Menifee Real Estate, Menifee Homes for Sale and Menifee Homes for Rent

SHORT SALES

Team Dad & Daughters - How We are Different

We know this situation is already difficult enough for you, so we try to make the Short Sale process as stress free as possible for you.

1. We do not put our sign in your front yard.

2. We do not put a lockbox on your property.

3. We do not let your house be a revolving door for potential buyers, agents, neighbors or looky-loos.

4. Instead, we set up a 2-day Open House, over a weekend convenient for you. Each Open House will last approx 2 hours. During that time period agents may bring their clients to view your property, and we will show the property to potential buyers that we may have. We then give everyone 48 hours in which to send in their offers. Normally, we will have generated several offers from the Open Houses. From those offers, you will choose one offer to accept.

5. If your property is currently vacant, or you wish to move during the Short Sale process, we are usually able to find a Short Term Renter for your property. The Short Term Renter pays a reduced monthly rent, is fully aware of the Short Sale, and rents month-to-month, with either party able to give a 30 day Notice to Vacate. (We are able to successfully offer this since our company “Menifee Property Management” offers full property management services.

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We always encourage you to remain living in your property for the duration of the Short Sale process. This keeps the property safe, well cared for, and gives you the opportunity to save money for future moving expenses.

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The Basic Short Sale process

Short Sales usually take anywhere from 2 to 6 months to complete, but sometimes longer.

First, determine if a Short Sale is the best solution for your situation.

Do you really want to sell, and if so, why?

Do you feel pressured to make this decision now?

Have you discussed a Loan Modification with your current lender?

If you have already attempted a Loan Modification and feel that a Short Sale is in order, we will need a letter of authorization so that we can communicate with the bank on your behalf. The processing of this authorization takes between 2-14 business days. During this time you should begin preparing your property for sale, and start gathering the documents the bank will require from you.

The initial documents that your lender will require in the Short Sale Package, will include:

Last 2 paycheck stubs

Last 2 bank statements

2 years of tax returns

Profit and Loss Statement

Hardship Letter

When you are ready, we will prepare the Listing Agreement and list the property for sale on the MLS. We market your property, and after reviewing offers received, you will accept one offer.

The house then goes into "Hold Do Not Show" mode on the MLS (multiple listing service) which pretty much takes your property off the market. As long as the chosen Buyer(s) stay committed, we will not need to show your property any further.

The accepted Offer, along with your Short Sale Packet will be sent to the Lender or Lenders. Within a week or two the Lender will assign a Negotiator to the Short Sale. We keep in touch with this Negotiator on a weekly basis throughout the process.

Depending on the terms and conditions of the offer, at some point during this process your Lender may request further monetary contributions from the Buyer, the Seller, the Agents, or all of us. We will address those issues and fight those fights as they come.

Once all parties have reached a final agreement as to the pricing, terms and conditions of the sale, we will enter into escrow. Normally escrow will take 30 to 45 days.

If you are still occupying the property, you will normally have to plan on vacating the property 3 days prior to the close of escrow. If the property is vacant, we allow the Buyer to take possession at 5:00 pm on the day escrow closes. If we have a renter in the property, the renter will need to be moved out 3-5 days prior to close of escrow.

Your successful Short Sale will now allow you the potential to buy again sooner than if you would have allowed the property to go to foreclosure.

Loan mod? Short Sale? Deed in Lieu of Foreclosure? Know your Options!

Don't wait until it's too late.

If you are 2 months or more behind on your house payments, call us NOW!

We are available to meet with you by phone or in person to discuss your current situation, answer any questions, and review possible options. NEVER any cost to you.

(oh, and we work nights and weekends... :)

Cynthia Nemelka

(951) 259-9019 cell (Dre Lic #01490014)

RE/MAX Diamond Realty

26900 Newport Rd., #120, Menifee, CA 92584

(951) 301-9888

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Important Links - Information You REALLY Should Read

Pre-Foreclosure Rental Program

Senate Bill 458 prohibiting deficiency judgment after short sale by 2nd and Tiertiary lienholders - effective 7/15/2011

Senate Bill 931 prohibiting deficiency judgment after short sale by First Deed lienholders - effective 1/1/2011

Mortgage Foregiveness Debt Relief Act of 2007 (Federal)