Are you a home owner who is at risk of losing your home?
Are you behind on your mortgage?
Have your received a Notice of Default from your mortgage company or lienholder?
Are you facing the distressing prospect of losing your home through foreclosure? You're not alone, and there
is hope.
My name is Pearl Jones, and I specialize in providing a lifeline to homeowners in their time of need. With a
deep understanding of the complexities surrounding short sales, I am dedicated to helping you navigate this
challenging situation and ensuring that you don't lose your home without exploring every available option.
Time is of the essence, so don't wait until it's too late. Reach out to me today, and together, we'll work
towards a solution that can safeguard your future. Your home is worth fighting for, and I'm here to guide you
every step of the way. Let's take action now to secure your financial peace of mind.
~~Click on each of the buttons below to reveal its definition:
A foreclosure is when a lender of another entity takes possesion of a home due to non-payment of a
mortgage,
HOA dues, property taxes, etc.
A short sale is when a lender takes less than what they are owed as payment in full in an effort to
avoid
the foreclosure process.
In a foreclosure, the bank has taken possession of the home. In a short sale, the homeowner still owns
the
home.
~~The Short Sale Process ~~
Here's an outline of the steps involved in selling a home through a short sale:
Initial Evaluation
📋 Meet with your short sale Realtor so they can assess your financial situation and discuss the short
sale option. If you have missed mortgage payments, please provide any correspondence you have received
from your lender to your Realtor. Your Realtor will review your mortgage, mortgage balance and financial
documents to understand your eligibility for a short sale.
Home Valuation
🏡📈 Determine the current market value of the home. Your Realtor’s Comparative Market Analysis will
help
set the right sale price, which is crucial for the short sale approval process.
Lender Communication
☎️🏦 Initiate contact with the lender to inform them of the homeowner's intention to sell the property
through a short sale. Obtain the necessary forms and documents required by the lender for short sale
application. Provide your Realtor a Third Party Authorization form so that your Realtor can
speak to your lender on your behalf.
Assemble Documentation
📄📑 Gather financial statements, tax returns, pay stubs, bank statements, and write a letter to
demonstrate financial hardship. You and your Realtor will need to sign a listing agreement which is one
of
the required documents. These documents are essential for the lender's review. Your Realtor will send
the
complete short sale package to your lender.
Listing and Marketing
📣🏠 Once you have been approved to the short sale program, the lender may provide the listing price to
your Realtor. This usually happens when the loan is either FHA or VA. List the property for sale on the
MLS and other relevant platforms.
Buyer Offers
📝🤝 Once offers start coming in, work with the homeowner to evaluate them. Choose the most suitable
offer
and submit it to the lender for approval. Your Realtor will need to explain to the Buyer the short sale
process and the timeline to closing. A short sale addendum will need to be provided by the buyer with
the
offer. Your Realtor will create a document of expectations to the Buyer for better communication.
Lender Approval
💼📜 Submit the short sale package to the lender, including the accepted offer and all required
documents.
The lender needs to see how much they will receive at closing in order to approve the short sale. Your
Realtor will be in touch with the lender regularly until you obtain the short sale approval. This
process
can take time, so patience is key. You and the buyer will get an update from your Realtor. It is
important
that you let your Realtor know if the lender contacts you for additional documentation or needs
clarification regarding your short sale application.
Closing Process
🏡📦 Once the lender approves the short sale, a short sale approval letter will be provided to your
Realtor with all the requirements to proceed with the closing process. Your Realtor will provide you
this
letter and entertain any questions you may have. Coordinate with all parties involved, including the
buyer, seller, and the buyer’s lender. The purchase contract will need to be updated with the new
effective date. Ensure all documents are in order and closing is on track.
Close the Sale
🖋️🔑 Complete the sale according to the agreed-upon terms. The escrow company will provide payment to
the
lender and complete the transfer of ownership to the buyer.
Post-Sale and Credit Recovery
🏡🤝 Your Realtor can offer guidance to transition out of the property. Let your Realtor know if you are
in need of assistance in finding alternative housing or addressing any remaining financial issues.
💳📈 Monitor and rebuild your credit score post-short sale. This will help you regain financial
stability
for the future.
Here are some testimonials from our Short Sale Clients:
Cindy: "Pearl saved me from foreclosure and a nightmare of bad credit. She handled everything with the
banks, and the stress just disappeared. Quick, honest, and always focused on doing what's right. Pearl is
amazing, and I'll recommend her to everyone I know."
