Documente Academic
Documente Profesional
Documente Cultură
The Basics:
Upside Down
A tenn used to describe borrowers who owe more on
their loan than their property is currently worth.
If the seller
An insolvent
cannot reinstate
property owner
the loan and has
receives notice
not sold the
from their lender
property to repay
that they are in
the debt, the
default of their
lender will initiate
loan and havce a
certain number of ; the 1~<>aI
I
foreclosure
days (typicaly 30
to 45) to cure the
process and set a
date to sell the
default. If the
property at public
property owner
must sell and can
auction. The
demonstrate a
property and title
will. pass to d,e
hardship, the
highest bidder.
lender may agree
to (short) sell the
property to a
qualified buyer
for a discounted
loan payoff
i
i
Foreclosed
property not sold
at auction
becomes real
estate owned
(REO) by the
lender. Because
this property is a
liability (versus an
asset) to the
lender, they are
ea"er to sell the
property and dear
it from their
balance sheets.
They will often
hire REO sales
agents to list an.d
sell the properties
for them.
"
amOlillt.
Note: Foreclosure procedures vary from state to state and ate governed
by state laws and statutes. Take time to get educated about the process
in your state.
Legal foreclosure is a costly and risky process that both sellers and
lenders typicaly wish to avoid. For this reason, it makes good economic
sense to pursue other options when it is cleat that full repayment of the
debt is an impossibility. So, as one strategy to mitigate their losses, banks
will often accept a short sale settlement for less than what is still owed
on the note.
Under water
A term used to describe an asset (such as real
estate) that is currently worth less than the
outstanding balance on the loan it originally secured.
like no other time in real estate history, mortgage lenders are willing to
consider short sales as an alternative to foreclosure and a way to mitigate
their mounting losses. Banks are becoming increasingly convinced that
their tactics of yesteryear will not work in today's troubled times.
Mortgagors once used the mere threat of foreclosure to motivate
homeowners to comply with the terms of their loans. A simple letter
hinting at foreclosure was all that was needed to send most homeowners
scrambling for cash. In panic mode, they would beg, borrow, or even
steal to keep their homes and protect their credit.
No more.
~'"
':"'';Y
"c.
Sh()hSal~~
<' .: ,,",,"::::,,'i
. J1.r~~
Win.;Win!
Lenders are willing to settle with a short sale because the alternatives for
them are to
In addition, because the short sale helps stop foreclosures before they
happen, this solution ultimately helps the economy and the real estate
market. Studies suggest that just one foreclosure in a neighborhood can
Notes
Lender approves or
denys
29
Overview of
the Short Sale Process
The gJ'eat thing I have discovered about short sales is that they are
basically all the same in their structure. They progJ'ess in a linear fashion.
They are predictable. This also means that they can be monotonous. For
this very reason, many agents working short sales quickly become bored
with them. But, to me and to many others, the fact that short sales are
structured and routine is a supreme blessing.
When it comes to work, I am highly project- and task-oriented. I like to
begin a project, work it, finish it, and check it off. That's the way I
approach real estate, and that's what attracts me so much to short sales.
Because you will be following the same steps over and over, you can, in
time, absolutely master the art of short selling-and create your own
success.
30
Notice that Steps 1 tlttough 5 are perfo=ed by the short sale agent.
Then, as the seller's lender is completing Steps 6 tlttough 9 with the
short sale file, the agent is running parallel with their own set of tasks.
Then, both sides close the file and get paid in Step 10.
1.
2.
3.
Bank acknowledges receipt of the file. This can take 10 days to a month
The file is sent for review or to the PSA. This can take 2 weeks to 30 days.
The bank may then request that all parties sign an Arm's-Length Affidavit.
22
23
As you already know, short sales typically run on a longer timeline than
other real estate sales transactions. Sometimes, it feels like the plan is to
"hurry up and wait." The short sale process can take from as little as
three weeks to several months. I have had some take a year! Patience is a
virtue and a requirement for the successful short sale agent.
As you will learn, short sales require the ability to stick to it. Many agents
give up on short sales because they don't have the perseverance or the
patience. What they lack is a system to help them manage the details and
streamline the processing activities. Once these are in place, short sales
are more than worth the effort!
~-------(l--------~
Do you possess these critical skills?
The good news is that you don't have to take on all
short sales tasks by yourself. There are a number of
ways to run a short sale business.
34
Welcome to Day 2
Welcome to Day 2 of 1 Days to Success with Short Sales! In this chapter, we
begin the process.
35
Notes
36
37
r-----~---.,
"we eioV\,'t nClve to Lwei geV\,evClte LLR,e we oV\,c,e eiLei.
o(,(v -pnoV\,es Clve C,OV\,stClV\,tLU vLV\,gLV\,g V\,QW.
MClV\,U of tnose c,ClLLs Clve fVOViA ClgeV\,ts wno Me
vefevvLV\,g (,(s tneLv snort sClLes bec,Cl(,(se tneu eioV\,'t
nClve tne R,v\'owLeeige 01" eiesLve to wods tne
tVClV\,sClc,HoV\,s. IViAClgLV\,e getHV\,g 5 snort sClLe
vefevvClLs fVOViA 20 eiLffeveV\,t ClgeV\,ts wc,n uwv.
ThClt's iOO snort sClLes cl Uwv!"
38
Notes
39
1.
2.
3.
4.
Typically, if your seller meets all four criteria, the short sale proposal will
be straightforwatd, and you should experience a greater than 90%
success rate for getting these short sales approved, provided that your
short sale proposal package is prepated and presented correctly.
When interviewing a prospective short seller, it is best to use an
interview questionnaire-such as the one offered by 7 Day Systems-to
sequence your questions and gather the most relevant information.
Before we discuss how to use this pre-qualification questionnaire,
however, let's review the four qualification criteria in greater detail so
that you will understand what you are listening for in the interview.
40
1. Loss of Income
..
Loss of job
..
II
Wages cut
..
1. Increased Expenses
III
III
III
Family emergency
III
l1li
..
3. Medical Problems
II
Medical bills
..
..
..
41
5. Divorce/Absolved Relationship
Forced move/sale
Loss of income
Increased expenses
6. Job Transfer
Forced move/sale
42
Negative Equity
A term used to describe the situation in which the
outstanding balance of a loan is greater than the
current value of the asset originally
used to secure the loan,
For example, if you owe $15,000 on your car loan, but
your car is currently worth only $10,000, you have
$5,000 of negative equity,
Properties with negative equity are said to be
"under water," Borrowers with negative equity are
said to be "upside down,"
2.
3.
4.
5.
6.
7.
43
home is worth, they are still short-for example, if they owe $250,000
and their home is currently worth $250,000, they are still technically
upside down because closing costs will cause them to fall short.
If you detertnine that the homeowner is not actually upside down on
their mortgage, you don't have a short sale client, but you still have a
new listing and now you know how to proceed!
44
45
46
47
Hardship Letter
listing Agreement
Letter of Authorization
Financial Statement
48
ill
49
Dealing with FHA short sales, for me, is particularly rewarding because
they follow some very specific and documented criteria-whereas
conventional loans are not as standardized. For this reason, FHA short
sales are much easier for me to pre-qualify.
2.
3.
50
4.
5.
6.
Application to Participate
Pre-foreclosure Sale Procedure
~,
51
u. S. Department of HDII5ing
an.d Urban Development
(.,.".O7'l:l1~009)
Office of HOWling
Public r.pCIrling burdo~ for Ill;> colloctlon oIl"lo~ Is _llIIId \CI """rogt':;O "I"utlli po< ""'pon.., inOWdlo; tho limo I",. ' .... ~II1III"oItucIIo" .. ~ ... "'"Ing
~:'=~llr:~~
:~=~::I;':
~I
-,
~I
Approval to Participate
Pre-foreclosure Sale Procedure
Property Sales Information
Property OCl:Ilpancy & Maintenance
U. S. Department of Housing
and Urban Development
OMBAJ>PfIW'IlNo.2S0:2..1)464
(""1'~7.'31120(t9)
Offic:eofHousing
l'ublit ... pomnt burdon fur Ihl~ conttion ofinftmnooon;' cstimoo:d 1<1 .\'Crogo 9 minu1C$ p",. rooponoo. ",eluding the IOn<: for
"",'ewing i,,_.!ian., """"'hleg ~~l'''''g dam ""om"" S'lth""ns ond mnlntai"",s the d:tt.a~ ond oompleting ond n:vi.win;; tho cotl""'lon of
inform.ti"", Thi. ",ronnotion 1~t1::qnired "'obuill benefllS. HUD may 110(00110<:1 this Infoanation, ""d you an> not,.,,<;IlitOO to compleJO this
f<>nll. unl= it di,;ploy. a oum::n~ ""tid OMS 0<llUrQl1!\llJl\><:r.
Section. 2()4 of\he Nu1ioo.al li....rng Act!i.llthori:-:<.~", S=Iory 10 p"y OIl I""""",co doim !hot hridg<o<!b. gop botweon the folt market
proeotlk from lb. ffUD-aJlpf<Wod lhird l"'Itf;ol. ofa p"'porty. n", ""'P<>Od",,!'. maybe [""d... (fl1<)J"\(:'Igo!O")' """1<>10'" umI
I)OIl\O<lI\.U',.. wlto Ole otternpt",<: 10..,lllhoit propolll.. priort" fcreel",=- nePrivn<:y ACt of 1974 "lodge!; ... =oes of >nii.denOOlity to"'<p"ndoOl>. HUD S,,,,,,,,,lly disci","", tlli. dlila"nly;" 1<:>1"''''"' to aFm>lem oflnfonnation. roqui1:'t.
''lIl''''
-,
Homoownor. Nom.:
lOa\<;:
F'11o'O:i"',lud roo.OO<Iol
(dayt<mol
[k.oo"""""ijO'''"Pl'Mm
DYasONo
~,
Homeol"Rer(5):
Ple:as~ R~lld
TbisInfontlQtlQn CQrdnDy.
Appro''al to P~rtId\HIte
other COSts nonmtUy paid by the buyer. you must pay for these
Y<lut ;p!<=nl'iI w participule in the HUD Pro--fon:~IOS\1n) Il);Pemle:s.. You must also pay promli:d real estate laxes and
Sale prooedure bas b= npproved. By sij;rlingthls furm and
assessments lit closi~!l. Yonr mo~ c:J.1l cx:plain wbich saI<:s
remming to die above referenced mortgage\: wil1tin 7 da)'li. y<l~
COsts mQy be deducted from HUD's silo proceeds.
agreeing to olbide by the foJlowing COnditi<lDS of lheprogrnm.
Relocation Services
Property Sal~. Jnformation
A ",location ~ a.lIiliatc:d with your employer rnay
"The property mw.11x: lis1ed f<lts:!le with n llcen.'ed
contribute a flXcd sum towards the proceeds of the PFS, without
R""IIPI unrelated to you within 7 dny~ ofyoUl' receipt "fthis
altering dlcann's length naturcofthcsnlc. This contribution
letI~r for a list price ~l ,>r n= $ _ _ _ which i~ the 'AS IS~
simply reduc.m the shortfuU be!W= th~ proceeds and W
vulue indicated on th~ upproisaJ <lfY<lnr proper!)'. The listi.og
amount ow~'Ii On the motlgngc nolC. As with any other PFS,
BgrecIllCIlt must include the foU""ing "Pedfic ""n<::cllation
such a =attion must result in. the outright sale of die property
clullS(: in the event die terms of n ""l~ arc ooucccptlblc to
Qod c:mcellution of the FHA mortg:Igc ins=e.
HUO: ~Sel1er mny cancel this ngremnmt prior to the ending daw
Occupancy and Property MIIlnterumc:e
ofth<: listing JlI'riod without udvan~ no~ce to the broker, and
You are responsible for property rnaullenanre and
\\'ithout payment ofa commission or any other coosidcrJtion If
repair umil olosing. This indudes but is nOllimili:d to cutting
th~ propcrt)' is conveyed to the martgage insuJcr or the mortgage
the gross, IlIlOW removal. n:gular interior and exterior cle:rning,
holder." The sale completion is subjectto upprovtll (under HUD
imm<'<llate repair ofbmken doors;md windows. and p:lying
guidelines) by the mtll"tg:tgec.
utility bills as tb~ become dU1:. If the property is \'aCantor
'(<lut d=itin~ to (lbtain a signed Contr:lct ofSlllc from
bocomes vacnm: during markctiJlg, you mWll inform your
a qu:tlifi~d beyctV;
If you !)ave not been oble
mortga.gct: immediately and ensW"t: that the property is protIletcd
!(l obtain an :lCcept;lhle con!t;lct by that date, yoormortg:lgee
from fte=ze d:imDge by "winteri:ciog' plumbing pipes. You may
must recommence foreclO;<llI"<: or accept a deed.ill.lieu of
nmmge with yoor :Sal~ agellt!(l provide property ll1.Iliolen;mo:
foreclosure.
but you will continue !(l oe responsible forthe cottdition oftbe
Acceptable Term. ofSal~
b(}mc until it is sold. Onmage;md repai:r <:lqlenses resulting
Program crileria require that "!leI" amount payable to
from fire. flood Or other natnml ~a= must be reported
HUD as a result of this sile. after nllow:tble expcn:<cs "ill be ~
imm<'<liatoly to tbe insurance company and to your mortgagee.
1= $
,(ou must ""hmit yoor proposed
Borrower's lDcentive Compl!llSlItIoo
Ccmtrm:\ ofSal~ far approval to the MortS:tSce Cont:lct nmtl~d
If you mlcces.rul1y cl05e a sole of your home under this
above. The sile = t be an """n!m's length~ trnIlsaetion; th~ buyet
procedure. )'{)U Wlll be pnid compensation ofS750 a! dosing.
cannot be a member ofyour family, business associale, or oth<=l"
Y<IIlt C<lmp~(}n Wl11 increase to $1.000 iftbe,.,1e of yow:
favO!"Cd P"rty. No hldd<!rll.ctJ1u or special OJIdCl"Stllndings cnn c:cist propt:T!y closes on orbcforc
Yoo may clcc( to
bt,tween )'lu, die ooycr. upprai"~r. ~t"" Qgent or~ee. If
receive casll or apply rome or all of the campem!a~OIl to sales
yoo ncgoti:lle with a blIY<=l"!o P"Y for dii<COWlt points, a home
coom: nOl paid by HUO, for =pJe, discount points. or hmrn:
warranty, rep:tin< notl"llqUircd for a new mortgage, tnlnSfcr tllws or wnrruntj plans. Y(Ill m:.y also ur.e it to pay offjunior liens.
~=,;:,~1;!~
",ti,",,,,,,,,,,hmny",,"clu
.. tl>, rno.dcio~ .f)'Otlrr~
mnko "''''''''If 1")'monUl
~ there a'. any se<:ond II
w""I~lll<ol<>ooJlunc!o'tl>
(U""odditionlll.M'*' I
By~un..ppli~,""
~=,:i'~~f.~~
~'_I.alll,p
...r"'l.
Homoow""(.SI~",.t
Qu..tlo"" <:oo.....uru: .oilY "rtbb Informutloa, oryour respn"';;bWtleo la th~ ('r..reredos= Salel'""""dure. mm'! b. direeted til
th. eonll&ct p.,wn nI VOIn" mortg.g<. om"" nI lb. abo td.JIh<Io< ."""bet.
r"""Ht1p.<JU(I.1S(lMr.IOO3)
",C Htm.lbook4);lO.!
52
..
~,
~,
~,
=A.'lTsuJ\Jn\lJI.l'rgllll'ot~
n.:n.m~"':UIO=~
CBWM:'lStUIl'll'Jr.
~I
~,
-,
~,
~,
TO:
ATTENTION:
SUBJECT:
Hlgh foreclosure rates continue to have devastating effects on families and neighborhoods.
The Federal. Housing Administration (FHA) remains committed to taking actions to help families
avoid foreclosure. Since being introduced as anationalprogram in 19941> the PFS Program has
helped thousands ofmortgagots in default to avoid foreclosure and transition to more affordable
housing. The PFS Program can help many families who today are: facm,g foreclosure. The PFS loss
mitigation option allows a mortgagor in default to sel! bis or her home and use the sale proceeds in
satisfaction of the mortgage debt when the proceeds are less than the amount owed
'This Mortgagee Letter (MI.) serves to remind mortgagees of the relieftbal: tbe PFS Program ~an
bring to borrowers with FHA-insured mortgages. To fucilitate greater use oftbis program, FHA has
cocsolidated in this ML the requirements of the PFS Program that have been issued over the yellfS,
andhas updated and clarified those requirements where needed, to better address the problems aced
by mortgagors today and provide greater .flexibility in ~ocsiderio.g a mortgagor's candidacy for
participation in tltis program.
lJinimum List Price Requirements - Properties offetedfor sale under the PFS program are to
be listed for sale atno less than the ~as-is" appraised value as determined by a ~urrent FHA
appraisal. obtaioed and reviewed by the mortgagee.
Negative Equity The ratio of 6~/& for the fair market .. ruue (FJl.fV) to the outstanding
mortgage ba.1an~e (mc1udmg unpaid principal and accrued interest) has been. updated to
address events in the current housing market, and replaced with tiered net sales pro~eeds.
Page 1 of18
53
54
All of this is great news for you the short sale agent! If you learn the ins
and outs of the Mortgagee Letter, you will know exactly how to get your
FHA short sales approved! You'll know exactly what the lenders will
expect from short sale candidates. So, pre-qualification will be a snap.
The Mortgagee Letter explains HUD's position on financial analysis,
property value, property condition, contracts, sales period, inspections,
closings, and more. Once you learn the directives of the HUD
Mortgagee Letter, you'll find that you will be the one educating loss
mitigators! You'll know the rules of their business better than they do.
Information is power!
I'm seeing more educated loss mitigators these days, but I can remember
that, on a regul.ar basis, I used to have this sort of conversation with loss
mitigators about denied files:
55
~,
I've had agents ask me, "Honesdy, Knolly, are you trying to say I don't
have to view tbe property and meet tbe client in person before I work
witb tbem?" Yes, tbat is exacdy what I am saying! Let's look at tbe time
otber short sale agents might spend on tbeir short sale presentations and
compare it to tbe time required witb my system:
Talking to tbe client on tbe phone (initial discussion)
30 minutes
1 hour
2 hours
56
57
~,
~,
58
59
and techniques to get my clients' home sold for the most money in the
least amount of time ... "
Short sellers, on the contrary, are In the middle of a crisis. Due to
hardships and financial challenges, they are being forced to sell their
homes. Regardless of whether they qualify for a short sale, these
homeowners are still distressed and facing challenges that they cannot
handle on their own. For those sellers who have only negative equity in
their homes (i.e., they are upside down), they cannot sell for a profit or
even a breakeven. They are desperate to get out of their situation, and
they need help. Typically, these sellers have sought you out for your
short sale expertise, and you may not have any competition for the
listing. As these sellers see it, you are their only hope for turning the
situation around.
Sellers who are distressed and/or upside down are typically facing a
myriad of financial problems. It is important to have a thorough understanding of exacdy what the homeowners are facing, so that you will be
well-informed and prepared to interact with them throughout the short
sale process.
Some sellers simply need to sell because they have been transferred to a
job in another location. Others are facing a death in the family, medical
problems, or divorce. Some of these individuals are just a heartbeat away
from foreclosure or even bankruptcy, and they're scared of what the
future might hold.
88
Welcome to Day 3
Welcome to "Day 3: Gathering Infonnation for the Short Sale Package."
In the previous chapter, you learned how to conduct the critical prequalification interview to gather a preliminary set of details about the
homeowner's situation. In this Day 3 of learning, we will focus on the
next step in the process-how to collect the key documents that will
help you to verify this information and to move forward with the
homeowner.
YO" a",
he",!
89
It is dw:ing this phase of the process that yow: "prospect" officially becomes yow: "client" with a signed listing agreement. And, furthermore,
if their situation qualifies, they will become yow: "short sale client."
As we mentioned earlier, new short sale agents are often surprised and
frustrated to learn that each lender has a unique set of requirements for
short sale documentation! In this chapter, you will learn how to gather
and prepare a documentation package that will satisfy the requirements
of all lenders across the board. It is a rare occasion for lenders to request
their unique format after receivillg a package that follows the format
developed by 7 Day Systems .
Notes
90
'-
Documentation Necessary
for a Short Sale Package
In order for a lender to consider offering a settlement on an under water
property, they must be provided with thorough documentation
explaining the homeowner's situation.
The Checklist
A complete short sale documentation package must contain the followingitems:
61
Hardship Letter
Listing Agreement
61
Letter of Authorization
61
61
Financial Statement
Recent Bank Statement
o
o
61
~,
o
o
91
92
I~
From: Knolly@knolly.com
To: client@clientsemailaddress.com
Subject: Short Sale Info - 123 Main Street
Hi Porcia,
Good talking to you today. Based on your situation, the short sale is likely
your best option. Also, we will get an offer over to CiliMorlgage to postpone
the loreclosure. Can you emaH or send the payoff info you have (or your
most recent mortgage statement) along with any leiters you have received
i_
You can also get more information about the shortsa'le process, along with
that appl1ing for a short sale is like appl1ing for a loan, so the lender asks
for lots of documents. However... it is well worth it when you get into the
program, since they wiill forgive the balance owed. And they will also pay my
fee and the diosing costs.
Knolly
x:.:.,\l):l:r:,W,iUi,~s,
93
Listing Specialist
;l-Jl9U::.@f...,"1.<;>.ll..v.,~p)!),
situations~
lenders
~re
often willing to
accept less than the full amount due, commonly rsferred to a ''short pay" or
~short
sale."
Many homeowners who are "upside down" on their mortgage opt to simply walk Ciway
from their home and allow it to foreclose. The short sale cffers a much better option and
provides a win-win for the lender and the homeowner.
from the lender's perspective a short ssle sS!V9S many of the high costs 35figciated wjth
the foraciq:;.llre process attomey fee's, the eviction process, delays from borrower
bankruptcy, damage to the property, costs associated with resale, etc. 11"1 a short sale
scenario, the lender gets their money faster and is able to cut their losses.
Once you are approved for.a short sale, the lender will order an appraisal of your
property to determine the market value. Once the value is determined, the lender will
allow KnoJJy to sell your property at market value. Once sold, the remaining debt is
usually forgiven. The lender often expects to collect 90% or more of the appraised
value, so you may still accept an oftSr [ower than the appraised value.
The bottom line is... If your home is worth less than you owe, you can still sell it via a
short sale-without bringing ;,ny money to closing! Knolly Williams is one of Austin's
premier short-sale listing specialIsts.
94
o
o
o
These three documents are essential to the short sale package, but they
cannot be completed and added to the package until a buyer is under
contract for the property. Tills means that you will begin the process of
collecting the necessary documentation for the short sale proposal, but
these hst three documents will come a bit later in the process. We'll
discuss these documents both in tills chapter and in "Day 5: Receiving
Otters and Submitting the Short Sale Package."
I~
I~
I~
95
96
ing Offers and Submitting the Short Sale Package." At this point, as you
read about the specific documents required for a short sale proposal
package, remember that if there are two liens on the property and they
are both short, you must prepare and submit a separate package to each
lender.
Notes
97
Keep it short!
Avoid the temptation to create a long, drawn out, two-page document.
In most cases, the hardship letter should be between three and six
sentences. I have learned from experience to keep it brief. I tell the
banks only what they need to know to make a decision. Typically, I take
three sentences to explain the unique elements of the homeowner's
situation, then one to two standard closing sentences. (See samples.) I am
cautious not to inadvertently give lenders ammunition that they can use
to disqualify the short sale.
98
''-
'''-
'-
x
James Martin
99
100
To: COUNTRYWIDE
Property Address: 12813 BOBBYSOCK DiRIVE, AUSTIN, TX 78748
LOAN Accoul1t #:
Last 4-digits SS#:
152104687 ad 152104607
6674
Due to circumstances beyond my control, 1 was (!tut ,of work for three months this y.ear; between
April. 2008 and June 2008. In order to .continue making paymeflts on ,this home 1 had to deplete
my savings and borrow money. With my new jo.b~ my expenses are roug:h.:ly SI,200 per month
more 1itaJll .n: make.
Unfortunatdy I can no longer afford to make my mortgage payments. I have to sel1 my home and
have no alternative bru: to seck 'a short.sale.
SincereJy and Respectfully -Submitted.
x
Mindy Karmi
101
LOAN Account#:
Last 4-digits SS#:
2287647331
4677
x
Darin Miner III Jennifer Miner
Sample Hardship Letter 3
102
Unfortunately, sales were very slow the first SL'C months, and this put me
into a desperate situation with my mortgage and my credit cards. To
supplement my cosmetic sales, I began to wait tab!es at a local restaurant
and my parents loaned me $4,000, which didn't last long. After struggling
for months to make my expensive mortgage payments, I had no choice
but to put my house on the market. In April of 2Cl06, I put my home up
for sale as a For Sale By Owner. I set the original asking price as
$240,000. I didn't get any offers at this time because most buyers were
concerned about the water damage in the living room-caused by roof
damage the house suffered duting a storm in late 2005.
e I could not
make the repairs, so I lowered the asking price, but still had no offers.
'~
Over the next couple of months, I lowered the home price three times,
(continued ... )
103
finally settling at $170,000. This price was the lowest I could go and still
cover final costs. I am not anticipating any profit. The home still has no
offers. I have now decided to list the house with a real estate agent,
instead of as a FSBO. I think this will make a difference.
I realize that I can no longer afford the home I am in. I have
given up on the cosmetics sales business, as it seemed too competitive in
Best r""""rds,
"Are you saying you purchased a home at the same time as starting a
new business? Do I smell loan fraud? Did you purchase the home on
speculative income? Sounds like you deceived us about your employment."
49 "So, did you have prior experience with cosmetic sales? What do you
mean 'hopes'? Did you do your research about the costs for this start up?
Sounds like you were gambling with our money. This doesn't sound like a
hardship to me. You took a risk (with our money) and failed."
.~.
., "Did you not do your research on the market before you entered this
business?"
'-
104
o Listing Agreement
As soon as you complete the pre-qualification call, begin preparing the
listing agreement. Set a goal to send the agreement to your client by fax
or email the very next day. The bank will require that a copy of the
signed listing agreement be a part of the short sale package you submit.
From: KnollY@knolly.oom
To: client@clientsemailaddress.com
Subject: Listing Agreement - 123 Main Street
, Hi Porcia,
I've attached a copy of the 'listing agreement that we discussed. This is the
i
dooument that will aJllow me to Illst your home for sale. Please print, sign,
105
This statement protects the seller and makes them feel more
comfortable knowing that they are not "locked in" if they are not
approved for the short sale.
Consider adding a statement about price instead of a
dollar amount.
In the sales price section of the agreement, we recommend that you not
state a dollar amount, but rather add a statement such as:
This will give you maximum flexibility and will allow you to adjust the
price as necessary, without having to go back and get your client's
permission each time. Again, because the seller cannot make any money
from the short sale transaction, they are likely much less interested or
engaged in the pricing strategy or potential price reductions. However, if
they are concerned that this statement will somehow mean that their
home will be sold at a cut rate, reassure them that their mortgage lender
will want to get the highest price for the house. Lenders have an
investment in this and they want to mitigate their loss.
106
'-
Some states may not allow a statement to be added instead of the price
in a dollar amount. Our team has not heard of any challenges to this
strategy, but you will want to be educated on your particuhr state and
local guidelines.
If your broker takes particular issue with this strategy, you could add a
listing price of market value or slightly under and a statement such as:
III
-'
107
o letter of Authorization
As first discussed in Day 2, you will need written authorization to speak
with your client's lender(s) about their financial information. To make
this request from the lender, you will need the last four digits of your
client's Social Security number and a signed authorization statement.
Remember that it may take up to 72 hours for the lender to process the
Letter of Authorization and give you access to the client's account. If a
foreclosure date has already been set for your client, every day counts!
Note: If your client has mortgage loans from two different lenders and
both loans are short, you will need to complete (and your client will
need to sign) a Letter of Authorization request for each lender.
108
Last4-digiuSS#:
4763
LOAN Account#:
7874432231
[ authorize ~ r.eail. estate ageBl: KnoB! '\iW.mrJ:s and his associates B'~bam
Riorilanand Mmrls ''I'homp.ron ,ofThe KDoRy 'If.eam!Kdler "'"illi.ams Realty
amd escrow 'officer ''!racy Jrute.S @fEla"'T.lfJ.e to:discuss!lbis account on my
_Iilf'
'-
Please add them to my account ,as p,a:dies ,3l!tthQrizoo to receive information. P.lease
, owect ,all cGmrmmications T~Cfu:tg my short sale ilransacti@nto them. 1 also
aathC!lme the use of any incentiv<e toward '~mses mcmred on ,my behal:t:
"lie1: 512-294-2143
Fax: 512-532-0'626
Joseph 'Cater.s
Date
109
110
THE
KNf7LLY
MORRIS THOMPSON
TEAM
fma
~~
~-
'f.BGS..35S4915
r-.
I-
--
'-
.~
.~
Morris Thompson
Short Sam 'tlsting 'Manager2 wicoV\l!ir
N~12,2EOB
:t.G:intifulnlbEr. 7874432231
':nsIl~'1cD~AM:lurL
S'mtm 'tOO
ony
'!3lW!I?llWlsl!wm
'-
'-
'-
111
o Financial Statement
All lenders require a financial statement from homeowners applying for
a short sale. Think of the fInancial statement as your client's financial
budget. On the financial statement, your client will list their expenses
and their income along with assets and liabilities. Whereas the pre-qualifIcation step relied on your client's recollections, opinions, and perspective, the financial statement is gtounded in the factual realities of the
situation and will validate (or invalidate) the client's initial statements.
Much of the lendet's decision to approve a short sale rides on the financial statetnent and the hardship letter.
Your clients should be able to complete the financial statement with few
challenges. It's essentially a simple budget statement and should be selfexplanatory. As a short sale agent, however, you need to be very
confIdent and knowledgeable about this document so that you can
effectively analyze the data and draw conclusions.
~
..
Again, I have spent years processing short sales, and I have learned a
gteat deal about what lenders are looking for in the financial statement.
The 7 Day Systems Personal Financial Statement represents a
comprehensive document that will more than satisfy the information
requirements made by the major lending institutions. There is only one
important instance in which I recommend using the bank's own
financial statement format if it's going to serve your client best. We'll
discuss that exception later in this section.
112
113
114
( Scr.i.Pk!)
. . '.. Agent: "Have you had any car repairs thjs year?
_._, ..... .... No? Ok, but what do you typically budget for car
.
maintenance each year?"
Agent: "You noted $0 for dental expenses. Do you
not go to the dentist? What about your three
children? Let's figure out what two cleanings a
year would cost for your whole family. Then we'll
divide that by twelve."
Agent: "Did you say your husband has already
started his new job in the other city? Is he paying
rent on a place there? We need to add that to the
rent line item."
115
I had one client who failed to note that she had more than $60,000 in
school loans. She had not been making loan payments for months, so
she just forgot to add those payments as an ongoing monthly expense.
r-----f)-----,
"If !jO['( deterVlA.~""e tViClt Cl cl~e""t's VlA.o""tVil!j ~""coVlA.e
ge""['(L",,el!j exceeds tVie~r VlA.o""tVil!j expe""ses b!j Cl
co""s~derClble ClVlA.O[,(""t (~500 Cl VlA.o""tVi or VlA.ore),
tVie"" !jo['( VlA.Cl!j ""eed to co ['(""sel tneVIA. Clbo[,(t WCl!jS
to ~eep tne~r nOVlA.e. Tne!j VIA.~gnt q[,(CllLf!j for Cl loCl""
VlA.od~f~CC!tLo"", for eXClVlA.-ple. If tne!j stLll VIA.['(st sell,
tne!j wLll ""eed to follow tne trCld~tLo""Cll -process
~""steC!d of req ['(estL""g Cl snort SCl leo n
116
117
Notes
118
Notes
119
o Fully Executed
Purchase
Contract
This component of
the package will
be added later.
At this point in the process, you may not have identified a buyer for the
property. However, the final short sale package should include a fully
executed purchase contract signed by all parties. Most banks won't
consider doing a short sale without a contract on the property.
Under the Special Provisions section of the contract, we recommend
you add the following statements:
.-,
Note: Some Multiple Listing Services (MLSs) and local boards have
specific addendums that they require to be included with a short sale
offer or contract. Make a point to familiarize yourself with these fottns.
,-,
-,
We'll discuss the guidelines for buyer contracts in "Day 4: Listing and
Marketing the Property," and we'll discuss how to review offers and
prepare the contract documentation in "Day 5: Receiving Offers and
Submitting the Short Sale Package."
120
D Buyer's
Pre..Approval
letter
This component of
the package will
be added later.
Along with the executed buyer's contract, you will also need to submit a
buyer's pre-approval letter as part of the short sale package. This
informs the seller's lender of the buyer's approval to finance and
purchase the home without complications.
We'll discuss the buyer'S p:re-"'pprovalletter further in ''Day 5: Receiving
Offers and Submitting the Short Sale Package."
Notes
121
o Estimated HUO-1
Settlement
Statement
This component of
the package will
be added later.
Once you have an offer on the property, you will be able to move
forward with an estimated HUD-l Settlement Statement (also called
"estimated HUD-l net sheet") to add to the short sale package. This
settlement statement is extremely important because it shows the bank
how much they will net out of the transaction.
A.
Settlement statement
~I
122
123
lien holder, but not the second. Other times, you will need to request
approval for a short sale from both lien holders. Every market is
different. In my experience and in my market, I have found that in 75%
of the cases with two property liens, both liens will be short.
In a traditional real estate sales transaction, the payoff amount for the
loan(s) would be noted on the seller side of the document (lines 404 and
405 of the HUD-l). In a short sale, "payoff amount" is an irrelevant
factor in the settlement equation. A short sale means, by definition, that
the lender will be accepting an amount that is less than the loan's actual
payoff amount. So, what does this mean for the HUD-l form? As the
short sale agent, you must carefully direct the settlement agent to enter
figures that will (hopefully) satisfy the settlement positions of both lien
holders. The figure on the next page, illustrates how the bank(s)' net
proceeds would appear on the HUD-1.
We'll discuss the details of completing the HUD-l Settlement Statement
further when we reach "Day 5: Receiving Offers and Submitting the
Short Sale Package." At this later point in the process, you will have the
remaining puzzle pieces necessary to complete the HUD-l-sales price
and dollar amounts that should go to each lender (if more than one lien).
124
o Comparative
(
Market Analysis (CMA)
125
OPTIONAl.
