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What Is Included In The Short Sale Package
Hello this is Saul Carter with Other’s Realty in Modesto; we’re one of the leading short sale businesses in the Modesto area, so I would like to encourage you to contact us if you would like any information about short selling your home. I wanted to talk today about the short sale package and what goes into it.
To get the bank to approve your short sale, we need to provide them with a "checklist" of documents. I don’t necessarily think they scrutinize every detail of these documents, however they need to be able to justify that they’ve done things correctly. What I strive to do is to provide the bank with a short sale package that fulfills their checklist, but doesn’t advertise my client’s entire financial history all over the place. The basics of a short sale package are a hardship letter, an authorization that allows me to talk to the bank about my clients financial situation, bank statements, paystubs and tax returns. These need to be updated on a fairly regular basis. Some lenders even have their own forms that they require to be included in the short sale package; I can tell you more about those when you contact me. On the occasion that the bank requests more documentation, we will provide them with it, but I don’t want to give them stuff that they haven’t asked for. Usually it doesn’t take very long to put the package together. Once it’s all together, we send it to the lender with the listing agreement and purchase offer; things typically go pretty smoothly after that.
If you have additional questions about assembling your short sale package or how many year’s worth of documents you will need, please get in touch with me. Also, don’t forget to fill out the Getting Started form on our website or give us a call for more information on short sales in the Modesto area.
How Much Will A Short Sale Agent Charge Me In Order To Sell My Home
Hello everyone Saul Carter here with Others Realty, where we are doing real estate the Others way, thank you for checking out my blog today. One of the questions I get asked on almost every short sale is how much do I charge to complete your Modesto short sale. As a Modesto homeowner who may be struggling to pay your mortgage every month it is hard to imagine also paying for a short sale. Thankfully I can tell you that you will not pay me a single penny out of your pocket. My commission is actually paid by your lender and comes from the proceeds of the sale. In fact, all of the closing costs must be approved by your bank and will be paid for by your lender. There are several companies in the Modesto area who may try to charge you up front fees for a short sale but that is simply not necessary. Even better, from time to time your lender will even give me additional money to pass along to the homeowners who have completed a short sale. While this compensation for completing a short sale is usually between one and three thousand dollars I have have seen it rise to as much as twenty thousand dollars in some cases. In the long run I an committed to helping each and every Modesto homeowner I meet and that is evident by not asking for one cent from the homeowner.
If you have questions on your mortgage, or are considering a short sale already, visit my website or contact me directly to learn more about your options for avoiding foreclosure. I have been helping Modesto homeowners find the best real estate solution for years and want to help you as well. Once again I am Saul Carter with Others Realty, thank you for your time and I hope you have a great day.
What Qualifies as a Real Hardship and Do I Need one?
Hey, I’m Saul Carter here with Others Realty, your Modesto short sale experts. Today I wanted to talk about hardships and doing a short sale and the requirement of actually having a true hardship. What is a hardship? A hardship is basically where you are not in the same financial situation that you were when you originally signed those loan documents. It also means you are unable to make payments for whatever reason.
It has to be a legitimate hardship. An example of a legitimate hardship could be loss of job, moving, and curtailment of income, medical bills, or family medical bills. The one for investors is you are unable to rent your property or you’re unable to rent your property for a profit or you’ve had tenants move out. These are things that qualify as hardships.
The one thing that doesn’t qualify as a hardship is when you are way upside down and you don’t want to pay for it anymore but you have quite a bit of money sitting in the bank. Now that said, that doesn’t mean we can’t find a true hardship for you, but nobody here wants to lie to a bank because that becomes a federal crime.
The one thing we want to do is not write a hardship letter that says you don’t want to pay anymore. There is nothing that will upset the bank more than someone who has money and you don’t want to pay anymore. Banks usually take offense to that.
In doing a short sale, obviously you need to have a real hardship. We will walk you through that process and make sure it all fits into place so we can get your short sale done. A lot of agents out there claim to do short sales, I close 90% of my short sales or better and I do that in a pretty timely manner and I stick to it. I’m going to go all the way to the top if I have to to help you out.
Again, I’m Saul Carter with Others Realty, your Modesto short sale experts. Here’s to doing real estate the Others way. I look forward to talking with you soon.
Why Would A Bank Agree To A Short Sale?
Hey this is Saul Carter with Others Realty in Modesto. We’re one of the leading short sale teams in the Modesto area and I encourage you to check out our website for additional information and resources about short sales.
I wanted to talk to you today about why a bank would ever agree to do a short sale. A lot of people look at it as if the bank is taking a huge hit on the loan that the homeowner has. That may even be what the bank tells some homeowners. Banks approve a short sale because they’ll make more money than they would if they were to have to foreclose on the home. In a lot of ways, doing a short sale is doing what’s right for the bank. It’s also what’s best for my seller, which is my fiduciary responsibility.
