Types of Short Sales

Choosing A Short Sale Specialist

Short Sale Fraud

What Is So Important About Choosing A Short Sale Specialist?

The short sale process can be a long tedious process for both the seller and the buyer. A qualified short sale specialist experienced in negotiating with the sellers, banks, and investors can significantly shorten the time it takes to close escrow.

Vikki Renfrow and Bob Beauregard are very successful at getting results when it comes to short sales and we strive for it to be as hassle free as possible for everyone involved.

Here are some tips to make the short sale process go smoother:

As a buyer or a seller, use extra care in choosing a RealtorŪ to represent you.

• The old adage, "If it sounds too good to be true, it most likely is" really applies here.
• Never agree to pay upfront fees. We never charge the seller for negotiating a short sale.
• Choose a RealtorŪ that is well versed in the ethics of a short sale.
• Be sure to read the section "Short Sale Fraud".
• Felony charges for defrauding a federally insured bank can be as high as a $1,000,000.00 fine and/or up to 30 years in prison.
• Consult with a real estate lawyer to see how a short sale will affect your financial and legal position.

As a seller involved in a short sale:

• Beware of anyone that says they can get you extra money outside of escrow. This is defrauding the bank and the penalties are quite severe. Even something as minor as selling furniture to the buyer without disclosing it to the bank can land you, the RealtorŪ, and the broker in trouble. The little bit of extra money is not worth the consequences.
• Make sure that the RealtorŪ has a valid license to sell real estate in the State of California. Look up license information on the California Department of Real Estate Website. Here is a copy of Vikki's License and a copy of Bob's License. If the license says anything but "LICENSED", run.
• Be prepared to provide your financial information to your lender. In most cases you will be required to provide:
  • Proof of Income
  • Tax Returns
  • A letter explaining your hardship.
• Most importantly, be patient and cooperative with your lender. The end results are worth it.

As a buyer involved in a short sale:

• Get pre-approved with a lender prior to looking at homes. By doing this, you will know how much you can afford to spend on a home and if you submit an offer, a pre-approval letter will be required to be sent with offer.

• Be prepared for the process of a short sale taking time to go through. Lenders are getting faster but the process can still take up to 120 days.

• Beware of anyone asking you to pay money to the seller or agent/broker outside of escrow. It is illegal and can carry some stiff penalties.

• Be patient, everyone involved is working to get your offer approved as quickly as possible.

Vikki Renfrow, Bob Beauregard, DiscoveryBayRealtors.com, or Marples and Associates are not affiliated with any government agency.
Your lender is not obligated to and may not agree to alter the terms of your loan.