The good bad and and ugly. Why do you need Tony Barker for help with your home for sale in these cases?
Premiere Home Realty
What is a short sale?
A short sale is a sale of real estate in which the sale proceeds is less than the balance owed on the loan for the property. It usually occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a loss is better than taking back the property. Both parties consent to the short sale process negotiations because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. You need to assure the negotiations release the borrower from the deficient amount.
How long does it take?
The time this process takes is controlled by the home owners lender and how efficient they do the paperwork, the politcal climate, the lenders true motivation and your Realtor's organization and processes. It also relies on the homeowner to gather the documents and sign the forms plus allow the property to be shown every time. The property condition and neatness is also a factor in a successful sale. This time could take two to twelve months.
Do I Have to Be Behind in My Payments to Do a Shortsale?
In most cases, no! If you are caught up in your payments, try to keep paying. This will minimize the credit issues after the sale.
If you are behind, start this process now. You can still start the shortsale process until (but not after) the SALE at the courthouse steps.
What does this sale cost?
With Premiere Home Realty and Tony Barker, nothing. Tony Barker is paid from the commission as part of the sale as agreed to from the borrowers lender. Tony will split off that commission with the buyers' agent. If your home does not sell, you terminate, or forecloses you owe Tony Barker and Premiere Home Realty nothing. As always with Tony Barker, you can terminate at anytime for no cost.
There are alot of people, attorneys and companies taking advantage of the threat of foreclosure and fear. Many will charge you upfront fees and promisary notes or binding agreements. Some will negotiate for their purchase of the home only. If they do not like the agreement and back out the property goes to foreclosure.
Tony Barker and Premiere Home Realty will promote the home as any listing to everyone and bring the best offer directly to the lender to assure success.
Tony has sucessfully dealt with many lenders on short sales, loss mitigation and foreclosure avoidance. Some, but not all include: Bank of America, (before and with Equator.com), Wells Fargo (before and with Equator.com), Chase Bank, CitiBank, HAFA loans, Fannie Mae, Freddie Mac, OCWEN, Royal Bank of Canada (RBC), Select Portfolio Services (SPS), Citi, Fannie Mae, Equator, Key Bank, Navy Federal Credit Union, First Franklin Loan Services, Reverse Mortgage Short Sales, Met Life, HSBC, HFC-Beneficial, US Bank, Banco Popular, Midland Mortgage, Central Mortgage Company, Union Bank, BAC Florida Bank, Deutsche Bank, Capital One/Chevy Chase Bank, Home Savings Of America, First Bank Mortgage, HomEQ, NationStar Mortgage, PNC Bank, ING Direct Orange Mortgage, WaMu, First Horizon, Wachovia Short Sales, FHA - HUD Short Sales, GMAC. If your bank, lender or mortgage company is not listed. Call Tony and soon it will be. Tony can help you avoid foreclosure and all that comes with that. Tony Barker is your best opportunity to put this behind you and you can move on with your life.
What Do I Need to Do?
Click here to download and print.
Information a seller/borrower and the Realtor will need to collect for the short sale.
* Letter of authorization to speak about your account with your mortgage company (attached).
* Information page with: Borrower name, property address, borrower current address (if different), all phone numbers, emails and fax numbers, mortgage account number and social security numbers.
* Letter of Hardship (of owner/borrower).
* Personal Financial Statement (List of bills/debts including home AND List of income, please copy bills and check stubs).
* Bank Statements (all accounts/last 3 months).
* Copy of Listing Agreement.
* Copy of Sellers Disclosure.
* Any offers existing.
Tax Implications for short sales:
Bottomline: If you have a short sale and it closes you will get a 1099C from the IRS for the deficient amount but it should be exempt from taxes. (You should contact your tax professional and/or the IRS for how the programs specifically affect you.
Mortgage Forgiveness Debt Relief Act of 2007
http://en.wikipedia.org/wiki/Mortgage_Forgiveness_Debt_Relief_Act_of_2007
Emergency Economic Stabilization Act of 2008
http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008