SHORT SALE: REAL ESTATE INVESTMENT OPPORTUNITY FOR ALL
welcome to:
KNOWLEDGE FINANCIAL.COM
KNOWLEDGE FINANCIAL.COM
| SHORT SALE: WHAT IS SHORT SALE? In real estate, a short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances and pay the expenses of sale. If the lender is convinced that the owner, for various reasons, is unable to continue making the payments the lender will often agree to take less that the full amount owed to allow the sale to close escrow. The incentive for the bank to approve a short sale is to have the property sell before the loan becomes a problem account on their books. This Process may be difficult to believe but it is a definite possibility. As stated below there are hoops to jump through. Banks are willing to allow individuals to assume the loan if they meet the required criteria. This is a system that works because the banks do not want to hold property for one but they also do not want to pay a fee (at times up to $25,000) in order to send the property through the foreclosure process. |
SHORT SALE
Look, financial troubles visit nearly everyone at some point. If you're behind on your
mortgage, consult with a real estate professional who is highly experienced in
negotiating with banks and lenders. Too many people panic when the lender starts
talking about foreclosure. Please keep in mind three very important factors if they're
threatening to foreclose:
1. The bank does NOT want your property! They want their money!
2.
The time to act is now! There are a series of things the bank must do to foreclose, and
that takes time. But it doesn't take forever, and they WILL take the home if given no other
choice.
3. The people from the bank that you've been talking to are collectors. If they seem rude
or belligerent, don't assume the bank won't work with you on a short sale or other
solution. When I work with your lender, I am talking with a completely different set of
folks than you are.
Another thing to remember: A short sale may not be the best thing in your particular
case. You need to contact a professional who can give you information on all the
options available, and who can understand your specific situation. The goal is to
preserve your CREDITt and your
Look, financial troubles visit nearly everyone at some point. If you're behind on your
mortgage, consult with a real estate professional who is highly experienced in
negotiating with banks and lenders. Too many people panic when the lender starts
talking about foreclosure. Please keep in mind three very important factors if they're
threatening to foreclose:
1. The bank does NOT want your property! They want their money!
2.
The time to act is now! There are a series of things the bank must do to foreclose, and
that takes time. But it doesn't take forever, and they WILL take the home if given no other
choice.
3. The people from the bank that you've been talking to are collectors. If they seem rude
or belligerent, don't assume the bank won't work with you on a short sale or other
solution. When I work with your lender, I am talking with a completely different set of
folks than you are.
Another thing to remember: A short sale may not be the best thing in your particular
case. You need to contact a professional who can give you information on all the
options available, and who can understand your specific situation. The goal is to
preserve your CREDITt and your
IMPORTANT STEPS IN SHORT SALE
Step One
Verify the value of your property. If you are selling the property
through a real estate BROKER, your broker will provide you with an
estimate of market value. If you are selling the property yourself, do
your own market analysis of the area and your property.
2
Step Two
Add up all the costs of selling the property. If you are using the
services of a real estate broker, the broker will provide an estimate
of closing costs. If you are selling the property on your own (for sale
by owner), call a local title company or real estate attorney and ask,
as a seller, what the closing costs will be.
3
Step Three
Determine the amount owed against the property. This will be the
total of all loans against the property.
4
Step Four
Do the calculations. Subtract the total amount owing against the
property from the estimated proceeds of the sale. On a short sale,
this will be a negative number.
5
Step Five
Contact the lender or lenders. Talk to someone in the customer
service department and tell them the situation. They may direct you
to a specific department. Talk to a supervisor or manager if
possible; this person will have more authority.
6
Step Six
Ask the lender what its procedures are for a short sale. Some
lenders are willing to work with you by reducing the amount owed or
making other arrangements. Others will look to the agents involved
(if any) or anyone else who's making money off the transaction to
see if they are willing to make concessions to make the transaction
happen. Still other lenders will tell you that your debt is your
responsibility, one way or the other.
7
Step Seven
Sell the property.
Step One
Verify the value of your property. If you are selling the property
through a real estate BROKER, your broker will provide you with an
estimate of market value. If you are selling the property yourself, do
your own market analysis of the area and your property.
2
Step Two
Add up all the costs of selling the property. If you are using the
services of a real estate broker, the broker will provide an estimate
of closing costs. If you are selling the property on your own (for sale
by owner), call a local title company or real estate attorney and ask,
as a seller, what the closing costs will be.
3
Step Three
Determine the amount owed against the property. This will be the
total of all loans against the property.
4
Step Four
Do the calculations. Subtract the total amount owing against the
property from the estimated proceeds of the sale. On a short sale,
this will be a negative number.
5
Step Five
Contact the lender or lenders. Talk to someone in the customer
service department and tell them the situation. They may direct you
to a specific department. Talk to a supervisor or manager if
possible; this person will have more authority.
6
Step Six
Ask the lender what its procedures are for a short sale. Some
lenders are willing to work with you by reducing the amount owed or
making other arrangements. Others will look to the agents involved
(if any) or anyone else who's making money off the transaction to
see if they are willing to make concessions to make the transaction
happen. Still other lenders will tell you that your debt is your
responsibility, one way or the other.
