The PNC Short Sale Experience
We have extensive experience dealing with the PNC
Short Sale Department. PNC is somewhat antiquated in dealing with the short sale process. Hopefully PNC
can catch up with modern day technology and streamline it's process.
date to closing, the PNC short sale process averages about 5 months. We keep everyone
engaged (seller, buyer’s agent, buyer) with weekly updates via email. Throughout the whole short sale process PNC
keeps the status with updates via e-mail, phone, and fax. Many of previous PNC short sale clients can attest, it is typically
a smooth and painless process to complete a short sale through PNC Bank. If you have any questions regarding
the PNC short sale process please call us- John and Mike (818) 424-8340 or emaill us at Info@johnSandMikeV.com.
PNC Short Sale Application
PNC Short Sale Process
We are Certified PNC Short Sale Agents |
PNC Bank Short Sale Agent with over 20 years of Real Estate Experience. We have already Helped Many
Good Down to Earth People Get Out of Their UnderWater Homes ...FREE and CLEAR. Certified, Licensed,
and Approved Short Sale Agents for PNC Short Sale Homes. We Work Hard For YOU and:
As a PNC Short Sale Agent we promise to do
our Best to Short Sale your House - Hassle Free. We would love the opportunity to earn your business. Results may vary. Previous results are not indicative
of your results. Not every Home owner will qualify for a PNC Short Sale or some of the benefits previously received by
Call (818) 424-8340
Behind on Payments...OK
Current on Payments...OK
Short Sale Agent Pros
PNC Short Sale
1) What is a Short Sale?
A short sale is the process by which a homeowner can sell a house for less money than actually owed
on the Loan(s) Balance.
2) How much does a PNC Short Sale Agent Cost ?
ALL our Services to you FREE.
The Lender pays our Commissions. We have Successfully Negotiated No Closing Closts
for All of our previous PNC Bank Short Sale clients and don't expect that to change with any of our future clients. All
of our Clients have Walked Away from their Short Sale FREE and CLEAR and
the majority walked away with Absolutely NO CASH out of Pocket!
3) How Do we Qualify* For Free PNC Short Sale Agent Assistance?
Hardship – There is a situation
causing you to have trouble pay your mortgage.
Shortfall – “You have more Monthly Expenses than Monthly Income.” A lender will want to see
that you cannot afford, or soon will not be able to afford your mortgage.
– The lender will want to see that you do not have significant liquid assets that would allow you to pay down
*Can We Qualify
for PNC Short Sale without a Financial Hardship? The answer is very often Yes.
More and more often, the short sale is approved. A hardship isn’t always necessary as the bank would often prefer to
do strategic short sale than take it back and sell it for less later. Please SEE our page on strategic short sale.
4) What are some examples of Homeowner Hardships in a PNC Short Sale?
A reduction in income through the loss of a job,
disability, illness, or just the straight reduction in hours that a causes the inability to continue to make payments.
– Separations and divorces are legitimate reasons a lender will consider a short sale.
in expenses – Reasons could include an increase in dependents, an illness, etc.
in debts – credit cards bills, medical bills, legal fees and other similar types of debt.
– Death of a family member who was a contributing factor in keeping the mortgage current. Also the corresponding loss
of income or medical bills associated with the death such as funeral expenses, etc.
job – The relocation should be due to a job change.
Military service – There are some lenders that will accept being called into
military service as an acceptable hardship.
Is there a possibility you could still do
a bank of america short sale without an actual hardship? Yes it is possible. This is what
is known as a Strategic Short Sale. A strategic short sale occurs when there is no hardship and the owner could continue to pay their mortgage. They consider
just “walking away” but do not want to suffer the consequences of a Strategic Default (foreclosure). If it makes financial sense to the lender they may still consider a short sale where there is no hardship.
In this case PNC Bank may ask you for a cash contribution. SEE our page on Strategic Short Sale
5) Can I Short Sale My PNC
Home's Market Value Has Dropped. Comparable sales must substantiate that the home is worth less than the unpaid balance
due the lender.
6) What is the Affect of a Foreclosure on my Credit Score?
A Foreclosure on your credit report
can take 7-10 yearsto remove and can cost your credit rating
(FICO) up to 200-280 points which is a very big hit.
7) What is the Affect of a Short Sale on my Credit Score?
The credit consequences of a short sale vary slightly. Clients
have informed us that a short sale will show up on your credit report as a 'settlement', 'settlement for
less than owed' or a "pre-foreclosure in redemption". A
short sale credit score can drop by 50-100 points.
There is no way to predict exactly how a PNC
short sale is going to affect your credit for it. We've
had some clients who have mentioned that they’ve been able to rebuild their post short
sale credit score in as little as 12 months. Other people who have not maitained
their credit with other items, well, it’s probably going to take a little bit longer in order to rebuild their credit.
