Wesley Besemer - Cardiff Realtor
Real Estate and Property Management
Bringing experience and integrity to our clients
Cell: (858) 353-3103

Why we are successful at Short Sales-
Experience and knowledge. Our team has been involved in closing hundreds of Short Sales. I closed my first Short Sale in 2008 and have been working them ever since. This experience has given us the tools needed to put a system in place that keeps us one step ahead of the lenders. We evaluate every detail, from type of loan to lender specific guidelines which helps us push through these deals efficiently and be prepared for whatever obstacle we may have to overcome along the way. Whether I am navigating buyers through these deals by knowing the right questions to ask listing agents up front, or negotiating every detail with lenders for my sellers, I make sure that you get exactly what you are looking for. Our team spends countless hours in seminars and trainings to stay on the forefront of how to continue to be successful at getting Short Sales done and we stay on top of the ever changing guidelines specific to each lender. Another bonus is working closely with our own professional in-house negotiators that are on the front lines doing battle with lenders on a daily basis. Everyone on our team from lenders, transaction coordinators, negotiators, title and escrow are experienced and well capable of taking the surprises out of Short Sales.

Definition of a Short Sale- 

A short sale takes place when the proceeds from the sale of real estate fall short of the loan balance owed on the property. It occurs when a borrower can no longer afford pay their mortgage due to financial or economical hardship. In this case the lender decides that selling the property at a loss is better than the alternative of letting the home go to foreclosure, which involves hefty fees for the bank and substantially more damage to the borrower's credit report. This agreement is usually a benefit to all parties involved.


Is a Short Sale right for me?

Mortgage lenders are willing to work with borrowers that are faced with financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship that makes it likely you will be unable to continue to pay your mortgage, your lender would prefer to settle the outstanding debt with you as opposed to taking the property through foreclosure. As you consider the option of pursuing a Short Sale, remember your lender is looking to limit any potential loss on your loan. By completing a Short Sale, you and your lender have reached an option that is much better than a foreclosure. This may seem hard to believe if you have tried to work a loan medication but, your lender wants to work with you.


What will a Short Sale cost me?

In most cases, a Short Sale will not cost you a penny. All commissions, title and escrow fees, and even some repair expenses are paid by the lender as part of the Short Sale approval. Lenders approve Short Sales in an effort to avoid potentially bigger losses that are possible when homes go to foreclosure.


Credit Concerns?

A short sale is usually shown as settled debt once closed and you may only have the late payments left as evidence on your credit report. A foreclosure is the worst possible credit damage, even worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards and even buying another home) relatively quickly. Most lenders have guidelines allowing you to buy in as little as 18 months to 2 years!

I am current on my mortgage; will my lender consider a Short Sale?

It is a possibility depending on who your lender is. While every lender has different guidelines and some will not work with you until you are delinquent on your loan payments, others may get started even when you are still current. The best way to determine if your lender will accept a file for approval on a loan that is current is to get in contact with them or have us start the process on your behalf.


I have two loans; can I still do a Short Sale?

Yes, in fact we have closed deals with more than two loans! We can work with both lenders even if they are not the same company and satisfy both lien holders. Even if the value of your home is below the balance of the 1st mortgage, we can normally get the two lenders to cooperate. In the end, neither lender wants to own another home through foreclosure.


What is considered to be a legitimate hardship?

There are many different guidelines that lenders look at to consider what is, and what is not a legitimate hardship. If the hardship is real to you we can convey that to your lender and once your loan is delinquent, the Short Sale request will be processed by the Loss Mitigation Department. Loss Mitigation will determine whether or not to accept a hardship. The hardship letter sets the tone for the entire file. Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders:

-Family illness or injury

-Illness or injury in the extended family – particularly if it forces relocation

-Job relocation when the property is equity deficient

-Job loss or significant income loss

-Divorce or split of domestic partners

-Adjustment in mortgage payment or unforeseen increase in living expenses


Can I sell my property if it needs repairs?

Yes. In fact, lenders are more motivated to do a Short Sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work. Aside from expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix- it business.


Can I deed my property to someone else instead of selling it?

Deeding your property to someone without paying off the loan can be a bad idea. You are still primarily responsible for the loan and payments so if payments are not made guess who gets the negative credit effects? That’s right…you! Along with the deed goes the ability to control the property. Do not deed your property to someone without paying off the loan unless you have consulted with an attorney.


Do lenders approve all Short Sales?

No. That is why it is critical to work with someone that has extensive experience at getting Short Sales approved. From the presentation of the Short Sale package to the negotiators working with the lenders Loss Mitigations Department, we know how to keep the file moving towards approval. The first step is to get pre-qualified for a Short Sale. There is no charge for this, and it’s easy. Just call or email me today for a no obligation consultation to see if a Short Sale is right for you.

How do I get started on a Short Sale?

You can feel free to contact me today and we can set up a time to sit down and discuss your situation and what the best option for you is. If you would prefer to discuss it on the phone you can call me directly at 858-353-3103. If email is the preferred point of contact you can email me at wes@trinityhomesandinvestments.com. There is no charge or obligation. It is as simple as contacting us and we will get to work by letting you know how to write hardship letters and get all the necessary documentation together. If you later decide that a short sale is not the best option for you then you walk away and owe us nothing!




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