7
Step Seven
Sell the property.
SHORT SALE METHODS AND TECHNIQUES!
Before a lender approves a short sale they will make two key decisions.
First, can the owner afford to continue making the payments on the property? If they can
there is no reason for the bank to eat the loss. Banks will not look favorably upon a
borrower that they determine lied to get the loan.
Second, will approving the short sale leave the bank in relatively the same position as
they are likely to be in by going though the FORECLOSURE process and then selling
the property? If the bank can do significantly better by foreclosing they are likely to do so.
The seller must not receive any sale proceeds for themselves.
If there is a junior lien-holder, the discounts can be substantial, sometimes as high as
90% or more. Question two is the primary determinant here. If the senior lender
forecloses the junior may get nothing so they may take a deep discount to get
something out of the property.
Short sale sellers need to be careful because there is no free lunch. The seller may
end up with taxable income in the amount of the debt that is forgiven. The seller may
also end up with adverse entries in their credit history. Any property owner considering a
short sale needs to seek the advice of competent legal and tax advisors before entering
into the transaction.
----------------------------------------------------------------------------------------------------------------------
HOMEOWNERS IN FORECLOSURE
Call the Lender
You may need to make a half dozen phone calls before you find the person responsible
for handling short sales. You do not want to talk to the "real estate short sale" or "work
out" department, you want the supervisor's name, the name of the individual capable of
making a decision.
Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without
written authorization to do so. If you are working with a real estate agent, closing agent,
title company or lawyer, you will receive better cooperation if you write a letter to the
lender giving the lender permission to talk with those specific interested parties about
your loan. The letter should include the following:
Property Address
Loan Reference Number
Your Name
The Date
Your Agent's Name & Contact Information
Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive
and all the costs of sale, unpaid loan balances, outstanding payments due and late
fees, including real estate commissions, if any. Your closing agent or lawyer should be
able to prepare this for you if you do not know how to calculate any of these fees. If the
bottom line shows cash to the seller, you will probably not need a short sale.
Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial
bind and makes a plea to the lender to accept less than full payment. Lenders are not
inhumane and can understand if you lost your job, were hospitalized or a truck ran over
your entire family, but lenders are not particularly empathetic to situations involving
dishonesty or criminal behavior.
Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets.
Lenders will want to know if you have savings accounts, money market accounts,
stocks or bonds, negotiable instruments, cash or other real estate or anything of
tangible value. Lender are not in the charity business and often require assurance that
the debtor cannot pay back any of the debt that it is forgiving.
Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an
unusual number of checks, it's probably a good idea to explain each of those line items
to the lender. In addition, the lender might want you to account for each and every
deposit so it can determine whether deposits will continue.
Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you
cannot sell your home for enough to pay off the lender, this fact should be substantiated
for the lender through a comparative market analysis (CMA). Your real estate agent can
prepare a CMA for you, which will show prices of similar homes
Active on the market
Pending sales
Solds from the past six months.
Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want
a copy of the offer, along with a copy of your listing agreement. Be prepared for the
lender to renegotiate commissions and to refuse to allow payment of certain items
such as home protection plans or termite inspections.
Now if everything goes well, the lender will approve the listing, the contract, and the
settlement statement for your short sale. As part of the negotiation, you might ask that
the lender not report adverse credit to the credit reporting agencies, but realize that the
lender is under no obligation to accommodate this request.
Before a lender approves a short sale they will make two key decisions.
First, can the owner afford to continue making the payments on the property? If they can
there is no reason for the bank to eat the loss. Banks will not look favorably upon a
borrower that they determine lied to get the loan.
Second, will approving the short sale leave the bank in relatively the same position as
they are likely to be in by going though the FORECLOSURE process and then selling
the property? If the bank can do significantly better by foreclosing they are likely to do so.
The seller must not receive any sale proceeds for themselves.
If there is a junior lien-holder, the discounts can be substantial, sometimes as high as
90% or more. Question two is the primary determinant here. If the senior lender
forecloses the junior may get nothing so they may take a deep discount to get
something out of the property.
Short sale sellers need to be careful because there is no free lunch. The seller may
end up with taxable income in the amount of the debt that is forgiven. The seller may
also end up with adverse entries in their credit history. Any property owner considering a
short sale needs to seek the advice of competent legal and tax advisors before entering
into the transaction.
----------------------------------------------------------------------------------------------------------------------
HOMEOWNERS IN FORECLOSURE
Call the Lender
You may need to make a half dozen phone calls before you find the person responsible
for handling short sales. You do not want to talk to the "real estate short sale" or "work
out" department, you want the supervisor's name, the name of the individual capable of
making a decision.
Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without
written authorization to do so. If you are working with a real estate agent, closing agent,
title company or lawyer, you will receive better cooperation if you write a letter to the
lender giving the lender permission to talk with those specific interested parties about
your loan. The letter should include the following:
Property Address
Loan Reference Number
Your Name
The Date
Your Agent's Name & Contact Information
Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive
and all the costs of sale, unpaid loan balances, outstanding payments due and late
fees, including real estate commissions, if any. Your closing agent or lawyer should be
able to prepare this for you if you do not know how to calculate any of these fees. If the
bottom line shows cash to the seller, you will probably not need a short sale.
Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial
bind and makes a plea to the lender to accept less than full payment. Lenders are not
inhumane and can understand if you lost your job, were hospitalized or a truck ran over
your entire family, but lenders are not particularly empathetic to situations involving
dishonesty or criminal behavior.
Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets.
Lenders will want to know if you have savings accounts, money market accounts,
stocks or bonds, negotiable instruments, cash or other real estate or anything of
tangible value. Lender are not in the charity business and often require assurance that
the debtor cannot pay back any of the debt that it is forgiving.
Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an
unusual number of checks, it's probably a good idea to explain each of those line items
to the lender. In addition, the lender might want you to account for each and every
deposit so it can determine whether deposits will continue.
Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you
cannot sell your home for enough to pay off the lender, this fact should be substantiated
for the lender through a comparative market analysis (CMA). Your real estate agent can
prepare a CMA for you, which will show prices of similar homes
Active on the market
Pending sales
Solds from the past six months.
Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want
a copy of the offer, along with a copy of your listing agreement. Be prepared for the
lender to renegotiate commissions and to refuse to allow payment of certain items
such as home protection plans or termite inspections.
Now if everything goes well, the lender will approve the listing, the contract, and the
settlement statement for your short sale. As part of the negotiation, you might ask that
the lender not report adverse credit to the credit reporting agencies, but realize that the
lender is under no obligation to accommodate this request.
Lis Pendens
I would advise anyone facing foreclosure to discuss their situation with an
experienced Realtor. Short Sales are not a part of real estate basic training but
there are a number of educational seminars a Realtor can take to get up to
speed. Lenders will pay a reasonable selling commission so Realtors have an
incentive to get involved in Short Sale situations.
The basic requirements for a Short Sale are a Listing Agreement with a Realtor
and a Sales Contract from a Buyer which are submitted to the Lender along
with a Hardship Letter from the Seller explaining why they cannot continue to
pay the mortgage and supporting documents such as tax returns, bank
statements, information and photos of the home and the Comps, or
comparative home prices supporting the offer. The way mortgages are sold,
the mortgage holder can be anywhere and certainly not aware of local real
estate conditions.
--------------------------------------------------------------------------------------------------------------------------------
SUGGESTIONS
As a real estate investor, an expert in real estate financing, mortgage and
loans. I am not licensed as a lawyer nor a CPA and cannot advise on those
consequences. Be aware the I.R.S. will consider debt forgiveness as income,
and there is no guarantee that a lender who accepts a short sale will not
legally pursue a borrower for the difference between the amount owed and the
amount paid. In some states, this amount is known as a deficiency. A lawyer
can determine whether your loan qualifies for a deficiency judgment or claim.
I would advise anyone facing foreclosure to discuss their situation with an
experienced Realtor. Short Sales are not a part of real estate basic training but
there are a number of educational seminars a Realtor can take to get up to
speed. Lenders will pay a reasonable selling commission so Realtors have an
incentive to get involved in Short Sale situations.
The basic requirements for a Short Sale are a Listing Agreement with a Realtor
and a Sales Contract from a Buyer which are submitted to the Lender along
with a Hardship Letter from the Seller explaining why they cannot continue to
pay the mortgage and supporting documents such as tax returns, bank
statements, information and photos of the home and the Comps, or
comparative home prices supporting the offer. The way mortgages are sold,
the mortgage holder can be anywhere and certainly not aware of local real
estate conditions.
--------------------------------------------------------------------------------------------------------------------------------
SUGGESTIONS
As a real estate investor, an expert in real estate financing, mortgage and
loans. I am not licensed as a lawyer nor a CPA and cannot advise on those
consequences. Be aware the I.R.S. will consider debt forgiveness as income,
and there is no guarantee that a lender who accepts a short sale will not
legally pursue a borrower for the difference between the amount owed and the
amount paid. In some states, this amount is known as a deficiency. A lawyer
can determine whether your loan qualifies for a deficiency judgment or claim.
| KNOWLEDGE FINANCIAL GROUP & INVESTMENT suggests to everyone when doing a short sale to obtain legal advice from a competent real estate lawyer Call an accountant to discuss short sale tax. IRS COULD BE INVOLVED! |
 |  |  |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |  |  |  |  |  |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
HOW TO GET PRE-QUALIFY FOR A HOME LOAN?
The first and most important step in buying a home is getting pre-qualified for a
home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A STRONGER
NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE YOUR CHANCE
OF REACHING AN AGREEMENT ON THE
PURCHASE PRISE.
CALL MR. ANTONY AT 786-709-6577 --- WE ARE LICENSED MORTGAGE BROKER
The first and most important step in buying a home is getting pre-qualified for a
home loan.
BY GETTING PREQUALIFIED, YOU IMMEDIATELY FIND YOURSELF IN A STRONGER
NEGOTIATION POSITION.
