Dear Home Buyer
     Please Read Everything if you are interested in a Short Sale
                                   Opportunity is Knocking!

Earn Thousand in Equity by buying below market value.
Earn Positive cash flow by renting the property.
Your best investments are the ones you don't make. Donald Trump


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Dear Home Buyer
With the increase in foreclosures lately you may have heard the term
“Short Sale” and wondered what it was. A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and expense of a foreclosure.
 A Short Sale can help in many cases the seller to avoid and stop foreclosure and prevent serious damage to the sellers credit record.

A Short Sale will allow you! the buyer to save a lot of Money...
 


FACT: A short sale can only be considered during the pre-foreclosure period.

FACT: A short Sale can only be done with a REALTOR. Do not fall for Internet Scams

  If you are a Serious Home Buyer we can
help find that special home that Qualifies
for a short sale.
                               
                             Use Our VIP Short Sales Buying Program.

                                                Exclusive Keyes Home Team Program ™
         Helping Buyers Find Affordable Housing in Miami Dade and Broward

Short Sales: Homebuyers, a Short Sale is a  very complex transaction and Exclusive Loyalty is Required!
As a Short Sale Buyer; you will need to be ready and available to sign documentation on a timely basis to make the transaction possible.
It is a must that you get Pre-Approved for the loan prior to making an offer.

Fact: There are no seller contributions in a short sale or foreclosure.
Fact: You must have a qualifying down payment and closing cost available to take advantage of a short sale or foreclosure opportunity.

Keyes Mortgage "Wells Fargo" offers buyer low closing cost and low rate financing

NOTE: A  Pre- Approval is not the same as a Pre-Qualification

Manny A. Team Leader
<<Contact Me Today about your Short Sale Questions>>
Or call me directly at:786-385-4700
"Let's discuss your options in Person"

Now Let understand what you are getting into: Buyers pursue short sales to get a good to great deal on a home purchase. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask The Keyes Home Team to research the property to find out if the home is a short sale.                                        Our VIP Program will set you up for Short Sales We will work with qualified VIP buyer to help them find a short sale opportunity in either Dade or Broward. NOW! You might want to think twice about making an offer on a pre-foreclosure, short sale home. It's not as simple as you may believe, and very few can close in under 30 days, but usually under closing can be done within 60 days. Some complicated deals can take 3 to 6 months with no guarantee that the lender will cooperate! What separates the winners from the losers is how a person reacts to each new twist of fate. Donald Trump   Hire an Agent with Short Sale Experience It's one strike against you if the Buyers Agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent. Don't try a Short Sale with just any Real Estate Agent!  An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time or not close at all because no one has followed up in a timely manner. We are experience and know how find the properties and get the job done. We do require your commitment! The Keyes Home Team is here to help you into successful savings... Manny A. - Team Leader <<Contact Me Today about your Short Sale Listing>> Or call me directly at:786-385-4700 "Let's discuss your options" What is a Short Sale? A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. Be aware that the seller will need to be in default, to have stopped making mortgage payments, before a lender will consider a short sale. Also, the seller might have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it. The Keyes Home Team™ will advice you on Price and Value!

<<Contact Me Today about your Short Sale Listing>>
Or call me directly at:786-385-4700
"Let's discuss your options"

What to Expect Simplified

• STEP 1: We will verify the real and current market value of your property.
   

• STEP 2: Once we have an offer price, We add up all the costs of buying the property. 
  We will provide an estimate of closing costs (HUD1).  via Keyes Title and Mortgage
   

• STEP 3: If the seller ends up owing money in the transaction we are in a short sale situation. We will then start the short sale process by contacting the lender.
  In most cases the lender will end up paying the commission on the sale.
   

• STEP 4: Many lenders are willing to work with us by reducing the amount owed or making other arrangements in order to avoid foreclosure. A foreclosure is not only painful to the borrower but also to the bank or lending institutions since the process is very lengthy and involves many additional costs.
   

• STEP 5: The lender will require that the home is listed with a Real Estate Broker
  and will require the seller order to proof any reduction in price. The lender will look to the agents involved or anyone else who's making money off the transaction to see if they are willing to make concessions to bring the transaction to a successful closing.
  The Keyes Home Team will make suitable concession while working with the lender to make your deal happen.
   

• STEP 6: Once approved by the lender - We process the final title work and  close.
   

Short Sale Tips & Warnings

• The seller will have to prove and explain personal hardship to the bank in order to process a Short-Sale. 

• The seller will give to provide financial documentation, paychecks, bank statements.

• The seller will not be allowed to receive any funds at the closing nor will they owe any large amounts. " Often the seller will have to use a debt consolidation company to resolve
  large debts.

• The assistance of a professional realtor is required by all banks in order for them to process the short sale: The property must be publicly for sale ( on The MLS).

• The lender will request an appraisal paid by the buyer!

• If you know of a FSBO is this situation, have them contact me to list and commence the process for them before it is to late.
  The MLS will show the real market value and substantiate the negotiation of a reduction.

• Most seller-associated closing costs (including Realtor's commission)
  can be negotiated with the the lender .

• The Seller may have to pay part of the closing cost in some cases. A buyer may have to help with this if the seller has no money. But in most cases the lender will pay the seller closing cost. "State and Doc Taxes will be required"
  
  IMPORTANT:

• A Short Sale can take anywhere from three to six months and always requires lender's approval.

• The IRS often gets involved with short sales, because the lender can report the sale as a relief of debt. Check with your accountant regarding the reduction of dept.
  
  Credit Score
  According to Industry insiders
  Sellers will take a bigger hit on their credit report by going through foreclosure or giving the lender a deed-in-lieu of foreclosure. The points lost on a FICO score are as follows:

  If you know a seller in a Short Sale situation, please provide them with this information.

  • Foreclosure or Deed-in-Lieu of Foreclosure
    Both of these solutions affect credit the same. Sellers will take a hit of 250 to 280 points. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 400.

   

  • Short Sale
    The affect of a short sale on a seller's credit report is much less damaging. The ding on credit will show up as a pre-foreclosure in redemption status, which will result in a loss of 80 to 100 points.
    This means a short sale with a previous FICO of 700 will see it fall to 620
     to 600.
    The good news is that you can make some of this back up by reducing
    your credit card dept by 50%

  
  © By Manny Aguilar, The Keyes Home Team and www.Keyes-Miami.Com and
  all affiliated websites 

Content © 2007 - 2008 Manny Aguilar