126
per foot
KEllERWlLUAMS REAlTV
J:OIP tl) AUSTI:NI.AREAlRIEAl TOR
AUSTIN'S 11 SHORl"SAlE1'EAM
127
o Additional Documents
for Government-Insured
Loans
When you are processing a short sale on a property with a governmentinsured loan, you will need to submit additional documents in the short
sale package.
For VA Loans:
IiI
IiI
IiI
128
ApplIcation to Parliiclpale
P.J9.1'O:reck:aJra sate ~me
-'~""""'~Il
__
...nInut:oo _ _
J.dd'Wll...t:bbu""~'II>~"'~l:Wnlt&"b'I<!!-l2>I!:l"P"
~:;~~~=1::I~1I'iIO"'lMqk:l,""
__
4~ _ _ "'~'II>_p=HI...,.m-~~"'dM
=kI..~~~c-::-Ioat-=L=...E::'iI>~=...,~~;U~~'":;.~-=,:.....a:=:--=~
...I-U),-=-PM..ps::DC!:~bJka~~..
..J'itn1o~
_ _ _ _ _ .~""r-~"
blm.,~IIIIIbIro,~~l:>:\I(\'bJ_d3'11t'l::!:lkt:!ttl;p..rnattym'_~nm:;p9"'.~r-ll,tMc~1oo:y:'Ir
~_h_,'f""""""'.
-I
-I
-I
129
-I
-I
-I
-I
-I
-I
-I
-I
-I
-I
-I
-I
-I
0'
0'
0'
0'
0'
0'
-I
-I
-I
-,
130
Email
From: Knolly@knolly.com
To: client@clientsemailaddress.com
Subject: Property Survey - 123 Main Street
Hi Porcia,
We need a copy 01 the survey plat of your property. The survey is a drawn
map of !he property showing fence :lines and how the home sits on the lot.
: There wlll be a state seal stamp on the survey along with the name of the
company that performed the survey.
Please fax the sUlVey to us at (512) 532.0626. If you cannot find a copy
of the survey, please check with the litlecompany that you used when
you closed on your home.
We willi need Ihis surv,ey document in order to close the sale on your
:property. 11 helps to have a copy of the survey in our fi'le now, rather than
waiting until the lasl minute before closing.
Than'ks again,
Knolly
Sample Email to Client Requesting Property Survey
Titanium Solutions
3023 HSBC Way
Fort Mill, SC 29707
~aJ1G1P6
,[PI.(
iJ.)--r>.'
/eJ7 ill. )j,l/(j
It )r(! 6ft VV
r)
v\.)
!.
You will be shown the representative's identification and, to protect your privacy, our representative will
verify your identity by asking to see photo identification such as a driver's license.
If you have recently sent information to us, our representative will confirm that we have received it and if it
is complete.
Once we have all of your necessary financial documentation, we can evaluate your options and we will
contact you to explain those options.
To schedule the visit on a day and time that is most convenient for you, please call Titanium Solutions at
1.877.803.0039 Monday through Friday from 9:00am to 7:00pm EST. If you do not want a representative to
visit your home, please let us know by calling that same number. If we do not hear from you, our representative will
attempt to visit your home over the next 7 to 10 days.
We urge you to provide the requested information to Titanium Solutions so we can work to determine if assistance is
available to help you avoid foreclosure. If you have any questions about this program or the documentation that we
need, please call 1.877.803.0039 from 9:00am to 7:00pm EST.
Enclosures:
Checklist
Request for Modification and Affidavit (RMA)
Household Expenses and Liabilities Worksheet
Dodd-Frank Certification Form
Authorization and Acknowledgement Form
Third Party Authorization Form
In order to expedite this process Bank of America, N.A. is working with a third-party company, Titanium Solutions. Federal law requires that we communicate to
you that Bank of America, N.A. and Titanium Solutions are debt collectors. However, the purpose of the communication is to let you know about your potential
eligibility for programs available to help you avoid foreclosure.
Mortgages funded and administered by an Equal Housing Lender.
Protect your personal information before recycling this document
" "
""
r,.,.
,,~
C'-
-,. , , -, -
",-o.c~:: ~:--...
~,,:
--.'"
'" '"
'"
""
'"
'"
"'''''':
~-....
""
"
"
"
"",
'
,,~,.
"
B~~~!~QnO~~Closurerescuescams. Help is free from your mortgage servicer, Bank of America, N.A
,
,','
'.'~rpg;'~r:\lfrpn:'\xourr:\lortgage servicer or a housing counselor approved by the U.S. Department of Housing and Urban Develppment,
(HUQ};Visithttp://hud.gov/offices/hsg/sfh/hcc/fc/ to find a HUD-approved counselor
.... ......
-~~~l~re()f~~y.~;rsonor
organization that asks you to pay a fee in exchange for housing counseling services or rn()ificatk)n'~h
'.
. .. . ... , .
';delinqueRt;loan~
_Be~~reof.any()neWh()SayS tney can "save" your home if you sign or transfer over the deed to your house. D()nqt'sil~;~,ovel'th'~;deed
." to ypur propirty t6any organization or individual unless you are working directly with Bank of America, N.Ato for~iv:e your.de~t:
:-~ev~r make your mortgage payments to anyone other than Bank of America, N.A without our approval.
o
o
o
o
o
Complete and sign (by all borrowers) the enclosed Request for Modification and Affidavit
and Household Exoenses and Liabilities Worksheet.
2. Copy of the last year's e-filed or signed tax retl:lrns for all borrowers. Please include all
and schedules even if blank.
3. Complete the Dodd-Frank Certification Form.
4. A current utility bill showing the borrower's name and property address.
5. Fill out and sign the Authorization and Acknowledgement Form.
6. If the property is subject to homeowners association or condominium fees, a copy of a
current bill or assessment.
7. Return the required income documentation. This documentation includes:
For each borrower who receives a salary or hourly wages
Copy of most recent pay-stubs showing at least one month of compensation and year to date
earnings (for all jobs)
For each borrower who is self employed
Most recent quarterly profit / loss statements (with year to date profit)
Two most recent bank statements showing receipt of such payments (all pages)
For each borrower who has income such as social security, disability or death
benefits, pension, adoption assistance, public assistance or unemployment
Copy of benefits statement or letter from the provider that states the amount, frequency and
duration of the benefit, AN D
Two most recent bank statements showing receipt of such payments (all pages)
For each borrower who is relying on alimony, child support or separation maintenance
as qualifying income
Copy of divorce decree, separation agreement, other written agreement filed with the court, or
decree that states the amount and period of time over which it will be received, AND
Two most recent bank statements showing receipt of such payments (all pages)
For each borrower who has rental income or if you are current on your mortgage
payments
Copies of the most recently filed signed federal tax return with all schedules, including the
Schedule E - Supplemental Income and Loss
If no Schedule E is available because the property was not previously rented, then please provide a
current lease agreement and two most recent bank statements or cancelled rent checks.
For each borrower who has non-wage income (part time employment, bonuses, tips,
and investment income)
If the non-wage income is more than 20% of total income, copy of documentation describing the
nature of the income (for example, an employment contract or printouts documenting tip income)
If you have questions about the paperwork required please contact us at 1.877.803.0039.
Important Information
Keep a copy of aI/ documents for your records. Do not send original income documentation.
Continue to the next page if your house is listed for sale or you also wish to be evaluated for PreForeclosure Sale (Short Sale) or Deed-in-Lieu of Foreclosure Programs as other alternatives to foreclosure.
If you do not wish to be evaluated for Pre-Foreclosure Sale or Deed-in-Lieu programs please check and sign
here 0
I
I
9. Please provide us with the lead contact name and phone number for us to be able to gain
access to the property to perform a FHA property appraisal. We require that all utilities to
the property be on so that the appraisal can be completed.
10.lf applicable, please provide a copy of the current Listing Agreement with your
Agent/Broker. The Listing Agreement must contain the following verbiage: "Seller may
cancel this agreement prior to the ending date of the listing period without advance notice
to the broker, and without payment of a commission or any other consideration if the
property is conveyed to the mortgage insurer or the mortgage holder."
11.lf applicable, please provide a copy of the Purchase Contract signed by the buyer and
seller that contains language that the sale is contingent upon the seller obtaining approval
from Bank of America, N.A. Also when participating in a FHA Pre-Foreclosure Sale, the
maximum seller concession that HUD will allow is 1% only if the buyer is getting a FHA
loan. If there is more than one purchase contract, the seller may submit ONE offer to Bank
of America, N.A for review.
12.lf applicable, a copy of the statement of the seller's closing costs or HUD-1 settlement
statement. The figures in these statements must be accurate because Bank of America,
N.A approval will be based, in part, on the figures submitted with the package. The
maximum commission paid on a pre-foreclosure sale is 6% with the exception of the State
of Washington which may be less.
13.lf applicable, all other lien holders must provide written notice of their willingness to
release their liens before Bank of America, N.A will issue an approval letter for the FHA
Pre-Foreclosure Sale. In most cases, no proceeds will be given to any of the other lien
holders to release their lien.
APPLICATION
~~~
"
t < ~
-~
w"
,)
\:,'~"
"
~ Servicer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
"",
': .,,!::.;Fj:-l'f~i~~tf";!t:;;t!:::.;'\;~E~
'~" ~ ~
~ t~.'.'.' ~t'ff.' ~~l ~.'':" ~ ~,.-", ,:,,*r~''~~.'?:~~
ox .' >.'
;\1
J!i::'f~ ;.'~m~
~'.'.n"
Borrower's name
';" . "
x;",
1.b
~~~"'~~
' ; . ; ;".;.
.'~
~~
>
w f,,,'
,;,e~:::!1t a~~mt,Ba,
.. ',";.
7:'
">
"
Co borrower's name
Date of birth
Date of birth
Iwantto:
The property is my:
The property is:
Mailing address
E-mail address
Dido
D Lender does
Dido
t
S
DChapter 7
If yes:
DNo
Filing Date:
DChapter 13
DNo
::,;,l~,
; ' '.
~~"i~
'.
v,'<:"
~~ :'~
1
'
'"
Balance
':
,',,?
'~.'~~
~"=~
','~'.
~
""
,
"
,"
'1!1I~IlS,sBre;fi1(~Hfm~\ZJlll;"
~~'"
Loan Number
Contact Number
p ' ',;:
.'"
~,
tc
1,
"~:\~:M:
"';";.'.'
I (We) am/are requesting review under the Making Home Affordable program.
I am having difficulty making my monthly payment because of financial difficulties created by (check all that apply):
D My household income has been reduced. For example: unemployment,
underemployment, reduced payor hours, decline in business earnings,
o Other:
Explanation (continue on back of page 3 if necessary):
page 1 of3 ~
'"~~.~t"j~~t~$/
<p"
'~"~~~
<~~
<~
~~9j~~l~~~
:'", ~
"~' l~\'
~MqflthlyH&#~hQIi!lric:ciifi~"
,,'
Overtime
Child Support / ~limony /
Separation 2
Social Security/SSDI
Other monthly income from
pensions, annuities or
retirement plans
~,
"xx"
Checking ~ccount(s)
Checking ~ccount(s)
Insurance
Property Taxes
CDs
Stocks / Bonds
First
s
s
s
s
Unemployment Income
HONCondo Fees/Property
S
S
Car Payments
Other
~.~~
~aintenance
..~
.'.
~'I.X>:' "
~<
~ "
~~,
Other
Other
... , :
Tot~/Debt!Expenses
.~T9tql (Grqs~;/a~9m~j,;:
::
Payment
s
s
Food Stamps/Welfare
:/I,~:f[~;J::~;:t'l
\ 11 t~F~~ ~~~
~ortgage
~',~ ~>
<
payments
Rents Received
~~
"':I:'~'/;',
<.<
"~
~""
"'"
~*
I) ~
.'
Totaai~~gtL
"'~" ~~
~~ ~""~~'" ~'"
;:
~',
'1.
I,
:~ ~ ,~~'
: Ii c
The following information is requested by the federal government in order to monitor compliance with federal statutes that prohibit discrimination in
housing. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender or servicer may not
discriminate either on the basis of this information, or on whether you choose to furnish it. If you furnish the information, please provide both
ethnicity and race. For race, you may check more than one designation. If you do not furnish ethnicity, race, or sex, the lender or servicer is required to
note the information on the basis of visual observation or surname if you have made this request for a loan modification in person. If you do not wish
to furnish the information, please check the box below.
o
o
o
o
o
o
o
BORROWER
Ethnicity:
Race:
Sex:
CO-BORROWER
Hispanic or Latino
Ethnicity:
o Hispanic or Latino
Race:
~sian
White
o
o
Female
Sex:
D~ale
~ale
~:;'i/~~:~~:::':;:~;':,;;,,;;~
<':":' ~'" ~ ~ j[(ifJ~'Gomnleteci
Hit!7;, ~iotellXtiewer,
,>t!~J;';~;.;<'
;J,,;;,i'~;,:,' :,,::',";~,,;'
i
~
It:
~,~ " 'x""
~
~
~
~
~ ~
,
"",
A",
i?
o Telephone
o Internet
<
"
<
'"
Date
In making this request for consideration under the Making Home Affordable Program, I certify under penalty of perjury:
1. That all of the information in this document is truthful and the event(s) identified on page 1 is/are the reason that I
need to request a modification of the terms of my mortgage loan, short sale or deed-in-lieu of foreclosure.
2.
I understand that the Servicer, the u.s. Department of the Treasury, or their agents may investigate the accuracy of my
statements and may require me to provide supporting documentation. I also understand that knowingly submitting false
information may violate Federal law.
3.
I understand the Servicer will pull a current credit report on all borrowers obligated on the Note.
4.
I understand that if I have intentionally defaulted on my existing mortgage, engaged in fraud or misrepresented any
fact(s) in connection with this document, the Servicer may cancel any Agreement under Making Home Affordable and
may pursue foreclosure on my home.
5. That: my property is owner-occupied; I intend to reside in this property for the next twelve months; I have not received
a condemnation notice; and there has been no change in the ownership ofthe Property since I signed the documents
for the mortgage that I want to modify.
6.
I am willing to provide all requested documents and to respond to all Servicer questions in a timely manner.
7.
I understand that the Servicer will use the information in this document to evaluate my eligibility for a loan modification
or short sale or deed-in-lieu of foreclosure, but the Servicer is not obligated to offer me assistance based solely on
the statements in this document.
8.
I am willing to commit to credit counseling if it is determined that my financial hardship is related to excessive debt.
9.
I understand that the Servicer will collect and record personal information, including, but not limited to, my name,
address, telephone number, social security number, credit score, income, payment history, government monitoring
information, and information about account balances and activity. I understand and consent to the disclosure of my
personal information and the terms of any Making Home Affordable Agreement by Servicer to (a) the u.S. Department
of the Treasury, (b) Fannie Mae and Freddie Mac in connection with their responsibilities under the Homeowner
Affordability and Stability Plan; (c) any investor, insurer, guarantor or servicer that owns, insures, guarantees or services
my first lien or subordinate lien (if applicable) mortgage loan(s); (d) companies that perform support services in
conjunction with Making Home Affordable; and (e) any HUD-certified housing counselor.
~
Borrower Signature
Date
Co-Borrower Signature
Date
. . . '~~.95~HQP{r
Homeown~r'sH()PE"
.'
"C
"',", ~"'".t"
.;"'. ' . . \.,' ''T:';"
.;;7'.; ..
'~
, N~~ "''J,''
" 1!!
m
dill',
~,~
Hotline' .
"p/;oii.: (l'~
':;/;;'::.:7'1fliii1fl.<ig~1[tB@.gbt9.WER~S'
;'f ,"h"'~ ~
K>, ~ ~
,~~
~. J;,:<; <
f~~'i);<,~," q,~ ",j~,~ ~~e~0k~~~
~~~~.->:l'1~
'<'
\If
,<,'}
i"
.~~~~,
, .'~ " ~~~l",
:,";'
>,"
{';:.:.,.,,l
\,~'" ~~%~"~.
>
Be advised that by signing this document you understand that any documents and information you submit to your servicer in connection with the Making
Home Affordable Program are under penalty of perjury. Any misstatement of material fact made in the completion of these documents including but not
limited to misstatement regarding your occupancy in your home, hardship circumstances, and/or income, expenses, or assets will subject you to potential
criminal investigation and prosecution for the following crimes: perjury, false statements, mail fraud, and wire fraud. The information contained in these
documents is subject to examination and verification. Any potential misrepresentation will be referred to the appropriate law
enforcement authority for investigation and prosecution. By Signing this document you certify, represent and agree that:
"Under penalty of perjury, all documents and information I have provided to Lender in connection with the Making Home
Affordable Program, including the documents and information regarding my eligibility for the program, are true and correcf'
If you are aware of fraud, waste, abuse, mismanagement or misrepresentations affiliated with the Troubled Asset Relief Program,
please contact the slGTARP Hotline by calling 1-877-sIG-2009 (toll-free), 202-622-4559 (fax), or www.sigtarp.gov. Mail can be sent
to Hotline Office ofthe Special Inspector General for Troubled Asset Relief Program, 1801 L st. NW, Washington, DC 20220.
page 3 of3
Dodd-Frank Certification
The following information is requested by the federal government in accordance with the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Pub. L. 111-203). You are required to furnish this information. The law
provides that no person shall be eligible to begin receiving assistance from the Making Home Affordable Program,
authorized under the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.), or any other mortgage
assistance program authorized or funded by that Act, if such person, in connection with a mortgage or real estate
transaction, has been convicted, within the last 10 years, of anyone of the following: (A) felony larceny, theft, fraud,
or forgery, (B) money laundering or (C) tax evasion.
Ijwe certify under penalty of perjury that Ijwe have not been convicted within the last 10 years of anyone of the
following in connection with a mortgage or real estate transaction:
This Certificate is effective on the earlier of the date listed below or the date received by your servicer.
Borrower Signature
Date
Co-Borrower Signature
Date
Supplemental
I agree that I will notify Bank of America, N.A immediately of any material change in the financial information that I
have provided herein. If I fail to do so, or is determined that the financial information provided herein has been
misrepresented by me, and Bank of America, N.A, the Investor or the Mortgage insurers make decisions which would
not have been made had the true facts been known, then (1) I shall be liable for all costs incurred or damages
suffered by Bank of America, N.A, the Investors or the Mortgage Insurers, and (2) Bank of America, N.A shall have
the right, in its sole discretion, to terminate any arrangement or agreement that has been extended to me based, in
whole or in part, on the inaccurate or incomplete information that I have provided.
Submitted this
, 20 _ _ _ _ '
day of
BORROWER:
CO - BORROWER
Signature
Signature
AUTHORIZATION FORM
I Hereby authorize BANK OF AMERICA, N.A ("BANK OF AMERICA, N.A") to discuss my request for a Short Payoff with
the individual(s) that I have identified below as my designated agent(s) (hereinafter the "DeSignated Agent").
Further, BANK OF AMERICA, N.A is hereby authorized to negotiate the terms of a Short Payoff. I understand that I
will be fully responsible for reviewing any information that is sent by BANK OF AMERICA, N.A to my Designated Agent.
This Authorization will remain effective until I specifically notify Bank of America, N.A's Workout Department in
writing that this authorization is of no force and effect.
My Designated Agents are:
(Insert name)
(Insert name)
(Insert name)
Date:
1 __
Borrower
Date:
1 __
Co- Borrower
Bankof1\n1~rica4'"~
Borrower Name' _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Loan Number_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
MONTHLY PAYMENT
A.
HOUSING EXPENSES
FIRST MORTGAGE PAYMENT (PRINCIPAL & INTEREST & ESCROW IF INCLUDED)
$
$
$
$
$
MONTHLY PAYMENT
LIVING EXPENSES
FOOD'MEALS
BALANCE DUE
$
MONTHLY PAYMENT
BALANCE DUE
PRESCRIPTIONS , TREATMENTS
UNION DUES
$
MONTHLY PAYMENT
BALANCE DUE
$
$
BALANCE DUE
MONTHLY PAYMENT
E.
UTILITIES
ELECTRICITY
$
$
WATER 'SEWER
TRASH COLLECTION
TELEPHONE'INTERNET
CABLE' SATELLITE
MONTHLY PAYMENT
F.
BALANCE DUE
SUBTOTAL UTILITIES
$
$
$
$
Borrower Name' _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
BankofAmerica4"~
Loan Number_ _ _ _ _ _ _ _ _ _ _ _ _ _ __
HARDSHIP INFORMATION
yes_ _ __
No_ __
No _ __
No _ __
If you have tenants, how long have they been in the home? _ _ _ _ __
Generally, financial hardship includes a number of factors involving a reduced income and/or increased expenses. Please check the reasons why you are currently unable to pay your mortgage or bring your mortgage
current.
Reduced Income
See comment about checkboxes.
Increased Expenses
IJ
IJ
IJ
Unexpected or unplanned expenses, lasting less than 12 months - i.e.: car repair
IJ
IJ
IJ
IJ
Increase in housing expenses (Need for relocation or duplicate housing caused by divorce,
job transfer, or other necessary relocation)
IJ
IJ
IJ
Please provide any additional detail you want us to consider when reviewing your application jor assistance:
Borrower Signature : _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Date:
134
Welcome to Day 4
Welcome to Day 4 of 7 Dqys to Success with Short Sales!
You've started collecting the documentation you need to submit a short
sale package for your property. In this next step in the process (Step 3:
List & Market the Property), you'llleam how to move forward with
the property sales process.
YOIl are
Ihere!
135
that will make your life a lot easier: the Short Sale Disclosure and Agent
Guidelines.
Your approach for marketing a short sale listing will be very different
from the approach you typically follow with traditional listings. We'll
discuss why this is so. And before we end this day of learning, we will
discuss why it is important to contact the title company or attorney to
open a file and initiate a title search on the property.
Notes
~i
~I
~I
~I
~I
~I
-I
-I
-I
~I
-I
~I
-I
-I
136
r------Q-------,
Do I need to wait for the bank to run their
appraisal/BPO before I set the price of the
home and list it on the MLS?
1%
,.
Even though the lender will ultimately determine what they will accept
for the sale of the home (the settlement), they want to wait until further
in the process to declare this amount. This means that the short sale
agent should move forwa~d with a standard Comparative Market
Analysis (C]'v1A) roevaluate the best price for the home. It is only after
the price has been set and the home attracts a buyer with an executed
offer that the lender ",-ill begin the process of negotiating for their final
settlement figure. The lenders want the buyers to "tip their hand first,"
so to speak
As first discussed in "Day 3: G<tthering the Information for the Short
Sale Package," your pricing strategy for a short sale property should not
differ drastically from your strategy for any other home that needs to sell
within 30 to 60 days. Price the home as you would for a highly
motivated client with equity. Price the home to move. This typically
means that you will price the home right at market value or slightly
lower.
137
,------,,-~I
138
though banks say they don't want or need your CMA, make sure that it's
a part of the short sale package you submit. This will help prevent
unreasonably high lender appraisals.
like any industry, there are many opportunities for corruption. I have
heard of BPO agents who intentionally value properties too high so that
the homes will not sell and will go into foreclosure. Of course, this
doesn't really benefit their bank clients, but their strategy is to be there
(i.e., be the trusted agent) when the bank needs to engage an agent to sell
the property as an REO foreclosure property. Sneaky, huh? This is not a
regular occurrence, but this is another reason you want to communicate
your CMA and pricing to the banks and to the BPO agent.
Notes
139
Agent Comments
When listing a short sale on the MLS, I always disclose to other agents
that the property is a short sale. For example, I add the following
statement in the Agent Comments section (not viewed by the general
public):
140
141
~I
~I
~I
I
~I
~I
-I
-I
-I
-I
~I
-I
-I
-I
-I
-I
-I
-I
-I
-I
-I
~I
-I
~I
-I
-I'
-I
~I
-I
~I
On our team, we require that the Short Sale Disclosure and Agent
Guidelines be signed by both the buyer's agent and their buyer client
before we will submit a short sale offer or ,executed contract to the
lender. I ask that the buyer'S agent read the document first and then call
me with questions. This streamlines the process.
142
Having explained this, we also understand this ",reates an obligation for the buyer to provide the
co~
"',
b,
Real estate agents and buyers looking to make an offer on a short sale listing
'Y
1,
What is a short sale? A short sale rarers to the sale of real property for an amount less than the
amount owed on the property. The lender (FHA, VA, Of Sank) agrees to accspt less than the full balance
duE' on the debt and usually "forgives" all Of a large port101'l of the difference.
'Sf)mt Slrlw:
if
tKlWly laM 30-69 -dt''t5 to e!n:;e They can take longer, and the
final cl~mg dabs is contingent 1:IpOn the 'lender. If Ithe ibuyer must 'be in the .home SOONER t:hn
this time firame~ OR cannotto~r~ deklys beyond 60 days.,. they should NOil"m.!Ike lin offer.
This time frame is dependant on where the file is in ~he oShort 'Sale proceS"s- For example, Jf 11na) S"hort
sale CIlproliai has been .gr:,mted, tloe.m the prOc:ss5 call take, .as few.as 20 days. W,e .nac:tImmend a
closing t'late tlf::ro :days bey.oml1:ile -o&r l>I!lbmission daw. When on ,mffer is recejyru;\ AErfB
$hart sa'\e a.pproval, an ~frer wlll take '5-10buslness 00% for aP)llrovaV11!eniak
2. COMMISS10NS: Ca.rnmissUlm 'I'r0y ",ot exceed '6% on FHA Hens-Split is SO/58. For
~vent"i@n~
prol.'icre
4-~split
~~ Pfl~irn!'
thebu9r."
4.. a..OSING COSTS: 1.ende.r will pay typical <100 ,eustom.ary closing costs such as title policy,
~ent
c:ommiissians, ,stc.
FHA 'Shor1: SalB' BOO 'Wi~ alfow 'Up to J:% of the b\:lyer's mortgage amount for closirtg cost-to
be ,included In the "Seller's Cos:!:" on the HVD~l for ali trao-rzaetions that mvclll>'i 'NEW FHA-insured
mrJ rtgages.
,0.,. C(!II'.MENT,IOI!I.!Al Short Sale: SeHer's ,[anrlsr 'M,'!'Y OR 'lolA), INOT f:-AV :em'l buyer's ciQS;rlg-CCls:t
or ass:ist3nce Prtl'9roams. Yau ar-e welcome to SUbmit ')-our 1!lfffi::or, on C0NY 'liens, with th~ =s:ts
inclutWd a11td we will fJJrw.ard tlil the sellar's ,Iender-they will make iJb-e (!ecision em whetharto pay.
Qg
5. SURVEY:"11tre se'lleramnot be abligallerl,to pay fora SJ.:IlVi8y~ end,the sell-er's ~eJ)derwill Rot
'p.ay for '!he survey ,Olil the se!De-r':s IbShlillff. ,"here ,ear:. ilia no "OI:mgabioJ:l ClaLl$9'u t!loi'it 'lEquests the
se'l1er toO 1l'ay the cmt of ip1"-OV,ldirlg a $lll'ltey, ATTIiElR :EXPENSE, because -rille short sale leiWer (sener's
mortgage :company) WIlli 't.10T pl.ay that a-perrse ,under aray ocir=lrru7t-=, and the seller ,[5
.prolWited from c-orntribu.tillg fina,1cJa!I'1i to t!:l-e transaC'tion. In ,other warcis, 'jfj:h9 sener fails to ,proviOe
the SUnray and/or sl'\}' AIf.td&vlt.in! the :presc!lib~d UJIIl9 period, s/he '1>'rould 'bEl in breach cefcontract. The
document woulD co-nta"in a promfse that the Stllier cannot fulfill-thus forcil1'2l- ,breach ofcontraec.
"
143
1. CLOSING DATE
Short Sales usually take 30 60 days to close. They can take longer, and
the final closing date is contingent upon the lender. If the buyer must be
in the home SOONER than this time frame, OR cannot tolerate delays
beyond 60 days, they should NOT make an offer. This time frame is
dependant on where the file is in the short sale process. For example, if
final short sale approval has been granted, then the process can take as
few as 20 days. We recommend a closing date of 30 days beyond the
offer submission date. When an offer is received AFTER short sale
approval, an offer will take 5-10 business days for approval/denial.
2. COMMISSIONS
Commission may not exceed 6% on FHA liens-split is 50/50. For
Conventional liens, the lender may only pay 4-5'%--split 50/50. We
144
won't know until they provide a "counter offer." Please check MLS
listing under BUYERS AGENT PERCENTAGE.
145
notification from the listing agent that the short sale file is
approved by the seller's lender. Duting the inspection
period, buyer may tenninate the contract for any reason
and any earnest monies will be released back to the buyer."
4. CLOSING COSTS
Lender will pay typical and customary closing costs such as title policy,
agent commissions, etc.
5. SURVEY
The seller cannot be obligated to pay for a survev. and the seller's lender
will not pay for the survev on the seller's behalf. There can be no
"obligation clause" that requests the seller to pay the cost of providing a
survey, AT THEIR EXPENSE, because the short sale lender (seller's
mortgage company) will NOT pav that expense under any circumstances, and the seller is prohibited from conttibuting financially to the
transaction. In other words, if the seller fails to provide the Survey
and/or any Affidavit in the prescribed time period, s/he would be in
breach of contract. The document would contain a promise that the
seller cannot fulfill-thus forcing a breach of contract.
Having explained this, we also understand this creates an obligation for
the buyer to provide the cost of a survey. It must be understood that the
146
8. MULTilPLE OFFERS
We only work with the bank on one offer or contract at a time. In the
event that we receive multiple offers on this property, we will not
counter for your best and final offer. Our policy is to select and submit
the best offer, so bear this in mind when submitting your offer.
9. PRE-APPROVAL LEITER
TI,e offer must include a pre-approval letter from the buyer's lender if
3rd-Party Financing is being accomplished. NOTE: if the offer is a
CASH offer, the lender will still want to see a document that shows
proof of funds available.
147
CLOSING PARAGRAPH
The Short Sale Disclosure and Agent Guidelines document closes with a
summary statement to help set expectations for the buyer'S agent and
their client:
In closing, the short sale program offers the buyer an excellent
opportunity to get a great deal-provided the buyer is patient. For those
of us accustomed to fast-paced real estate sales, the short sale process
can be particularly frustrating, aggravating, and slow. In the end,
however, the short sale process is a win-win program. Investors/Buyers,
Lenders, Mortgagees, and Agents all benefit from the successful short
sale. Investors/Buyers can purchase the property at or below market
148
value. Lenders get the majority of their money back. Sellers get the relief
they need and are able to sell their property and avoid foreclosure. And
Real estate agents can facilitate the transaction and receive compensation
(commissions) from the sale of the property.
Signatures
Make certain that along "With any offer, the buyer's agent and their buyer
client submit a signed Short Sale Disclosure and Agent Guidelines
document. This "Will help protect you against potential liability. Indeed, if
issues arise, you may need to refer to the document and remind the
buyer's agent and buyer that they signed and agreed to these terms.
Notes
149
Listing Marketing
Sellers of traditional (non-short sale) properties have high expectations
for your marketing plan. They want to know the details of how you
intend to sell their home for the highest price in the least number of
days. The reality is that price sells homes-not marketing. But
perception is reality. These sellers perceive that heavy marketing is
always necessary.
Sellers of short sale properties are ill a different mental place with
different expectations about the sale of their home. As discussed before,
they want to turn the entire process over to their agent and wash their
hands of the details. And, because you have already educated them
about the process and how the lender will ultimately determine the
settlement amount, they are not likely to be interested in the details of
how you will market the home to sell.
I really rely on talented buyer's agents to recognize a good deal when
they see one and bring it to their client's attention. I do not devote a lot
of budget to heavy marketing. Virtual tours, for example, are well worth
the effort and the expense for traditional listings, but not necessary or
cost-effective for short sale listings.
Note that your short sale clients may not want their neighbors to know
that they are in a short sale situation. So, you must be respectful of this
and ask for your client's pennission to disclose the situation when
developing any publicly displayed marketing materials for the property.
On the other hand, you may have other clients who have already
relocated out of the neighborhood, for example, and who don't mind
publicizing the fact that the property is selling as a short sale.
When you formulate your strategy for marketing the short sale property,
never forget that listing marketing is always a great way to generate
additional listings and buyer leadsl
150
Title Search
After you have posted the new short sale listing to the MLS, send an
email to the title company or attorney to open a file and begin a title
search for liens on the property.
Note that the title company or attorney that you will use is negotiable.
However, it is customary for the party paying for the title policy to
choose who will perform the title work. In the case of short sales, the
seller's lender will pay for the title policy. Regardless, it makes sense for
all parties to work with an experienced escrow agent.
, From.: Knolly@molly.com
To: Trac",@thetitlecompany.oom
Subject: Open Title for Short Sale on 123 Main Street
Hi Tracy,
i
We need to open a @e file for the property :Iisled below, which willi be a
: short sale. I have attached ~he lax information and a copy of (he property
survey.
i
151
152
Day 4 Wrap Up
Congratulations! You have completed Day 4, and now you are more
than halfway through 7 Dqys to Success with Short Sales.
This day of learning focused on steps you follow once you have taken a
short sale listing and you are ready to market it for sale. In particular, we
shared tips and tricks for posting this unique type of listing on your MLS
system.
In order to work efficiently and see the greatest success in short sales,
you must help others around you understand the rules and the process.
For this reason, I developed the Short Sale Disclosure and Agent
Guidelines document to educate buyeis agents and their clients about
how to make an offer on a short sale property. This document (which
should be customized to comply with your state and local board and
MLS) provides an explanation of and guidelines for the closing date,
commissions, special provisions, closing costs, the survey, the home
warranty, HOA fees, multiple offers, the buyer's pre-approval letter, and
what to do about property utilities.
You won't believe how much time you will he saving by implementing
this Short Sale Disclosure and Agent Guidelines. Let the document do
the work for youl
Once you have priced the home coxrectly and posted the new listing on
the MLS, you've done most of the work you need to do in terms of
marketing this short sale property. Aggressive, high-exposure marketing
plans are not necessary for these properties. They are priced to move
and competent buyer's agents should be able to help spot these deals for
their clients.
Before going much further in the process with this new short sale listing,
you need to get all of the "cards on the table." Contact the title company
or attorney and initiate a title search immediately to identifY all
153
154
Notes
II Welcome to Day 5
II Working with Buyers and Buyer's
Agents
~
II
Reviewing Offers
II
II
II
Day 5 Wrap Up
156
Welcome to Day 5
Welcome to "Day 5: Receiving Offers and Submitting tbe Short Sale
Package"! In this day of learning, we'll talk more about working witb
buyer'S agents and tbeir clients.
V;ou are
here!
You will want to be very systematic about reviewing purchase offerswhetber you receive one or multiple offers for your short sale listing. As
we discussed in Day 4, tbe Short Sale Disclosure and Agent Guidelines
document outlines your expectations and requirements for tbe purchase
contract. Tbis document will become important once again, as you
review each offer against your criteria.
