Call Hard Workin' Mike Durkin (650)-245-1380

Bay Area Real Estate & Homes For Sale

Specializing in homes for sale in the San Mateo County real estate market, you have found your realtor resource for buying and selling your next Bay Area home. With expertise in realty for both purchasing and listing properties in Pacifica, San Francisco, Daly City, San Bruno, South San Francisco and Half Moon Bay and all surrounding San Mateo County, CA areas, you have found the right resource for all of your real estate needs. Whether you are looking for a home in Pacifica or homes on the Penisula, or you are in the preliminary stages of a real estate search, you have found the best in professional service.

Through this real estate web site, you have the ability to search virtually every home for sale in Pacifica, San Francisco, Daly City, San Bruno, South San Francisco and Half Moon Bay and all other local areas. In addition to accessing houses and real estate for sale, this web site features comprehensive community information for San Mateo County areas that can help guide you in making the right buying or selling decision.

Here is Your One-stop Source for Short Sale

Welcome to your one-stop source for short sale, pre-foreclosure and REO information and assistance in the Bay Area: covering San Mateo County, the northern Peninsula (Pacifica, San Bruno, South San Francisco and Daly City, Burlingame, Millbrae.)

Real estate is one of the most rewarding investments one can make, and investing in pre-foreclosures, short sales and REO's (bank-owned, foreclosed properties) can be an excellent investment opportunity. 

As a homeowner, sometimes your situation changes and you need to get out of your property quickly and withoutthe stigma of a foreclosure impacting your credit score for years and years. You have several alternatives to foreclosure. We can help advise which option is best for you!

Here you'll find everything you'll need to buy or sell a home with (or without) a Notice of Default, as well as learn about the market value of home(s) you may own in the area. It is our goal to provide you with superior service at all times, and we appreciate the opportunity to do so.

Are You Having Trouble Sleeping at Night

Feel like you're underwater?

A short sale might be the 
solution for you!

 

         

A short sale is a “sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan,” according to the California National Association of Realtors. 

A short sale may or may not involve a property in foreclosure.
 

Short Sales Work!

Short Sales really work, so long as you have someone on your side that is very familiar with the process of specific lenders. Your agent can assist you with a comprehensive letter explaining why you are requesting a short sale, and with compiling all the necessary documents needed to complete your request to the lender. You want to go in to a settlement knowing exactly all the terms and conditions on which the lender will accept the short sale, including whether or not you will have to come up with money at the settlement table. 

You are in financial trouble. If you have already missed some payments, your lender may already have reported this information to the credit reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that’s in your lender’s sole discretion. 

The short sale process works , but is complicated, time consuming, and uncertain. If you can start now before you are actually in default you will be ahead of the game.

Your best chance to completing a successful Short Sale is partner with a good agent to assist you through the process. We are the Bay Area Short Sale Specialists. We are a team of qualified agents dedicated to helping people like you avoid foreclosure.


What is a Short Sale?

A short sale is a “sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan,” according to the California National Association of Realtors. A short sale may or may not involve a property in foreclosure.


A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved. 

But to be technical, here's a more official definition: 
A homeowner is 'short' when the amount owed on his/her property is higher than current market value. 
A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.   

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances: 
Financial Hardship – There is a situation causing you to have trouble affording your mortgage. Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.   

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. W hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. Understanding your options now could mean all the difference in the world.

 

 

 EXAMPLE -   

 

 

     -  Home is worth $100,000
     -  Mortgage is $110,000
     -  It is listed and sold for $100,000 
     -  After all fees including commission, $92,000 is left to satisfy 
        the mortgage
     -  Servicer/Bank discounts Mortgage $18,000

 

 

 

 

Why would a lender accept a Short Sale?
 
A Short Sale is a form of loss mitigation, the lender (investor) is presented with a choice between a smaller loss by Short Sale or a larger loss through foreclosure, so accepting the Short Sale “mitigates the loss.” 


Advantages of a Short Sale 

The advantage of a Short Sale compared to a foreclosure is that you avoid having a “debt discharged due to foreclosure” on your credit file which can reduce your credit score by over 250 points and keep you from qualifying for a home loan for up to 5 years. With a Short Sale you can qualify for a home loan in just 24 months. Also if a Short Sale is negotiated properly with your lender you can avoid a possible deficiency judgment.



Getting Started

A few things to keep in mind before the process starts - 

- You should FIRST contact your financial and legal advisors. Do not contact the 
  lender until you fully understand the risks involved.  

- Contact your Realtor to provide you with more information and resources and 
  guide you with the step by step process. 

- Short Sales appear on credit report a “preforeclosure in redemption”,  not as debt 
  discharged due  to foreclosure.” 


  

Your agent can assist you with a comprehensive letter explaining why you are requesting a short sale and compiling all the necessary documents needed to complete your request to the lender. 

You want to go into a settlement knowing exactly all the terms and conditions on which the lender will accept the short sale, including whether or not you will have to come up with money at the settlement table.


You are in financial trouble. If you have  already missed some payments , your lender may already have reported this information to the credit  reporting companies. You should try to convince the lender not to report any more delinquencies, but unfortunately, that’s in your lender’s sole discretion. 

The short sale process works , but is complicated, time consuming, and uncertain. If you can start now before you are actually in default you will be ahead of the game.

   Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect. 

1. Submit Letter of Authorization - Lenders typically do not want to disclose any  

    of your personal information without written authorization to do so. 

