HOW TO SHORT SALE IN LOS ANGELES?
A short sale is a real estate transaction where a homeowner is facing a hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house is worth less than what you owe on the home loan, a short sale may be your best alternative to foreclosure.
A short sale occurs when the lender agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the proceeds realized from the sale of the property. This sounds simple enough and is the definition most agents will give you. The problem is in the details. The terms of the approval are almost always dictated by the lender. Most sellers and many agents assume any approval is a "good approval", which is often not the case.
Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.
Let our experienced Los Angeles short sale Realtor help you avoid foreclosure. We will negotiate directly with your banks to get short sale approvals for you. Our professional short sale services are 100% free to our clients.
YOU MAY GET UP TO $45,000 BY DOING A SHORT SALE.
Many major banks are now paying people if they opt to do a short sale instead of letting the property go to foreclosure. It is expensive for the lender to foreclosure on a home. Some of the lender’s costs could include Legal fees, Insurance, Taxes, Eviction cost, Selling cost, etc. The banks offer incentives to homeowners to encourage short sales. A short sale may get you $2,500 to $45,000 back from your lender.
WHAT IS A HAFA SHORT SALE PROGRAM?
Many people are unable or unqualified to successfully modify their loans and instead turn their attention toward avoiding the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
WHAT IS SHORT SALE LEASE BACK PROGRAM?
You Can Now Short Sale Your Home and Stay In Your Home. We have investors through a Non-Profit who will purchase your home through the HAFA Short Sale lease back program:
A) The current Lender on the home will sell the house as part of the HAFA Short Sale to the NON-PROFIT agency or Real Estate Investor.
B) You will be able to make the monthly lease payments on the home with the Short Sale Lease Back Program.
C) You will be able to buy the home back from them in 3 years or less.
Contact our short sale specialist, Marc Rodriguez at Keller Williams Real Estate to begin the appropriate short sale paperwork and accept the offer from the Non-Profit organization to purchase your home. *This will then require lender approval.
Enroll in the HAFA Program to initiate the short sale process. This is an important step because it allows our Non-Profit to facilitate the transaction without the usual “Arms Length” requirements.
Once the lender approves the transaction and escrow closes, sign the 3 Year Lease Option Purchase Agreement with the Non-Profit and begin leasing the home from the Non-Profit organization.
Whether an income, credit or medical hardship, fix your financial issues over the course of the next 3 years and obtain financing to purchase the home from the Non-Profit at the same price the Non-Profit purchased it for.
*3 basic requirements for Short Sale Lease Back Program
1. Property must be your primary residence
2. You must be able to demonstrate enough income to support the lease payments
3. You must qualify for the HAFA short sale program