157
We will also discuss how to prepare the final documents and submit the
entire short sale proposal pacbtge to the lender. At this point, you
should be ready to add the last outstanding documents-the purchase
contract, the buyer's pre-approval letter, and the estimated HUD-l
statement-to the pacbtge. We'll teach you the 7 Day Systems tips and
tricks for organizing the pacbtge, preparing a coversheet, and sending
the documents to the lender.
You have been asked to absorb quite a bit of detailed instruction thus
far in 7 Dqys to Success with Short Sales. Hang in there! And let me remind
you that your careful pre-qualification work and the your attention to
detail during the pacbtge preparation will payoff immensely when you
see that you have laid the path to a successful short sale approval!
Notes
158
159
~-.--,
"I oV\,c,e hCld Clv\' ClttorV\,etJ C,OV\,tClC,t V1A-e VLCl wtLfLed Letter
wLth the th reClt of Cl LClWSkLt. The LV\,tLV1A-LdCltLV\,g Letter
c,LClLV1A-ed thClt I hCld treClted hLs dLeV\,t kV\,fClLrLtJ bec,Clkse
hLs dLeV\,t nCld skbV1A-Ltted Cl ()Clsn offer oV\, Cl prD"perttJ.
IV\, ClC,tkClLLttJ, we hCld rec,eLved three offers oV\, thLs
properttJ Ilv\'d hLs dLeV\,t's c,Clsn offer WClS the Lowest of
tnese offers. AppClreV\,tLtJ, tne prospec,tLve bktJer Clv\'d hLs
bktJer's ClgeV\,t hCld fClLLed to LV\,forV1A- tne ClttorV\,etJ of tne
Short sClLe DLsdoskre Clv\'d AgeV\,t CikLdeLLV\,es. After
c,oV\,skLtLV\,g wLtn V1A-tJ broRer, we seV\,t tne ClttorV\,etJ Cl c,optJ
of tne gkLdeLLV\,es, sLgv\'ed btJ nLs c,LLev\'t. NeedLess to SCltJ,
tnllt WClS the eV\,d of tne stortJ, Cl v\'d we V\,ever hell rd froV1Atne ClttorV\,etJ ClgClLV\,."
160
the property's short sale approved within 90 days. Along with the
purchase contract, the buyer will deposit a non-refundable earnest
money amount (say, $500) with the title company or attorney. If the
buyer walks on the contract before the 90 days are up, this money will
be released from the title company or attorney to you the listing agent.
On day 91, the buyer has the option to terminate the contract and get
the earnest money back. As the listing agent, you do not have to close
on the property in 90 days, but you are committing to doing your best to
get the short sale approved in this time frame.
You might, in fact, opt to add a statement such as the following to your
Short Sale Disclosure and Guidelines document
III
Investor Buyers
As we have discussed, the 7 Dqys to Success with Short Safes system is most
appropriate for investors who wish to buy-and-hold. Most buy-and-flip
investors want to make at least 10% off a deal. Because most short sales
(versus foreclosures) are priced at or very near market value, the only
way for the investor to make close to 10% on tlle deal would be to
somehow influence the bank and its BPO agent. I know from my own
years of experience, I have never seen a lender knowingly settle for 30%
less than the property valuation, for example.
While I still think that short sales are a wonderful investment
opportunity, investors will typically not get a "steal." They will be able to
buy properties at or slightly below current market value. These deals are
a great opportunity for investors who wish to purchase a property, hold
and rent it for a few years, and then sell. This buy-hold-sell strategy can
161
"At-Arms-Length" Rule
Another point to remember when working with buyers is that the lender
will require the transaction to be made "at arm's length." In other
words, the buyer cannot be related to the seller or be a close business
associate.
Notes
162
Reviewing Offers
We recommend that you follow a very systematic process for reviewing
buyer offers. The steps that we follow in our system help us save time
and avoid errors.
Closing Date
II
Commissions
:111
Special Provisions
As Is
Conditiorul upon seller's lender's "'pproval
Inspection period
Earnest Money
'III
Closing Costs
II
Survey
III
II
HOAFees
III
163
2.
3.
164
Email
From: Knolly@knolly.com
To: Linda@LindaTheBuyersAgent.com
Subject: 907 Country Lake Drive-Short Sale Offer
Linda,
After reviewing all offers, we have selected your buyer's offer to submit to
the seller's lender to begin their short sale review process. There are,
however, a few necessary updates per the Short Sale Disclosure and
Agent Guidelines.:
165
(continued ...)
166
Once we get these updates back, we will have the seller execute the offer
and forward it along with their short sale package to the seller's lender to
begin the review process, Note that we have changed the listing to "PB,"
and will only take back up offers until your buyer contract is approved or
countered,
If you have any questions, please let me know!
Thanks!
Knolly
167
168
1.
2.
3.
Your Policy
Be prepared for how you will handle multiple offers. If you do not
establish a firm policy and communicate it, you will set yourself up for a
lot of grief and unnecessary conversations with frustrated buyer's agents.
I have defined my policy and published it in my Short Sale DisciosW'e
and Agent Guidelines document. Let's look at that policy ",,"2in:
III
One-at-a-Time
You see, my strategy is to get the lender working on only one offer at a
time. This means that even if the lender is working on an unexecuted
offer and my office receives a better offer, we will wait until the lender
has processed the package on their desk. I find that it is most effective
to allow the lender to do their job without confusing them with two or
more offers.
169
Multiple Contracts
Now, what you need to avoid at all costs is multiple executed contracts-a very different situation than multiple offers. Some agents just
getting into the short sale business make the mistake of assuming that
short sales follow a different set of rules regarding the legal contracting
process. I recently consulted with an agent who made the mistake of
sending two buyer contracts forward-the second contract offered
$50,000 more for the property. When the lender saw the higher one, of
course they want to take it, but they were legally bound to continue
working the current executed contract to completion. So, the lender
countered the first contract and raised them $50,000. When the prospective buyers were unable to pay this higher sales price, the lender rejected the contract and began working the second-more appealingcontract. This messy and time-consuming situation could have been
avoided if the agent had submitted the first offer as an unexecuted contract.
As in traditional real estate, once your have an executed contract, you
may take backup offers, with the appropriate addendums and so forth.
Again, just remember that traditional real estate rules regarding offers
and contracts apply to short sale transactions. Be sure to utilize your
local and state :MLS protocols when handling multiple contracts.
170
will need to submit a revised HUD-l statement for approval, since the
net proceeds may be different.
The mistake that you want to avoid is telling the lender that you have
lost the buyer midstream. The lender will halt the process and wait for
you to resubmit with new buyer information. In most cases, they will
close the file. To re-start or re-open the file could cause a delay of 30 to
60 days or more! Again, simply allow the lender to process and approve
the seller's information and the short sale request using the buyer
information that they originally received. If this buyer does not follow
through on the transaction, that's okay. Simply inform the lender that
different buyer information will be used for the final purchase
documentation. As long as the purchase offer is the same as or better
than what you had originally submitted, the lender will move forward
with the file.
.-----.,-----,
"IV\, Vel1LLttl, I see tne fi-yst offey I vec,e~ve lAS a 'guv\'eI1 "p~g'
offev. Tnts w..alj oy IM;lAtJ Mt be tne offer tnat IM;IAR.eS t to
tneevwt of tnt pyocess. -gut, tVie [w..portlAY\-t tVivcg Ls tVilAt
tl1Ls Ls tne offer tn< gets tVie baLL voLLLvcg! Qu~te oftevc I
get t0e snort s&lLe rYo"posaL 1A"p"pYDved wt0 oV\,e offer, but
theY\- closed wtn dLffevevct fLv\'&lL offev."
171
The Checklist
A complete short sale documentation package must contain the
following items:
o
o
o
o
o
o
Hardship Letter
Listing Agreement
Letter of Authorization
Financial Statement
Recent Bank Statement
Recent Paycheck Stub(s)
o
o
173
to the buyer's agent. Then, you will include a copy of this fully executed
buyer contract with the other documents of your complete short sale
package.
174
Email
From: Knolly@knolly.com
To: Tracy@thetitlecompany.com
ONE
Sal,es Price:
$238,000
Commission:
6%
Pre-Forediosure Fee:
$980
Processing Fee:
$495
$500
Closing Date:
Sel!ler:
Dalilene Moses
Buyer.
James Gergin
Knolly
175
Email
From: Knolly@knolly.com
To: Tracy@thetitlecompany.com
Subject: Request for Short Sale HUD on 10700 Bella Mar Circle
Hi Tracy,
Please prepare an estimated HUD-1 on the following property, which will be
processed as a short sale:
Liens:
TWO
Sales Price:
$400,000
$9,300
Commission:
6%
Pre-Foreclosure Fee:
$980
Processing Fee:
$495
$500
Closing Date:
Seller:
James Thomas
Buyer:
Michelle Ingram
Knolly
176
Even though the title company or attorney has researched the title and
you have obtained a purchase offer with purchase details, the HUD-l
statement that you request will still be an "estimate" because it will not
yet show the buyer's side of the transaction. The buyer has not yet
received the specifics of their loan and so forth. The reason that the
lender wants an estimate at this point, however, is so that they can see
the net proceeds they will receive from this sale.
The title company that I use processes approximately 5 to 7 HUD-l
requests for us each week. They guarantee to have the HUD-l back to
us within 24 hours, but oftentimes they return it the same day. For your
short sale business, make sure that you work with a title company or
attorney who can process your HUD-I requests quickly and accurately.
company for this step in the process. ] have learned from e]"-pe11ence
that it pays to have a knowledgeable settlement agent run the title search
and identifY all outstanding unpaid taxes, additional liens, and so forth
tied to the short sale property. The worst thing to have h.appen is to
submit an HUD-I to the lender, only to find out later that the numbers
are all wrong because there was an outstanding lien (e.g., delinquent
HOA charges) not accounted for in the settlement.
1n
178
July 27.2009
Knolly WHUams
ASSOCIATE 8ROKER
-kno'liy@knoUy.cllrn
Prelimiw:ty Estii.J:nal:ecI. HUD-ll.. OIl Shol;t sale twlsa.ctions, the scl1e1"s leo.det !tquiU's ,tb:ll. we submh iI.
~"E::t:imlIted HOD-l Settle=t St:aremem:a:J.ongwitb. h wnw.ct/offet: "Thqwi!J. usethisdocumeJIl:tc.
~howroucl:l~xeceiv.efrom1:hett:msa.diion.$:hcirIl.etproceeds).
J..in.e 3OS. ~:Of secaa:d~-e 103D.:iEr.t tJb.,e evem tlW: t.heze i~ a second lien on ,the propel:ty, there is.DO
need foryou to arl.u lly.tyefffrom the secondb :bolder. We~mjn!:trud: you on:the 'Settlement llm<:l<Int Ito phce
on this line. Jl:'s typioilly $1,OOOto $'5,000.
I..ine613. line 603 must:m:ooot; $0.00
Onpo:!perties with two liens mere the &stli.cnis NOT shart lin the event thst onlytbe seoondlien i$ sl:Jort,.
then the fuIl. payoff =ou:.U: to the Jmt lien holder 'w:iD. be p1ace:l. o.n line 504. 'We 'wiI1 otl:l.er the p:ayo:ff amount
from. the first lien holder 2nd send tt to YOIl. .AlI of the other seller o:>$tSwill ~ ;Wed on the HOD-l, in their
appropriate fields. The seoondlien hclderw:ill then
whilteuerislefl
This =ntwill beplacci in line
ncern:
505.
'Iharlk ynuin advaru:e! Please crmt:act!he Knolly Team:at 5:122J6.oooo if you have :any questions or email
1X1J 1istiogmanager, Morris "lhompson:mOIris@k:uoJly.c::om
179
Follow Up
Relentlessly
Gather Info
Negotia!e&
Counter
You are
here!
180
181
THE
KN.LLY
TEAM
KELLER
WlLLIAMS
www.Knolly.com
*
* www.ShortSaleSite.com
knollY@knoUy.com
REALTY
.,
rom:
ATTN:
=
iPhone:
Pases=
w/cover
Date,
"""
o Urgent 0
For Review
Please Comment
Please Reply
LOAN NUMBER: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Address: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Client Name: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Last 4-dlgits SS#: _ _ _ __
On behalf of our mutual client, t am submitting the following docs for short sale approval consideJation. Having
reviewed the lnfonnation, the client appears to me to meet the hardship requirements for short sale approval.
In addition please find a Short Sale Executed Contract on the above property.
Documents Submitted:
Hardship Letter
Recent Bank statement
o
o
Listing Agreement
o Financial statement
Purchase Contract
0 Estimated Net Sheet - HUD 1
Buyers Pre-Approval Letlerfrom Lender
ContractArnount $ _ _ _ _ __
Closing Date: _ _ _ _ _ _ _ _ _ _ _ __
182
Note that our fax coversheet design also clearly identifies the package as
an "**Urgent Short Sale Request**." In the current foreclosure crisis,
mortgage lenders are processing an unprecedented number of loan
modifications, short sales, and foreclosures. If you don't take care to
send your short sale package to the correct person and clearly identifY
your documentation, you're sunk.
Depending on the documentation I am sending, I reference the package
as a "Short Sale Request and Executed Contract" or a "Short Sale
Request and Offer."
III
183
,------ T~
. . 1p------,
You'll find more than 250 unique contacts for lenders
and their loss mitigation departments on your 7 Days to
Success with Short Sales Toolkit CD! More than 40 of
the top lenders are included in this instant database!
If the lendet you need is not on your 7 Dqys to Success with Short Sales
Toolkit CD, you may obtain the telephone and fax numbers of the
lender's loss mitigation department by calling the lender's customer
service number and requesting them. To find the lender's customer
service number, refer to the seller's mortgage statement or search for the
lender online.
It is certainly frustrating that facsimile (fax) is still the lender's preferred
method for receiving these lengthy packages. Digital upload would make
more sense, but that's not the standard at the present!
Fax Do's
1.
Do include a coversheet
2.
3.
184
Fax Don'ts
1.
2.
3.
Notes
192
Setup
.
.
II
..
File is approved
Note: As you are learning the techniques in this chapter, t=ember that
if your client has two mortgage loans that are both found short, you will
need to follow the same set of activities for both lenders.
Relentless FoUow-Up
Throughout this chapter, we will remind you of the importance of
follow-up and the importance of a call schedule. Timeblocking is critical.
..
Wait 4 to 7 days-After you fax the package documentation to the lender's loss mitigation department, wait 4 to 7
days for them to receive the package and upload it (scan it
in) to their system.
Call 2 times per week-Once you have given them this
193
,...------Tlp-----.
You'll find more than 250 unique contacts for lenders
and their loss mitigation departments on your 7 Days to
Success with Short Sales Toolkit CD! More than 40 of
the top lenders are included in this instant database!
Notes
194
The Setup
Lender Receives and Sets Up File
The first step in the loss mitigation process is for the lender to receive
the faxed file and begin to set it up for processing. This is a preparation
step and is typically handled by a very small group of administrative representatives in the lender's loss mitigation department. Even in the
largest banks, Loss Mitigation will be a small department, and within it,
an even smaller group will handle the file setup process-possibly 2 to 6
people. For example, I recall that when I was working short sales back in
2005, Wells Fargo had just one lady responsible for setting up all short
sale files-that is, all short sale files for all of Wells Fargo! Ca:n you
imaz,oine? She was the gatekeeper, and I got to know her very well!
The shift in the housing market has likely made many of the larger banks
inc~ease their staff in these departments, but it is still a very specLalized
activity for banks. Just remember that when you submit your Shollt s.ale
package, you will be sending it to a very small number of people...An~
over time, they will start recognizing YOUR package, and you will sw.:
devceloping a relationship with these key individuals.
As we mentioned on Day 5, most banks require that you fax all documentation to their office, but a few banks will receive short sale p,;:kages by mail. Many, many banks are moving to an electronic fax '(ef,",,)
system that will allow them to receive your faxed documents ms PDF
files attached to an email. This most surely is a times aver on their end.
Regardless of the technology used, it will typically take the setup agent
up to 7 days to enter the documents into their system and prepare the
short sale file for processing.
This setup agent's job is to perform a compliance check on your package
to determine if it meets the lender's basic format and criteria.
195
196
-who is typically avoiding all mail from their lender. (That could have
cost us quite a bit of time in the process!)
To the setup agent, an incomplete file indicates a waste of time, and they
will move on to other assignments. If you don't call their office for a
month, let's say, they will let the file die. It is essential for you to
proactively investigate the status of your file.
197
198
.------Tiip-------,
Above all else, you need to remain patient with the
bank. Be nice, courteous, and respectful. You will
gain nothing by being rude, abrasive, or
discourteous.
199
Name
Email addres s
If a loss mitigator (or "negotiator," as they axe sometimes called) has not
yet been assigned, be patient and make certain you have asked yow:
other four questions. Tell the setup agent that you understand that the
file has not yet been assigned, and that you will call again to inquire
about the status of the file. At some point, the setup agent may know
which loss mitigator is likely to receive yow: assignment. Try to get this
name if possible.
200
-cZ
~"Y'
,)
201
Script!
202
203
right now."
Knolly: "Okay, great. Do you happen to know
which negotiator it will be assigned to? I've
recently worked with Charles Wells and Sandy
Newton on files."
LM Dept: "No, I don't know who will be getting
this one."
week."
Knolly: "Great. So, I need to call back on October
5th. Now, will it be assigned to a negotiator by
then?"
LM Dept: "Well, I really don't know for sure."
204
205
I!0
(SCriP
....
206
207
208
Script!
209
r-------Tlp---..
Sometimes you will be working more than one
unassigned file with the same lender. In this case,
when you call the loss mitigation department, you
can ask about multiple files while you are on the call.
This will cut down the overall time you are
spending on hold!
210
You are
her~!
Moving to a loss mitigator means the setup team has performed their
preliminary review, and your file seems acceptable or "do-able." They
reviewed for blatant disqualifications, and your file passed the test.
211
212
Package Review
Now, it is time for the assigned loss mitigator to perform their review of
the short sale file. They will review the package details to determine
whether the package is "approvable" prior to ordering an appraisal or
BPO. Here is how the loss mitigator reviews the file:
..
..
..
213
Fully Executed Purchase Contract on the PropertyThe loss mitigator will review the purchase contract and
notate any changes to the contract that they may require. If
an unexecuted offer has been submitted, the lender may, at
this time, require that the offer be executed before they
move forward. If they move forward with the unexecuted
offer, they will require an executed contract prior to issuing
an approval on the file.
214
Seller's Credit Report-The loss mitigator will occasionally order a copy of the seller's credit report. They will use
the information on this report to detertnine if the seller is
telling the truth about their situation. If they can see that
the seller is up-to-date with all of their payments except the
house, they may determine that the seller is simply trying
to sell their home and get the bank to pick up the tab for
the deficit. On the other hand, the seller's credit report will
typically present a telling tale of woe. Many accounts will
be in artears and the lender will be able to see that the
seller is truly in trouble.
Once the loss mitigator has completely reviewed the seller's file and
cross-checked the various documents against each other, they will
determine if they believe the hardship story that is being told. 1 they
don't quite believe the story, they may decide to do some further
investigation. This can lead them to attempt to contact you for some
additional information or they may try rocontact your client directly.
Be aware of one particular strategy used by some loss mitigators. On
occasion, a loss mitigator might contact your seller client directly to
obtain more information, verify information, ask questions, or discuss
the possibility of a loan modification as an option.
I do not recommend that your seller (the homeowner) correspond
directly with the lender at all. Here's why. Inadvertently, your client
could rWsstate some information or give an inaccurate impression of the
situation and put the short sale proposal at risk.
For example, I once had a client who received a call from their lender's
loss mitigation department. They inquired about my client's situation,
and they asked if he was currently living in the property. (Mind you, I
had already told them that my client was indeed living in the property.)
My client answered, "No." Because the loan was an FHA loan, this
information immediately disqualified the seller from the short sale
program. When I asked my client why the short sale suddenly went from
"Approved" to "Declined," he told me about the call he had received. I
215
asked Illm, "Why did you tell them you had moved out?" He said, "Well,
I'm working in Houston every week." I asked Illm, "But where are all of
your things? Where do you still receive mail? Where do you live when
you come back to Austin at the end of each week?" He answered, "In
my house." "So, Carl," I said, ''You're commuting to work. You haven't
moved out of your home. There's a big difference."
The sad conclusion to this client's story? He had ruined the short sale
proposal, so he had to sell his home in a traditional sale and bring $8,000
to the closing table. This was a terrible lesson learned.
I recommend that my clients use the following script (or something like
it) when they receive a call from their lender:
I!0
(SCriP
"I am.ment~ll~ and emotiona~ly incapab.le of .
~..., .. , handhng thlS nght now. I am m a place m my llfe
.
Another solution would be to host a three-way call with the seller client
and the lender. Once the call starts, I announce, "The seller has hired me
to represent them." And I will jump in and rephrase questions if I
believe my client may be confused or misled by the lender's questions.
Ofrentimes when the loss mitigator contacts the client directly, they will
ask the seller what their hardship is, and they will ask the seller to verify
their income and expenses. Why would the loss mitigator ask the seller
these questions when they already have the answers? The loss mitigator
may be digging for any information that they can use to decline the file
or they simply may want to verify that the seller is telling the truth.
The seller should always stick to the hardship letter and the financial
statement. If the seller ever speaks directly to the loss mitigator, they
simply should recite the information right off of the hardship letter and
the financial statement. The seller should not elaborate and delve too
216
deeply into a conversation with the lender without having you on the
call with them.
As previously stated, the lender may try to entice your client to do a loan
modification. You should have already covered this (Day 2) with your
client. So, if the issue of a loan modification comes up, your client
simply needs to reiterate what is on the hardship letter-no more and
no less. They simply need to tell the lender that they have "no alternative
but to seek a short sale."
II
III
You are going to need to befriend the loss mitigator. Approach them
with the right mindset and start building a relationship. The worst thing
that you can do is make them feel that you do not respect how hard they
.are working on your file and other files at the same time. These are
people with feelings. You want them to know you care and you respect
the work they are doing.
217
So, you should know that going into it, many loss mitigators are going to
be reserved, defensive, or even adversarial towards you. If your opening
line is, "Have you even looked at my file?" the loss mitigator is going to
immediately put on their fighting gloves. Now you have upset them, and
guess whose file is going to the bottom of the stack!
In addition to dealing with hostile short sale agents, loss mitigators often
have to deal with inexperienced and uninformed agents. I have had
some mitigators share with me that they feel like they are constantly
educating agents. It takes time and energy to explain the steps of the
process over and over again to new and untrained agents. This is one
reason why many loss mitigators don't answer their phones!
On the 7 Dqys to Success with Short Sales Toolkit CD, we have provided
you with a list of numerous bank contacts. As you begin processing
short sales, you will add the contact information of your favorite loss
218
mitigators to this list. As time goes by, you will learn that you can
sometimes go through the "side door" when you have a new short sale
file.
For example, you can easily contact a loss mitigator you recently worked
with on a file and ask if you can fax the complete package directly to
them and have them walk it over to the setup team. This can be very
helpful when you have a short timeline and the foreclosure sale date is in
the near future. This side-door strategy is particularly effective at smaller
banks, but my team and I have even used this approach at the largest
ones. By the same token, if a file is taking too long to get through the
setup process, I sometimes contact a loss mitigator or supervisor I've
worked with in the past and have them look into the situation.
As you are building rapport with the loss mitigator, you want them to
understand that you-with your knowledge and expetience--are going
to make their life much, much easier. Your goal is to let them know that
you are different and that working with you will be a smooth and easy
process. You want the loss mitigator to enjoy working your file and to
work it as quickly and efficiently as possible. Building that relationship is
key. In fact, just this one technique can save you wee'ks in the process!
And, the more time you can save, the more money YOllcan maketaking more listings and closing more deals.
219
220
221
222
223
An praisal or BPO
Is Ordered
In the next step in the process, the lender orders an appraisal or a
Broker's Price Opinion (BPO) of the property to inform them of the
property's current market value. This is the beginning of the lender's due
diligence phase. The lender will use their own appraisal/BPO report to
establish what the home is worth, so they can decide if the offer
submitted is acceptable.
Follow Up
Relentlessly
Gather Info
for the Package
List& Market
the Property
.
Order AppraIsal
Negotiate &
Counter
Youare
here!
224
Some lenders will order a BPO and others will order an appraisal. As a
rule of thumb, when lenders are processing a conventional loan, they
will typically order a BPO, and when they are processing an FHA or VA
loan, they are required to order a full appraisal. A BPO is more akin to a
comparative market analysis (CMA), although it's a bit more expanded.
A BPO will typically be 1 to 4 pages in length (including photos, etc.),
while an appraisal can be 20 or more pages. The purpose of both
documents is to arrive at a market value of the property.
r----------,d6-----------,1I
'CJ
.~
Ii
'\
;,1'
'\.
225
12.6
The first page of the oontract, which shows the sale price
III
127
them or tamper with the process. I want to stay close enough, however,
to assist and to facilitate the process whenever possible.
228
Notes
129
Decline
2.
3.
1. Decline
Let's first talk about Decline as an outcome, since this is the least likely
scenario you will experience. A straight "decline" is rare. Typically, the
file will be tossed back to you with a counteroffer.
Unacceptable Price
The lender may decline the short sale contract due to an unacceptable
price. About 15% of the time, the lender will simply decline the deal and
not present a counteroffer. Furthermore, they may not even let you
know how the BPO came in-that is, they won't let you know what
230
231
232
1:SI1.QIIYWiIJi~m!!
USTNGSP"","J
"Consider it SOL~.;3
Office: (512,,) 206-0Q60 Fax: (512) 5~.062~
www.Knoll... comknollu6)knollu.com
Tu:
Attn.:JU.sthi M)'19 r$
Fax;: 666-675-8471
RE:
Address:
Dear Jl,lstin.
'neen ma~ketil'l,g ,Has propem for 'Some timewitb '(j list .pric.e: of $134,000. ~he present crffer ls the BEST
oJ;te we l:ial'B received.. Your m~ssag-e me!1licned that I'he bank would ~kB n-o ~es$ than $140;000,
UnfortI.ll'l3t,etY,1he appraisal'came in too HIGH
J hal/e
am oertain that the agent who dicllhe 8Pa ;knuws his business weI!, -and it is not my lntemtion to cMlerl,gB
him. I :feel, :hOlll<ever, that 'Something mtlSt'have ibe.en ove!'lookedl.
.j
As 'Or.le of the top 10 RlEALTORS fuAugtln .(oot of almost 9;500 agents). Ili81 and se~-ne.,.r~ 1m homes per
rear. Pait M mil abrrt:y to sell these- Iwme.s, $ my salel's wiUingness to pricr; their homes >fflihin what the
maJ'ketwi~ 'be;ar.
Please. see 'nIy Market Analysis attachC!'tL
F otmalletter of dispute
Keep in mind that the lender may counter even though they will accept
less. This is old fashioned negotiating. If the buyer counters the lender's
counter, take the new amount back to the lender. You may have to go
back and forth until an agreement is reached.
.-
233
Note that if the lender counters with an amount that the buyer is still
not willing or able to pay, and you can't get either side to budge, don't
despair! You still have an approved short sale. Put the property back on
the market, find an agreeable buyer, and get it closed!
At times, your seller may not understand that the promissory note is the
best option they have and the only way that the short sale will go
through. Signing a promissory for a percentage of the lien amount (paid
234
over time) is certainly better rban facing foreclosure, wbich will result in
long term damage to rbeir credit and may result in a judgment against
rbem for rbe resulting deficiency balance. Your client should keep in
mind rbat even if rbey agree to a 10% promissory note, for example,
rbey will still be forgiven 90% of rbe note through rbe short sale
settlement! That's really good. In cases where rbe lender requires a
promissory note, rbe seller will not be able to sell rbe property wirbout
it. It is imperative that rbe lender remove rbeir lien from rbe home in
order for rbe seller to sell.
235
(SCriP~) Knolly: "Hi, Jo~n, I've got some really good news
,,~~
...
.-
236
137
This Promissory Note is made on September 10, 2008. For Value received,
and intending to be legally bound, the undersigned individual(s) (the
"Obligor(s)") promise(s) to pay to the Litton Loan Servicing LP, its
successors and/or assigns (the "Obligee"), the principal sum of (U.S.
$2656.80), Two thousand six hundred fifty six and eighty cents, plus interest
at an annual rate of the lesser of 00.0 % or the highest rate permitted by
law, payable in equal monthly installments of (U.S. $22.14). The first
installment is due upon signing of this note, and subsequent payments
are due on the first day of each month, commencing on December 1,
2009, and continuing until the principal sum outstanding and any late
charges or other amounts due and owing under this Note are paid in full.
Obligor will make monthly installments payable to Dyck-O'Neal, Inc. and
deliver them to: Dyck O'Neal, Inc. , P. O. Box 13370, Arlington, Texas
76094 or to such other servicer or such other address as Aron Valderama
may hereafter designate in writing to Litton Lon Servicing (Dyck O'Neal,
Inc.).
Obligor may prepay the unpaid indebtedness hereof at any time in whole or
in part without prepayment charge or premium. Obligee will apply partial
prepayments to the principal; partial prepayments will not affect the amount
or due date of monthly installments, except that the final payment date will
occur earlier and the final installment may be smaller than scheduled.
Failure of the Obligor to pay any installment on or before the first day of the
month in which it is due, Obligor agrees to pay a late fee on such installment
in the amount often percent (10%) of the regular payment, to the extent not
prohibited by applicable law. Installment payments will be applied first to the
longest outstanding installment.
In the event the Obligor fails to make payment of any installment due
hereunder by the thirtieth day of any month, the entire unpaid balance of this
note plus any unpaid late fees and other sums due hereunder shall at the
option of the obligee become due and payable immediately. The Obligee
may exercise this option to accelerate regardless of any prior forbearance,
and shall not by any act of omission or commission be deemed to have
waived any of its rights or remedies hereunder unless such waiver be in
writing and signed by Obligee.
238
The Obligor consents to the Obligee commencing action on this Note at any
time after acceleration in the State of Texas, and the Obligor expressly
agrees to be bound by the jurisdiction of the appropriate court in the State.
In the event the Obligee takes action to collect any sums owing hereunder,
the Obligee may also recover from the Obligor all costs of such action,
including costs of suit and other expenses in connection therewith, including
a reasonable attorney fee for collection, to the extent not prohibited by
applicable law.
The Obligor hereby waives presentment for payment, protest, demand and
notice of nonpayment and agrees that, without affecting ObUgor's liability,
the ObUgee may, without notice, renew or extend the time for payment, or
accept partiail payments.
I
This Note shall be the joint and several obl,igations of all makers, sureties,
guarantors and 'endorsers and shaU be biinding on them and ti1eir
successors and assigns.
Any notice to Obligor sihall be given by maUing such notice by certified mail
addressed to Obligor at the address staled bellow or to sudm other address
as Obligor may designate by written no~ice 10 the address 10 which
payments are made. Obligor shC1lilgive such notice within 30 days of any
change of address.
"'1
the even! anyone or more of the provis,ions conlainedin th,is Note shaH
for any reason be held invalid, illegal or unenforoeable in any respect, such
invalidity, iillegallity orunenforceability shal'l be conslrued as if such ,invalid,
mega! or unenfOfceable provision{s) had never been contained herein.
This Note and thecibligations of the undersigned shaU be governed by the
laws oHme State.
Obligor:
John Ramsey
(Signature)
239
240
241
Also remember that even if the foreclosure date has been postponed, it
has not been stopped. In other words, the date is still on for some time
in the future. Make sure you know the date and set a reminder on your
calendat to readdress the issue as the date approaches.
242
price, the minimum net proceeds payable to the lender, and the terms of
the short sale agreement.
Most banks will forgive all or a large portion remaining balance on the
mortgage loan. Others will require that the homeowner remain liable for
the amount forgiven, and some will even want a promissory note for a
portion of the debt forgiven, as we have discussed.
First Franklin
P.o. Box
PittSburgh~
RB: 'Loan
Loan Se-~-ices
~g3S
FA
lS230-~8~S
No~
Property Address
Dear Loan CUstomer ~
Sal.e Ptic'e:
$400,000.00-
2.
$3'S;~70.35
3.
4~
5.
6.
7~
S.
DO
or
before~
:00
O~/l'5/2009
OljlGj:<!OOS
more than
5%
Please see the second page for materials that ~~st be,provided after
closing along with mailing and wiring information"
243
1.
2.
final HOD-l.
-:t;>e provid.ed..
*
*
applicable,
Loan Services
ATTN: LOSS Mitigation, 24-220
150 Allegheny Center Mall
PittsbuxSh, PA 15212 O~ FAX TO:
J:f wiring pay-off funds, please
Bank:
ABA:
Acct:
WIRING INSTRUCTIONS
724-49S-0qS3
Bar.k of America
026009593
Home ,Loan, Services, !nco
Mortgag~..~:"
.
LoanN~~r:~
:fff"t7Ji
I /~:"'::.rv" ~.-......ihci
I I
Loss Mitigation
244
245
"
7
How much you can list the property for. This amount is
the amount of the appraisal.
Your deadline to obtain a signed contract. You will
have 120 day (4 months) to obtain an acceptable contract.
The minimum net proceeds HUD requires. The
minimum net proceeds are 88%. For example, if a home is
sold for $100,000, the minimum net proceeds will need to
be $88,000, after all seller closing costs are paid (i.e., real
estate agent commissions, property taxes, escrow and tide
company fees). Mter the property has been on the market
for 30 days, the minimum net proceeds acceptable is 86%.
After the property has been on the market for 60 days, the
minimum net proceeds acceptable is 84%.
By studying the HUD Mortgagee Letter 2008-43 and applying what you
have learned in 7 Derys to Success with Short Safes, you should be able to get
approval for all of your FHA short sale clients.
246
Notes
247
248
~--------~--------~I
:~
249
Remember, the quicker you get your files approved, the more clients you
will help, and the more money you will make.
that you will really wonder what hit you. For example, they
may place your file on hold for missing initials on a page.
This causes some agents to push back too hard, which digs
them even further in the hole with the loss mitigator.
250
Notes
256
Welcome to Day 7
Welcome to the last day of our 7 Days to Success with Short Sales! We've
covered quite a bit of ground, from first qualifying a prospect, to
gathering the short sale package, to listing the property and taking offers,
to submitting the package and working it through to approval!
You are
here'!
In Day 7, we will cover the last remaining techniques and tips to help
you reap the fruits of your labor. Let's close the short sale and get paid!
257
258
Once we have a short sale file approved, we basically allow the escrow
company to take over. The escrow company contacts the loss mitigator
and gets them anything they need (usually updated HUD-ls and
contract amendments) in order to close the deal.
