What is a short sale?
A short sale is a sale in which the purchase price is less than what the seller owes. The bank(s) would have to agee with this. My job is to take as much stress away from you as I can and deal with the bank(s) for you. It can be difficult for a real estate agent to actually get a short sale approval. The reason many agents do not work with short sales is because it takes work! I like the work! I love negotiating! Hence, when you are asking an agent about short sale information, you need to be asking someone who not only has a lot of experience with them, but someone who enjoys negotiating and gets satisfaction helping people. This way, you are sure to get honest information relating to buying or selling a short sale. As a team, we have been very successful in getting our short sales approved and closed. Sometimes it is best for a buyer to stay away from shorts sales and other times it is an advantage.
Please read the testimonials below:
I asked Mike if he could sell my home as a short sale because I owed more than it was worth and had to sell. He told me about all of my options and made it easy for me to understand all the steps I had to take. After educated me on short sales and options, I decided to let Mike take care of the sale for me. We had multiple offers within days. He had clear steps for me to take and guided me throughout the process. He understood what I was going through and was patient and comforting to me and aggressive and determined with the banks. It was obvious that he knew what he was doing and kept me informed throughout the process. I am pleased to say that we got full approval from both the first and second on my house. I would recommend Mike to anyone needing a knowledgeable hard working agent, especially with short sales.
Mary M.
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"If you want the job done, call Mike McGlade! I was so confused and lost in the housing turmoil of Sacramento. I didn't know who to talk to, where to go, or even who to TRUST. I have been mislead by many a company/realtor promising to get me out of my situation. None had any positive effect or the knowledge it takes to complete the elusive short sale. Somehow by pure fate, I came across Mike McGlade.
Professional is an understatement. Mike really knows his business and will quickly gain your trust with his detailed knowledge and understanding of this turbulent housing market. It's as if he is part scientist, part counselor as he gets you back on your feet headed in the right direction. Yes, he will quickly and efficiently forge a path of light out of your dark and troubled situation.
Mike knows the timelines, the schedules and the efforts needed to complete the sale. He negotiates with the banks and takes the burdern off of your shoulders and puts it directly on to his. He creates a stress free process that has you at ease. Follow his steps and soon you'll be selling your home. He is constantly in communication with you, keeping you updated with emails and phone calls. He has got to be the hardest working realtor out there. I just don't know how he manages to do it all!
Mike, I thank you for your efforts and will always be in your debt. I wholeheartedly recommend this man to anyone looking for help with their home situation. Please, do not fall for others claiming to get you out of your situation. Chose Mike McGlade."
-Lars Aspelin
Qualifications for a short sale
Each bank has its own requirements for a short sale. They may even be able to offer you help by way of loan modifications etc... If you call them, most are willing to send you that information. Owners need to owe more than the actual worth of the home. From my experience, you need to be having trouble with month to month expenses (Hardship). You can't have enough money saved to pay off the difference between what the house would sell for and what you owe. And, usually, owners tend to be late on their month payments.
How I can help
The first step is to decide if you should or need to sell short. I suggest you speak to a CPA or attorney to help you learn about any consequences such as taxes etc... (I can provide you with phone numbers of attorneys and CPAs if you wish) I can also help educate you on the process. If you decide selling short is right for you, the first step is to list your home for sale as a short sale. During that time period, I will be asking for you to provide documents including but not limited to your last two years tax returns, pay stubs, bank statements etc...I will put together a package for the lender. I will present this to the lender once we have an accepted purchase offer on your home. The offer will be contingent on lender approval. I work in areas such as Sacramento, Carmichael, Arden Park, Aren Manor, Arden Arcade, Garden of the Gods, Fair Oaks, Rancho Cordova, Geenhaven, Pocket Area, Elk Grove, Roseville, Folsom, El Dorado Hills, Cameron Park, Placerville and all the way up to Pollock Pines to name a few...basically I work in all of Sacramento, El Dorado and Placer Counties.
So In a nutshell:
1. I will be gathering financial information.
2. I will contact lenders on you behalf...This is an ongoing process!
3. I handle marketing your home
4. I will review offers on your property with you.
I know how difficult this is for you. I do my best to take as much stress and pressure from as I can by staying on top of things and communicating with the banks on your behalf and organizing all the paperwork involved.
There may be other options to explore!
1. Repayment Plan: Some banks will work on a payment plan if you have missed payments because of loss of work etc...
2. Forbearance: You may be able to reduce or suspend your mortgage payments for a short period of time.
3. Loan Modification: You may be able to negotiate a modification to one or more of the terms of your mortgage.
IMPORTANT NOTE:
Taking the first step by calling me may save your credit from Foreclosure! That can stay on your credit for years and will make it very difficult for you to get another loan. A short sale may reduce the damage to your credit substantially. With a foreclosure, your credit card interest rates may increases and even getting a quality higher paying job may be difficult for some with a foreclosure. YOU SHOULD CONSULT YOUR CPA AND ATTORNEY TO LEARN IF YOU WILL HAVE ANY LIABILITIES SUCH AS TAXES. I can provide you with phone numbers of attorneys and CPAs if you wish.
Cell Phone Users Search for homes at:
www.mcglade.mobi
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