Jennifer Horton
Realtor & Short Sale
Lender Coordinator
Chico, CA 95928
Cell: 530.864.2677
eFax: 415.814.5745
Send Me an Email

Foreclosure Sales Nearly Double from Prior Year
You are not alone! Check out the following: Discovery Bay, CA, April 13, 2010 - ForeclosureRadar (www.foreclosureradar.
com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California
Foreclosure Report for March 2010.Foreclosure sales increased 92.3 percent from the prior year, when most major lenders had
voluntary moratoriums in place while awaiting the implementation of the Administration’s Home Affordable Modification Program
(HAMP). Foreclosure sales increased 24.2 percent from February, with 79.2 percent of those going Back to Bank and the
remainder Sold to 3rd Parties, primarily investors. “Despite efforts to promote foreclosure alternatives like loan modifications and
short sales, the simple reality is that there isn’t a program for everyone” says Sean O’Toole, Founder and CEO of
Read entire article.

What is a Short Sale?
A short sale occurs when an owner owes more on their home than their home is worth and can no longer afford to make their
payments. A seller can apply for a short sale and get their lender(s) to agree to a lesser amount than owed so that the seller can
sell their home instead of facing foreclosure. These are also known as "pre-foreclosures".

How do I do a Short Sale?
The first step is to contact an agent that specializes in short sales and get your home on the market. If you have an auction/sale
date on your home it's imperative to get an offer right away to post pone the sale. Most lenders will not do a short sale or post
pone a sale with out an offer so it's very important to price your home very competitive. Next you'll have a number of documents
that the bank requires to be submitted along with the offer to process the short sale.
Here's a general overview of the documents that are required for a short sale:
-Purchase Contract
-2 Months Bank Statements
-Financial Statement
-Hardship Letter
-Tax Return(s)
-Pay Stubs
-Third Party Authorization for Agent
Your agent will work with the bank to submit all docs and communicate with the lender through out the short sale process.  
Chico, CA
Cell: 530.864.2677        eFax: 415.814.5745
Site Design & Produced by Jennifer Horton
All information is deemed reliable but not guaranteed. Agent makes no warranty as to the content of
this sites information. Buyers and interested parties to investigate and verify all information and
records to their satisfaction. Agents are not providing legal or tax advice and should seek professional
assistance for legal or tax advise.
Short sales can be challenging and take a lot of patience. Most of the
time your patience will pay off.

We specialize in helping Sellers through the difficult process of a short
sale. Please don't hesitate to ask for our help at no cost to you!
Banks usually require the following docs to process a short sale from a seller:
  • Third Party Authorization
  • Hardship Letter
  • Financial Statement
  • 2 Months Bank Statements
  • 2 Years Tax Returns
  • Current Paystubbs/W2's
  • Offer
  • Pre-approval Letter for new buyer
  • HUD
  • Some banks have additional docs specific to their institution and other required items.

Short Sales Typically Take between 21 days to 120 days to process a short sale for approval.

Here's a General Overview of the Process:
1.        Offer Received
2.        Offer signed by seller
3.        The offer is processed.
4.        A HUD is requested
5.        The Offer, HUD and Short sale package are submitted to the lender(s)
6.        The offer & package are confirmed received
7.        If there is a 2nd- Senior lien payoff is requested
8.        A BPO or appraisal is ordered on the property
9.        BPO is completed
10.        A negotiator is assigned to file
11.        Negotiator reviews file
12.        Negotiator contacts us for any contract/HUD changes or approval
13.        Changes/Negotiations are made and resubmitted to negotiator
14.        Negotiator submits the file for final investor/management approval
15.        Negotiator contacts us with verbal approval
16.        Written approval is issued
17.        Once approval is reached, the file is processed for the escrow & closing.

Jennifer, Judy and Trin have become the "Queen of Short Sales". Over the last 3 years with the large influx of
owners in disress, they were some of the original agents to jump into short sales as so many agents find it to be
"too much work" and "too frustrating"... but some one's got to do it!

Our Current Short Sales:
  1. 13617 Yana Ct, Magalia, CA
  2. 334 Ralston St, San Fransisco, CA
  3. 211 Bahia Pl, San Rafael, CA
  4. 221 Vista Del Mar, San Rafael, CA
  5. 83 Grinding Rock, Paradise, CA
  6. 331 Accolade, San Leandro, CA
  7. 234 Sandpiper Ct, Novato, CA
  8. 110 Isla Vista, San Rafael, CA
  9. 325 Canal St, San Rafael, CA
  10. 269 Playa Del Rey, San Rafael, CA
  11. 119 Baypoint Dr, San Rafael, CA
  12. 35-57 Bayo Vista, San Rafael, CA
  13. 3742 Kerner Blvd, San Rafael, CA
  14. 273 Playa Del Rey, San Rafael, CA
  15. 246 Catalina Blvd, San Rafael, CA
  16. 22 Lassen Ln, Novato, CA