~--------~--------~I
~!ij
"OlAe hVvl-e, I hCII;:! 0 Short soLe ClgelAt OIAe! fYielAe! wLL VVle
OIA the e-LosLlAg e!CltJ foy olAe of hLs LLstLlAgs. He WClS veytJ
e!LstrtAught. He hoe!justrwLtzee! tVitAt tneLr wptJ of the
LeIAe!ey's ApcpYOVClL LetterhClDi IAOt buVv ucpe!Cltee! wLtn tne
fLV\-lL, 0ffLe-LClLe-LosLVv6 oIC1te. Tne htle C-DVVljJCllAlj'S htAlAe!s ')
, were t"L-ee! bee-Cluse thetJ e-ouLe! Vvot Cle-t wLth out 0 IA CiCCHyClte '~
e!OCUVI>ttlAt. AlAcI VVltJ f",LelAe! hOld beelA tvtJLVv6 to yetAcVl tne .~
Loss VVlLtLgtAtor tALL c{Ci,'-1-wLth M LucR..!~
I
~1~
'fJE
:~
,,~~
.~
~
!~i
I ~<~
Necessary Documentation
Final HUO-1 Settlement Statement
Oftentimes, after a file is approved, there are things about the HUD-l
that change. Remember that the lender has been working from an
estimated HUD-l Settlement Statement. The final HUD-l may be
slightly different from the one the short sale lender approved.
Whenever there are changes that will delay the closing date or reduce the
net proceeds to the lender, you will need to get a revised approval letter
from the lender in order to close the transaction.
,\
259
The following are the three most common items that change on a
HUD-1 after the file has been approved:
1.
2.
3.
Let's take a look at these and see how they can be avoided.
260
:111
261
If the net proceeds end up being less than the amount required on the
Sales Contract Review form, then you will need to trace down the
discrepancy. As we've already discussed, the culprit for the discrepancy
is probably additional property taxes, HOA dues, and so forth.
The loss mitigator should issue you a revised Sales Contract Review
based on the new HUD-l, as long as the minimum net proceeds are at
least 84-88% (see Day 6) and the additional fees are acceptable seller
closing costs. You will need to submit the revised HUD-l along with a
letter requesting a revised approval.
262
Email
From: Knolly@knolly.com
To: Charles Smith@BankofAmericaemail.com
Subject: Request for Revised Approval Letter-Loan # 11287035
Charles.
$457.65.
11'1 order to ctose this transaction, I will need a revised App:roval Letter
with net proceeds to 'Bank of America of $163, 188.35 and a closing
date of September 24.
Thanks so much for your assistance on thiis file, Chaties. Can you please
fax over an updated approval leiter so that we can close Ihis transaction?
Please do nol hesitate to conlact me or the escrow officer if you have any
questions.
I
Knolly Williams
Short Sale Listing Specialist
Fax #: 800-555-2345
263
Closing Day
I highly recommend that you host a private closing-that is, the seller
and the buyer will close separately. My primary reasoning for this is to
protect the feelings of my client, the seller. In a short sale situation, the
sellers are typically not happy about the sale of their home. At this point
in their lives, they are experiencing some life change and hardship that
has necessitated this sale. They usually do not even want to know the
details of the settlement. They are relieved to be at the end of this
process, but they are far from happy about the overall situation. On the
other hand, this is a special day for the new homebuyers. They are
delighted to have purchased the home at a good price and are excited to
take possession of the home today. Two very different sets of emotions.
Closing the transaction with the buyer and seller in the same room can
only be described as extremely awkward and embarrassing for everyone.
Years ago when I used to close both parties together, 1'd have the seller
on the verge of crying, while the buyer was telling everyone what he
planned to do with the kitchen and cheerfully asking about where the
seller was moving, and so forth. Back then, I made a decision to never
close the buyer and seller together.
264
that has helped me immensely. I have my clients do what I call a preclose. I explain to them that for their privacy and convenience, I won't
be attending the closing.
(~CriP:!0
265
266
escrow officer will present the envelope to yow: client at closing. This
will more than make up for yow: absence!
Script!
As you can see, with the right technique and scripts, you can provide
yow: client with a private dosing and still give them a wonderful
experience even when you are not present!
You can provide the title company the gift cards and personal note well
in advance of closing. They can hold the envelope in the file.
267
Closing Costs
Seller Closing Costs
The lien holder who is short will typically agree to pay customary seller
closing costs. This includes the real estate commission, property taxes,
title policy, and escrow/closing fees.
They often will not pay for other items such as surveys, home
warranty/residential service contracts, homeowner's association (BOA)
dues, buyer'S closing costs, home repairs, or agent transaction fees.
Property Taxes
If your client owes outstanding property taxes for the current year (or a
previous year), the lender will typically agree to pay them as part of the
seller's closing costs.
268
Notes
269
Notes
284
,,,ill
285
2.
3.
4.
5.
6.
7.
8.
9.
286
~~;;"
'E'f;"E>
512.732.3808
~.
knolly@knolly.com
KNik!:!
287
288
THE
.~~f~~mQprJ(g;
KN~LbY
Earn an EASY
25% Refe.. l"r.al Fee!
.
'.,
if you have a cHent that owes more than their home is worth, we can negotiate with:their lender to
accept 1ess than the :fW] balance .due... And forgive the difference! Just get us y-o-1:lr .client's.name and
'liIjumber. and well dG .all the rest!
W.e have s1Wcessfufly negotiated hundreds of sbmt sales -itb 'WashID,gt\m Mutual, Chase,. Wells
Fargo, Countrywide, Citi. Mortgage, EMC and many morel.If you ihave a client fu.1t owes more tban
Let my team do an the ~'ork, 'while yon sit back anti collect "an easy 25% Referral 'F~e.
Call Morris Thomp.I>n, The Knolly Team Short Sale Specialist at (512) 294-2143
or .email monis@knoUy.com
289
similar to the email or print ad you have and mail it to all of the agents in
yOUl: local board or target area.
You can contact your local board for a list of board member and mailing
addresses. If you are unable to obtain a list from your local board, you
can rent or pUl:chase an address list from one of several online vendors.
Search online for "real estate agent list," and you'll find several companies that offer such lists.
10 lieu of postcards, you can also send a letter that includes yoUl:
business card and any other marketing piece inside the envelope.
It's also a great idea to maintain a database of agents you have worked
with. As you are referred short sales, keep a database of referring agents
that you can market to on a regular basis. You can easily get an
additional 50 listings per year by simply having a database of 10 busy
listing agents who refer you 5 clients per year. If you maintain a high
success rate, agents will be eager to refer their short sales to you again
and again.
290
FACING FORECLOSURE? .
NEED TO S:ElL NOW?
FACING AN ECONOMIC HARDSHIP?
BEHI,ND ON YOUR PAYMENTS?
.<CALL KNOLLY!.
5.12.206.0060
Sample Yard Sign
c~\Knolly
291
Williams bQ
060
Sample Ad for Yellow Pages
292
tells her friend, "I think I know someone who can help! I've been seeing
her ad in the Penny Saver. Hold on, I'll go get it."
their effect may become diluted by all of the other marketing (e.g., other
billboards and store signage). In larger markets, billboards may also be
cost prohibitive.
There are so = y homeovmers facing foreclosure today that reaching
them in a big way may make a lot of sense for you.
293
294
more than their home is worth. Bankruptcy attorneys can refer these
clients to you.
Hi thefe, Knol'ly.
Quiok question ... 1 was
cu~iousif you
295
1.
2.
3.
If you make the calls yourself, it's best to rimeblock at least a few hours
each morning and an hour in the evening to make these calls. If you hire
296
someone to make the calls for you, make sure they are GOOD on the
phone.
There are also auto-dial services where you can pre-record a message
and have it "blast" out to a bunch of phone numbers. This is a real timesaver, but obviously not as personal. When calling expireds, I used an
auto-dialer service that could call approximately 250 expireds in a few
minutes time. I told the system to leave my pre-recorded, 30-second
message only for individuals who did not pick up the phone and to
disconnect the call if a "live" person answered. Yes, the systems they
have now can detect if the phone is picked up by a live person or an
answering machine. Next, I pulled the list of the "live" answers and
caiIled them directly, since I knew for sure they were homdWhat a
timesaver! This appmach is very effective.
"
"My name is
with The Knolly Team
witjh Keller WiUiams Realty."
"We've gotten severa! calls from potentiall buyers
aoout a home we just SOLD in your subdivision at
,--_-::-_ _ _..,..-. ;1' alike to let these buyers
know about your home on _ _ _ _ _ _ _ _ '
Are you still interested in selling?"
297
298
297
298
(~criP(!0
"You know,
, based on what I'm seeing in
your subdivision, if you really don't need to sell
right now, you shouldn't. You should wait. The
problem is there are many who really do have to
sell, and those are the ones who should be selling
in today's market."
www.KnoDy.com*knolly@knoUy.c:om
PleueDeUver To:
Judy Mitchell
1934 Dapple Lo
Austin, TX 78746
J am convinced that, with my approach, your home will sell. With a Shnrt Sale YOll can basically Jist
your home for FREE. since mv fee is paid by the lender - all while protecting vour credit rating! If you
still have an interest in seJling this property, and have not re~listed with another real estate agent, tben fill out
the short sale application below and can me TODAY at 512~9{)6-2882, email knonv@knolTy.com or fax it
299
300
301
You should have a website (or a section of your current site) dedicated
exclusively to your short sale business. This site should educate clients
on what a short sale is and how they can benefit from your services. For
ideas, check out my consumer website at www.ShortSaleSite.com.
Additionally, you will want to have an online contact form (lead generator) for sellers to fill in their information and send it to you
electronically.
Effective online marketing also includes blo&,oing, Craigslist ads, online
articles, and various forms of search engine optimization (SEO). This all
helps establish you as the area expert.
302
These days, many real estate agents are afraid to knock on doors. This
isn't cold calling; it's cold knocking! And yes, it is scary. But let's say you
just sold a home in the area. You could proudly knock on doors with the
following script:
~------~------~
"olsatJ. ThLs ~s a yeaLLtJ gODcl Ollle, tJ'aW I LLlse Lt bewv~se
Lt's YeCI'L'LtJ aIII OYLgLIIlJ1L ovce that wViIle to Ville fYOVill Olll
hLgh! No IsLclclLlIlg!n
You already know that other real estate agents are a great source for
short sale leads, right? Why not contact agents who have old inventory
that you have identified as overpriced?
303
1.
Let's say you just sold and closed a home via short sale.
2.
Now, look up all the other homes that are currently for
sale (active listings) in the same area and print out the list.
3.
IdentifY the ones that have been on the market for a while
(longer than normal). Then call the listing agent and let
them know you just sold a home in their area via short sale
and, if their client qualifies, you can help them sell their
client's home too.
Referting the listing to you could be a smart thing for the current listing
agent. The listing may be close to expiring and the seller may be ready to
try a different approach. Rather than lose the listing, agents who are not
savvy at short selling could still earn a nice referral fee for handing the
listing over to you.
Sample Script
Short Sale Agent: "Hey, Jim, this is Karen with
the Tallhouse Team. I'm calling about your listing
at 438 Springhill. I noticed it's been on the market
for over 120 days. I just sold one at 418 Springhill.
Based on my client's situation, we had to sell that
one as a short sale. Has you seller considered
doing a short sale?"
Other Agent: "You know, Karen, I'm not sure.
They do owe quite a bit on it, and we've already
priced it at break even."
Short Sale Agent: "Well, Jim, if your sellers would
be willing to consider this option, I can see if they
qualify. I'd be happy to do the short sale, and we
could partner up or you could refer me the listing
and I will handle everything."
304
305
The more you educate others, the more you are seen as the authority in
your market.
306
Teaching short sale classes is a very good way to establish yourself as the
market expert and will typically produce lots of leads for your short sale
practice.
307
You can partner with some of these companies, making them aware of
your short sale services. In fact, you can consider that you are both in
the same line of work-hdping folks in difficult financial situations.
While the debt consolidation company is busy negotiating a settlement
on the homeowner's debts, you can be negotiating the settlement on
their home via a short sale.
Notes
308
If you fiod that you don't have the time or the patience to process your
short sales on your own, you can easiJ.y partner with a short sale
Pl'ocessor. Here's how it works..
Shott sale processors typic2'lly charge either a fiat fee of $7S() to $l,S()O
per transaction or a percentage (30% to 50%) of the listing agent's
commission. This nee is payable when the transaction closes. In addition
to their fee payabilie at dosing, some short sale processors also cbarge the
seller ~ non-refundable fee of $350 to$50Cl payable up front.
Screening Your
Pro~ectiye
Processor
The most important thing to look for when biting one of these tbirdparty comp~nies is not their fees, but their experience and conversion
rate. Here are some questions to ask a company you may be considering
hiring:
II
II
309
Once the file is approved, you will have to decide who will do the final
contract-to-close work. Some processors will do this work for an
additional fee. In this case, the file will remain with the processor until
closing.
As a rule of thumb, I don't recommend that you hire a processor until
you are getting a steady stream of at least 5 or more short sales listings
per month. Once you are getting over 10 listings per month, you will
want to consider hiring a processor as part of your team (See Bonus
section 3).
310
..
311
312
Pre-qualify the short sale prospect. Conduct initial interview with prospect and complete short sale questionnaire
to assess eligibility for short sale
III
III
III
III
.111
111
,III
l1li
Take photos
l1li
Put up sign
III
Put up lockbox
l1li
II
II
II
'II
III
III
III
III
III
313
314
l1li
l1li
l1li
l1li
l1li
l1li
l1li
III
III
III
III
315
Notes
316
'II
You want to focus all of your energles on dollarproductive activities (lead generating and marketing) and
[et others do the rest.
;111
III
As you would expect, finding the right person to take over your short
sale operation may not be easy. You need someone who can uphold
your high standards and move your operation forward.
Your compensation for this person can be a set monthly lncome,
monthly income plus a bonus per closing, or just a percentage of each
transaction.
317
As far as job duties are concerned, your listing agent may do any of the
job duties that the listing manager does (see Bonus section 3), or they
can simply oversee the entire team, filling in where needed.
Ideally, you will f11ld someone who is already on your team and can be
promoted to this position. Otherwise, I highly recommend that you find
someone who has a thorough understanding of short sales-perhaps
someone who is already a short sale listing agent in your market.
Notes
318
Sample Script
Buyer: "Hi, this is Jehn.I'm calling abeut yeur
hO'use O'n .Map'le Run ... Is it still available?"
Buyer Agent: "Hi, JO'hn, thanks fO'r caUing! That's
a great home-and it is still available. You iknO'w,
Jehn, based O'n the fact that you catlled me abO'ut
this heme, it loO'ks to me like you want to' get a
gO'O'd deal. NO't enly dO' we have that O'ne, but
because we work with So' many pre-foreclosures,
we are getting new deals in every week. Also, we
have several that haven't hit the market yet. Let
me email you some informatiO'n about those."
Since you are providing the leads, a typical split with a buyer'S agent is
50/50 or 40/60 (that is, 40% to you, 60% to buyer's agent). Tfyou have
a good listing inventory (12 or more listings) and you do not have a
buyer'S agent on your team, you are foregoing a good amount of
potential income.
319
Office Furniture
I suggest you purchase office furniture from a used office furniture
dealer. Look for these dealers in the yellow pages. Please don't buy new
furniture--except maybe for your chair. New, top-quality office
furniture is expensive and not necessary for your short sale office. Some
people look to express themselves through their office furniture. Don't.
Get something that works, looks decent, and is affordable. If you do
purchase new, look for discount items and assemble them yourself.
That's half the fun!
A Decent Desk
Don't get just any desk, and certainly don't buy one because it looks
impressive. First and foremost, the desk you choose should be practical.
I once purchased a glass desk for my office manager. The desk looked
great, but there was nowhere to store files and paperwork! Make sure the
desk you purchase has a drawer for storing pens, pencils, paper clips,
and so forth. Make sure that the desk has several additional drawers and
preferably a built-in file drawer for handy access to the files you use
daily.
Make sure your desk has enough space for your computer, as well as an
adequate work surface. A desk that is at least 5 feet wide should work
well.
320
A Good Chair
A good chair is essential to working effectively for long periods of time
and will help you prevent long-term back problems. The chair you select
should be comfortable, ergonomically correct, and should offer great
lumbar support.
Personally, I prefer a chair that has arms as opposed to the armless
(task) chair. Make sure that the arms on your chair will slide under the
top of the desk; otherwise you will be bumping them into your desk
quite often. You can sp=d from $300 to $500 for a great chair;
however, try to find one for less than $100 to $200. The right chairs will
give you and your team a comfortable day at the office and could help
prevent chiropractic visits down the road. Besides selecting the right
chair, don't forget to sit up straight and practice good posture when you
are worlring!
TaSk Table
A task tab1e is very important. You v;cilluse this table to setup your short
sale package, mru:keting mailouts, and so forth. Unlike your desk, which
is used for daily work, this table can be used for all kinds of tasks. I
su&,,",,st you purchase a sturdy, 4-foot folding table for these tasks.
FUeCabinet
You will need to keep your files neat and in a systematic order. A
lightweight, metal, two-drawer file cabinet will help you do just that. Use
the file cabinet for active files, not storage. I suggest you archive any files
that have closed over a year ago, and the best practice is to store all files
(preferably in hard copy format) for at least 7 years. You may choose to
purchase a separate filing cabinet for this purpose.
321
Office Equipment
Whether you buy new or used, I suggest you purchase office equipment
from a reputable retailer---one that will allow you to make returns or get
support if something doesn't quite work.
Computer
When it comes to computers, there are many choices out there. And
since technology changes every week, I will keep my suggestions generic.
I suggest you purchase an entry-level computer, which will be the best
value for your money. You don't need any special bells and whistles, just
a good fast, business computer with a good amount of storage space.
AU-in-One Printer/Fax/Scanner
You will be usirg a scanner to create email-able documents to send to
your clients, to the lender, and to other agents. You'll also use the fax
machine quite a bit. Be sure to select a device that supports multi-page
document scanning and faxing.
322
My team uses an all-in-one printer/ fax/ scanner at the office. And each
of my team members has one of these at home too, since they often call
lenders and fax documents after hours.
Telephone
Since you will be spending a great deal of time on the phone, you should
consider investing in a good corded or cordless headset and a
speakerphone. My short sale processor has two phones. She uses one to
call and check status of short sale files and is often on hold for 30
minutes at a time. While she's on hold, she uses the other phone to
Illilke short calls and to receive calls.
You'll also want to ensure that you 2nd your team members can make
long distance calls from yom: office phones.
Good reliable equipment is as important as good systems. Make sure
your equipment is up to date and operating at mmcimum capacity.
Notes
330
331
In the case where a loan has PM!, the bank has an obligation to mitigate
their own losses and those of the PM! company. They will be obligated
to disclose to the PM! company their options and the bottom line. The
PM! company will almost always find it better to do a short sale.
332
Question #3: "Our short sale has been approved but the
buyer stili doesn't have their financing. What do we do?"
"JI am representing the seller on a short sale. The buyer waited until
AFTER the short sale was approved before applying for an FHA loan.
(The person I hired to process my short sale did not do their job in
edUCl<ting the buyer agent, and I was too igoorant to understand that you
do not wait until then to apply for mortgage.) We went under contract in
October and the bank approved the short sale in late December. It is
now March.
The buyer has already missed the first TWO dosing deadlines and
STILL does not have a mortgage in place. At this point, I don't even
have approval for another extension. The person I hired to process the
short sale has asked for a third extension, but the bank has not
responded. With no approval, there seems to be no point in continuing.
I now have another offer for the same price in front of the short sale
processor, but she is reluctant to release the curtent buyer and deposit
monies to start all over. Help!"
333
334
Knolly's Answer #4
See if there is some way you can get a copy of what (if anything) was
submitted to the bank to this point. Most of the time, you will find that
a complete package wasn't submitted because the property likely expired
before an offer was received. If an offer and package were previously
submitted, you really need to see the hardship letter and the financial
sratement. If you can't get a copy of the package, send your Letter of
Authorization to the bank and then begin calling the lender to find out
how far along the shott sale process is, and what else (if anything) the
bank needs. If nothing was submitted to the bank, you can pick up the
listing and work the short sale.
335
336
''1 have bank approval on an offer, after many trials and errors. I started
with an outside negotiator for this short sale, and totally forgot about
the second lien holder, mostly because the seller listed them in his
bankruptcy and they were discharged.
Now at the eleventh hour, -when I am asking them when they will release
the lien, they are sending me guidelines and asking for all the typical
statements and records required by the fu:st lien holder. I fought hard
with the fu:st to get to an approval Must I now submit everything to the
second lien h.older again., and where will the funds typically come from
to offer them? By the way, they want to knock down our commission by
one percent from 6 to 5%. Can they do this?"
Knolly's Answer #7:
When a property has two liens that are both short, you have to submit a
complete short sale package to both lien holders and receive approval
from both of them. It's always best to send the complete package to
both at the beginning.
The second lien holder shouldn't take as long to generate approval as
the fu:st. The first lien holder will be the one offering funds to the
second. But if you didn't include any funds for the second lien holder on
your original HUD-l net sheet submitted, you will have to revise the
HUD-1 net sheet and get another approval from the first lien holder at
this point.
To answer the question about commission, yes, they can cut your
commission. Fight to keep it at 6%.
337
,-
Question #8: "I have an FHA short sale. The buyer has
asked for 3% in closing costs. What should I do?"
"I just received an offer on a short sale listing of mine. The seller has an
FHA mortgage. The buyer asked for 3% in closing costs contribution. I
read the FHA Mortgagee Letter and it states the following:
Change in Allowable Closing Costs - Subject to the stated ratios, HUD allows up
to 1% ofthe buyer's mortgage amountfor closing costs to be included in the "Seller's
Costs" on the HUD-l for all transactions that involve a new FHA -insured
mortgage.
So what happens if the buyer is going conventional? Still a problem?
We are in the middle of the offer right now and I do not want to make
any mistakes and lose this buyer (good offer)."
338
,-
339
,,,-
,-
340
341
342
This letter will sen~ as n.otice that your mO?tgage is still in default. Al/ reasonable
efforts ajJ(JT:dedyou to .C1fre this default haJJe failed. Your loan has been ref=ed to the
following legaljirm to begin foreclosure proceedings ... (name of attorney's in Tampa
Florida) ... If you haJJe aJZ)i questiotlS regarding .foreclosure proceedings on your
mortgage, please contact the .ahove attorney. '
Does this letrer ruve a direct impact on our short sale status with
CitiMortgage? Should we he doing anything in response to rbi, letter?
Any advioe would be appreciated!"
343
344
345
346
347
348
Plan #2: Pay a pmcessor a flat monthly fee, say $1,200 to $1,500
per month PLUS $300 to $500 per file dosed.
Each processor should be able to handle 30 to 40 :files, depending on
their hours. Really efficient prooessorscan handle more. Por more
detailed information on setting up a processing company, refer to the
Bonus Section.
349
or monthly flat fee plus bonus on closed file? If you pay the hourly rate,
how do you have them track their hours? Also do you have them as
independent contractors or employees?"
Question #23: "The second lien holder wants 10%. How can
I get them to negotiate?"
"I have an approved short sale through the first lien holder (Citi) and
they are willing to give the second lien holder (National City) $5,000,
which I was told is the maximum allowed from Freddie Mac. The
350
second came back and they said they wanted a minimum of 10%, which
is $17,000. How can I get them to move from that position?"
Question #24.: "What do you tell the lender when you lose
your buyer?"
"What do you do, in terms of notifying the lender, when the buyer
withclxaws after the package has been submitted to the lender?"
351
The bank doesn't care WHO is buying tbe house, so if tbey simply need
to change tbe buyers name on tbe approval letter-it's no big deal.
This strategy is much better tban having tbe bank continue to close and
re-open files. This will save you weeks, if not montbs, of time.
1S
not
Question #26: "My FHA short seller never filled out the
Application to Participate Form. What should I do?"
"Regarding tbe Application to Participate for FHA loans ... Wbo sends
tbat to tbe seller? Do we as tbe agent or does tbe lender? The reason I
ask ... I have a FHA short sale and my seller never filled out tbat form."
352
The seller cannot be approved for an FHA short sale without this form
in the package. Not including the form with your original package could
hold up your package from even being processed-resulting in weeks of
delay.
353
''1 just want your take on something ... It seems as if all the approval
letters I'm getting nowadays are purposefully not specific regarding
deficiency judgments. I have been successful in the past in negotiating
this into the letters. But for the past couple of months, most of the big
lenders I'm dealing with are refusing to change the verbiage. They are
saying, 'we can't change that. It's been approved by our legal
department.' I'm talking specifically about Countrywide/BofA, Chase,
354
and Citi. None are guaranteeing that they won't go after the clients for
deficiency. Are you finding this to be the case nowadays? Are we finding
a new 'status quo'?"
355
As I stated earlier, banks are being very quiet on tbis issue right now,
and are not pursuing folks currently. But since so many are now
reserving that right, it makes one wonder what their motivation is.
Bear in mind that ultimately the BANK has the power. The reality is that
if the seller does NOT agree to the short sale approval terms and their
home forecloses instead, they will still likely be subject to a deficiency
judgment AND ruin their credit.
Let's say you were to go to your local bank and take out a business loan
for $20,000. After 2 years of paying on time, you fell on hard times. If
you went to your banker and asked him to have his institution forgive
the note, you'd probably be laughed out of his office (or thrown out). If
by some unknown miracle he did agree to forgive the debt, you certainly
couldn't dictate the terms!
In my view, the greatest tbing the bank does in a short sale is release
their lien from the property. Without that lien release, the person could
NOT sell their home. If the bank ever comes back for a deficiency, it
will be an unsecured debt at that time.
Assuming that a person has no other option but to sell their home, my
advice to them is to take what they can get.
356
roof or foundation repairs, it may not be eligible for these governmentfunded loans.
It would depend on the severity of the plumbing repairs needed. FHA
may not grant a loan on a property needing major plumbing repairs.
They will typically require that major issues be fixed prior to closing.
One alternative is to have your buyer apply for an FHA 203(k) loan,
which will allow the borrower to get a loan amount that includes the
cost of repairs and escrows the funds needed toward repairs. For more
information on this option go to www.hud.gov.
357
assigned to a loss mitigator. Otherwise it will confuse the heck out of the
front-end recipient and will end up in the black hole of nothingness.
(That's the place many of our files end up, and we have to fax them over
and over again).
When one lien holder sees that the other has approved the short sale, it
may prompt them to react in kind.
Question #33: "The second lien holder will not talk to us.
What do we do?"
''1 have a short in progress that has Chase as the first lien holder and
Bank of Florida (a local bank) as the second. The second bank will not
negotiate with us. They will only talk to the seller. We have had many
conversations expressing how the seller has selected us and signed an
authorization for us to represent him. Still they will not deal with us.
We then had the seller deal with them, and he had even offered to pay
half of the loan on a promissory note. They will not deal-it is all or
nothing for them! The second lien is a home equity loan that the seller
took out to payoff his first wife in a divorce for her share of the
home-so it is quite large. Now he is remarried and the second lien
358
holder feels his new wife should help him payoff this debt. Any
suggestions? He was served witb a summons last night for tbe balance of
tbat loan. They are playing bard ball."
collections agencies.
When you have seconds that are home equity loans, they are very
difficul.t (or impossible) to deal with. As you know, you need tbe
cooperation of the lender in order to successfully complete a short sale.
If they insist 011. dealing with the homeowner directly, do a three-way ca1!
with you on the phone witbthe seller.
Back in the 80s and! 90s, most banks didn't want to do short sales at all.
They were very reluctant. Thett attitude was "PAY UP or we will
FORECLOSE." It sounds like this hank is stillliviog in tbe past. That's
ashame.
See if you can i:alk to tbe president of tbe bank. The bank will have to be
convinced mat they will lose it all if tbey don't play.
UnfOr1:U!lately, with smaller banks, I have had them foreclose instead of
compromise. Very bull-headed I know, but tbere is notbing you can do
if tbe nut won't crack
359
Can I hdp this guy? He's already made a deal with his first lien holder to
repay, and I have no idea what happened with the second. Now he
wants to see his home and he is upside down. It doesn't sound like I can
help him from what I understand. I would really appreciate your input
on this as I would hate to give him false information either way. Thank
you so much in advance! Take care!"
360
Once you get the listing, you can have your title/escrow company run a
title report and see what liens are showing up. It is not likely that the
second has released their lien, but it is possible.
Regardless, since the bankruptcy has been completed (and is not active),
if the prospect qualifies for a short sale, you can do it. NO problem.
361
'The sale must be an 'arm's length' transaction; the buyer cannot be a member of
your familY, business associate, or other favored partY. No hidden terms or special
understandings can exist betweenyou, the buyer, appraiser, sales agent or mortgagee. "
Having said that, it does sound as though this will be an impossible deal;
however, that is only a likely assumption. The bank MAY still approve
this transaction. The issue for you will be whether or not it is worth your
time and effort to pursue, given that such a transaction may not meet
the arm's length definition of the lender, and they may not grant a
vanance.
Rather than seeking legal advice (although this is a viable option), I think
the best and simplest way for you to protect yourself legally is to provide
FULL DISCLOSURE. It's that simple. If you decide to work this one,
simply write the following in the special provisions section of the
contract
Working deals like this MAY seem like a waste of time, but I have
always enjoyed working the more challenging ones, as they provide loads
of experience. Again, if you go forward with this one, set the seller's
expectation. Let the seller know that you will be providing the bank full
disclosure and that this deal may not be approved. Run this one by your
broker as well.
If the seller does NOT agree with disclosing that the buyer is his friend
and roommate, then WALK AWAY.
362
363
76
77
78
If you are having problems making mortgage payments and you are
considering a Short Sale of your home, you should contact the CalHFA
Loss Mitigation Unit by calling us Toll Free at 1-877-552-4839.
To qualify for possible assistance for a Short Sale:
You must have a legitimate and valid financial hardship.
The home must be owner occupied throughout the entire Short Sale
process. If the property is vacant the Short Sale will be reviewed on
a case by case basis.
The property must be listed for at least 90 days.
You cannot be attempting to obtain a loan modification.
To apply for a possible Short Sale, you must submit a complete Short
Sale package. The package must contain a valid offer on the property. In
addition, the package must contain the specific required documentation
listed below:
1)
2)
3)
Last two months pay stubs for each borrower and documents to verify
any other income (e.g., disability, unemployment, SSI, child support,
alimony, etc.).
5)
Last two years Federal tax returns for all borrowers on the loan.
These must be complete tax returns including all schedules and
W2s.
If you own a business, we also need copies of the business tax return
and the annual profit and loss statements for the last two years.
6)
Last two months of bank statements for all checking and savings
accounts. (Send complete bank statements, including all pages).
7)
8)
9)
10)
11)
IMPORTANT NOTICE
Please send a complete package with a valid offer on the property and all
other required documents. The package cannot be reviewed until it is
complete.
If we receive a package that does not include a valid offer it will be
returned to you. If we receive a package with three or more required
items missing we will return the entire package to you and ask that you
resubmit when you have everything.
It will take approximately 45 days to review your package and evaluate
your eligibility for a possible Short Sale. While your package is being
reviewed, other actions relating to any loan delinquency up to and
including foreclosure will continue.
If your loan is currently in the foreclosure process, a complete Short Sale
package must be received in our office not less than nineteen (19)
business days prior to the scheduled trustee sale date.
To contact CalHFA Loss Mitigation, please call:
1-877-552-4839
BORROWER
CO-BORROWER
BORROWER'S NAME
SOCIAL SECURITY #
HOME PHONE #
DATE OF BIRTH
CO-BORROWER'S NAME
WORK PHONE #
SOCIAL SECURITY #
MAILING ADDRESS
Is it a rental?
Yes
No
No
Yes
No
Agent's Phone:
Counseling Representative:
No
WORK PHONE #
Agents Name:
Yes
HOME PHONE #
PROPERTY ADDRESS
DATE OF BIRTH
No
Yes
Filing Date:
No
Attorney's Name:
Attorney's Phone:
No
EMPLOYMENT
EMPLOYER: BORROWER
HOW LONG?
EMPLOYER: CO-BORROWER
HOW LONG?
Wages
Wages
Unemployment Income
Unemployment Income
Disability Income
Disability Income
Rents Received
Rents Received
$
Total
Monthly Expenses
Assets
Home
Auto Loan(s)
Checking Account(s)
Savings
Health Insurance
Money Market
Medical
Cars
Total
Type
Estimated Value
$
#
$
#
Total
"I agree as follows: My lender may discuss, obtain and share information about my mortgage and personal financial sitiuation with third parties such as purchasers, real estate brokers, insurers, financial
institutions, creditors and credit bureaus. Discussions and negotiations of a possible foreclosure alternative will not constitute a waiver of or a defense to my lender's right to commence or continue any
foreclosure or other collection action, and an alternative to foreclosure will be provided only if an agreement has been approved in writing by my lender. The information herein is an accurate statement of
my financial status."
LETTER OF HARDSHIP
On the following lines, briefly describe your hardship and current financial situation.
Please be as accurate as possible so we can better assist you.
Date: _______________________
CalHFA Loan Number: __________________
To Whom It May Concern:
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
____________________________________________________________________________________
Sincerely,
(Borrower signature) ________________________________
(Please print) ______________________________________
(Co-borrower signature) ______________________________
(Please print) _______________________________________
I/We,
and
California Housing Finance agency and/or the mortgage insurer to order an Appraisal/Brokers Price Opinion,
Credit Report, and/or an interior Property Inspection.
BORROWERS SIGNATURE
DATE
CO-BORROWERS SIGNATURE
DATE
PROPERTY ADDRESS:
City
LOAN SERVICING
State
Zip
Revised: 08/19/2009
We must have a complete package. You should already have the list of
items required. If not, the list is available on our website at:
www.calhfa.ca.gov/myaccount/
It is best to submit all items at once. If we only have some of the items,
we have to hold the file until we have everything. If we receive a package
with three or more required items missing, we will return the entire
package to you and ask that you resubmit when you have everything.
We will always need your latest pay stubs and bank statements. If time
passes and we have not yet completed your review, we will need your
next month of pay stubs and complete bank statements to complete your
package. When we send a package forward for consideration, it must
always contain the latest pay information and bank statements.
Tax returns must be your complete return for all borrowers and must be
the entire return including all schedules, attachments and W2s.
RE:Kyl~
CaIHFA Loan #022472-3
5020 A Street, Sacramento, CA 95819
Attached please find documentation to support the request for approval for a short sale on the above mentioned home.
