San Diego Short Sale Experts – Short Sale and Foreclosure Help

Before Calling Our Office and Writing An Offer

Before calling our office, please read through the information below, as most of your questions will be answered.

Q. Is the property available?

A. If the property is “active” we are accepting offers. If it is in “pending” we have an accepted offer. You can submit a back up offer on the propery if it is in pending.

Q. How do you handle your short sales?

A. With our short sale process, we only work with one offer and that offer is the only one presented to the bank. When the property goes on the market, it will be in active status until we have an accepted offer between buyer & seller. Once an offer is accepted, the property goes into pending, escrow is opended, we require that the buyer deposits their money into escrow and gives us 90 days to negotiate the short sale. During that time the property will be in “pending” status. If other offers were received or are received during that time, they will go in to the “back-up” position. All time frames will begin after the short sale approval is received. We only open escrow with the accepted offer and that buyer is the only one depositing their money. If your buyer does not want to deposit their money, there will not be an exception.

Q. Are you accepting FHA or VA offers?

A. Please read the “terms” in the listing. If FHA or VA is listed, we are accepting FHA or VA offers. If it is not, we are not accepting them on this property.

Q. Is the complex FHA or VA approved?

A. Here are the links to verify for yourself or please work with your lender to verify.

FHA: https://entp.hud.gov/idapp/html/condlook.cfm

VA: http://condopudbuilder.vba.va.gov/2.2/frames.html

Q. Can I show your listing?

A. Please follow the “showing instructions” in the listing.

Instructions For Writing An Offer

The property that you are writting an offer on has a first mortgage with Wells Fargo and must have the Wells Fargo Addendums attached with the offer. Please click on the following four links and download the required paperwork. Offer submission form and Addendum must be provided with offer in order for it to be reviewed.

Offer Submission Form

CAR Addendum (ADM-11)

Offer Guidelines

Required Wells Fargo Short Sale Addendums

We require that your buyer deposits their earnest deposit (minimum of 1%) into escrow upon acceptance of the offer between our seller and your buyer; contingent upon the lien holders’ acceptance. Your buyer will give us 90 days to negotiate the short sale. If at the end of 90 days we still do not have an approval, your buyer will have the option of cancelling the contract and their full deposit will be returned. (The deposit and contingency period are handled on the Short Sale Addendum (Form SSA)).

Once the contract is accepted and the deposit is received by escrow, the property will go into pending under your name. All other offers received on the property will be treated as back up offers.

The C.A.R. form "Short Sale Addendum" (SSA) needs to be incorporated into the agreement.

Paragraph A - Date is 90 days from the day you create the offer.
Paragraph B.1. – Check Box - Time periods (ii) shall begin the Day After Seller delivers to Buyer written notice of Short-Sale lender's consent.
Paragraph B.2. – Don’t Check Box - Deposit check shall be (i) immediately handled as provided in the Agreement.

Please download and include this CAR Addendum (ADM-11) or create your own as part of the contract with the EXACT verbiage.

Once an approval is given, you will be required to close escrow in 30 days or less.

All offers must be accompanied by:
1. Approval letter from a lender
2. Copy of the earnest deposit
3. Proof of funds for the down payment (bank statement, letter from bank verifying deposits, etc. Buyers may black out any account #’s)

Hazard Report by “Disclosure Source”

Escrow will be “Solid Solution Escrow”

Line D.1. regarding escrow fees - Please do not write "split 50/50". Please write "each to pay their own fees as customary"

Title will be “Ticor Title”

Line 25.D. – Please write in “Form SSA and Addendum #1 are incorporated into this agreement”

Page 8 – Please make sure to include your license #, the office license # and sign the offer

Page 8 – Please fill in the listing agent information as follows:

o Firm – Silvercrest Realty Group

o Firm License – 01870483

o Agent – Glen Henderson

o Agent License – 01384181

o Address – 3131 Camino Del Rio N, Ste 1420, San Diego, CA 92108

o Phone – 619-889-7646 Fax-619-374-1934

o Email – offers@sdshortsaleexperts.com

If asking for closing costs, they cannot exceed 3% and may be countered out. No down payment assistance programs will be considered.

The lenders will not pay for a home warranty, so please do not include it in the contract.

Unless otherwise noted, the lender will not pay for a termite report or repairs, so please do not include it in the contract. Your client is welcome to have their own inspection completed. (The price of the property is already reduced to compensate the buyer for this)

The transaction is an “As-Is” purchase (The price of the property is already reduced to compensate the buyer for this)

All deals are sent to the bank at 2.5% commission to the buyer’s agent. Any reductions below 5% total commissions will be split 50/50 between both sides. (We obtain this 99% of the time.)

Offers CAN NOT be written “or assignee”

With an accepted offer, you will be updated of the status once a week by a member of our team

Banks will not pay a commission if you are representing yourself in the transaction. We recommend you write the offer through your broker or another agent in your office.

Once you have read this information and prepared an offer, it is preferred that it is emailed to:

offers@sdshortsaleexperts.com

It can also be faxed to

619-374-1934

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