Tuesday, May 29, 2012

Real Estate Tip: Will My San Diego Short Sale Be Approved?

San Diego Real Estate Short Sale Expert, Gary Kent, gives his expert advice on short selling your home. In this video, Gary explains the reasons why your Short Sale can be denied. Gary has closed over 200 short sales and has compiled this list of reasons why your short sale may not get approved.
Keep in mind that each San Diego short sale is different, but these are some common problems:

#1. Choosing an inexperienced agent;  Successful short sales agents know that the landscape of short sales is always changing.  Things to look for in an agent is short sale experience, Certified Distressed Property Expert (CDPE) status and an team who can always be working on your file.

#2. Starting too late;  Some distressed homeowners just wait TOO LONG.  Short sales have a lot of moving parts.  When the lender has started foreclosure, it is often tough to get them to stop.  If you are considering a short sale and are wondering just how far “under water” is my home?  Gary Kent has launched his new website to help with this tough decision.

#3. Owners are slow on documentation (income/expense/bank statements/tax returns, etc.; An experienced short sale team can help you identify the documents the bank will require.  And, while the bank might take a long time, they will want you to deliver your documents in a hurry when they ask for them.

#4. Seller is not qualified; Some lenders will not allow some homeowners to walk from their debt.  Some lenders require a hardship and limited money in the bank.

#5. Bank’s appraisal comes in too high; The bank wants to minimize their loss, so they may order an appraisal and/or a Broker Price Opinion (BPO). If that value comes in too high compared to your contract price, they may not approve the deal.  Remember, banks are in the business of losing money!

#6. Problems with Junior Liens; Typically, when the Gary Kent Team negotiates a short sale, we start with the First Trust Deed and outline the plan and how much they can expect to get.  Most lenders will allow $3,000 to $6,000 to pay to junior liens (for example, 2nd or 3rd Trust Deeds, General Liens, Income Tax Liens, HOA Liens and much more).  Sometimes, the junior lien will not accept the offered amount.  Sometimes, if it is a “recourse note,”  they want the foreclosure to go through and then they will go after the seller.

#7. The buyer bails out; San Diego short sales can take a long time.  Sometimes the buyer is unable or unwilling to close.  If this happens, the bank may not want to delay the foreclosure to wait for another buyer
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#8. The bank makes a bad decision; Sometimes it happens.  With the complicated world of mortgages, even if the loan servicer wants it to go through, the “investor” may decide against it.  Generally, this happens when based on #2 and #3, starting too late.

If you own a San Diego home or other San Diego real estate and owe more than it is worth,  Call Gary Kent at 858-535-7435.   For more information and tips about short sales please visit
www.shortorstaysandiego.com
http://youtu.be/5zEcbgOpjNM
By Gary Kent

Thursday, May 24, 2012

Carlsbad Short Sale Closed

Even though the Gary Kent Team is a San Diego Short Sale Agent, we also help homeowners in other parts of San Diego County real estate.  We just closed this condo in Carlsbad (North San Diego County).  The couple was about $50,000 underwater and he had been transferred overseas by his company.  Keeping the home as a rental would have cost them $1,000 a month.
There was only one active first, with Well Fargo.  Generally it went well but the odd thing was that they took it off of Equator to process.  The biggest hassle we had at the end was that they wouldn't pay $96 to clear the second TD that was paid off but not re-conveyed and they wouldn't let the buyer or the agent pay it.  STUPID!  Finally we paid it by wire and got an updated zero payoff to close.
We just said good bye to them and their two puppies.
So, even if you owe more than your home is worth, we may be able to help.  If you want to see if you should short sell my San Diego Home, visit http://www.ShortOrStaySanDiego.com