Posted By Jeanean Gendron, Realtor, DRE#01299346 on October 12, 2009

Redding Real Estate  – Short Sale Opportunity – 6664 Riverside Drive – Near The Sacramento River–Located in a wonderful neighborhood near the Sacramento River, this charming home has double pane windows, mature landscaping and a good floor plan. Located across the street from the Sacramento River and beautiful homes this sweet homes offers RV or boat cover, a two car garage, three bedroom and two baths. There is no master bedroom, however the charm of the home compensates for this.

Redding Real Estate  – Short Sale Opportunity – 6664 Riverside Drive – Near The Sacramento River–Excellent starter home or investment property.  Seller is a licensed real estate agent in the State of California. This is a short sale. Charming home with mature landscaping and just across the street from the Sacramento River. Wonderful older neighborhood with beautiful mature Oak Trees. Wonderful investment opportunity or starter home for first time home buyers. You have the charm of an older neighborhood and location near the Sacramento River. This is a short sale.

I am Jeanean Gendron, your Redding and Shasta County Specialist. You can reach me at 530 276-7417. I answer my phone.

Here are the city of Redding and Shasta County demographics and links to the many things available to the people who live The Shasta Lifestyle here in Redding and Shasta County. Enjoy!

Shasta County, Land area is 3,785.2 square miles, Density 47.4 people per square mile, versus California Density at 217.2 people per square mile. Population (2006 estimate): 179,951. House Hold Income: Median $37,696, Persons below poverty is 13.4% and Home ownership rate is 66.1%. Education: High School graduates: 83.3% of adults 25 and up. Bachelor’s degree is 16.6% of adults 25+

Redding, population is 90,033 (in 2000), incorporated in 1887. Average temperature in January is 55 and average July temperature is 98. Information Links for Recreation and County and City Resources:

Shasta County: A Guide to Shasta County ~ Shasta County Parks, Trails and Open Space Plan Shasta County Guide to Recreation ~ California State Parks – Shasta Cascade ~ City of Redding Information Center ~ Turtle Bay Museum ~ Redding Convention Center ~ Cascade Theatre Schreder Planetarium ~ Turtle Bay Exploration Park ~ Shasta State Historica Park ~ Sacramento River Trail/Caldwell Park ~ Sacramento River Trail Map Redding Community Services ~ Shasta County Library ~ Shasta Historical Society

Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

Northern California Properties

New Homes Shasta County

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Short Sale Help for Sellers

Jeanean Gendron ~ I love Redding and Shasta County, California

530 276-7417

Category: Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Investment Properties, Short Sale Specialists | No Comments »
Tags: 6664 Riverside Drive, Redding Real Estate, Sacramento River, Short Sale Opportunity

Posted By Jeanean Gendron, Realtor, DRE#01299346 on August 18, 2009

Redding Real Estate ~ Short Sales ~ Getting  Bank Approval–As a short sale agent who has 100% approval rating, what is it that I do differently. First of all I understand and know my current market value and the banks financial model that will get the offer accepted.

Typically, the Bank will accept 80% of market value. 10% discount in the purchase price brings the buyer and the other 10% is made up of closing costs and commissions paid by the bank. There is some play in this financial model based on condition and location of the property.

As a short sale agent, I feel both a responsibility to the seller and to the bank to get the highest price offer possible. It means doing my research and knowing market value and the current market conditions to establish the financial model the bank will accept. Negotiation is a key element of how I have managed to maintain a 100% approval rating for the short sales I have done. Negotiation with the bank is crucial however it is the negotiation with other agents and their clients that seems to be the critical piece. I cannot tell you how many times in a day I have a conversation with another agent and explain the above model.

There is still a perception that you can low-ball short sales and foreclosures in this market. If the agent has done their work, this just is not true. I believe it is one of the single most mis-understood aspects of this current market. Getting the bank to approve the short sale is based on the above model. They care about the bottom line and you must be able to compelling prove your case for the short sale including the market value and the purchase contract you have accepted. Yes….in California the Seller still owns the home and we accept the best offer and open escrow (so that once accepted we can close quickly). In general, we are looking for all cash or conventional financing that CAN close quickly.

