SO CAL HOMES REALTY
Harold Sharpe

Short Sale Reality   Harold Sharpe

(951) 821-8211

Harold Sharpe is the owner of
So Cal Homes Realty
.

Harold Sharpe has been a
Licensed Real Estate Agent,
since 2001.

Harold Sharpe has been a Licensed Real Estate Broker,
since 2005.

Harold Sharpe specializes in
Selling Houses, and
Finding homes for people.

So Cal Homes Realty is the
Real Estate Brokerage to assist you in Buying or Selling a House.

Feel Free to call Harold at
(951) 821-8211

DRE LIC #01312992

Monday - Sunday 9am - Dusk

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Short Sale Reality

Are you one of the many people in Southern California are in jeopardy of loosing their homes? Selling your Southern California Home as a Short Sale,
may be an option for you.

Consult a Real Estate Attorney and a CPA.

Short Sales are each unique.

While your agent is negotiating for you and dealing with the stress of dealing with the worst element at the bank (loss mitigation) you need to know a
few things.

First and foremost, not all short sales are approved. In fact of all the short sales listed, only 12-20% actually sell. Much of this is due to lack of communication between the bank and the listing agent. The single largest reason for short sale failure is due to the agent's failure to submit an accurate and complete short sale package to the bank. Two out of three packages are incomplete and are thrown away by the bank. During a short sale, the banks lose paperwork more often than the neighbor's kid loses his homework. The bank doesn't pick up the phone and call when they can't find certain information in your file. Instead they close the folder, throw it back of the stack of other short sales and go on to the next file. This happens 100 times a day. This is why you need to be patient with your bank and realize, the listing agent is the one trying hard to
do your short sale. The bank is doing it so they can save money on a foreclosure.

On the banks end,.... while all may appear to be set and ready to go, each file processor handles approximately 400 - 600 sort sale files at a given time.
Oh, by the way, the processors in the loss mitigation department at the bank, quit their jobs as often as you wash your car. Understandably, as they are underpaid, and way over worked. There are no faces on a file. They can't remember who is what and so on. In addition, their bosses, the loss mitigators, at the bank, are not what anyone would call nice. The loss mitigators don't get hired to be nice and they don't keep their job if they are nice. This is not a bank teller position. This is a Collection department dealing with hundreds of people wanting to default on their loans or pay less than is owed at any given time. Those same loss mitigators get paid on commission of money they collect over and above a certain number and or percentage.

While I know you are trying or thinking of trying to sell your house,
I understand your crisis. As a person who may be getting let off the hook for thousands upon thousands of dollars, your job, is to earn being let off the hook. During the short sale process, you will need to put up with some unwelcome behavior and attitudes from those who may let you off the hook
for all of that money.

I ask you, in the back of your mind, to remember how you spent your refi money, or second loan money. You may have paid off credit cards for many purchases. You may have bought that SUV, or a boat a while back. You may have sent your kid to college. It is truly amazing how mad people are at the banks, when the banks loaned you money for the promise you would pay them back with interest. Now I ask you to keep in mind, you spent a lot of money. Now you are trying to short sell your house. You are doing the right thing by not letting it go to foreclosure.
I want to take the time to tell you.. Short Sales are a long process. It is an effort for you to try to get away with thousands and thousands of dollars
which you promised to pay. I hope you will understand that many things can
go wrong with a short sale. I want you to know, I will try my best. I cannot guarantee that the bank will settle your debt. However, I will try. I am trained to do this. If it is successful, a short sale should help your credit out in about two years as opposed to a foreclosure putting you into financial ruin for up to 10 years. Remember, you may be let of the hook for thousands upon thousands of dollars. In many cases you will be living in your home, rent free for a period of time. I will be working hard calling these banks 2-3 times a week, being placed on hold for no less than an hour each time. I will have faxed every bit
of your file to them at least 3 times. I will have mailed it to the bank no less
than twice. I will have emailed your file 7 times. Now double all of that cause you have two loans.
I ask for your patience and kindness along with common decent respect and understanding. I do this for a reduced commission that the bank pays me, out
of the sale of your home, and the satisfaction of helping out a family.
Knowing this, would you like to proceed with your short sale?

Selling a Short Sale

What is a Short Sale

Short Sale Myths

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