Chula Vista Short Sale Agent

Hello, my name is James Sanford and thank you for stopping by to try to get to know me and hopefully consider me as your Chula Vista Realtor!  Not only do I have expertise in the Chula Vista/Eastlake real estate area market, but I also reside here as well, not a very common feature nowadays!  I have many clients/friends in the area and can’t imagine ever living anywhere else!   I have been in real estate for over 15 years and I am an investor as well. With my extensive background I have quickly become one of the highest volume producers in the Chula Vista market.  Hopefully you will give me the opportunity to prove how me and my team are redefining real estate service in the area!

Yes, my work is demanding of me, especially with this demanding Chula Vista website I’m always working on, but I am definately more than a Chula Vista Realtor! I have a great balance in my life (or at least strive to have one!), and enjoy my time away from the office.  Some of the things I like doing is spending time with my 15 year old daughter, Jamesha. She is a star basketball shooting guard for her high school and may start attending East Lake High School.   I’m the supporting dad who’s always cheering very loud at the games and the same dad who does’t want her to date until she is maybe 40?  We go on fun vacations as much as possible and things like that!  We love to get away to the Colorado mountains a couple times a year and travel to “The Big Apple” (New York City). We really like traveling!

My faith is VERY important to me.  I am a member of The Rock Church here in San Diego and stay involved there.  Evangelism is also an important part of my life.  I am also a member of the Christian Real Estate Network, a nationwide real estate referral network.

Other things I like to do (when I have a minute) is playing Flag Football, Basketball, Running, Weight Training, Boating, Swimming Fishing & basically enjoying this wonderful weather we have here in Sunny San Diego, CA.  I also believe strongly in the principle of reciprocity, and believe that you get back what you give.  I really want to help people achieve their goals and look for the best in everyone.

Chula Vista Short Sale Specialist

Right now, all over the country, there are people are going through a financial hardship. Loss of employment and poor mortgages are skyrocketing amongst other things. Over one out of every three Chula Vista home owners’ debt is greater than the value of the home or feels obligated to dish out money that they do not have in order to close if having to sell their property. In some areas of the country, one out of every five home owners is delinquent in their mortgage payments. If you have found yourself in a situation where you have no choice but to sell your property, you are not alone. As a Chula Vista short sale specialist, who is well experienced in getting homeowners out of your situation, I am here to inform you about all of the options at hand for you and offer you assistance at no cost. With my help, you can save your credit, dodge foreclosure, and be off to a new start.

What exactly is a Chula Vista “short sale” in Real Estate?

The term short sale is used to describe a transaction in real estate that happens when a lender decides to take a lower pay off amount on a loan than what is owed to their property. During a Chula Vista short sale transaction, the borrower will owe more on their loans and liens than what their property is worth at its current market value. Furthermore, a lender will usually only agree to a short sale when the borrower can provide evidence that they are in some type of hardship.

How do I qualify for a Chula Vista short sale?

Since lenders have become more permissive in recent times, generally there are three qualifications required for a short sale. Financial hardship such as: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without recourses to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc. The proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home. Lastly, Financial Insolvency (no other major assets).

Do I get any money back from a short sale?

A lot of times, homeowners who complete the short sale successfully are given cash back incentives. The Home Affordable Foreclosure Alternative program offers homeowners $3,000 cash back to help with relocation expenses. This money is additional to any other relocation assistance and incentives specific to your lender.

What happens with the money that is forgiven by my lender?

Usually, any difference on your mortgage will be written off as a loss by your lender. Some lenders may send out a 1099 for the amount that was relieved. Although, the Mortgage Debt Relief Act of 2007 states that you will not be held responsible for paying taxes on the money you owe if you did a short sale on your primary residence before. The bill however is not quite that simple. Consult the appropriate representation in all tax and legal matters.

Who will pay the short sale Realtors commission?

The lender will personally handle all fees associated with the short sale process; this also means that your short sale specialist will do so as well. In most circumstances, borrowers pay nothing out of pocket to complete a short sale.

Can my current Chula Vista short sale Realtor® help me?

Examine a question like this carefully. Chula Vista short sales are specifically designed to be handled by experienced short sale Realtors who have many short sales completed under their belt and the evidence to show it. There may be short sale Realtors who claim that they themselves can take on a short sale, but it’s very critical to examine their proofs to those claims. It would be devastating to start a short sale only to see it be rejected because of an incompetent Realtor who boasted about having the ability to bring you to a successful completion of your short sale. As you are seeking for a short sale specialist, make sure you have a list of questions you would like them to answer and be sure you feel completely comfortable with them. It is important to have proper training; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a short sale specialist and can offer you no cost assistance to guide you in the Chula Vista short sale process.

Contact us today for more information about the Chula Vista short sale process.

