GMAC / Homecomings Financial Real Estate Short Sale?
You’ve probably heard the term “short sale” in connection with real estate buying, especially in light of the many foreclosure deals plaguing the real estate industry. You’ve also probably seen a few “short sale” signs on a few homes and wondered what that was all about.
In a nutshell, the “short sale” term refers to a transaction made between a homeowner and a lender (either a bank or a lending institution) that usually involves the following conditions: (1) the homeowner is in default of his mortgage payments, probably close to being foreclosed and has not yet filed for bankruptcy, as a result of financial hardships; and (2) the lender is willing to accept taking a small financial loss and forgives the debt owed.
Some consequences of a short sale leads to the seller/homeowner walking away without getting any money from the sale, which could mean they may have trouble finding a new place to live. The transaction may also affect a person’s credit rating but not so much as it would in a foreclosure. However, participating in a short sale transaction is less painful for the homeowner because he doesn’t need to get evicted and he leaves his home with his dignity and financial status relatively intact.
If you’re considering a short sale transaction, you need to approach professionals in this field. We are the leading real estate short sale experts in San Diego, Riverside & Imperial County. You may visit one of our offices for a better discussion of your options and for more personalized attention to your needs. If you simply want to learn additional information, feel free to call or email us. Though we welcome all clients who currently have loans with any and all banks, we have had great success with clients of GMAC and Homecomings Financial. Every bank is going to be fairly difficult to deal with in this market.
If you would like to have us give you a call please go HERE and complete the simple form on the right side of the page to request information on a short sale.
September 2nd, 2009 at 5:31 pm
Who designates you as the “leading real estate short sale experts in San Diego, Riverside & Imperial County”? How many short sales have you negotiated within the past year?
September 2nd, 2009 at 6:29 pm
Depends who you ask, we are not trying to mislead anyone but we do know just about everything there is to know related to real estate short sales. I have been licensed since 1972 in the state of California. Many of those years I have worked in the loss mitigation departments of several different banks including GMAC & Homecomings Financial. I still maintain many relationships with GMAC & Homecomings and know exactly what is needed and who needs to be contacted to get short sale approved.
When it comes to getting a short sale approved I can tell you that if it’s a GMAC Homecomings serviced loan it’s going to be a lot easier to get an answer. We may not always be able to get an approval but we will know quickly if we can get the deal approved or not. The most common problem with a short sale is the owner of the note. There are going to be lien holder’s that will never agree to a short sale and it doesn’t matter who is servicing the loan, that’s just the way it is.
With the contacts we have at GMAC & Homecomings we will be able to get a fairly quick answer. It’s like having a toll free number to god for anyone who has experience dealing with short sales! In this mess of a short sale market that can be priceless. I wouldn’t say the same thing about any other bank because we don’t have that kind of relationship in place. Not to say we haven’t had success, we have had a lot of success with various banks and have completed numerous short sales but it’s not easy. I am not sure if you are in the business or a homeowner but anyone who has had to deal with a short sale knows this can be a painfully long and dragged out process.
Are we experts? In my opinion, knowing the number of other agents trying to do short sales we are far superior, more competent and better than 95% of all the other agents handling short sales.
September 14th, 2009 at 10:44 am
Take it easy Kevin, he can consider himself like that if he wants, or not?
Buenos Aires real estate´s last blog ..Punta del Este – Seaside Luxury Property
September 18th, 2009 at 12:18 pm
So are you an expert in short sales? Maybe you could help me sometime in the future with some of my clients?
September 27th, 2009 at 12:13 am
Have any good contacts for the loss mitigation department at GMAC? If so lets trade info!
September 29th, 2009 at 8:35 am
Have any good contacts for the loss mitigation department at GMAC? If so lets trade info!
October 5th, 2009 at 2:33 am
Good informative post indeed but I can still feel air of negativity here and I am not sure for how long it continues like that and all I hope for is that sooner rather than later we all come out of the economic crunch.
November 27th, 2009 at 7:44 am
Well real estate fields are very much famous and popular field now a days because this is the only field which is not get affected by recession. So i think this is really a good information about the short sale, anyways keep it up and keep continue.
November 30th, 2009 at 4:40 pm
Great post. Like any other industry building connections are important – I’m sure with Loss Mitigators more so than any other contact!