Short Sale Presentation

Welcome to
Jim Hamilton Real Estate
THE SHORT SALE

PROCESS
Resource for Sellers in Sacramento, Placer and El Dorado Counties
LYON REAL ESTATE AND ITS AGENTS DO NOT GIVE TAX AND/OR LEGAL ADVICE PERTAINING TO
LYON REAL
SHORT ESTATE
SALE AND ITS AGENTS
TRANSACTIONS. DO NOT
PROPERTY GIVE TAX
OWNERS AND/OR
THAT LEGAL ADVICE
ARE CONSIDERING PERTAINING
SHORT SALES TO
SHORT SALE SEEK
SHOULD TRANSACTIONS.
TAX AND/ORPROPERTY OWNERS
LEGAL ADVICE THAT
FROM ARE CONSIDERING
QUALIFIED SHORT SALES
PROFESSIONALS.
SHOULD SEEK TAX AND/OR LEGAL ADVICE FROM QUALIFIED PROFESSIONALS.
Jim Hamilton
Direct: (916) 355-7005 Mobile: (916) 601-0500 Fax: (916) 294-8565
150 Natoma Station Drive, Suite 300, Folsom, CA 95630
jhamilton@GoLyon.com
www.Jimhamiltonrealestate.com
CA DRE# 0181309
The Short Sale Process
HONESTY ∙ RESPECT ∙ RESULTS
YOU’RE
YOU’RENOT
NOTALONE
ALONE
Jim Hamilton
CA DRE# 0181309
IN THIS PRESENTATION WE WILL COVER THE FOLLOWING

IN THIS PRESENTATION WE WILL COVER THE FOLLOWING
AREAS:
AREAS:
Definition
• of a short sale
• Definition of a short sale
• What are the qualifications for a short sale?
• What are the qualifications for a short sale?
• What is required of the home owner?
• What is required of the home owner?
• What should the home owner expect from the short sale process?
• What should the home owner expect from the short sale process?
• What are the advantages of conducting a short sale?
• What are the advantages of conducting a short sale?
• Why working with Jim Hamilton Real Estate is a sound decision?
• Why working with Jim Hamilton Real Estate is a sound decision?
• Short Sale Resources
• Short Sale Resources
Jim Hamilton
CA DRE# 0181309
WHAT IS A SHORT SALE?

A short sale is when your mortgage lender(s) and /or
lien holders(s) agree to take less than is owed so that
you can sell your home at the current market value.
• Your home may be over-leveraged or “underwater”

• You may be behind on your mortgage payments and can not get current
• The balance on your loan may be more then what the current fair market
value of your home is
• Lenders create short sales as an alternative to foreclosure
• A short sale is more financially beneficial to a lender resulting in a
10-15% cost savings to that of foreclosure
Jim Hamilton
CA DRE# 0181309
WHAT ARE THE QUALIFICATIONS FOR A

SHORT SALE?
• You must have a true financial hardship
• Your loan must be in default status (in most cases a minimum of 90 days)
• You are facing imminent default while in a “Must Sell” situation
• Have no equity in your home
• Have no available assets
• Have a lender and loan type with a clearly defined short sale process
Jim Hamilton
CA DRE# 0181309
WHAT IS REQUIRED OF THE HOME

OWNER?
FIRST STEP:
GET YOUR PROPERTY LISTED AT THE FAIR MARKET VALUE
• Provide a copy of the listing agreement to your lender

• Provide sufficient evidence to your lender that you have made a good faith
effort to sell your home for the highest market price that the market will bear
Jim Hamilton
CA DRE# 0181309
THE PAPERWORK LIST
LENDER REQUIREMENTS:
• Handwritten hardship letter
• Financial worksheet (your personal budget)
• 2 years most recent tax returns (with W-2s and all schedules)
• 2 months recent bank statements (all accounts and all pages)
• 2 months recent pay-stubs (or, if unemployed a statement stating such)
Jim Hamilton
CA DRE# 0181309
THE PAPERWORK LIST
REALTOR REQUIREMENTS:
• An authorization to release and convey
• Copy of recent mortgage statement
• Copy of all correspondences from lien holder(s), attorney(s), bankruptcy
trustee, or probate
• Property tax records
• HOA information
• Negotiation disclosures
Jim Hamilton
CA DRE# 0181309
HELP YOUR REALTOR BY:

