Short Sale Assistance Needed

[Hadrian Ayyub]

I have been offering for many months to try to assist him to avoid foreclosure but his pride would not allow him to take action.

House is located in Cerritos CA

Total debt including mortgage, HELOC, etc is 839k House ARV 880K Rehab estimatess 100k+

Father is 62 years old with multiple medical ailments, no retirement, savings, house is distressed.

Now with a notice of trustees sale given, he may finally be open to a short sale deal on his house.

Seeing as I do not do business in my native state of California and have never ventured into such a niche I would appreciate it if someone could give me a sample short sale contract for the state of California.

Thanks and God Bless.

[John Slater]

@Adrian Ayub

Hi Adrian. Obviously I don’t know the exact details of this property, however I’ve had a lot of experience in foreclosure and short sales as both investor and realtor.

First and foremost, in order to apply for a short sale, the owner will need a realtors representation.

The agent will then apply to the lender for a short-sale.

If the NTS has already been filed, there’s a good chance the lender won’t accept a short sale application as most lenders want 30-40 days prior to the sale date to even look at it. Some lenders may, however it’s a question for his lender. If they refuse to give an extension on the sale date then the foreclosure will happen as planned.

The seller agreeing to sell the property can choose a buyer of their choice. However the lender has to approve that buyer. There isn’t a short sale purchase contract per se, everything has to be done through an agent.

Sounds like the seller needs a good agent who knows what they are doing as agents are NOT taught how to do them and some screw them up.

Has there been a convo about his actually doing the short sale and speaking with an agent?