For Sale By Owner And The Myths of Short Sales in Moorpark

Chris is a Moorpark Short Sale Certified Distressed Property Expert With a full time staff dedicated to Moorpark Short Sale Negotiations.

Moorpark Short Sale Help, Certified HAFA Specialist, Certified Distressed Property Expert and Certified Pre-Foreclosure Specialist.

Are you thinking about going it alone, trying to sell your own upside down home?Some

times Moorpark homeowners want to initiate a short sale on their own. These Moorpark homeowners typically encounter the top five Ventura County Short Sale Myths. As a result, it has led to prevalent confusion and widespread misconceptions not only on its details, but the process involved as well. The truth is that short sales are one of the longest real estate transactions, which may easily eat up several weeks to several months on average from the time of contract to closing. At heart, the only part that is short with this process is the price expected in relation to the outstanding debt of the homeowner to the bank. Don’t let the name fool you!

For a majority Moorpark short sale sellers and buyers, this information is common knowledge. However, what they do not hide are the details involved from the contract to the closing of the short sale. There are actually various stages included in the short sale process that may bring create more misconceptions and confusion if the assistance of a competent short sale agent is missing. Let’s take a look at the top five short sale myths.

MYTH 1: Getting a short sale approval is typical, normal, or standard.

Homeowners believe that because of government streamlining, the set of standards grant banks the ability to follow a specific process for short sale initiatives. What is conceived by Moorpark buyers and sellers in this process is that offers are submitted, signed and turned over to the listing agent who handles all documentation to the bank. After a few months, or in rare occasions a few weeks, approval is received.

FACT: There is nothing usual, normal, or standard when it comes to a short sale.

Typically, a bank is in an authoritative position and may respond to offers of the homeowner in the manner they desire. There is an apparent possibility that they may counter with a higher offer or demand some form of cash payment from sellers. Also, there is a chance that none of these will come to pass. An asking price that is inferior to the standard may be approved unexpectedly or insist an above board pricing. This means that there is no standard with short sale initiatives. This also highlights the need to have the services of short sale specialists.

MYTH 2: Homeowners will have more of an advantage by walking away rather than short sell initiatives.

Generally, homeowners get advice from inexperienced real estate companies or incompetent real estate companies to simply walk away rather than submitting to the tedious process of a short sale initiative. Seemingly, this will provide them more advantages not only financially, but also in terms of credit scores.

FACT: For most homeowners who are dealing with upside down properties, walking away and allowing foreclosure proceedings is tantamount to an extremely serious decision.

The foundation of the decision can dramatically vary depending on the owner and the state where the home is located. In some states homeowners may be sued by lenders when the mortgage comes into default. State taxes may also be imposed on the debt that has been cancelled because of foreclosure, which could potentially be tens of thousands of dollars.

The trick to handling one of the five Moorpark short sale myths is to have the backing of real estate companies which can help homeowners get in touch with experienced local real estate agents. This will profit financially challenged homeowners due to the fact that it will cause them to be less hindered by short sale initiatives as opposed to foreclosure. This type of support will also help aggrieved homeowners repair their credit faster including the functionality of getting another mortgage in a shorter time. A short sale also costs the seller nearly nothing besides the investment in time and effort, which makes it the wiser decision as opposed to simply just turning away.

MYTH 3: Banks have limitations on what they are capable of doing

The majority of homeowners who are missing the benefit of having short sale specialists believe that banks are bound by government requirements and regulations in dealing with short sale initiatives. Adding to this, they feel that the operating standards add to the imposition of the limitations which can be detrimental to their condition.

FACT: As one of the common five short sale myths, it contributes to the negativism and limited options of homeowners. The fact is that a short sale initiative is slightly a proposal to waive a debt that is legally owed by financially challenged homeowners.

The Best Short Sale Agent in Ventura County, CA, The Best Short Sale Realtor in Ventura County, CA, The Best Certified Short Sale Specialist in Ventura County , CAThis means that since the bank is the legal lender, it has the power to say what can be done including outright refusal of the request for debt forgiveness. This also means that if they have the right to refuse, then they also have the right to impose whatever conditions they went on the initiative.

