Harold Sharpe

Short Sale Myths  Harold Sharpe

(951) 821-8211

Harold Sharpe is the owner of
So Cal Homes Realty

Harold Sharpe is a
Licensed Real Estate Agent,
since 2001.

Harold Sharpe is 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

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Before they Sell!

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SoCal Homes Realtor

Short Sale Myths

Many people in Southern California are in jeopardy of loosing their homes. Selling your Southern California Home as a Short Sale, may be a good option
for you.

A Short Sale can be an excellent solution for homeowners who must sell, and owe more on their homes than they are worth.
You should consult an Attorney an a CPA prior to making any decisions.

There are Many Short Sale Myths .
Short Sale Myth #1
The Bank Would Rather Foreclose than bother with a Short Sale.

In a contract with a lender, when you purchase you home, there is no mention of a Short Sale. The Bank's alternative when you don't pay is to foreclose. It is to the banks advantage to do a Short Sale as opposed to foreclose. Foreclosure, will cost the bank on average $30,000 more than a Short Sale. The banks are more than willing to negotiate a short sale, however, each bank has their own process and they refine and/or change the process often.
Short Sale Myth #2
You Must Be Behind on Your Mortgage to do a Short Sale.
The lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
Short Sale Myth #3
Not Enough Time to Do a Short Sale. They Have Started the Foreclosure Process.

One of the best times to start a short sale is when you have received your notice of default. It is not smart to wait days before the trustee sale. As soon as you receive a notice of default, you should consider your options, contact a real estate attorney, and a CPA and consider selling your house as a short sale, ASAP.
Short Sale Myth #4
Listing My Home as a Short Sale is an Embarrassment.

For many this may be true, however, So Cal Homes Realty will list your home in the MLS, and not put embarrassing signs all over your front lawn, that say SHORT SALE, FORECLOSURE, REO, BANK OWNED, or anything embarrassing! Your house can be sold discreetly. It would be a lot more embarrassing if you simply moved out without selling, and shortly thereafter the foreclosure signs goes up, along with notices plastered all over your front door and windows. It would also be embarrassing to have Foreclosure pop up on your credit report every time you applied for a job, applied for credit, tried to buy a car, etc.
Recent estimates show 50% of Southern California Homes are currently
upside down
. You are not alone.
Short Sale Myth #5
Short Sales are Impossible and Never Get Approved.
Short sales are difficult to execute. There are no guarantees in any transaction, however, more and more short sales are being approved regularly. A Short Sales is quite possible.
Short Sale Myth #6
Banks Got a Bailout and Are Not Accepting Short Sales.
Banks are aggressively pursuing short sales and working with agents who understand how to process them.
Short Sale Myth #7
Buyers are Not Interested in Short Sale Properties.
Short Sales have become known as a "great deal".
Short Sale Myth #8
My Credit Will Be Just as Bad if I Get a Foreclosure or a Short Sale.
A Foreclosure will stay on your credit report for up to 7 years. It will lower your credit score approximately 250-300 points. A Short Sale will lower your credit score around a third of that, and in approximately 2 years, you may be able to buy a home, again.
Short Sale Myth #9
I Hear It is Better to Just Walk Away From My Home.
Walking away from your home shows irresponsibility and makes your old house a possible safe haven for people who want to use it for illegal purposes, which you could be held accountable for. A short sale is not really that much different from a regular sale of a house, other than asking the lenders to accept less than what is owed.
Short Sale Myth #10
Its Better to Work with an Investor Than a Real Estate Agent.

While investors are advertising this all over the place...




Just keep asking yourself...

  • What's in it for them?
  • What's in it for me?
  • Am I still responsible for my loans? YES!
  • Why does an investor ask me to sign a power of attorney?
  • Why does an investor want my deed?
  • Why would an investor want to deed my property to an LLC, aka Limited Liabilities Co.?
  • What happens when they fail?
  • What will they do with my property?
  • What recourse will I have when something goes wrong?
  • What will they rent my property?
  • Why would investors be knocking on my door if it were not for some huge financial gain?
  • Why don't these investors simply go out and buy foreclosures?
  • Are investors licensed by the State of California?
  • Does the State of California fingerprint and background check investors?
  • Does the State of California offer you any protection against these investors?
  • What kind of business must investors have if they need to have a Real Estate Attorney on speed dial?

Consider your upside down options and consult your own
Real Estate Attorney and CPA.

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