Licensed CA. DRE
Personal Broker # : 01102481
Corporation Broker # :01378065

Laguna Niguel Office:
Orange County, California
Service Area: California

Steve Spiro, Principal Broker

E-mail: Steve@Asset-Liquidators.net

Call (949)-212-3492

Certified Short Sale Specialist

32 years experience

As Seen in the
Orange County Register, LA times, San Diego Tribune, Sun Times, and Press Enterprise

Home Owner Bail Out

What is a Short Sale?

Short Sales are the solution for solving today’s real estate problems. The banks were bailed out now it is your turn.

When we purchased our homes we had the idea that we could sell or refinance them as needed. Since home prices have fallen, refinancing or selling may be impossible. Lenders are denying requests for modifications and not reducing balances. If you find yourself in this predicament, a “Short Sale: is the solution, and can be obtained through Steve Spiro, a Certified Short Sales Specialist and Principal Broker of Asset Liquidators.

In a “Short Sale” arranged by Asset Liquidators there is no cost to you. It will allow you to sell your home for less than you owe on it. The bank will waive the portion of your loan that does not get paid off at close of escrow. At Asset Liquidators, this procedure typically takes 9 to 12 months to complete. Steve will design a custom solution for your situation. This may include a sale and lease back so you can stay in your home and don’t have to move or cash back for relocation expenses. He can also arrange for you to qualify for and purchase or lease a new home before or after the Short Sale. The benefits for the home owner also include avoiding foreclosure and deficiency judgments. It may have little impact to your credit compared to a foreclosure or bankruptcy. It will postpone the foreclosure sale date allowing the homeowners more time to stay in their property without making payments.

With a properly handled Short Sale, your loans, secured taxes, HOA dues and all cost of sale will be paid by the lender. There are no fees to you, the bank pays for everything. Consider a Short Sale as the free solution to dispose of your upside down real estate. A Short Sale must be handled by an expert. Don’t trust your Short Sale to just anyone.

For a custom solution, call Steve Spiro a California Realtor- Broker with 32 years of real estate transactional experience and a Certified Short Sale Specialist. He can be reached at 949-212-3492. email: Steve@Asset-Liquidators.net

32 years experience Call 949 212-3492
Steve Spiro, Principal Broker/Realtor
Certified Short Sale Specialist

E-Mail or Call Steve today at Steve@Asset-Liquidators.net
or 949 212-3492

My short sale status

Clients can log on to our system using Microsoft Excel to check for status updates and to view the short sale lender con logs. Our Seller, Buyers and Buyer's agents may request access information and log on codes.

Also for a short sale status update, you can send an e-mail to Steve@Asset-Liquidators.net.

Thanks

Steve Spiro

Short Sale Time Line

The following may seem overwhelming, that is why it takes so long. But don't worry, we get them done. That's our job.

Every short sale is unique. In theory they should take 2 or 3 months but in practice they typically take us 8 to 12 months.
We are currently averaging 9 months and 11 days in the 12 month period ending on 1-20-12. If your first lender is Wachovia they can be done in half that time or less. We are always striving to close these short sale transactions in the shortest period of time.

Turn times are also affected by a number of items and the complexity. There are too many variables to be able to project accurate time line from the start. The factors that come into play include but are not limited to,
Number of short sale lenders
HOA dues current or not
number of other lien holders such as judgment debtors
Relative size of 2nd loan
The particular lender(s) involved
How quickly the seller supplies requested docs
How quickly we obtain a good buyer
How many times the buyers have to be replaced
How the bank's third party price opinion comes in
Changes in market values over time
How long it takes for a negotiator to be assigned
How many files the negotiator is handling (some handle over 150)
How responsive the negotiator is
How responsive the loan lender's investor is
Who the loan lender's investor is
Whether the seller is current or not
If there are foreclosure sale dates to postpone
If the lender allows substitution of buyers or makes us start the process over
How the buyer's loan goes
If the buyer changes their mind (we go through an average of three buyers per short sale.)
How cooperative and responsive the lenders are
Below is an estimated time frame of the short sale process broken up into 5 steps.
If any seller documents expire they have to be resupplied and generally do several times during the transaction.

Short Sale Steps

Step 1 of 5
Postpone Foreclosure or Sale of home (if applicable) We market your property until an acceptable offer is
received and back up offers. During this time we gather the necessary paperwork from seller as we prepare the Short sale file that will be submitted to the bank.

This step can take 30 to 60 days depending on how aggressive our pricing is. If a pending sale date is looming we price aggressively and this can be done in as little as a week.

Step 2 of 5
The package is assembled and the Short Sale package and accepted offer is submitted to the bank.

This step can take up to fifteen days before the bank even acknowledges receipt of the file. Banks respond to Short Sale files on a first come first serve basis & some work faster than others. It often has to be sent multiple times before the bank will acknowledge receipt.

Time frames are completely dependent on actual lender turn times.

Step 3 of 5
The bank will assign a negotiator to the file.
The bank will order a value evaluation of the home, and request and receive the seller financials through us.

We will negotiate on your behalf.
This step can take a couple months.

Step 4 of 5
The bank will complete the underwriting process of the file and submit it to their investor unless they have delegated approval authority at the offer price. Once the investor signs off the bank will issue the final approval. This process can take 10 to 30 days once the bank submits to the investor.

Step 5 of 5
This is the final step. The banks will issue the final approvals. They are typically good for 30 days and if needed can generally be extended for very short periods of time.

We get these transactions done but from the above you can see why they take so long. Just figure 8 to 12 months start to finish. As of 1-20-12 our average turn time is 9 months 11 days. It could be less or it could be more but 8 to 12 months is typical for us. We will let you know when we get close to getting the approval.

Steve Spiro

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