Steps to a Short Sale Approval

• Call the Lender
  You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.
• Submit Letter of Authorization
  Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
• Property Address
• Loan Reference Number
• Your Name
• The Date
• Your Agent's Name & Contact Information
• Preliminary Net Sheet
  This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
• Hardship Letter
  The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
• Proof of Income and Assets
  It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
• Copies of Bank Statements
  If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
• Comparative Market Analysis
  Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:
• Active on the market
• Pending sales
• Solds from the past six months.
• Purchase Agreement & Listing Agreement
  When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.

Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.

Source: about.com

CHINO HILLS - The four main reasons that people migrate to Chino Hills are the beauty of Chino Hills, the safety in Chino Hills, the good school district in Chino Hills, and the fast value growth of Chino Hills. According to 2005 listing from CNN/Money and Money magazine for the top 100 places to live, Chino Hills was ranked 68th in America and took 7th place in North and South California.

Chino Hills: On the second week of August, there are 9 homes in pending and 2 back up listing, a total of 11 homes in transaction. The whole unsold inventory has increased a bit from last week. The sales rate for July is 20.2%. In looking at the trend, it seems like the market is coming up.
(update 08-18-2008)

CHINO - The City of Chino is centrally located in the western portion of the Inland Empire, in the lush valley below the San Gabriel Valley Mountains. Commercial and industrial growth has been a significant success in Chino, due in large part to the City’s development friendly philosophy. The community of Chino is still growing, there are still new homes being built in "The Preserve."

Chino: On the second week of August, there are 17 homes in pending and 2 back up listing, a total 19 homes in transaction. The whole unsold inventory has just decreased a little bit from the previous week. The sales rate for July is 19.4%. In looking at the trend, it seems like the market is coming up.
(update 08-18-2008)

EASTVALE (CORONA) - Located in the North Western corner of Riverside County; CA, Eastvale is a rapidly growing community with well over a dozen developers building new neighborhoods. It is a place where families can enjoy quiet residential streets, easy access to freeways and shopping, new public school facilities and high quality housing. Residents have quick access to several major roadways, including Interstate 15 and State Routes 71, 60 and 91. Eastvale has quickly become a neighborhood of choice. Ever since the year of 2007, a lot of properties in Eastvale (Corona) have become Bank Owned and Short Sale property. In the declining real estate market nowadays, many investors chose to purchase short sale and REO properties of Eastvale (Corona) for investment.

Corona (Eastvale): On the second week of August, there are 14 homes in pending and 5 back up listing, a total of 19 homes in transaction. The whole unsold stand about the same from the previous week. The sales rate for July is 40.1%. In looking at the trend, it seems like the market is coming up.
(update 08-18-2008)