YOU MADE YOURSELF MORE ATTRACTIVE TO SELLERS.
PRE-APPROVAL CAN SPEED UP THE BUYING PROCESS AND IMPROVE YOUR CHANCE
OF REACHING AN AGREEMENT ON THE
PURCHASE PRISE.
CALL MR. ANTONY AT 786-709-6577 --- WE ARE LICENSED MORTGAGE BROKER
SHORT SALE allows you to buy as many properties as you want.
Flip them, Hold them, Rent them, Refinance them and make profits.
Think about making more money in one month than what most
people make in a year. This is a way to have financial freedom,
become debts free and be able to spend more quality time with the
family. CALL US...
Flip them, Hold them, Rent them, Refinance them and make profits.
Think about making more money in one month than what most
people make in a year. This is a way to have financial freedom,
become debts free and be able to spend more quality time with the
family. CALL US...
MAKING MONEY SECRETS
REAL ESTATE INVESTMENTS FORECLOSURE SECRETS
REVEALED!
SHORT SALE: Advantage of short sale, it creates a win-win
situation for everyone involved. The bank gets some money,
but more importantly they keep a non-performing loan off
their books. The home-owner avoids foreclosure and saves
his/her credit rating.
And you as investor you are the biggest winner of all,
walking away with ten of thousands of dollars in instant
equity.
REAL ESTATE INVESTMENTS FORECLOSURE SECRETS
REVEALED!
SHORT SALE: Advantage of short sale, it creates a win-win
situation for everyone involved. The bank gets some money,
but more importantly they keep a non-performing loan off
their books. The home-owner avoids foreclosure and saves
his/her credit rating.
And you as investor you are the biggest winner of all,
walking away with ten of thousands of dollars in instant
equity.
MONEY MAKING SYSTEM
This system shows you how you can make money regularly from
real estate short sale .
Investors have used this techniques successfully for long-time
and have made millions of dollars doing it.
So I can show you how you can do the same-thing and make
extraordinary amount of money.
CALL Mr. ANTONY AT: 786709-6577--SOUTH FLORIDA
This system shows you how you can make money regularly from
real estate short sale .
Investors have used this techniques successfully for long-time
and have made millions of dollars doing it.
So I can show you how you can do the same-thing and make
extraordinary amount of money.
CALL Mr. ANTONY AT: 786709-6577--SOUTH FLORIDA
 | |  | |  | |  | |  |
| YOU NEED TO BUY OR LEASE A PROPERTY IN SOUTH FL. PLEASE CONTACT Mr. ANTONY AT: 786-709-6577 COMMERCIAL, RESIDENTIAL, OR MOBIL HOME FINANCIAL HELP IS AVAILABLE! |
REAL ESTATE FOR SALE: CALL 786-709-6577 --- FORTUNE INTERNATIONAL REALTY ------We will help you sell your property, Fast & Quick for the top price.
| LET US ASSIST YOU! With Us: Is Better Interest Rates, Better Saving, Great Satisfaction. Mortgage Loans Pre-Qualification FAST & EASY with just a simple process; Real Estate Financing is available! Buy your Property Now! Low interest rates, many choices, great investment for the future. LET US ASSIST YOU.. WE ARE LICENCED MORTGAGE BROKER MORTGAGE LOAN/ REAL ESTATE FINANCING & REFINANCING WE ARE HERE TO HELP/ VISION MORTGAGE BANK WE HAVE VARIOUS PROGRAMS AVAILABLE FOR FIRST TIME HOME BUYERS. WE CAN HELP YOU PURCHASE YOUR HOME AT A VERY COMPETITIVE RATE. WE CAN HELP YOU REFINANCE YOUR EXISTING HOME AT YOUR ADVANTAGE. WE CAN HELP YOU CASH OUT YOUR HOME EQUITY. WE CHARGE LESS FEE THAN ANY OTHER LENDING INSTITUTIONS OR MORTGAGE FIRMS. WE'RE COMPETENT, EXPERIENCED, AND LOYAL. WITH US YOU CAN EXPECT GOOD SATISFACTION, BETTER INTEREST RATES. CONTACT: MR. ANTONY [786] 709-6577 FOR STATE OF FLORIDA |
REAL ESTATE SHORT SALE
| WHAT GUIDELINES ARE REQUIRED FOR A MORTGAGE LOAN? Mortgages are used by individuals and businesses wishing to make large value purchase of real estate without payment the entire value of the purchase up front. Mortgages are also known as lien against property, or claims on property. Mortgage is a legal agreement that creates an interest in a real estate property between borrower and the lender. HOW TO UNDERSTAND THE HOME LOAN PROCESS? Understand that in order to finance or refinance a loan the lender requires documentation to verify and substantiate your employment, credit and financial situation to assure its investors that you have the ability to repay the MONEY HOME REFINANCING: 10 GREAT REASONS TO REFINANCE A PROPERTY. NOW IT'S THE BEST TIME FOR REFINANCING, THE INTEREST RATE IS VERY LOW. MORTGAGE LOAN MODIFICATION PROGRAMS; AN ALTERNATIVE TO