Sell Your Home
When you’re looking for an agent to help you sell your home, the list is daunting. Let me assure you that with my 11+ years of high volume experience you will appreciate the difference when working with me. Don’t let the words “high volume” fool you. That doesn’t mean “lost in the shuffle.” That means experience, systems, staff, quantity AND quality.
Professional Privacy – Some sellers require the utmost privacy because of their situation. In some cases we won’t put a sign up and will hide the lockbox around the side of your house. Sometimes we may need to meet at a discreet location instead of my office. Your personal situation is very important to me but I promise to focus on the sale of your home. Let me be the calmness you need to get this done.
Internet Advertising – Since the lion’s share of home buyers starts their search on the internet, top placement on search engines is essential. You’ll gain access to placement on Google, MSNBC, and other websites. This will maximize your exposure and bring a large number of potential buyers to view information about your home.
Email & Social Media Campaigns – It’s important to “work the network.” We can work together to identify the right people to target your home-and get in touch with them by email to drive excitement and interest. Social media has the ability to target different local demographics which I take advantage of as well.
Personal Touch – Of course, technology alone won’t sell your home. Face-to-face interaction provides the advantage to sell your home-and you won’t have to worry about a thing. The details will be handled with care and constant communication, to ensure the marketing and sale of your home go smoothly.
Foreclosure Prevention– I have hired a team to negotiate my short sales directly with the banks. It doesn’t cost you anything and their 99% approval rating speaks for itself. Why let something happen to your home that’s completely preventable?
Easy Exit Listing Agreement– Cancel anytime, no hard feeling, and no questions asked. We’ll sign a contract like you will with anyone but if you’re not happy with my level of service just fax the Exit Clause (provided) to our office and we’ll withdraw your listing. I’d rather keep my clients happy, than locked in a relationship that they’re not happy with.
WE’RE HERE TO HELP YOU
Are you UPSIDE DOWN in your home? Do you owe more than your home is worth?
Have you received a notice of default posted on your door or in the mail?
Do you want, need, or are you being forced to move? Job relocation, military, downsizing?
Did you buy an investment property that you need to unload? Tenant abandonment, throwing good money after bad, cash flow problems?
Are you in a divorce situation?
Recently unemployed? Corporate layoffs? Downsizing or hours cut?
Have you fallen on medical hardship? Death in the family?
If you answered yes to any of these questions, you might want to consider asking us about doing a short sale anywhere in San Diego County. Do you need to sell your home, but owe more than it’s worth? You are not alone. Many people are stuck in unaffordable loans due to a number of reasons, or simply need to move. Our qualified team can help short sell your home. We handle all bank negotiations so you can move on with your life. We Can Help. Don’t wait until it’s too late.
What is a Short Sale?
A Short Sale happens anytime the value of the property is less than the amount owed to the lender and the lender agrees to write off the difference. In other words, the homeowner is “upside down” on his loan. Short sales may be forced by a variety of situations: job loss, loss of income, divorce, medical bills, or increased payment amounts on adjustable rate mortgages (ARMs).
Why would a lender agree to a Short Sale? Lenders make their own decisions when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not foreclosing and reselling them (REO). They want to avoid spending time and money to foreclose, evict borrowers, and put the property on the market as an REO. They want to avoid paying property taxes, insurance, preservation, relocation assistance, liens, fines, back taxes, monthly HOA, and repairs. There’s also a new series of fines being implemented in California which could cost the servicer up to $5000 a DAY if the exterior of the house isn’t maintained. They want to avoid risking theft (appliances, copper, fixtures, plumbing and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know about the seller’s financial story and why that borrower can’t pay back the loan. The seller will need to submit that information to the lender to assist the lender in deciding whether to accept a short sale. We have all the required forms which we would be happy to send to you when you request our prelisting package.
Contact us today to get help from an agent that specializes in your area.
You can also go to North San Diego Short Sales for additional Short Sale Information and to subscribe to our blog posts
Home Listing Syndication
Your home can be advertised on websites all across the web (more than 44 total), making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:
GET FORECLOSURE PREVENTION HELP RIGHT NOW
Short Sales are common in California. It’s been a long, tough ride. If you’ve held out this long, congratulations on persistence. We’ve met with sellers who’ve drained their 401(k)’s, IRA’s, borrowed from parents, borrowed from their kids, food stamps, loss of both jobs, nothing left but $1000 for food and no idea when the next check will come. Yes, we’ve seen it all. You have nothing to be embarrassed about. You DO need to act Quickly though. We understand the California Foreclosure Timeline and are here to answer your Short Sale Questions. We are standing by so call 760-618-1490 or GET SHORT SALE HELP IN SAN DIEGO NOW by requesting help online. There are NO upfront fees to worry about so we can get your short sale started today. When you call 760-618-1490, a San Diego Short Sale Agent will schedule a time to meet, discuss your situation, offer a free consultation and should you want to discuss short sale vs. foreclosure options, we can even direct you towards legal representation. WE CAN HELP – but you must act now. Call 760-618-1490 Now.
