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What is a short sale

 

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Jamial’s vast knowledge of the Short Sale process has brought him to educate other agents through his classes on how to perform Short Sale successfully.
Known for his follow-up, strong marketing skills, extensive knowledge and carefully focused attention in representing Short Sale Clients with Banks, Insurance Companies, Asset Managers and Loan Service Providers, Jamial specializes in Short Sales throughout Los Angeles County.

Typical Scenario for Short Sales

The first step is for Jamial to review all the liens on your property and view the property. Once a price is established a clear understanding whether or not a Short Sale may be necessary. Many homeowners do not realize that a Short Sale may be a possibility because of a lack of knowledge in closing costs and how rapidly the market may be dropping.

The homeowner will be requested to provide a letter with the account number(s) and property address to the lender giving Jamial authorization to communicate with the lender(s) in facilitating a Short Sale. The homeowner should supply a list of all delinquent payment including utilities, property etc…

The next step is to get the homeowner approved as a candidate for a Short Sale. A checklist will be provided of all the required documents for the lenders consideration including a hardship letter.

Once the lender has approved of the homeowner as a Short Sale candidate then Jamial will perform a Broker Price Opinion. This is similar to an appraisal for lender to establish a list price on the property. This is critical because pricing a property without the lenders approval could lead to overpricing which could cause a bigger loss as the market declines or under pricing which could cause the lender to want more money and then you are faced with the problem of remarketing at a higher price. This is something that will not go over well with prospective buyers and agents.

Then the property is fully marketed to the full extent of Jamial’s exceptional marketing plan. The sale should follow the flow of a normal transaction at this point.

The Seller should review any possible tax consequences with a tax specialist.

Buyers will be required to provide a Pre-Approval letter as well as proof of funds with any offer. A net sheet will be prepared and submitted to lender(s). Once approved by lender we will proceed to escrow and should be able to close within a normal escrow period.

For a detailed analysis of how much your property is worth and possibility of a Short Sale please contact me directly. I look forward to helping you out of a difficult situation with care and confidentiality.

View Actual Approval Letter for $25,000

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