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Monday, June 11, 2012

Are Ventura County Short Sales Really A Nightmare?

Ventura County CA – I read a blog post by another agent the other day. He had a long story about a short sale that he worked on that was so difficult. He said the lender sent him a form on Friday.

On Friday afternoon they demanded that he send them back a form signed and notarized by the sellers. He sent it back to them on Saturday.

On Monday they closed the short sale file because they hadn't received the form within 24 hours. Apparently they didn't check their faxes over the weekend.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

According to the story the agent just resubmitted the short sale file and waited another 60 days for the short sale file to be processed. It appears that this agent let the short sale lender push him around.

But, why waste 60 days because of the short sale lender's unreasonable demands? Why put your home sellers at further risk of losing their home to foreclosure?

The short sale lender should have re-opened that file right away. And they would have if the agent had held them accountable for their actions.

The bottom line is that this agent let the short sale lender dictate everything to him. He allowed them to have all the power. He never stood up for himself.

Now, I'm sure you are wondering how this agent could have stood up for themselves. Here is the simple way to do it. It all goes back to who owns the loan. A little known fact is that 80% of all loans are not owned by the banks themselves.

Most of them are owned by Uncle Sam or an unknown third party. In this situation you find out who owns the loan and contact them directly. I've posted on this blog instructions on how to find the owner of the loan.

Then, you tell the owner what is happening. But, you have to make your case. Remember, these loan owners only care about the economics.

They don't care about a sob story about how the lenders are mean and your feelings go hurt. They only care about how it affects their bottom line. That is how you make your case.

Here is an example of what you say to them. "In October we received an offer on this short sale for $356,000. We submitted it to the ABC Bank, who is handling the loan. They were very difficult to work with.

They would not give us an answer on the offer for 68 days. In that time, the buyer canceled their offer. We put the home back on the market. Another buyer made an offer for $347,000.

We submitted that offer to the short sale lender. It's been the same problem." Next I would go into detail on how they canceled the short sale process for no reason.

Then, I would detail how much money I estimated this loan owner lost as a result of the lender's actions. In this example, it is probably $11,000. That is the reduction in the sales price and lost interest income and other costs.

After you inform the loan owner of what is happening, then they will contact the lender and ask them to do a better job. There are more things you can do, but this is a start.
Tomorrow I'll explain what to do when the loan is owned by the actual lender. The strategy is a little different. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this,

Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823.
Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert

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Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales.
Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure.

You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read
For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also see
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