8) What are The Tax Implications
of a Short Sale?
The Mortgage Debt Relief Act of 2007 generally
allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced
through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar
years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married
filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other
reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see
IRS news release IR-2008-17. Ask your accountant to utilize Form 982 with your Return.
* You should speak to your accountant to determine the amount of short sale tax
consequences, if any.
What if I am Current on my Payments can I still Short Sale my house?
YES. Many of our clients have had their PNC
Short Sale Home listed while they were current on their payments. They were one step ahead of the pack.
of My Home is very close to happening. Is There enough Time to Short Sale my Home?
YES. The foreclosing party—in most cases a lender—can
stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone
call from your short sale agent explaining that you are trying to sell, and almost all lenders will stall a foreclosure
with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available
until the foreclosure process is complete.
11) What is the typical PNC Short Sale Process?
Seller signs a listing agreement
with a PNC Short Sale Agent.
A Buyer submits an offer to your Short Sale Agent.
Seller accepts the buyer's purchase offer.
Bank of America accepts the buyer's purchase offer.
Transaction closes, then PNC Bank releases the lien.
12) Does Everybody have to know that we are Listing our
Home as a Short Sale?
NO. As professional short sale agents, we do our best to respect your confidentiality
and privacy. Our Sign will be displayed in the same exact way our Standard Sale signs are. Our Marketing to the general public
Will Not indicate anywhere that your home is a PNC Bank Short Sale. However, the one place short
sale agents are obligated to designate your home as a Short Sale is our MLS.
Only other Real Estate Agents should have access to this information. It is understandable
to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent
estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to
be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.
With recent estimates showing 40-60% of U.S. sales will be short
sales or foreclosures, you are not alone.
13) Short Sales are Impossible to do and take forever, is that true?
Are they impossible? Absolutely Not. We have a Very High Success
rate in receiving PNC Short Sale Approvals. As a matter of fact our success rate is 98+%. Do Short
Sales take longer than Standard Sales? Probably. But depending on how many loans are on the property we expect anywhere from
60-120 days Maximum.
Market is really slow. Are Buyers interested in Short Sale Properties?
Don't Worry! In fact, we and other short sale agents are getting calls from buyers who say
they only want to look at foreclosure and short sales. We expect multiple offers on your home within 10 days.
For buyers, short sales and foreclosures have become synonymous with “good
deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who
is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.
15) Short Sale
My Home or do a Loan Modification?
It Depends. The Facts show that only 10% of Loan Modifications get Approved by their
Lenders and of the 10% approved, Homeowners were not happy with the small amount of change in their payments. But if your
lender lowers your payment significantly, you are happy with your home, future maintenance & repair costs are affordable,
and you feel that the home will appreciate back to it's loan balance then a loan modification is a good option for you.
However, The great majority of homeowners are now opting
to Short Sale their home for the following reasons:
They are not with happy with the depreciation and drop
in value of their home
potential repair and maintenance costs may put them right back into Default. (50% of Loan Modifications Default
within 1 year)
and expenses will still be a struggle after the slightly reduced payments
They Just want to move forward with their lives and start life
They wish to put their money
towards a worthwhile investment, not a bad asset.
16) Should I Short Sale
My Home or file Bankruptcy?
Depends. This is usually called The Option of Last Resort. As far as your Home is concerned a Bankruptcy
usually just delays the inevitable. But it may be a good option depending on your financial condition and willingness to damage
your credit for up to 7 years. A Bankruptcy typically also costs thousands of dollars to initiate.
Chapter 13 bankruptcy lets you pay off the late or
unpaid payments over the length of a repayment plan you propose--3-5 years in some cases. But you'll need enough income to
at least meet your current mortgage payment at the same time you're paying off the late or unpaid payments.
Chapter 7 bankruptcy will stall the foreclosure sale and give you two or three more months
to work things out with your lender. Chapter 7 bankruptcy gets rid of your personal liability under the promissory note, but
it doesn't remove the lien. Chapter 7 gets rid of debt but not liens--you'll still probably have to give up the house under
the lien since that's what provided collateral for the loan.
A study done by the American Bar Association
indicated that 96 percent of the people who filed for bankruptcy protection ended up in foreclosure anyway. Many
people feel that bankruptcy will stop foreclosure and save their home. However, because it entails that you continue to pay
your mortgage (Chapter 7) or that you consolidate all of your debt while still paying your mortgage (Chapter 13) it is usually
not a long term solution.
With a Short
Sale their are NO Costs to initiate and typically do Not have any Cash out of
pocket costs. A Short Sale damages your credit score less and takes a lot shorter time to rebuild your credit
from 1 - 2 years. But a Short Sale will not relieve other financial debts.
17) Should I Short Sale My Home or Let it go to Foreclosure?
