short sale have benefitted homeowners who may have otherwise lost money and a good credit standing.
Here are a few benefits of doing a short sale:
You are in control of the sale, and not your lender or the bank.
You can spare yourself and your credit score from the stigma of foreclosure.
You can sleep better knowing who the next owner of your home will be.
Your short sale will be handled by a Murrieta short sale agent like any other normal home sale, with dignity and respect.
You can still be current on your payments while doing a short sale.
The waiting period to buy a new home is shorter after a Murrieta Short Sale
According to the latest Fannie Mae 2016 guidelines, you can reapply for a new mortgage 4 years after a Murrieta short sale, with a 10% downpayment.
If you applied for a short sale due to extenuating circumstances, you can reapply for a new Fannie Mae mortgage 2 years after the short sale, with appropriate documentation of the extenuating circumstances. If you went through a foreclosure due to extenuating circumstances, the waiting time would be 3 years instead of 2 years.
You can also qualify for an FHA loan 1 year after a short sale.
Keep in mind that Fannie Mae and FHA guidelines are not a guarantee that you will be able to buy a home after those suggested timeframes since banks still have the final say and they might have overlays which can change the guidelines set forth by the government. Check with an experienced Murrieta short sale expert on available options you have when it comes to applying for a new mortgage after a short sale.
A short sale does less damage to your credit report compared to a foreclosure
A short sale does not appear as “short sale” on your credit report but as “paid in full for less than agreed” or “settled for less.” Certain HAFA guidelines allow for “no hit to credit” and can show up as paid in full. On the other hand, a foreclosure leaves a heavier dent on your credit report and remains there for 7 years.
Deficiency Judgments after a short sale vs. foreclosure
Deficiency judgments are negotiated between the short seller and the lender. In California, if the Murrieta short sale home is your personal residence and was financed through purchase money, you won’t have a deficiency judgment.
On the other hand, after a foreclosure, banks are usually unwilling to negotiate deficiency judgments.
According to the California Association of Realtors, a deficiency judgment can be filed regarding a hard-money loan if the lender forecloses under a judicial foreclosure versus a trustee sale, or if the second loan is a hard money loan and the sales takes place as a trustee’s sale.
It’s easier to apply for a loan after a short sale than a foreclosure
Loan applications do not require you to include information about your Murrieta short sale. You can simply report your home as “sold.”
However, you will be required to answer the question “Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past seven years. Your loan may be denied if the lender sees you have had a foreclosure in the past seven years.
Going through a financial hardship does not mean you have no choice but to foreclose your home. You can call a Murrieta short sale expert and ask about how to go about the short sale process so you can save yourself from the hassle of a foreclosure or visit https://www.temecula-shortsaleagents.com for more information about doing short sales.
Call me, Sidney Kutchuk, now at 951-217-6745, to get expert advice on Murrieta short sales. With my years of experience with successful short sales, I can guide you smoothly through the short sale process and help you avoid the pitfalls and stress that most sellers go through during the short sales process.
In case you can not view this video here, please click the link below to view Benefits of a Murrieta Short Sale over a Foreclosure on my YouTube channel: https://youtu.be/ICL9itS3C7A
As the last step before a foreclosure, short sales can become an anxiety-inducing event in a person’s life. Just imagine how much time and money was spent on purchasing that dream home – only to end up having it listed under Temecula short sales.
Simply put, a short sale is when the seller needs to unload a real estate property for a price that’s lower than the amount needed to cover the mortgage.
It’s the last step before a foreclosure and while it’s not an ideal situation to be in, it’s definitely smarter than declaring bankruptcy.
Homeowners resort to short sales due to various personal financial difficulties. But no matter what type of situation your credit is in, you can definitely score an excellent deal on a short sale – you just need to know more about the entire short sale home-selling process.
What are the advantages of a short sale?
For buyers, purchasing a property on short sale is a great way to get your dream home at a much lower price. Sure, the entire home buying process takes way longer in comparison to buying a Temecula home for sale, but the price is definitely worth the longer wait time.
For sellers, short sales help protect your credit, prevent a foreclosure, save money on closing costs, and allow you and your family to stay on the property until the sale is completed.
You will learn more about the entire short sale process.
As an experienced agent in short sales, I can help you get familiarized with all the industry jargon and other technicalities that you won’t be able to find anywhere online.
I can help make things simpler for you and your family to understand clearly the steps a seller of a short sale property undertakes.
You don’t have to spend all time in meeting potential buyers.
One of the tasks of a short sale agent is to meet with the possible buyers and their respective agents. Spend more time with your family by having someone else help you take care of the open houses and talking to buyers.
Your real estate agent will go to meetings with lenders with you.
It’s definitely not an easy task meeting with bank people who speak a different kind of industry jargon than you. Having a licensed California real estate agent who’s also an expert in Temecula short sales can help ease up any possibly stressful meetings.
Enjoy a worry-free short sale process.
We will be more than willing to handle all the selling stress for you. We have years of experience under our belts. It’s our responsibility to ensure that our clients are free of any unnecessary stress when selling a home.
Call me, Sidney Kutchuk, at 951-217-6745 to schedule a confidential interview to go over your specific situation and to see if you qualify to sell your Temecula property as a short sale. We hold your information in strict confidentiality.
