Bressani Real Estate

Welcome to
Bressani Real Estate
THE SHORT SALE

PROCESS
Resource for Sellers in Sacramento, Placer and El Dorado Counties
LYON REAL ESTATE AND ITS AGENTS DO NOT GIVE TAX AND/OR LEGAL ADVICE PERTAINING TO
SHORT SALE TRANSACTIONS. PROPERTY OWNERS THAT ARE CONSIDERING SHORT SALES
SHOULD SEEK TAX AND/OR LEGAL ADVICE FROM QUALIFIED PROFESSIONALS.
Jim Hamilton
Direct: (916) 355-7005 Mobile: (916) 601-0500 Fax: (916) 294-8565
150 Natoma Station Drive, Suite 300, Folsom, CA 95630
jhamilton@GoLyon.com
www.Jimhamiltonrealestate.com
CA DRE# 0181309
The Short Sale Process
VALUE - SOLUTIONS - RESULTS
YOU’RE NOT ALONE
Jim Hamilton
CA DRE# 0181309
IN THIS PRESENTATION WE WILL COVER THE FOLLOWING AREAS:
Definition of a short sale

•
• What are the qualifications for a short sale?

• What is required of the home owner?
• What should the home owner expect from the short sale process?
• What are the advantages of conducting a short sale?
• Why working with Bressani Real Estate is a sound decision?
• Short Sale Resources
Jim Hamilton
CA DRE# 0181309
VALUE - SOLUTIONS -RESULTS
WHAT IS A SHORT SALE?

A short sale is when your mortgage lender(s) and /or lien
holders(s) agree to take less than is owed so that you
can sell your home at the current market value.
• Your home may be over-leveraged or “underwater”

• You may be behind on your mortgage payments and can not get current
• The balance on your loan may be more then what the current fair market
value of your home is.
• Lenders create short sales as an alternative to foreclosure
• A short sale is more financially beneficial to a lender resulting in a
10-15% cost savings to that of foreclosure
Jim Hamilton
CA DRE# 0181309
WHAT ARE THE QUALIFICATIONS FOR A

SHORT SALE?
• You must have a true financial hardship
• Your loan must be in default status (in most cases a minimum of 90 days)
• You are facing imminent default while in a “Must Sell” situation
• Have no equity in your home
• Have no available assets
• Have a lender and loan type with a clearly defined short sale process
Jim Hamilton
CA DRE# 0181309
WHAT IS REQUIRED OF THE HOME

OWNER?
FIRST STEP:
GET YOUR PROPERTY LISTED AT THE FAIR MARKET VALUE
• Provide a copy of the listing agreement to your lender

• Provide sufficient evidence to your lender that you have made a good faith
effort to sell your home for the highest market price that the market will
bear
Jim Hamilton
CA DRE# 0181309
THE PAPERWORK LIST
LENDER REQUIREMENTS:
• Handwritten hardship letter
• Financial Worksheet (your personal budget)
• 2 years most recent tax returns (with W-2s and all schedules)
• 2 months recent bank statements (all accounts and all pages)
• 2 months recent pay-stubs (or, if unemployed a statement stating such)
Jim Hamilton
CA DRE# 0181309
THE PAPERWORK LIST
REALTOR REQUIREMENTS:
• An authorization to release
• Copy of recent mortgage statement
• Copy of all correspondences from lien holder(s), attorney(s), bankruptcy
trustee, or probate
• Property tax records
• HOA information
• Negotiation disclosures
Jim Hamilton
CA DRE# 0181309
HELP YOUR REALTOR BY:

• Allow the property to be shown
• Maintain the home in show-able condition
• Be accessible to your agent
• Have open lines of communication with your agent
• Cooperate with all marketing efforts
• Leave all utilities on if property is vacant
Jim Hamilton
CA DRE# 0181309
WHAT TO EXPECT DURING THE SHORT

SALE PROCESS
SHORT SALES TAKE TIME TO COMPLETE (3-4 MONTHS ON AVERAGE)
AND REQUIRE CONSIDERABLE PATIENCE AND COMMUNICATION
BETWEEN ALL PARTIES INVOLVED
• Home is marketed effectively

• A purchase offer must be received
• Short Sale package must be submitted to lender
• Bank orders appraisal
• Negotiations between lender and agent
• Property is sold for the highest and best price for lender
Jim Hamilton
CA DRE# 0181309
HAVE YOU RECEIVED A FORECLOSURE

NOTICE?
If you have a foreclosure notice notify your agent IMMEDIATELY and
provide all current foreclosure documentation that you currently received.
Don’t panic as you still may have time to conduct a short sale if a reasonable
period of time is available to locate a qualified buyer. If a buyer is located and
a fully executed contract is in place before your foreclosure date, we may be
able to convince the lender to post phone the foreclosure sale.
LENDERS ARE IN THE BUSINESS OF LENDING

MONEY NOT OWNING REAL ESTATE
THEY DON’T WANT YOUR PROPERTY!
Jim Hamilton
CA DRE# 0181309
ADVANTAGES OF A SHORT SALE

NO foreclosure on record
•
• Generally no out of pocket money to close
• No repairs necessary- Property Sold “AS IS”
• No taxable event for those that qualify (consult with a tax
attorney)
• No deficiency judgment on primary 1st loans (SB 931)
• Clear out your mortgage debt
• Eliminate the need to file bankruptcy
• Return to a home buying position within 24 months
Jim Hamilton
CA DRE# 0181309
WHY CONDUCT A SHORT SALE WITH

BRESSANI REAL ESTATE?
• Extensive Knowledge of the short sale real estate market
• Will insure your lender receives the highest and best price for the property
(insuring a high approval rate)
• Works hand in hand with a team of short sale experts with over 125+
years of combined real estate experience
• Negotiate fearlessly with your lender on your behalf
• Ethically obligated to protect your interests
• Certified Short Sale Expert
Jim Hamilton
CA DRE# 0181309
SHORT SALE RESOURCES

Making Home Affordable
U.S. Department of Housing and Urban Development
Right Tools, Right Now
HOPE NOW
U.S. Foreclosure Network
SHORT SALE VS. FORECLOSURE
SB 931
Attorney Referral List

Bressani Real Estate - Short Sale Listing Presentation 1-12-11

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Bressani Real Estate - Short Sale Listing Presentation 1-12-11

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Welcome to

THE SHORT SALE

YOU’RE NOT ALONE

IN THIS PRESENTATION WE WILL COVER THE FOLLOWING AREAS:

Definition of a short sale

• What are the qualifications for a short sale?

WHAT IS A SHORT SALE?

• Your home may be over-leveraged or “underwater”

WHAT ARE THE QUALIFICATIONS FOR A

WHAT IS REQUIRED OF THE HOME

• Provide a copy of the listing agreement to your lender

THE PAPERWORK LIST

THE PAPERWORK LIST

HELP YOUR REALTOR BY:

WHAT TO EXPECT DURING THE SHORT

• Home is marketed effectively

HAVE YOU RECEIVED A FORECLOSURE

LENDERS ARE IN THE BUSINESS OF LENDING

ADVANTAGES OF A SHORT SALE

WHY CONDUCT A SHORT SALE WITH

SHORT SALE RESOURCES

U.S. Department of Housing and Urban Development

Right Tools, Right Now

U.S. Foreclosure Network

SHORT SALE VS. FORECLOSURE

Attorney Referral List

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