Category Archives: escrow

Elk Grove Short Sales by Lori Mode

Elk Grove Short Sale by Lori Mode

short sale sign

Our team of experienced Elk Grove Real Estate Agents, specializes in Short Sales in Elk Grove.  A Short Sale essentially is the sale of the home for a price short of what you owe the bank.  If approved by the bank, this is a good option instead of foreclosure, which can damage your credit even more.  In order to get it approved, you will need to prove a hardship.  A hardship is defined as a material change in the stability of the homeowner between date of home purchase and date of Short Sale negotiations.  There can be many reasons why the hardship occurred, and it is a good idea to include a personal letter to the lender as to what the exact situation is.

When selling a home via an Elk Grove Short Sale, it is a similar process to a Standard Re-Sale.

  • Hire a qualified Elk Grove Real Estate Agent
  • Contact your lender
  • List the property
  • Receive and Accept an offer
  • Submit Short Sale Package to lender
  • Receive and approve the Lender Approval
  • Escrow Period

If you are considering an Elk Grove Short Sale, be sure to contact us first!  We can help you through the entire process with ease.  Our Elk Grove Real Estate team has been successfully selling short sales for many years and are very experienced.

Just a Few of the Short Sales we closed in 2012

  • 8771 Mesa Brook Way
  • 952 Doradell Way
  • 7843 Lahontan Circle
  • 3321 Rio Rocca Way
  • 9440 Dantley Court
  • 8861 Kelsey Drive
  • 5412 Tegan Road
  • 9478 Sidesaddle
  • 3500 58th Street
  • 9841 Lois Stiltner
  • 6909 Lincoln Oaks Drive

See if you qualify to sell your home as a Short Sale

Facebook Pinterest Email Twitter Linkedin

Congratulations!! Your Offer was Accepted! …Want to Close Escrow on Time?

hand over the keys
Here are the top 10 issues that can Delay your Closing

Closing an escrow, takes the cooperation of many parties. Buyer, seller, lender, escrow and title company–just to name a few! There are many things your Real Estate Agent will be working on for you behind the scenes, here are some ways you can ensure a smooth ride to the end.

Homeowner’s Insurance
This is one of the primary items that can hold up a closing. You will need to provide proof of insurance that meets lender requirements. Many companies are now under-insuring, requiring policies be re-written at the last minute.

Termite Clearance
Most lenders do not require termite certifications unless it is specified in the purchase contract. If it is, evidence of completion will be required prior to funding.

Homeowners Association (HOA) Certification
This is required for all condos. Get started on this early, it can be a two week process! You will need to request this from the Home Owners Association Board, and some require a fee to process it.

Vesting Instructions
How are you taking title? Loan documents can not be drawn up without this important piece of information. Make sure to let escrow know as soon as possible.

Acquiring New Credit/Debt
Do not acquire any new debt or credit during the escrow process! I know you will be tempted to start looking at new furniture and fun stuff for the house…but hold off, or pay cash. Lenders will often re-run credit to check for any updates or changes. Acquiring new debt could substantially change your FICO scores and/or debt to income ratio, affecting your ability to obtain a loan.

Employment Verification
The majority of lenders DO verify employment, often just prior to funding. In order to avoid delays, make sure the loan officer or lender has the correct contact information for the representative in Human Resources who can verify your employment.

Buyer Goes in to Escrow to Sign
The main thing here is that the buyer knows the exact amount to bring with them to the signing. If the lender has had the standard 5 days to review and file, this will be no problem. IF there has been a delay in getting the documents to the lender, in the rush to get down to sign there can be chaos trying to get everyone back on the same page! Hopefully it goes as smoothly as expected.

Buyer’s Certified Funds
If you are cashing out a mutual fund or liquidating a stock account, it can take up to a week or more to get the funds. Start this process early so funds will be available to close. Also, make sure you understand how to get your funds to escrow. Only certified checks or a wire transfer can be accepted. Also make sure a cashiers check is from a local bank. If not, it can take longer to fund.

Statement of Information from Seller/Borrower
Title requires this in order to check for any undisclosed liens or other information. Be sure to complete and return this to escrow as soon as possible.

Purchase Contract Changes
Be sure to submit any and all contract changes to the loan officer and escrow officer as soon as possible. If the instructions are not complete, explicit, and lender-approved, closing may be delayed.

Lori Mode and Bruce Durham have been in the Real Estate Market in Elk Grove for 25 years. During this time we have built strong and trusted relationships with lenders and escrow officers. We can help you in the whole process of selling or buying, call us today!

Visit our Website to begin your search for your new home, or see the page on Selling and request a FREE Market Analysis of your home.

Facebook Pinterest Email Twitter Linkedin