patrice krupa - short sale homeowner presentation
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Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Short Sales: A Solution for Qualified
Homeowners
“Experience Makes The Difference”
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
A Short Sale occurs when
• The value of a property is less than the total amount required to sell the property
AND
• The lender(s) accept less than what is owed to allow the sale of the property
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Does Your Property Qualify?
• Is there any equity in your property?– If yes, you do not qualify.
• If No, you may qualify– 1st mortgage only – best chance– 1st or 2nd mortgage – good chance– Other liens – must be reviewed
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Do You Qualify?
• If you have the ability to make payments and maintain a modest lifestyle then you do not qualify.
• You qualify if:– Your liabilities exceed your assets– You do not have sufficient income after reasonable living
expenses to pay your mortgage(s)– You understand you will not receive any money from the
sale of the property– You understand that there is no guarantee
However, The Krupa Team and Short Sale Operations LLC will work diligently to close a successful short sale transaction
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Required Documents
• You must provide the lender with
– Current bank statements for all of your accounts
– Current pay stubs– Last 2 yrs. Tax returns– Personal financial statement– Hardship letter– Supporting documentation
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Benefits to You (the Homeowner)
• Greatly reduces damage to your credit– The worst credit hit is Foreclosure
Stays on credit for 10 years– Short sale results in late payments with
satisfactory settlement of loan(s)– With Short Sale, credit starts improving quickly
after 12 months
• No embarrassing public notices and Foreclosure For Sale signs
• Generally no Deficiency Judgment
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
More Benefits to You
• IRS income will be excused if this is your primary residence
• IRS income may be excused for an investment property. Form 982.
• No cost to you! Realtor’s commissions, processing fee, and closing costs are paid by the lender
• Outstanding Property Taxes are paid by the lender at closing
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Consequences
• Possible Deficiency Judgment This is very uncommon
• 1099-C issued by lender for difference between amount received and amount owed. Only if this isn’t your primary residence.
• Always consult your accountant or tax attorney for any questions
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
FAQ’s
• How long does a Short Sale take?– It may take up to 6 months and you may
remain in the house• Must I clean up and fix the house?
– NO! But please provide detailed list of any needed repairs or problems
• I stopped making my payments and the bank calls every day.– The calls will diminish once the process is
started.
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
More FAQ’s
• I’ve been served with Foreclosure papers– Notify us immediately, provide all the
paperwork and we will assist you.
• I put money down when I bought this house, can I get any money at closing?– No! If the lenders agree to accept less than
what is owed to them they will not allow you to benefit monetarily.
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
When do we start?NOW!
• Work with your Realtor and sign the – Listing Agreement– Borrower’s Authorization– Homeowner’s/Seller’s Disclosure
• Provide your Realtor with all mortgage statements and HOA coupons, if applicable
• Get together Required Documents
• Your Realtor and Short Sale Operations LLC will begin processing your short sale.
Patrice Krupa, Broker Associate, CDPE (561) 306-9335 Charles Rutenberg Realty, LLC
Patrice Krupa, Broker Associate561-306-9335
Confidential & Professional
Call The Krupa Team now to get started!
Charles Rutenberg Realty, LLCPresentation provided by Short Sale Operations LLC. Short Sale Operations LLC is not affiliated with Charles Rutenberg Realty, LLC No guarantees are made by Patrice Krupa, Charles Rutenberg, LLC or Short Sales Operations LLC.