How To Sell Your Anaheim Hills Real Estate As A Short Sale (Pre-Foreclosure Sale)

An Anaheim Hills short sale is a real estate sale that the lien holders (lender(s)) has agreed to accept a lower amount than the total payoff of the liens, in order to eliminate the need for foreclosure proceedings. A majority of the lenders have determined that it is less expensive to work out a settlement, instead of foreclosing on the property and take ownership. This has provided an alternative for Anaheim Hills home owners who wish to sell but hold a property where the loans are more than market value.

The following is a list of suggestions that will increase the possibility of the lender coopertaing with a an Anaheim Hills short sale:

• It is important that the owner and real estate professional work as a team as the short sale process is challenging.
• Once it has been decided that a short sale is the best option. Contact the loss Mitigation Department (work-out department) and request a short sale application. The homeowner needs to provide all the requested paperwork, disclose the financial details for the need to sell and the real estate professional is responsible for communicating with the lender effectively and timely. It is important to remember that even if the home owner accepts an offer, the lender may not.
• It is extremely important that all requirements from the lender are handled with urgency. The lenders have an increasing amount of owners wishing to sell as a short sale and only complete and accurate files are reviewed. Files that are not to their specifications are either placed on the bottom of the pile or shredded.  
• In order to stop or delay the foreclosure, the home owner and property must be approved. The lender will request a broker price opinion (Comparative Market Analysis) and an appraisal of the property. Each lender has different guidelines by which they go by to accept a foreclosure. As an example:

                     HUD Pre-foreclosure (Short Sale) selling options

         The loan is at least 2 months past due

         The sale must be completed within 3 – 5 months of the date of application

         The net sale proceeds should be at least 87% of the appraised value (minus approved costs)

• During the application review, it is important that the property is marketed effectively to reach the best buyer and obtain the best offer. Keep the lender informed of the activity on the property as well as Anaheim Hills market conditions.
• Once the best offer is submitted, it is important that it be presented in the best light to the lender. The lender does not have to accept to take part in the short sale, so it is important that through every step of the way they are given good reason to cooperate and ultimately allow the sale of the Anaheim Hills real estate.

Ultimately, it is the lender who will decide the fate of the short sale. They have guidelines to follow, investors to be accountable to and shareholders to please, so create an effective plan of action along with your Anaheim Hills REALTOR(R) that will make things easy and favorable for the lender and more importantly that will allow you (the home seller) to successfully complete the short sale and move forward with your goals.

 PUSHING THE STANDARD

Luis Gallardo Anaheim Hills REALTOR
TARBELL, REALTORS
( 888 ) 477-4610 – Office
( 714 ) 702-0713 – Direct
Luis@LuisGallardo.net – Email
www.HomeSellerInformation.com
www.tourochomes.com/