The package includes:
3'd person authorization letter signed by borrower
Borrower Financial Information Form
Letter of Hardship and proof of hardship document from UCLA medical center
PayStubs for October and November 20 II
Federal Tax Returns for 2009 and 2010
Two months bank statements for checking, savings, and current retirement account balance.
Listing agreement and current MLS
Purchase offer signed by buyer and seller
Estimated HUD
Current preliminary title report
Broker Price Opinion dated 12/22/11, with photos of property and comparables.
Please let us know if we need to provide anything else for this request to be approved.
Thank you,
1Pffi~
Kelli Boehm
Ramsey Real Estate Group
kelli@ramseyrealestategroup.com
Cell 916-947-9814
Fax 916-760-0575
1 of 130
aa
Borrower: Kyll ..
e. . . . . .
Kyle
SS#
Kelli Boehm
Daniel Ramsey
kelli@ramseyrealestategroup.com
reo@ramseyrealestategroup.com
0011916-947-9814
Ramsey Real Estate Group
759 47th Street
Sacramento CA 95819
office 916-737-5656
fax 916-760-0575
2 of 130
Borrower: Kyle_._ _
IXl No
you
DVes
EJNo
I2Yes
ONo
ONo
Attorney's Phone:
Care I
spet:ify)
o
Please
on the property does not cover the expenses for the property - see hardship letter
; I
ill
3 of 130
Borrower: Kyle
/ / LETTER OF HARDSHIP
Kyle
4 of 130
Outpatient Consultation
NEUROLOGICAL SERVICES
Date of Service:
This patient has had extensive testing for diagnosis of thls condiUon. According to the palient andfam~y.
vitamin E levels. electrocardiography. and echocaro!O!Jfam were.aU obtained and were normal. I have
asked the patient to have these-records forwarded to me so that they may be reviewed. Genellc tesling
performed bY.Ath!laon 12103/99 conlimled that the patient is homozygous for the G-A-A mutation
commonly associated wElh F,eKlrerch's ataxia. On the two anneafs.1l1e patient showed 777 and 454 G-A-
. -
A~.
Previous to this genetic tesllng, the patient had. numerous other diagnoslk; !ElS!s. ViSual evak.ed response
testing on 09122199 was within normal limits. and EMG and nelVe ronduc1lon study on 09127199 oflhe
righllower extremity showed no signs of peripheral neuropathy. "A somatosensory evokoo response test
of llle. posterior tibial nerves bilateraUy revealed absence o.f Ctttical peaks with slimulation of the left
posterior tibial neIVe. Testing for very loogchain fatly acids and phytanlc acid 0." 09129199 were within
norrnal.liml1s. On fhg same dale, cerulo.plasmln was SO (normal2.5-tl3). On 07!15199. a panel otother
genetic tesls for alaxlas-, Including analysis f mutatlonsassoclated with SCA_1, SCA-2.. SCA-3, SCA-tl.
and SCA-? were all negatiVe.
Past M.edlcal History: otherwiSe unremarkable.
Medications: For Ina past few. days. the patient
2 grams p.o. bJ.d . CoEnzyme Ql0 30 mg p.o.I>.i.d magnesium 50 mg p.o. q.d" and selenIUm.
Drug Allergies: None.
HOSpilaUzatlol'ls And Operations: Appendeclomy In 1.992.
[;"Ijuries: Sroken Ihumb. j
NO!1:contrlbutory.
Physlcal examination: The patient was, a pJeasant. heallhy-appearing young man In.oo distress.
Mental Statlls Ex!.m~;atio,,:."rhe patient was alert, attentive, with nonnal concentatkln and able to gwe
a clear history. Thera was a 1l1nt of scaMlng speech allhaugh this was by no means obv'aus. There was
Outpatient Consultallon
~J;~~~~!!!5~;:__~::::::::::::::::::::::::=-=-=-:::::N:EU:R~O:~:OG:;I~:;:SERV:;;~;;Es
S'~1o!'3:
Ca
Lu,,,,.. e2-2472-3-
.' - - - - - -.
5 of 130
Outpatient Consultation
NEUROLOGICAL SERVICES
on 'the left. Rapid ,alternating movements were perfomled less well with tile left hand. On linger-nosefInger leslIng, there were very mild Inaccuracies bull10 frank iotenOOn tremor. There was an inconsistenl
bilateral action tremor tIlat was not mudlJ more lhan physiological. Muscle bulk. tone and. strength wer,B
Within normal limits. Deep tendon reflexes were absen!. The patient was able to sland with his feet
logelher, although 'in the Romberg position, there was moderate sway. Casual gait as well as heel and
toe walking were normal. AJlholighthe patlentwas able to walk in tandem. he had more difficulty doing
this than expected for age. Toes were down.
Sensory e><am ination: Th.ere was no obvious deficit of-tactile sensation or joint J>O$ifkJn sense.
Inaddilion lo tt~a above tests, the patient had a bran MRl on 00/18199. This was said to be unremarkable.
However. there was a T2 Jjypeririteflsity in the region of the right petrous ape>< which was said fa possibJy
represent "jn!!ammatory disease will1in a pneumatized petrous apex.' I have askadlhe patient to hal/e
these films forwarded to me so that I may relliew them personally.
Summary; Eighteen-year-old young man who, presents wllh at least a 5 year history of a very graduaUy
progressive dislurbanceof balance arid. to a lesser degree. appendicular coordination. 00 e><aminalion,
there ar:e mild abnormalilies Of posture and eooroinallon. as well as areflexia. I agreelhat these Signs.
symptoms and genetfc testiog are mos!. consistent with ai diagnosis of FreidreidlJ's ataiXla.
AltIloughtllere is no specific !realmenl tllat is highly effective for this disoo::ler.l have reCOmmernied a
combination of supplements that has been effective in reducing symptoms of ataxia in some palients. I
have recommended lhat lhe pallent switch to the buffered liquid formulation (If N-acelylcysteine 1 gram
per 5 cc of buffered solullonat a ,dose of apjlroxlmalely 60 mg/kg/day. divided In 3 doses. For
convenience, J recommended that !he patient sIart with 1000 mg p.O'. t.t<l. and' this dose may be adjusted
depending on !he response an.d any side effects. Additionally, I agree with confinootioll of the,
CoEnzyme Q10 arn:! selenium, and malJOesium. If this palient were to develop signs of cardiac disease.
then one could certainly (lollSidertreallng Wilh laebenone. A clin icallrial of ldebenane in patients willi
Freidretch's ataxia may be initiated at some point in lhe next year. As I menlIoned, I halle asked the
patient to send medi;;ai records regarding the electrocardiogram and echocardlogfam to confirm Ihe
absence of evident cardiac disease: The jlalient was encouraged to' remain active, safely pursuing
activ~ies !hat challenge his balance and build muscle strength. The pa!1ent is to followup In Neurology
Clinic With Dr. Periman.
Oillpal....t consul~lIon
NEUROLOGICAl SERVJCES
6of130
Borrower: Kylj
Outpatient Consultation
NEUROLOGICAL SERVICES
Auburn. CA 95S02
Phone 53O-aZ3-3407
Kyle j
23190 Broadmore Court
Auburn. CA 956{)3
Phone._ __
(3\D) 1'1tj.-ll~S
Ok,::t,ted~3If.or..::aoo 1~:2;!'
Outpalient Consll/!aliOll
NEURot~CALse~cES
Ref~ntfitrber.: M1-439135
TQtlsa1bed::3I'1112COO f~e:
By: 1RO:ROf063
ReIere:=ce~iJCA3.'i1'rr,Pfi3
...
'
J30.rfOw.e.t- ~'
7 of 130
,
'~-Jv~
State of California
022472-~
,
l!We,
Kyle
California Housing Finance agency and/or the mortgage insurer to order an Appraisal/Brokers Price Opinion,
Credit Report, and/or an interior Property Inspection.
12/21/2011
BORROWER'S SIGNATURE
DATE
CO-BORROWER'S SIGNATURE
DATE
PROPERTY ADDRESS:
5020 A Street
City
CA
95819
State
Zip
.. ~
LOAN SERVICING
.~
".III!II.
Revised: 08/19/2009
8 of 130
Borrower: Kyle
~(>jKl4
:;:
g
iil,
PAYROLL JOURNAL
(fHll
,,-~.m:.::.
~_~fii:!'-"d~"""-~"'~~"~_!:I>I
~~~ M"
'''''''''J""",""~l"""g>'"rj~l''''''nm''''''n::''~''''''--'''I,'''''~'''~"",.'''
_ .... _ _ _ """'~!O_"''''''
..,..
~~~
,f
"
~''
__
,I
__
.~~::.:.~
ti
.,
__
~:~c<; ~
~,.
",
yle
Regular
10
l
!
a'"
'"o
EMPlOYEE TOTALI
5.208]3"
1
I
i
I
!
Soci.1 SecU/ity
Medloare
4!1
413
6~O,
1,450l1~
Ii
2$10 Net Pay
1
1
!
3.732115
.,~---
OJ
~
~
if
"Hymu ,JOllmm
11/01111 ~ 1 ~J.10f11
P'mo I ut 'J.
:>'
,'S..-
KYLE~
WTOTHE
ORDER Of
.. *NON.NEGOTIABLE"*
~
____________________________________________________________________________________
~Mm==~IO~"~~~s~~~'~==RE~W~!
_____________
.
~
---""-'----,CHECK INFOR!lllATlEON
~
P~AND
FOUt ANO
Aa.,oVE
~; ~--
E..\RH,NGS ... - "ESCRip;;oN - - HRsiijr-liiS - --w,rrTHIS PERiOO(SI YroiiOURS "..... - -\7orsi ...
",
K)'I.~
5208.33
THIS PIORIOO is!
Social SlZlcun-ly
Mect:icare
FOO Income Tax
DESCRJPTlON
)'1l) ($) :
Cnedt Amount
0.00
3732.15
3732.15
~I
Chkgl831
NET PAY
4.11
2187.00
755.20
9354.20
1,99.00
41.70
4.34
52.00
520.00
26.00
130.00
TOTAl
2a:oo
130.00
sa
PA lOCOOlO Tax
PA Uo","pioy
PAlSi52lSi
PA UWCHlChe I
43.4!I
0.00 .
37451.50 ; DEDUC'nOHS
HETPAY
PayrollsbY Ps"Che,,:;;;;"
216.15
75.52
935.42
159.00
.. -- . --- ....
37$2.15
YTOIS)
37451.50
"
0026 0045-L0Q6. FrJeeichs. AlaxIa Research AI a 523 Wasl Uwchlan Avenue- Oownlngtown PA 19335 (4S4) B1~015
10 of 130
Borrower: Kyle t
Form
1040
Name,
Address,
IlndSSN
6105243253
."
Kyle
11.- JOlnl re:tum,
See separate
instructions.
2010
US
I d"IVI"dUall"COme Tax Return
"
For the.,.r Jan 1 Dec 31. 2010, "other lax _ ileginn;;--'"
Yaur fir:l;t f1::.me
~'9.
firs.t narne!l
'.
1
Z
:1
Filing Status
Check only
ExemplioltS
'iEIoIf
inlitruCti(,~.
--,
.... ,.
__
.....
"'ZiP-~
S....
-,' "
"
(2) ~ondont'S
socia security
Attach Fonn(,)
W2 h.rt, AbO
_Fo...
gel' W-Z,
soo instruetions.
Enclose, but do
not attach, any
payment. Also,
~I"'" use
."" 100000V_
Adjusted
Gross
Incomll
d\~d a,1~
~m&
tor
~"r
to you
l.ast name
_..-...........
"'.-'
. , . . ..
, "
."
"
..
" .
"
...
I sbl
.... ....
with you
64W1kJI.
'~'--"-'
L~~t ~.:~~:
live
t:..~
.. _.
:.::-..::
46:..-
10
11
.!.~".
,,0
13
I--,--~--.- .-~
14
15a IRA dlstrinutions .. , ......... \
~bTa)o!able amount. ..... .' .... 15b
..... 16b
16a Pensions and arlnUtlles. ,." 16~
bTaxable aITIount. . "
17 Rental real estate, ro'yalties~ partnerShips. S corporations, trustsr etc. Attadl Schedule E .. 17
.,. . .
"
. . . . . . . . . .. . .
: .....
19
,!
24 Certain
............. .. .... 18
Z3"
It
55 500.
, "
10 Taxable retunds r credits. or offsets of s~te and local income taxes ..... ...... , " .. , .
.....
. ........ . ....
11 Alimony received ..... ... .. . - . - " " " .....
"
... . . . .. . . .. . .
12 Busrness income or Ooss). Attach Schedule C or C-EZ .
13 Capillil gain or (los.). All Soh 0 rC<t<!. nn(It reqd, ok here . , ' , , , . . . . . . . . . . . . . ...
14 Other gains or (loss,",). Alta"" Foom 4797 " , , , ..... , .. ....
lSlI\
NIl
& 111M!
.,IIV.d
.-.~.,"-'''''
,-,
i~)
iOf)
~-.,
.... _
ott
. --"'n dllelflcn:..
-,-_ ..,
0 You LJ Spouse
relagonship
are correct
O<cking a box I>olow Will not
"
,-
Income
...._.-" ..
number
Dopon<fom.:
depondenls, see
instructions and
5p01l:~.
Ap.;utment nO.
PA 19403
in ttu5
SpaMe'&S('Idai.-u,ny .1Imber
Single
Q) Flrst...I].~.~.
~bple
liHit ~"""
Ridae
MI
,am. her. , ..
5 0
68 ~ Yourself,. tf someone can claim you as a dependent. de) rd check box 6a
bOS_,," .. ......... " .
.... - .. - . .._- ..
one box.
CD not WrtIe or
Norristown
~ Check here If you, or your 'PO'" ~ filing jOintly, wanl $310 go to IhlS fund?
Eloction
c.mpaign
laett\O.m6
P",sidontiol
(99)
MI
9402 Sentinel
To:Kelli
56 87l.
I I " , , "..
24
.,-,#,,-- ,- . . , . _ -
25
26
-"iT
.__ ..
26
1 405.
-----_.. .........
,
29
_._,.,._!]31.
li'
............
S2 IRA ~.<lUcDon
...... . '" .. 33
33 Student loan interest deductJOIi . , .
34
34 TUition and ta .., Attach Form 8911." .......
55
35 Domestic production: activities del,ICtion. Attach form aocJ3 ,. ,.
36 Add lines 23 - 31 a and 32 35
................
ThiS is ,our adlust~~~ i;';';'~
~ Sub~nct line 35 from line
.
FDf,AOl1l
BAA For I)l$cIosuro~ PnvlllCY Act, end Peperwork ReduetfOl1 Ad: NotIce; sec scpztnIle Instrudi0n5.
,._----
22.
::. ,.
11of130
.. m
36
1212211D
1, 405.
:;~,46G:
1111
Borrower: Kyle
6105243253
TQ:Kelli
P.2/27
Form
39~ Check
D
.
gross
--'-L.-.J
. ........ _. _....... .
BFOrm(S) 8814
Om)
59.0
Payments
tax withheld
62 2010 es1tmated tax paymonts and amount applied from 2000 return
67
68
69
70
71
D 2439
0 8839
0 88~1
08885
Refund
deposit?
See instructions.
Direct
Third Party
Designee
Sign
Here
Joint return?
See instructions.
Do you want tQ aUow another person to discu!>!> this retuJn with tile IRS (see instructions)?
SaVings
UmleI" ee-na/tioeo!i. of PQlj.lry. t &,dare that I hlil'! exmMd thit. f\9lL1m:;.n<;l ;EtOtnpanyino &dt1Jdu1o!i 0Ind "t::ItI!!Jt\eI\1S, and b;I tI1~ best of tl'lY knowlil!dQ6 and
ooli,*, O>cy:iM true, comd", ..00 ~omplete.. ~ of pt'I'ltl~ (othor Ihoan t;1lI;~" is ba6&d on alllnfDmllltion af which pf"OQiIrtf h;r,!il :lny ki'low/&dg&.
Cb~
Yot.l( signatuN)l
phontl' number
~~~~~i~~~~~~~;'~I~~"~.------I~~--li~~~~~--'--1---------------
Paid
Pre parer's
Use Oldy
F""",
FDrAOH;?
12122110
12of130
IS. . . . .
Borrower: Kyl. .
6105243253
SCHEDULE A
Itemized Deduc;;tions
(Form 1040)
2010
~
MeIII",,1
and
Dentol
El<ponsos
To:Kelli
................ .
J. . '" . . "
f)
........... .
7 Ne'w I"rlDWr lfehJcle taxes from line 11 of the works~eet on page 2 (fof certain
vehicl" purchased in (009). Skip th" line if l"U chookod box 5b .....
Imol'<l$l
You Paid
Home mortgage Interest nol n~p(lrted ta you on Form 1093. If pa~d to the person
from wnom you bought the home, see instructions and show that person's name,
Identifying number, 'Ind address ~
1.2
Pomts not reported to you on Form 1098. See inrtrs for spcl rules _.
"<>1o.
Your mor~,ge
interest
deduction may
be IImired (see
mstrs).
(Soe i'strs.) .
15 Add Ilnes 10
Gifts to
gol: a benefit
for it, see
Instructions.
15
14 .
l7
~36.
Charity
If you made
a gift and
. ................... .
YO\)
Cos.olly and
TheftL.......
Job Expo""""
Coi1ai n
21
and
MiscDllllneous
Deductions
2106~EZ
if
..
Ii>-
Misco1hmcous
Deduction~
Tol.aI
29 ~AdC! the amounts in the far right column for lines 4 through 28.
Also, enter this amount on Form 1040. line 40
nemlzed
Deduc1iOnG
30
elect to itemize deductions even though they are less than your standard
f0lA0301
13 of 130
12121110
llllillt
Borrower: Kyl......
Form
6105243253
To:Kelli
Moving Expenses
3903
~
-_.
'W""Se~
~See
"
1 Transportntion
2010
the Di~ Test and Time Test in the instructions to find out if
Members of the..Armw Forces in the Inslructions, If a~pJicable
..
"
550.
, ...
855.
. .....
. ......
... - ..
2 Travel (including lodging) from your old home to your new home (see instrucbons). Do not include \he
costofrneals
I' . ',
.. ......
..
...... ..
- - P . . . . . . . . . . . .. . . . .
emwo~er paid
r,0U
for the
exrensas listed
.._,
..
1,405 .
iSfc0t
o
~
No.
Yes.
You cannot deduct your mOvif1~~ense5. If line 3 is less tt'wn line 4, subtract line 3 from line 4
011
rorm
BAA For Paperwork Reduction Act Notice, " " yOW! Wt mum ...Iruction$.
FPlAJrol
1 405 ..
Form 3lI03 (20 10)
06/lSl10
14 of 130
6105243253
To:Kelli
SCHEDULEM
OMS No 1545.0074
of the T~ry
Irite-mal R@'ienueSeNiC';t
Namll~)
2010
(99)
Atmeh'T'llnt
Seq~t'lca No.
166
rohown on relult'l
--.l!!!I!!!!!!!I!.,II!!I.L___
Kyl'"
Caution:
To t4lke the making work pay credit, you must inolucJe your sociaJ ~urity nurhbeT (,f filing a joint return, the number of either you or
your spouse) on your tax lelurn A SDCia/ securiry number does not include an identifICatIOn number issued by the fRS Only the
Social Secf1n~y Administration ISSues saciaf secunty numbers.
OtutiQn:
c~t)
tmportant: Check the 'No' box on line la and see the instructions Ir:
(~) You have fl net loss from 8 busm&$~;,
(b) You received a taxablC, scnolarshlp or fellowShip grant not reported on a Form W2,
(c) Your wages InCllJdo pay for work porformed while an inmlte in a penal Institution,
(d) You received a pension or annuity from a nonqualified deferred compensation plan or a nongovernmcntel
section 457 piaI'll or
(tI) You are tiling arm 2555 or 2555-EZ.
1 a 00 )IlU (and your spouse iffiling joinlly) have 2010 W"dgiS of more than 10,451
(~12.9IJ:l
~ Yes. SkiP lines 1a through 3, Entor $400 ($800 IT married filing jOlnUy) on line 4 and go to Iina
No. Enter your earned income (see Instructions) .. .. ..
,
.".....
r-1~''t--
~.
(see insiruc~ons) .
.. .... " ' ,
2 Multiply line 1a by 6.?% (.062) .
...
.1..
.,,'
....
...
"
5 Enter the amount from Form 1040, line 3Er', or Form 1040A, line 22 .....
55,466.
75,000."
400.
r2' ..,.
. .. .. ....
. , .....
.,,--
......
Subtract line 8
trom
'"
. '"
II
9
',._ 400.
10
o.
10 Did you (or your spoU$, if filing jointly) receive an economic recovery p~yment in 2010? YOl J may have
received tt)i~ peymeryt in 2010 it you did not,re90ive an eeonmic r.ecDllery payment in 2009 but you received
sacial security benefits. supplemental s;;.e!;Urlty Income, railroad retiremen~ b~n9fits. or veteran 5 disability
comp~nsation
or pension benefits In November 2008, December 2008. or January 2009 (see instructions),
11
Yas. Enter the total of the payments you (and YOUr spouse, if filing jointly) recelvea in 20 10.
Do not enter more than $250 ($500 if married filing JOintly) ..... " . . ............ .
MakIng work pay t:redit. Sub1ract line 10 from line 9, If zero 01' less, enter -0-.
Form 1040, line 63; or Form l040A, line 40 .. , . . . . . . . . . . . . .. .' ... ,........ . ........ . " ....
. ".,-.
11
,.,"
400.
"!tJf you are 1iIJng Form 2555, 2555~EZ, or 4563 or you are excludll"lg income from Puerto Rioo, see InstructiOns.
BAA For Paporwork Reduction Act Notice. $1)0 your lax mum instructions.
Schedule III (Form 1040A or 1040) 21:>10
FDlA8501
09I20Il0
15 of 130
Borrower: Kyll'
6105243253
To:Kelli
Federallnfonnation Worksheet
... Kee for
2010
recordS
:==---
TlIXplIyer:
Spo_:
Last Name "
First Nama
Middle lnitial ....
Suffix,
SOCial S"curily No.
Occupation ..... ,. . . . ., . ,.
_ _ _ _ _ _ (mmiad/yyyy)
Date of Birth , . ,
or Age as of 11112011 .
Occupation
. , .... ~l?Q...k:iieii5i;p~e",r",s",o",n,:---;-=___:;Date of 8irth ....... ,. . ' - " ' 9(mm/dd/yyyy)
or Age as 01 11112011
-zg--Date of death
legally blind
. ,. .
f "m~il Address. .
Date of death
Legally blind , ..
E'mall AdOrsss
WorkPhono
Ext.
Work Phone
Cell
Home Phone.
Address
L.JHome
Ext .
pncne.
Spouse
, Apt No.
.. Nq:;,ristown
City ...
Work
State
ZIP ewe,
.... PA
For~lgn Country ..
~oreign
.,......
PhOOA .
. 19403
, ....... _.
............
I FpOTI'pPOD
Af'>ol
..
Single
Married filing jointly
OT
0 Head of household
Child's social sect.Jr11;y number ...... :::;,..,--:-:-::::-r"""'-. . , .... _. _ Year the spouse died ............. Il'- 2008'
2009
... _. _" .. __ . _.
MI
C
0
Last Name
Suffix
__"r-""
E Lived with
Not
_P~t~ol~~
lIF:elationship
-~
qualified
for child
taxIT~r
In ..
tax: credit
"-T--rr-./",
~ ~T
-"n---
Education
tuition
and fees
=_T" 11-It' claiming enH!:! ether than taxpa';er's, see Re!:mOMhiD 10 He\?_
..
-,_ ..,..-
,"'-
.-
--
0
0
--T~~rr--
~ution:
.~~,.
...
..........
-,,-
!ills taxpayer or spouse quall1ying child for E1C for flr'lother person?
~
Was taxpayer's (and .spouse's if mamed flhng jointly) home in Umted StateS'. for more than half of 2010?
Check Any that Apply:
SociafS0CUfity card says Not V~id for Employment and SSN of tho taxpayer, or spouse if' married filing jointly, was obtainod to get
rederaUy funded benefit. such as Medicaid (see Help)
FDlY411Z
02122111
16 of 130
Borrower:
Ky":e"'. . . . .
6105243253
To:Kelli
P.7/27
2010
_.2
Ky~.,.
.. , ,.,
. ....... .
Check
name in electronic file ana on Forms 8878, 8879, & 9325 ....
"0
Name
fax Number
State
Pompano Beach
~'L_
ZIP Code
3~062
Country
~nter
141325
[-mail Address
a Preparer Code from the FitrnJPreparer Info to assign a different ERO to this return. (See Help) _ __
Paid Prepare,lhfonnation
Firm N<lme
..
Name
Phone Nurnoor
Sl<1tc
Pomp,!no Beach
Country
Ii'l~
..---
ZIP Code
33062
fax Number
?Ii(
E -mati Address
If your firm is ONLY the ERO and the return being transmitted was not prepared by your firm, enler
preparer code from the Alternative Ef Preparer Information to assign a paid preparer. (See Help)
a
..
IRS'prepared .
Prepared by taxpayer or other non-paid preparer
~~-----
17 of 130
..
---
Borrower: KyIOllllls._.al
6105243253
To:Kelli
Page 2
------------------------_._--Check this box to suppress Modemiled .,Fite format for the tax return .
Check this bo. to force state only filing for all stiltes selecled 10 be filed electronically
Returns rejected tor Taxpayer or Spouse name aoo SSN mismatch. Check this box to retransmit this return
as an imperfect return. ThIs only applies to reject code 0501 and 0504 ..............
. .........
"0
Enter an 'in care of addressee', conijnuation of the address entered on the federal Information Worksheet,
or name of personal representative.. . . . . . . . . . . . . . . .
.._ _ _ _ __
If married filing joint and one spouse IS deceased. is the surviving spouse also the
personal representative? ............
. ............... ..
..Oyes DNa
Check this box if your cllenl is in the U.S. Armed forces Wllh a stateside address .
Check the appropriate box if the taxpayer (or spouse) last serVed in an area deSIgnated as a combat zone
or qualified hazardous dUty area.
Iraqi Freedom .............. , ....
.. ..... ..
Kosovo Operation ........ .
Afgha~istanjEndunn9 Free~om
Desert Storm .
..
Haiti ...... .
...
."
..
....
.".
...
.
,,,,,"
.
.
..
18 of 130
Borrower: Ky.'. . . . . . .
6105243253
To:Kelli
2010
Form 1040
~ber
~~um
~onnW_2
;',-,.,.,.
;-H
Waoes
SP
5s.500.
Federal Ta
Slate WaDeS
9:""i44
55,500
2.951
1-- ,
....,.-
---'".-~-.
P.9/27
,-, ..
.....,,'M'~
Totals.
".- ..
.. ., .. . . .. .. . .
55,500.
9 l 144,::..
'.
55,500
2,951.
Description
T""payer
----
IJnrljp<:>rted tips. , , . . , ..
. ........... ..
2
T otallederal tax withheld
. . . .. ...... ..
3 & 7 Total social security wagesJtips ...
4
Total social security tax withheld .
5
Tolal Medicare wages and tips , .....
6
Tolal Modicare tax withheld
8
Tolal allocaled tips .
9
Tolal advance earned income credit
10
Tolal dependent care benet,ts , .. , ....
11
Tolal distributions from nonqualified plans ... ,
12. Total from Box 12
.. , ......... .
b
EIec\ive deferrals to qualified plans .,
c
Roth contributions to 401 (k) & 403(b) plans ...
9
h
I
k
m
14a
b
c
d
e
9
h
16
17
19
55, 5 oq"_
________-,5,-,5!..<,-,5"O"O~.
- -.." - - - - 9,144.
9,H4.
55.500.
___ -" 3,44J.
55,500_
805.
55,500.
. _ - - --_ ....
3,441.
55,500.
605.
_- ----
tollIl
-----
._~6~1~1.'-1_--__- - - _ _....;~U.,-
Borrower: Kyl~dlllj
To:Kelli
Fonn 1040
Ky 1"
8:II..iIIL.
2010
'-_'_0'
EmployorEIN
._ _ .
._ _,
... 52-2122120
Employer Name.,...
}!ri_edrei,chs Ata~ia Resea:a::ch. XL
Name (cont.) . _ _.
Street Address of p, O. Box
po. B"x 1537
.. ___ .
City . .spdn!l,ield..
State. VA.
ZIP 22151
..
Foreign Addr ..
Foreign Counby .
nSpouse-"W.2
0"
DDonolt1lmslerltrisW.2tonextymr
1
3
5
7
._ _ _~.,144.
_...
3,441..
.805.
Box 12
, Am9 unt .
Spouse.
W: Enter HSA contribution for
Taxpayer ........ .
Spouse ......... .
G: OEmployer is not a state or toeal governmont
Box1S
Box 16
State wages, HpSL et<:..
55 r 5~"_.
Box 17
State income
1<;>
2l.951.~
--
8ox20
Locality nal"(l_e_.
10
11
8ox18
_loc~t wages, tips. etc.,
8o~19
~q,ca! inc~!l1e
AssOCiated
tax
Sla1e_.
------.
80><14
DeSCription or Code
Fonn,W.2
_(O,l\.SDI
'" _ _ .
_.,.2Q.Ac:t~1
20 of 130
6105243253
To:Ke!!i
2010
Form 1040
1.<~"
_ _ _ _ _ _ _ __
Statutoly employe.s
13a. StaMory employee
Deducting expenses In connection wrth
this income
to Schedule C ...... .
Part II
Page2
BBoX
A
B
6,
Clergy only:
Designated hOl",ing or parsonage allowance
. . .. .. . . . . .
Smallest of (a) the designated housing or par'lOnage allowance.
(b) amount spent on qualifying housing expenses, or (e) fair rental value.
If no FlCA was withheld, check !he applicable box below
F
1
2
0
E
3
4
Non-Clergy only:
Bpa
1
2
Part III
Form 4029
Part IV
H1
--"-'''-'--H2 _
__
H3!1_ _ _ _ _.
H4
H5 - - - - .
I. If substiMe Form W-2 needed. double-dlck to link this W-2 to a Form 4852 ..
..
Part V
Inmate In a Penal Institution
J a Pay from VIlQrk performed while an inmate in a penallnstitl.ltioli ..
Part VI
.. -....
13c
_--
Additional tnformation for Electronic; Filing and Certain Stales ($tH1 Help)
any way)
LjConected W-2
Control number (oplional) ........ .
___
CIty
St
ZIP code
N~.E_.I:istown
PA
19403
Foreign Q)untry
21 of 130
Borrower: Ky ..
llIlId t
6105243253
To:Kelli
P.12/27
2010
~;~:~.lliiiL'l-____________________________________________~________JI!~II'~~lIn1~'"lumll~i;L-__________
&
_.
~'.
,.,.
Interest Summary
Totallnt......t
...
1 Selier-fH"Ianced mortgage
....... 1--2 From Schedule 8, Port I ...
3 Frorn Schedule B, Parjll ... .... .
4 From Kl Worksheets . . . . " .....
5 Exempt"inter(':st dividends (net of adj.)
...
f--.'
.. . , 'f--..
6 From f'orms. 6252 , .. ... , ....
7 From rorms 8814
. . .. . ... ' .
S Subtotal
.. . . . . . ...
..
Less Mjuslmonts:
~
13 Accrued Interest .
...
"'-"'-
",'
- .. ..
~
-.~~~".
46.
...
"
..
..,,'-
..
.-
.. ..
.-
.,"'
".~
.....-,
.. ,,, .
.'.".
"".
46 .
... ,.
.,,.
...
.....,
."-
.,'"-
M,'.
'-'
-.. "...'--
. '"'
',"N'
... ,,.... ..
~."
...
,
..
...
'"
....
,,'
..
f - -......
~.
.....
.... .. ....
,,~"'~
.,
-."'~,
_.
, . .. . .
1--'
. ... -." ..
... .......
.... --.~
prelilously reported
.. -.
"iis. G.wemmcnt"
T""~IJI ..
46.
.,
10 Nominee distribution
11 010 adjustmant , " . , ' " ..... ....
12 ASP adjustm""! .. " ' ...... .. . ,
...
.~"...,,,"~
..' ...,
''''<0,
DIVIdends Summary
-_.._ - - - - - - ----TI-------Ordin8N
Qualifted
capital
~~~._+--_:.:No:::nt"':o
:o."'bl::::.___
- - - + - - _ .__ . . . .---
3 Subtotal
Less Adjustmonts:
4 Nominee distribution,
5 other adjustment .
6 Totar Mjuslmonts
..
.... f - - - - -
_._------+--
...
iu
2 Ncminee distribution ..
3 other adjustment.
4 Toml Adlustments
5 Total to Schedule D
6 Total to Schedule D
.2._..Tptal to Schedule D
1----".-- - - - / - - -
1---...
..
..
..f - - - - - - - -
.......-
+-------1
,j------
F'PIV56tl2
Soc:Iion 1250
IllOlnO
22 of 130
Borrower: Kyle ~
Form
6105243253
To:Kelli
1040
P.13/27
2010
Kyle . . . .
Worl<sheel DesCliption .
~scripti(m
Box
Payer's name.
Unemploymenl compensation. , .
a Amount repaid
......... .
2 State or local income tax refunds,
credits, or offsets ..
3
Box 2 amount IS tor lax .year ....
4 Federal Income tax withheld
5 Alternative Trade (ATAA)
6 Taxable energy grants ...
7 Agriculture payments ...... .
(Doublec1ick) 10:
a Link 10 Schedule F Line Ga, 40a ..
b Link to Schedule F Line sa, 42 ...
c Link to Form 4835 Line 3a ......
d Link to Form 4835 Line 5a
~
8 Check if the amount in box 2
applies to income from
(Doubleclick) to:
a link to Schedul" Cline 6 .
~
b Link to Schedule F line 10,44 ...
Enter the taxable portion of tihe
amount in box 2 to be reported .'
on Schedule C or F ..
9
Market gain ........... .
a Link to Schedule F Line 6a, 400 ...
~--~-I----,-- - - - -
state of
. ........ .
a trade or business , .
B
CA
-_.. _ _-....
..
23 of 130
Borrower: Kyle_S
6105243253
To:Kelli
2010
Estimated Tax Payments for 2010 (If more than 4 payments for any state or locality, see Tax Help)
.,
--"
..
"
Date
Amount
1 04/15/10.
2 06/1SnO
04/15/10
.....
....
.","
--_....., - - - - ..
.-
Tot Estimated
Payments ,
."
04/!.;!/10 - - - , , - - - -
0E;/l5/10
.".-
,,-
~/10
--"-- --
--,.,~--
_C!;t/18/1l
- _......
"
01/18/11
,-"
-.-
.. ,-
..
--
--"
--
....
Slaie
Federal
10
Local
10
_.