While I coach other agents in what the nature is of our getting an approval from the bank, I still get low ball offers and agents that don’t know how to be as effective with the bank as I have learned to be. I aways request that agents call before writing, however sometimes they don’t. I received a conventional offer on one of my short sales the other day (agent did not call) and it was rather a low ball offer. We were at a higher price at the time and I explained that we were about 5% below market value (I always try to get market value and sometimes I do) and while their offer had much to offer, the lowest we would be able to go on this particular house was 10% below market value. The home is in a great location and good condition. She said we will just keep the offer where it is. The bank can always counter us.

Well needless to say her offer most likely will not be accepted and the bank will never see the offer. She obviously does not understand the nature of short sales and how to get them approved. Who knows maybe she will reconsider. I hope so. In the meantime the house is being shown 3 or 4 times a day. Offers will be coming.

Redding CA ~ The Short Sale Finesse ~ Helping Your Seller , The Bank and The Other Agent!

I am Jeanean Gendron, your Redding and Shasta County Specialist. Your can reach me at 530 276-7417. I answer the phone. Visit my websites and blogsites to learn more about Redding and Shasta County Real Estate.

Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

New Homes Shasta County Featuring Ochoa & Shehan Homes

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Short Sale Help for Sellers

Jeanean Gendron ~ I love Redding and Shasta County, California

530 276-7417

Category: Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Investment Properties, Short Sale Specialists | No Comments »
Tags: Getting Bank Approval, Redding Real Estate, Short Sales

Posted By Jeanean Gendron, Realtor, DRE#01299346 on August 8, 2009

Category: Buying Foreclosures, Buying a Short Sale, California Foreclosure Laws, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Investment Properties | No Comments »
Tags: Mediterranean 4-Plex, Red Bluff CA, Short Sale Investment Property

Posted By Jeanean Gendron, Realtor, DRE#01299346 on August 8, 2009

Category: Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Specialists | No Comments »
Tags: Redding Short Sale Homes for Sale

Posted By Jeanean Gendron, Realtor, DRE#01299346 on July 26, 2009

Redding Real Estate ~ Short Sales ~ Know Your Options and Which One is Best for Your!

Redding Real Estate ~ Short Sales ~ Know Your Options and Which One is Best for Your!–Loan modifications continue to be the help that sellers facing hardship need to stay in their homes. Unfortunately, we don’t get to know or understand how the bank determines if you can qualify for the loan modification.

If you need to do a loan modification, you will need to provide the bank with a financial statement, letter of hardship, 2 months of pay stubs, Bank statements and 2 years of tax returns.

Redding Real Estate ~ Short Sales ~ Know Your Options and Which One is Best for Your!–While the rationale exist that it is better for both the bank and the seller to allow the seller to remain in their home, the loan modifications that are approved are a small percentage. The banks also remain mysterious on many facets of the loan modifications. While you receive a few details on how the modification will work, you are expected to sign documents that may not be recorded or of a permanent nature. The compelling terms and language you use with the banks can help. Pay a professional Realtor to do a BPO and market analysis of your area and home.

Redding Real Estate ~ Short Sales ~ Know Your Options and Which One is Best for Your!–Let the bank know that by doing a short sale, they will have to sell the home at market value and pay commissions. A foreclosure will cost much more. They will in fact do better by allowing you to stay in your home at a reduced principal and lower interest rate. They may compensate by lowering your principal but not to market value. This may be sufficient to allow you to “weather the storm” so to speak and stay in your home.

Research your options carefully. Speak with family members, an attorney and/or financial professional to understand all your options. There are times when bankruptcy may protect you and a time when choosing foreclosure over the bank’s demands will be your best option.

This is in not in any way meant to provide any any type of legal or financial advice but to merely suggest that you MUST become knowledgeable about what choices there are and choose the best choice for your circumstances.

Redding Real Estate ~ Short Sales ~ Know Your Options and Which One is Best for Your!–I have a 100% approval rating in getting my short sales approved. If the short sale is the best option for you, I can speak with you about the nature of the short sale and how it work.

I am Jeanean Gendron, your Redding and Shasta County Specialist. I can be reach at 530 276-7417. I answer my phone.

