bay area short sale | Bay Area Short Sale Angels | Monclair | Piedmont

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,…

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…

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…

Some helpful information when considering the ramifications of a short sale on your credit

Hi this is Kerri from the Bay Area Short Sale Angels. The :k1: #1 short sale team. We have been finding a lot of people recently who do not seemed to be concerned about keeping their credit score intact after a short sale. Even if you plan to make most of your purchases with cash after completing a short sale or foreclosure there are many unplanned events in life that may require you to have reputable credit. For instance, if your car were to break down and you did not have the cash to buy a new one you would need a car loan. If you walk away from your property and ruin your credit no bank will be willing to give you a loan for a new car. By walking away or foreclosing on your property you are not honoring the contract you signed and this could hurt you when applying for…

The Benefit of a VA Loan Combined with the Right Price on a Short Sale Property

Hi this is Kerri from the Bay Area Short Sale Angels, the :k1:’s #1 Short Sale Team. I have noticed of late there are a lot more VA buyers out there. A VA loan is designed for people who have served our country in the armed forces and it requires zero money down and is a government run program. Recently we have had a few of our short sales get sold to those with VA loans and the process was very easy. The negotiators that we have been working with may just be doing their part to say thank you to those VA loan recipients by offering credits for closing costs and providing an overall smoother process. For me personally as a short sale agent it also feels good to give back to those individuals that have served our country and see them become home owners. It is truly a win win scenario…

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…

Would getting a Deed in Lieu of Foreclosure be better than a Short Sale?

Hi this is Kerri from the Bay Area Short Sale Angels Team. We have had a few clients of late ask about deed in lieu of foreclosure. There banks have recommended this as a better option than a short sale or normal foreclosure. But in actuality a deed in lieu of foreclosure is essentially the same as giving up and handing over the keys to your home. This is a way for banks to lower the costs they face when handling the paperwork and time related with short sales and foreclosures. A deed in lieu has the same affect on your credit as a normal foreclosure which is why we suggest giving a short sale a try to make life easier for yourself. Most homeowners in the situation of having distressed property are truly in a hardship and do not deserve to have there credit damaged because of this. A deed in lieu…

The Benefit of a VA Loan Combined with the Right Price on a Short Sale Property

Hi this is Kerri from the Bay Area Short Sale Angels, :k1: #1 Short Sale Team. I have noticed of late there are a lot more VA buyers out there. A VA loan is designed for people who have served our country in the armed forces and it requires zero money down and is a government run program. Recently we have had a few of our short sales get sold to those with VA loans and the process was very easy. The negotiators that we have been working with may just be doing their part to say thank you to those VA loan recipients by offering credits for closing costs and providing an overall smoother process. For me personally as a short sale agent it also feels good to give back to those individuals that have served our country and see them become home owners. It is truly a win win scenario as…