---'."-- -"
-"
-. ......
--
.......-
Local
9 ,.144.
2,,1 951.
.,,'.
--""
-- - - ' "
,.,.--
-_. . ..." - -
-,,-
,,--..........
-_.........
--.
,.
,,-
-""
...
........ ,..,..-
..
9,144.
9,144_,
2,9512,95}._
State
.....
Tax paid with 2009 extensions, "........ ..
2009 estimated tax paid after 12/31/09 ... ... ......
Balance due paid With 2009 return .. . . .. . . . " . " ..
Other (amended returns, installment payments. etc)
... '
".
ID
240f130
..
---
-_..
..... ..
~
..'.'.".
'
, , - --"'
......
...
to
..
."
Local
--_- -
.. ....
"
- - ,.. ,,"--
,,--
..
State
Federal
..
"
..
,,'"
"
10
11
12
13
14
15
----
"."'--
,,-
'"
. ..
"".
."--
...
"
.'.~-
'
23
24
--
""
-.".
6 Overpayments applIed to 2010 .... "
21
22
--
".-
".
".
----_..
..-
10
.,- -
09/.150 0
4 01/!8/11
c...
."
Amount
Dale
ID
06/15/10"
".
3 09/15no_
Amount
Date
".-
"
local
State
Federal
--
--.-
Borrower: Kyb. . . . . . .
Schedule A
6105243253
To:Kelli
Une5
2010
Kyle
'
'
10
11
12
13
14
15
16
17
18
19
20
21
22
1
2
3
4
S
S
7
-.
--,,'
~'-
-_.,-
9
10
12
13
14
15
16
17
--,,-
-_.
.'
,.,,--
-"-611 '-. .. ,
-,
18
19 - ...
20
3,562 .
o. ,.,-
o.
21
22
3,562 .
23 Nontaxable federal employee ""OSI of living allowance ...... .. ," " .... .. ....
24 Adjusted gross income ........ .... .
........
.. .... , . , . " ..........
25 Add lines 23 and 24 .
. , . . . . . . . . . .. . . . . . . . . . . .
.....
.. ........
26 Nondeduc6ble percent. Line 23 divided by line 25 .... , .. ..............
. . . . . . . . . . ..
Zl Hawaii state Income tax included in line 18 ...... . ........
28 Nondeductible Hawaii state income tax. Multiply line 26 by line 27 .. .- . . . . . , , .
"
25 of 130
23
24
25
26
27
28
-,,-
0/0
._.'"
Borrower: Kyle4
6105243253
To:Ke!!i
NarIx;IC!:) Shown on
for your
2010
rec<ll"ds.
Rerum
Kyle
Cash Contributions Summlll'y
(oj
(1))
(0)
(d)
Total
50%
3D"
100%
lbnit.
limit
LiMit
(Seh,K.l)
2.50.
,-----'-'-..:::'._-'
,--"
Totals;
---"=---.:~
iPortj[]
===2:,,!}O ~
---"-::'-::'-.-.--
Non-c.sh ContributlonsSummory
~Fm.I""I" Property
.....
(a)
T"",.
(b)
..,.
(e)
..,.
(d)
(e)
limit
limit
Limit
Limit
""'"
10lals:
[Pirtlll
~--
Total
c..oandClller
Capital G.aIn
"""porty
,_
(iI)
(b)
Tota'
(0)
Umil
Limit
1 2010 conbibutiorui
..,.
..,.
L!m~
LImH
(d)
(e)
(n
20%
Limit
2. 201 0 contributjoo~
allowed
3 CanyoI/.", ",.,,,
a 2000 tax year .
b 200a tax year .
_ _ _,-,-0:
,.,
2!;O."
--....!!."-,--
,,--"--.
,,, _ _
0_,
. ___
u~,
., .... ,........Q..=...
.. .-2.:..
.... ,~-=-
~nyovors
allowed in 2010
CartyOVers
di$al10w0d In 2010
~rryoverS to 2011 ~
iI From 2010
bFrom 2009
"From 200S
o.
0,
----"-'..
"~-'-'-_. '.-"==.,.
d Fmm 2007
cFro!11~
--_.... "- .
,_ _-"o_~
26 of 130
Borrower: Kyl . . . . . .
Fonn lD4D
Line 40
6105243253
To:Kelli
2010
--1
W
D
Yes. Go to line 3.
asour earned income" more than $650?
Yes. Add $300 to your earned mcome, Enter 1I1e total
No. Enter $950
Enter 1I1e smaller ot line 1 or line 3. If born after January 1, 1946, and
not blind. enter th,s amount on line 6. Otherwise, go to line 5
It born belore January 2. 1946, or blind. mulbply the number on
Form 1040. line 39a, or on Form 1040A. line 23a by: $1,100
($1,400 if single or head of household) ..
. ............ .
Add lines 4 and 5. Ertter the total here and on Form 1040. line 40;
or Form 1040A. line 24 ...........
. .............. '
5,700.
5
6
5,700.
1Iamed income includes wages, salaries, tips.. professional fees, and other compenSltion received for
pe(sonal services you pertOr'med_ It also includes any amount received as a scholarship that you mu.~t
include in your Income. Generally, your earned income is the \o\al 01 the 'lInount(s) you reporled on Form
1040, hnes 7.12. and 18, mmus the amount, if any, on line 27; or on Form I040A, line 7.
27 of 130
6105243253
To:Kelli
2010
Kyle
- ....
Taxpayer
Spouse
Total
--,
.. ....... _-- .
self-employment income
b Net
Optional Method and Church Employee income.
.,
-,
..,- ...
,
d One-half of self-employment tax .
Subtract line 1d from line 1c .. .... ., ..
2 If not required to file Schedule SIE:
..............
a Net farm profit or (loss) ,
Net
nonfarm
profit
or
(loss)
..............
b
c Add lines 2a and 2b ............. , ..........
3 If filing Schedule C or C-EZ as II statutory
"
0'-_-
...
---"
"
----
.......
"
..
.-..
-.
~.--
..
--
..
5
6
..
""--
'-'
-_.
-,,-,"~'
5 5, 5.Q..Q\;:.~
55,500.
55,500_
-',"",--"
- ... ...
...- ....
"
5!>,500.
-"
---.~.'
_.
-.,,-,~"
--"-.~
____
."..,
55,500.
... -
..,'
...
"".",._.
~
..
!:>5,500.
~.",,--"'-'~---
._--
5:',500_
55,500.
21
22
16
17
18
19
20
- - - - 1 - - . -..-
----
- - - - -......' - -
~,,-
23
24
25
26
27
.......
M'_ ..'.....
55,500.
.
55,500.
......
- . ..,,-
-""'-
~."
55,500_
---..- ....
-.-~-
---
-'-
55,500.
"'
28 of 130
6105243253
To:Ke!!i
P ,19/27
2010
2009 State and Local Income Tax InformatiOll (See Tax Help)
--'~r-'-----.------r--'--
(a)
(b)
Slale or
PaldWrth
- -..,------,--
-- ----- . - - -------
~.----
-----
---~
_.'----
T~~I==E. ~..'..
~- ====='-
--===-L-.
;=:-
2010
7
8
Filing status
Number of exemptions for blind or over 65 (0 ' 4)
Itemized deductions after limitation
Check box if required 10 itemize deductions .. , .
Adjusted gro~<; income. . . . . . . .
Ta.liability for Form 2210 or Form 2210-1".
Alternative minimum tax ..
. . . . .. . .. . .... ...............
1
2
--,,-..-
-0-"-
-----
---,~-
LJ'-
. - - . - - ' - -~~
_ _, _ .
3,265.
Federal overpaY~~p-l_ie_d_t~_n_ext_y_e_a_r_e_s~_m_ate_d_la_x_._~:"--_~J.:======:J.======
__
........--lL.. J
-._--_.-_.--_. .------------ -,,--.----------_.2000
Qu;<:lcZoom \0 the IRA Information Worksheet for IRA InlOrnlation
Excess Contribution!'
2010
9a ____ ._ _ _ _ ._____
9 a Taxpayer's excess Archer MSA contribulions a.. of 12/31
b Spouse's excess Archer MSA conlnbutions as of 12131
b
---1-'--'lOa Texpaye"s excess Coverdell ESA <:Dntrlbutions as of 12131 .. 10 .. _,, _____________ _
b Spouse's excess Coverdell ESA <:Dntributions as of 12131
b _,, ___ ,_ _ ,_ _.______
11 a Taxpayer's excess HSA contribotions as of 12131
11 a _ _ "_______~____
2009
2010
------.--.-----.--.-.--.---..-
,,-1------1-----
i
13a i ____,__________
.._
b _. _ _ _ _ ._ _ ... _ _ .. _ _
148
d 2007
2006..
2005
._.__"_,,,_____
f
29 of 130
------------
b __.,, _ _ _ _
15 a
------- -------
_-
0> _ _ ,, _ _ _ . _
. - - - - --_.
b _,, _ _,_________ _
16a _ _ _.______.______
b
c _ _ _ _ ,, __ ._ _ _ _ _ _
d _ , _ _ ,, _ _ 1 - - - - e _ _._ _ _ ____ _
f
~....l.:-::======::l::=======
Borrower :
Ky'e"I1 ~
6105243253
To:Ke!!i
2010
~~----~,----- ~---
----- ---
Fl
2006
2007
2010
2009
- .. --~I---
Sinqle
FHing status
Total Income
,.. _ .._---+
Adjustments ~o income
.. '~'---4-------+---------1f--'--+--
56,S1!,,,-
1,405.
55,466.,
7,022.
17,336.
Interest expense.
_-l-_ _ _ ~50 .
Contributions ...
Miscell~noous deductions
',1-----1---
-+--
--1------
24 60.L
' , , ..
3,650 ...
.1---...- - - - \ - - - --1--
3,665,"
"'1--
----1----
Other taxes
"1---.---
Payments _.
'I---. "---J..
9,544.':.,
I---- ...---+-
.. ....... 1 - - -
AmQunt owed.
. . I -..----+--------jl-----+--- ,-+-----'&"-'.~
Refund.
Effective tax rater %
-rax bracket %
1--- . - - - - 1 _ _ _ --1----
5.89
....
FOl'f9201
11109na
30 of 130
Borrower: Kyl ..
. . . . . .
6105243253
To:Kelli
2010
R~turn
5
"1llng 5talt.lS
_1.
Gross In""",e
Wag... and salaries .
Interest and dividend income
1,325.,
56,871.
_. _-=1::,4"-,0,,,,5-,-_
55,466.
Itemized/Standard Deductions
Medical and dent.1 ...
Taxes ..
Interest .....
Contributions .
Q,$ualty or the:tt Ic:::ss(es) ...... " ..
Miscellaneous ..
ToIlIlltemi%ed Deductlons ...
Standard deduction
Exemptlon amount , ..
T"".blolncome
...27,208_.
Income lax
_ _-,3,,-, .665
Totol Credits ,
Self.employment tax .
Other taxes
Total Ta........
Withholding ..
Es~maled lax payments
......... .
Olh.r payments ,
ToIlIl Pooymento .
EstirMled tax penally....
. ........ .
9,144.
Refund
_---'5"-', 679 .
Amount Applied to E _ _
Amount Due
31 of 130
Borrower: Kyl!!lC. . . . .
..
6105243253
To:Kelli
KYI~
SMARr WORKSHEET FOR: Form 1040: Individual Tax Return
3
4
5
6
7
B
C
D
E
F
G
_ _...::3.,.. 665.
Tax .. ,
Check if from:
Tax table"
.. " " .. " .........
Tax Computation Worksheet (see in$lructions) , .. ,
Sch2du~e D Tax Worksheet ,
, , ...... , ,
Qualified Divideno$ and Capital Gain Tax WOrk$h$et . , .. ,
Schedule J.. ... ,........ .. " ..... , ......... "
Form 8615 ...... " " ...... ,
Foreign Earned Income Tax Worksheet
Addibonal tax from Form 8814 . , ,
Additional laX from Form 4972 ", .... ,'
Tax from addibonal Form(s) 4972
Recapture lax from Form 8863 .... ,' ' , ....... .
IRC Section 197(1)(9)(6)Qi) election for an additional tax
Tax. Add lines A through F. Enter the result here and on hne 44
::~
. . . . . :
--,,---
J. or income taxes
"
--
--_..
..
(a)
(b)
(c)
ST
Lived in
State
From
Lived In
State
c;,
Total
Tax Rate
To
01(01/10 ].2/31/10 8.2500
-- -,,----
(d)
Enter
--,'"---
..
'"
(f)
State
Tax
Rate ('Yo)
Local
Tax
Rate ('Yo)
(9)
State
Table
Amount
8.2500
0.0000
768.
..
-'
,,,,'-
..
~)
Prorated
or Total
Amount
(h)
Local
Sales
Taxes
788,_
0"
Total general sales taxes lrom table ,,,., ... , .. , . ........ "
780 .
..
Enter additions to table amount (molor vehIcle, boat) .. , " , ...
.. -'"
Total sales ta.es from table plus additions to table amounl. .. ...
....... - ,
Enter actual sales taxes paid (in lieu of table amount) " .. - .. , ..
" -. --. .. - - '
Total income taxes paid ., ..... " ' ..... .. " .. . . . -- . " .... - _ .. '" , . ..... ..
'
H
I
,,---
"
(e)
--
..
32 of 130
78a .
"
3,562 .
.....
6105243253
. KyIIlllS_gllEiP:r
To:Ke!!i
a description and an amount for fully deductible mortgage interest and POints. Check the
box if the mortgage was sold to another lender. <)r the mortgage tlas been paid off; the
lender's name will not transfer 10 next year's retum.
Check the box if the mortgage interest andlor points are not reported on Form 1098.
No"', When the POints must be deducted over the life of the loan, enter this information <)n
the Other Points Smart Worksheet.
A Enter
~nder'S NameJDescription
~~.t.?':,!9J:nia
Hous;nq
~"inance
Paid
~UGtible
00
Intere,"!
PolOts
... . ..
Agency
"
17[336.
...
,,-
,.,.
Fully
M",!gage
.. ,
,.
..
-'~,
Deductible
,..
-,.
..
_._-
... '"'...
..
,.
Not
on
Form
1098
_he.
.,
.~
.__1_T_o_t_al_h_o_m_e_m_o_rt_9a_g_e_'_n_,e_,e_st_a_n_d_p_o_1n_ts_lro_m_l_O_98~'_S_fr_o_m_d_e,_ta_i_"_.
2 Enter amount to deduct on line 10 if different.
............._ _ _ _... ,. , ___1.7.,...,',.:~~.36.
....
A
...
r;;;;
Miscell?neouS
---,---.--------.~
._---+
Type
Amount
---.----
------------------_...._- - -..
..- - - - - - - -
.0
33 of 130
Yes
6105.243253
To:Kelli
Kyl ..
__
A
B
C
e:
Enter the new principal place of work for this move .. California to.,PeIlnsylyania
If you are NOT in the military. enter the total amount your employer paid for your move
(EnterOHlY if your Form W-2 ~(les not show an amount m Box 12 with code P) . _, .. ..,.."._ _
Enter the number of mIles from your g/d home to your new workplace ...
_ ..' 3, 000'rn1""
Enter the number of miles from your aid home to your <lid workplace.
15 miles
Subtract line D from line C. If zero or less. enter -D
---..bm mn..
15 II ne E at 1'1111$1 50 I11Iles?
Yes ~ You meet thiS test
You do not meet this test. You cannot deduct your moving expenses.
Do Not complete Fonn 3903.
For foreign moves check here only if all the follOWing apply. . .
.
You moved in an eartier year
You are clalmmg only storage fees while you are ....f1'j from tho United States
Any amount your employer paId for storage fees is included as wages i~ box 1 of Form W2
No
"0
_ _-,5,"-,,,0.
."---.. ,
34 of 130
6105243253
To:Kelli
P.25/27
KYle_
SMART WORKSHEET FOR: Form l099G Worksheet (California State Refund)
...
.. .
..
!'onn 1099-G Electronic Filing Infonn;dion Smart Worksheet
~
'
'''-
Complete onIy if filing electronically -See Tax Help for additional info.
Payer 1
II CORREC1ED check here
Recipient 1
..
Payer Infonnatioo:
---
.. -'
Recipient lnfonnalioo;
IdenMcation Number , . ........ 607-03-1532
68- 0204061
Name, street address, city, state, ZIP code and
Name
telepnone number.
Street addre:;;S
stat."
ot,,"'=""-__ _
-_........ - - -
Kyle
Ridge
._-
Slate
Zip code
pI.
19403
(optiona~
Accoun! No.
."
.....,-
'"
..
--'-
.,.,-
Payer 2
Recipient 2
"0
..
.,
Payer Inlonnation:
State Identification Number _. _..
---'"
Number ...
-"'
Name, street address. city, state, ZIP code and
telephone number.
Federalldenbt,~tion
'"
...._-
- -..
"
-", ..
Apal1m.n! No.
..
Zip code
-,-
..
."
...
..
'"LJ ..
..
Identification Number
'".
-'"'
.'-""~
-,,_.
Street address
.. -
""---
"
.,,--,"
--
..
--..
.-.-"
City
ApaI1ment No.
-,--
State
--_..
Zip code
Ext:
... ,
Nama
telephone number.
l'elephone number
..,,-
~."
-----,---
,.~---
..
Recipient 3
Payer Information:
State Identification Number
,.
,.-
State
.
If CORRECTED check ~re .. .. ,
',,-
..
..".
-,"
Payer 3
-.-
City
----".--
Ext.:
~.
Recipient Inlonnation:
Id.entification Number , ....
Name
.. ..
'
-",-
Telephone numbet
...
Street address
,"'
---..
"
Apartment No.
Norristown
----. ,._-
Ext
...
.--"
City
.,'
T Ellophone number
Br~ant.
Sen~inel
..9402
..'
", ...,-
"'-
--
35 of 130
Borrower: Kyl. . . . . .
Form
6105243253
To:Kelli
P.26/27
8879
2010
Do not _
to !he IRS. This Is "'" a !me ...tum
.. Keep this fonn for your records. S< insITUctions.
Ta;;aYe'~\; I1OIm!!
I<:yle
--------
. . . . . ._ _ _ _.
Sp~sna~
1 AdjuSled gross income (Form 1040, I,ne 38: Form 1040A, I,ne 22: rorm lO40EZ, line 4)
2 Total tax (Form 1040, tine 60; Form l040A, line 37) Form l040EZ, Bne 11) .
Federal income tax withheld (Form 1040, line S1~ Form 1040A, line 38; Form lD40EZ, tine f)
4 Relund (form 1040, lin.74o; Form 1OWA. lin.4\\>; Form 1040E4 1".12<; Form 104I).SS, Part I, 1".12.) .
I
late.r tl!!m 2
T~.
~I
authorll.e
J,....ndividual Tax
i'iioalm DIIMIr
I will enter my PIN as my signature on my tax ~ar 2)10 efectronicaUy filed income tax return. Check this. box only
own PIN and your return is filed using ttle Practitioner PIN method. The ERO mustcomp!ete Part III below.
Your signall.lrfl
31532
or generate my PIN
..
oI authorize
ERC1InnllaftW
doDGt.""r.u~
I WIll enter my PIN as my signature on my tax year 2010 elec;trcnlc~lIy tiled income tax return. Cho(;:~ this box only if you Bre entering your
is filed using tne Practitioner PIN method. The ERO must complete Pert III belOw.
continue below
__-..-.,"-__-_::::::::-=-
~_===::::::::::::::::::::=-
ERO"s EFINIPIN. Enter your six-digit EFIN followed by your fivedigit self'selected PIN,
do not ......, III.nrw
I~
olec1r~jcally
filed income
.~
taxpayer(s) Indicated abOve. j ~onftrm that I am submlttlnglhl$ return In accordance With tho requirements of the Ptacttnoner PIN method
and PubJlcatlon , 345, Handbook for Authoriloo IRS efiJe ProVIders of Individual Income Tax Returns.
""",'" 03/03/11
ERO iIIlJ$t Remin This Fonn - Soo ....lrucIions
Do Not S"bm~ ThIs form to 1he IRS Unlo$$ R"""""tod To 00 So
BAA For PapeIWOrk Reduction Aclllotic:e, .... your tax roIum instructions.
FDlAl701
1109/10
36 of 130
5105243253
P.27/27
To:Kelli
2010
Plaasa Indicate how the taxp"yer(s) PINts) .re entered into the program.
T""Payer(s) entered PIN(s) .......... .
ERO enterea Pnmary Taxpayer's PIN .. .
ERC entered Secondary Taxpayer's PIN.
ERG entemd Prim~r Ta.x>a 1> PIN and Seconda
'sPIN.
I declare that the Information contaIned in this electronic tax return is the informatIon fumlShed to rflt? by 'ltle taxpayer. If the taxpayer furnished
me a completed tax return, I declare that the information contained in this electronic mtwn is identical tC) l.htlt contained in the return provided
by the taxpayer. If the furnished return was ~gned by a paid preparer, t declare [ have entered the paid preparar's Identifying Information in the
appropriate portion of this electronic return. In am the paid prr.parer, under the penallleS of penury I declare that ( have examined ttlis
electroniC return. and to ttle best of my knowtQdge and belief, it is true, correct. and complete, ThiS declaration is based on aU Information of
which I have any knowledge.
ERO Slgnatu",
by any 5 numbers)
.. EFIN
S.II.soleot PIN
C - Signatu", of rllXpayerlSpouse
- - - - - - - - - - - -................_ - - - - - - - - - - - - - - - -
Perjury Statement:
Under penalties 01 perlury, I dedare that I ha'Ve examined 1his return, includtng any accompanYing statements and schedules and, to 1he best of
my knowledge and belief, it IS true, correct, and complete.
Consent to Disclosure:
I consent to <::IlIow my Intermediato Service Provider, transmitter. or ElectroniC Return Originator (ERO) t() send my rerurn to I~S and to receive
the following information from fRS~ (1) acknowledgement of receipt or reason for rei~on of transmission; (2) refund offset; (3) reason for any
delay in processing or refun~: and, (4) date of any refund_
10m signing this TO)( Return ond Electronic FW1ds WllhdYowol Consent, if appliC<lble, by entering my Self-s.t.... PIN below
Taxpayer'$ PIN (enter any 5 numbers) _. _.
---
.
02/24/2011
Date
If you're filing a joint retum:
Spouse's. PIN (enter any 5 numbers)
- - - - - - - - - - - -..
__._ -
, .... ..
..
CompletIon of thIS ~clJQn Indicates that I am requesting a refund of taxes cverp:rnd by or on bah:al1 o1lha decedent. Under penalties of perjury,
I declare 1hat! have examined this Form 1310 claim, and to the oost'Of my knowledge and belief, it is true, correct. and complete,
I~'~~---------------~'
FDIW1501
........-~.-
11116110
37 of 130
Borrower: Kyle . . . . . .
6105243253
Form
Departm~)\t
1040
Label AL
(Se::e::im:;l
on pg 14.)
Usa the
IRSlab.l.
Othgrwise,
pJe1l:So!! ~rlr.t
ortyp~
ot til;!
~@09
Forth ill yeer JOIn 1- Dille 31, 2009, 01 oth er tliX year bej:jinnin!l
B
E
L
H
E
R
KYLE
To:Kelli
!'ill"
, '0
,2009, endil19
OMBNo.1545QQ74
Your social securitynumb@r
___.2--_11.-
lili
Presidential
ElectionCam ai n ... Cheokhe:reif ou.or ours DuselffiUn 'oinl
Filing status 1
2
Check only
want $3 to
X Single
Married
""" p.'''," is" I:lhH<;j but nol your de~erldent, .!nler thiS
;,
onebo)(.
Exemptions
Yourself. I
Nil,otchildrell
~~~~~~~~~~::::::::~~~::::~~~~~~~~~~~~~~~~~~~~~~QnEeWhQ
~---------.
. ------------+--..---..---t--------t-++c
Ifmoro
Last name
tMnfour
d&pendents,
... pag.17
an<leheeb
here ...
.dldl\Oth~$WltI1 YIJ
numbel
dUato dlVlHce
~r~~e:~~t~oa~
__
--------------------,-+-------+-------+-+-1- ~:~:~~~I\t~
----.,-----------------+-------+-------+-+-1- ~l\tered above - 7
Income
56 92B.
Sa Taxable In1erest.
Attach Fonn(s)
W2 her. Also
attach Form5
b Tax~exemptinterest.Do"
1099 Riftax
was withheld.
10
Taxable refunds, credits l or offsetsofstate and local income tixes (see pase 23) _
11
12
13
Alimony received
6y$lneGs income or(loss}. Attach Schedule C or C- EZ .
..
) Attach SchedlAleD i1 ro1!qLlired
Capital gam or (10$$ 'Ir nl)lll!lqtJil'l!Id. checK here.
gotaW-2,
14 Otherga.ln$~rl~~~~ch,~;~:,
158 IAAdlstnbutlo,~j.' . 't~":I;~J,:<rga
16.
enclos&, but do
18
LI=.lI-,-,-______ ....
W~ZGand
~S'?:
~_'" ,1'-'
P~nsionsand~uitie$,;#H,f: '16a
i~~~r
,:~:w,
'~"":
;.,;;:;:,:z;
t1!hz~"
~,T~P1eamt'.ag_
'''' ~iR
"'..
~~"" ::"',,:N, :,t~",ableamt%)~,
~m,.. ~',.":,,
~%~,
~"
E~1,
ftM.if;~~i~A'~tt' ..i$L~~;~"F
# .~. i;%V '~~~~:~~WW;> . E:i:'
Farm Inome:<.;ni'\'~7_ a""11"-il:I,~~~e.
:'::""'". :::",,,,,. . .... :~ilt'~:t'~'
0''''
Unamploymentcompensatlon [n excessof$2,400 perrecipiel1t . _ _ . . . . .
1~
.~
b Taxable amt(see page 27} .
20. Social5ecurlty benefits
21 Other income. usttypeand amount (see page 29) __ ~_~ ., ____________________ _
1~1---'--'"---
---_...---_._--:---_.. --------
Adjusted
Gross
Income
23
24
25
26
27
28
29
Health
Moving expenses.
I
$elf~ employed
KBA For Di5c:::!o5ure. Privacy Ad, and Paperwork ReducticnActNotice, see page 91.
CaIHF.IIO~~22472-3
'Form 0
FD10401V 1.25
wae-C-oP\'rrgli!HI9S.20101~R.BT;!Gf04j),I!lc:
38 of 130
Borrower: Kyl . . . . . . .
6105243253
{8 YouWer~bornbeforeJanuarY2.1945,
Tax and
:'8:
Credits
3S. Check
if'
_ ,
To:Kelli
Standard
Deduction
for~
Itemized deductions (from Schedule A) or your standard dedudlQn ($~e J~tt margin) .
People who ~
check any
b Ifyol,J are increasing your~;andard dedUf;ltion by certain real estate taxes, ne\l\f motor
boxon line
39a.39b, or
40b orwho
canb@
claimed asa
dependent,
p.~.35.
All others:
vehicfetaxe5. ora net disaster loss, attaoh Schedulel and check here (see page 35)
....
Subtract line 40. from lin" 38 .
42 Exemptions.lfline3S Is$125,100orlessand you did not provide h~using to a Midwestern
displaced individual, multiply $3,650 by the number on line 6d. Otherwise. see page 37 .
43 Taxable Income,
44 Tax (see page 37).
41
Married lilin9
45
46
'is.700
MSrrled tilln!J
48
Sil'l~!eof
5ep~r:!.tely,
jaintlyar
Qu:alifying
widow(er),
$11,400
Heild of
hOl,lJ;.qhold,
56,350
150
49
50
5\
52
S3
bOaa01 cO
other
II
56
Taxes
57
68
Payments
61
tiZ
If you nave.
qualifying
1-'-'--+--_._-'''--
ehlld,attach
Schedule EIC.
68
.9
70
Refund
72
IKI
Account number
ill
. ..
~~~~I~~
; . '..
"".
Paid
Preparer's
Use Only
CaIHF!IIIUO_)22472_3
FO(I)1 sortw$f-", C:l""lpyright 1996,
FD1040-2V1.25
39 of 130
Borrower: Kyle
SCHEDULE A
(Form 1040)
6105243253
To:Kelli
Itemized Deductions
~@Og
.... Attach to Form 1040. .... See Instruction5 for Schedule A (Form 1(40).
Medical
and
Dental
Expenses
3 Multiplyline2by7.S% (.075)
I
I
Taxes You
Paid
5
8
(See
pageA2.)
8
6
Interest
You Paid
11
(See
p.goAa.)
Note.
Personal
interest is
not
deductible,
Gifts to
Charity
If you madea
giftandgQta
benefit for it,
see page A 8.
12
13 Qualified mortgGtge Insurance premiums (see page A~ 7)
14 Investrnentinterest. Attach Forh'l4952 ifrequired. (See pageA-S,)
18 Gifts by co,hOr oheok.llyou made any glftol$250 or
17 Other than
11;1 Cartyoverfrom
19 Add
Casualty and
Theft Losses
Job Expenses 21
and Certain
Miscellaneous
Deductions
(See
p'geA.10.)
24 Add Iin.,21through23
25
Total
Itemi%e~
Deductions
No.
YOl.lrQedLiotlonisnotljmited.Addthe~mount$inthefarrlghtcolumn
DYes. Your deduction may be limit~d. See pageA-11 forthe amount to enter
C:all~F~~;;~~~~~R:'~d~U:ct~io~n:A~c~t~~~~~~~~~~~~I~~~~~~~~~~~~~~~~s~c~hedUleA(FOrm1040~)i20.019 ~
2010 14Rij Tl:I~ G!o.:rp~i";.' 1.9
40 of 130
Borrower: Kyl..
....
it
Form
2106 EZ
6105243253
P.4/15
To:Kelli
Your
expenses
(or your business. An expense does not have to be required to be considered necessary.
You do notgetreiml:tursed byyouremp!oyerfQraoyexpenses (amQuntsyouremployerincluded in box 1 ofyolJr Form W- 2ar6
not considered reimbursements fQrthis purpose),
Ifyou are cl~imin9vehlcla expense. you
....
. ..
Vehicle ex:pense using the sandard mileage rate. Complete Part II and multiply line Sa by SSt (.55)
Parking rees. toils, and transportation. including tra.in, bus, etc., that did not involv!!! overnight
travel or commuting to and from work.
s.~
.., "
. <AAl
,~~~.~~~~
;~i;r,
""".l
:;1jW
:;:~~.
~j ,
;,:)~~
-><"'''''
2
,....,~
&Ji
<;~:;... :f.W>t
Travel e>:pense while away from homeover9jWt, tnclut!~ I~m~, alPnEt~rrental.~l.19, i~~~"
J~~~.;\
;~~
O<O<~ .~!;l!_
~'!l:i
,.;t<oO
<'"''
'
:<?':~,,&,~
. . ~~~
' """
~:);:'*
"'"
*r
~~
Mealsand ent@rtainmentexpenses: $
O'lL
1()0_,.
:395.
.~.,
1,600.
Fordet~II$,
$1)0 instructions.) .
.M _ _ _
Total c:!t:penses. Add lines 1 through S. El'Iterhere and on Schedule A (Form 1040},line
21 (oron $(:h~dula A (Fonn 1040!if:W!m:!)' {A~m9.!l!esre$ervl~~e- bae'3tat~tlt@~~. .m~M~*J~~
local govemmentofticials, qUalifi(i;e~form&9
a~dlVldual!l.~.isaijUe~$ee ':'I:~j!~.'"""""]ff''''''''
aifiSts.
Ji,iii'i
this ama
"':'~n_
'11W
". .
theinstructionsforspeclalrulesdn:Where
Rml
Infonnation on
YO.?\llt~gg:~~~f~
,!od'
S
.. Ji",.~~ ..;tr~~.
.
:3 166.
~:~~: . $~if.
vehicle
expense on line 1 .
oqllll:~f 'm~!dl):~'!lra",$l1lg
thjs Ilf@
..
...
........-.
--
""'il;'~"
''W
,~~'
..\:~. ,~~~ #~i~
;~;<:~~
~>;-.
'~;.if:m::r ~1~.
>.",,:~,
,,'~i<i.~.i:1:i!~
:.-:e~
Q2!..9J.L?gg~
\MIen did you place yourvehicl. in service for busn ... u.. ? (month, day, year) ..
Of the total number of miles you drove your vehicle during 2009, entorthe number of miles you used yourvehiele for:
other
.!..J._!?_________ _
~Yes
ONo
10
Oy
~No
11.
~Yes
ONo
~Yes
ONo
KBA
CaIHF"1l!ij!hfj!"""'472-~
FD2106EZ 1V1.ll
Fo rm 2106 EZ (2000)
41 of 130
Borrower: Kyle !
Form
6105243253
To:Kelli
5695
.. See instructions.
... Attach to Form 1040 or Form 1040NR.
Before
Begin Part I: Figure the amount of any credit for the elderly or the disabled you are claiming.
Were the qualified energyeffiolency improvementso( resldential energy property costs for your
main home loca!ed in the United States? (see instructions) .
. '>:<j~..s:;;:..:,
.~;~~~~~
=~~.1~<, ~W..t:...
J~~~~'
Mf
~~'
~:~lf
$~i
".""",'IZ'/!!'ll.
~i*,~~ m~'~:-:-I$,~~:~t
Ajf i~m~d::>o~w
\~~t"j:(
:~~1~
,~m~
':~:~
02~
c Elcteri<Hdoors(including certairlstormdoors)
d Metal roofwith appl"Qpri:ata pigmented coatings, or asphalt roofwith appropr1:;1te oooling granulos, that are specifically
and primarily designed to reduce the heat gain of your home, ~nd the roofmeetsorexceedsthe Energy Star program
requin~ments in effect at the tim@ofpurchaseorinstallation
8
9
1Q
property cred~
KSA
CaIHF"iI/j.....!l)22472_'
F06695-1Vl.7
42 of 130
Borrower: Ky1etl
6105243253
To:Kelli
KYLE
P"g" 2
Residential Energy Efficient Property Credit (See instruGtions before completing this part.)
Note. Skip lines 12 through 21 if
21 Enterthesmallerofline 190rline20
22 CreditcanyfolirVi')rd from 2008. Entertht! amount, ifany, from Y0l,Jr2008 Form 5695, litle 29
11'1 Pub. 972 (see instJl.lctions); Form 8396, line 11; Form a839, line 18:
Form S859, line: 11; Form 8834, line 22; Form 8910, line 21; Form a9:36,
line14;and Schedule R, line 24.
29
308.
Form 5695 (2009)
CaIHFA&96#ij\f!02'472-'
FD56S5.2V 1.7
43 of 130
6105243253
SCHEDULE M
To:Kell;
~@09
instructions.
