Step 1. Gather Information
We will get following information from you, which is needed to prove your financial insolvency.
• Bank Statements
• W2s
• Paycheck Stubs
• Property Tax Bill
• Homeowner’s Insurance Policy
• Monthly Bills
• Additional Liens
• Hardship Letter and Documentation
• Bank Statements
• W2s
• Paycheck Stubs
• Property Tax Bill
• Homeowner’s Insurance Policy
• Monthly Bills
• Additional Liens
• Hardship Letter and Documentation
Step 2. Communication with the lender
In order to speak with the lender on your behalf, we will need to obtain and submit your written authorization. Then, we will call the lender and ask for the Short Sale application packet. We will communicate with the decision-maker in the loss mitigation department directly and regularly for updates.
Step 3: Develop the Proposal to the Lender
We will develop the proposal which must be well organized and done professionally.
Step 4. List Your Home
Most likely, we will list your home at the full market value or just below initially because the lender wants to see we are trying to get as much out of the property we could. Then, we will aggressively lower the price until we receive offers.
Step 5: Obtain an Offer & Submit a Proposal
Once we have an offer, you will need to approve the offer first and, we will submit it with the proposal packet to the lender for approval. If your lender accepts the initial offer, the buyer must be able to close in 30 days.
Step 6: Negotiate & Close the Deal
We will negotiate with your lender(s) and get the acceptance letter. In our negotiation, we will ask to report the short sale to the credit department as “Paid as Agreed”. We want the lender to report it as “Settlement in full” with a full release of the lien. Typically, the deal must close within 30 days of the lender’s acceptance. The buyer has to be ready with cash or funding. Seller does have to attend the closing.
Either You Are Buying or Selling, You Need a Right
Short Sale Specialist!
• Our Hawaii Short Sale Realtors are CDPE (Certified Distressed Property Expert) and SFR (Short Sales and Foreclosure Resource) certified.
• Our Short Sale Experts have a success rate of 98% on approvals from the banks and have closed Short Sales in as early as 4 weeks. *All should be prepared for 90 to 120 days.
• Our Hawaii Short Sale Specialists have trained on a webinar with the Vice President of Short Sales for Bank of America.
• Our Short Sale Real Estate Agents have registered for Equator and are working hand in hand with Bank of America for fast decisions.
• Our Hawaii Short Sale real estate agents will provide the necessary paperwork, be responsible for all contact with lenders and banks, and negotiate on behalf of you.
“Thank you for helping us out. We are so happy to be done. We are so impressed with how fast and efficient he is. We had been struggling with selling our home using various methods for a period of 18 months with no success. Once we decided to use his services we closed in less than 6 weeks. When required to negotiate with the bank, he was very professional and effective. Above all, he was compassionate regarding our feelings and sincerely wanted us to have a fresh start. We highly recommend to everyone!”
Garrett and Nicole Wright
Oahu, HI
“As someone who has had the pleasure of working with Eugene Harrell in what I have to consider a very difficult real estate situation I would like to take this opportunity to assure you are in good hands. He handled everything efficiently and professionally. I have worked with him for the past few months in order to buy a home that was in a short sale. As I mentioned before what I thought was going to be a nightmare turned out to be a very pleasant as well as profitable experience. I found him to be an extremely pleasant and helpful person to work with. Doing everything possible in order to accommodate my needs. One of his best qualities is listening to exactly what I wanted and then with his extensive knowledge answering all of my questions. If you’re considering listing your house for sale or especially if you are considering purchasing or selling your home in a Short Sale situation then without a doubt I highly recommend you use Eugene Harrell.”
Zachary T.
Oahu, HI
SHORT SALE HAWAII
A short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Hawaii is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure.
Short Sale requires a unique set of skills for a Hawaii real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. Our Hawaii Short Sale Team has a High Success Rate on Approvals from the Banks and closed short sales in Oahu, Big Island, Maui, Kauai, Molokai, and Lanai, Hawaii.
Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.
STOP FORECLOSURE HAWAII
Let our experienced Hawaii short sale real estate agents help you avoid foreclosure in Hawaii. We will negotiate directly with your banks to get short sale approvals for you. Our goal is to reach out and educate homeowners who are behind on their mortgage or think they soon will be. We have solutions that may save your credit and enable you to start fresh.
Short sales are complicated but, can help sellers who owe more than home is worth. A short sale occurs when a property is sold for less than the total debt owed on the property. Hawaii short sale must be approved by the lenders and borrowers requesting a short sale must prove a hardship such as a mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation.
Our professional short sale service is totally free to our clients. Contact us for a free confidential consultation today!
HAWAII SHORT SALES
The easy availability of loans and several associated methods like the payment of equal monthly installments has made buying a house an easy task. With the rapid growth of real estate business in Hawaii, you can quickly plan an ideal home for yourself now. However, many times, such investments can turn out to be dangerous. Mortgages on a house too can prove to be the hugest risk possible. You often cannot come to terms with the location. At the same time, there are many chances that the value of your house can depreciate instead of appreciating. As a result, the value of money that you have spent on the house is much more than its present value. This eventually becomes a greater problem, if you bought the house on a mortgage. To this rescue, comes a hearty solution known as Short Sale.
By short selling, we simply mean that you can sell your undervalued house to another buyer with the permission of your bank. If the amount owed to the bank happens to be more than the amount you will actually get, in case you sell the house, then the wisest decision would be to do so. If the bank agrees to a short sale, you can sell the house to a buyer at its depreciated value and get the balance written off by the bank. Usually, the bank writes off your balance from its account. The sum not paid by you shall be shown as ‘income’ in your accounts by the bank.
Short sale only happens when there is an absolute guarantee that the money value of the house cannot increase in the future. In order to avoid the risk of a complete loss, the bank often accepts the reduced amount of short sale.
Risks also exist if you are the one who buys short sale homes in Hawaii. There are many common mistakes that people make when they buy a house for themselves in short selling. If you are buying such a house, then you must carefully scrutinize the condition of the property. Real estate investment will only be profitable if the house is in good condition. Another common mistake is that of ignoring property problems. You must make sure that there are no forgeries or legal issues with the asset that you are buying otherwise it might lead to bigger troubles in the future.
CONTACT US
1888 Kalakaua Ave, Suite C312, Honolulu, HI 96815
Call EUGENE HARRELL at (808) 400-1115
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