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Saul Molina
Anilom Group Real Estate Service
(209) 744-2735 Office
(209) 663-9534 Cell
Email: info@AnilomGroupRealEstate.com
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SELLERS!
If you're planning to sell your home in the next few months, this FREE service is designed to help establish your home's current market value. Simply choose Market Analysis and fill out the requested information. I will use comparable sold listings to help you calculate the fair market value of your home.
BUYERS!
Automatically receive personalized MLS listings by e-mail. Early each morning I will search the local MLS and find the homes that match your criteria and notify you immediately with the latest listing information!! Simply choose Dream Home Finder and fill in the requested information. Or, search for yourself at Search For Homes.
Specialization
I specialize in representing my clients in the purchases and sales of single-family residences and income property within the cities of Galt, Lodi, Stockton , Elk Grove, and Sorrounding Area. I keep current of all transactions in these areas.
Personal
I'm a Lodi native having been born and raised in the local area. My youth was filled with extra-curricular activities and organization centered around school, church and athletics. Current hobbies of mine include spending time with the family, traveling, participating in softball leagues and volunteering with various youth programs and organizations.
Short Sales
A "short sale" in real estate is not always a pleasant transaction.
It involves much paperwork and negotiations with the lender. not to mention going through the regular process of a real estate sale.
Although the short sale process can be difficult and slow process at times, it is always a positive alternative to bankruptcy or foreclosure proceedings.
To best describe a short sale lets look at this example you got a loan for $400,000 3 years ago and now realize you are now over your head with the payments, The issue is that houses in your neighborhood are selling for $250,000 and you still owe the $400,00 what to do? A short sale- this is where we get the bank to agree to let the house sell for the current market price of $250,000 and forgive the difference of $150,000(may not occur in all cases)
There are a lot of factors to consider in a short sale: for example not all home owners will qualify for a short sale. Not all Lenders will allow short sales on their loans. If the lender can see that they will net more at the foreclosure of the property they will likely deny the short sale.And there could be tax ramifications to consider as well as legal issues that could surface with a short sale
For these reasons you should:
Obtain legal advice from a competent real estate lawyer
Call an accountant to discuss short sale tax ramifications concerning short sales.
I am not a CPA nor a lawyer so for any information regarding these two areas please consult a competent professional.
Sometimes even when a short sale makes sense to all parties involved, the lender may still say no to the short sale.
If you are contemplating doing a short sale of your home, here are a few items you will need to gather before the property can be short sold.
Lenders will typically ask for the following documentation. although some may ask for more or less depending on their guidelines.
Call the Lender
This may take a few tries and a few transfers before you get to the appropriate person on the other end of the phone. who can give you some assistance to your needs.
Letter of Authorization
When we contact the lender we will inform them we are authorized by you to talk to them about your loan via an authorization letter. The lender will be more cooperative if they have such letter on file ahead of time before we discuss short sale scenarios with them. The letter should include the following:
Property Address
Loan Reference Number
Your Name
The Date
Your Agent's Name & Contact Information
Hardship Letter
This is were you get to tell the lender your side of the issue. Why you are in need of their help in this short sale process. some of the common reason to ask the lenders for short sale assistance are: divorce, loos of job, reduction in income, separation, mortgage payment increase, medical bills etc. the letter doesn't have to be long but it does need to convey a sense of hardship on your part to convince the lender they are better off allowing the short sale to occur.
Financial liabilities and Assets
This form is where you will be asked to furnish all information about your assets and financial liabilities. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, 401k accounts, cash or other real estate or anything of tangible value. And also what payments and to whom you are making them to. They will use this information determine if they will allow the short sale or not.
Copies of Bank Statements and check stubs
Your lender will want to see proof of your financial picture by viewing bank statements and check stubs to compare it to your financial liabilities and assets information you gave them in the above form. They will need to see that things are in deed dire for you and your family and the short sale should be allowed. otherwise they will deny it.
Purchase Agreement & Listing Agreement
When it's time to submit the package, the lender will want to see a listing agreement in the package to ensure that the property has been exposed to the market and every effort is being made to sell at top dollar. This will also help to educate the lender why they must accept a low amount for the property. When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer. we will take care of this items for you.
When you schedule a meeting with us we will take care of all this issue to ensure a smooth (as smooth as possible anyway) process to your short sale.
Not all agents can do a short sale and not all people qualify for our help. I am here for you if your situation meets the following criteria:
* You have a valid hardship
* You have little or no equity in your home
* You are unable (or soon will be unable) to pay your bills on time
* You want to work with an expert
If you're not sure and just want to find out if you qualify, give me a call and I will walk you through your options. Believe it or not, you may just need help getting a temporary reduction in your payments to 'catch up'. In any case, call me to talk about the several options that you may not be aware of. | |
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