REDUCE MONTHLY MORTGAGE PAYMENT, TO AVOID FORECLOSURE, TO SAVE YOUR CREDIT RATING, TO SAVE YOUR PROPERTY. REVERSE MORTGAGE NO MORTGAGE PAYMENTS EVER AGAIN: IF YOU OWNED A HOME AS YOUR PERSONAL RESIDENCE. TO IMPROVE YOUR QUALITY OF LIFE AND LIVE WITH NO STRESS! IF YOU'RE 62 YEARS OF AGE OR OLDER, YOU CAN ACHIEVE THIS, THROUGH A REVERSE MORTGAGE, REGULATED BY THE U.S. GOVERNMENT. FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE! FHA: F H A MORTGAGE LOANS, THE GOVERNMENT IS THERE TO HELP YOU PURCHASE YOUR HOME. PLEASE CONTACT US WE WILL SHOW YOU THE WAY . MORTGAGE LOAN PRE-QUALIFICATION, LOW INTEREST RATES, 8 Reasons to Get Pre-Approved for a Home Loan Learn why pre-approval is one of the smartest moves you can make when shopping for a home Subprime Mortgage  A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan. FINANCING YOUR REAL ESTATE INVESTMENT; BUYING YOUR FIRST, SECOND, AND OR THIRD PROPERTY. HOW AND WHERE TO FIND MONEY? CLICK RIGHT HERE! RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE Tips for Making Solid Business Agreements and Contracts |
| REAL ESTATE FOR SALE: Low Prices, Below Market Value, Low Interest rates. Search for properties in any city; Right Here, Right Now. Fast, Easy and Simple. CLICK HERE! Motivated Sellers; Selling at Unbelievable Prices. Learn More... Live Your Dream Search it, Find it, Learn about it, Negotiate it, Buy it. ------------------------------------------------------------------------------------------------- Coral Gables, Coconut Grove Real Estate For Sale. Magnificent properties! Search Now... Pembroke Pines Florida Real Estate: Find a property in Pembroke Pines area Miramar Florida Real Estate: Search for a home in the city of Miramar Miami Lakes Florida Real Estate: Look for luxury, prestigious properties in the town of Miami Lakes Aventura Florida, Williams Island Condos For Sale at Reduced Price. Search for luxury waterfront properties with considerable price reduction Broward County Florida Real Estate Listing & Homes For Sale at umbelievable price! Hallandale Beach Florida Real Estate For Sale. Find for sale properties in the city of Hallandale; Houses, Town-Homes, Condos, Waterfront Properties. Palm Beach County magnificent real estate. Homes, Condos, Town-homes at reduced price! COMMERCIAL REAL ESTATE: WHAT IS THE ADVANTAGE OF COMMERCIAL REAL ESTATE? COMMERCIAL REAL ESTATE; A BETTER WAY TO INVEST AND GET RICHER! MULTI- WAYS TO WIN BIG IN REAL ESTATE. MIAMI REAL ESTATE MARKET. The Time is Now to Profit from Real Estate investing-- A “Perfect Storm” of events has made investing in Real Estate properties better than ever - and now’s the time for you to profit... South Florida Real Estate great location Low Prices, Below Market Value, Low Interest rates LIVE YOUR DREAM Search it, Find it, Learn about it, Buy it. Obtain and retain our contact number & our email to further assist you.! SOUTH FLORIDA CALL: 786-709-6577 --- WE'RE LICENSED REALTOR & LICENSED MORTGAGE BROKER. |
FREE -- Top 10 home-buying mistakes to avoid before buying! How to use home
inspection report to negotiate sale price?
FREE -- How to become a better condos buyers? 12 Most important things to know
before buying a condominium!
FREE -- How and where to find money to invest in real estate?
FREE -- Alternative to foreclosure: 17 things to do to avoid foreclosure & 12 steps to
take to invest in real estate foreclosure to succeed.
FREE -- How to invest in real estate Short Sale? 12 things to know & 15 things to do
when investing with Methods, techniques & strategies to make money.
FREE -- 101 ways to protect yourself from debts.
inspection report to negotiate sale price?
FREE -- How to become a better condos buyers? 12 Most important things to know
before buying a condominium!
FREE -- How and where to find money to invest in real estate?
FREE -- Alternative to foreclosure: 17 things to do to avoid foreclosure & 12 steps to
take to invest in real estate foreclosure to succeed.
FREE -- How to invest in real estate Short Sale? 12 things to know & 15 things to do
when investing with Methods, techniques & strategies to make money.
FREE -- 101 ways to protect yourself from debts.
FREE SEARCH: A better way
to search for real estate.
Motivated Sellers; Selling at
Unbelievable Prices. Search
now!
See available listings here.
Great properties, in Great
location for Great prices!
FREE: How to find money,
subsidy, low-interest loans
to pay for closing costs,
down-payment from cities &
counties of Miami Dade &
Broward.
