- Advice for First-Time Buyers
- How to Negotiate with Sellers
- Types of Mortgages
- Getting the Best Mortgage Rates Online
- Surviving Escrows
- Risks of Remodeling Without a Permit
- Traversing The Pitfalls of Home Inspections
- What is a CMA and Why Do You Need One?
- The Home Sale: Securing The Deal
Selling your home can be a difficult and exhausting process in our current real estate market. Bailey Mac is a full service brokerage with many resources. I am a certified distressed property professional with extensive experience in negotiating short sales. We believe it is important to hire a knowledgeable and professional Realtor to represent you when selling your home. Accessibility, professionalism, and client/Realtor communication are all important elements of client satisfaction. My client satisfaction is evident in my history of referrals and repeat clients.
I am here to walk you through the selling process with ease by:
▪ Helping you determine the best asking price for your home.
▪ Offering short sale assistance when needed.
▪ Implementing our marketing system.
▪ Keeping you up to date on changes in the market.
▪ Presenting and assisting in evaluating all offers.
▪ Monitoring the buyers loan process.
▪ Monitoring the status of all contract contingencies.
Marketing Your Home Is Key To Obtaining Optimal Price. I provide a multi-level full service marketing system.
▪ Most home buyers search for homes online. My professional photographer will capture the best of your homes interior and exterior.
▪ Marketing on multiple real estate websites including Zillow, Trulia, Realtor.com.
▪ Social media marketing including Facebook, Twitter and YouTube.
▪ A virtual tour will provide buyers with a 360 degree view of your home.
▪ Newspaper advertising.
▪ Postcards are mailed to surrounding residents as well as our personal client database.
▪ Professional flyers will be placed inside your home and in a flyer box on our yard sign.
▪ Open houses and broker tours will be provided.
Let me walk you through the selling process with ease.
click on the links below for more information
Understanding Short Sales
What Is A Short Sale?
Unfortunately, in the past, lenders were making loans in amounts that
ultimately became too difficult for borrowers to repay. Some of these
borrowers may not be able to fulfill their mortgage obligations. When a
borrower is no longer in a position to make the mortgage payments, is
facing foreclosure and the current market value of the property,
including escrow costs, is less than the loan on the property, the
borrower may consider a short sale. This could save the lender the
expense of foreclosure proceedings and from having another REO property
on its books. From the borrower’s perspective, the short sale prevents
having the foreclosure on the borrower’s credit history, and releases
the borrower from an obligation that he or she can no longer afford.
In essence, a short sale is a sale transaction subject to a lender’s approval in which the lender consents to a sale of the security interest for less than what is owed on the note and accepts the proceeds in full satisfaction of the loan amount. A short sale requires much paperwork and preparation on behalf of the borrower. Typically, before applying for a short sale, the seller must have a ready buyer and all the paper work prepared to present to the lender. The buyer of the property must also be prepared for a protracted time period to conclude the purchase of the property.
Is the seller in a short sale relieved of all debt obligations owed to the lender?
In general, as long as the property is a residential 1 to 4, then yes
a seller in a short sale will be relieved of all debt obligations owed
to the lender*.
With the passage of SB 458, effective July 15, 2011, after the short sale of a residential property of one-to-four units, the holder of any senior or junior deed of trust cannot pursue the borrower (seller) for any deficiency under the note. If the lender consents to the short sale in writing, as long as the proceeds of sale were tendered to the lienholder as per the buyer and seller’s agreement, then no deficiency can be collected or is even owed, and no deficiency can be rendered or even requested. The borrower (seller) is protected even if the loan is refinanced as long as it’s secured by a trust deed.
*Please note there are certain circumstances in which debt obligations are not relieved by the lender. Please consult a professional for further information.
Does a short sale adversely affect a defaulting borrower’s credit rating?
Yes. Lenders will report the short sale as being settled for less than the full balance. This would show up on the borrower’s credit report as a negative mark for seven years.
Can a licensed short sale consultant collect an advance fee?
No. An advance fee is a fee charged upfront for services not yet
performed. An advance fee is defined to include a fee claimed, demanded,
charged, received, and collected before fully completing the service
the licensee contracted to perform. The services to be performed cannot
be separated or divided into components for the purpose of avoiding the
law. A licensee cannot write a limited-service contract for any type of
loan negotiation or sale of notes. A real estate broker cannot get paid
in advance to solicit lenders on behalf of borrowers in connection with
loans secured by residential one-to-four unit real property until the
borrower becomes obligated to complete the loan. Advance fees are
prohibited for loan modifications
Furthermore, if a Notice of Default has been recorded against a property involving one-to-four owner occupied residential units, an advance fee is prohibited for foreclosure-related consulting services under the foreclosure consultant
Does a short sale consultant have to be a real estate licensee?
Yes. Generally, if a short sale consultant negotiates real estate
loans or performs services for borrowers or lenders, both the short sale
consultant and the short sale consulting company must be properly
licensed with the California Department of Real Estate. More
specifically, unless an exemption applies, a real estate license is
required for someone who, for compensation or in expectation of
compensation, does or negotiates to do any of the following acts on
behalf of another:
Solicits borrowers or lenders for loans secured by real property; Negotiates loans secured by real property; Performs services for borrowers, lenders or note holders for loans secured by real property; Collects payments for loans secured by real property.
Certain exemptions to the licensing laws may apply. For example, a real estate license is not required if someone merely performs clerical or administrative services, such as assembling a short sale package as long as final determination as to its completeness is made by the broker.
Short Sale Tips
- Hire a Realtor! Not all real estate agents are REALTORS®. REALTORS® are members of the NATIONAL ASSOCIATION OF REALTORS® and voluntarily pledge to abide by the strict code of professional ethics.
- Take a Proactive Approach. The short sale process can take a lot of time and effort on your part, so taking a proactive approach to your short sale may help you complete the transaction as quickly and painlessly as you can.
- Knowledge is Your Friend. The short sale process may be new to many sellers and is much different than a normal transaction. It is important to know what you are getting yourself into.
- Do Your Homework. As early as you possible, determine your lender’s short sale requirements and whether you satisfy those requirements.
- Get a Good Price For Your Home. Getting a good sales price not only improves your chances of getting your short sale approved, but may also have other advantages.
- Submit a Complete Short Sale Package. Provide your lender with a complete short sale package containing all the required information and documentation in an organized manner.
- Be Patient But Persistent
- Avoid Scam Artists. Be wary of scams. Your REALTOR® will help you avoid getting duped.