Carman N. Sonny Sarlo Obituary: View Carman Sarlo's Obituary by Courier-Post

Carman N. Sonny Sarlo Obituary: View Carman Sarlo's Obituary by Courier-Post

Camden County NJ: The Short Sale Process from Beginning to End!

Short Sale Process from beginning to end

Sicklerville NJ – The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will usually want to validate the seller's financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

To get the lenders approval, first of all write a letter to him about your hardships, backing it up with substantial proof of your financial situation. The next step would be to place the offer.

It would help your case if you get your real estate agent to convince the lender that the price of the property has not been ridiculously lowered.

The last step would be to have detailed pictures and a map of the house, showing details of any repair work if required to be done.

Once the lender approves, the deal is ready to be closed. The buyer can then make out payment to your real estate agent, lawyer or short sale expert who helped negotiate the short sale.

The remainder of the funds is then diverted to paying off your mortgage. In case you are a buyer and are interested in buying a short sale property then you might get enticed at the low prices for a property in a high priced neighborhood.

However, it is better to take caution and not jump at the opportunity. First of all it would be advisable to suggest to your real estate agent to make enquiries with the listing agent and ensure that the property is a short sale one.

Before taking the leap hire an agent who has experience in short sale. Next, it is essential that your agent find out how much the seller owes the lender, who is in the title and whether a foreclosure notice has been filed.

Although the seller might have approved your offer, no deal can be made until the lender has approved.

Have a copy of your earnest money deposit sent to the lender and additionally the lender also might want to know if you are pre-approved and have your own loan available.

Most likely the lender will directly negotiate the commission with your listing broker since he is losing money. The deal will be finalized at this point. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sicklerville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Larry Sarlo.

Larry is a Remax Preferred Agent Certified Property Expert. Sicklerville Short Sales Realtor: Phone: 609-868-1171. lsarlo@comcast.net.

When You want it Sold Fast

View short sales and foreclosures for sale at SearchNJForeclosures.com and LarrySarlo.com

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Larry Sarlo is a RE/MAX Preferred Agent, Certified Distressed Property Expert CDPE
Please contact me at 609-868-1171, Email: LSarlo@comcast.net, Fax:856-258-6040

Office:856-589-4848,

Important Notice

Larry Sarlo, and REMAX Preferred, are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Larry Sarlo's personal views and do not reflect the views of Remax Preferred.

This information on Sicklerville Short Sales: The Short Sale Process from beginning to end is provided as a courtesy to our viewers to help them make informed decisions.

NJ Homestead Rebate Forgotten at Settlement, Get Yours or Lose Yours!

As taken from Page 2 of your NJ Homestead Rebate Application:
I owned a home in New Jersey on October 1, 2009, but have since sold it and moved. How will I get my benefit?
If you were the owner/occupant of the property listed in the application packet on October 1, 2009, and you sold the home before you file your application, be sure to answer “No” to the question “Do you still own the property for which you are filing this application?” when filing. In this case, any homestead benefit for which you are eligible will be issued in the form of a check (or direct deposit if you prefer) on or after May 1, 2011. If you sell your home after you file your application, be sure to take the amount of the benefit into consideration at settlement as the homestead benefit stays with the property, not the owner. 

Recently it has come to my attention people are losing their deserving NJ Homestead Rebates.  If you filed your 2009 NJ Homestead Rebate, lived in your home on October 1, 2009 and sold your home since filing, then you must ask for the amount at settlement or the new owner of your home will benefit from your NJ Homestead Rebate. 

My biggest dilema is how to figure what is coming back to you.  It;s not a complicated calculation but it takes a little digging.  Here it is:

Homeowners Under Age 65 and NOT Disabled The homestead benefit for 2009 will be paid as a one-time credit applied to the property tax bill for the second quarter of 2011.
If your 2009 New Jersey gross income* is...	Your benefit amount** is calculated by …
Not over $50,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then dividing by 4
Over $50,000 But not over $75,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 13.34% and then dividing by 4
Over $75,000	Not eligible

 So if you made 65,000 and your property taxes were $9000 for 2006.  Multiply 9000 x 13.34% =1201.00 divided by 4=300.00 for your rebate.  You would ask for this amount at settlement   Notify the settlement clerk of your title company.  Real Estate agents, you will do your seller clients a great service by putting this amount in your settlement figures and reminding the title clerk to credit your seller these rebate amounts.

Homeowners Age 65 or Older and/or Disabled The homestead benefit for 2009 will be paid as a one-time credit applied to the property tax bill for the second quarter of 2011.
If your 2009 New Jersey gross income* is...	Your benefit amount** is calculated by …
Not over $100,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 20% and then dividing by 4
Over $100,000 But not over $150,000	Multiplying the amount of your 2006 property taxes paid (up to $10,000) by 10% and then dividing by 4
Over $150,000	Not eligible

Also be sure you make consideration of non taxable income for NJ which is not included in the calculation of the incomes for the above graphs.

So Don't forget  Ask for your money or you will lose it...
Good luck and if you have any questions please contact me 609-868-1171  lsarlo@comcast.net