2. Preliminary Net Sheet - This is an estimated closing statement that shows the 
    sales price you expect to receive and all the costs of sale, unpaid loan balances, 
    outstanding payments due and late fees, and including real estate 
    commissions.  (Your Agent Can Provide this)

3. Hardship Letter - The sadder, the better. This statement of facts describes how 
    you got into this financial bind and makes a plea to the lender to accept less 
    than full payment. 

4. Proof of Income and Assets (ie paystubs 1 month) - It is best to be truthful and  
    honest about your financial situation and disclose assets. 

5. Copies of Bank  Statements (2months)

6. Comparative Market Analysis - Sometimes markets decline and property values 
    fall.  (Your Agent Can Provide this)

7. Purchase Agreement & Listing Agreement 
    (Your Agent Can Provide this)

8. 2 Years Most Recent tax Returns

Our Team Prides in Our 99% Approved Short Sale Results! We will take care of you the minute you hire us!



How Long Does a Short Sale Take

How Long Do Short Sales Take?

Each lender varies in their processing times which is subject to their system process, workload, investor guidelines, and implemented programs. However, it normally can take anywhere from 60 to 120 days. 


The short sale process, from submission to short sale approval, is generally as follows: 

1. Submission of offer and complete short sale package from the seller 

2. Bank acknowledges receipt -- 10 to 30 days

3. Bank orders a BPO or appraisal -- 30 to 60 days 

4. File is reviewed -- 30 to 60 days

5. Negotiator is assigned -- 30 to 60 days

6. Level II negotiator may be assigned -- 30 to 90 days

7. File is approved or rejected -- 60 to 120 days

Patience is key. You'll most likely eventually get short sale approval. Threatening to walk away means nothing to the bank. Your best bet is to stick it out and wait, providing you truly want the home. For the most part, if a transaction falls through, the entire process must be started again, so please make sure, as a buyer, you want the home enough to stay in throughout the process. 
 


What are the Tax Considerations for a Short Sale?

The Mortgage Forgiveness Debt Relief Act of 2007 applies to primary residences ONLY, being sold between January 1, 2007 and December 31, 2009. The Fed extended it till 2012.

For more information, visit the IRS Guidance regarding the Mortgage Forgiveness Debt Relief Act of 2007 .

The Mortgage Debt forgiveness law for the State of California go to: CA.gov.

Taxpayers affected by mortgage debt forgiveness may want to monitor the new proposed text bill status on:http://www.leginfo.ca.gov/bilinfo.html

Please contact your CPA or an experienced tax professional on how this law applies to YOU.

How can you qualify for a Short Sale?

Both the Homeowner and the Property have to qualify!


Homeowner 

  • Must show hardship: defined by a lender as the result of some extenuating circumstances that forces the homeowner into a situation where s/he can no longer afford the mortgage payments.

  • Examples of hardships: loss of income, unemployment, divorce, illness, job transfer, death, etc.


Property

  • Your property has been devalued by market conditions

  • The property’s liabilities are more than the sales price

  • The property has gone into foreclosure



What is our Short Sale Process?



  • Financial Consultation

    • We valuate each individual situation by gathering information

    • Qualify you by inputting information to see if you eligible for Short Sale

  • First Appointment

    • Prepare Comparative Market Analysis (CMA) to determine listing price

    • Sign listing agreement

    • Go over the marketing strategy and Short Sale timeline we have put together for you and your property

  • Second Appointment

    • Fill out disclosures

    • Gather all necessary documentation for Short Sale package

  • Accepting Offers

    • Offers will be accepted by the seller and “subject to lender approval”

  • Open escrow

    • Use a knowledgeable title company experienced in Short Sales to ensure successful and timely completion

  • Submitting your Short Sale Package

    • Send complete package to Lender

  • Negotiating a Discounted Payoff

    • Get short sale approval from your lender

  • Close Escrow

    • Completion of our successful Short Sale negotiation

The complete Short Sale process takes approximately 90-120 days. The lender approval typically takes between 60-90 days from the time the offer is submitted, depending on your lender. Once the Short Sale has been approved, 30 days will be given to close escrow.

Who pays Seller Closing Costs and other Fees?

  • Your lender includes all your closing costs with realtor commission in their discount

  • Our services are FREE!

  • BE AWARE of companies charging UPFRONT FEES!

Is a Short Sale a viable alternative for You?



  • Your property may be facing a forced sale (foreclosure)

  • Your property has been de-valued by market conditions

  • You are in a “hardship” position such as loss of job, job transfer, death, dispute between investors/partners, health problems, reduction of income, divorce

  • Your lender is willing to negotiate and discount the current mortgage owed and all costs incurred with selling due to relocation

  • You need to sell your home below the actual existing lien amounts because you can’t qualify for Loan Modification

  • Your property’s liabilities are more than the net sales price

  • You want to minimize the negative impact on your credit by selling to avoid foreclosure

Additional San Mateo County real estate, home buying, and home selling tools

This web site features every real estate tool you need when looking at Pacifica real estate and homes for sale. You can browse exclusive homes for sale, search virtually all Pacifica area listings through my property search, calculate mortgage payments on your next home with my real estate mortgage calculators, access home buying and selling tips, get tremendous area information about greater San Mateo County including specific information for Pacifica, San Francisco, Daly City, San Bruno, South San Francisco and Half Moon Bay. Furthermore, you can find out how much your property is worth, and access comprehensive information about selecting me as your real estate agent. If you are interested in learning about San Mateo County, CA schools, this site also offers thorough school information.

Thanks again for visiting and be certain to contact me via email or phone for the best in professional real estate service.