I work with Buyers and Sellers.  Firstly, I will address the advantages to the seller and then I will address the advantages to the Buyer.  Buyers, please scroll down for more information.

Sellers, I can help you for free in many scenarios. 

1. If we sell your home in a short sale, the lender pays the commission and you will not have a foreclosure on your credit report. 

2. If your home does not sell, I am a RELOCATION SPECIALIST.   I OFFER, ON YOUR BEHALF, TO NEGOTIATE FOR YOU TO STAY IN THE HOME FOR A SPECIFIC TIME AND USUALLY THE BANK WILL PAY YOU TO LEAVE THE HOME IN GOOD CONDITION.  This is a specialty field and I charge a nominal fee when I achieve the RELOCATION ASSISTANCE FOR YOU.  If relocation assistance is not achieved then you owe no fee.

If you are in a situation where you owe more than what your home is worth or if you need to sell but don’t have the money for the difference at closing, this may well be the most important article/letter you’ll read about selling your home.  You need to look at the option of short selling your home. 

When thinking about short sales, you have to keep one thing in mind; it is a very difficult transaction process that can easily cause more harm than good if not performed properly.  This is why your choice in real estate agents may be the single most important factor determining whether the process is successful or not due to the complexities and sheer volume of issues that arise.

This is not a task to be undertaken by just any real estate agent.  As a Certified Short-Sale Professional, CSP, I have been trained to navigate through the requirements that need to be met to get all parties to agree to the short sale.  Finding a buyer is only half the battle.  Once we have an able and willing buyer we must convince the lender(s) that they should grant you a short sale.

What should you expect during the process?

1. Calculate the value of your property. This will be accomplished by preparing a CMA and looking at the competition in your area and the condition of those homes. We will need to price and position your home so that it sells quickly and at a high enough price so the lender will agree to the terms.

2. Calculate your home’s financial position.  In this step we will examine the value from step 1 and compare this to the mortgages and other debt that is supported by the home value.  If your home value is significantly less than your debt tied to the property you are a candidate for a short sale.

3. We will start searching for a buyer, especially those that have expressed interest in buying short sale properties.  Not every buyer will want your property given the status and tenuous nature of a short sale.  The buyer must be willing to deal with extended deadlines and additional demands made by your lender.  Your lender is the key to a successful short sale transaction and we will need them to feel confident in the new buyer.

4. We’ll need to contact your lender and explain your situation. Lenders are under no obligation to accept a short sale and the terms will be examined closely by the lender. The lender is the ultimate decision maker and must give final approval for short selling your home.  Lenders may disapprove of any aspect of the transaction without reason or justification.  Lenders do not have to be reasonable.

5. There may be tax repercussions in enacting a short sale transaction.  Part of the process we will cover is the tax liability that may remain after the short sale transaction is complete.  As with any tax related matter we will advise you to seek counsel from a tax professional or tax attorney.

As a Certified Short-Sale Professional, Lee Pfeifer can handle the challenge of short selling your property and prevent you from succumbing to the many pitfalls that can beset those who are not familiar with the process.  Thank you for putting your trust in me during this difficult period.                     

SELLERS

 DO NOT Abandon Your Property! Do a Short Sale!

- We help property owners avoid foreclosure and walk away with no obligations!

- We can sell your property even if you owe more than it's worth! 

- We don't charge any upfront fees and you will not be asked to bring any money to the closing!

- We are paid by the Bank.

SHORT SALE REAL ESTATE LISTINGS - PRE FORECLOSURE REPRESENTATION FOR PROPERTY SELLERS IN San Francisco, Daly City, Pacifica, South San Francisco, Colma, Brisbane, and numerous Bay Area cities. 

What is a Short Sale? Definition: Short Sale is a Real Estate Sales Transaction where the contract sales price is lower than the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..). A lender may agree to adjust the amount owed, and accept less than a full payment, and forgive the rest, in order to get the property sold. Why is it called a Short Sale? The proceeds of the sale fall short of what the seller owes on the mortgage(s). Example: Bank agrees to sell a property for $200,000 on which $240,000 is owed in mortgages and back taxes. Short Sale transactions require a third party approval (i.e. seller's lender/ bank approval).

Don't pay a dime to anyone! We offer a Professional Short Sale Representation and we are paid by the Lender.

- Lee Pfeifer is a Certified Short Sale Professional.  Lee is specialized in short sales.

I have partnered with the best real estate attorneys and short sale negotiators in the business who specialize in the field, to ensure successful transactions, and their services are also free.. if you work with me!

Who should consider a Short Sale? If you owe more than the property could sell for in today's real estate market, missed mortgage payments and facing foreclosure or are forced to sell due to financial hardship, family emergency, divorce, death of spouse, illness, loss of income, job transfer, etc.. you may want to consider a 'Short Sale'. 

Many lenders agree to sell a property for less than what is owed on the mortgage and forgive the balance, if it makes more financial sense to them than foreclosure, and the seller demonstrates a financial hardship. If approved, the lender will also pay your back taxes, association fees, real estate broker, real estate lawyer and other fees. We can even get IRS liens to go away, too. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes, and avoid a foreclosure on his record. A bank often chooses a short sale if it results in smaller financial loss than foreclosure. 