Foreclosure is The Absolute Worst Option a Homeowner can choose. A Foreclosure can Damage your Credit for up to 10 years, and can lower
your Credit Score up to 250 points. Your are continuously hassled by phone calls, letters, and door knockers with Notices
of Default and Notices of Sale. Eventually there is a day of Reckoning. The Sheriffs show up
to your door and you and your family are Evicted from your own home in plain sight of the entire neighborhood.
A Short Sale typically Costs you Nothing, you get to stay in your home during
the short sale process, and sometimes PNC Bank will offer Cash Move-Out Assistance
for your cooperation. You Sell your home with your acceptance, under your terms. The Home is Marketed by us like
a Standard Sale and you get to leave your home and Neighborhood with Dignity.
18) How Do I Short
Sale My PNC Loan?
us for a FREE Consultation. Call PNC Short Sale Agents John & Mike (818) 424-8340 or fill out contact
the form provided on this page. The Consultation is Free, All our Services are Free (The Lender Pays us), we do all the
negotiations for you with only you best interests in mind, and you can rest assured that you have Certified Short Sale
Agents working for you that will deliver a smooth, hassle free process.
How do I Start the PNC Short Sale Process?
Contact us for a FREE
Consultation. Call PNC Short Sale Agents John & Mike at (818) 424-8340 or fill out contact form provided on
this page. The Consultation is Free, All our Services are Free (The Lender Pays us), we do all the negotiations for you with
only you best interests in mind, and you can rest assured that you have Short Sale Experts working for you that will deliver
a smooth, hassle free process.
The information presented in this website is for informational purposes only and
should not be construed to be formal advice. Please consult a tax accountant and attorney before making any decisions regarding
your house, for legal advice, financial advice, or it's tax implications. This site is neither
endorsed, nor sponsored by, nor affiliated with the PNC Bank Corporation.
Why is Short Sale with PNC The Preferred Option of Homeowners?
It STOPS The Foreclosure Process. Opportunity to Sell your home at NO COST
to you, and even get move-out Cash assistance in most cases. Banks do not want to
foreclose on your property because the
foreclosure process is incredibly costly. PNC Short Sale Executives have publicly stated that if a person is qualified for
a short sale, and utilizes the services of a certified PNC short sale agent, the process needs to be considered. Overwhelmingly,
banks receive more on their investment through a short sale than a foreclosure.
A Short Sale is a sale
of real estate in which the proceeds from the sale of a house falls short of the balance owed on the property's loan. The
lender decides that selling the property at a 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 reports for the borrowers. This agreement most often releases
the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
John Scillitani and Mike Villella
are CA Licensed, Listing Agents, Certified Bank of America Short Sale Agents, Certified
REO Agents, and Buyers Agents. They are Company Wide Top Producers, Five star rated in client satisfaction and
combine for over 20 years experience and Backed by the substantial resources and support of Keller Williams .
and Mike Villella
Bank of America Short Sale Agents | Keller Williams, World Media Center
Mike Villella, CDPE,
SFR, Realtor, worked as a general contractor working on various projects throughout the city, purchasing, rehabilitating,
and re-selling homes after the Northridge earthquake. That catapulted Mike into Real Estate sales. As a Realtor, Mike continued
to grow due to the fact that he was going to foreclosures sales and working with numerous investors. His vast knowledge of
the Los Angeles basin from the Pacific Ocean to Orange County is considerable and quickly turned him into a successful veteran
of the industry! Mike is Originally from Cleveland, Ohio.
SFR, Broker Associate, is a Graduate of Rutgers University with Dual Bachelors Degrees in Industrial Engineering
and Economics. Licensed since 2002, His experience ranges from Being an Automotive General Manager to the Real Estate Business
with both The Luxury Market and First Time Buyers. He has extensive Knowledge as a short sale agent and with Bankowned Homes.
John was born in Brooklyn, NY and raised on Long Island, NY.
1) Listing Agent, CA Licensed Realtors
2) Short Sales Agents, Certified by CA Association of Realtors
Buyers Agent, CA Licensed Realtors
4) First Time Buyers, CA Licensed Realtors
5) REO - Bank Owned Homes
Certifications & Awards:
1) Certified Short
Sale Agents, CA Association of Realtors
Wide Top Producers 2009, 2010
3) Five Star Agents for Client Satisfaction
4) Licensed California Real Estate Broker
5) Certified Distressed Property Experts
6) Trulia "Pros"
7) Zillow.com All-Stars
Short Sale Experience. Short Sale Certified, Approved, and Licensed. Recognized as one of the
top Short Sale and Foreclosure Prevention Teams in the nation, John & Mike have been asked to speak at many
short sale symposiums and short sale forums! We have successfully listed and Short Sold properties as Bank of America
Short Sale Agents, Chase Short Sale Agent, CitiBank, GMAC Agent, NationStar Short Sale Agent, PNC Short Sale,
Wachovia, and Wells Fargo Short Sale Agents. We will Negotiate with
the bank on your behalf and have been very successful in protecting our Sellers interests including:
Future Home Buying Credit
Protecting Retirement Accounts
Eliminating Tax Liabilities
Eliminating Deficiency Judgements.
this at NO COST to you! Fill out form and Find out More!
