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TESTIMONIAL
"Premonition Investments LLC. has been a true pleasure to deal with and worked very closely with me throughout the entire purchasing process. They were very professional and I will gladly return to them for my future investment needs."
Rodney T
Portland, OR
Short Sale Services:
Reasons you should consider our Short Sale Services:
1. NO UPFRONT MONEY OR FEES REQUIRED
2. You owe more on your property than it’s worth
3. You want to avoid the credit devastation of a foreclosure
4. You’re moving to a new area and can’t sell your home or afford double payments
5. You are an investor who got over extended with properties or payments
6. You lost your job or experienced a significant decline in income
7. Foreclosures in your neighborhood or area have destroyed property values
8. You want to avoid a default judgment from your lender
9. Your payments have significantly increased due to an ARM interest rate adjustment
10. You want to put cash in your pocket
Do you need to sell your house? Work directly with someone that wants to buy your house and not a Realtor. We buy on average 5 homes per month and yours could be the next. We love to purchase homes with no equity and create equity. We can and will get lender approval on your property so that you can move on with your life. We are the buyers that Realtors and trying to market to. Skip the time consuming step of listing your home with a Realtor and go straight to the buyer. Give me a call today for details.
DO NOT FORECLOSE!!.
Short Sale Basics and FAQs
What is a Short Sale?
According to the Arizona Association of Realtors®, “The term ‘short sale’ is used to describe a sale in a situation where there is more debt owing against a property than the property’s value. In a loan default situation, (pre-foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full.”
A short sale will ruin your credit rating, unless the bank has specifically agreed not to report the shortage, the bank will report it most times as a Score Factor Code 22. That score factor relates to delinquencies, derogatory records and collections.
Benefits for Short Sale
• Retain some dignity in knowing that you sold your home.
• You won't suffer the social stigma of the "F" word: Foreclosure.
• No mortgage payments to make, unless you choose to make them.
• You will be eligible, under Fannie Mae guidelines, to buy another home in possibly 2 to 7 years.
• If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home possibly immediately.
Why do Short Sales Work?
-You are unable to continue making payments due to some hardship
(divorce, death, loss of job, health, etc.).
-The amount owed on your house is greater than what Buyers are willing to pay in this market. The bank is often more willing to take a reduced amount in a short sale rather than take the property back through a Trustee’s Sale. The banks are in the lending business, not the property ownership business.
The short sale process can be very confusing because it is not as common as a regular real estate transaction. Typically the short sale process takes longer because you have to deal directly with the bank and gain their approval to sell the home. When a buyer makes an offer to purchase a real estate short sale they do not have the benefit of getting a quick response like they would from a regular seller.
The short sale process begins with the client having to show that they are eligible for a short sale. All lenders typically require 2 years of tax returns, 2 years of W2's, 2 months paystubs, 2 months of bank statements, income versus expenses work sheet, and a hard ship letter. The process of getting approved for a short sale is the exact opposite of what a borrower goes through when they are trying to obtain financing. When a borrower obtains financing they have to show that they can afford to make the mortgage payments. When a seller is trying to get the bank to approve them for a short sale, they have to show the bank that they have made every attempt possible to try and make the payments. If a lender sees that they have other liquid assets they will not be very likely to help a seller out and approve them for a short sale.
Short Sale Basics
The short sale process can be very confusing because it is not as common as a regular real estate transaction. Typically the short sale process takes longer because you have to deal directly with the bank and gain their approval to sell the home. When a buyer makes an offer to purchase a real estate short sale they do not have the benefit of getting a quick response like they would from a regular seller.
The short sale process begins with the client having to show that they are eligible for a short sale. All lenders typically require 2 years of tax returns, 2 years of W2's, 2 months paystubs, 2 months of bank statements, income versus expenses work sheet, and a hard ship letter, etc. The process of getting approved for a short sale is the exact opposite of what a borrower goes through when they are trying to obtain financing. When a borrower obtains financing they have to show that they can afford to make the mortgage payments. When a seller is trying to get the bank to approve them for a short sale, they have to show the bank that they have made every attempt possible to try and make the payments. If a lender sees that they have other liquid assets they will not be very likely to help a seller out and approve them for a short sale.
Short Sale FAQs
How much does your Short Sale service cost?
Our short sale service is free to homeowners
Do I have to have my home Approved by the lender prior to offering it for sale as a short sale?
No. There is no such thing as a short sale approval. The actual approval only happens with an accepted offer.
I just missed a payment and I know I will miss more how long does the foreclosure process take and is there time to do a short sale? The foreclosure process takes differing times depending on your state. . In California it can take 6+ months. Generally speaking a well priced short sale being processed by an educated short sale listing agent will sell and close in less than 120 days.
Will I still have to pay property taxes if I do a short sale?
Property taxes will always have to be paid as part of any accepted short sale. Whether it’s you or the lender, it depends on their policies and the specific agreement you reach while negotiating the short sale.
I owe more than my home is worth and I can’t make the payment. Do I have to somehow qualify for a short sale?
If someone can’t make their payment and they are otherwise insolvent, they qualify for a short sale. Note: insolvent simply means their total debts are great than their assets.
Do I have to pay income taxes and will I get a 1099? Will the loss the bank takes be treated as a taxable gain to me the seller?
Consult your Tax Attorney or Qualified CPA. Very recently the tax law was modified and now most people who do a short sale will have no taxes due.
How do you, my listing agent get paid who pays your commission?
The bank will pay the commission along with all the other usual closing costs.
Do I have to miss a payment to do a Short Sale?
No. Late last year most major lenders started accepting short sale offers from sellers who have never missed a payment. However, those sellers that have missed payments seem to have a higher priority.
I want to do a short sale and have a 2nd mortgage, does this make me ineligible?
No. Both of your lenders will need to be satisfied to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender.
For homeowners with NO EQUITY that want to SELL YOUR HOME, PRESERVE YOUR CREDIT, PUT CASH INTO YOUR POCKET, Our easy and simple systems/mentoring will help you achieve a smooth successful transaction.
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Premonition Investments LLC. Can Help…..Contact us today – 602-326-9341 SUBMIT YOUR PROPERTY NOW