Elite Realty Partners
ELITE REALTY PARTNERS are specialists in short sales. What is a short sale? In real estate, a short sale occurs when the outstanding loans, and/or liens against your property, are greater than the proceeds from the sale of your home...after all closing costs are paid.
Of course, the homeowners must meet the specific qualifications, and their lenders must agree to a short sale. If this happens, a lender will release you FREE and CLEAR from the property, and fully forgive you of any deficiencies!
We can help make this happen! Our short sale experts are branched throughout California, and our consultation and short sale processing services are at no cost to you. In actuality, the new HAFA program offers $1500 back for your relocation expenses, and some lenders are even offering up to $5000 as an incentive for homeowners to do a short sale.
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What is the qualification factor? If you are in any kind of financial hardship which can include, but is not limited to, such situations as relocation, divorce, loss of income or job, increased bills or increased living expenses...you can qualify.
The short sale is a highly specialized process; therefore, it is imperative to rely on the extensive expertise our partners have had in dealing with them.
Remember: We are not real estate investors...we are state regulated agents and are here solely to lookout for your best interests.
If you are selling a property due to financial hardship, and will wind up owing more than it's value... getting a loan is only a short term solution, and chances are you won't qualify for any debt forgiveness. You're delaying the inevitable by borrowing money, using credit cards for bills, etc., just to keep you going. The optimal financial relief from a short sale is all most homeowners in hardship need.
The partners at ELITE REALTY will guide you through the entire process, answering all of your questions, and studiously working to get 100% of your debts forgiven, regardless of what you owe on your home...and will also apply the same diligence to stop any foreclosure.
If you are a buyer, purchasing a short sale home can greatly benefit you by paying 10%-50% below the market value! How is this possible? A seller's lender is in the money biz, not property management. Therefore, a foreclosure proceeding can cost them an average of $58,000! That's why they are more than willing to accept the lower market value percentage to avoid a foreclosure's cost. In addition, often a short sale home will sell for less money than one foreclosed on.
However, most short sale homes are not offered to the general public...another reason to contact one of our experienced short sale specialists to keep their eyes out for the perfect property for you.
GIVE US YOUR TRUST-
WE ARE SHORT SALE SPECIALISTS
...but we won't sell you short!
A Quick Overview
- Does not take effect until April 5, 2010
- Pertains to 1st Lien Non-GSE Mortgages
- Utilizes borrower’s financial information through HAMP
- Financial incentives provided to borrowers, servicers and investors
- Sets limits on lender response time
- Lender forfeits ability to pursue deficiency judgment
- Caps claims of subordinate lenders
Loan is eligible if all of the following conditions are met:
- Property is borrower’s principal residence
- Loan is a 1st lien mortgage
- Originated before Jan 1, 2009
- Mortgage is delinquent or default is reasonably foreseeable
- Current unpaid balance is equal to or less than $729,750
- Borrower’s total monthly mortgage payment exceeds 31% of borrower’s gross income
- $1,500-$5,000 to Borrowers for relocation costs
- $1,000-$3,000 to Servicers for administration and processing fees
- Servicer may not charge borrower any processing fees and MUST pay all out-of-pocket expenses
- $1,000-$6,000 to Investors
- For every three dollars spent to release liens, buyer or investor is reimbursed one dollar – capped at $3,000