Why Choose a Short Sale?

Ten Reasons to Avoid Foreclosure

1. Foreclosure Follows You – Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future. This can have an adverse affect on their future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no seven-year time limit on this item.

2. Credit Score Negative Impact – Credit scores will be lowered by 300-plus points (per loan). Along with bankruptcy, a foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.

3. Ineligibility for a Government Insured Loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.

4. Possibility of Deficiency Judgment – Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at bank sale.

5. Negative in Employment Credit Checks = Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire in jeopardy.

6. Potentially Damaging in Current Employment – Many current employers run credit checks. A foreclosure can put a current position in jeopardy.

7. Negative on Security Clearances – Security clearances and government positions – including but not limited to military and law enforcement – can be jeopardized by a foreclosure. Revocation of security clearance can result in job reassignment or loss.

8. Low Tax Liability than Foreclosure – The tax liability in a foreclosure may be much higher than in a properly negotiated short sale since canceled debt will be higher in a foreclosure.

9. You Have Alternatives – As your expert, I will explore every option with you and work toward the best resolution.

10. Do Everything You Can – While it may not seem like it now, there will come a time were your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence that so many people face today.

Why Choose the Coconut Point Team for your Short Sale?

The Coconut Point Team has a short sale process that is unmatched in the industry. From our initial consultation with you through and after the closing, we have a process in place that delivers results and aims to eliminate potential problems. Here’s our process:

· Prior to taking your short sale listing, we collect the “Financial Package” from you, which includes all of the information your bank will request from us.

· You list your home with us and the day the homes goes in MLS we send the Seller’s Authorization Form to the bank. This document allows us to communicate with your bank directly

· We market your property and price the home at, or slightly below, market value until we get an offer.

· We are only looking for ONE contract to send to the bank. We are looking for ONE qualified Buyer with an appropriate offer price who has serious intentions on closing the transaction. If we have this, we will fully execute ONE contract to send to the bank.

· Once an offer is received on your property, we will quickly review that offer with our team and then will contact you and send you the offer that was received for your signature and initials. This offer will have been reviewed to ensure all terms will meet the lenders’ requirements. In some cases, a counteroffer will be generated to ensure the offer meets all necessary terms. It is imperative that you send that contract back to us immediately, as the contract is time sensitive. If you have any questions regarding that contract, please address those with us before signing anything. Upon acceptance, we will also request that you send updated bank statements and paystubs along with the signed contract.

· Once the contract is fully executed, we submit the fully executed contract, a HUD-1, and all of your financial documents to the bank to begin the short sale process (60-120 days is the average length of processing time – some are much quicker, some take up to 120 days). Please be patient throughout this process. At times, you may feel things are moving slowly, but remember this is not a regular transaction and we are doing all we can on our end to make things go as quickly as possible.

· Your bank(s) will then do one or more valuations on the home to identify what they think the home is worth. Once their valuations are back, they’ll review the offer and all corresponding documentation, and finally issue their decision

· Once the bank accepts the terms of the offer, we’ll issue a document call the Agreement Notice – the notice to all parties that the short sale has been approved. In rare circumstances we will need to go back to the Buyer and tell them why the bank will not accept their offer and give them an opportunity to raise their offer.

Marketing and Servicing Your Home
Your home will be marketed and serviced with the same exceptional service and material that we use on all of our traditional and short sale homes, there is absolutely NO lesser material or service for our short sale listings.
Your Future Financial Freedom
Try not to incur any new debt and try to keep low balances on any credit cards you may have. Maintain good consumer credit by not paying late on your currently active accounts. Pay your rent by check or some other way that can be tracked to show evidence that you are paying on time. These things will assist you should you choose to purchase a new property in the near future
We understand that this decision may have been very difficult to come to. With that said, we would like to recommend you that the whole purpose of this transaction is to position yourself and your family in a better place – a place with a healthier financial future and one which allows security and freedom.

We look forward to working with you toward a successful transaction!