Short Sale, Foreclosure and "REO"

"I cannot express my gratitude enough for everything you did to help get my house sold. Your commitment to getting the job done is amazing. You are a true asset to any of your clients. Thank you." ~ a very happy client saved from foreclosure in Philadelphia, PA

"Kim was great to work with. She kept me informed every step of the way and went above in order complete a short sale transaction. There were many issues that arose during the process and Kim did an awesome job of handling everything and made sure I had everything I needed. I would definitely work with Kim again and will be recommending her to anyone I know who is interested in buying or selling their home." ~ Joe M., Philadelphia, PA

"Kim Schreiner was an amazing realtor. I just recently short sold my condo. Throughout the whole process Kim was very patient with me, and knowledgeable about whatever questions I had. She did everything she could to sell the condo, and as we all know, the market is terrible right now, and she managed to sell my property. She made the entire short sale process easy and not scary for me. I would definitely recommend her to anyone looking to sell or buy a home. She is AWESOME!!!" ~ Diana Lie, Walnut, CA

"Kimberly Schreiner has proven herself thorough, knowledgeable and patient throughout our process of working together. Emphasis on "proven". As anyone out there who is buying or selling knows, it's a terribly murky process these days. Even the lawyers and especially the banks don't really know how to handle this historic real estate climate. Kimberly knows what's going on, even better than my attorneys. I only wish I had given her free rein from the start. In my case she has secured three cash offers and boy is she thorough. Any uncertainly solved. Thanks, Kim." ~ Tara Marlowe, Philadelphia, PA

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In Financial Trouble? You are NOT alone.

Many people today are finding themselves in a situation where they can no longer afford their monthly mortgage payments. Maybe your mortgage payment increased because you had an Adjustable Rate Mortgage (ARM) and it ballooned? Maybe you found yourself caught in the subprime mortgage crisis? Maybe you've lost your job or your company downsized, you've taken a pay cut? Maybe you have gotten divorced? Maybe you've been injured and are out of work?

So many people today are experiencing financial struggles and cannot see a way out.  You are NOT alone.

You DO have options and I can try to help you! On this page I hope to provide you with a wealth of information and helpful websites that will explain some of your options. Please contact me to discuss your situation. Together we can work towards a resolution.

What is a Short Sale (in plain English please)?

A short sale is when a lender (mortgagee) agrees to allow the borrower (mortgagor) to sell their home for less than what they owe on the mortgage rather than foreclose. A Short Sale is NOT a simple process. It is time consuming and takes a great deal of patience from all parties involved.

The mortgagor will be asked to provide the lender with data to support their claim as to why they can no longer afford their mortgage. Typically the lender asks for 2 years tax returns, 2 most recent paystubs, last 2 bank statements,  a Hardship Letter (a letter to each lender explaining your situation), a list of your monthly expenses and a letter of authorization allowing a 3rd party to negotiate on your behalf, usually your real estate agent or real estate attorney. I strongly recommend that you enlist an experienced professional to negotiate the short sale.

The process usually begins with placing your property on the market and listing it at Fair Market Value. You may owe 300,000 but if the property is only worth 250,000 -- that is all a buyer is going to pay, that is all it is going to appraise for and that is all the buyer's lender is going to give them for a loan. This is a short sale.

You must be upfront with your agent. Disclose everything that you owe including first and second mortgages or liens, any home equity lines of credit (HELOC), real estate taxes due, home owners association fees due, special assessments, past due utility bills, etc.  All of these items will need to be paid either in full or in part by the sale. Your agent will have to negotiate with all parties involved and get them all into agreement to get the short sale to the table and close the transaction. Many times this is a long process but can be well worth the wait to avoid foreclosure.

The buyer must also be patient throughout this process. It can take months for the lender(s) to give the agent a response to their offer. Many lenders will only accept one offer at a time. Once the home seller normally accepts an offer from a buyer, it is submitted it to the bank for 3rd party approval (meaning all lenders involved must approve the offer; just because the seller accepted the potential buyer's offer does not mean the lenders will).

This leaves the property as under contract with the contingency of 3rd party approval. The property can still be marketed to the public but typically any offer submitted while the lender is reviewing the initial offer, would only be a back up offer to the first should any party terminate the initial offer.

The home seller may be asked to sign a Promissory Note for all or a portion of the shortage as part of the agreement to short sale the property. Almost all lien holders will take a loss on the short sale. Many times the real estate agent is asked to reduce their commission in order to close a short sale, so there is also risk involved for the agent that takes on the challenge of a short sale transaction. 

For More Information on Short Sales Click Here.

Do You Need Assistance?

Short Sale and Foreclosure ResourceAre you facing foreclosure? Are you falling behind on your mortgage or do you think you may fall behind soon? There are alternatives to foreclosure and I, along with my support team, can help you. We are ALL living through the worst economy in modern times and many people do not realize they have choices besides foreclosure. Please contact me and know that you are not alone. All inquires are confidential.

Kimberly Schreiner is a Certified Short Sale and Foreclosure Resource. Trusted Partners with The Sokol Firm, Attorneys at Law.

To:  Kim Schreiner

Remax Real Estate, Remax Above the Crowd, Remax Affiliates, Northeast, Kim Schreiner
Kimberly Schreiner, SRES, ePRO, SFR, Realtor®
PA License RS291767   NJ License 1861836

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