Friday, June 29, 2012

San Diego Short Sale Guide San Diego Short Sale Package

San Diego – My Short Sale Guide Blog Series – Short Sale Package The San Diego Short Sale Package


The documentation required to process a San Diego short sale is commonly referred to as a "Short Sale Package" and is usually submitted by the agent representing the San Diego home seller or the seller of the property themselves if they are attempting to do the short sale on their own. Here’s a sample short sale package:
* Note that items may vary depending upon the lender.
Cover Letter.
Authorization to Release Information Sellers Hardship Letter
2 years W-2's.
2 months pay stubs.
2 months bank statements.
Supporting Hardship Info -
HOA liens, medical/disability statements etc.
Repair Estimate for the property (when necessary).
Comparable area sales Listing &
Purchase Contract(s).
HUD-1 net sheet (provided by escrow). First mortgage holder may ask for a payoff amount from the 2nd (obtain pay-off statement from lender).
Second mortgage holder may ask for a payoff amount from the 1st (obtain pay-off statement from lender). Lender may ask for an Initial Title Report. FHA and VA may have their own forms and special requirements as well.

If you plan to work with a San Diego real estate professional and can have your last two years tax returns as well as past two months bank statements and pay stubs together with your hard ship letter and authorization to release information statement for them at your initial meeting you’ll give them a running head start and they will love you! Call
San Diego short sale specialist Gary Ken
t at 858-457-5368 for a quick confidential analysis of your situation.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.

To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com  

The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Tuesday, June 26, 2012

San Diego Short Sale Guide, Find A San Diego Short Sale Expert

San Diego – My Short Sale Guide Blog Series
Finding Real San Diego Short Sale Expert Help Step 2:
Let me be clear. I’ve intentionally created distinctions throughout this blog between what I consider to be typical real estate sales people and true short sale professionals because it’s critical for you to be able to make the right choice, the first time. Remember, you probably only get one shot at a successful short sale.
So here’s the problem. When short sale listings became a significant percentage of the available inventory of homes to be sold, typical real estate sales people with just enough knowledge to be dangerous began pitching themselves as short sale experts, which they clearly are not, and which is evidenced by the huge inventory of former short sale listings that have been foreclosed on.
As matter of fact, I’ve sold about 1,000 bank foreclosures (aka REOs) of San Diego Homes. I can’t tell you how many of them show as “for sale” in the MLS when we take them over. So we call the agent with the bad news. Many are shocked and tell me it’s impossible because they’re handling a short sale on the home. In too many cases, they mishandled the short sale and that’s why it was foreclosed on.
These agents represent the 90% plus who sell 1-4 homes per year according to the National Association of Realtors. Don’t get me wrong though, many of these sales people are indeed experts. They are experts at convincing home owners to hire them!
Whether a surgeon, professional athlete or real estate agent, the skill an expert brings to a task is only gained through time and with vast amounts of experience. Tiger Woods makes golf look easy. But seriously, how many times do you think he has practiced his swing?
Selling 1-4 houses per year does not make for a Tiger Woods of real estate. A true real estate professional can sell homes in hot and cold markets. A true real estate professional not only knows what a BPO is, he or she has created boat loads of them. The learning becomes unavoidable when you’re consistently performing the same task.
In order to maximize the odds of a successful short sale, you need to find a pro. Obviously, it’s imperative that your real estate expert know how to market your home affectively in the current tough market conditions we are all experiencing however, the 3 primary tasks that a true real estate professional performs are as follows:
1. Educate – This means to act as your consultant and advisor. They must ask the tough questions and then listen deeply to understand your particular situation so that they can provide the best advice.
2. Negotiate – When it comes to making their client money or saving their clients money, they take the task seriously and treat their client’s money as if it were their own.
3. Coordinate – They must have the structure, systems and experience to coordinate the hundreds of transactional details including phone calls, emails, documents – everything. A mistake anywhere throughout the short sale process can cost you BIG time.
So, how do you find this pro? I told you I’d make it easy.
Call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.
To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com
The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Friday, June 22, 2012

San Diego Short Sale Guide-Short Sale Solution 1

San Diego – My Short Sale Guide Blog Series – Short Sale Solution-1 The San Diego Short Sale Solution part 1

So, what exactly is a San Diego short sale? Put simply, a short sale is a home sale in which the amount owed to the lender(s) is more than the net realized from a sale. Instead of the owner having to bring in their hard-earned money to complete the sale, it’s completed through negotiations with the existing lender(s) or lien holder(s) who then agree to accept less than the full amount owed and allow it to be paid off “short.” Now don’t get me wrong. Short sales in San Diego are most definitely a different animal than a regular San Diego real estate transaction because if and when you stop making mortgage payments, the clock starts ticking and the hangman starts preparing his noose.

You’ll likely only get one shot at a successful short sale on your San Diego home. If your agent is inexperienced at short sales, makes mistakes, gives up, slacks off, drops the ball, or simply doesn’t know how to negotiate with banks, you could wind up foreclosed on. And you do not want to go through a foreclosure.