I’ve calculated that by short selling homes, I’ve made the banks about $2.4 million in addition to what they would have made if they would have foreclosed on those properties. Short selling these homes is helping my sellers do what’s right for them, which also just happens to be what’s right for the banks. So, the simple answer is this: banks are in the business of making money and that’s why they approve short sales. They make more money with a short sale than they will with a foreclosure. If you’re curious how a short sale works and have more questions, feel free to fill out the Getting Started form on our website or give us a call. We’ll run you through the different scenarios of your situation and if a short sale is right for you. If a short sale is right for you, it’s best to start the process right away and get the huge burden off of your shoulders.
Your Short Sale 1099 From The IRS Can Be A Blessing In Disguise For Your Credit Future
Hello everyone Saul Carter here with Others Realty, your premiere short sale agent in the Modesto area, thanks for taking the time to check out my blog today. My team and I are here to help educated homeowners on their options for avoiding foreclosure and I use my blog to provide up to date information on the ever changing Modesto real estate market. If your mortgage is underwater and you are unsure what to do please take a minute to browse my website or give me a call to learn more about all of your options to avoid foreclosure.
In my blog today I wanted to talk about the tax implications of selling your home through a short sale in Modesto and some important things to know. When completing a short sale the difference between what you owe on your mortgage and what your home sells for is considered income. Because of this you will receive a 1099 from the IRS but do not worry this can be a good thing. Because of my short sale experience I can show you how to use that 1099 to better your credit in the future. If the short sale is on your primary residence state law requires you to declare the amount on your 1099 when you do your taxes. However, this money is not taxable, regardless of the amount, and is required in order to show your settlement of debt through the short sale. There is nothing more scary than owing money to the IRS and having a short sale agent with experience can help calm any tax concerns.
Do not be scared off by possible tax implications, a short sale may be your best option for getting out from under your Modesto home. Please contact me today if you have questions on your underwater mortgage. I’m Saul Carter with Others Realty, where we are doing realty the others way, thanks for your time and have a great day.
If I Decide to Complete a Short Sale, Will it Hurt My Credit?
Hey, I’m Saul Carter here with Others Realty, Modesto’s leading short sale team. I wanted to talk today about short sales and will they actually hurt your credit. Here’s the truth, yes it’s going to hurt your credit. However it’s not going to hurt your credit as much as a foreclosure and the upside to a short sale is it’s actually something that you can be in control of. You can decide when it closes; you can decide who buys it, within reason. Additionally once you’re forgiven that debt, I show my clients how to actually show it as a paid in full. Yes it’s going to affect your credit and I can show you how to mitigate it. That’s one of the things that all of my clients at Others Realty get. I don’t hear of any other realtors out there showing them how to actually fix that post short sale.
It’s one of those things that yes it’s going to hurt your credit and the real question is how bad it is going to hurt your credit. It’s not going to be as bad as a foreclosure basically just on timelines and when are you going to have that bad credit start so you can start working on it to get it done. One of the things that I run into is people that were struggling each month for a year just to pay their mortgage. They wished they had made the decision a year earlier just to get it done and complete a short sale.
So, it is what it is, don’t fret about the past. Understand you’ve got the opportunity to take charge with a short sale. With a foreclosure or deed in lieu, you are not in charge. There is nothing scarier and truthfully I think that’s the biggest reason that people are scared of short sales is because they feel like they are not in charge. Find an agent that will help you be in charge of your short sale.
Again, I’m Saul Carter with Others Realty, Modestos leading short sale team and we’re here to help you get started on a short sale and figure out if it’s the best thing for you. Call us or send us an email and we look forward to speaking with you soon. Thanks and have a great day.
Try Out Our Short Or Stay Calculator
Hello this is Saul Carter with Others Realty in Modesto. If you’re looking to short sell your home in the Modesto area or would like more information on avoiding foreclosure, please give me a call. Every year, I help homeowners like you walk away from their debt and make a better financial future for them. I’ve closed 90% of the short sales that I have worked with and I’d like to help you, too.
Today I wanted to talk to you about something that I’m really excited about – The Short or Stay Calculator. This tool helps the homeowner get a better idea of the financial obligations that they’re involved in with their home. What the homeowner really wants to find out is if their home is an asset or a liability. If it is a liability, how long will it take for your home to become an asset again?
What we’ve done is created this calculator that you can put in your address and mortgage information. By using this information, it will project how much it will cost you to stay in your home for the next several years. The average person stays in their home for seven years. If your property is upside down and you’re having some financial problems, this calculator can help you determine which is the better choice: stay in your home or short sell it. I really hope that this calculator can help every single person that visits the website and fills out the information. It’ll send you an email within minutes giving you a financial breakdown and let you know when you’ll get to that breakeven point.
