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:
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 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 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.
You can ask your Murrieta short sale agent about these if it is too technical or hard to understand.
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
Chances are you already know the answer but need to rationalize it out
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.
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
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.
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.
If you need help in selling or buying Temecula short sale properties and don’t know where to start, go to: www.Temecula-ShortSaleAgents.com.
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.
Here are the top 3 tips to secure a successful 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.
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.
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?
If you need help in selling or buying Temecula short sale properties and don’t know where to start, simply visit www.Temecula-ShortSaleAgents.com.
$10,000.00 x 3 for my Temecula short sale clients | 951-217-6745
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’re eligible 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..
Realty Works has just listed a hard to find “Villa Avante” home.
|Sidney M Kutchuk|
Our recent listings
Temecula “Villa Avanti” home for Sale
Murrieta CA Lot For Sale with Mountain Views | 0 Berlie St
“The Courtyard” in North Escondido
Temecula Short Sale- Great Oks High School
Murrieta Homes for Rent
Nearby properties for sale
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.
How to Short Sale your Temecula home in 2015.
With the Temecula home market recovering in most areas of town, less homeowners are needing to use the option of doing a short sale to sell their Temecula homes. So are short sale going to be easier or harder to get approved in 2015?
Most of the larger lenders have laid off or reassigned much of their loss mitigation staff. The short sale departments now have less time and staff to review each short sale submitted to them. I feel it’s not going to be as easy to get a short sale approval in 2015 and if your agent submits a weak short sale proposal forget about getting that Temecula short sale approved.
How are you going to get your short sale approved in 2015.
The banks are not giving the large discounts any longer. They are demanding sales prices at or near full market value. Some lenders are even asking above market value/prices (Fannie Mae) when issuing their short sale approvals!
Get your home looking it’s best. You are now having to compete with the standard sales around you here in the Temecula and Murrieta valley.
I know it’s a pain but complete ALL the documents your lender throws at you (this is very important).
And seek out the best short sale specialist in your market (critical).
Some good news! Incentives and Relocation funds for sellers doing a short sales in 2015 have increased!
The US Treasury dept has a short sale assistance program called HAFA that as of February 2015 now is giving home owners up to $10,000.00 at the close of a short sale. See my YouTube video on this new incentive!
How do you find the best Temecula short sale specialist to work with?
This is the easy part. Just ask Google,Bing or what ever internet browser you use.
Typical search terms you should type in would be……
Short Sale Specialist, Short Sale Expert, Short Sale Agents. To make your search even more accurate in finding the best short sale agents in your local area is to add your location/city in front of your search phrases. Here’s are some examples. If you live in my area which is Temecula Ca you would then type in the phrases below….
Temecula Short Sale Specialist or Temecula Short Sale Expert or Temecula Short Sale Agents.
Get a fresh start in 2015. It’s not to late to short sale your Temecula home. What this going to cost? There is never any out of pocket costs to you the homeowner to have the best Temecula Short Sale Agent on your side..