BEFORE YOU CALL.

1.) Try to refinance your mortgage loan first.  

2.) If that doesn't work.. notify your lender of your financial hardship, explain your difficult financial situation and why you can't make mortgage payments and ask if they offer any assistance to modify or re-structure your loan (reduce mortgage payments, lower your interest rate, etc..) to help you.  

- some lenders might be able to temporarily reduce or even freeze your mortgage payments, to help you get back on your feet, financially.

 

3.) if that doesn't work.. contact me and I will run the numbers to see if we could sell your property in the open market so you could 'break even' before doing a Short Sale.

 

If that doesn't work or you have already missed 3 (or more) payments...

 

4.) Contact me right away and we will do a 'Short Sale' - TEL 415-871-1535

 

HOW DOES A SHORT SALE WORK? We put your property up for sale on the market, just as you would normally do, with an exception that the offers are subject to a third party approval. All offers received from the interested buyers are then sent to your lender(s) for consideration. The lender may accept, reject or counter any offer received. If the lender approves the offer, then the difference between the contract's purchase price and the amount owed by the seller is forgiven and considered settled debt, paid in full.

 

The key elements to a successful short sale transaction are: the seller is able to proof his financial hardship, and the purchase offers are attractive enough to stop the foreclosure by the lender. 

 

When you choose Lee Pfeifer to represent you in your Short Sale Transaction, you can expect the best! Your team will include a Top Producing Broker and a team of experienced short sale negotiators.

The seller does not have to bring any money to the closing for any of our services.

FORECLOSURE. Definition: Repossession of real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage

California foreclosure. If you miss 3 mortgage payments, on average, your lender will initiate a foreclosure.

The foreclosure processing period is generally approximately 7 months . If court agrees with the lender, it issues a judgment for the total amount owed, plus the costs of the foreclosure process.  If the property does not sell at the auction, it goes back to the lender and becomes a bank or corporate owned property (REO).

Benefits of Short Sale vs. Foreclosure. 

If the Short Sale is approved then the difference between the sales price and the amount owed is forgiven and reported as 'Settled Debt / Paid in Full'.

If you owed $300,000 (for example), and didn't do a Short Sale, and the property is foreclosed upon, but the lender could only get $200,000 at the auction, the lender may be able to sue you for the remaining $100,000. If you don't do anything during the pre foreclosure processing period you could end up losing your property to foreclosure.  If your loans are recourse loans, the lender can issue a judgement against you for the difference between the price sold through a bank owned sale or at auction.  This difference could be substancial  and  force you into bancruptcy.

'Short Sale' could prevent all that! Call now 415-871-1535 ..before it's too late.

SELLERS - Frequently asked questions about Short Sales.

Q: Do I have to pay income taxes on the amount forgiven in the Short Sale?

 

A: No! Mortgage Forgiveness Debt Relief Act was signed by President Bush on December 20, 2007. This Act ensures that any deficiency written off as part of the Short Sale will not be taxed. Certain restrictions apply.  Please contact a CPA or tax consultant to address your unique tax consequences.

Q: Will my Credit Score drop due to the Short Sale?

A: Yes. You will lose about 100 points, on average.  Many banks will report a short sales to credit bureaus, as a settled for less than owed" as opposed to a foreclosure.  A foreclosure will generally reduce your score by substancially more, on average.   

Q: What forms do I have to sign?

A: You will be asked to sign a listing agreement with Lee Pfeifer (so we can start marketing your property), authorization letter to release information, write a hardship letter to your lender explaining your situation, provide some financial statements.

Q: Can I live in the property during the Short Sale?

A: Yes, a homeowner can continue to live in the property until the short sale is completed.

Q: Can the Seller profit from the 'Short Sale'?

A: No. Lenders will not allow the seller to profit from the short sale while the lenders are losing money at the same time. The lender agrees to accept less than is owed as a full payment. The seller walks away from the deal with no money but avoids foreclosure.

Q: Can I do a Short Sale myself?

A: Lenders prefer to work with professional REALTORS specializing in Short Sales to ensure the property receives proper marketing and exposure, instead of dealing directly with unlicensed individuals and investors.

Q: How much does it cost to do a 'Short Sale' with Lee Pfeifer?

A: NOTHING! Lee Pfeifer and her team will spend countless hours working hard for you, without any out of pocket expenses to you, the seller, and you will not be asked to bring any money to the closing, either. We are paid by the lender.

Things Property Owners Should Not Do.

- Don't walk away - Do not abandon the property.

- Do not deed the property over to any one else. Consult with your attorney before you transfer the ownership or give someone else control over your property. Deeding the property to a third party does not release you from your mortgage obligations.

- Hire a reputable real estate broker specializing in short sales, to represent you, that will guide you through the process.

Call me for more information or a free 'short sale' consultation - I work closely with experienced real estate attorneys and I offer free service to buyers and sellers interested in pre foreclosure or short sale representation (our fees are paid by the lender).