WHAT TO EXPECT DURING YOUR SAN DIEGO SHORT SALE
1. The Pre-Listing Package and The Listing Contract – We will obtain all required forms and data to begin the process. All data is kept secure and will remain private.
2. Lockbox – We will hang an electronic lock box for showings – if permitted (tenant occupied homes don’t allow a lockbox). The lockbox is a computer and provides data to us for following up with agents who show the property. We find that a lockbox improves the showings over those without one. We can hide the lockbox on the gas meter or water source for extra privacy.
3. Photos – We will take pictures of the property in order to create a virtual tour (homes over $500,000) and showcase the property in print, and online. The better the photos, the better your chances of selling your home and receiving offers that the bank will consider. We put the most photos allowed on all our real estate sites.
4. MLS – Within three days of receiving your listing paperwork and financial documents, we will have your property posted on the MLS (unless instructed otherwise). We recommend preparing your home in advance and work with the us on scheduling the photographs. If you allow a lock box, you will not need to be present for the photos. A professional style ad will be written, 12-25 pictures will be featured, and a link to a virtual tour will be provided (homes above $500,000). The better the MLS brochures look, the more likely it is that we will receive an offer within our 4 week plan.
5. The Shortsale Bundle Submission – All banks are different. Some are easier to work with than others. Some use fax machines still : ) Certain banks want the entire shortsale package up front, while others won’t look at anything until there is an offer. We will submit all information including the authorization to speak on your behalf, the listing contract, and the financial package when the bank allows the submission.
6. Our marketing plan-All of our shortsale listings are put on a plan from the day the listing is loaded onto the MLS. This plan includes the bi-weekly updates, internet marketing, and price adjustments. The plan is designed to generate an offer within 4 weeks of the listing date. We will discuss those price adjustments as we proceed through the 4 weeks.
7. Our Timeline – The entire process typically takes 90-120 days but a lot of that depends on the buyer sticking around. Sometimes the buyer changes their mind, loses their job, or finds something else. I’d be happy to discuss why this happens and what we do when this happens.
8. Our Offer- We are required to present all offers. We will explain the offers, what they entail, and what they mean to you. You will have the right to accept, counter, or reject all offers. Our goal is to obtain an offer that proves to the bank that it will be more expensive for them to foreclose than to accept the loss on the provided offer. If the offer is too low, we will need to counter or reject. In some cases, especially where there is a tenant, the price has to be dropped under fair market value to encourage an offer. In this case, we will have to provide proof to the bank that we attempted to obtain a higher offer. This is done providing marketing proof, MLS records, and showing reports. We send that to the bank along with the offer and all the paperwork as one large bundle (which usually prevents them from “losing” documents and asking repeatedly for the same paperwork again and again).
9. We Accept – Once we have an accepted offer, all information will be submitted to the bank. The bank will require a copy of the signed offer, all counter offers, and a HUD. The HUD is a settlement sheet provided by the title company which basically provides the bank with a bottom line loss when they include the brokerage fees and closing costs. We get the HUD from the title company that we work with who are familiar with the urgency for which this is needed. This HUD is part of our large bundle as well.
10. Changing Property Status – Once you accept an offer, we are REQUIRED to list your property as “contingent” in the MLS. This shows other agents that your property has an offer. It will still show up on many of the consumer search engines as available so we’ll still get some calls from potential buyers. If a buyer hires an agent to look up active properties, your property may not show up on their report. We are permitted to continue marketing your property as we had been doing on the Internet and Print. It is only the Multiple Listing Service (MLS) that requires us to list your property as contingent. During this time we are permitted to receive other offers and hold them as backups. We don’t confuse the banks by sending them more than one offer to consider.
