Who are the Faces behind BASSA?

Hi, this is Kerri from the Bay Area Short Sale Angels. We are northern California's number one short sale team. You might be wondering who are the other faces behind the Bay Area Short Sale Angels, or BASSA? So of course there's me. I do a lot of the upfront work, and I'm usually the first point of contact with the clients and agents on the other side of our transactions. Then there's Monica, she's my better half, and we're the ones that formed the team together. She's been doing :k1: short sales for almost seven years now. She does 90-95% of our negotiations. All of our negotiations are in house, and we have a video about that on our website if you want more information. Monica does most of our negotiations, she's a hammer. She gets them done, and she's fantastic. She knows how to keep everybody happy and get things done.…

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Information on Loan Modifications and Short Sales

Hi, this is Kerri from the Bay Area Short Sale Angels. We are northern California's number one short sale team. I have a piece of advice for you that might sound crazy. Do not pay anyone to help you with your loan modification or your :k1: short sale, even if it's an attorney. You can maybe negotiate so they can have some money when it closes, but do not pay them anything upfront. Our team has had a couple people recently, one actually paid a lawyer $20,000 to do her loan modification and it went nowhere, absolutely nowhere. He made all these promises and then just took off with the money. What can she do sue a lawyer? That's not going to happen. People are getting ripped off by scams, and people making promises. There may be people that seem like they're there, they seem like they know what they are talking about,…

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Understanding the Tax Implications when considering whether a short sale is right for you

Hello this is Kerri with the Bay Area Short Sale Angels. :k1: #1 short sale team. A lot of clients first question is what the tax consequences will be when filing for a short sale. The tax consequences will always vary on whether it is a owner occupied property or an investment or renatl property. Of course the first thing to always do is seek the advice of a tax professional to make sure you are aware of what the consequences will be. In my experience if it is an owner occupied property you will not have to pay federal tax on the forgiven debt and as of the last 8 months in California there are also no taxes on the forgiven debt. Having said that, it is still in your best interest to double check with a tax professional to make sure no tax codes have changed recently. On the other hand…

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Understanding what the term "Seller Pays Fee" Really Means in your Short Sale Agreement

Hello this is Kerri with the Bay Area Short Sale Angels. The :k1: #1 Short Sale Team. One question that comes up a lot in our business is what it really means when it says 'seller pays' on the purchase agreement. Often times it will list city/county transfer tax, closing cost credits, title fees as paid by seller on a short sale purchase agreement all owed by the seller. Since most short sale property owners can not even pay their mortgage these added fee's can be a concern while trying to gain approval. Do not be scared away by all these fee's because although the agreement says the 'seller pays' it will all be covered by the bank. These numerous fee's associated with closing on a house are deducted from the total amount that the bank would receive once your house is sold. Since the lender is taking care of these fee's there…

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The Best Solution for that Distressed Investment Property just might be a Short Sale

Hi this is Kerri from the Bay Area Short Sale Angels. #1 :k1: short sale team. There are a lot of people out there who own rental property that is completely underwater and many of them have merely walked away from the property instead of taking the legal steps to rid them self of their distressed home. Some of these investors and others in the short sale business have heard rumor that it is difficult to short sale an investment property. However, in our experience it has been just as easy to short sale an investment property as your standard single family home. While many investment property owners merely walk away they are putting them self at risk by breaking the contract with their tenant. Since the bank knows most owners walk away it is in their best interest to get the property off of their books and will entertain a short sale…

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Who Should You Consult With A Short Sale?

After you have consulted with us about your options and possible short sale, there are a few other people that you should consult to ensure that you are covering all of the bases. You should consult a real estate attorney, your CPA, or a tax professional. We have a list of preferred vendors that we frequently refer out to people who request those services. Simply fill out a request form on our website and we will send you that list of our preferred vendors.

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Why Do Banks Allow Short Sales?

Banks choose a short sale because of the financial benefits. They can save 20-40% by executing a short sale rather than allowing the property to foreclose. With all of the fees and the lower sale price of a home in foreclosure, a short sale allows the bank to recoup more money. Also, remember that the banks are not in the business of owning property. They are in the business of lending money. Therefore, it is in best interest of the bank to do a short sale.

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