Orange County Short Sale Specialist Kai Andersen Knows How To Successfully Complete A Short Sale.

How to use them?

If you think a Short Sale could be an option for you, the first thing you need to do is list your home for sale. Contact us, and our team of professionals will help you get your house on the market. Once your home is listed, we will contact the bank and start the Short Sale process. When we have an offer on your house, we will negotiate with the bank on your behalf to get the Short Sale approved and help you avoid foreclosure.

Although each bank or lender has its own specific criteria, in order to get approval for a Short Sale, you must prove that you have a ‘qualifying hardship’ that prevents you from making the payments on your mortgage. Merely owing more money than your home is currently worth does not automatically qualify you for a short sale.

Qualifying hardships include:

• Loss of your job
• Reduction in your income
• Significant medical bills
• Significant medical problems
• Divorce or separation
• Death of one of the mortgage holders
• Increase in your mortgage payment
• Failure of your business
• Military service

Not sure if you qualify?

Call us at 949-599-4006 and and speak to an Orange County short sale specialist to determine if you are a good candidate for a short sale.

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What is the Wachovia Bank Fast Track Short Sale Program?

Wachovia Bank has developed a Short Sale Fast Track Program exclusively for financially-strapped homeowners with mortgages that were originally from World Savings and Loan, World Savings Bank, Golden West or Wachovia.

Here’s what you need to know about this program:

How do I qualify?
To qualify your mortgage must have been an “Option ARM” or “Pick A Pay” loan from one of the above-named financial institutions, your loan must have been retained by Wachovia Bank, and you must have a “qualifying hardship.”

Qualifying hardships include:

• Loss of your job
• Reduction in your income
• Significant medical bills
• Significant medical problems
• Recent divorce
• Recent marital separation
• Death of one of the mortgage holders
• Increase in your mortgage payment
• Failure of your business
• Military service

	Do I have to be late on my payments to qualify?   No. With the Wachovia Bank Fat Track Short Sales Program, you can qualify even if you’re not in default or late on your payments.
	What will I need to provide?   In most cases no documentation is necessary. All it takes is a short telephone conference call between you, Wachovia, and your real estate agent.
	What will I get?  If approved you get “pre-approval” to do a Short Sale of your home.
	How fast is “fast”?  You can get pre-approval in as little as 2 to 5 days.
	Do I first have to find a buyer for my home?   No. You can apply for participation in the Short Sales Fast Track Program as soon as you have a listing agreement with a qualified Realtor. This way you get pre-approval before you put the home on the market. In comparison, for most Short Sales you have to have an offer in hand before the bank will even begin to talk to you.
	What will pre-approval do for me?   The Short Sales pre-approval will allow you to advertise your home as being a “pre-approved” Short Sale, and then sell it with a regular 30 to 45-day escrow. Compare this to the 3 to 9 months (or more!) that it usually takes to complete a Short Sale, and you’ll see why the pre-approval will be seen as a major plus by potential buyers and their Realtors.
	Why would I want to do a Short Sale?  If you can’t afford to stay in your home then completing a Short Sale will allow you to avoid foreclosure and/or bankruptcy. In a Short Sale your lender agrees to let you sell the house for less than you owe on the mortgage. They accept the proceeds of the sale as payment in full for your primary mortgage loan.
	What if I can’t afford the costs of moving out?  Wachovia understands that if you can’t afford to keep the home you might not have the cash on hand to cover the costs of the move. Although not all program participants will qualify, in many cases the homeowner will be given a moving allowance (typically $2,500 to $5,000, but not to exceed 1% of the home’s selling price) when the home sale is complete.

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