Visit my short sale sites for more information: Short Sale Information.

Category: Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Specialists | No Comments »
Tags: Foreclosure, Loan Modification, Redding Real Estate, Short Sale

Posted By Jeanean Gendron, Realtor, DRE#01299346 on July 26, 2009

Redding CA ~ Short Sales ~ Alternatives to Foreclosure

Redding CA ~ Short Sales ~ Alternatives to Foreclosure–I receive phone calls each day from people who need help. They are behind in their mortgage payments and they don’t know what to do. They have suffered a hardship of some type and cannot catch up.

We can go over the items that help us determine what their choices may be. Is their loan original purchase money? This means is it the original loan. If you have refinanced, then the Debt Relief Act may not apply and there may be tax consequences. You will need to seek council from a Certified Public Accountant or a Real Estate Attorney.

Has there been a legitimate hardship? In order to qualify for a short sale, the seller must owe more on the home than the market value of the home and prove that a hardship has occurred. The hardship can be a death, loss of job, divorce, or financial. The financial hardship may often times be associated with the terms of the loan.

We talk with people who have equity in their homes and have suffered a hardship. If you can sell your home and pay your mortgage off, you will not qualify for a short sale or the Debt Relief Act. This is a good thing that you can move on without financial consquences.

You may be able to talk with your lender and negotiate a “workout”. The lender has a number of programs to help you stay in your mortgage and “make it”. Talk with your lender and try to negotiate terms that will allow you to keep your home and manage your finances. Seek financial advice from a professional on your long term ability to keep your home and manage your finances.

Redding CA ~ Short Sales ~ Alternatives to Foreclosure–Get references for a mortgage professional that can help you assess your options for a refinance. Your property will need to appraise. There are programs out there that may assist you in obtaining a new loan. Certain conditions may apply.

Research the internet on your own and read everything you can. Learn about your rights and foreclosure. Get your loan documents out and understand your loan. Get help if you need it. You need to understand and own what your options are and what the right choice is going to be for you and your future.

If you discover that you are want to do a short sale, identify a Realtor that specializes in short sales and has successfully completed 80/90% of their short sales.

You should be expecting to list your home 10% below market value and to accept the strongest offer. You will open escrow and your Realtor will work to secure a back up offer. A complete financial package (hardship letter, 2 pay stubs, 2 tax returns, 2 bank statements) along with the purchase contract, a BPO and markt analysis, a HUD-1, MLS history and the various release forms are sent to the lender. You should receive news of the approval within 2 to 8 weeks depending on the lender and their process.

Learn about your options and make your choices based on your understanding and knowledge of foreclosure law in your state.

Redding CA ~ Short Sales ~ Alternatives to Foreclosure–I feel it is important to be helping people in this market and in this mortgage crisis. If you have refinance options, we can also help you find a good mortgage officer to work with you on all your options. We have to try everything to save your home.

Again, visit our Short Sale Website. We have designed it for your use and as a resource for you to learn about your options.

I am Jeanean Gendron, your Redding and Shasta County Specialist. You can reach me at 530 276-7417. I answer my phone.

Copyright 2008, Jeanean Gendron. All Rights Reserved

Category: California Foreclosure Laws, California Foreclosure Process, Realtors Who Specialize in Short Sales, Redding CA Short Sales | 1 Comment »
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Posted By Jeanean Gendron, Realtor, DRE#01299346 on February 7, 2009

Redding Real Estate ~ Short Sales ~ Getting Help When You Need It Most–I receive phone calls each day from people who need help. They are behind in their mortgage payments and they don’t know what to do. They have suffered a hardship of some type and cannot catch up.

We go over the items that help us determine what their choices may be. Is their loan original purchase money? This means is it the original loan. If they have refinanced, then the Debt Relief Act may not apply to them and there may be tax consequences. They will need to seek council from a Certified Public Accountant or a Real Estate Attorney.

Redding Real Estate ~ Short Sales ~ Getting Help When You Need It Most–Has there been a legitimate hardship. In order to qualify for a short sale, the seller must owe more on the home than the market value of the home and prove that a hardship has occurred. The hardship can be a death, loss of job, divorce, or financial. The financial hardship may often times be associated with the terms of the loan.

