No Documents No Problem For A Recent Chase Bank Short Sale

Posted on Jan 9, 2013 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek and I am your Keller Williams short sale specialist for the Roseville and Sacramento area. I work with distressed property owners in the neighborhoods of Roseville and Sacramento every day to help find the best alternatives to foreclosure and use this blog to share my experiences. If you are currently behind on your mortgage or simply need to sell your distressed property fast take a minute to browse through my website or call me directly to learn about all of the options for you.

In my blog today I wanted to talk with Roseville and Sacramento homeowners about a recent Chase Bank short sale that I closed which was rather unique. In this particular case my client was someone who had been unemployed for years and also did not have a bank account. Most Roseville and Sacramento short sales require numerous pay stubs, bank statements, and tax returns but given this person did not have any of these we essentially completed a no document short sale. Chase used the small amount of paperwork that we acquired and given the information on this property was able to approve a short sale rather quickly without a mountain of paperwork. I thought this was important to share because there may be some Roseville and Sacramento homeowners who are in this same situation and assume they cannot short sale. It is possible in this situation that your bank will ask for a letter of explanation but it is not always a deciding factor. If you have an underwater mortgage with Chase Bank please reach out to me with any questions you have.

You can reach me by filling out a contact form on my website or calling my office directly to chat with an experienced agent about your options. On my website you can also find my Short Or Stay Calculator that can help you determine if a short sale is right for you. Thank you for your time today and I look forward to hearing from you soon at Keller Williams Realty in Roseville and Sacramento.

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Is it Possible to complete a Short Sale if I Have a Tenant Living in my Home?

Posted on Jan 8, 2013 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. The topic today comes from homeowners wondering if they can short sell their property with a tenant living in it. You may have a rental property that you are upside down in and maybe you are in a position where you can’t pay that negative any longer. You may be considering a short sale. You may also be wondering if you can sell the property and leave the tenant in it. It is absolutely possible but it depends though if the tenant is cooperative and takes good care of the property. There is actually a pretty good chance that we could find a buyer that would leave that tenant in there. They can continue with their lease, the buyer would actually buy the property and it might be one of the easiest transactions you can possibly think of.

So a year or so ago, most of the buyers were owner occupied but this year, we’ve gotten lots of interest from investment companies or small investors who are looking to invest in real estate and with the pricing that we have right now, it makes a lot of sense. So it actually could be a win win situation. The tenant gets to stay, and you get relieved of having to throw good money away every month. You can complete a short sale and get it off your back. If you have any questions or you are considering a short sale, first of all I recommend the short or stay calculator and see how long it might take for you to break even. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I’m here to answer any questions you may have about the short sale process. Give me a call and we can discuss your situation today. Thanks and have a great day.

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We Have Success When Escalating Our Bank Of America Files

Posted on Jan 8, 2013 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your short sale specialist in Roseville and Sacramento. Today I wanted to talk about a Bank of America file that we’ve had for a little while.

Bank of America used to be a lot better with their short sales but right now they’re going through a ton of changes and lots of service releases to other banks. One of the people that I used to reach out to in their short sale department has either moved on to a different company or moved departments, but we still have a large number of contacts out there. This seems to be happening a lot with Bank of America where we have to reach out for help from someone in their short sale department because we have a negotiator that’s not performing or files are being stagnant. The supervision isn’t necessarily there either; the supervisors don’t really seem to help out in most cases so we usually have to reach out to a person that’s quite a bit higher to get help with a short sale file. We seem to have a lot more of these lately with Bank of America and we’re not afraid to get the help that we need to get these short sales closed for our clients.

If you have a situation that you’re concerned about, maybe you’ve tried a loan mod or you had a short sale that was declined with Bank of America, we’ve been able to get through a lot of situations that other short sale agents thought were impossible, please give me a call. I’d also like to encourage you to try out the short sale calculator on my website; it can help you determine if a short sale is the right move for you or if you could possibly stay in your home. It’s a great tool that a lot of homeowners are using to determine if they should short sale, or even if they just want to find out their property value.

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Have We Ever Had a Successful Three Lien Short Sale Completed with Bank of America?

Posted on Jan 6, 2013 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek here with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I wanted to talk today about a three lien short sale. So three different folks have to agree to the short sale. In this case it was Bank of America, a Citi down payment assistance program and a 3rd lien was from a housing fund from a local hospital based on the sellers employer. So in this case we have to have all three parties agree to the short sale and we also have a low dollar property. It can present a little bit of a challenge especially if you are looking to do a lien release from a Citi program. Every Citi program is different for their down payment assistance and if they do a lien release for a partial payment, if they want a full payment or if they are still requiring the borrower to meet certain guidelines. In this case the borrower had to actually meet income limitations so they couldn’t make over a certain amount of money.

So we are basically looking for a very small window of opportunity here. Only certain buyers are going to meet the criteria and in this case, the buyer did. So we have a payoff to Bank of America and in this case the city down payment assistance program will remain in effect. They won’t require a lien release or any kind of payment to it. The lien will stay in effect and will actually subordinate to the new loan and we were able to remove the third lien completely. So this was definitely a challenging short sale and every one of them poses their own certain issues and things that come up. This one was quite unique. I haven’t actually had a Citi program that still remained in effect. Usually we are able to pay them off and for a discount they will release the lien and we can just close it out. In this particular case they are holding their down payment assistance or their lower income housing liens. They are requiring a full payout or the buyer has to qualify under those criteria. If you have any specific questions about liens on your property for a short sale and you are wondering how this is all going to make sense and is it possible. I can tell you that I haven’t seen a situation that we haven’t been able to solve yet. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Give me a call today and we can talk about your situation. I’m sure we can find a way around it. Thanks and have a great day.

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