There's Absolutely No Comparison!

Ranked in the top 1% percent of 1.2 million agents in the United States! Uniquely connected to the highest net worth clients in the world!

The Joe Schembri Team is recognized as one of the TOP 100 Teams for Coldwell Banker Real Estate Nationwide out of 1,400 teams!

We will not rest until your home is sold for the highest price!

   Over 3,100 homes sold YTD!!!

Coldwell Banker is the Largest Real Estate Firm in the Bay Area!

Recently named the #1 Team for Coldwell Banker Real Estate Company for the San Francisco Bay Area Region in 2008-2017 & 2018 YTD. 

  • Significant web partnerships with ColdwellBanker.com, CaliforniaMoves.com, Realtor.com, Zillow.com plus distribution to over 300 additional real estate websites.
  • Maximum exposure of your home through a network of over 3000 Realtors in Northern California.
  • Relocation division which showcases your home to active buyers moving to Northern California.
  • Customized property marketing plan including YouTube videos, Craigslist ads, just listed announcements, professionally designed brochures plus much more.
  • Recently named the Number One Team for Coldwell Banker Real Estate Company for the San Francisco Bay Area in 2008-2017.
  • Ranked the #1 Coldwell Banker real estate team for the San Francisco Bay region for 2008 and 2009 with over 80 listings sold in 2009.
  • Coldwell Banker’s #1 real estate agent of the entire East Bay for 2003-2013 & 2017 YTD.
  • Recently named the #1 Residential real estate agent for the entire East Bay for 2006 and 2007 by the East Bay Business Times
  • Named #1 of NRT's Top 100 Team's 2009-2016!
  • No other agent has sold more homes in Fremont, Newark, and Union City combined in the Tri-City Marketplace and the East Bay than Joe Schembri!
  • Ranked #105 for all of California and #10 for the San Francisco-Oakland-Hayward Metro Area(Bay Area) by transaction as one of Real Trends Best Real Estate Agents in America for 2013
  • Ranked #137 by Volume & #108 by Sides for all of California Teams as one of Real Trends Best Real Estate Teams in America for 2014
agent photo
Joe Schembri
3340 Walnut Ave, Suite 110
Fremont, CA 94538
Phone: 510 608-7667
Cell: 510-774-4328
Email: joe@joeschembri.com
CalBRE # 00890599
 
Bedrooms
Baths
Min Price
Max Price

Short Sale Information

WHAT IS A SHORT SALE?

 A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. (Definition source -Wikipedia)

SHORT SALE STEPS 
 
  • Figure out the true value of your property. Many times a real estate agent can provide a market analysis and give you a good idea of what your home might sell for. You can also use Zillow or other real estate related sites to determine the rough value of your home. If the market is moving down keep in mind that your homes value may be moving down as well and estimated valuations may be valid for only a short time.
  • You also need to calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.
  • You’ll need to know how much you owe on your property. Include all loans on the property in your calculation.
  • Calculate your equity. Normally the value of your home is more than the total of the loans and closing costs. If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.
  • You’ll need to contact your lender and explain your situation. Be sure you talk to someone who has the authority to make the required decisions.
  • Usually lenders have a loss mitigation department that you can contact. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some lenders will not consider a short sale until you have missed a payment or two. Some will not accept short sales at all. You’ll need to know where your lender stands with regard to short sales so contact them as soon as possible.
  • Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to talk with an accountant or tax attorney to figure out how much money you may owe the IRS if you proceed with a short sale.
  • Find a buyer and sell your property. The lender will still have to approve the buyer’s offer but once they do you can sell your property.
  • The lender MUST have a authorization form from the seller stating their agent can speak with them during the process.
  • Once this authorization form has been received sending in the short sale package would be your next step
  • After the lender has received all your documents most lenders start with the appraisal process.
  • After the appraisal is in they will review your files sometimes this could take up to 60days to get the short sale approved.
  • It is very important that you keep your late payments under 90 days to avoid the foreclosure process. Once you are behind over 90 days the bank normally will start the foreclosure process. However if you make a payment that gives you back 30 days for each payment you make.
  • Once the short sale has been approved it will be a smooth process after that. Always make sure to get all documents in a timely manner back to your agent to avoid any delays. Once a short sale is approved the approval is only good for so long so it is important to work with your agent to get the sale close as soon as possible.
The Short Sale Package
"Short Sale Package" and is usually submitted by the investor interested in the property, the agent representing the seller, or the seller of the property. The package usually includes the following items:

Sample Short Sale Package (items may vary depending upon the lender):

  • Cover Letter
  • Authorization to Release Information
  • Sellers Hardship Letter
  • Seller's Financial information
  • 2 years w2's
  • 2 months pay stubs
  • 2 months bank statements
  • Supporting Hardship Info - HOA liens, medical/disability statements etc.
  • Repair Estimate for the property
  • Comparable sales for the property
  • Lender may ask for an Initial Title Report
  • FHA and VA may have their own forms and special requirements as well
  • Listing Agreement
  • Contract and any addendums or counters
  • Net Sheet
  • First mortgage holder may ask for a payoff amount from the 2nd
  • Second mortgage holder may ask for a payoff amount from the 1st

There's Absolutely No Comparison!

Ranked in the top 1% percent of 1.2 million agents in the United States! Uniquely connected to the highest net worth clients in the world!

The Joe Schembri Team is recognized as one of the TOP 100 Teams for Coldwell Banker Real Estate Nationwide out of 1,400 teams!

We will not rest until your home is sold for the highest price!

   Over 3,100 homes sold YTD!!!

Coldwell Banker is the Largest Real Estate Firm in the Bay Area!

Recently named the #1 Team for Coldwell Banker Real Estate Company for the San Francisco Bay Area Region in 2008-2017 & 2018 YTD. 

  • Significant web partnerships with ColdwellBanker.com, CaliforniaMoves.com, Realtor.com, Zillow.com plus distribution to over 300 additional real estate websites.
  • Maximum exposure of your home through a network of over 3000 Realtors in Northern California.
  • Relocation division which showcases your home to active buyers moving to Northern California.
  • Customized property marketing plan including YouTube videos, Craigslist ads, just listed announcements, professionally designed brochures plus much more.
  • Recently named the Number One Team for Coldwell Banker Real Estate Company for the San Francisco Bay Area in 2008-2017.
  • Ranked the #1 Coldwell Banker real estate team for the San Francisco Bay region for 2008 and 2009 with over 80 listings sold in 2009.
  • Coldwell Banker’s #1 real estate agent of the entire East Bay for 2003-2013 & 2017 YTD.
  • Recently named the #1 Residential real estate agent for the entire East Bay for 2006 and 2007 by the East Bay Business Times
  • Named #1 of NRT's Top 100 Team's 2009-2016!
  • No other agent has sold more homes in Fremont, Newark, and Union City combined in the Tri-City Marketplace and the East Bay than Joe Schembri!
  • Ranked #105 for all of California and #10 for the San Francisco-Oakland-Hayward Metro Area(Bay Area) by transaction as one of Real Trends Best Real Estate Agents in America for 2013
  • Ranked #137 by Volume & #108 by Sides for all of California Teams as one of Real Trends Best Real Estate Teams in America for 2014