We talk with people who have equity in their homes and have suffered a hardship. If you can sell your home and pay your mortgage off, you will not qualify for a short sale or the Debt Relief Act.

Redding Real Estate ~ Short Sales ~ Getting Help When You Need It Most–You may be able to talk with your lender and negotiate a “workout”. The lender has a number of programs to help you stay in your mortgage and “make it”. Talk with your lender and try to negotiate terms that will allow you to keep your home and manage your finances. Seek financial advice from a professional on your long term ability to keep your home and manage your finances.

Get references for a mortgage professional that can help you assess your options for a refinance. Your property will need to appraise. There are programs out there that may assist you in obtaining a new loan. Certain conditions may apply.

Research the internet on your own and read everything you can. Learn about your rights and foreclosure. Get your loan documents out and understand your loan. Get help if you need it. You need to understand and own what your options are and what the right choice is going to be for you and your future.

If you discover that you are want to do a short sale, identify a Realtor that specializes in short sales and has successfully completed 80/90% of their short sales.

Redding Real Estate ~ Short Sales ~ Getting Help When You Need It Most–You should be expecting to list your home 10% below market value and to accept the strongest offer. You will open escrow and your Realtor will work to secure a back up offer. A complete financial package (hardship letter, 2 pay stubs, 2 tax returns, 2 bank statements) along with the purchase contract, a BPO and market analysis, a HUD-1, MLS history and the various release forms are sent to the lender. You should receive news of the approval within 2 to 8 weeks depending on the lender and their process.

Learn about your options and make your choices based on your understanding and knowledge of foreclosure law in your state.

I am Jeanean Gendron, your Redding and Shasta County Real Estate Specialist. You can reach me at 530 276-7417. I answer my phone. Visit our website to learn more about Redding and Shasta County Real Estate.

Jeanean Gendron is a Realtor with Coldwell Banker C & C Properties. You can reach me at 530 276-7417. I answer my phone. I specialize in helping Sellers and Buyers understand the Short Sale Process and whether it can work for you and your goals. Visit our Short Sale website to learn more about your options.

Luxury Homes, All MLS Listings by Price, Jeanean’s Total Real Estate Resource,

Short Sale Information

Search ALL ACTIVE SHORT SALE LISTINGS

Search ALL ACTIVE FORECLOSURE LISTINGS

I am Jeanean Gendron, your Redding and Shasta County specialist. I work for Real Estate Professionals, GMAC. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County. My main website provides you with a custom MLS search capability. Owing Your First Home is for First Time Buyers New Homes Shasta County and Northern California Properties offer you a pervasive web presence to help you achieve your real estate goals.

Category: Buying Foreclosures, Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Specialists | No Comments »
Tags: Redding Real Estate, Short Sale

Posted By Jeanean Gendron, Realtor, DRE#01299346 on February 7, 2009

Redding Real Estate ~ Short Sales ~ How to Successfully Buy a Short Sale Property–A short sale is a property that is what we call “upside down” in the market. The owner owes more money on the property than the property is worth in the current market.

The short sale property will be on the market for less than market value. This provides opportunity for Buyers in this current market. It is important to understand some important aspects of short sales for your success. A short sale is all about the numbers to the lender. They are most concerned with the bottom line amount of money that they will save or loose on the property. The formula on a short sale is typically 10% below market value.

The listing agent on a short sale is looking for the Buyer to come in close to listing price. The lender will not approve the sale unless the offer is within a reasonable range of 10%. The Buyer will also be expected to purchase the property in an “AS IS” condition. They Buyer will also have higher closing costs and be required to purchase the Home Warranty. The sale is subject to the lenders approval. There is opportunity with short sales if listed properly. Working with an experienced Realtor will help you determine the investment opportunity and the market value of the opportunity.

Redding Real Estate ~ Short Sales ~ How to Successfully Buy a Short Sale Property–Many aspects of the short sale remain a mystery. Many buyers are interested in looking at short sales because they offer a possible below market opportunity. Not all Realtors or Real Estate Agents use a method that will provide the seller or the buyer an assured process to complete the transaction and get bank approval. How will you know if you can be successful in your short sale transaction?

