San Bruno Real Estate, Short Sale experts and Foreclosure Experts

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Realtor®

Office: (650) 860-3298 Fax: (415) 520-5483 CA DRE License Number: 01387621 Clarin Realty 1001 Bayhill Dr Suite 200 San Bruno, CA 94066 Email Me

WHAT IS A SHORT SALE?
A short sale is a “sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan,” according to the California National Association of Realtors. A short sale may or may not involve a property in foreclosure.
For example,
--Home is worth $100,000
--Mortgage is $110,000
--It is listed and sold for $100,000
--After all fees including commission, $92,000 is left to satisfy the mortgage
--Servicer/Bank discounts Mortgage $18,000

Why would a lender accept a Short Sale?
A Short Sale is a form of loss mitigation, the lender (investor) is presented with a choice between a smaller loss by Short Sale or a larger loss through foreclosure, so accepting the Short Sale “mitigates the loss.”

Advantages of a Short Sale The advantage of a Short Sale compared to a foreclosure is that you avoid having a “debt discharged due to foreclosure” on your credit file which can reduce your credit score by over 250 points and keep you from qualifying for a home loan for up to 5 years. With a Short Sale you can qualify for a home loan in just 24 months. Also if a Short Sale is negotiated properly with your lender you can avoid a possible deficiency judgment.

Short Sale works--You just need someone very familiar with the process of specific lenders. Your agent can assist you with a comprehensive letter explaining why you are requesting a short sale. Your agent can assist you with compiling all the necessary documents needed to complete your request to the lender. You want to go in to a settlement knowing exactly all the terms and conditions on which the lender will accept the short sale, including whether or not you will have to come up with money at the settlement table. You are in financial trouble. If you have already missed some payments, your lender may already have reported this information to the credit reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that’s in your lender’s sole discretion. The short sale process works , but is complicated, time consuming, and uncertain. If you can start now before you are actually in default you will be ahead of the game.

Contact Noreleen for a FREE-no obligation consultation to see if Short Sale is right for you and to check when is the next scheduled Short Sale seminar.

References:

---Tom (San Bruno)

I will be forever grateful to Noreleen for helping me short sale my property. I really thought I had no other option but to foreclose and it was scaring me to death. My bank just refused to work with me and the hours I'd spend on the phone with them got me nowhere. Just when I was about to give up, I was referred to Noreleen and she was so kind, knowledgable and reassured me that we can get my property sold. She guided me through all the steps of the short sale and explained everything to me so it was easy to understand. During the process she always kept me updated on the status with the bank and made sure everything was taken care of with my best interests in mind. I literally did not have to worry about a thing. Noreleen is a professional and can help you when you think you have no other options. She will work with you to come up with the best plan possible for your situation. She is someone that you can definitely put your full confidence and trust in. Please don't think foreclosure is the only answer, Noreleen at Clarin Realty can help! --Adriana-SF

I want to thank and give my appreciation to Noreleen de Mesa of Clarin Realty. She is a professional and a top Real Estate Agent. Her experience has made it a smooth transition with our home that was upside down and was in the process of foreclosing. I received her flyer in the mail and it came at the almost timing of our despair of need. I can say, that Noreleen has a grasp of how to present your case to the Bank's Negotiator and she is diligent in working for you. Thank you so much Noreleen. I will refer you to all my friends and family, if need of a great Real Estate Agent with your experience. I know they will be in good hands.
---Lisa (San Mateo)

Noreleen De Mesa went above and beyond to help sell my house. She put my house on the market and I received an offer 2 days after the open house. She knew exactly how to price the short sale. She was very confident that it will sell immediately. She was right! I didn’t feel that I had to worry because she was on top of everything from the beginning until the end of closing. The transaction became very personal for me and I am really pleased that everything worked out. I would highly recommend her as an agent for selling and buying a property.
---Leila (Daly City)