Experienced short sale specialists know that it is entirely possible for the bank to demand more money from the seller or even so the buyer. In the same aspect, they can ask real estate agents to lower their commissions and even refuse payments on closing cost. The buyer and the seller may also decline or accept any or all of the demands of the bank, but, it is critical to bear in mind that the bank has absolute power over the rules of the game.

MYTH 4: The broker and offer of the buyer affects the approval of the short sale.

Homeowners believe that since banks and investors are more anxious about profits more the anything else, having a buyer with a broker that has a background in short sales and provides a more than adequate pricing offer that will cause the short sale initiative to be approved at once.

FACT: In spite of the truth that banks and investors look at profits, much value is given to writing a clean and well-qualified offer.

This is a big deal when making sure that the seller and the buyer hold onto the initiative until the contract is signed. It is valuable to note that the offer and the agent of the buyer have very little influence on how the bank will approve the initiative from the bank based on their needs to close the short sale. This is the cause as for why this is classified as one of the five short sale myths.

Even though there is no denying that the pricing offer has significant weight, it isn’t that crucial when coming to short sale initiatives where the following factors have substantial bearing:

.Fair market value of the property based on third-party broker’s opinion or automated computer model

.Financial condition of the seller or potential future challenges

Completion of the workout short sale package of the seller along with the constant follow-up is performed by the local real estate agent to close the transaction.

MYTH 5: Short Sales are similar to pre-foreclosure

With the varying standards implemented by banks, especially with enforcing time limits for the short sale before initiating a full foreclosure, many homeowners are convinced that a short sale initiative is like going through a pre-foreclosure proceeding.

FACT: Essentially, in a short sale, homes are being sold for lesser than their value in order to settle outstanding obligations to their lender.

This is one of the five short sale myths that need further clarification. Pre-foreclosure on the other hand involves homes that are being prepared for foreclosure because of mortgage payment delays. The fact is that some short sale initiatives are pre-foreclosures simply due to homeowners deciding to stop mortgage payments once the property is placed on the market. Generally, this happens because they have the faulty notion that the bank will approve the short sale quicker once the loan comes into default. This kind of decision making process focuses on the need for the service of a short sale specialist who can help homeowners make educated decisions.

Moorpark Certified Short Sale Specialist, Moorpark Short Sale Help, Certified Short Sale Negotiator, Stop Foreclosure Moorpark CAThe five short sale myths constitute the basic foundation of how homeowners react to various short sale conditions as well as why they opt to walk away or foreclosure. By understanding the five short sale myths and getting the services of short sale specialist, homeowners will be capable of maximizing the advantages of their current condition. When coming to your financial future and deciding on someone to assist you in the short sale process, experience is everything. Don’t settle for less.

SSSN RSS Feed

 

Thanks for reading this,
Chris B Johnson, Realtor

Chris is a Real Estate Agent at Prudential California Realty.

Phone: 805-208-0823. cjohnson@prucalhomes.com.

Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert


Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:
MLS Market Snapshot Has the Market Stabilized

View My homes for sale at www.ChrisBJohnsonRealtor.com.
Get your Free Report for All Your Options HERE: Certified Distressed Property Expert,

Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales.
Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure. You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.

For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.

To Read More: Click here.
Loan Mod vs Short Sale Click here.

Income Property Info Click here.

Chris B is a Real Estate agent at Prudential California Realty (License No. 01501699), covering the greater Moorpark area.
Phone: 805-208-0823
Email Us
short sale agent in Moorpark

short sale agent in Moorpark    Moorpark short sale realtor    short sale specialist in Moorpark

Helping Moorpark home owners avoid foreclosure with a short sale.
Chris B Johnson specializes in short sales in Moorpark .I am your Moorpark Short Sale Specialist Realtor and Moorpark loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.
Share

Leave a Reply

Your email address will not be published. Required fields are marked *