Here are a few ways you can check on your transaction to know if the listing agent will be successful:

• Are you in a binding contract and has escrow been opened? The contract is between you and the seller…not the lender or bank. The seller still owns the home and your contract is with the seller. The lender or bank must approve the transaction….but do not own the home. They must agree to take a short pay off.
• The listing agent should be expecting and be able to have an answer within 10 to 15 days. If the short sale package is complete and the BPO on target and the bank has a policy of working with short sales you will progress within this time period. If the bank has policies that take longer or are not progressive in approving and working with short sales, it may take longer and may not be approved. Banks that are known to be difficult are GMAC, CitiMortgage and Bank of America.
• The financial model of the short sale is that the lender will accept 20% below market value as a general rule. However, if the property has identifiable deficiencies that can affect value that percentage can go lower. So as a test, you should have the agent representing you provide you with a market analysis and a determined market value for the home. It should be listed for 10% under market value. The other 10% pays for the closing cost and the commissions. If the price is higher or lower, then you may be working with a listing agent that may not be able to get the short sale approved.
• Discuss this with the listing agent, there may be reasons why the property is listed above or below, however if it does not match within reason the model described above, you will know that it may not be approved.

Often times, buyers make offers on short sale and are caught in a limbo situation for 2 or 3 months waiting to hear. The loss mitigation department will need an executed purchase contract and a financial package for the buyer to determine if they can approve the transaction. When incomplete packages are sent to the lender they are put aside to be addressed on a “when time allows” which is seldom.

Redding Real Estate ~ Short Sales ~ How to Successfully Buy a Short Sale Property–To help our Buyers we list foreclosures and short sales on our websites for your convenience. You can look through the current list of foreclosures and short sales and we can discuss other “good buys” that are on the market and afford opportunity. Call today and we can talk about Redding CA Real Estate and the Great Deals that are available.

I am Jeanean Gendron, your Redding and Shasta County Real Estate Specialist. You can reach me at 530 276-7417. I answer my phone. Visit our website to learn more about Redding and Shasta County Real Estate.

Jeanean Gendron is a Realtor with Coldwell Banker C & C Properties. You can reach me at 530 276-7417. I answer my phone. I specialize in helping Sellers and Buyers understand the Short Sale Process and whether it can work for you and your goals. Visit our Short Sale website to learn more about your options.

Luxury Homes, All MLS Listings by Price, Jeanean’s Total Real Estate Resource,

Short Sale Information

Search ALL ACTIVE SHORT SALE LISTINGS

Search ALL ACTIVE FORECLOSURE LISTINGS

I am Jeanean Gendron, your Redding and Shasta County specialist. I work for Coldwell Banker C & C Properties. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County. My main website provides you with a custom MLS search capability. Owing Your First Home is for First Time Buyers New Homes Shasta County and Northern California Properties are all tools designed and built to help you reach your real estate goals.

Category: Buying Foreclosures, Buying a Short Sale, REO Bank Owned Property, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Specialists, Uncategorized | No Comments »
Tags: How to Successfully Buy a Short Sale Property, Redding Real Estate, Short Sales

Posted By Jeanean Gendron, Realtor, DRE#01299346 on February 7, 2009

Redding Real Estate ~ Short Sales ~ Remain Alternative to Foreclosure–In Redding and Shasta County, California we continue to see short sales as a viable alternative to foreclosure for sellers facing hardship and a declining market.

We are finding most banks will work with the seller to approve and complete the short sale. Original purchase money loans allow the seller to complete the short sale without a tax burden with the Debt Relief Act signed by President Bush. Sellers who have refinanced may face a tax consequence. Speaking with an attorney or certified public accountant should help the seller determine if they will face a tax consequence. The seller may be asked to accept a promisory note in payment of some or all of the short on the loan or may receive a 1099 and be requried to pay taxes on an income basis.