There’s no obligation in using this calculator, but please know that I’m here to help you any way that I can with your underwater home. A short sale could be the solution to your financial problems, so please contact me today.
Is HARP Really Applicable To You?
Hello this is Saul Carter with Others Realty in Modesto. If you live in the Modesto area and are looking to short sell your home, I encourage you to contact me. I am the short sale expert for the Modesto area and can offer you the information and experience that you deserve to successfully short sell your home.
Today I wanted to talk about the Home Affordability Refinance Program (HARP) that Obama has come out with in the past couple of months. It doesn’t necessarily apply to you. The truth of the matter is that years ago when they came out with the Home Affordability Modification Program, the plan was to have a ridiculous amount of homeowners do modifications in the first year. Unfortunately the program was not successful and most of those homeowners were back in default on their mortgage with 90 days of doing a loan modification.
So here we are in 2012 when they have come out with the HARP program. Supposedly the only requirement is that you are current on your mortgage for at least the last three months. The truth of the matter is that your loan has to currently be serviced or owned by Fannie Mae or Freddie Mac. They are the two biggest mortgage owners in the United States, so you may qualify, however not everyone has them for their mortgage servicer.
If you are curious on exactly what you need to do to qualify for the HARP program, please call me. But please keep in mind that every time one of these government programs comes about to help everyone out, in my experience every single one of these is actually a hindrance to me getting things done for my seller’s best interest. Sometimes my sellers do get a little bit of extra money here and there, but it usually takes a little bit more time or we lose a buyer in the process. But, that being said, these programs are out there and we’ll see how successful this program really is. Please fill out the Getting Started form on our website or give us a call with any questions you may have regarding HARP or short sales. Thanks for joining me today, I look forward to helping you successfully short sell your home.
Consider What Your Hardship Is When Starting The Short Sale Process
Hello everyone Saul Carter here with Others Realty, your short sale specialist in the Modesto area, thank you for checking out my blog today. I have been closing short sales in the Modesto area for the last five years and use my blog to provide valuable content to homeowners who may be facing foreclosure. Whether you are behind on your mortgage or have simply seen the value of your home decrease rapidly it is important to know your options for avoiding foreclosure. If you have any questions on the short sale process, or are ready to get your file started, stop by website or contact me directly to arrange a free consultation.
For my blog today I wanted to discuss a topic that is a necessary part of a short sale that has changed a lot over the last few years. In the past few years the definition of a valid hardship has certainly changed allowing more and more homeowners to get out from under their distressed property. In the past I dealt with clients who were literally close to being kicked out of their homes because of job loss or unexpected financial problems. While it is still necessary to have a valid hardship more and more homeowners are considering a short sale because it makes business sense. Your Modesto area lender is in the business of making money and if a short sale makes sense for them, then it will make sense for you regardless of your hardship situation.
So if you are behind on your mortgage or a short sale makes the best business sense for you give me a call today to set up a free consultation. If you would like more information on the short sale process stop by website and browse my past blogs and several diferent short sale topics. This is Saul Carter with Others Realty, where we are doing real estate the Others way.
Take Care of a Bank and Do a Short Sale
Hi, I’m Saul Carter here with Others Realty, Modesto’s number one short sale team and I wanted to talk today about short sales and how they actually help banks. The truth of the matter is, in a short sale, assuming the property is selling for market value; the bank is going to make more money.
I run into a lot of people who don’t want to do a short sale because they have signed paperwork with the bank that says they are going to pay them in full. I appreciate that, and from that same place, you need to know that when you do a short sale, you are doing what is in the bank’s best interest. That is the reason that I close 95% if my short sales. I help them make more money.
Over the course of doing the 80 plus short sales that I’ve done, I’ve netted the banks somewhere around $2.4 million dollars above and beyond what they would have made in a short sale. Just keep in mind when you’re doing a short sale, we’re doing what is in the banks best interest. They may complain, but in the long run, they are in one business and that is to make money. If we can make them more money, we can help you get out from underneath your property by doing a short sale as opposed to doing a foreclosure.
Here’s to doing real estate the Other’s way, where we are Modesto’s leading short sale team. Please give us a call or fill out the getting started form and we’ll get you taken care of right away. Thanks a lot and we’ll talk to you soon.
Short Sale Calculator
About Saul Carter
Graduate 1995 BA in Business Administration, Marketing from California State University. Started in Real Estate 2002, sold residential for 9 months before moving into Commercial Real Estate, Specialized in Retail and Office space in the Central Valley of California. When the market turned in 2007 was caught off guard as commercial real estate dried up. Starting in late 2008 started pursuing short sales as a business strategy. Has Closed 50 short sales since January 2009. A combined total of liens negotiated: 82. Negotiated forgiveness of Debt: over $11 million. Has been an independent real estate broker since 2006. Started Others Realty in mid 2009.