Current Approved Short Sales
  1. 9065 Barbaresco, Stockton, CA
  2. 708 Samoa Ln, Novato, CA
  3. 263 Bahia Pl, San Rafael, CA
  4. 201 Arais St, San Rafael, CA

Sold Short Sales!
  1. 1073 Admiral Ln, Chico, CA
  2. 2537 35th Ave, Richmond, CA
  3. 861 Rincon, San Rafael, CA
  4. 157 Vista Del Mar, San Rafael, CA
  5. 413 Fernbridge Pl, Novato, CA
  6. 251 Bahia, San Rafael, CA
  7. 275 San Carlos, Novato, CA
  8. 421 Bahia Wy, San Rafael, CA
  9. 53 Pizarro Ave, Novato, CA
  10. 37 Lassen Ln, Novato, CA
  11. 30 Pizarro Ave, Novato, CA
  12. 26 Balboa Ct, Novato, CA
  13. 9 Sunnyhill Rd, Novato, CA
  14. 487 Bahia, San Rafael, CA
  15. 257 Bahia Pl, San Rafael, CA
  16. 199 Bahia Cir, San Rafael, CA
  17. 383 Bahia Way, San Rafael, CA
  18. 241 Bahia Pl, San Rafael, CA
  19. 251 Playa Del Rey, San Rafael, CA
  20. 5654 Sierra Park, Paradise, CA
  21. 15 Sonoma St, San Rafael, CA
  22. 11 Loma Vista, San Rafael, CA
  23. 14 Isla Vista, San Rafael, CA
  24. 482 Bahia Way #64, San Rafael, CA
  25. 243 Vista Del Mar, San Rafael, CA
  26. 263 Playa Del Rey, San Rafael, CA
  27. 157 Playa Del Rey, San Rafael, CA
  28. 213 Bellam Blvd, San Rafael, CA
  29. 468 Bahia Way, San Rafael, CA
  30. 16 Loma Vista Pl, San Rafael, CA
  31. 537 Wisteria Way, San Rafael, CA
  32. 45 Elena Cir, San Rafael, CA
  33. 12 Tern Ct, San Rafael, CA
  34. 34 Pizarro Ave, Novato, CA
  35. 182 Larkspur St, San Rafael, CA
  36. 3624 Kerner, San Rafael, CA
  37. 126 Captains Cove, San Rafael, CA
  38. 614 Arthur St, Novato, CA
  39. 5 Hillside Terr, Novato, CA
  40. 91 Pizarro, Novato, CA
  41. 623 Fairhaven, Novato, CA
  42. 3434 Kerner Blvd, San Rafael, CA
  43. 13945 Kelsey Dr, Chico, CA
  44. 771 Diablo Ave, Novato, CA
  45. 3656 Kerner Blvd, San Rafael, CA
  46. 193 Bahia Cir, San Rafael, CA
Here are some common questions and answers

Q: How many short sales/pre foreclosures have you done?
The last 3 of my 7 year real estate career has been spent doing almost entirely short sales. I’ve done over 80 short sales and
have helped most of them avoid foreclosure, typically improved their credit and given them a jump start on getting their lives back
in order. It’s been  a rewarding experience!

Q: How much money does it cost me?
NOTHING! I always strive to complete a short sale with absolutely no money out of pocket for my owners. I get paid out of the
money the buyer pays for the house. All fees and costs come from the bank and the buyer…. Not the owner!

Q: What are the Pros and Con’s of a short sale?
Typically it’s all Pros: less credit impact/ improved credit after the sale is complete, release of your debt against the home, and
a short sale typically stays on your record only 2-3 years compared to 7-10 on a foreclosure.

Q: How long does the process usually take?
Depending on your particular lender and how many loans you have, it can range anywhere from 20-120 days, plus another 30-
45 days for escrow.

Q: Do I continue to make my payment through a short sale?
This is a very controversial question, but here’s my opinion/experience: In theory, lenders are supposed to work with
homeowners to do loan modifications and short sale whether the seller makes the payments or not. But, in reality, it’s a “catch 22”
situation where if you keep making your payments, the lender typically won’t think you have enough “hardship” to do a short sale
or loan modification. So take what you can from this, since legally I can’t advise either way!  

Q: What do I do if I get a Notice of Sale on my home?
It’s good to take immediate action. If you think you’d like to do a short sale, it’s best to schedule a consultation to determine if a
short sale is what is best for you and from there, take quick steps to start the short sale in order to have enough time to stop the
sale. (That’s my job)

**Every short sale is different so be sure to schedule a free consultation to find out your exact options. **
Short Sale Benefits vs Foreclosure

New Home Affordable Foreclosure
Alternatives Program (HAFA) effective  

How foreclosure impacts your credit

California won't tax forgiven home debt
Basics of Short Sales

Winning the Mortgage
Modification lottery

No More State Tax on Forgiven        
Debt- **New Law** as of 4-12-2010

Homeowners who default by  
choice  rise to 12 percent
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