'Short Sale' can be a very stressful and complicated experience both to property owners and real estate agents, especially if they don't know what they are doing.

Leave it to Professionals.

1. There is no charge to property sellers for any of our short sale service. We are paid by the Lender, at closing.

2. Lee Pfeifer is a Short Sale and Pre Foreclosure expert. We help property owners avoid foreclosure and walk away with no obligations.

3. Lee Pfeifer has established relationships with lenders, so we are able to properly 'package' the short sale and get it to the right person in the right format for an immediate response.

4. You will not be charged any upfront fees and you will not be asked to bring any money to the closing. 

5. The Realtors' commissions, the Lawyers fees, our Short Sale negotiators and the Seller's closing costs are paid by the bank.

- We will NEVER try to buy your property from you, nor we will NEVER ask you to sign the deed over to us. We just want to help you sell it.

SELLERS BEWARE!  There are numerous mortgage rescue scams, short sale rescue scams and foreclosure rescue scams. Companies and individuals operating  who claim to save your home and your credit from foreclosure. Remember to use the services of companies that you know and trust.

 Most common seller mistakes in pre foreclosure.

- Don't walk away. Do not abandon your property.

- Do not deed the property to any one else. Consult with your attorney before you transfer the ownership or give somebody else control over your property. Deeding the property to a third party does not necessarily release you from your mortgage obligations.

- Do not give any money upfront to anyone.

- Do not do business with any unlicensed individuals or investors promising to save your house from foreclosure: "Cash offer on your house today" or "We'll buy your house regardless of the condition it's in". Those people have their best interest and maximum profit in mind, not yours! 

- Do not accept any low ball offers on your property. Offers that are substantially below the property's estimated market value, will only tie you up for several months and most likely will be rejected by your lender, and consequently you will end up being foreclosed on, as there will not be enough time left to find other buyers.

- Hire a reputable real estate broker specializing in short sales, to represent you with your best interest in mind, that will guide you through the process.

- Remember, we don't want to buy your property and flip it in order to make a huge profit from it, we just want to help you sell it.

Avoid "Mortgage Rescue" and "Foreclosure Rescue" Scams 

Be careful of scams!

For a homeowner facing the frightening threat of possible foreclosure, the offer seems too good to be true. A “mortgage rescue” company steps forward, claiming to be able to help you save your credit and your home.

In some cases, the “mortgage rescue” company provides phantom help offering to work as an intermediary with lenders, collecting an up-front fee for services it never provides or that homeowners easily could have done on their own for free.

In other scams, the “mortgage rescuer” may offer to pay off the delinquent loan and allow homeowners to stay on as renters, with the possibility of buying the home back later. But the scam artist doesn’t make the payments and the homeowners, who have signed over their deed, end up losing the home and any equity they had in it.

Call me for more information or a free short sale consultation - I work closely with experienced real estate attorneys and I offer free service to buyers and sellers interested in pre foreclosure or short sale representation (our fees are paid by the lender).

 

'Short Sale' can be a very stressful and complicated experience both to property owners and real estate agents, especially if they don't know what they are doing.

Leave it to Professionals.

BUYERS     CONTACT LEE PFEIFER  415-871-1535

Buying BANK OWNED PROPERTY has many advantages.  I work directly with numerous banks and I work on a first name basis with many of the bank's employees.  A foreclosure is usually a quicker process than a short sale.  I DO NOT CHARGE THE BUYER!  Many agents are now charging the buyer.   I GIVE MY BUYER THAT I REPRESENT, A FREE HOME WARRANTY PROTECTION PLAN!

 

BUYERS

I CAN ALSO HELP YOU BUY A SHORT SALE A I DO NOT CHARGE YOU A COMMISSION.  BUYING A SHORT SALE. The Short Sale approval process takes about 60-90 days on average (could be less.. could be more) from the time the purchase offer(s) are sent to the seller's lender(s) for consideration. The buyer must demonstrate ability to close and be willing to wait. Short sales are definitely NOT a good option for buyers that have a specific deadline to move into the property, as there is no specific time frame for the short sale approval nor guarantee that the short sale offer will be ever approved at all. Once the short sale transaction is approved, the closing is scheduled. The buyer receives a good, clean, marketable title and is not responsible for any part of the seller's debt after the closing. 

SHORT SALE OFFERS. The higher the offer the better your chances of the short sale approval. From my experience, offers within 20% of the property's estimated market value, have the highest chance of getting approved by the seller's lender. The lender will order a BPO (broker price opinion) to establish the property's market value. If you send a low ball offer to purchase a short sale listing, don't be later surprised if your offer gets rejected. Tip: if you really like the property and want to increase your chances of getting it, submit an offer at or slightly above the asking price (most buyers will be bidding below the asking price). If a short sale listing does not generate 'good offers', the lender may decide to go ahead and foreclose on the property, and sell it at the auction or in the open market. A bank often chooses a short sale if it results in smaller financial loss than foreclosure.