A few more reasons to use John
1) PNC Short Sale Agents
John and Mike, can help you negotiate. There are myriad negotiating factors, including but not limited to price,
financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase
agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before
you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended
2) John and Mike- A PNC Short
Sale Realtor can provide due diligence during the evaluation of the property. Depending on the area and property,
this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests,
just to name a few. Short Sale Realtors can assist you in finding qualified responsible professionals to do most of these
investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property.
Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to
most properties will have some limitations; for example, easements (access rights) for utilities. John and Mike, Short Sale
Agent's title company or attorney can help you resolve issues that might cause problems at a later date.
3) A PNC Short Sale Agent can help you in understanding different
financing options and in identifying qualified lenders. Short Sale Realtors can guide you through the closing process and
make sure everything flows together smoothly.
When selling your home, John and Mike, a PNC Short Sale Agent can give you up-to-date information on what is happening
in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting
your property sold quickly and with minimum hassle.
5) John and Mike, PNC Short Sale Agents, act
as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing
Service or other cooperative marketing networks, open houses for agents, etc. The Realtor Code of Ethics requires PNC
Short Sale Agents / Realtors to utilize these cooperative relationships when they benefit their clients.
6) John and Mike, PNC Short Sale Realtors know
when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL
ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous
clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Realtor, you
do not have to allow strangers into your home. John and Mike, your Short Sale Agent / Realtor, will prescreen and accompany
qualified prospects through your property.
John and Mike- A PNC Short Sale Realtor can help you objectively evaluate every buyer's proposal without compromising
your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing
-- a lot of possible pitfalls. Your Short Sale Agent can help you write a legally binding, win-win agreement that will be
more likely to make it through the process.
John and Mike, your PNC Short Sale Agents can help close the sale of your home. Between the initial sales agreement
and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud
in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Short Sale Realtor is the
best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
Please Call us for a NO CHARGE, Confidential
Consultation, and if you Qualify for a Short Sale, Selling Expenses, Move Out Expense, and our Services in
most cases, will be paid for by the Bank! Please Do Not Pay for any Services that may be
available to you at NO CHARGE!
Why will a Short Sale Work?
not want to foreclose on your property because the foreclosure process
is incredibly costly. Bank of America, CountryWide, Wells Fargo, Wachovia, Washington Mutual, and even the
federal government have all publicly stated that if a person is qualified for a short sale, the process needs to be considered.
Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
Short Sale Agents with The CDPE,
Certified Distressed Property Expert Designation have trained extensively to understand the solutions,
and effective methods for dealing with homeowners facing the hardship of foreclosure. Don't risk your financial future and
the potential sale of your home with a short sale agent who does not have the training, experience, or tools to best help
your needs, Contact Us with Form Above or Call 818-424-8340 for prompt and caring assistance.
Short Sale Agent and Foreclosures — The New “Traditional” Transaction For many PNC short sale
agent professionals, short sales and foreclosures are the new “traditional” real estate transaction. Knowing how
to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities
are not merely good skills to have in today’s market—they are critical functions of a short sale agent. And while
short sales and foreclosures are not for the faint of heart, short sale agents with the proper tools and training can use
these specialty areas to build their business for the long term.
Don’t Go It Alone — Choose an SFR Trained Professional
Designed for short sale agents, the National Association of REALTORS® (NAR) Short Sale Agent and
Foreclosure Resource certification, or SFR for short, is a Comprehensive approach. NAR’s
SFR certification is the only one of its kind that focuses on both the buyer and seller sides of distressed property
conclusion, Short Sale Agents with the CDPE and SFR Designations have been trained
in all aspects of the distressed property / short sale process, and know how to deal with the parties involved in foreclosures.
Finding a CDPE can explain what options you have, and get you on the path to recovery.
Call our Team Leads John Scillitani, Broker Associate, CDPE,
SFR, PNC Short Sale Agent and Mike Villella, Realtor Associate, CDPE, SFR, PNC Short
Sale Sale Agent Direct at 818-424-8340 for Free Advice.
Certified Distressed Property Experts fully
understand that selling your house, can save your family life, and save your future buying ability.
We are Certified PNC Short Sale Agents in the San Fernando Valley. And also PNC Bank Short
Sale Agent servicing Los Angeles County and The San Gabriel Valley. Licensed California Short Sale Agents.