I Have Received Notice of Trustee Sale, Can I Still Qualify for Short Sale?

I came across couple of home owners who were looking to rent a house and after talking to them for a while, I found out that they are looking for rental place after their house was foreclosed. I asked them whether they had tried for loan modification or short sale. They said “Yes! We tried for loan modification but the lender denied our request and after a while we received trustee sale notice so it was too late to try to do short sale” . They thought that once someone gets trustee sale notice then they cannot do anything other than let it go to foreclosure.

The big question is once you receive Notice of Trustee Sale, can I still qualify for short sale? The answer is YES! Yes, you could qualify for short sale. Find out with a local short sale professional whether you qualify for a short sale. All you have to do:

1. Consult with CPA or attorney on your tax ramifications questions.
2. Hire an experienced short sale agent.
3. You can also ask your friends/families for a good referral (short sale expert) in your area.
4. Before hiring a real estate agent, ask whether they have closed any short sale, similar to your situation (trustee sale notice).
5. Take action NOW on all of the above steps. You have short period of time before trustee sale date.

I have helped a family also from foreclosure, who had received trustee sale notice. We received the offer within couple of days and closed in a month. Now, they are happy and if they want to buy a house, they can qualify for another loan in 2 years and chances are that they can buy a similar house at same or lower price after 2 years.

Don’t just let your house go to foreclosure, call your local short sale expert, even if you have received the trustee sale notice and try for short sale. The closer it gets to trustee sale date, the harder it gets to do short sale, so take action now. Call Me 408-500-5000

I'm excited about the new things happening! Premier Properties of Silicon Valley has just launched it's own Face Book page, and we have more marketing legs being developed. I would love for you to become a fan. Go to Face book and type in "Premier Properties Of Silicon Valley" and become a fan. New products lines are coming soon and we are excited about being your number 1 Real Estate and Investment Resource Center.

I built this report for your information. In case you were wondering "what is going on in San Jose with regards to real estate", here is some interesting data to help you realize where our current market lies. I was excited as I built this report because the numbers show that our market is clearly on the rebound.

 

2 YEAR - SNAP SHOT REPORT

~Median Sold Price in SJ down 46% from $760,000 in May of 07 to $410,000 May of 2009

~Number of sold properties are up 22% from May of 07 to May of 2009

~Number of properties for sale is down 5% from May of 07 to May of 2009 look at the graph to see how dramatic the inventory has fallen. 

~Number of properties under contract is up 123% from May of 07 to May of 2009

~Number of new properties listed by month is down 32% from May of 07 to May of 2009

~The Supply & Demand are as such: the number of properties for sale are down 5% and the number of properties sold are up 22%

~Months supply of inventory are down 68% in May of 2007 we had 2443 single family units for sale in May of 2009 we had 1723 single family units for sale. 

~The average days on the market in May of 2007 was 36 now in May of 2009 the average days on the market are 09...

Please contact me if you have any questions or have problems opening the files. Also, should you be interested in investing in another area I might be able to build a chart for that specific area such as: Morgan Hill, Gilroy, Los Gatos, Hollister etc,. 

Thanks and Enjoy!