DIEGO RAIGOSA | CERTIFIED SFR® (SHORT SALE AND FORECLOSURE RESOURCE)
I’m a Certified SFR® (Short Sale and Foreclosure Resource)
The Short Sales & Foreclosure Resource (SFR®) certification is awarded by the the National Association of REALTORS® (NAR)
FIND YOUR OPPORTUNITY IN A SHORT SALE OR FORECLOSURE.
With unexpected opportunities everywhere, now is the time to buy and invest in distressed properties.
Buyers who are open to unique opportunities can take advantage of this dynamic real estate market. As a certified Short Sales and Foreclosure Resource (SFR®) I have advanced knowledge and education in distressed properties transactions such as short sales and foreclosures (REO). I can help you understand the difference between a short sale and a foreclosure, prepare you for the time frames for lender approval, strict mandatory requirements, as well as guide and negotiate the transaction from start to finish.
CASHING ON PRE-FORECLOSURES AND SHORT SALES
Investing in real estate is not a new concept, nor is investing in foreclosed properties. There is good money to be made for those who had the time, the cash and the know-how to jump onto these real estate deals. For many times the tough economic climate can be attributed to loss of jobs overseas, over extended homeowners, predatory lending practices or even investor market speculation just to name a few reasons. It most likely a combination of a multitude of factors.
WHAT ARE PRE-FORECLOSURES?
Pre- foreclosures is simply defined as the time period between when a real estate owner misses the first mortgage payment, and the final date when the property is sold at public auction or a trustee’s sale.
WHAT ARE SHORT SALES?
A real estate short sale occurs when a financially distressed homeowner sells his or her property for less than the amount due on the mortgage. The buyer of the property is a third party (not the bank), and all proceeds from the sale go to the lender. The lender either forgives the difference or gets a deficiency judgment against the borrower requiring them to pay the lender all or part of the difference between the sale price and the original value of the mortgage. In some states this difference must legally be forgiven in a short sale.
Different lending institutions have different procedures that must be followed. Federal and state laws also play a critical role that must be followed by all short sale parties.
It is up the mortgage note holder to approve or not all short sales.
For the short sale selling party, the financial implications of a short sale are less severe than those of those involved in a foreclosure.
For the short sale buyer, in the case of an investor, it is critical to calculate costs and be sure that there is room for profit when the house is resold. Investors also have to know that there are flipping guidelines that must be followed in both time and price. For the new homeowner, knowing what they are getting into is critical to make sure they get the best bargain possible in the short sale.
Working with a SFR certified realtor, that is me, can improve your chances of success in the short sale transactions.
Be aware that before the short sale process can begin, the lender holding the mortgage note must sign off on the decision to execute the short sale, also known as a "pre-foreclosure" sale. No short sale may occur without lender approval.
Short sales tend to be long and very paperwork-intensive for both sellers and buyers. See short sales checklist for a successful approval process and why short sales fail.
Start looking at a financially secured future with short sales and foreclosures.