A foreclosure would devastate your credit. Your “FICO” score could be lowered by as much as 200-400 points and you’ll be hounded day and night by your lender. Even worse, you’ll have difficulty getting credit cards, auto loans or even renting a home or an apartment for the next 7 years.
If that’s not bad enough, some prospective employers require credit reports, so that could put the kiss of death on job opportunity. And if you require a security clearance for your job, a foreclosure could be a BIG problem.
Not meaning to pile on, but often the very worst impact of a foreclosure on your San Diego home is the self-imposed stigma and shame that can be felt by the owner or their family.
If you were foreclosed, your home would be repossessed by the bank and the bank will sell your San Diego home, either at auction, or more likely through a San Diego real estate agent, with a large sign out front that says "Bank Foreclosure".
Still reading? Watch for part two
Call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.
To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com
The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Thursday, June 21, 2012

What You Should Know About Short Sales In San Diego

San Diego – My Short Sale Guide Blog Series - overview

What You Should Know About Short Sales in San Diego

Let’s start with the end in mind. It’s important that you’re clear about your goals from the beginning. If you’re a San Diego home owner looking for a way out of a stressful situation I trust that you’ll find practical and useful information here.

Because I write these blogs for San Diego homeowners, I’m going to assume that you or someone you know are facing San Diego foreclosure and looking to find a way out. So I’ll do my best to help show you that way. I’ve helped hundreds of people escape foreclosure and am confident I can help you as well.

Whether you’re current on your payments or months behind, I’ll tell you exactly what to do next if you want your bank to seriously consider accepting tens or even hundreds of thousands of dollars less than is owed them and agree to pay all of the costs and fees associated with the sale of your home through a real estate short sale.

In this practical blog, I’ll provide step-by-step instructions for selling your San Diego home for less than you owe the bank(s) and with absolutely zero expense to you.

When I’ve finished sharing all of my San Diego short sale secrets with you, you’ll know more about creating a successful real estate short sale than most of the so-called short sale experts who may be leaving flyers at your door step attempting to sell you on their services, if they’re not doing so already.

Let me say this. I understand how you’re feeling right now. Thousands of other San Diego homeowners have either recently faced, are currently facing or will soon be facing a situation very similar to your own.

Many San Diego families weren’t even aware of the short sale option or chose the wrong real estate advisor to help them and lost their homes to foreclosure, destroying their credit in the process. One thing is for certain, there’s light at the end of the tunnel and whether that light is salvation and a new beginning or a train coming at you is now up to you. Seeking the right information right now is a smart move on your part.

With a San Diego short sale expert’s help, a San Diego real estate short sale can save your credit and provide a fresh start without the added weight of a foreclosure on your credit report dragging around behind you like an anchor for years to come.

I wrote this blog for people like you and me. The thought of a San Diego County Sheriff knocking on my door and telling me and my family that we’d have 30 minutes to get everything we can carry or load into the car and get out was unfathomable to me.

I’ve helped many other San Diego home owners avoid it. And I’ll do my best to help you avoid it. All you need to do is use the information and the tools I provide to take immediate action. Working together, I can almost guarantee you success but you must act quickly and find an area expert who knows your market place. Don’t worry about that part yet though because I’m going to show you how.

Call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.

San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.

To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStay.com

The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Wednesday, June 20, 2012

Pre-Approved HAFA San Diego Short Sale Process

 

PRE-APPROVED HAFA San Diego short sale in process.

 

When our clients contacted us about their delightful home in great Del Cerro neighborhood!  4BR/3BA Home in Del Cerro. 2,626 S.F. Built in 1959 we were pleased that it was HAFA short sale eligible.  As with any San Diego short sale, the market value was less than the two loans that need to be satisfied

 

This San Diego home offers 2 master suites, downstairs master bedroom with sitting area, access to patio, skylight & bay window! Huge upstairs private master bedroom could be split as 2 BRs!  The family room features a brick fireplace perfect for warming up on a brisk night.  Sharp kitchen with wood cabinets, beautiful backyard with large patio & grassy area!  Across from Del Cerro Park, close to Hearst Elementary & walking distance to "Windmill Farms" shopping center! Close to SDSU campus and I-8 freeway entrance to make for an easy commute!

 

The San Diego home owners that are facing a serious illness as a hardship needed the Gary Kent Team’s San Diego short sale experience to help them through this stressful time.  We were able to put it under contract in as-is condition with no pest clearance

 

We’ll update this post after we have closed escrow on this PRE-APPROVED HAFA San Diego short sale in process.   In the meantime, click here if you need to find out how long it will take to an idea of how long it will take for your San Diego home value to get “above water.”

Or contact San Diego Short Sale Specialist, Gary Kent at 858-457-5368

 

Friday, June 15, 2012

Short sale solution Clairemont

Short sale solution in Clairemont (San Diego CA). That is what this family needed when they contacted San Diego short sale specialist Gary Kent earlier this year. Even though this duplex is in a nice part of Clairemont, a short sale was still needed since there was more owed to Chase and Bank of America than it was worth.