Redding Real Estate ~ Short Sales ~ Remain Alternative to Foreclosure–The most important aspect for the seller and the buyer is to work with a professional Realtor who has experience in closing short sales. The critical factors are knowing how the bank looks at the numbers and understanding what they will be willing to accept. Sending in a complete short sale package goes a long way to assuring that the short sale process can proceed as quickly as the lender’s ability to process. When a complete package is received they now have the ability to move quickly and order the BPO. Confirmation of receipt of the short sale package, assignment of a loss mitigator and then ordering of the BPO are the critical initial steps that ensure you are off to a good start with the lender’s ability to process and provide approval. The period can be a short as a couple of weeks or can be much longer depending on the bank.

Redding Real Estate ~ Short Sales ~ Remain Alternative to Foreclosure–If you are a buyer and considering a short sale. You should work with an exprienced Realtor that can help you through the process. Understanding and educating yourself about the short sale process will be important. Knowing the market value for the home will also be important. Typically, short sale properties are 10% and on occasion more under market value. Be prepared to wait for the approval. Depending on who the lender/bank is, your Realtor should have some idea of how it will go. Some banks are harder to work with than others. Have your financing in order and ready to go. Once the bank provides an approval, they like to close as quickly as possible. Once we have approval, we go through the normal process of inspections and due diligence to without doubt decide we want to purchase this property. Short sales provide good opportunity for buyers and at the same time are helping our real estate market recover.

I am Jeanean Gendron, your Redding and Shasta County Real Estate Specialist. You can reach me at 530 276-7417. I answer my phone. Visit our website to learn more about Redding and Shasta County Real Estate.

Jeanean Gendron is a Realtor with Coldwell Banker C & C Properties. You can reach me at 530 276-7417. I answer my phone. I specialize in helping Sellers and Buyers understand the Short Sale Process and whether it can work for you and your goals. Visit our Short Sale website to learn more about your options.

Luxury Homes, All MLS Listings by Price, Jeanean’s Total Real Estate Resource,

Short Sale Information

Search ALL ACTIVE SHORT SALE LISTINGS

Search ALL ACTIVE FORECLOSURE LISTINGS

I am Jeanean Gendron, your Redding and Shasta County specialist. I work for Coldwell Banker C & C Properties. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County. My main website provides you with a custom MLS search capability. Owing Your First Home is for First Time Buyers New Homes Shasta County and Northern California Properties are all internet tools built to help our client achieve their real estate goals.

Category: Buying Foreclosures, Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Specialists | No Comments »
Tags: Redding Real Estate, Short Sales Remain Alternative to Foreclosure

Posted By Jeanean Gendron, Realtor, DRE#01299346 on February 7, 2009

Redding Real Estate ~ Short Sales ~ What We Have Learned–Not all banks are the same. Adding to this statement is the fact that they can differ on any given day or month.

Analysis and preparation is everything in a short sale beginning with your interview process. The specific criteria for a short sale to be approved are:

• The seller must be able to prove the hardship (financial, death, divorce, employment loss….it can actually be the loan itself).
• The BPO must be spot on and you should prepare a market analysis of your local market or the specific market of the short sale going back two years.
• Provide a cover letter that nets out the numbers and justification the bank is looking for. When you provide the bank with a complete package and the numbers netted out to their bottom line….you have a slam dunk as long as the bank is a cooperating bank and those numbers meet their financial model. Of course, the hardship MUST be there.
• The bank will typically approve a short sale that is 80% of market value. There are times when that number is below 80%, however it is best to try to stay with this number. The BPO determines market value and typically you will list the home for 10% below market value to bring the buyer.
• The other 10% is made up of the commissions and closing costs of the seller. The seller does not pay commissions. The contract is between the seller and the buyer. The seller still owns the home. The bank must approve the short payoff. Once you received offers, you accept the best and strongest offer and open escrow. The bank likes to know they can move aggressively forward once they approve. There is earnest money and a pre-approval with a net sheet for the Buyer that reassures the lender the buyer can perform.
• When that BPO and a complete package (Listing agreement, Purchase contract, BPO and Local Market Analysis, Seller financial documents that include 2 tax returns, 2 pay stubs, 2 bank statements, the Hardship Letter and their financial statement of income and expenses, accompanied by a Cover Letter listing the enclosures and the financial break down of the numbers and net to the bank) you have the formula for getting approval from the bank if they want to do short sales rather than foreclosures.