FREE: Commercial Real
Estate: 20 Most important
things you must know
before investing in
commercial real estate
FREE: Important Tips for first
time home buyers: 24 Solid
things to know & things to
do before purchase a real
estate property
FREE: 10 Reliable things
every real estate remodeling
contract should have.
REAL ESTATE FOR SALE, SEE THE ACTUAL LISTINGS NOW!
Search for more properties in any city Right Here, Right Now!
Fast, Easy and Simple. Click Here to Search!
REAL ESTATE FOR SALE AT Low Prices, Below Market Value, Low Interest rates.
FIND HOMES FOR SALE!. SINGLE & MULTI-FAMILY HERE!
SEARCH FOR CONDOMINIUM, APARTMENTS
SEARCH FOR COMMERCIAL PROPERTIES RIGHT HERE!
SEARCH FOR WATERFRONT PROPERTIES
Motivated Sellers; Selling at Unbelievable Prices... LOOK FOR, FOR SALE PROPERTIES HERE!
Live Your Dream
Search it, Find it, Learn about it, Negotiate it, Buy it.
Obtain and retain our contact information to further assist you.! Click Here to contact us & get immediate
help! --- We're Licensed Realtor & Licensed Mortgage Broker.
Search for more properties in any city Right Here, Right Now!
Fast, Easy and Simple. Click Here to Search!
REAL ESTATE FOR SALE AT Low Prices, Below Market Value, Low Interest rates.
FIND HOMES FOR SALE!. SINGLE & MULTI-FAMILY HERE!
SEARCH FOR CONDOMINIUM, APARTMENTS
SEARCH FOR COMMERCIAL PROPERTIES RIGHT HERE!
SEARCH FOR WATERFRONT PROPERTIES
Motivated Sellers; Selling at Unbelievable Prices... LOOK FOR, FOR SALE PROPERTIES HERE!
Live Your Dream
Search it, Find it, Learn about it, Negotiate it, Buy it.
Obtain and retain our contact information to further assist you.! Click Here to contact us & get immediate
help! --- We're Licensed Realtor & Licensed Mortgage Broker.
In order to start the Short Sale (Loss Mitigation) Process we will need the
following documents and information:
* Loan Statements from Each Bank
* As Is Sale and Purchase Contract
* Sellers Acknowledgement (Will be provided to you)
* Bank Authorization Release Information
* Hardship Letter
* Two months of Bank Statements
* Two months of Pay Stubs
* Two Years of Tax Returns forms (1040's)
* Personal Financial Statment
* Listing Agreement
* 2 Active and 2 Closed Sales Comparables
* List of Repairs
-------------------------------------------------------
What is a real estate short sale?
A real estate short sale is when you owe more than your property's current
value but you need to sell. In a typical real estate transaction, your mortgage
lenders would require you to come in with the difference in the amount owed.
In the case of a short sale, we negotiate with your lenders to accept a pay-off
that is less than the amount you currently owe and you do not have to pay the
difference.
How much will this cost?
Since the majority of people facing foreclosure do not have the necessary
funds available to pay for typical real estate transaction fees, all of our
services will be paid directly by your lender. Absolutely NO fees are due from
you. We only receive payment if our negotiations with your lender are
successful.
What is required for a real estate short sale?
In order for us to get a real estate short sale accepted for you, we first must
list your home for sale. During the listing period, you will need to provide the
following documents to us so that we may package a real estate short sale
request to your existing mortgage lenders. Each lender has unique
requirements but the following items are almost always requested.
Please gather the following:
-Last two years W-2's or tax returns if self-employed
-Most recent two months of paystubs or current Profit and Loss (P&L) if self-
employed
-Most recent two months of bank statements for checking/savings accounts
-Current mortgage statement or payment coupons for all existing mortgages
-Hardship letter explainding your situation and need to sell
With these documents we create a package and submit it to the appropriate
department with your lender once we have an accepted purchase offer for
your home.
Who can qualify for a real estate short sale?
There are multiple reasons why a mortgage lender will accept a real estate
short sale. For one, if your financial situation has changed and you are
currently making less money than before you most likely qualify for a real
estate short sale. Second, if you have more money going out each month than
you have coming in, you are a qualified short sale candidate. Lastly, everyone's
situation is unique and the lenders will take all short sales into consideration.
The hardship letter usually outlines the reason for your short sale request.
How will a short sale affect my credit?
What typically happens is the loan will show up as “paid" on your credit report;
however there can be a notation that says "settled for less than originally owed.
“ This is much more favorable than having a foreclosure on your credit report.
In addition, the bank/lender reserves the right to add a deficiency judgment to
your credit report for the discounted amount. In the state of California a
bank/lender is not allowed to place a deficiency judgment against a
homeowner if the transaction is a purchase money loan on a primary
residence. Upon request, Pacific Real Estate Network will not sell your
property unless we get your lender to agree to the following: “payment in full
without pursuit of any deficiency judgment.” Please do not postpone the
inevitable and wait until you are close to foreclosure. The best way to preserve
your credit is to act quickly. Your credit will not be affected as much if we can
successfully complete a short sale within the time frame of a couple missed
mortgage payments.