• Allow the property to be shown
• Maintain the home in show-able condition
• Be accessible to your agent
• Have open lines of communication with your agent
• Cooperate with all marketing efforts
• Leave all utilities on if property is vacant
Jim Hamilton
CA DRE# 0181309
WHAT TO EXPECT DURING THE SHORT

SALE PROCESS
SHORT SALES TAKE TIME TO COMPLETE (3-4 MONTHS ON AVERAGE)
AND REQUIRE CONSIDERABLE PATIENCE AND COMMUNICATION
BETWEEN ALL PARTIES INVOLVED
• Home is marketed effectively

• A purchase offer must be received
• Short Sale package must be submitted to lender
• Bank orders appraisal
• Negotiations between lender and agent
• Property is sold for the highest and best price for lender
Jim Hamilton
CA DRE# 0181309
HAVE YOU RECEIVED A FORECLOSURE

NOTICE?
If you have a foreclosure notice notify your agent IMMEDIATELY and
If you have a foreclosure notice notify your agent IMMEDIATELY and
provide all current foreclosure documentation that you currently received.
provide all current foreclosure documentation that you currently received.
Don’t panic as you still may have time to conduct a short sale if a reasonable
Don’t panic as you still may have time to conduct a short sale if a reasonable
period of time is available to locate a qualified buyer. If a buyer is located and
period of time is available to locate a qualified buyer. If a buyer is located and
a fully executed contract is in place before your foreclosure date we may be
a fully executed contract is in place before your foreclosure date we may be
able to convince the lender to post phone the foreclosure sale.
able to convince the lender to post phone the foreclosure sale.
LENDERS
LENDERSARE
AREIN
INTHE
THEBUSINESS
BUSINESSOF
OFLENDING
LENDING
MONEY
MONEYNOT
NOTOWNING
OWNINGREAL
REALESTATE
ESTATE
THEY
THEYDON’T
DON’TWANT
WANTYOUR
YOURPROPERTY!
PROPERTY!
Jim Hamilton
CA DRE# 0181309
ADVANTAGES OF A SHORT SALE

• NO
foreclosure on record
• Generally no out of pocket money to close
• No repairs necessary- Property sold “AS IS”
• No taxable event for those that qualify (consult with a tax
attorney)
• No deficiency judgment on primary 1st loans (SB 931)
• Clear out your mortgage debt
• Eliminate the need to file bankruptcy
• Return to a home buying position within 24 months
Jim Hamilton
CA DRE# 0181309
WHY CONDUCT A SHORT SALE WITH

JIM HAMILTON REAL ESTATE?
• Extensive Knowledge of the short sale real estate market
• Will insure your lender receives the highest and best price for the property
(insuring a high approval rate)
• Certified Short Sale Expert holding certifications from the National
Association of Realtors and Lyon Real Estate
• Works hand in hand with a team of short sale experts with over 125+ years
of combined real estate experience
• Negotiate fearlessly with your lender on your behalf
• Ethically obligated to protect your interests
Jim Hamilton
CA DRE# 0181309
SHORT SALE RESOURCES

Making Home Affordable
Making Home Affordable
U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development
Right Tools, Right Now

Right Tools, Right Now
HOPE NOW
HOPE NOW
U.S. Foreclosure Network

U.S. Foreclosure Network
SHORT SALE VS. FORECLOSURE

SHORT SALE VS. FORECLOSURE
SB 931
SB 931
Attorney Referral List

Attorney Referral List
Jim Hamilton
CA DRE# 0181309

Short Sale Presentation

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Short Sale Presentation

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Welcome to

Jim Hamilton Real Estate

THE SHORT SALE

IN THIS PRESENTATION WE WILL COVER THE FOLLOWING

WHAT IS A SHORT SALE?

• Your home may be over-leveraged or “underwater”

WHAT ARE THE QUALIFICATIONS FOR A

WHAT IS REQUIRED OF THE HOME

• Provide a copy of the listing agreement to your lender

THE PAPERWORK LIST

THE PAPERWORK LIST

HELP YOUR REALTOR BY:

WHAT TO EXPECT DURING THE SHORT

• Home is marketed effectively

HAVE YOU RECEIVED A FORECLOSURE

ADVANTAGES OF A SHORT SALE

WHY CONDUCT A SHORT SALE WITH

SHORT SALE RESOURCES

U.S. Department of Housing and Urban Development

Right Tools, Right Now

U.S. Foreclosure Network

SHORT SALE VS. FORECLOSURE

Attorney Referral List

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