":;':~:.:~ See the instructionslfYQu can beclaimed as.someone else'sdependent or are filing Form 1040NR.
Cheek the "No" box below and seethe instructions If (a) you have a net loss frorn a business, (b) you received
a taxable schoJafShip orf@!lowshipgrantnotreportedon a Form W-2. (c) yourwagesincltlde pay forwark
~errormed while an inmate In a penal institution.
deferred compensation plan ora nongovermental section 457 plan, or (e) youare filing Form 2555 or2555- EZ.
Do you (and your spouse Jffili~9 joinlly) have
1ilinS jointly)?
[Z]
o
b
Yes. Skiplin~1~through
No.
4
5
6
7
IZ.I
o
B
No.
..
.....
Multiplyline7by2%(.02).
10
Enter .a.onlln.l0andgotolln.11.
Enterthetotalofth@paymentsreeeived byyou (and yourspouS8, if filing
jointly). Do not enter more than $250 ($600 If married filing jointly)
11
Did you (oryourspol,Ise, iffilingjolnUy) receive a pension or annuity in 2009forservicesperformed Elsan employee
?fthe U.S. Gover~ment ora~y U.S. state or local g~~Jtmm:~aLtroVf~~~~ot cove.tel:.p~$f'R&1 security? Do not
Include any penSlon or annuity reported on Form ~~~:;,.".oo .... ~ :~~ ~t~~:~
~1o~ol<.:-><~",.>.,
~~
" . ,. iW
o~:~. ;n~e;~~~:;~~:~~,~:~:~~~~~i~~:n~~ilf~::if'rl
and the answer on line 11 is ''Yes'' f~liPth sPQusemw
p@i
'"
J:~'
t!W=~~,,,,,
gjOintil~~~1,mg1
.w......
1ig~~ ~ml
If you checked "YCls"on line 10, entet~ 0- (exception: enter $250 I(tlling
jointly and the spouse who received the pen!ilion or annuity did notreeeiv~
an economic recovery payment described on line 10)
12
13
14
Makihg work pay and government retiree credlts.Add lines 11 and 13. Enterthe result here
and on Form 1040, line 63; Form 1040A.line 40; or Form 1O4ONR, line SO
KBA
If you are filing Form 2555 2555- EZ. or 45630ryo~ art! excluding income fro ttl P'uerto Rico, see instructions.
ForPaperwork Reduction Act Notice, see Form 1040A,1040, or 104ltNRinstr...ctions.
Schedule MiForm 1040A or 1MG) 2009
CaIHFAQM)~U2-.~
FDM1V1.0
44of130
Borrower: Kyle . . . . ._
6105243253
To:Ke!!i
P.B/15
California Resident
Income Tax Return 2009
FORM
540
APE
C1 Side 1
---~.
KYLE
09
AC
RP
5020 A STREET
SACRAMENTO
01
06
CA
1
10
o
o
o
12
56928
14
16
900
17
18
31
34
56949
23079
1185
09
o
o
o
41
o
o
o
o
o
o
o
o
42
43
44
45
46
61
62
63
64
1087
71
2412
95819
72
73
74
75
76
77
o
o
l\.PE
FS
o
o
o
78
91
92
1325
93
94
95
1325
o
o
o
o
o
3800
3803
SeRGi
587(lA
5805 5805F
DESIGNEE
1
'rPIDP 00058109
FN
431871840
400
'''OT
Sign
Here
It
i~
I,Inl:.wfullo
rorgo!! a
:;pouse'!.1 RDP's
"lgn..iure
Joint return'?'
(";'1><;1 p"'ec 17)
)tQU w;!Int to
wlt~
1.19
~~9~5~8~1~6~_____
{~4/l11
pilEi=: 17)7
PREPAAER
( 91 6 ) 447 -1 "'02"-'1=--_____
Telephone. Number
046
CalHFA Loan# 0224723
3101096
45 of 130
6105243253
To:Kelli
YQurSSNorlTI~
F S
I T
, A
I T
NU
G S
:
3
~ ~:~::d/RDP nnng
Married/RDP
separately. Enter$pOI.l$E!'s/RDP'sSSN or ITIN above and full name here _ _ _ _ _ _ _ _ _ _ ,....... ~,.___..,.,~". _ __
"
T
I
X $98=$ _ _ _ __
X $98=$, _ _ _ _ __
$98=$: _ _ _ __
12
13
14
15
16
17
18
r
A
X
A
,
"
8
0
M
. 12
Enlerfederaladjusted gros.inC<:lmefrom Form 1040, line 37; Fonm 1040A, lin. 21; Form l040EZ,line 4 ,
California adJustments- subtraotlolis. Enterthe amount from SOMduie CA (540), line 37, oolumn B.
. ...... 14
15
. ............... 17
57,84~""
900 .
___,...56! 949 ~
_ _-';0-:,-;;-;-,0,-,-.
---':::--=:L=--Cc::.'-
. .......
3Z
33 _ _-=loL'.:=.O.:=.8..:.7-=-,
@34
. ........... .
42
43
44
45
,A sT
46
s c
p "
E
C 0
I
35
42
smoun~
.............. 43
Code _ _ _ amount
Credit
To 121m morethan two oredits{see page 11) ........ .
........ 44
Code
Credit
47
47 _ _--::---,:-=_
o T
61
~~
~~
. ........ 63
04
o 71
o 72
.2,412.
73 Real estate and other withholding (see page 13) , ................ ,'
73
", .... ,74 _ _ _ _ __
74 Exc SDI(orVPDI)wlthheld(se.pageI3) " ............ ,
Child and (lependent Car. Expen Credit (S.~illi!!l!9JlAI1!!Oh f<iJ:SB 3506*'i"'it"1~
. .
,
.
f<~'1"''''''''''l':,' .3:$1 ffi!r
<~~li~ .. r;<;,,><~,
15 Qualifying person 550(:laI Sflc urlty number .. i~:" ... , , 'i~W' H~~l' ..... ~:~~, 7S _ _ _ _ _ _ __
P
A
M
E
N
1, 087 ,
. 41
.....j~~,~!~tft ________
.~~P.ii@if.i{1~~"2~~~* --.-.-..-.-.-.-.-.-.-..-.-.-.
o 78
79 Add line 71 , line 72, line 73, line 74. iilnd 11M 78.lhese are YQurtotal payments (see p~ge 14} ....
7&
?J12_
91 Overpaidtax.lfline791$morethanline64,subtraclline64fffJmline79 ...
91
1,325.
R~ ~
USE. TAX95
046
, ...... .
........ .
&2
'0
, '
93
94
1,325.
0:
... " .. 85
3102096
46 of 130
Borrower: Kyle
".IIIIII1111&1It
6105243253
Yourname:"===___
To:Ke!!;
YourSSNorlTIN:
Code
.4M
_401
.402
.403
.404
N
T
I
.405
_406
.407
.408
.409
.410
.411
_412
.413
.414
ALSfLou Gehrig's Disease Research Fund ....... , ... __ ... " .. , '
AY 0
MOW
TUE
110 Add CQQE! 400thraugh cod~ 414. This is your total contribution
111 AMOUNT YOU OWE. Add line 94, lio095, and line 110 (..ep.ge15).M.ilto
FRANCHISE TAX BOARD, PO BOX942867 , SACRAMENTO CA 942670009 .
R
E
F
t1.~
'110
O.
O.
111
,
FTB580SFa~ache~.::.:::..
112
113
to:
115
1 ( 3? 5.
FRANCHISE TAXBOARD,PO
: not attach a voided enQckora depositsHp (see pa.ge 16).
Fill In the information to aul:holrjzo: dil.~I:d
Have you verified the roultln'9 arId ,'CC'O<
All orthefollowin,g amountofmy refund (line 115) Issuthorized fordireet clapositinto the account ShoWn below:
cneoking
Savings
R.outing number
_ Type
, Accountnumber
.116 Direct deposit amount
The remaining arl'lOunt afmy refUnd (line 115) is authorized fordirect depQsRinto the aocountshowl'l bolow:
"
E
AP
N 0
DrT
E
!f
Routing numb~r
046
CalHFA Loan# 0224723
3103096
47 of 130
.1
6105243253
To:Kelli
TAXABLE YEAR
2009
P .1l/15
SCHEDULE
California
- Residents
CA
Additions
See i!l""tructiQ"~
wages, salaries, tips, etc. See instructicnsbefore makiflg an entry in column Bore
Taxable interest.
Ordinarydividend$.
. ........... , ....... .
S~&instruction5.
10
11
12
13
14
Busines$ll'lcm~or(loss)........
"
~:~,
.
Othergatnsor(losses). _. _.... ,
..
Ii,);.,;,. m$~
".;!:f;!!:f ?!;~%:(
~1~~ifir;~
........ ~",,*,0 . . . .
'I~~)
..:'i-.~iW""
'~~~~~~m:~,~
"~~'S:IZ~>Y: ..
15
16
17
18
1$
to
21
(0) _ _ _ _ _ __
F'eM;!onsand an.nuities. See Instructions. (a)
--------t-------+-----........ 19 --------t-------17
18
f).
&
~1.~~ot fr;;$:r~.,.,;~." ~~. .,!,~,:-. .;~.
20lb)
OtherineQma.
.,,4\1~~~1t~~:,
J~t
a California lottery winnings
. -.-.,
~~ ~
. W . "']-,- . ~ &!
~- ~~f
w
b Disaster loss carryover from FTB 3S05V ,~ili3806,
3~f:Qt.!eOit
'!l'Oth L4iJ~rJI)' 'i!!!j$( ,~~i:
c FederaINOL(Forml040,line21)
:-_=:-_-1.______
'~~~~
~$~~
21
_:~~~t
fill-if
\~1f*.,::,.~~~.,:" :,~.~,"..:.,~,".,~:~
,
..:m*'"----
d NOLcarryoverfrom FTB3805V
22
' , ' :, .,
,':'l.
Total. Combine line 7through line 21 in columnA. Add line 7through 11M 21fin
column Bend colutnn C. Go to Section B
23
Educatorexpenses.
24
CertalnbU$lne$$.&XpanSeSOfre5ep,:m~~~~rdfee-ba1f.1~
25
He-althsavIngsaccouti
l~lh. ,..~u:
~~,:.;w.
.*~~}.:':'"
18
27
~stn.m
36
.....
..
________________________
Add line 23 through line-:31 a and 11M 32through Iine35 tn.eolumnsA, B, and C.
+-________
.. 36 __________
See instructions
37
:"'"l~ tti;:. ~; ..
046
7731094
480f130
~------
___,
6105243253
To:Ke!!;
KYLE _ _
part II Adlustments to" Federallt6miZed Dedyctir:ms
.... 38
26,150
General $ah~s Tax), line 7 (new motor vehlele tax), and line 8 (foreign incometaxesol1ly), See Instruetlo)'ls .............. 39
3, 071
38
Federal itemized deductions., Ac;lQ the amQuntson federal Schedule A (Form 1040), lines 4, 9, 15, 19, 20, 27,and 28
39
Enter total offederal Sehedull!' A (Form 1040), line 5 (State Disability Insurance, and state and loca!inoometax.. or
40
Subtractline39fromline3B ...
41
42 Combinellne40and Une41
43
-:'.6::~~
...... ~~~i$'r:w:~::.: -
j;'
<-;r;s'ff
::;:~~}.::::"*'
~~lt%~~~ ~~:;..
~$f$~~::$;,
~~ f~r
< > ~
arr.aunt
'~*1:p.~>x@~@~''''~,~
~;*:~ i'
'''8'',''
.9~,
Jd
;:;::t.'??
't~H
......... 41
,,,,,~~,
. dt"
23,079
42
,d:;"
............
$321,483
.. 43
44
.. .. .. .. . .. 44
L...._~2..23.L,
-"O:.!.721
DO NOT
iim~=~
~j~f~if1
.ifi
Side2 ScheduleCA(540)2009
046
7732094
49 of 130
---.---~-"
..----
.W
Borrower: Kyle
8879
Form
D~fl.artmel'lt
lr'1to-rn.,!
of theTre.a5ury
Fl,IlIlrenUe
6105243253
~@Og
Service
P.1Y15
To:Kelli
Taxpayer's name
SlloU$E,!'Sname
2
~
Adjusted gross income (Form 104<1. lin. 38; Form 1040A, Ilhe 22: Form 1040EZ.lIn04)
Totalt.. (Form 1040, IInoSO; Form 104<1A.line37; Form 104<1EZ, IIno11)
Faderal income tax withheld (Form 1040, line 61; Form 1040A, line38: Form 1040EZ, line 7)
RerUhd (Form 1040.IIn073.; Form 1040A, IIn046.; Form I04OEZ.line12a; Form 1040 SS, Pa~I, lin. 130) .
II
Under penalties ofpe~ury, I decla.rethat I have examined a copyofmy electronlelr.dlvldual ineom!!!t2lx r4!!turn and accompanying schedules and statements
for the tax year ending Deoen'lberS1, 2009, and to the bestofmyknowlcdg(!! rmd belief, itistrue, correct, and complete. I furtherdeclarethatthe amounts in
Part I above are the
inQQmetax return. I consent to atiow
service provider, transmitter, o-relectronic return
originator (ERO) to :send
the IRS
of the transmisslon, (b) an
Indication of any refund
I authorize the U.S,
Treasury and its
i I institution account indicated in
the tax
financial institution to debit the
b~ dobit(ld througn tnc EJ~trorlic
personal identification number (PIN) to
to terminate the authorl%ation. To revoke
a payment, I must contact the U.S. Trl!!asury FinancialAgent at
no larerthan 2 business days prio rto the payment (settlement) date. I also
authorize the financial institution$lnvolved inthe processing ofthe eleotronl~ paym&ntoftaxBsto receive confidential information necessary to answer
inquires and resolve issuesrelati:!d to the payment. I further Clcknowledgt:! that the personal identification number(PIN) below ism'lsignature formy
eleotronicincome tax return and. ifapplloable. my Electronic FundsWithdra.wal Consent
Taxpayer's PIN: check one box, only
[j9
I authorize
11532
HR BLOCK
I will enter my PIN as my signature on my tax year 2009 electronically filed income tax return. Cheokthis box onl~ ifYQU are entering your own
PINandyourretum is filed using the Practitioner PIN method. The ERO must complete pare III below,
Your signature
JII;;;;'
"
j1r;t~' .It::;;"'
,~:~:,
;~r 11 .:gto
o
o
I authorize
enter or generate my PI N
ERO firm tm~
~~~~ ,,~~;m;;;;;~;:~J;~~~;~;~:t~~~'
as my signarure on my lax ye:Glr 2009 electronic'a:Ityfiled incomaiax refdi1t,~ . . . . . ,. . . . . .,.,.,. ."'. . . . . . . . ~
..
,._nJ
I will@ntermyPINasmyslgnatureonmytaxyear2009 electronically filed income tax return. Check this box only if you are entering your own
PIN and youfreturn Is tiled usingtJ1e Praotitioner PIN method. The ERO must complete Part III below.
Spous.'ssignature ~ ________~C~O=P--'Y~O=N!.!L:::.Y.!.-
I.Jlll
ERO's EFINI PIN. Enteryourslx digit EFIN followed by your five- digitself~ $elaeted PIN.
do not enter all zeros
I ~ertifythatth8 above numerioel"ltry Ismy PIN, which ismysignab.lre for the tax year 2009 electronically filed incometax return forthetaxpayer{s) indicated
above. t confirm that I am submitting this return in aocordance with the requirements ofthe Practitioner PIN method and pl!l)llcatloli 134S. HaJ1dboor:: for
Authorized IRS e- file Providel'$oflndlvidual Income Tax Retl,lm~.
. ERO'ssignature
_____________________________ Doto
01/29/2910
form-softwljl,r~opyrtgnt 1986
FD8879D1V 1.0
50 of 130
Borrower: Kyle
.AII.
6105243253
To:K.lli
P.14/15
046
TAXA61.EYEAR
FORM
2009
8879
Your name
KYLE
Spou..SlRDp5 SSN or ITIN
Spouse'slRDP'sname
1.32.5.
_......... 3
Part II Taxpayer Declaration and Signature Autnonzation (Be sur~ you get and keep a copy of your retum.)
Under penalties
ycarondlns
proyjded to
orindi
o/my I
,and
agent to
return to
return,
penalties.
I i,oknowledge
I
read and
I have selected a personalidentilicatlon nUlmber(
FundsWithdra,wal Con.sent.
Taxp~yer's PIN:
[j9
INC
toenrermyPIN
EROfirm name
![~s~~~~~
Do not enter aU ZetO~
01(29/2Ql,Q._ _
to enter my PIN
I authorize
ERO firm name
~:.!!!-==~~===::.:.:.:,==c:..:.::.==",,--
___ ___.____ ._
ERO'5 EFINJPIN. en~ryoursix- digit EFIN (ollowl!!d by your five- digitself selected F'IN,
~~~~l
~RO'ssign~ture"
_ _ _ _ __
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Dat _ _-"O..=l.!..I..=229:../-=2"'0'-=1"'0'--_ _
FT6 8879 C2
51 of 130
2009
6105243253
To:Kelli
P.i5/i5
1210003581
08458018311
Chec~
Type of Account
Type of Account.
DO NOT
52 of 130
~~
0845 E P
EO-3
Statement Period:
November 10 through December 12, 2011
At Your Service
KYLE
Written Inquiries
Bank of America
$1,587.39
Total Deposits
Interest paid
+ 7,816.15
$.81
Service Charge
- 25.00
Ending Balance
$1,685.47
1
16
+ .08
Interest Paid
year~to~date
0.05%
0
0
A monthly service charge was applied to your Prima Account because on 11/28 your
balance was below the minimum balance requirement of $10,000.
Checks Paid
Date Paid
Number
Amount
12/05
1881
$1,274.00
53 of 130
Page 1 of 3
II1II.
Account Number:.
Account Activity
Date
Posted
11/29
11/30
12/05
Description
Reference Number
Amount
$2,300.00
008225
3,732.15
1,784.00
$7,816.15
11/14
11/14
11/14
11/14
11/14
11/14
11/15
11/15
$.91
18.09
Peco nergy
Bill Payment
Cash with rawal on 11112,
Bank of America ATM #ICA06781 (Card #653821989)
005538
144.36
1.16
3.59
11/15
11/15
11/15
11/22
11/25
11128
11/28
11/29
12101
12/01
12/01
12/02
12/02
12/02
12/02
12/02
12/05
12/05
12/05
41.42
55.10
100.00
7.60
20.00
96.65
20.00
50.00
676800
.98
60.02
20.00
.78
161.22
2,301.92
.91
16.41
073764
68.68
200.00
1,945.21
1.71
19.05
37.24
ef #24692161337000473954771
12/06
12/06
12/06
12/07
12/07
18.14
20.00
110.66
.12
18.85
54 of 130
Page 2 of 3
Borrower: Kyle"."
Account Number:,
Date
Posted
12/07
12108
12/08
12/08
12108
12/09
12/09
12112
12112
Description
Reference Number
20.88
022779
Interest Paid
Interest Paid from 11/10/11 Through 12/12111
12/12
Service Charge
Monthly Service Charge
.82
24.56
28.62
936799
682.49
.21
51.79
.08
48.92
12/12
Amount
$6,419.15
$.08
$25.00
0 Daily Balance
Date
11114
11/15
11/22
11/25
11/28
Amount
$ 1,227.51
1,098.51
1,078.51
1,028.51
967.51
Amount
Date
11/29
11/30
12101
12/02
12105
3,247.51
6,979.66
4,515.74
2,284.53
2.736.53
Date
12/06
12/07
12/08
12/09
12/12
Amount
2,587.73
2,547.88
1,811.39
1.759.39
1,685.47
ATM Information
California
55 of 130
Page 3 of 3
Borrower: Kyle . . . . . .
....
0845 E P
EO-4
Statement Period:
October 13 through November 9, 2011
Account Number::'
1",111,1,"1"111"",11,"11,1
~
At Your Service
Call: 1.800.432.1000 - Customer Service
~G
NORRISTOWN
PA
Written Inquiries
Bank of America
Grass Valley Branch
PO Box 37176
San Francisco, CA 94137-0176
19403
+ 6,559.53
Total Deposits
- 5,676.31
Interest Paid
+ .02
Service Charge
- 25.00
Ending Balance
$1,587.39
0.05%
$.73
$729.15
2
28
0
0
A monthly service charge was applied to your Prima Account because on 11/07 your
balance was below the minimum balance requirement of $10,000.
Checks Paid
Date Paid
Number
Amount
10/27
10/31
1878
1880
$ 17.58
1,274.00
Date Paid
Number
Amount
$1,291,58
56 of 130
Page 1 of 4
Borrower: Kyle . . . . . . .
Account Activity
Date
Posted
Description
10/17
10128
10/31
11/01
11/08
Reference Number
Amount
008210
$377.38
500.00
002177
$6,559,53
10/13
10/13
10/14
10/14
10117
Ref #24013391286019094061986
Keep The Change Transfer to Acct 6018 For 10/17/11
Purchase on 10117 (Card #653821989),
093039
748136
10/24
10/24
Wegmans Malvern PA
Purchase on 10122 (Card #653821989),
10/24
10/17
10/17
10/17
10117
10/17
10/18
10/20
10/20
10121
10/21
10/24
10/24
10124
10/25
10/25
Wegmans Malvern PA
Keep The Change Transfer to Acct 6018 For 10/25/11
Purchase on 10/25 (Card #653821989),
Wegmans Malvern PA
10/25
Peco
DES:Checkpymt Check #:1879
INDN:0000000000002853037075 Co ID:1230970240 ARC
Ref:011298009211776
10/25
10/27
$,63
10.37
.53
46.47
10/17
3,732,15
500.00
1,450,00
2.21
8.70
27.45
56.35
008211
60.00
000775
63.59
69.70
20.00
.57
9.43
432110
.53
36.47
1.20
6,99
24,65
043851
42.82
553169
58.64
014718
60.70
023476
.36
17.64
18.73
20.00
.06
57 of 130
Page 2 of 4
Borrower: Kyle
Statement
Account
Account Activity
Date
Posted
10/27
10/28
10/31
10/31
10/31
10/31
10/31
10/31
10/31
11/01
11/01
11/01
11/01
11/01
11/02
11/02
11/03
11/03
11/03
11/04
11/04
11/04
11/07
11/07
11/08
11/08
11/08
November 9, 2011
Continued
Description
Reference Number
11/09
Interest Paid
Interest Paid from 10/13/11 Through 11/09/11
11/09
Service Charae
Monthly Service Charge
Amount
20.94
36.00
223773
1.71
6.00
11.22
001672
19.84
30.23
700.00
1,950.00
.25
20.00
65.00
120.75
282.00
21.00
200.00
.64
8.83
16.53
.48
18.52
005422
100.00
.92
10.08
489857
.28
20.00
58.72
$4,384.73
$.02
$25.00
58 of 130
Page 3 of 4
Borrower: Kyle . . . . .
Account Number:_
0 Daily Balance
Amount
Date
10/13
10/14
10/17
10/18
10/20
10/21
$ 718.15
671.15
760.53
740.53
730.53
693.53
Date
Amount
Date
10/24
10/25
10/27
10/28
10/31
11/01
498.53
441.80
403.22
867.22
606.37
618.37
11/02
11/03
11/04
11/07
11108
11109
Amount
397.37
371.37
252.37
241.37
1,612.37
1,587.39
ATM Information
California
59 of 130
Page 4 of 4
Statement Period:
Novembe"r~l~~~~.'1~;.
30,2011
Account N
1",11
KYLE
9308
NORRISTOWN
.. 11",11,1
At Your Service
Ca II. 530-477-5404
Online: wvwv.bankofamerica,com
RDG
PA 19403
Written Inquiries
Bank of America
Grass Valley Branch
Our Online Banking service allows you to check balances, track account activity and more. Enroll at www.bankofamerica.com.
$7,836.08
Total Deposits
+ 107.33
Total Withdrawals
Interest Paid
Ending Balance
0.05%
$7.35
- 4,745.21
+ .29
$3,198.49
Savings Activity
Date
Description
Reference Number
Amount
10/31
11/01
11101
11103
11/04
11/07
11/08
11/08
11/14
11/15
11/15
11/22
11/28
11/29
10/31
$1.71
20.00
11/01
11/03
11/04
11/07
.25
.64
.48
.92
20.00
11/08
11/14
.28
.91
20.00
11/15
1.16
20.00
Confirmation# 7196781396
Keepthechange Credit from Acct1831 Effective 11/28
Online scheduled transfer from Chk 1831
.98
20.00
Confirmation# 7157200468
$107.33
Page 1 of 2
California
60 of 130
Reference Number
Description
Amount
$500,00
1,945.21
2,300,00
$4,745.27
0127237.002
$.29
Page 2 of 2
California
61 of 130
Borrower, Kyle . . . . . .
t
~
Your Bank of America
Regular Savings
Statement
Statement Period:
October 1 throug',;,h.O.ct.o.b.eir.3.1,.2.011
Account Number.
1",111,
KYLE
9308
NORRISTOWN
At Your Service
Call: 530-477-5404
Online: www.bankofamerica.com
RDG
19403
PA
Written Inquiries
Bank of America
Grass Valley Branch
P.O. Box 37176
San Francisco, CA 94137-5176
Ending Balance
$9,044.10
+ 91.06
0.05%
$7.06
- 1,299.45
+ .37
$7,836.08
Your savings account earned $,36 in interest this statement period. The Interest Paid shown
above reflects interest earned since your last payment date.
Savings Activity
Date
09/30
10103
10104
10104
10106
10/11
10/11
10/13
10/14
10/17
10/18
10/20
10/21
10/24
10/25
Description
Reference Number
Amount
$.49
.29
20.00
.30
1.34
20.00
2.55
.63
.53
2.21
20.00
.57
.53
1.20
20.00
California
Page 1 of 2
62 of 130
Date
Description
10/25
10/27
1Dill
10/12
10112
10/28
,36
.06
$300.00
12.45
487.00
500.00
$7,299.45
Interest Paid
Interest Paid from 10101/11 Through 10/31/11
0128545.002
Amount
$97.06
10/31
~umber
$.37
Page 2 of 2
California
63 of 130
Borrower: Kyle . . . . . . . .
b
~.Irr Northwestern Mutuar
insurance / investments / ideas"
KYLE--'
Prepared For:
Kyle_
on December 21, 2011
Prepared By:
64 of 130
Borrower: Ky'ele. . . . .
KYLE_
W Northwestern Mutual"
Investment/Variable Products
Associated
Account
Account
Number
Type
6S
Annuitant:
Owner:
Fund
Family 2:
NMIS
Account #
Product Type
N/A
Variable Annuity
Assets 1
Traditional IRA
Kyle,
Kyle_
MASON STREET
ADVISORS
Direct Beneficiary:
Invested
$46,548.13
as of 12/20/2011
Fara
Contingent Beneficiary:
Brokerage Investment/Variable Products Subtotal
$46,548.13
Kyle Bryant
$46,548.13
CA# OE60969
65 of 130
~Disclosures"
pages.
Borrower: Kyle
KYLE
Scheduled Payments
Monthly Payments
Payer:
Insurance Service Account:
Billing Method:
Due Date:
01/01/2012
Insured
Kyl
Contract Number
..
Product Type
Monthly
Premium
Allocated
Dividend
RRNARIABLE ANNUITY AT 98
$200,00
$0.00
$200.00
$0.00
loan
Payment
Repayment
$200.00
N/A
$200.00
Additional Payment:
$0.00
Service Charge:
Account Total:
$0.00
$200.00
$200.00
NfA
Generally, information shown is only for payments made through an active Insurance Service Account (ISA) or for ULife payments made by Electronic Funds Transfer
(EFr). Please contact your Financial Representative for more information.
Page: 3 of 6
CA# OE60969
This report is not complete without the accompanying
66 of 130
~Disclosures"
pages.
KYLE
~ Northwestern Mutual"
insurance
investments I ideas'"
'"
End Notes
We have collected values for the assets shown in this report which were the most current available as of the date shown in the top right hand comer
of this report. For the most up to date values, and information on the Jag time in valuation availability for certain assets, consult your Financial
Representative.
Accounts that have an entl)' in the "Fund Family" column are maintained (custodied) by the mutual fund family listed ("Direct to Fund" accounts).
NM1S and its clearing broker, pershing, do not hold or control these assets. This report reflects holdings and valuation information received from
the mutual fund family. Northwestern Mutual and its subsidiaries do not audit or verify such information. Please review the account statements you
receive from the mutual fund famHy for complete information on these assets.
Disclosures
"Nortbwestern Mutual" is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries and affiliates. The Northwestern
Mutuai Life Insurance Company, Milwaukee, WI, customer service 1-800-388-8123 (life insurance, disability insurance and annuities) is not a registered
investment adviser, a registered broker-dealer or a federally chartered bank. Securities and fee-based investment advisory programs are offered through
Northwestern Mutual Investment Services, LLC (NMIS), Suite 300, 611 E. Wisconsin Ave., Milwaukee, WI, 53202, customer service 1-866-664-7737.
NMIS is a subsidiary of The Northwestern Mutual Life Insurance Company and a dually registered broker-dealer and investment adviser, member RNRA and
SIPC. Investment advisory programs and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee,
WI, customer service 1-866-664-7737. NMWMC is a subsidiary of The Northwestern Mutual Life Insurance Company and a limited purpose federal savings
bank. NMWMC's investment products and trust services are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by The
Northwestern Mutual Life Insurance Company, NMIS, NMWMC, or their affiliates, and are subject to investment risks, including possible Joss of the
principal amount invested. Recommendations and/or transactions involving equities and fixed income securities may only be offered and/or sold by
appropriately registered and appointed representatives of NMIS or NMWMC.
The products and services referenced are offered and sold only by appropriately appointed and licensed entities and representatives of such entities.
Each Rnancial Representative represents one or more, but not necessarily all, of the entities shown. If you have any questions regarding this report,
please contact your Financial Representative. For general information, please visit us on the web at www.northwesternmutual.com.
This report is provided as a courtesy to you for informational purposes only and may not reflect all policies, contracts, securities, or accounts you own.
This is not an official reporting document for your assets. We encourage you to review and maintain the original, official reporting documents relating to the
assets in this report (contracts, policy statements, account statements, confirmations, etc.). You should refer to the official documents when determining
the value of your assets. Those official documents may also contain notices, disclosures and other information that is important for you to know and are
reliable reference pieces if you have any questions about the accuracy of information shown in this report. The information in this report has not been
audited or verified, and does not in any way alter or supersede the terms of any policy, contract, confirmation, prospectus or statement received from
The Northwestern Mutual Life Insurance Company, NMIS, NMWMC, their subsidiaries or affiliates, or third party service providers or other organizations.
Information presented in this report was gathered from multiple sources, including The Northwestern Mutual Life Insurance Company; Pershing, LLC,
member FINRA, NYSE and SIPC (the clearing broker-dealer for NMIS accounts and most NMWMC accounts); and Albridge Solutions (data consolidation
and performance reporting provider). In addition, all mutual fund holdings in investment accounts that are held "Direct to Fund" are custodied by the
appropriate mutual fund family (or their designated transfer agent) and holding and valuation information is provided by that mutual fund family.
This information is not a solicitation or a recommendation to buy, sell or hold any policy, contract, security or advisory program. This information should
not be used for financial planning purposes. Payments made under a policy/contract, including benefit payments, are subject to the conditions, limitationS
and exclusions stated in the policy/contract. Please refer to the policy/contract for exact details of terms, conditions, limitations and exclusions. Any
decisions made by you based on the information in this report are made at your own risk.
We have collected values for the assets shown in this report which were the most current available as of the date shown in the top right hand corner of this
report. For the most up to date values, and information on the lag time in valuation availability for certain assets, consult your Rnancial Representative.
The total at the bottom of the Table of Contents page reflects the aggregate value of all assets included in this report. Valuation methodology may differ
from product to product. as described elsewhere in the report and in these disclosures.
In some cases, valuations of investment and variable products presented in this report may differ from the valuations shown in your official account
statements for those assets because of different pricing methodologies that may be used for statements versus this report. You should rely on the
valuation information contained in your account statements, rather than this report.
The values of Direct Participation Programs (DPPs), private, non-exchange trading Real Estate Investment Trusts (REITs), Limited Partnerships and certain
other alternative investment vehicles are provided by a third-party intermediary, and therefore may not be reliable. Furthermore, the value for some of
these assets may not be available; in which case the initial purchase price or a zero dollar value may be reflected on this report. The Northwestem Mutual
Life Insurance Company and its affiliates do not guarantee the accuracy of this information. Any information concerning these assets should be regarded
as informational only and should not be relied on.
Report Date:
CA# OE60969
67 of 130
Borrower: Kyl . . . . . . .
KYLE~
Northwestern Mutuar
Disclosures
This report mayor may not reflect all holdings or transactions, their values, costs, penalties, surrender fees, charges, or proceeds. Accordingly, this
report should not be used as a source document for tax preparation or other purposes. Only Official tax forms should be used when preparing tax returns.
Please consult with your own tax advisor for specific tax advice.
The Northwestern Mutual Ufe Insurance Company may pay dividends, which are an allocation of divisible surplus to a policyowner. Each year, the Board
of Trustees, in its sale discretion, determines whether a part of the Company's surplus can be distributed to policyowners in the form of a dividend. The
Board decides which policies. if any, should get a dividend and the amount of the dividend. There is no guaranteed method or formula forthe determinat"lon
or allocation of this surplus. Accordingly, the Company's approach is subject to change. Neither the existence nor the amount of a dividend is guaranteed
on any policy in any given year. Some policies may not receive any dividends in a particular year or years even while other policies receive dividends.
Depending on the terms of the policy and personal choice, the dividend may be used to purchase paidup additional insurance, used to reduce premium
payments, left to accumulate at interest, or taken in cash. The dividend, if any, is payable on the policy anniversary. Dividend scale changes, loans and
surrenders or withdrawals will affect policy values. Changing dividend usage on your policy may cause total insurance protection to be reduced.
This report consolidates your brokerage, variable annuity, and investment advisory holdings. However, the investment asset group(s) that this report
depicts mayor may not be managed by NMIS or NMWMC as investment advisers. Keep in mind that NMIS and NMWMC are only investment advisers
as to those assets that are within investment advisory programs. Because this report consolidates different types of investment assets, it should not
be used as the basis for making asset allocation or rebalancing decisions for your investment accounts. Please refer to official performance reports
(described below), account statements or other advisory account speciflc reports when considering rebalancing, asset allocation or other changes to your
investment account holdings. Investment products are subject to investment risks, including possible loss of the principal amount invested.
