California Short Sales & Foreclosures

One of the hottest topics today in California is Short Sales and Foreclosures.

When talking to a Realtor or a Lender about Short Sales, the first question asked is should I do a Short Sale or let my home Foreclose?
Following are answers to all of your Short Sale and Foreclosure questions as they relate to all areas of California.

#1 Credibility of Your Chosen Short Sales Service

The Anderson Team, based in Northern CA, is Short Sale & Foreclosure experts for the entire State of California. We can help you take full advantage of current market conditions and incentives when selling a short sale property. Our professional short sales staff and systems will streamline the selling process for you.

“I was so impressed by your professionalism and patience in explaining a very difficult decision to me. You made no unrealistic promises and gave me grounded expectations. You were supportive and patient with every challenge. I cannot thank you enough!”

- Jordan Frazer

#2 Selling CA Short Sales and CA Foreclosures

Whether you have little or no knowledge of what a Short Sale is, The Anderson Team can help. Many mortgage companies prefer Short Sales as an alternative to Foreclosures when the home owner goes delinquent on their mortgage. In fact, many of the lenders ask The Anderson Team to assist sellers in Short Selling their homes and are offering incentives to the sellers for participating in a Short Sale from $2,500 to $45,000 to the seller at close of escrow.

A Short Sale allows the mortgage holder to limit losses on a delinquent loan and take the loan off their books. The Anderson Team agents are experts in the Short Sales and Foreclosure market and can save you time, trouble and a great deal of money. Truth is most Realtors do not understand how a Short Sale works. In fact, most so called "Short Sale Experts" don't know what a Short Sale really is or how to negotiate a Short Sale with the lenders or investors. The Anderson Team is here to help you through the entire process of selling distressed properties such as Short Sales, Pre Foreclosures, Foreclosures or REO properties. Hundreds of Real Estate Agents and Lenders actually hire The Anderson Team to manage and negotiate their clients Short Sales for them.

#3 What Is A CA Short Sale?

A Short Sale allows the mortgage holder to limit losses on a delinquent loan and take the loan off their books. The Anderson Team agents are experts in the Short Sales and Foreclosure market and can save you time, trouble and a great deal of money. Truth is most Realtors do not understand how a Short Sale works. In fact, most so called "Short Sale Experts" don't know what a Short Sale really is or how to negotiate a Short Sale with the lenders or investors. The Anderson Team is here to help you through the entire process of selling distressed properties such as Short Sales, Pre Foreclosures, Foreclosures or REO properties. Hundreds of Real Estate Agents and Lenders actually hire The Anderson Team to manage and negotiate their clients Short Sales for them.

#4 Do I Qualify For California Short Sale? What is a Hardship?

There are many Hardships that qualify as a Short Sale. Here are some examples: Death of a principal mortgagor, Death of a mortgagor's family member, Illness of a principal mortgagor, Illness of a mortgagor's family member, Marital difficulties, Curtailment of income, Unemployment (both long and short term), Excessive obligations, Abandonment of property, Job transfer, Property problems, Inability to sell, Inability to rent property, Military service, Business failure, Casualty loss, Energy-Environmental costs, Servicing problems, Payment adjustment, Payment dispute, Fraud, Incarceration and many more reasons.

#5 What Do I Do First?

Simply contact The Anderson Team for a complete Short Sale package by either calling or emailing us. There is NO COST to you at any time for our services. We can discuss your options and determine the right course for you whether it is a Short Sale, Deed in Lieu, Loan Modification or possibly even a Foreclosure. That’s right, sometimes a Foreclosure might just be the right choice.....We can help you understand why.

#6 Can I Keep My Home?

Yes. Sometimes the bank will work with you on a “Loan Modification” which may help you stay in your home. The percent of successful loan mods are very low because of the time the lenders take in the evaluation process and the specific criteria and standards that have been put in place by the Government and the lenders. Sometimes a loan modification can be risky if you are behind in your payments for several months and sometimes force your home into a potential foreclosure. Call us for more information. 530-809-1390.

#7 What Is The Time line For a Short Sale?

There are several factors that determine the actual time it takes to complete a Short Sale. Each home owner’s situation is unique. The time frames have been as short as 10 days, but the average time to close a Short Sale is 90-120 days. Some documents are submitted right away once you list your property for sale, but basically, the Short Sale process doesn’t even start until an offer has been accepted.

#8 Should I Contact The Lender?

It all depends on your circumstances. Sometimes the seller should communicate with the lender to find out if there are any options available, but others may want a professional negotiator/Realtor to represent them when dealing with the lenders. You wouldn’t go to court without an Attorney, right? Always be sure you’re employing a California Licensed Realtor who is a Certified Pre Foreclosure Specialist to represent you.

#9 What Are My Chances?

The Anderson Team has over a 98% success rate negotiating Short Sales for our clients, National Average is 55%. With over 1500 Approved Short Sales, we are the right choice to get your Short Sale closed. No other agent in Northern California even comes close to our record!

#10 Who Determines The Sales Price In The Short Sale Process?

The Anderson Team has extensive market experience in pricing your home for sale as a Short Sale. We evaluate local pricing through the MLS based on current sales, and active listings whether they are Traditional Sales, Short Sales, Foreclosures or REO’s. We then complete a Comparative Market Analysis (CMA) and Broker’s Price Opinion (BPO) and submit them to the lender(s) to use as a baseline for their valuation.

#11 How Much Will a Short Sale Cost Me as a Seller?

$0, Nothing, Nada! The lender(s) will pay all of the fees necessary to close a Short Sale. Some of the fees may include agents’ commissions, title and escrow fees, transfer taxes, some repair costs (such as termite) and even pay off all back taxes owed on the property. In fact, you may be entitled to an incentive of $2,500 to $45,000 just for participation in a short sale.

#12 What Is A Deficiency Balance?

This is the difference between what the home sells for and what the seller owes to his lender(s) on his loan(s). These deficiency balances will be removed through our Short Sale negotiations. You WILL walk away from your home and the loans WILL be released 100%.

#13 What If I Have 2 or 3 Loans?

Sometimes having just one loan does make it easier and faster negotiating a Short Sale, but we have handled hundreds of homes with 2, 3 and even 4 liens on them. We still get the job done. It just takes patience and determination from the sellers, buyers and our team of negotiators.

#14 Lender’s Loss Could Be Your Gain

The Anderson Team agents are California Short Sale and Foreclosure experts who work with Buyers, Sellers and Mortgage companies to list, sell and facilitate Short Sales transactions. We are here to help you understand the entire Short Sale process!

#15 Experience and Expertise

Virtually every step in the Short Sale process requires experience and expertise if the desired result is to be achieved. When it comes to working with a Buyer, Seller or Lender on Short Sales and Foreclosures, The Anderson Team's expertise is critical in determining the viability of the Short Sale listing or offer – Will the sale be approved by the lender or investor? With almost 13 years Real Estate experience and hundreds of successful Short Sales negotiated, The Anderson Team is the right choice to represent you when selling your home as a Short Sale.

#16 I Am Concerned About My Credit...How Will A Short Sale Affect My Credit?

The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter – worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.