How will a short sale affect my taxes?
According to the IRS, if you have reached a compromise or settlement with a
creditor/lender agreeing to release you from any further obligations regarding
the repayment of a debt, a creditor/lender may report this as "cancellation of
debt" income.
Your lender may choose to "write off" all or part of the debt it claims that you
owe, and report it as a tax loss to the IRS using a 1099-C. In most cases, you
may be able to avoid taxation. The IRS recognizes five situations where a
cancelled debt may not have to be reported as income.
1. Insolvency - your total debts exceed your total assets at the time your debt
was settled or deemed non-collectable
2. Bankruptcy - the debt was already discharged through a bankruptcy
proceeding
3. Indebtedness due to certain real property business losses
4. Indebtedness due to a qualified farm expense
5. Discharge of your debt was treated as a gift (extremely rare)
Most of our clients fall into the insolvency category. If you are insolvent, you
must inform the IRS by completing IRS Form 982: Reduction of Tax Attributes
Due to Discharge of Indebtedness and include with your individual tax return in
the year you receive the form 1099-C.
This information is provided for your information only and is not intended to be
a tax or legal opinion. You should confirm the implications of debt discharge
with your tax advisor.
Do I need a real estate short sale?
If you owe more than your home is worth and you need to sell your home,
please contact us regarding our short sale services.
following documents and information:
* Loan Statements from Each Bank
* As Is Sale and Purchase Contract
* Sellers Acknowledgement (Will be provided to you)
* Bank Authorization Release Information
* Hardship Letter
* Two months of Bank Statements
* Two months of Pay Stubs
* Two Years of Tax Returns forms (1040's)
* Personal Financial Statment
* Listing Agreement
* 2 Active and 2 Closed Sales Comparables
* List of Repairs
-------------------------------------------------------
What is a real estate short sale?
A real estate short sale is when you owe more than your property's current
value but you need to sell. In a typical real estate transaction, your mortgage
lenders would require you to come in with the difference in the amount owed.
In the case of a short sale, we negotiate with your lenders to accept a pay-off
that is less than the amount you currently owe and you do not have to pay the
difference.
How much will this cost?
Since the majority of people facing foreclosure do not have the necessary
funds available to pay for typical real estate transaction fees, all of our
services will be paid directly by your lender. Absolutely NO fees are due from
you. We only receive payment if our negotiations with your lender are
successful.
What is required for a real estate short sale?
In order for us to get a real estate short sale accepted for you, we first must
list your home for sale. During the listing period, you will need to provide the
following documents to us so that we may package a real estate short sale
request to your existing mortgage lenders. Each lender has unique
requirements but the following items are almost always requested.
Please gather the following:
-Last two years W-2's or tax returns if self-employed
-Most recent two months of paystubs or current Profit and Loss (P&L) if self-
employed
-Most recent two months of bank statements for checking/savings accounts
-Current mortgage statement or payment coupons for all existing mortgages
-Hardship letter explainding your situation and need to sell
With these documents we create a package and submit it to the appropriate
department with your lender once we have an accepted purchase offer for
your home.
Who can qualify for a real estate short sale?
There are multiple reasons why a mortgage lender will accept a real estate
short sale. For one, if your financial situation has changed and you are
currently making less money than before you most likely qualify for a real
estate short sale. Second, if you have more money going out each month than
you have coming in, you are a qualified short sale candidate. Lastly, everyone's
situation is unique and the lenders will take all short sales into consideration.
The hardship letter usually outlines the reason for your short sale request.
How will a short sale affect my credit?
What typically happens is the loan will show up as “paid" on your credit report;
however there can be a notation that says "settled for less than originally owed.
“ This is much more favorable than having a foreclosure on your credit report.
In addition, the bank/lender reserves the right to add a deficiency judgment to
your credit report for the discounted amount. In the state of California a
bank/lender is not allowed to place a deficiency judgment against a
homeowner if the transaction is a purchase money loan on a primary
residence. Upon request, Pacific Real Estate Network will not sell your
property unless we get your lender to agree to the following: “payment in full
without pursuit of any deficiency judgment.” Please do not postpone the
inevitable and wait until you are close to foreclosure. The best way to preserve
your credit is to act quickly. Your credit will not be affected as much if we can
successfully complete a short sale within the time frame of a couple missed
mortgage payments.
How will a short sale affect my taxes?
According to the IRS, if you have reached a compromise or settlement with a
creditor/lender agreeing to release you from any further obligations regarding
the repayment of a debt, a creditor/lender may report this as "cancellation of
debt" income.
Your lender may choose to "write off" all or part of the debt it claims that you
owe, and report it as a tax loss to the IRS using a 1099-C. In most cases, you
may be able to avoid taxation. The IRS recognizes five situations where a
cancelled debt may not have to be reported as income.
