Short Sale Listing Presentation

Jim Hamilton Real Estate
Welcome to
THE SHORT SALE PROCESS

Resource for Sellers in Sacramento, Placer and El Dorado Counties
LYON REAL ESTATE AND ITS AGENTS DO NOT GIVE TAX AND/OR LEGAL ADVICE PERTAINING TO SHORT SALE TRANSACTIONS. PROPERTY OWNERS THAT ARE CONSIDERING SHORT SALES SHOULD SEEK TAX AND/OR LEGAL ADVICE FROM QUALIFIED PROFESSIONALS.
Jim Hamilton
Direct: (916) 355-7005 Mobile: (916) 601-0500 Fax: (916) 294-8565
150 Natoma Station Drive, Suite 300, Folsom, CA 95630 JHamilton@GoLyon.com www.JimHamiltonRealEstate.com www.FolsomShortSaleExpert.com CA DRE# 01871309
The Short Sale Process

HONESTY RESPECT RESULTS
YOURE NOT ALONE
Jim Hamilton
150 Natoma Station Drive, Suite 300, Folsom, CA 95630 Jhamilton@GoLyon.com www.JimHamiltonRealEstate.com www.FolsomShortSaleExpert.com CA DRE# 01871309

IN THIS PRESENTATION WE WILL COVER THE FOLLOWING AREAS:
Definition of a short sale What are the qualifications for a short sale? What is required of the home owner? What should the home owner expect from the short sale process? What are the advantages of conducting a short sale? Why working with Bressani Real Estate is a sound decision? Short Sale Resources
Jim Hamilton

WHAT IS A SHORT SALE?

A short sale is when your mortgage lender(s) and /or lien holders(s) agree to take less than is owed so that you can sell your home at the current market value.
Your home may be over-leveraged or underwater You may be behind on your mortgage payments and can not get current The balance on your loan may be more then what the current fair market value of your home is. Lenders create short sales as an alternative to foreclosure A short sale is more financially beneficial to a lender resulting in a 15-25% cost savings to that of foreclosure
Jim Hamilton

WHAT ARE THE QUALIFICATIONS FOR A SHORT SALE?

You must have a true financial hardship Your loan must be in default status (in most cases a minimum of 90 days) You are facing imminent default while in a Must Sell situation Have no equity in your home Have no available assets Have a lender and loan type with a clearly defined short sale process
Jim Hamilton

WHAT IS REQUIRED OF THE HOME OWNER? FIRST STEP:

GET YOUR PROPERTY LISTED AT THE FAIR MARKET VALUE Provide a copy of the listing agreement to your lender Provide sufficient evidence to your lender that you have made a good faith effort to sell your home for the highest market price that the market will bear
Jim Hamilton

THE PAPERWORK LIST

LENDER REQUIREMENTS:
Handwritten hardship letter Financial Worksheet (your personal budget) 2 years most recent tax returns (with W-2s and all schedules) 2 months recent bank statements (all accounts and all pages) 2 months recent pay-stubs (or, if unemployed a statement stating such)
Jim Hamilton

THE PAPERWORK LIST

REALTOR REQUIREMENTS:
An authorization to release Copy of recent mortgage statement Copy of all correspondences from lien holder(s), attorney(s), bankruptcy trustee, or probate Property tax records HOA information Negotiation disclosures
Jim Hamilton

HELP YOUR REALTOR BY:

Allow the property to be shown Maintain the home in show-able condition Be accessible to your agent Have open lines of communication with your agent Cooperate with all marketing efforts Leave all utilities on if property is vacant
Jim Hamilton

WHAT TO EXPECT DURING THE SHORT SALE PROCESS

SHORT SALES TAKE TIME TO COMPLETE (3-4 MONTHS ON AVERAGE) AND REQUIRE CONSIDERABLE PATIENCE AND COMMUNICATION BETWEEN ALL PARTIES INVOLVED Home is marketed effectively A purchase offer must be received Short Sale package must be submitted to lender Bank orders appraisal Negotiations between lender and agent Property is sold for the highest and best price for lender
Jim Hamilton
150 Natoma Station Drive, Suite 300, Folsom, CA 95630 jhamilton@GoLyon.com www.Jimhamiltonrealestate.com CA DRE# 01871309

HAVE YOU RECEIVED A FORECLOSURE NOTICE?

If you have a foreclosure notice notify your agent IMMEDIATELY and provide all current foreclosure documentation that you currently received. Dont panic as you still may have time to conduct a short sale if a reasonable period of time is available to locate a qualified buyer. If a buyer is located and a fully executed contract is in place before your foreclosure date, we may be able to convince the lender to post phone the foreclosure sale.
LENDERS ARE IN THE BUSINESS OF LENDING MONEY NOT OWNING REAL ESTATE THEY DONT WANT YOUR PROPERTY!
Jim Hamilton

ADVANTAGES OF A SHORT SALE

foreclosure on record Generally no out of pocket money to close No repairs necessary- Property Sold AS IS No taxable event for those that qualify (consult with a tax attorney) No deficiency judgment on primary 1st loans (SB 931) Clear out your mortgage debt Eliminate the need to file bankruptcy Return to a home buying position within 24 months
NO
Jim Hamilton

WHY CONDUCT A SHORT SALE WITH JIM HAMILTON REAL ESTATE?

Extensive Knowledge of the short sale real estate market
Will insure your lender receives the highest and best price for the property
(insuring a high approval rate) Works hand in hand with a team of short sale experts with over 125+ years of combined real estate experience Negotiate fearlessly with your lender on your behalf Ethically obligated to protect your interests Certified Short Sale Expert
Jim Hamilton

RESOURCES FOR HOME OWNERS

Making Home Affordable www.makinghomeaffordable.gov/contact_servicer.html U.S. Department of Housing and Urban Development www.usa.gov/Agencies/Federal/Executive/HUD.shtml Keep Your Home California www.keepyourhomecalifornia.org/ HOPE NOW www.hopenow.com U.S. Foreclosure Network www.usfn.org
Check My Net Present Value www.checkmynpv.com

Legal Advice http://stevebeede.com/
Jim Hamilton

Short Sale Listing Presentation

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Short Sale Listing Presentation

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Jim Hamilton Real Estate

THE SHORT SALE PROCESS

The Short Sale Process

YOURE NOT ALONE

The Short Sale Process

IN THIS PRESENTATION WE WILL COVER THE FOLLOWING AREAS:

The Short Sale Process

WHAT IS A SHORT SALE?

The Short Sale Process

WHAT ARE THE QUALIFICATIONS FOR A SHORT SALE?

The Short Sale Process

WHAT IS REQUIRED OF THE HOME OWNER? FIRST STEP:

The Short Sale Process

THE PAPERWORK LIST

The Short Sale Process

THE PAPERWORK LIST

The Short Sale Process

HELP YOUR REALTOR BY:

The Short Sale Process

WHAT TO EXPECT DURING THE SHORT SALE PROCESS

The Short Sale Process

HAVE YOU RECEIVED A FORECLOSURE NOTICE?

The Short Sale Process

ADVANTAGES OF A SHORT SALE

The Short Sale Process

WHY CONDUCT A SHORT SALE WITH JIM HAMILTON REAL ESTATE?

The Short Sale Process

RESOURCES FOR HOME OWNERS

Check My Net Present Value www.checkmynpv.com

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