Short Sale Negotiations (Processing and Underwriting)
(Short Sale, Pre-Foreclosure Sale)
A short sale is a transaction that allows the sale of a property for an amount that is less than the amount that is currently owed to the lender. The bank in return may accept the proceeds as full settlement of the debt. If you have suffered a long term financial hardship or are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property you may want to consider a short sale. In our negotiations with the lender, we may be able to provide you with a payoff that is significantly less than what you currently owe. A qualified buyer is required, in which we will help put in place. If this is an option you wish to pursue, please contact us immediately. Early communication is the key to a successful short sale negotiation. Our processing and underwriting staff knows exactly what the bank needs to negotiate a successful short sale. There may be tax ramifications associated with any short payoff or foreclosure; therefore, your advisor may recommend a tax consultant for further details.
(Available on a limited number of loans with lender and/or investor approval)
If you have incurred a long term financial hardship, Prestige Real Estate Services can assist you in supplying the appropriate information to the lender enable to take the necessary steps in attempt to modify the terms of your mortgage. The modifications could result in a lower interest rate and/or payments. All costs and fees associated with a loan modification will be the responsibility of the homeowner. To be considered for a loan modification, all property taxes must be current or you must be enrolled in an approved payment plan with your taxing association. Also, any additional liens or mortgages must agree to be subordinate to the first mortgage. All loan modification requests are subject to your lender approval.
Loan Services: Refinance and Purchase
We may be able to assist you in refinancing your home or investment property; or even purchasing a second home or investment property. If there is still a considerable amount of equity in your home and you are not far behind on payments, refinancing may be an option. The lender would typically refinance the existing loan and will include the new loan plus any late payments, and fees that you would need to regain control. The new amount with all fees would all be included in one mortgage. The main challenge that most homeowners face is they have leveraged their home to the max. Therefore, very little equity, if any, is available in the home. Especially when you add on back payments and fees, it becomes very difficult to refinance.
Deed in Lieu of Foreclosure:
If you have incurred a long term financial hardship and your house has been on the market listed at fair market value for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. For Deed in Lieu Foreclosure you must complete a financial package similar to that of a Short Sale Request and also provide a copy of your recent active listing agreement. There cannot be any additional claims or liens against the subject property. This procedure allows you to transfer your property voluntarily to your lender or Mortgage Company and your debt or deficiency may be forgiven. THIS WILL NOT SAVE YOUR HOME. You may be asked to participate in a Short Sale Request program before a deed-in-lieu of foreclosure is accepted.
Short Sale Listings:
Our custom MLS search is the best and easiest way to see new listings in San Diego. A Prestige Real Estate Service agent in your area will setup a MLS home search catered specifically for you. We can set up personalized email updates when new homes come on the market based on your search criteria.
We specialize in market research to make sure our clients are getting the most up to date market information from local experts actively involved in the distressed properties market.
Home Buyer Consultations:
We understand that buying a home requires extensive planning and an in-depth knowledge of the real estate market in the area in which you are buying in. To help you prepare for this big step, we offer a free Buyers' Consultation session, during which we will sit down with you and discuss everything you need to know before you start your search.
Credit Repair: The importance of maintaining good credit has increased during recent years. With the current state of the real estate market, more consumers are being faced with the challenge of taking steps to maintain and improve their credit rating. Consumers are free to manage the credit repair process on their own, however we offer a streamlined and stress free service to help improve your credit rating. We offer credit repair services, credit counseling services, and debt management counseling. Our services are guaranteed, otherwise you don’t pay!
Duties of our property management include accepting rent, reply to and address all maintenance issues, advertise any vacancies for landlords, conduct a credit and background check on all tenants, all while specializing in ancillary services. In exchange for the service we provide, our property management company will charge the landlord a small percentage of the gross rent that is collected each month.