Let Us Define Sacramento Real Estate Short Sale

Let Us Define Sacramento Real
Estate Short Sale

©www.DavidYaffeeTV.com

Let Us Define Sacramento Real Estate
Short Sale
If you want to avoid property foreclosure then short
selling it may solve your problem.

Short sale means you are selling your property below its
normal market value because you can no longer pay your
monthly loan mortgage.


Short Sale
Short sale is an alternative way to avoid further
embarrassments caused by credit losses.

Keep in mind that when you allow your property to get
foreclosed, your credit ratings will be destroyed, thus, you
and your loved ones will be embarrassed and harassed by
the mortgage.


Short Sale
So, to avoid this, you better do something about it by
short selling your property right away.

Short sale is an alternative way to foreclosure proceedings
and bankruptcy and this method helps you regain your
credit standing.


Short Sale
Just to give you an idea, this technique is one of the most
popular real estate methods in Sacramento over the past
few years.

Home owners would short sale properties just to avoid
foreclosure proceedings, and even realtors recommend
this method especially to those who don’t like to see their
credit ratings fall down.


Short Sale
Banks would act as lenders in short sale and they will ask
you to sell your property less than the actual market price.

But keep in mind that not all are qualified to do a short
sale. There are certain guidelines and qualifications to
follow before you can finally do short selling.


Short Sale
Banks would background check your financial status to
make sure that you really don’t have the capacity to pay
your loan mortgage anymore.

You must be really broke before you can qualify for this
real estate technique.


Short Sale
Lenders would really make an effort to investigate you
and even your loved ones’ financial capability before you
are allowed to short sale properties.

Below are the things you need to do and the qualifications
and requirements you need to present to lenders (banks)
if you are planning to do this method for your property.


Short Sale
Go to the banks and ask about short sale – You already
know that banks act as lenders in this method so it is best
to go directly to them and ask how this method can help
you solve your real estate matters.

Banks will prequalify you by asking some important
questions and preparing documents to check if you are
eligible to do the method.


Short Sale
Prepare the Preliminary Net Sheet – You must have an
idea how much you would like to receive from the short
sale. Include even the costs of sale, real estate agent’s
commission, outstanding balance of your loan, taxes fees
(State and Federal) and etcetera.

If you don’t know how to prepare the Preliminary Net
Sheet, you ask help from an agent or a lawyer to calculate
your Net sheet for you.


Short Sale
Prepare the Hardship Letter - The more broke you
are, the better.

This letter is very important because the lenders will
decide if you are qualified to do the method through your
hardship letter.


Short Sale
This letter will describe how you became broke and how
you ended up having financial constraints. Include in your
letter as well if you have ended up being divorced from
your husband or wife, it is a very strong reason why you
cannot pay your loan mortgage anymore.

Just tell the truth on your letter and do not lie if you really
want to qualify.


Short Sale
Provide proof of Income and other financial assets –
Prepare your proof of income and be sure that you are
telling the truth about your financial situation.

Lying will just make you disqualified for the short sale
method so do not attempt to lie since banks will
investigate your documents before they make any
decisions.


Short Sale
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Short Sale
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Let Us Define Sacramento Real Estate Short Sale