11. Title and Escrow – We will require the buyer to open escrow within 24 hours of your signed acceptance. Buyers wire funds or send a cashier’s check; this does not mean you are entitled to it. The earnest money check is cashed and held in a trust account assigned to the title company. In most cases, the offer provides the buyer with financing contingencies that entitle them to a refund if they lose their financing. In addition, they will have a due diligence process (explained below) that allows them an exit strategy due to inspections etc. That being said, both parties do have to sign a cancellation of escrow in order for the buyer to obtain a refund. You have legal rights as well and will have the right to refuse the reimbursement with your legal representation. The Escrow officer will be determined in the contract. Nothing will be done without both parties agreeing, that includes the actual closing of the home.
12. Due Diligence – Due diligence is the process where the buyer investigates everything they need to know, in order to make an educated decision about the condition and whereabouts of the property. This includes inspections, investigations of nearby schools and zoning, local places of worship, home owner’s association’s amenities and regulations, tax and mello roos data and property inspections. The length of due diligence is determined in the contract and is typically 10-17 days from seller acceptance or the approval of the short sale by the bank. The buyer has the right to withdraw their offer and obtain a refund of earnest money within that due diligence process. After the due diligence process is complete, only finance contingencies, or the sellers failure to perform (honor the contract) would entitle them to a refund, unless otherwise agreed upon in the contract.
13. The Bank Process – Once the bank receives the offer and the Shortsale package, they begin their processing. They will make sure everything is current, the buyer has proof of funds or a current lender letter, the contract is properly completed, then they will order valuations. The values are sometimes two reports and with larger banks it’s just one. The first is a standard appraisal. The appraiser will evaluate your property based on the condition and nearby sales. The second is a Brokers Price Opinion, more commonly known as a BPO. The BPO is ordered from a non-affiliated real estate agent. In most cases, especially if your property is occupied, they will only do a “drive by” obtaining exterior pictures and statistics for the bank. The bank will then assign these values to a negotiator. The negotiator will then determine if the offer is acceptable. We control access to your home and can have a lengthy conversation with the BPO agent before they come out. If you have multiple mortgages, this process has to be completed with each bank.
14. The Decision – Most of our short sales are being approved, but the rules change every day. The most common reason for denial is liens. If you have not paid your HOA dues, you will be unable to pass a free and clear title if they have placed a lien on the property. We strongly encourage you to keep your HOA dues current. If there is a mechanics lien (sometime seen from a pool builder or repair person who was not paid), It makes it difficult, but not impossible to close. The bank would have to agree to pay off this lien. If the offer obtained is high enough, and the bank is ultimately receiving their “bottom line”, it might be paid. Another recent struggle is the 2nd or 3rd mortgage. In the past, the additional mortgages would take $1,000 and write it off. Today, they are getting tougher. We must get the additional mortgagors to agree just as much as the first. Without their approval, we have no sale. Some banks have a standard (we won’t take less than ___dollars or ____percent of the sales price) and some are more flexible. We won’t know until we get into the details of your short sale. Once the bank(s) approve, they will give us a written approval stating their terms (bottom sales amounts, commissions, closing costs, timeline to close etc.) We send you that approval letter which you would sign and send back to us once you’ve decided to move forward to closing. You still have to agree to sell. If you don’t agree with their terms, you don’t have to agree to the short sale either. If there is a denial, you owe nothing to the brokerage. All of this work and you still don’t pay us anything.
15. The Commissions – Drum roll please… You do not pay the brokerage/agents commission, the bank does. The goal here is for the loss of your home to be your entire expense. We don’t even charge you a transaction fee like most short sale agents out there. The only thing you may have to pay is liens or HOA arrears if they can’t be negotiated.
16. The Closing – This is the best part. Once the acceptance from the bank is handed down, the HOA (home owner’s documents) package is approved, and the due diligence is completed, the buyers & sellers are brought into the Title Company (separately) to sign off on all documents. The buyer’s funds are then deposited (usually within 24 hours – 72 hours of signing), the deed is recorded, and you are done. You must vacate the property PRIOR to closing. In our experience, it is best to vacate the property 3 days prior to closing (provided both parties have signed). This allows the buyer to complete the walk through on a vacant property. This is not required, just suggested. We suggest you have all utilities scheduled for shut off or transferred to the new buyer on the following MONDAY after closing. This way, if there is an extension for any reason, you are not stuck in the property with no power, gas or water. We’d be happy to discuss these logistics when we get to phase. Please remember to forward your mail to your new address.
17. The End – Hopefully a smooth process and you are now free to begin the next chapter of your life and comfortable referring our great team to your friends and family throughout San Diego!
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