Redding Real Estate ~ Short Sales ~ What We Have Learned–One little tip, I always remove the lockbox after we have accepted and put the listing key in our office system. I keep showing the house and keep it listed as a Short Sale, Continue to Show. You would like to get a back up offer if possible. I always try to get a back up if I get multiple offers.

• When the bank orders the BPO, you have the opportunity to provide the BPO agent your BPO and to share all the issues/items that affect the market value of the property. What we typically see is that from the time of completion on the BPO there will be a couple more comps now available to help the BPO agent establish the declining market condition and their BPO usually comes in lower than ours.
• When the package is first received by the Lender, and that is the first step in the process is to confirm that it has been received, it will then be assigned to a Loss Mitagator. Once you have a Loss Mitagator assigned, you can call the Loss Mitagator to tell him or her that you have a complete package and the nature of the BPO and the offer. You can encourage him/her that they have a complete package and that they can go ahead and order their BPO or appraisal. They usually do so. You have just by-passed the long and arduous process of getting the package complete for the Loss Mitagator and getting the BPO ordered.
• Once they order their BPO and it confirms the market conditions and the condition and market value of the home they will provide an approval or a counter offer. After sorting that out you will received an indication of whether they intend to approve. The package goes for a final review and audit and you can hope to get a formal approval letter within 7-10 days.
• Once you have approval, you are on your way to a pretty normal escrow until closing and then the escrow officer is crucial to helping get it closed. There are many hoops to jump through. Your escrow officer must be knowledgeable about closing a short sale.

Redding Real Estate ~ Short Sales ~ What We Have Learned–It is a bit more work, but when done correctly can be an effective process. There are some banks that are difficult to work with and that experience helps in knowing what is possible.

• Educating your client is critical. If my clients have not researched short sales and are not knowledgeable about their options, I send them back to the drawing board with the advice to research on the internet, talk with an attorney or CPA or family members that can refer them to someone to speak with or that have prior experience. They must own the responsibility of the decision they are about to make. If it is original purchase money, they are protected under the Debt Relief act. If they have refinanced they may not be and may have a tax consequence. If they have mortgage insurance or a second loan that can complicate the process. Negotiation will become critical.
• If auction dates are nearing, ask the lender to postpone, so that you can get the details worked out. They will usually do this.
• One other thing we have learned is to ask the seller to make a commitment to maintain the property until it is sold. We need the power and water turned on for inspections and showings.
• Note: Educating the Buyer’s Agent and through them the Buyer is also critical. It most likely will be an “AS IS” sale, however we have gotten a DAP (Down Payment Assistance) offer accepted. Rare…however. All parties understanding the process is again critical. Buyer’s motivation and connection to the property will help keep them in there. This was added from first comment and is important.
• If you lose the buyer, keep the process moving and the bank will usually cooperate….because you have provided them the specific data for this property in this market and the bottomline numbers they need to get this off their books!

Redding Real Estate ~ Short Sales ~ What We Have Learned–Short sales are helping the market. They provide a better solution for the seller and the lender and opportunity for the buyer.

I am Jeanean Gendron, your Redding and Shasta County Real Estate Specialist. You can reach me at 530 276-7417. I answer my phone. Visit our website to learn more about Redding and Shasta County Real Estate.

Jeanean Gendron is a Realtor with Coldwell Banker C & C Properties. You can reach me at 530 276-7417. I answer my phone. I specialize in helping Sellers and Buyers understand the Short Sale Process and whether it can work for you and your goals. Visit our Short Sale website to learn more about your options.

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I am Jeanean Gendron, your Redding and Shasta County specialist. I work for Coldwell Banker C & C Properties. I can be reached at 530 276-7417. I answer my phone. Visit our websites to learn more about Redding and Shasta County. My main website provides you with a custom MLS search capability. Owing Your First Home is for First Time Buyers New Homes ShastaCounty and Northern California Properties is my company blog site.

Category: Buying a Short Sale, Realtors Who Specialize in Short Sales, Redding CA Short Sales, Short Sale Homes for Sale, Short Sale Specialists, Uncategorized | No Comments »
Tags: Redding Real Estate, Short Sale