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James is a Real Estate agent at JD Consolidated Real Estate (License No. 0124760), covering the greater Chula Vista area.
Phone: 619-248-5742
Email Us

I am helping Chula Vista home owners for free with their short sales process and helping them avoid foreclosure on their California homes. My name is James Sanford and I specialize in short sales in Chula Vista. I am your Chula Vista Short Sale Specialist Realtor and Chula Vista loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

It is important for Chula Vista homeowners who are looking at an upside down position on their loans to understand the reasons why banks reject short sales. This is critical because this can spell the difference between getting approved for the short sale and being forced to settle for the less beneficial bankruptcy or foreclosure options. It is imperative to have a clear picture that short sale rejections happen more regularly than most people think.

This is why unless the bank has already agreed upfront that the short sale will be accepted, which is definitely an extremely rare instance, and then nobody can certainly say, not even the most experienced of Chula Vista short sale Realtors. However, identifying the most common reasons why banks reject short sales is a step in the right direction to allow homeowners to get back on their feet with relatively fewer scars that can haunt them for the rest of their lives.

1. Qualifications of parties involved.

Before anything else, it is important to understand that a Chula Vista short sale is essentially the same as any other real estate transaction, with the exception that the lender, instead of the seller makes the decision on whether or not to accept the offer being tendered by buyers. Even if there is an acceptance on the part of the lender, it is imperative for the buyer to qualify for the mortgage loan. Before any offer can be tendered by the buyer, the seller should also receive the permission of the lender to put up the property under short sale proceedings.

This means that the seller cannot simply turn their backs on mortgage debts, their claim to be incapable of paying back the mortgage should be substantiated by more than just a hardship letter. This means declaring profits and losses, monthly budgets, and any available assets that are under the name of the Chula Vista homeowner. When the seller for example is going after debt forgiveness, it is vital to prove that there are no disposable assets.

Basically, lenders should be convinced that the shortfall is so great and the assets are lacking that they have no other recourse but to approve the short sale to come out a bit ahead. Sellers who have disposable assets will have a difficult time qualifying for debt forgiveness. In some instances, it is the buyer who fails to qualify. It should be understood that the job tenure, credit history, and debt ratios among others will be factors in evaluating the desire of the buyers to take the property off the market.

Unfortunately, desire is not enough to qualify buyers. It is necessary for buyers to establish their credibility with the bank of the seller. This is normally done by submitting a loan pre-qualification letter together with the offer. However, a loan pre-approval letter would be more convincing and has greater weight. Failure to do this is one of the reasons why banks reject Chula Vista short sales.

2. Problems with pricing.

Pricing is one of the primary reasons why banks reject short sales. Basically, banks would usually request for appraisals or even a BPO to establish the fair market value of the property based on its prevailing condition. This is why it is so important for California short sale Realtors to include a comparative market analysis with the offer so that the price of the short sale can be justified. When the bank is convinced that another solution will allow them to make more money, then the short sale will be rejected.

When a price offer is deemed to be too far below the actual fair market value of the property for short sale, the chances of being rejected is extremely high. It is understandable that the lender would want to save some money by opting for a faster resolution such as California foreclosure for example, which can be a basis for the rejection of any short sale offers that are priced too low, because they stand to lose more money. The same can be expected if the price is way above the market value because this means that the seller is not under financial hardship if the property can be sold at a higher value than the mortgage because this means there will be leftover money.

3. Improperly prepared short sale package.

Homeowners should be aware that the approval of the short sale would depend largely on the effectiveness of the short sale package. Aside from being effective, it is vital to ensure that the short sale package is also complete. Any missing documentation or report will cause unnecessary delays, and worse can result in an outright rejection of the short sale application.

Lenders are extremely strict with the documentation requirements, which is why it is not surprising that an improperly prepared short sale package is immediately rejected. It is also entirely possible that documents can go missing before they are filed by the bank. In which case, it is important to have a backup compilation just to be sure. It is important that extremely critical documentations in the California short sale package such as the proof of hardship or buyer loan approval are not missing; otherwise the processing may be stopped abruptly.

4. Market forces.

One of the seldom acknowledged, but widely used reasons why banks reject short sales is market forces. Any respectable and legitimate real estate agent would know that the housing market normally runs in cycles. This means that when the trend is on an upswing, it would be highly unlikely for any banks to approve short sale offers. This is even if they are properly prepared and have complete documentation.

The important thing for homeowners to understand is that lenders would normally want to get as much money as they can from any proceedings, and preferably at the shortest possible time. This is why in so many instances lenders favor Chula Vista foreclosures over short sales because they have the chance to allow the cycle to continue and bring the market up to a more acceptable level to see some profits.

These are some of the common reasons why banks reject short sales that homeowners should be aware of before they initiate proceedings.

Contact us today for more information about the Chula Vista short sale process.

• Name*
• Email*
• Phone*
• Comment or Message
• Captcha
  

James is a Real Estate agent at JD Consolidated Real Estate (License No. 0124760), covering the greater Chula Vista area.
Phone: 619-248-5742
Email Us

I am helping Chula Vista home owners for free with their short sales process and helping them avoid foreclosure on their California homes. My name is James Sanford and I specialize in short sales in Chula Vista. I am your Chula Vista Short Sale Specialist Realtor and Chula Vista loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.