FREE ADVICE AND SHORT SALE SERVICE FOR ORANGE COUNTY HOMEOWNERS FROM TOP REALTOR

Frequently Asked Questions (FAQ) about Short Sales:

• Q. What is a Short Sale?

A. A short sale is the process by which a homeowner can sell a house for less money than he actually owes on the mortgage(s). If the bank approves the discount on the mortgage, the home can be sold for a lower price without the seller having to come up with cash to cover the shortfall, and the mortgage is satisfied and the foreclosure process stops.

• Q. Who pays the fees in a Short Sale?

A. The lender will pay all the real estate commissions and the closing costs for the seller. The lender will often pay back property taxes and past due association dues if applicable. On rare occasions, the lender will require that the seller contribute something ($1,000 - $3,000) to the second lien holder (if any).

• Q. How do I qualify for a Short Sale?

A. The most important factor in qualifying for a short sale is having a legitimate hardship and being able to prove your inability to repay your loan(s). The short sale process is complex and often frustrating for the seller. It is important that the seller is flexible with the lender’s documentation requests and timelines.

• Q. What is a legitimate Hardship?

A. Your financial hardship can take many forms. The most common hardships include one or more of the following. Job Loss or Reduction of Income, Divorce, Illness, Mortgage Payment Increases, Debt Increases, etc… Every home owner’s situation is different so you are encouraged to call for a confidential consultation.

• Q. How long does a Short Sale take?

A. My quickest approval on a short sale took 8 business days (Citibank). My longest approval on a short sale took 18 months (Bank of America). Each lender has a different process and often the timeliness of a short sale is dictated by the individual bank negotiator we are assigned to.

• Q. Why would a bank agree to a Short Sale?

A. For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, repair costs associated with resale, additional property tax, property insurance, etc. all must be paid by the bank during a foreclosure until it’s resold. In a short sale, the lender is able to cut its losses by getting rid of the property faster and avoiding many of the expenses.

The Short Sale Services I offer:

• Free, Confidential, and No Obligation Consultation at your home.


• No Cost to you. The bank will pay the all the commissions and closing costs.


• No Obligation. Cancel your listing at any time.


• Weekly Updates on the status of your Short Sale.


• You may still pursue a loan modification during the short sale process.


• Industry proven short sale system with a 97% success rate.


• Experience. I've worked with all the major lenders.


• You may remain in your home during the short sale process.


• Discreet Sales Process. No one will know your home is for sale. (some restrictions apply)


• I am sympathetic to your needs and I will hold your hand the entire time.

Please remember that experience counts. In most cases, you will only get 1 chance to complete a short sale. Hiring the right agent makes all the difference.

The more time you have the better your chances are for a successful short sale.

I urge you to contact me as soon as possible to schedule a Free, No Obligation Consultation.

I only need about 5 minutes to determine whether or not a short sale could work for you.

You have nothing to lose, please call me. I can help. –Mike Pahua

Mike Pahua

The Pahua Group

Keller Williams Realty

(949) 309-2400 Office

Mike@PGcoastal.com

Dre # 01461649

*This is not meant to be a complete or exhaustive advertisement about short sale or foreclosures. Nor, are we giving legal or tax advice in any way. Every situation is different and you are encouraged to obtain legal and tax advice from the appropriate professionals prior to pursuing the services of a short sale agent.*