Short Sales

Short Sales

Short Sales



100+ Transactions a year - I have the proven track record, resources and connections to complete your short sale.

Absolutely ZERO Cost To You -You will never pay us a penny. Only after we have successfully negotiated and closed your short sale, will the lender pay us.

We Always Use Professional Negotiators - Negotiating with lenders can be a long tedious process- we compensate our negotiators who understand what is necessary to complete this process.

We Will Be With You Every Step Of The Way - We will share our knowledge with you so you know what to expect and prevent some of the frustration that goes along with a short sale.



Ramon Maldonado
(619) 791.9226

A Few Reasons A Short Sale Could Be Best For You

(1) Absolutely No Fees Or Cost To You!

(2) The Loan Balance On Your Property Is Greater Then The Value Of Your

(3) Gets You Out Of Debt That You Can No Longer Afford With No Recourse.

(4) Allows You To Stay In Your Home Longer And Leave With Dignity.

(5) Much Better For Your Credit Than Foreclosure And Allows You To Re-Enter The Market In As Little As 2-4 Years.

(6) HOA Delinquencies, Liens, Judgments, IRS Liens, Franchise Tax Liens Or Deficiency Amounts Can be Negotiated While In Escrow!

(7) Your Loan Modification Was Denied, You Didn't Receive Principal Reductions Or You Have Been Waiting For Months For Any Feedback.

(8) You Already Damaged Your Credit Because Your Loan Modification Company Or Bank Told You That You Had To Stop Paying Before Getting A Loan Modification- Now You Have Poor Credit And An Asset Worth Significantly Less Than You Owe On It.

(9) Do You Have Savings, Other Homes, Assets or Income? We Can Still Help You And Protect Your Other Assets.



What is a short sale?
A short sale is when a seller owes close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount of the loan, commonly referred to as a short pay or short sale.

Why does a bank agree to a short sale?
From the lender's perspective, a short sale saves many of the costs associated with the foreclosure process - attorney fees, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets the property back faster, so it is able to cut its losses. Your short sale expert's job is to convince the lender that it will fare better by accepting less money now.

How does a short sale work?
The lender will want some information about the property, the borrower, and the deal he has made with you. Specifically, the lender wants to know what the property is worth. The lender will generally hire a local real estate broker or appraiser to evaluate the property (called a broker's price opinion or BPO). You can also submit your own appraisal or comparable sales information. Be sure to tell the bank about any and all repairs needed to the home. A contract's bid for repair estimates should also be submitted!

Can I do a short sale myself?
Negotiating a short sale with the lender is a difficult process, generally because it is a daunting task finding a bank officer who has the authority to accept a discount. You will have to call around to locate the lender's Loss Mitigation Department. More than likely, each lender you deal with will have a separate name for this department, so be patient when calling. You can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the negotiating begins. An experienced real estate agent for short sales already has a rapport with each bank's loss mitigation department. This can save you valuable time in the short sale process.

What information does the bank need from me?
The lender will also ask for financial information about the borrower. Sort of a backward loan application, the borrower must prove that they're unable to afford the payments. The borrower must show that he/she has no other source of income or assets to repay the loan. This process may involve as much if not more paperwork than an original mortgage application! This information is only good for 60 days and must be resubmitted if an offer is not received in that time period. The borrower should submit a hardship letter, which is about how much financial trouble the borrower is in. Finally, the lender generally wants to see a written contract between you and the seller. The lender wants to make sure the seller isn't walking away with any cash from the deal. Generally, the contract must be written so that the buyer pays all costs associated with the transaction so that the net cash to the seller is the exact amount of the short pay to the lender. A preliminary settlement statement is often requested, which can be difficult since many titles and escrow companies simply won't prepare one in advance of closing. An experienced short sale agent will have the necessary relationship with title companies to have them prepare this document.

What else can I expect to happen?
If you are a buyer, don't be surprised if your first short sale bid is rejected. Lenders aren't emotionally attached to their properties, so they aren't as likely to give you a steal. Many short sales fall through if the BPO comes in too high, which is often the case. The lender also has guidelines on how much they are willing to accept based on the current market value. This is where most inexperienced short sale agents fall short. They get anxious to close a deal and submit the first offer they receive. An experienced short sales agent knows each bank's threshold and can help you negotiate with a buyer and counter offer to bring them up to an amount the bank is willing to accept. Remember a short sale approval can take months and you may not get a second chance. Don't put your financial future at risk!

A short sale process is not that complicated, but the success or failure of the deal depends upon how you present it to the lender. Many novice buyers and realtors give up at short sales quickly because their first deal is rejected. Like any business, short sales take practice to get good. Generally speaking, loss mitigators are pretty good at spotting amateur agents. If your agent knows what they are doing, the loss mitigators are more likely to make a deal with you soon.

Please contact me anytime if you are in need of a knowledgeable and professional Short Sales Expert for Southern California.
The Maldonado Team

DRE#: 01920346

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