Like so many San Diego home owners facing the harsh reality of needing to sell with no equity they were in a huge bind. They were facing multiple hardships including loss of income and family illness and in two weeks later we had this Clairemont short sale solution duplex in contingent status. Now, San Diego short sale negotiator Gary Kent is helping this family process a short sale on their Clairemont Duplex.

 

Here is some of the advertising copy that we used to short sell this Clairemont duplex Short sale duplex in Clairemont neighborhood. One side is a 3BR/2BA, the other is a 2BR/1Ba. 1,918 S.F. Built in 1954. This in not your run-of-the-mill Clairemont duplex! Rare 3BR/2BA + 2BR/1BA on a canyon + 2-car garage. Ideal for owner-occupant or investor! 2Br has plenty of windows to let natural light flood the rooms and features an updated bathroom. 3BR side has been remodeled & expanded; including a jacuzzi, built-in BBQ, vinyl windows, built-in speakers, inside laundry. Large outdoor grassy area for fun.

 

Superb location in Clairemont! Just a stone's throw to shopping, entertainment, dining and more! For others seeking short sale solutions in Clairemont, you can contact Gary Kent at 858-457-5368.

Thursday, June 14, 2012

867 La Jolla Homes are still underwater

867 La Jolla Homes are still “underwater” According to recent research, La Jolla real estate agent Gary Kent has discovered that there are 867 La Jolla homes that are over-encumbered by 120% or more. Of these homes, 289 are single family residences and the remaining 578 are condominiums or planned unit development homes (PUD).

The La Jolla real estate market has been strong recently, but there are still homes that may take years to reach break-even with market values. In many cases, it is not an issue since the La Jolla home owners want to live in La Jolla and are still making their payments. However for some La Jolla home owners it may not be that simple. If a La Jolla home owner has a hardship and needs to sell, they may be stuck between a rock and a hard spot. The good news is that more lenders like Bank of America, Wells Fargo and Chase are working with home owners to complete short sales since it is usually better for the bank than foreclosure.
We’ve also launched a new website called www.ShortOrStaySanDiego.com to help folks figure out just how far underwater they are now and a projection of how long it may take to recover to break-even. Who knows, instead of talking about their mutual funds, maybe the new talk at cocktail parties will be how much equity you may have in your home. When La Jolla home owners have questions about whether or not to short sell their La Jolla home, they can call La Jolla short sale expert Gary Kent. Gary Kent and his team have helped over 200 homeowners who needed to do a short sale on the San Diego home.

Monday, June 11, 2012

Documents needed to do a short sale on your San Diego Home

San Diego Real Estate Short Sale Expert, Gary Kent, gives his expert advice on short selling your home. In this video, Gary explains the documents needed to complete a short sale in San Diego County. The short sale documents, that you most likely need to provide to the lender(s) are:
1. 2 years of the most recent federal tax returns, The bank will also require that you sign them
2. 2 months worth of pay stubs for all borrowers on the loan
3. 2 months worth of bank statements on all accounts.
4. Hardship letter showing why you need to short sell your San Diego home, along with documentation. Examples would be, divorce papers, death certificate, disability papers etc.
5. Authorization letter to allow the Gary Kent Team to process a short sale on your San Diego home.
After that, they will require these documents to be kept up to date through the entire transaction. Another form they may require is what is generally called "An arms-length agreement" to make sure that you and the buyer are not related or plotting to cheat the bank with any side agreements.
After they get these documents, one of the next things that they will require is a current valuation to show that your San Diego home is worth less than the loans. To find this out quickly, go to: www.ShortOrStaySanDiego.com By Gary Kent   Gary Kent 858-457-5368 Gary Kent Team, Keller Williams Realty CA License 01864740

Wednesday, June 6, 2012

Real Estate Tips - Who pays the agent and costs when short selling your san diego home?


If you own San Diego real estate that is underwater (you owe more than it is worth), then the question comes up; who pays the broker along with all other expenses when short selling your San Diego home?  The short answer is that the bank(s) will pay for the brokerage fees along with the escrow, title and other associated costs.  In most San Diego Short Sales that Gary Kent sells, we negotiate with the lender to not only take less than they are owe, but to effectively pay for those costs.

It sounds obvious, but banks are not in business to lose money.  But the current state of the San Diego Real Estate market (and across the nation) means that they will lose less money if they cooperate with a us on short sale, even if it costs them some money.  In the end, they know that it would cost them more to do a have a San Diego foreclosure on their books.

Sometimes there are some costs that they will not pay, such HOA fees.  .  To find out about your situation, contact San Diego Short Sale Agent Gary Kent at 858-457-5368.

Or, to find out more about how far your San Diego Home is underwater, go to www.ShortOrStaySanDiego.com

Here is a short video by Gary Kent on the topic of: "Who pays the agent -expenses when short selling your San Diego home?" 

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