In case you can not view this video here, please click the link below to view Do You Really Need a Temecula Short Sale Expert to Sell Your Home? on my YouTube channel: https://youtu.be/WqeWg-KyW1c
Most sellers can easily get confused with short sales. What exactly is it and will you get any benefits from it? Let’s break it down.
If you’re putting your home up for sale and it doesn’t get a high enough offer to cover your mortgage, but you need to unload that property so you take that low offer. Simply put, a short sale is when you end up “short” on paying back your mortgage and your bank agrees to accept an amount that’s less than what you owe on your loan.
Most of the time, homeowners are pushed into short sales due to personal financial difficulties which makes it impossible for them to pay their monthly mortgage.
It’s hardly an ideal situation to be in, but it is definitely smarter than allowing yourself to declare bankruptcy or foreclosure on your property.
Short sales allow you to stay in the property until the completion of the sale. Foreclosures, on the other hand, force you and your family to evacuate the premises immediately.
Short sales do less damage to your credit report than foreclosures. In a few years’ time, you might even be able to apply for a mortgage and purchase a new home for sale.
You will not incur any closing costs in a short sale. The bank will foot the entire bill once the sale is closed.
As a Temecula short sale expert, here’s where I can help you. Put my years of experience to work for you!
Here are the top 3 tips to secure a successful short sale:
Understand the potential consequences of a short sale.
Some home sellers are so eager to let go of the property that they don’t think about what happens after they close the sale. Laws vary by state, but there are a lot of states that allow lenders to go after the balance that is left on the loan after the sale.
While lenders are not obliged to approve Home Affordable Foreclosure Alternatives (HAFA) short sales, this is one way to avoid a deficiency judgment. Through this HAFA federal program, lenders release the borrower from any potential deficiency judgment.
Apart from working with a trusted REALTOR®, you also need to talk to a real estate lawyer.
A short sale is time-consuming. It can take months to close. While I can help you with the entire selling process, as a real estate expert, I suggest that you discuss legal matters such as the potential tax implications, protecting your other assets in the future, and more with a trusted lawyer.
Keep up with you Homeowner’s Association dues.
You do not want your property to look like a foreclosure. As such, it is important for your home to be properly maintained, if you would be putting this up on short sale.
Don’t stop paying your homeowner’s association dues or condo dues. You don’t want this to hinder the buyer from purchasing the property just because of the unpaid dues he or she has to shoulder after the sale, do you?
This month has been a good month for my Temecula short sale clients and tenants. I have been able to get 3 short sales approved via the Federal HAFA short sale program. That means at the closing I will be able to present a $10,000.00 check to each seller or tenant. In one of the properties the current tenant is getting the check. The check comes from the U.S Treasury as relocation assistance to the sellers or tenants,who ever is currently living at the property being sold via the short sale process.
Short sales are still a 90 day battle to get approved,but the short sale is one of the best options available when facing a foreclosure,or you must relocate and are unable to sell as a standard type of sale. The short sale offers you the control in a situation where you can no longer afford to stay in your home and you’re unable to sell it because you owe more than it’s worth.
Now in late 2015 short sales are no longer the norm, in fact short sales now account for less than 15% of the home sales here in the Temecula and Murrieta area. This has been the trend in most all 50 states. Equity is returning to most areas and the short sale market is fading fast. Most major lender have laid off or transferred their short sale staff to other departments. This has made getting short sales even harder and sometimes longer to get too approval.
If you find yourself or know someone needing a Temecula short sale specialist give us a call at Realty Works 951-217-6745. There is never any out of pockets costs to our clients needing our short sale services. We will check with the lender to see if you’reeligible for the $10,000.00 HAFA relocation incentive funds offered.
Just when it looked like it was over for shorts they have picked up again.
This time the number one cause in unaffordability. Many homeowners that
were given a loan mod 5 years ago are now getting letter from their lenders
with major price adjustments to their house payments.
These price hikes are large and are now forcing homeowners to default on their payments and seek help from their lenders for a second or third time. This time most are finding that the lenders are no longer willing to help. So they must sell or face a foreclosure. To sell is the best solution but many home values still have not come up enough to repay the mortgage if sold at market value.
This is why we are now seeing the come back of the short sale again in 2015 just when it was looking like short sale were going to be a thing of the past. Mortgage resets are causing more short sale again here in 2015.
A short sale is a solution to avoid foreclosure. A short sale will allow you to market and sell your home even thought you owe more the the current market value. You will net ZERO Dollars,but you avoid foreclosure and can remain in the home during the process which is taking 3 to 4 months to complete.
Here in California at the end of a short sale you are released of the mortgage in full and the lender can not come back after you for any deficiency. Plus you are NOT allowed to pay any costs of the short sale including agents commission..
2015 HAFA Short Sale Update.
Starting Feb 1st 2015 short sales being processed via the HAFA program will allow the seller to walk away with $10,000 at the close of escrow. This $10,000 is for the seller to use for relocation costs. Prior to this change relocation assistance was caped at $3,000.00
Also, current HAFA guidelines state that first lien holders will also provide $8500 from sale proceeds to junior lien. This has now been changed to $12,000.