Monica C., Bastrop, TX: "Pearl Jones was a true professional who guided us through a challenging short sale
process. Facing financial and medical issues, we thought foreclosure was inevitable. Pearl was our light at
the end of the tunnel, and our home sold without foreclosure. She's not just a realtor; she's a friend we'll
turn to again."
Joe and Vel: "Pearl Jones, a Short-Sale Specialist Realtor, worked diligently to help us qualify for
relocation assistance. She guided us every step of the way, making the process comfortable and smooth.
Pearl's
marketing skills ensured a quick sale. If you're looking for a top-notch Realtor, contact Pearl Jones."
Kimo (buyer's agent): "Working with you was a pleasure. You were extremely helpful in this case. Many short
sale cases fall apart, but not this one."
Robert C. (Real Estate Broker): "I've been a Real Estate Broker for nearly 20 years, and I've had my share
of
short sale experiences. But Pearl Jones exceeded all expectations. Her
knowledge, honesty, and diligence made the sale seamless. I highly recommend Pearl for any short sale; she's
terrific!"
Contact Form
About Us
With an impressive 15 plus years of experience in the dynamic world of Texas Real Estate, Pearl Jones
brings
a wealth of knowledge and a dedication to her clients that is second to none.
Pearl embarked on her real estate journey back in 2007 and quickly distinguished herself by earning her
first
designation as a Certified Default Resolution Specialist (CDRS).
What truly sets Pearl apart is her pioneering spirit. As one of the very first agents to attain a short sale
designation in southwest Austin, she immediately set her sights on helping clients who were facing the
daunting prospect of losing their homes through foreclosure.
Pearl's incredible patience is an asset that has proven invaluable, as the short sale process is often
nothing
short of a marathon. On average, it takes two months for conventional loans and 45 days for FHA
and VA loans to navigate the intricate path of a short sale. If there are multiple lienholders, IRS liens,
judgements, etc. the process may take longer.
Short sale transactions demand meticulous attention to detail, a penchant for paperwork, countless phone
calls, rigorous documentation, and a profound understanding of the intricacies that lienholders require to
approve a short sale. It's here that Pearl's unwavering diligence, boundless patience, and genuine empathy
shine through, making her a trusted partner for clients in their time of need.
Pearl's success in guiding clients through the complexities of short sales has not gone unnoticed. She has
emerged as a vital resource for agents across Austin, earning invitations to share her expertise and teach
the art of short sales to fellow agents and brokerages.
In addition to her impressive track record, Pearl has also earned a string of esteemed designations and
certifications, including e-Pro, ABR, MRP, CNE, and SSFR (Short Sale and Foreclosure Resource).
When you work with Pearl Jones, you're not just gaining a seasoned real estate broker; you're partnering
with
a compassionate advocate who goes the extra mile to safeguard your interests and guide you through the real
estate landscape with unwavering dedication. Trust Pearl to be your reliable partner in all your real estate
endeavors.
FAQs
1. What is a short sale?
A short sale is when a lender takes less than what they are owed as payment in full in an effort to
avoid the foreclosure process.
2. Why would I consider a short sale?
A short sale is an alternative to foreclosure. Loan Modification, Forebareance, Deed in Lieu of Foreclosure
are some options. The debt is still owed in a foreclosure. Once the lender has approved the homeowner to the
short sale program, this usually delays the foreclosure process.
3. What are the benefits of a short sale?
The advantages of short selling are avoiding foreclosure, preserving credit, and potential debt forgiveness.
4. What are the drawbacks or risks of a short sale?
A short sale is not guaranteed. Ultimately, the decision comes from the lender and the lender's investor.
The homeowner's credit score will be impacted but not as bad as a foreclosure. There is a possibility of a
deficiency judgment for the amount the lender is short. The process for a short sale approval can be lengthy.
5. How does the short sale process work?
An overview of the steps involved in a short sale transaction is outlined above.
6. What is a hardship letter, and why is it important?
The hardship letter demonstrates the financial hardship to the lender in order to obtain the short sale
approval.
7. How long does a short sale typically take?
The length of time is dependent on the lender and the lender's review process. It is important that the short
sale package is complete in order to expedite our approval to the program. Depending on the type of loan the
seller obtained, typically VA and FHA loans take 30-45 days while a conventional loan can take 45 days to 90
days, or as much as 6 months. Multiple lienholders, judgements, unpaid HOA fees will may take longer as the
Realtor will need to negotiate fees with each entity.
8. Can I sell my home for any price in a short sale?
The Realtor submits a comparable market analysis to the lender and the sale price must be approved by the
lender and market-based to some extent.
