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Short Sale 101, www.sonjabush.com, Mammoth Lakes

Short sales have become more and more popular since the housing market began its struggle during the recession. Though the term is thrown around more loosely now, there are still a great deal of people who do not understand exactly what a short sale is.

What is a short sale?
A short sale is a carefully agreed upon sale of a property for less than the amount of the mortgage balance, executed as a means for both a homeowner and a mortgage lender to essentially cut their losses.

Typically, short sales are for extreme cases when the bank or lender decides that it is in their best interest to take an early loss instead of enduring costly foreclosure proceedings.

If you have missed multiple mortgage payments and are facing foreclosure, the bank or lender won’t automatically offer a short sale. You need to prove that your situation merits a short sale, which typically involves providing documentation that proves you are indeed in a crisis with no other viable options.

Submitting a letter of hardship.

To prove your case, you’ll need to spend some time on a cover letter explaining your hardship and provide full financial disclosure; the original purchase contract; a balance sheet of your income and expenses; asset statements, proof of income; bank statements; two years of tax returns; and a professional who knows the ropes.

Simply stating, ‘My house is worth less than the loan and I don’t want to pay any more,’ will not be acceptable.

Along with the required documentation, you stand the best chance of getting through the two- to seven-month short sale ordeal if:

  • The home is marketable
  • The second mortgage holder (if there is one) gets a cut or otherwise goes along with the deal
  • The same lender holds all mortgages
  • There is enough time before foreclosure (at least about 4 months).

Lenders prefer handwritten letters and are more apt to agree to a short sale for those who lost jobs or encountered significant medical bills, as opposed to careless spending.

Your best approach to a short sale is by contracting with a real estate professional familiar with the transaction. If your home’s value is significantly less than debt tied to the property, you are a candidate for a short sale. You are not selling a home on the open market so much as you are selling your case to the lender.  Call Sonja today at 661-979-9000 or email her at [email protected] to discuss this in more detail.

Links
Short sale
http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm
Letter of hardship
http://www.nevadashortsaleinfo.com/the-hardship-letter.asp

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Late Friday afternoon walk with our 2 houseguests. #lovewherewelive #mammothlakes #visitmammoth ...

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Sonja recently helped me purchase a condo. My experience with her was only positive. She's knowledgeable, thorough and friendly. She is the consummate professional and the standard to which I would hold any real estate agent. - Alexander R.

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Open House This Weekend! Come see this incredible property for yourself!

44 Wagon Wheel Drive
Sunday, October 2
4 PM - 6:30 PM

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Time isn’t always on your side, especially if you’re trying to time the real estate market.

Some homeowners postponed selling while they waited for prices to hit their peak. Here’s why you shouldn’t wait any longer:

💲The market is unpredictable — even experts can’t guarantee what it will do next!
☑️ You could pay more to buy your next home the longer you delay.
🤝 It’s still a great time to sell, but rising mortgage rates are beginning to slow down demand.

You can’t control the real estate market — but you can control when you put your home up for sale 🏡

Contact us to start a conversation about the right time to make your move.

#realestatetips #realestate #houseforsale #greatvalue #newlisting #mammothrealestate #mammothcondos #mammothcabins #sonjasellsmammoth #mammothmarkettrends #timingthemarket #destinationmammoth
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Thursday, September 29
9 AM - 11 AM

Stop by and tour 3 amazing Mammoth Lakes Properties tomorrow!!!

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Sonja was very knowledgeable and competent in selling our house in Mammoth. She is very personable and answered all of our numerous questions with courtesy, humor, and patience. Despite a greatly slowed real estate market, she sold our house in a reasonable time frame. - Stuart F.

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Properties Link Below:
https://www.destinationmammoth.com/properties/

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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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Check out an early video tour now on our YouTube!

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