Monday, April 12, 2010

Short Sale Success Secret for Los Angeles Homes

Here is a list of short sale success tips for Los Angeles and the San Fernando Valley...

1.  If you are short selling your home, it's important that you are very cooperative with your real estate agent.  Your agent will need to request documents from you in order to prove to your lenders that you are in a distressed situation.  Time is of the essence!  Better short sale than have your home foreclosed upon.

2. Tell your real estate agent how many loans you have on the home.  It's also important that your San Fernando Valley real estate agent order a preliminary title report just in case there are liens on title that you are unaware of.

3. You will need to list your home on the market in order to find a buyer willing to write an offer.  Once an offer is written, your agent will prepare a short sale package and with your written permission, send over the package to your lenders for approval. 

4. After a few months, the lender will send a appraisal or another real estate agent to perform a broker price opinion (BPO) on the property.  It's important your agent is there to make sure the appraiser can get a clear picture of the home so the home doesn't have any appraisal issues.  Keep in mind to not under-price the home or that buyer is going to be upset they have to pay more!

5. Your real estate agent, that would be me :-) , would have to follow up on a weekly basis for updates and coordinate everything.  If you don't want your house foreclosed on (ruin your credit and chance to buy another house in a few years) listen to your agent.

Above all else, it's important you choose the right San Fernando Valley short sale agent.  That's where I come in!  I specialize in short sale homes and home-owners who are in a financial mess.  No need to panic.  Life is too short.  Give me a call so I can understand your situation and offer sound advice.

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