9. What qualifications do I need to meet for a short sale?
The homeowner needs to prove there has been a financial hardship and must prove they do not have the money
to pay the mortgage. In a short sale, the lender will also receive less than what the homeowner currently
owes.
10. Can I receive funds from the sale of my home?
No. Since the lender will be receiving less than what they are owed, one of the requirement of a short sale
is that the homeowner cannot receive any money from the sale.
11. Do I need to hire a real estate agent for a short sale?
Yes! The lender will need to prove that you have hired a Realtor. They will need a copy of the listing
agreement and proof that the property has been listed in the MLS.
12. How can a real estate agent help me in a short sale?
An experience short sale agent can negotiate with the lender to approve the short sale, and facilitate the
process.
13. What documents and paperwork are required for a short sale?
The homeowner will be required to complete a short sale application with a hardship letter, copy of last 3
months paystubs, 3 months bank statements, listing agreement, list of monthly expenses and list of income
(including proof of pension, child support, unemployment), third party authorization for your Realtor. Once an
offer is received, the lender will need a fully executed copy of the purchase contract and addendums, the
buyer's proof of funds or preapproval letter, a closing statement showing all fees to be paid at closing and
the lender's net amount.
14. What happens if my short sale is not approved?
My intention is to try my hardest to get your short sale approved. Although the approval is not guaranteed,
usually because the property is already in foreclosure, the hardship is not approved, or the investor of the
loan does not want to cooperate, or there are too many other lienholders involved and they will not approve
the short sale; the homeowner can discuss options with the lender if a loan modification, Forebareance or deed
in lieu is still available to them.
15. Can I still do a short sale if I have a second mortgage or lien on my property?
Yes, although multiple liens or mortgages can impact the short sale process and the length of approval, a
short sale application must also be submitted to them.
16. Will I owe taxes on the forgiven debt from a short sale?
You must contact your accountant of financial advisor as I am neither an accountant nor a financial
advisor. There is a resource provided above for you regarding this.
17. Will I pay the Realtor foreclosure?
As part of the approval process, the lender approves our fees. The fees are paid from the proceeds and the
lender receives the net after all approved closing costs.
18. How do I get started with a short sale?
Complete the Contact Us form so that we can schedule a Consulation and Assessment. If you do not hear from
me within 2 hours, please email me at pearljoneshomes@gmail.com.
How does this happen?
Certainly, there are various circumstances that can lead to a person losing their home through foreclosure.
Here are
several common reasons why someone may face foreclosure:
Financial Hardship: Job loss, reduced income, or unexpected medical expenses can make it challenging for
homeowners to meet their mortgage obligations.
Interest Rate Increases: Adjustable-rate mortgages (ARMs) can lead to higher monthly payments when interest
rates rise, making it difficult for homeowners to keep up.
Divorce or Separation: Relationship breakdowns often result in financial strain, with one or both parties
struggling to make mortgage payments.
Excessive Debt: High levels of unsecured debt, such as credit card bills, can make it difficult for homeowners
to prioritize mortgage payments.
Property Depreciation: A decrease in property value may leave homeowners owing more on their mortgage than their
home is worth, making it hard to sell or refinance.
Job Relocation: When a homeowner is required to move for work, they may have difficulty selling their home in a
timely manner, leading to missed mortgage payments.
Legal Issues: Legal troubles, such as a costly lawsuit or unexpected legal fees, can strain finances and lead to
foreclosure.
Property Damage or Loss: Natural disasters, fires, or other property damage can result in repair costs that
strain the homeowner's budget.
Adjustment Period for New Homeowners: First-time homeowners may struggle with the responsibilities of
homeownership and encounter financial challenges.
Unexpected Expenses: Major home repairs or renovations that were not budgeted for can disrupt a homeowner's
ability to pay the mortgage.
Loan Modification Denial: Some homeowners attempt loan modifications but are denied, leaving them with limited
options to avoid foreclosure.
Economic Downturn: Economic recessions or downturns can lead to widespread job loss and financial instability,
affecting homeowners' ability to make mortgage payments.
Do you feel your area is immune from Short Sales? These areas saw short sales 15 years ago.
All visitors who provide their information will not be sold and will be kept confidential. Short sale clients entering in a Broker/Client agreement are confidential.
Legal Disclosure
Homeowners facing foreclosure have a right to an Attorney. Pearl Jones of Home Stars of Texas Realty, is not an Attorney and does not provide legal advise. Pearl Jones of Home Stars of Texas Realty, is not a CPA nor a financial advisor and does not provide financial advise.
