The following is a general idea of what to expect when short selling your Newport Beach or Newport Coast Residential or Commercial Property

(1) First of all, there is no guarantee any lender or loan servicer will approve your short sale.  All loss mitigation options, including loan modification and short sale are COMPLETELY VOLUNTARY on the part of the lender or loan servicer.  Yes this sucks since they were bailed out but not forced to do anything with the money received, some of which has been repaid.

(2) We list your residential or commercial property for short sale.  We will first contact your lender or loan servicer to see if they will consider you for this option, and if so, obtain the proper applications, forms, or for example, the HAFA short sale application.

(3) Don’t worry, if the short sale is appoved YOU PAY NO COMMISSIONS AS YOU NORMALLY WOULD DO WHEN YOU LIST AND SELL YOUR PROPERTY.  That is one of the nice features of short sale.

(4) We perform a BPO to get a good idea what the property is worth.  Sometimes the lenders are unrealistic about what your property is actually worth, and pointing out the realities can often assist in helping the short sale to go through and get approved.

(5) We seek to generate as many offers as possible by listing the property for sale a slight bit below market value.  Of course, the final approval and acceptance of the sale price is up to lender, loan servicer or investor approval.

(6) We negotiate the deal with the lender, loan servicer, or investor (sometimes this includes conversations with the first mortgage holder and the second, or junior lien holder).  Remember, if you have a first and second mortgage, normally the second has to go along with the short sale, and this may require some negotiation.  Again, if the short sale involves residential property, we will see if you qualify for HAFA short sale, and relocation expenses when the deal is concluded.

(6) We perform all the steps of the short sale process and keep you informed at every step of the process.  The steps are similar to buying and selling real property as you learned in your last purchase/sale.

(7) If you need to find new housing in the Newport beach or surrounding coastal areas, we can help you locate a rental, or other suitable housing.

(8) If the short sale is approved, we will seek to request that any potential deficiency judgment be waived, and seek to get that in writing.  Again, we cannot guarantee that the short sale process will ultimately be approved, or that your lender, loan servicer, or investor of the loan will seek to collect a deficiency judgment (because they are accepting less than they are owed for the property).

This is a general overview of what we do.  Additional steps may be required depending upon your case.  All the steps listed above may not be followed in all situations.  Please contact us to discuss your situation.  You can email us at info@newportbeachshortsales.net.  A representative will NORMALLY contact you within 15 minutes of receiving your message to discuss.  You may also contact us by phone at (888) 600-1777.