1. Insolvency - your total debts exceed your total assets at the time your debt
was settled or deemed non-collectable
2. Bankruptcy - the debt was already discharged through a bankruptcy
proceeding
3. Indebtedness due to certain real property business losses
4. Indebtedness due to a qualified farm expense
5. Discharge of your debt was treated as a gift (extremely rare)
Most of our clients fall into the insolvency category. If you are insolvent, you
must inform the IRS by completing IRS Form 982: Reduction of Tax Attributes
Due to Discharge of Indebtedness and include with your individual tax return in
the year you receive the form 1099-C.
This information is provided for your information only and is not intended to be
a tax or legal opinion. You should confirm the implications of debt discharge
with your tax advisor.
Do I need a real estate short sale?
If you owe more than your home is worth and you need to sell your home,
please contact us regarding our short sale services.
SHORT SALE PROCESS
The short sale process can vary, but it will generally work as follows:
1) Meet with a listing specialist to determine if a short sale is the right decision for
your families needs.
2) Execute a listing agreement and put your property on the MLS. A client
authorization is signed so we can negotiate with the lender. A lock box and real estate
sign are placed on your property. We also discuss exit strategies for when the
property is sold.
3) A negotiator at our corporate office will contact your bank/lender to determine the
requirements for a short sale. Since we have built relationships with over 200
banks/lenders we often have the requirements on hand.
4) The lender requirements are given to you so you can begin to gather documentation.
5) We receive an offer from a buyer to purchase the property.
6) We put the short sale package together for the lender including all required
documentation and a purchase contract.
7) Once the lender receives the full package they will order a Broker Price Opinion
(BPO) or a full appraisal.
8) When the BPO or appraisal comes back the bank will either accept the short sale or
begin negotiations with our team of experts to determine the best solution to get the
short sale transaction accepted.
9) One of two things will happen:
a) The bank approves the short sale and we go into a regular escrow, often times
closing within 10 days.
b) The bank gives us a value they would be willing to accept and we counter offer the
buyer at a higher price. The buyer will either accept or we will put the property back on
the market at the requested price.
10) Upon lender approval, an escrow period will begin and before long the property is
sold.
11) We then help you with the previously determined exit strategy. Most of our clients
decide to rent after a short sale but we would be happy to help you no matter what your
decision may be.
12) You get to move on with your life and sleep easier at night!-
The short sale process can vary, but it will generally work as follows:
1) Meet with a listing specialist to determine if a short sale is the right decision for
your families needs.
2) Execute a listing agreement and put your property on the MLS. A client
authorization is signed so we can negotiate with the lender. A lock box and real estate
sign are placed on your property. We also discuss exit strategies for when the
property is sold.
3) A negotiator at our corporate office will contact your bank/lender to determine the
requirements for a short sale. Since we have built relationships with over 200
banks/lenders we often have the requirements on hand.
4) The lender requirements are given to you so you can begin to gather documentation.
5) We receive an offer from a buyer to purchase the property.
6) We put the short sale package together for the lender including all required
documentation and a purchase contract.
7) Once the lender receives the full package they will order a Broker Price Opinion
(BPO) or a full appraisal.
8) When the BPO or appraisal comes back the bank will either accept the short sale or
begin negotiations with our team of experts to determine the best solution to get the
short sale transaction accepted.
9) One of two things will happen:
a) The bank approves the short sale and we go into a regular escrow, often times
closing within 10 days.
b) The bank gives us a value they would be willing to accept and we counter offer the
buyer at a higher price. The buyer will either accept or we will put the property back on
the market at the requested price.
10) Upon lender approval, an escrow period will begin and before long the property is
sold.
11) We then help you with the previously determined exit strategy. Most of our clients
decide to rent after a short sale but we would be happy to help you no matter what your
decision may be.
12) You get to move on with your life and sleep easier at night!-
IF YOU NEED HELP TO SELL YOUR REAL
ESTATE PROPERTY IN SOUTH FLORIDA;
CALL ANTONY A PROFESSIONAL REALTOR. 0
- F. Int. RealtyCLIENTS COMPLETE
SATISFACTION GUARANTEED !
HOME-SELLING --
-' -REAL ESTATE SERVICES--
HOME-BUYING -
- REAL ESTATE INFO.----
MORTGAGE LOANS INFO. -- ''
'INVESTMENT & FINANCE: METHODS,
TECHNIQUES, AND STRATEGIES. WHERE,
WHEN, HOW TO INVEST?
-
-TIPS FOR HOME BUYERS --
Top 10 Home Buying Mistakes To Avoid--
ESTATE PROPERTY IN SOUTH FLORIDA;
CALL ANTONY A PROFESSIONAL REALTOR. 0
- F. Int. RealtyCLIENTS COMPLETE
SATISFACTION GUARANTEED !
HOME-SELLING --
-' -REAL ESTATE SERVICES--
HOME-BUYING -
- REAL ESTATE INFO.----
MORTGAGE LOANS INFO. -- ''
'INVESTMENT & FINANCE: METHODS,
TECHNIQUES, AND STRATEGIES. WHERE,
WHEN, HOW TO INVEST?
-
-TIPS FOR HOME BUYERS --
Top 10 Home Buying Mistakes To Avoid--