Silicon Valley Real Estate Homes For Sale on MLS Listings

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Preventing Foreclosure - Get Short Sale Help Now!

If You Are Behind on Mortgage Payments Understand Your Options Before Foreclosure!

If you are a homeowner facing the issue of missing payments and considering your alternatives, please do not hesitate to contact us for a private consultation.

 

  • Are you a homeowner who is facing a possible foreclosure?
  • Have you considered doing a Short Sale

 

IF YOU NEED HELP NOW - You can reach us at:  408-833-6331

"WE WILL ANSWER ALL YOUR SHORT SALE QUESTIONS"

The Silicon Valley Real Estate Team does not simply want to sell your house through a
"Short Sale" but wants to protect you in the process so you can move on with your life
.

 

What Is a Real Estate Short Sale?

A Real Estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee (AKA Bank/Lender) would accept less than the amount in order to avoid a foreclosure proceeding. Once a shortsale is approved for Escrow, the buyer and seller would then proceed with the sale of home much the same as a conventional real estate transaction.

"Would you like to view all Short Sale Homes for sale in Silicon Valley"

 

Top 10 FAQ's about "SHORT SALES"

Short sale homes

Number 10
I can't make my house payments but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score…is a short sale right for me?

Probably, not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder) it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.

Number 9
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?

The mortgage insurance is not there for your protection, just the mortgage lender's.

Number 8
Do I have to have my home ‘Approved' by the lender prior to offering it for sale as a short sale?

No. Technically speaking there is no such thing as being ‘Short Sale Approved'. The actual approval only happens with an accepted offer.

Number 7
I just missed a payment and I know I will miss more….how long does the foreclosure process take and is there time to do a short sale?

The foreclosure process takes differing times depending on your state. In the Midwest a foreclosure can take over a year. In California its taking 6+ months. Generally speaking a well priced short sale being processed by an educated short sale listing agent will sell and close in less than 120 days.

Number 6
Will I still have to pay property taxes if I do a short sale?

Property taxes will always have to be paid as part of any accepted short sale. Whether it's you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale.

Number 5
I owe more than my home is worth and I can't make the payment, do I have to somehow qualify for a short sale?

The simple answer is NO. If someone can't make their payment and they are otherwise insolvent they qualify for a short sale. Note: insolvent simply means their total debts are greater than their assets.

Number 4
Do I have to pay income taxes..I have heard that I will get a 1099. Will the loss the bank takes be treated as a taxable gain to me..the seller..is this true?

It WAS true, now it's not. Consult your Tax Attorney or Qualified CPA. Very recently the tax law was modified and now most people who do a short sale will have no taxes due.

Number 3
How do you, my listing agent get paid..who pays you commission?

The bank will pay the commission along with all the other usual closing costs.

Number 2
Do I have to miss a payment to do a Short Sale?

No. Late last year most major lenders started accepting short sale offers from sellers who have never missed a payment.

Number 1
I want to do a short sale and have a 2nd mortgage, does this make me ineligible?

No. Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holder.

 

If you are considering buying a short sale or selling "short sale", there could be drawbacks.  For your protection, we suggest that you:

 



* Obtain legal advice from a competent real estate lawyer
* Call an accountant to discuss short sale tax ramifications

As real estate agents, we are not licensed as lawyers nor CPA's and cannot advise on the consequences.

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The Silicon Valley Real Estate Team of Experts and Area Specialists - Owner, Don Orason

INTERO SILICON VALLEY REAL ESTATE EXPERTS - Homes for sale in Silicon Valley California and all Northern California Bay Area MLS Listings - The Silicon Valley Real Estate Team of Realtors, real estate agents and brokers serving the greater San Francisco Bay Area - Alameda County, Contra Costa County, Monterey County, San Mateo County, Santa Clara County, Santa Cruz County and San Jose CA areas. Whether you are a buyer or seller, we can help you purchase or sell property in the San Francisco Bay Area. Search our MLS (multiple listing service) listings for houses, condominiums, townhomes, downtown lofts, midtown apartments, commercial property, investment real estate, land, repos, REO's (real estate owned), reo expert, short sale listings specialist, foreclosures and Silicon Valley bank owned properties. Our agents and brokers can assist first time buyers in entering the Silicon Valley real estate market. We can help you buy a foreclosed condo, new townhome, loft or single family home at a low price in a fantastic neighborhood such as Saratoga, Los Gatos, Los Altos, Los Altos Hills, Palo Alto, Menlo Park, Almaden Valley, Silver Creek Valley, Cupertino, Mountain View, Monte Sereno, Menlo Park, Santa Cruz, Aptos and surrounding communities. Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR), HAFA Specialist. Request a free consultation today and you will see why WE are the bay area experts, short sale specialists and neighborhood specialist and are here to HELP YOU MAKE GOOD REAL ESTATE DECISIONS!

INTERO REAL ESTATE SERVICES-SILICON VALLEY REALTORS-AGENTS -BROKERS - Short Sale Specialists - Silicon Valley Foreclosures REO Experts - BAY AREA REAL ESTATE MLS LISTINGS - Don Orason, Owner of the Silicon Valley Real Estate Team.