Before we can even start the process
the borrower must first acknowledging the fact that the property is upside down
and it may be years if ever before the property is worth what you owe. When
this is the case there are really only two options: West Sacramento Foreclosure
or West Sacramento Short Sale. Unless you NEVER plan
on moving, keeping an over encumbered property just doesn’t make sense
Step 1. It all starts with the
initial consultation. We sit down with you to discuss all your options and
alternatives. Without giving tax or legal advice we review the potential tax
and legal considerations and set up an appointment with a tax professional or
attorney if applicable all so you can make the choice that is right for you
Step 2. We collect all your
financial documentation and complete the bank specific application. Each
servicer is different so it is important we get them what they need before the
need it
Step 3. We list your property as we
would any other type of transaction, complete with our total marketing program
including virtual tour, toll free 800 property information line, text rider
with QR code so potential buyers can scan the information directly to their
smartphone phone and as always full color flyers.
Step 4. Accepting the offer that has
the best chance of getting not only approved but closed as well. The best offer
is not always the highest offer. In today’s tight market we find buyers writing
offers that have zero chance of getting appraised at that price. When this
happens we are required to basically re-negotiate the terms costing us serious
delays
Step 5. With the right offer in hand
and accepted by the buyer and seller, we submit your West Sacramento Short Sale package to your lender
for review. We like to submit what we refer to as the “perfect West Sacramento Short Sale package” giving the
servicer what they want before they need it
Step 6. With the West Sacramento Short Sale package in the hands
of the servicer, the servicer will determine the value of the property. Most
times they will either order a full appraisal or have what called a BPO –
Brokers Price Opinion completed
Step 7. With a value in hand the
servicer will determine if the net proceeds of our West Sacramento Short Sale is sufficient to
settle the debt. If not they usually counter, if so they approve the West Sacramento Short Sale and we move to the
traditional part of the transaction
Step 8. During the traditional part
of the West Sacramento Short Sale the buyer will
complete their investigations, get their own appraisal and final loan
approvals. With those tasks complete we then move to closing.
Step 9. At the closing the buyer and
seller will each sign the escrow documents, the loan will fund in the following
days and title will transfer to the new owners. Generally the sellers will need
to be out of the property the day before the escrow closes.
Step 10. With the escrow closed and
title transferred the you the seller will have successfully completed your West Sacramento Short sale and avoided a costly foreclosure, avoided a potential
deficiency for the unpaid balance and if you qualify, avoid paying income tax
on the forgiven debt – what a great feeling that is
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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