C.L.E.A.R. “Home Owner Bill of Rights”
- L.E.A.R. offers its’ homeowners On-Line Webinars that will answer questions and walk them through which ever process they are involved in.
- Access to conference calls with other L.E.A.R. Homeowners for live Question and Answer sessions with Certified Homeowner Advocate Counselors.
- We give Homeowners a point of contact that they can reach to answer questions and hold the people involved in their transactions accountable.
- Provide helpful information as to what you should expect next via on-line and video webinars.
- L.E.A.R. will assist you in which Pro-Active actions should be taken to ensure the best outcome for your future.
- Review the loan-to-value ratio of your home and assist you in which direction is best for you and your family, not for the bank institutions.
- Review whether a loan modification is right for you and what direction you should consider. If you are currently in a loan modification, answer any questions that you may have and explain what the loan modification entails.
- Refer you to a lender to show you: 1) How long it will take for you to re-purchase a home or to rebuild your credit. 2) Explore whether you are able to Re-Finance your current mortgage (even if you are underwater or upside down on your mortgage). 3) Let you know if you are eligible to do a concurrent sale and re-purchase of a new home (even if you are underwater or upside down on your mortgage).
- If we deem that selling your home is best for your current and future situation, we will refer you to a Pre-Screened, Certified Highly Experienced Realtor Partner with a successful track record of success.
- Oversee the Mitigation Process. Ensure negotiations with the banks are done proficiently, effectively and with your best interest and outcome and NOT the banks.
- Give you access to an on-line communication center in which you can track all of your negotiations with the bank, lender, servicer, and negotiator.
- Constant Support to Answer Your Questions.
- Assist you in a Step By Step Credit Repair Process and Rehabilitation of your current situation.
- Keep you updated on any new laws or regulations that may apply to your situation.
- If necessary, align you with a Lender to walk you through how to purchase again.
- If necessary, align you with a Realtor Partner who can help you find a temporary rental until you are ready to re-buy.
- Weekly Webinars and On-Line questions and answer s for situations that may arise.
- Keep you informed on all of the current Real Estate Trends.
We help homeowners sell underwater and distressed properties:
• Sell your home and stop the sale date
• Lender negotiations handled by full-time, licensed, professional short sale negotiators that get paid by the bank when your sale is approved
• Homeowners never have to pay an out-of-pocket expense
If you have to sell your home… do it the easy way.
Our experts will coordinate every detail, freeing you from the stress of doing it yourself or working with an inexperienced agent.
Step 1: Paperwork
Listing agent submits listing agreement, homeowner package and comps.
Step 2: Present Offer
Buyer Makes Offer on Property.
Step 3: Consult Attorney
C.L.E.A.R. recommends Attorney to Homeowner (paid for by lender, not homeowner) for independent representation and consultation
Step 4: Bank Negotiations
C.L.E.A.R. negotiates all the terms of the short sale transaction with the lender(s)for the seller, buyer and real estate agents.
Step 5: Organize Players
Once the transaction is approved by the seller, buyer, lender, and real estate agents, C.L.E.A.R. will coordinate and schedule the close of escrow.
Step 6: Closing
All paperwork is properly executed, transaction closes and ownership is transferred to the buyer
“We strive to provide universal information to those in the ever changing real estate market who are struggling to find guidance and direction and provide the safe harbor in the tempest. C.L.E.A.R. is comprised of actual practitioners within the market place.”
C.L.E.A.R. main goal is to bring the truth about the short sale market and educate HOMEOWNERS, Realtors, investors, and servicers about everyone’s proper role within a default transaction. C.L.E.A.R. wants to spread the truth so that the people being affected by the housing market have the opportunity to get back on their feet and start over. The housing market has affected everyone in this market and it’s about time that those who have been hurt the most receive a true advocate in assisting them in one of their most stressful times in their lives.
Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.
A few examples of a hardship are:
- Unemployment / reduced income
- Medical emergency
- Job transfer out of town
The seller’s short sale package will most likely consist of:
- Letter of authorization, which lets your agent speak to the bank.
- HUD-1 or preliminary net sheet
- Completed financial statement
- Seller’s hardship letter
- 2 years of tax returns
- 2 years of W-2s
- Recent payroll stubs
- Last 2 months of bank statements
- Comparative market analysis or list of recent comparable sales
Writing the Short Sale Offer and Submitting to the Bank
Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales.
Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value.
The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.
After the seller accepts the offer, the listing agent will send the following items to the bank:
- Listing agreement
- Executed purchase offer
- Buyer’s pre-approval or proof of funds letter and copy of earnest money check
- Seller’s short sale package.
The Short Sale Process at the Bank
Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process.
Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don’t get an answer within a specified time period.
That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.
Following is a typical short sale process at the bank:
- Bank acknowledges receipt of the file.
- A negotiator is assigned.
- The bank orders a valuation of the property.
- The file is sent for review or to the investor.
- The bank may then request that all parties sign an Arms-Length Affidavit.
- The bank issues a short sale approval letter.