The Northwestern Mutual Signature Portfolios program is a fee-based advisory program offered by NMIS and NMWMC. The Northwestern Mutua! Signature
Choice, Signature Annuities and Signature Managed Accounts programs are feebased advisory programs offered by NMWMC. NMWMC is a limited
purpose savings bank. Investment products and advisory accounts offered by NMWMC are not insured by the FDIC, are not deposits or other obligations
of and are not guaranteed by NMWMC or its affiliates and, like all investment products, are subject to investment risks, including possible loss of the
principal amount invested.
To help you see how your financial assets are currently distributed, we classified your investment assets among the following classes: cash, fixed income,
commodities, real estate securities, int'l emerging mkts, int'l developed mkts, US equity - small cap, US equity mid cap, and US equity. large cap.
This report will categorize your account holdings in slightly different asset class groupings than the NMIS and NMWMC investment adviSOry quarterly
performance or other reports. Any variable annuities or variable life insurance policies you own are included in this breakdown by primary asset class,
depending upon the subaccounts used within those contracts or policies. These values reflect the gross contract or gross policy values without accounting
for surrender fees or adjustments for unpaid premium, if applicable. The underlying mutual funds in which variable annuity and variable life subaccounts
invest are not available for direct investment.
The Investment/Variable Product Holdings by Client section of this report reflects only the primary asset class for a particular security. Mutual funds,
exchange traded funds and other securities may have holdings in multiple asset classes. Although only the primary asset class is reported in this section,
in the presentation of your asset allocation in the Ovelifiew - Financial Assets section, the value for these securities is split across the appropriate asset
classes. Therefore, for example. a fund that has a primary asset class of US equity Large Cap and a secondary asset class of Int'l Developed Mkts will
show only US equity - Large Cap in the Investment/Variable Product Summary section while the dollar value of that position will be split across Large
Cap and International in the Ovelifiew - Financial Assets. Your Financial Representative can provide information on how a specific fund is designated
across the various asset classes.
Negative cash/margin positions included in this report are related to either margin orto Loan Advance balances. Loan Advance borrowings have limitations
on permissible uses of those proceeds. For more information, consult with your Financial Representative.
For information about your holdings, including fees and conflicts of interest, see the applicable client agreement, program disclosure brochure and
prospectus or similar disclosure document for the variable policy, contract, mutual fund, other security or product. NMIS and NMWMC, as subsidiaries of
The Northwestern Mutual Life Insurance Company, are under common control with a number of other financial services companies. This affiliation offers
many benefits and resources to NMIS and NMWMC, but also may create potential conflicts of interest. Conflicts of interest also may arise as a result
of agreements between NMIS and third parties. For information on these conflicts, please see "What Every Investor Should Know About Mutual Funds"
available through your Financial Representative or online at http://www.nmfn.com/tn/aboutnet-nmis keypoints.
Direct to Fund Accounts: Some investment assets included in this report may be "Direct to Fund" accounts, which means those assets are maintained
and controlled by a mutual fund family or its transfer agent, not NMIS or its clearing broker, Pershing. You can determine whether your investment assets
are Direct to Fund accounts by reviewing the "Fund Family" column in the Investment/Variable Products Summary section of this report. Accounts that
have an entry in the "Fund Family" column are Direct to Fund accountS. For Direct to Fund accounts, this report reflects holdings and valuation information
received from the mutual fund family. Northwestern Mutual does not audit or verify such information. Please review the account statements you receive
from the mutual fund family for complete information on these assets.
For 529 Plan Accounts: Accounts described as "529 Plan" accounts are state college savings plans. Some "529 Plan" accounts in this report are also
UGMAjUTMA accounts, and are subject to state UGMA/UTMA statutes as well as 529 Plan restrictions. Please ask your Financial Representative for
details on the restrictions applicable to 529 Plan accounts included in this report.
Report Date:
2010 The Northwestem Mutual Life Insurance Company. All rights reserved.
CA# OE60969
680f130
Borrower: Kyle
jill
KYLE~
W Northwestern Mutual'
Disclosures
NMIS is a member of SIPC (Securities Investor Protection Corporation), which protects the value of securities in customers' NM1S accounts up to $500,000
(including up to $250,000 for claims for cash). Direct to Fund assets held by outside mutual fund families are not covered by NMIS' SIPC coverage. In
addition, NMIS' clearing firm, Pershing LLC (Pershing), carries excess SIPC insurance coverage. Assets held at a custodial institution other than Pershing
or other assets "not held" at Pershing, including but not limited to Direct to Fund assets, are not protected by the excess SIPC insurance policy. Information
about SIPC is available upon request, or at www.northwesternmutual.com and at www.sipc.org. For answers to any questions regarding an outside mutual
fund family's SIPC coverage, you may either contact your Financial Representative or the appropriate mutual fund family, or refer to the mutual fund
family's statement regarding SIPC membership. SlPC coverage does not protect against potential losses due to market fluctuation.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Although money market funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such funds.
Report Date:
2010 The Northwestern Mutual Life Insurance Company. All rights reserved.
CA# OE60969
69 of 130
Borrower: Kyle
MLS
Page 1 of3
Listing #11086887
$239,900 (LP)
Price/SqFt:
252.53
(12/14/11)
Lot Sz:
D:ii
Agent
Co-Agent
Office
Co-Office
Kelli A Boehm
(ID: SRATHKEL) Primary:916737-5656 Seeondary:916737-5656 Lie: 01813767
Ramsey Real Estate & Dev. (JD:01DRRJ) Phone: 916-737-5656, FAX: 916-760-0575
Ramsey Real Estate & Dev. (ID:01DRRJ) Phone: 916-737-5656. FAX: 9167600575
Property Type
Residential
Subtype Description
Detached
I5Gl
Status
Service Level
Area
Subdivision
Commission Type
10819
Coloma Terrace
percentage of Sale
Commission
Property Subtype(s)
Var/Dual Rate
2.5 %
No
950*
4835*
Sq Ft Source Assessor/Auto-Fill
Lot Acres (approx)
County
Beds
Year Built
Map Book
Cross Street
Listing Date
On Market Date
Variable Price
Original Price
Occupant Name
School County
1 House on Lot
Sacramento
APN
0040092-013-0000
2'
8aths (FH)
1 (1
Map Coordinates
298.A4
Entry Date
12115/11
1948*
Thomas Bros. (PL,SA)
51st Street
12114/11
12114/11
or
No
239,900
Expiration Date
12/14/12
Jose
Occupant Phone
Sacramento (Elementary: Sacramento Unified; Junior High: Sacramento Unified; Senior High: Sacramento l
7J) p.fJ30 _ .
Borr9w~r KYJr "._at
http://prospector.metrohst.netiscnpts/mgrqlspi.dll?APPNAME=Metrohst&PRGNAME=...IL/15/2u 1
MLS
Page 2 0f3
-Current tenant is allowing showings from 10-12 on Saturdays."" CalHFA Short Sale w/wel[ documented ha
lender approval. Any lender reduction in gross commission wiH be shared 50/50, between listing&selling bral
H street east to lett on 45th, right on Brand, [eft on 51 st, to left on A street, and home is on the left.
Yes
General Information
Zoning
Census Tract
Lot Dimensions
Style Description
Construction
Foundation
Exterior
Roof Description
Stories
# of Garage Spaces
Garage
Baths Other
Floor Covering(s)
Laundry Description
Dining Description
Kitchen Description
Kitchen Appliances
No. Of Fireplaces
Fireplace Desc
R-1
2.00
52 (front) x 91 x 50 x 89
Cottage/Bungalow
Frame, Wood
Concrete Slab
Wood
Camp Shingle
1 Story
1
1 Car Attached, Facing Front
Tile, Tub w/Shower Over, Window
Linoleum/Vinyl, Tile, Wood
In Garage
Formal Area
Counter Tile
Disposal, Range Gas F/S
1
Living Room
Miscellaneous
HOA
No
CC&Rs
Site Description
Road Description
Pool
Landscape
Improvements
Features Misc
Air
Heat
Energy Features
Water
Utilities
Sewer
Bonds/Asmts/Taxes
REO
HUD
Auction
Existing Financing
Tenns
Security Features
Yes
Shape Regular, Trees Few
Paved, Public Maintained
None
Fenced Back, Sprinkler Auto F&R
Sidewalk/Curb/Gutter
Patio Uncovered
Window
Furnace Floor
None
Public District
220 Volts, All Public, Natural Gas
In & Connected
Unknown
Showing Instructions
Tenant
Current Rent
Possession
Type Listing
No
No
No
Treat as Clear
Cash, Conventional
Smoke Detector
Listing Information
$1350
By Agreement
Exclusive Right
Privileged Information
Picture Provided By
Internet
Approved
Longitude / Latitude
Agent Hit Counter
Public/Client Hit Counter
Agent to Submit
Yes
Yes
-121.437614/38.576256
17
1.1 1>.1.130 _ .
Borr9J11~r' K'I:r~ . _ .
iLl i 512u i i
http://prospector.metroiist.net/scnpts/mgrqlsp1.dll?APPNAME=Metrohst&PRGNAME=...
Dec.16.2011
i~.
04:40 PM
PAGE.
CIILJFORNIA
~~ASSOCjATION
~
1/ 11
OF REA T.TORS"
11111)
("Broker")
st,ng Portod")
("property"):
2. ITEMS EXCLUDED AND INCLUDED: Unle$S otherwise .p.ci~.d in a re.1 estate purchase agreement. all ~xtur.. and fittings that
are attached to the Prop$rty are included, and personal property items are exduded, from the purchase price.
ADDITIONAL ITEMS EXCL.UDED:
ADDITIONAL ITEMS INCLUDED:
.
Seller Intends that the above i1:em$ be Elxduded or induded ill offering the Property for s~J~, but understands that (1) the purchase
agreement supersede. any intention expressed above and will ultimately determine which items .re excluded and included in the
sale; and Oi) Broker Is not responsible for and does not guarantee that the above exclusions and/or inclusions will be in the pt.lrcnase
agreement.
Tef~:
an offer lS
lise
rice
~ece~ve~,
Dollars {$ fl39.66
of $10,000 every 25 days from first date of list, until
~eduction
negot~ate
a pest
an
accepLe. Be
inepect~on
and
er to 0
v~rtual
er a Home warranty to
Btag~ng;
uyer,
).
oompl~te
4. COMPENSATION TO BROKER:
Notice: The amount or rate of real estate commissions is not fixed by law. lhey are set by each Broker
individually and may be negotiable between Seller and Broker (real estate commissions Include all
compensation and fees to Broker).
A. Seller
to Broker as compensation for services irrespective of agency relationship(s), either I!I 6 (six) percent
AND
Of the
(1) I
OR
B.
'
entered into,
C.
D.
E.
F.
and
ofthe~~~~~p~riC~ef),~orr~o~~~~~i~~i~~~~
=____====;--:==:-=:==========-=-====::
(3) If the Property is sold to anyone listed above during the time Seller Is obllgeted to oompensate another broker: (i) Broker I';
not entitled to compensation undBrthis Agreement; and (il) Broker is not obligated to represent Seller in such transaction.
The oopyright law of the Unttil!ld States (Title 17 U.S. COde) fOrbId thil!l
RES! DENTlA"
720f130
~Ier's
lnltlais (
Dec.16.2011
04:41 PM
PAGE.
5020 A .. treet
Property Address: Sacramento ca 95819
Date: _'..2,,1..,"4.1-/2...Q.1'-1'-_ _ _ __
5. OWNERSHIP, TITLE AND AUTHORITY: Sell$r wa"ant. that: (I) Seller I. the OWner of the Property; ~i) no other persons or entitle.
have utie to the Property; and (III) Seller has the authority to ~oth execute this Agreement and sell the Property. Exceptions to
ownership, title and authority are as follows: ________._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
c
6.
MULTIPLE LISTING SERVICE: All terms of the transaction, induding financing, if applicable, will be provided to the selected MLS for
publication, dissemination and use by persons and entities on terms approved by the MLS. Seller acknowledges that Broker is
required to comply with all applicable MLS rules a. a condition of entry of the listing into the MLa and Seller authorize. Broker to
comply with all applicable ML$ rules. MLa rules require that the listing sales prtce be reported to the MLS. MLS rules allow MLS data
to oe made available by the MLS to additional Internet sites unl."s Broker give. the MLS instructions to the contrary. MLS rulea
generally provide that residential real property and vaeant lot IIsijng. be submitted to the MLS w~hin 48 hours or some other pertod of
time after all necessary signatures have been obtained on the listing agreement. However, Broker will not have to submit this listing to
the MLS if, within that time, Broker submits to the MlS a form signed by Seller (C,A.R. Form SEL or the locally required form).
Information that can be excluded:
A. Internet Display;
(1) Seller ean instruct Sroker to have the MLS not display the Property on the Internet. Seller understands that this would mean
consumers searching for listings on the Internet may not see information about the Property In response to their search; (2) Seller
can instruct Broker to have the MLS not display the Properry address on the Internet Seller understands that this WOUld mean
consumers searching for listings: on the Internet may not see the Property's address in response to their search.
B. Features on MLS Participant and Subscriber Websltes;
(1) Seller can Instruct Broker to advise the MLS that Sailor do... not want vls~ors to MLS Parlicipant or Subscriber W.bsrtes
that display the Property listing to have (I) the ability to write comments or reviews about the Property on those sites: or (ii) the
ability to hyper1ink to another site containing such comments or reviews if the hyperlink is in immedi~te oonjunction with the
Property. seller understands (I) that this opt-out applies only to Websttes of MLS Partlolpants end Subsoribers who are real estate
broker and agent members of the MLS; (tI) that Olher Intemet sites mayor may not have the features set forth herein; and (iii) that
neither Broker hor the MLS may have the ablUty to control or bloe:k such features on other tnternet sites. 12) Seller can instruct
Broker to advis. tho MLS that Seller ';oes not want MLa Participant or auo.criber Web.~O$ that display the Property listing to
operate (i) an automated estimate of the market value of the Property: or (II) have the ability to hyperlink to another site containing
Suoh automated o.timale of value IT the hyportink is in immediate oonjunotion with the Property. Sollor understands (I) that this
opt-out applies only to Websilea 01 MLS Partlolpants and Subscribers who are real eOla!e broker. and agent membelE 01 the MLS;
(II) that other Internel site. mayor may not have the f.atures t forth herein; and (iii) that neither Sroker nor tho MLS may have
the ability to oontrol or block such f.atur on other Internet siles.
Seller acknOWledges that for any of the above opt-out instructions to be offective, Seller must make them on a separate instruction to
Broker signed by Seller (CAR. Form SEL or the locally required form). Information about this lisijng will be provided to the MLS of
Broksr's selection unless a form instructing Broker to withhold the Ilotlng from the MLS Is attached to thlallstlng Agreement.
1. SELLER REPRESENTATIONS: Seller represents that, unless otherwise spaoffied in wnling. Seller is unaware of: (I) any Nolie. of
Default recorded against the Property; (il) any delinquent amounta due under any loan secured by. or other otJlgatlon affecting, the
Property; (m) any bankruptcy, insolvency or similar proceeding affe<;ting the Property; (iv) any litigation, arbitration, administrative
action, government investigation or other pending or threatened action that affeclS or may affect the Property or Seller'. spiliry to
transler i~ and (v) any ourrant, pending or proposed sp.cial ......m.nts affeeling the Property. Seller shall prompUy notify Broker in
writing ~ Seller becomes aware of any of thea. items dunng the Lls,ng Period or any ext.nelon thereof.
8.
BROKER'S AND SELLER'S DUTIES: (a) Broker agrees to exercise r.a.onable effort and due diligence to aollieve the purposes of
this Agreement. Unless Seller gives Broker written instructions to the OOl'ltiSry, Broker is authorized to (I) order reports and
disclosure. necessary, (ii) advertise and market the Property by any method and in any medium Iected by Sroker, including MLS
and the Int.rn.~ and, to the extent permitted by these media, control the dissemination of the information submitted to any medium;
an(j (III) disclose to any raal estate licensee making an inquiry the receipt of any offers on the Property and the offering price of suoh
offers. (b) Seller agree. to consider offers presented by BroKer, and to aot In good faith to accomplish the sale of the Property by,
arnong other things, making the Property available for showing at reasonable times and referring to Sroker aU inquiries of any party
interest .; in the Property. Seller is responsible for determining at what priea to list and sell the Property. Seller further agree!! to
Indemnify, defen<l and hold Broker harmless from all claims, disputes, litigation, Judgments and attorney fees arlolng trom
any Incorrect Information supplied by aeU"r, or from any matorial facts that Seller knows but falls to disclose.
9.
DEPOSIT: Broket Ie authorized to accept and hold on Seller's behalf any deposits to be applied toward the purchase price.
SelJer'liIlnitiFJlliiI (
Reviewed by
ome
73 of 130
S020 )\ Klred,
2/ 11
Dec.16.2011
04:41 PM
PAGE.
3/ 11
5020 A .. t:reet
Property Address: Sacr_nto, Co.
95819
Date; _-,1""..1...' ..
4"'1g"'O,,'u1_____
11.
12.
13.
14.
15,
16.
17.
S,
C.
Possible Dual Agency With Buyer: Depending upon the circumstances, it may be neCfiSary or appropriate for Broker to act as
an agent for both Seller and Buyer. exchange party. or one or more additional parlles ('Buyer"). Broker shall, as soon as
praeUe.ble. disclose to soller any election to act as a dual agent repr.senting both Seller and Buyer. If a Buyer is procured
directly by Broker or en '$$ocialellcensee In Brokersllrm. Seller hereby consents to Broker acting a. a dual agent for seller and
suoh Buyer. In the eVi;lnt of an exchange. Seller hereby consents to BrOker collecting compensation from additional parties for
services rendered, provided there is disclosure to all parties of such agency and compensation. Seiler understands and agrees
that (i) Sroker. without the prior wrj(ten corl$ont of Seller, will not disclose to 8uyer that Seller Ie willing to sell the Property at a
prtco lese than the listing price; (II) Broker, without the prtor wrttten coneent of Buyer, will not disclose 10 Seller tho! 8uyer is
wJlllng to pey a price greater than the offered price: and (111) except for (I) and (II) above. a dual agent Is obligated to disclo
known facts materially affecting the value or desirability of the Property to both parties.
D. Other Seller.: Seller underetands that Broker may have or obtain listings on other properties. and that pot.ntial buyers may
consider, make offers on, or purchase through Broker, property the same as or similar to Seller's Property. Seller consents to
Broker's representation of sellers and buyers of other properties before, during and after the end of this Agreement.
E. Confirmation: If the Property includes residential property with one-IMour dweJling units. Broker shall confirm the agency
relationship described above, or as modified, in writing, prior to or concurrent with Selle"& execution of a purchase agreement.
SeCURITY AND INSURANCE: Broker Is not responsible for 10.. of or damage to personal or real property. or person. whether
attributable to use of a keysafellockbox, a showing of the Property, or otherwise. Third parties, induding, but not limit(td to, appraisers,
inspectors, brokers and prospective buye". may have acee$$ to. and take videos and photographs of, the interior of the Property.
Seller agrees: (I) to lake reasonable precautions to safeguard and protect valuables that might be acoesslble during shoWinge of the
Property; and (Ii) to obtaIn Insurance to proteot against these risks, Broker doe& not maintalh insurance to protect SeUer.
KEYSAFEILOCKSOX: A ~.y..f.nOckbox is designed to hold a key to the Proporty to permtt soco to the Property by Brokar.
cooperating brokers, MLS participants, their authorized lloensees and representatives, authorized inspectors. and accompanied
prospective buyers. Stoker. eooperatin~ brokers. MLS and AssociationS/Boards of REAL TORS are not insurers against injUty.
theft, 10$$. vandalism or damage attributed to the use of a key.afeJlockbox. Seller does (or If checked 0 does not) authorize Broker
to install a keysafellock.box. If Seller does not occupy the Propertyl Seller shall be responsible for obtaining occupant(s)' written
permission for use fJf a keysafenockbox (CA R. Form KLA).
SIGN: Seller does (or if checked 0 doe. not) authori Broker to in_tall a FOR SAL;;ISOLD oign on tho Property.
EQUAL HOUSING OPPORTUNITY: Th. Property is offered in compliance with federal, state and local anti-discrimination Jaws.
SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon Seller and Seller'S successors and assigns.
MANAGEMENT APPROVAL: If an a$SOCiale-licen in Brok.f$ offic. (I.sperson or broker-a.sooiate) onterslnto thle Agreement
on Broker's behalf, and Btoker or Manager does not approve of its terms, Broker or Manager has the right to cancel this Agreement,
in wfiting, withf" 5 Days After its execution.
ADDITIONAL TERMS: 0 REO Advisory Usting (CAR. Form REOL) [i! snort Sale Information and Advisory (CAR. Form SSIA)
18. ATTORNEY FEES: In any action, proceeding or arbitration between Seller and Broker regarding the obligation to pay compensation
under this Agreement, the prevailing Seller or eroker snail be entitled to reasonabJe attorney fees and costs from the non-prevailIng
Seller or Broker, except as provided in paragraph 20A.
19. ENTIRE AGREEMENT: All prior discussions, negotiations and agreements between the parties concerning the subject matter of this
Agreement are superseded by this Agreement, which constitutes the entire contract and a compj:ete and exclusive expression of their
agreement, and may not be oontradlcted by evidence of any priQr agreement or contamporaneof,.ls oral agreement. If any provision of
this Agreement Is held to be ineffectlve or invalid, the remaining provisions wiJl nevertheless be given full force and effect. This
Agreement and any supplement, addendum or mOdification, includlng any photocopy or faCSimile, may be executed in counterparts.
S.U.... lnltl.l.
1Rw_d by
~(
co,.
Gl
"""'''''''''
O"'Q'IITQNtTY
5020 A succi.
....
74 of 130
Borrower: Kyle
AIII_lIII!Ia.
Dec.16.2011
04:42 PM
PAGE.
5020 A .t%oet:
Property Address: S .."ramomi:o. Ca
4/ 11
Date: _""1",2J../l"4,,,1,,2,,O,,1..1~_ _ __
95Sl9
A.
MEDIATION: Seller and Broker agree to mediate any dispute Qr claim arisiog t)$tw n tham out of this Agreement. or any
resulting transaction. before resorting to arbitration or court action, subject to paragraph 208(2) below. Paragraph 20B(2) below
applies whether or not the arbitration provision is initialed. Mediation fees, if any, shall be divided equally among the parties
involved. If, for any dispute or claim to which this paragraph applies, any party commences an action without
fir.st
a1;tempting to
resolve the matter 1hrough mediation, or refuses to mediate after a request has been made, then tt1~t party shall not be entitled
to reCOver attorney fees, even If they would otherwise be available to that party in any such action. THIS MEDIATION
B.
j.on"""
or
"NOTICE: BY INInALlNG IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE
ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED
BY NEUTRAL ARBITRAnON AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS
YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A cOURT OR JURY TRIAL. BY INITIALING IN
THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS
THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION. IF YOU
REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELI.ED
TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIl. PROCEDURE. YOUR
AGREEMENT TO THIS ARBITRAnON PROVISION IS VOLUNTARY."
''WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING
OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATIO OF DISPUTES' PROVISION TO NeUTRAL
ARBITRATION,"
$eller'~ Initi~ls
acl<nclwlad.!JOS that Seller has read, understands, receiv<>d a copy or and agrea& to the terms of this
By
_ _ _ _ _ _ _ _ _ Email
Soller _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _- - - - - - - - - - - Date _ _ _ _ _ _ _ _ _ __
Addre.s _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Cily _ _-:c_ _ _ _ _ _ _ _ state _ _ _ Zip _ _ _ _ __
Telephone _ _ _ _ _ _ _ _ Fax _ _ _ _ _ _ _ _ _ E.mail _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Real Estate 8roker (Firm)
By (Agent)
{9I6) 837-5656
Fax
(916) 760-0575
E~malj
reoram::!eyrealestategrgup.com
THIS FORM HAS SEeN APPROVEC tN THE CALIFORNIA ASSOCIA11ON OF RCALTOR~(C,A.rO. NO AEPRE:SENTA1l0N is MAOE AS TO THE LEGA~ VAL,IPIi'V OR
ADEauACY OF ANY PROVISION IN ANY SPEciFIC TRANSACTION. A REAL ESTATE" 6ROKeR 105 THE PERSON QUAUFIEO TO ADVISE ON REAL cSTAT,f;
ffiANSACTloN!!:. IF YOU DESIRE LSGAL. OR TAX AOVICI;. CONSUlI AN APPROP~A 'TE PROFESSIONAL...
This form i$ Qvailablo fQl" IJ~" bY the entire rea.I est:ate Indus!lY. H 'i3 not 'In!tllc:!ed 10 identify the UIII8f as aREAL TOR. REALTOR is a rog:i;;terod coQodWt:t mtlmbel'$hlp mark
which may be U$1Jd o~ bV n~re oftha NATIONAL ASSOCIAllON a; REAl. TO~ Who BUb8.crlbe to Its eode of Ethlca.
13
III
., Ii>
'tSl
=
!'I.I()ji~hooMdDj$tt'ibu~hy:
RBA1.'BSTA'J'F.nUSINESS 88RVJCES.1NC.
1~il!lWed by
75 of 130
Dale
==
'020 A,...",
Borrower : KYJ~,.IIII.1Il
Dec.16.2011
04:42 PM
..
CALIFQRNIA
OF REA L TORS"
PAGE .
. .~ ASS 0 C I A T I ON
Property Addre&$,: $020
a-er.oe..
SELLER'S ADVISORY
(C.A.R. Form SA, Revised 11111)
~'r~e c
aa
$J~el9
("'Property")
1. INTRODUCTION: Selling property in California i. a process that involves many stops, From start to finish, ~ could take anywhere
from a few weel! to many mOMhs, depenclng upon the coMltlon of your Property, local market conditions and other factors, You
have already taken an important first step by listing your Property for sale with a licensed real estate broker, Your broker will help
guide you through the process and may refer you to other professionals as needed. This advisory addresses many things you may
need to thInk about and do as you market your Property. Some of these things are requirements impoeed upon you, either by law or
by the listing or sale contract Others are simply practical matters that may arise during the process, Please read this document
oar.fully and, if you have any qu.stions, ask your broker or approprtate legal or tax advisor for help,
2, DISCLOSURES:
A. General Disclosure Dutle" You must affirmatively dieclooe to the buy.r, In writing, any and all known tact<; that materially affect
the value or dosirabllity of your Property, You mlJSt discl""e th .... facio wh.ther or not asked about such mattor. by the buyer,
any broker, or anyone .Ise, This duty to disclos. appli.s even if th. buy.r agr.es to purchase your Property in i1s present
condition without requiring you to make any repei"', If you do not know what or how to disclose, you should consult a r1 estate
attorney in California of your ohoosing, Broker cannot .dvise you on the leg.1 sUffioienoy of .ny dlsclooures you make, If the
Property you are .elling is a residence With one to four units exc.pt for c.rtain subdivis;ono, your broker .Iso has a dUty to
conduct a reasonably competent and diligent visual InspeetJon of the a""..slble areas and 10 disclose to a buyer all .dvelSe
material facts that the in~pectiOr'l !'eveals. If your broker dlsooyers something that coldd indicate a problerYl, your broker must
advise the buyer.
B, StaMory Outi...: (For onete-four Reeldentlal UnllB):
(1) You must timely prepare and deliver to the buyer, among other things, a Real Estate Transfer Diecosur. Statement ("1OS"),
and a Natural Hazard Disclosure Statement ("NHD"). You have legal obligation to honestly and completely fill out the TOS
form In its entirety, (Many local .n~tie. or orgenizationo have their own supplement to the TDS that you mayaloo be askoc to
complete.) The NHD is a statement indicating whether your Property is in certain de.ignated flood, fir. or earthquake/seismic
hazard zones. Third-party profe..lonal companlea can help you with this teak.
(2) Depending upcn the age and type of construction of your Property, you may aloo be required to provide and, In certain ea.ea
you can receive IImitoc legal protection by provlclng, the buyer with booklets entitled 'The Homeowner. Guide to Earthqueke
Safety," "The Commercial Property OWner'. Guide to Earthquake Safety," "Protect Your Family From Lead In Your Home" and
"Environmental Hazards: A Guide For Homeowners and Buyers." Some of these bookJets may be packaged together for your
convenience. The ~arthquake guides ask you to answer specific questions about your Property's structure and preparedness
for an earthquake_ If you are requIred to supply the booklet about lead, you will also be required to disclose to the buyer any
known lead-based paint and leadMbased paint hazards on a separate form. The environmental hazards guide informs the
buyer of common environmental ha2:ards that may be found in properties.
(3) If you know that your property;': (i) I"""toc within one mile of former military ordnance location; or (Ii) in or affeeted by a
zone or district allowing manufacturing, commercial or airport use, you must disclose this to the buyer, You are also required to
make a good fa~h effort to obtain and deliver to the buyer a disclosure no~ce from the appropriate local agenoy(les} about any
special tax I~vied on your Property pursuant to the Melle-Roes Community Facili~ .. Act, the ImprovemeM Bond Act of 1915,
and a notice concerning the cont~ctuaj a$S1;IS~ment provided by section 5898.24 of the Streets And Highways Code
(collectively. "Special Tax Dlsclosur.,'),
(4) If the TOS, NHO. or lead, military ordnance. commercial zone or Spe9jal Tax Disclosures are provided to a buyer after you
,c'cept that buyer's offer. the buyer will have 3 days after delivery (or c5days If melled) to terminate the offer. which Is why tt is
extremely important to complete these disclosures as soon as po$$Ible. There are cel1aln exemptions from these staMory
reqUirements, however, if you have actual k.nowledge of any of these items, you may stili be required to make a disclosure as
the items can be considered rna.terial facts.
C. Death and Other Disclosures: Many buyers consider death on real property to be a material fect In the purchase of property. In
some situations, it is advisable to disdose that a death occurred or the manner of death; however, Callforn.la Civil Code Seetion
1710.2 provides that you have: DO disrHlSllffi dlil:$ ''where the death has occurred mote than three years prior to the date the
transferee offers to purchase, lease, or rent the real property, or [regardless of the date of occurrenceJ that an occupant 01 that
property was afflicted With, or died from. Human TLymphotropic Virus Type III/Lymphadenopathy-Associated Virus." This law
does not "immuniz;e an owner or his or her agent from making an intentional misrepresentation In response to a direct inquiry from
a transferee or e prospective transferee of reel property, ooncerning deaths on the real property."
O. Condominiums .and Other ComrnQn Interest Subdivisions: tfthe Properly is a condominium, townhouse, or other property in a
common interest subdivision, you must provide to the buyer copies of the governing documents, the most recent finanoiar
statements dlstributedt and other documents requira(l by law or contract. If you do not have a current version of these documents,
you can request them from the mana,gement of your homeowner's association. To avoid delays. you are encouraged to obtain
these documents as soon as possible, even if you have not yet entered into a purchase agreement to sell your Property.
The oopyright lam of the Un~ed Slat (T~1e 17 U,S, Code) forbid the
unal;lthcrized reprodUctkln 01 this tonTI, or any portion thereof, by photocopy
m:ar;:hine or any ether maans, inclucUng facsimile or computerized formats,
Copyright 4D 1991.201" CALiPORNIA ASSOCIATION OF REALTORS,
INC. ALL RIGHTS RESERVED,
SeUer's Initied& (
Reviiwed by _ _
)(
o.t.
Phone: 918-812-3287
Fax: 918~nO.()844
Broker; Ramsey Real Esta:te and Dev't Corp.. Ta9 47th Street sacramento, CA 86819
76 of 130
5/ 11
Dec.16.2011
04:43 PM
5020 A
PAGE.
.~.i:;
9581.9
Oate: 12/14/2011
a. CONTRACT TERMS AND LEGAL REQUIREMENTS:
A. Contract Terms and Conditions; A buyer may request, as part of the contract for the sale of your Proparty, that you pay for
repairs to tho Proporty and other items. Your docision on whether or not to comply with a buyer'$ requests may affect your ability
to sell your Property at. specified price,
PropertyAddress:Bac~t:ol C.i:l
B. Withholding Taxes: Under federal and California tax laws, a buyer is required to withhold a portion of the purchase prloe from
your sale proceeds for tax purposes unless you sign an affidavit of nonforeign status and California residency, or some other
exemption applies and is dooumented.
C. Prohibition Against Discrimination: Disorlminatory conduct In the Ie 01 real property against individuals belonging to legally
protected classes is a vIolation of the law.
D. Government Retrofit Standards: Unle exempt, you must comply with government retrofit st.ndards, including, but not limited
to, installing operabJe smoke detectors, bracing water heaters, and providing the buyer with corresponding written statements of
compliance. Some city and county govemrnents may Impose additional retrofit standards, induding, but not limited to. installing
low-flow toilets and showerheads, gas shutoff valVes, tempered glass, and barriers around swimming pools and epas, You
should consLllt with the appropriate governmental egencies, Inspectors, and other professionals to determine the retrofit
standardS for your Property, the extent to which your Property complies with sl,Ich staneards\ and the cos1$, if any. of complisn<:e.
E. EPA's LEADBASED PAINT RENOVATION, REPAIR AND PAINTING RULE: The new rule requires that confractolS and
maintenance profe.slonal. working in pre1978 hOUSing, child care facilities, and schools with leadbased paint be certified; that
their employees be. trained; and that they follow protective work practice standards. The rule appnes to renovation, repair, or
painting activities affecting more than six square feet of leadbased paint in a room or more than 20 square feat of Jead-bas'9d
paint on the e;rterior. E.nforcement of the rule begins October 1, 2010. See the EPA; website at Vv'WW.epa,govllead for more
information.
F. legal, Tax and Other Implications: Selllng your PropertY may have legal, tax, insurance, title or other implications, You should
consult an appropriate professional for advice on these matters.
4. MARKETING CONSIDERATIONS:
A. Pre.Sale Considerations: You should consider doing what you can to prepare your Property for oale. such as correcting any
def.cts or other problems. Many people are not aware 01 defecta In or problems With their own Property. one way to make
you~elf
aware is to obtain professional home Inspections prior to salel both ,generally! and for wood deetroyitlg peats and
organisms, such as termites. By doing thiS, you then have an opportunity to make repairs before your Property i6 offered for sale,
which may enhance its marketability. Keep in mind, however, that any problems revealed by such inspection reports or repairs
that havs baen made, whether or not dioclosed in a report, should be dlscl""ed to the buyer (s.. "Disclosures" in paragraph 2
above), This is true even if the buyer gets his/her own inspections covering the same ar.ea. Obtainit\g inspection reports may also
assist you duling contract negotiations with the buyer. For e~ample, Wa pest control report has both a primary and secondary
recommendation for clearance, you may want to specify in the purchase agreement those recommendations, if any, for Which
to provide the buyer with, among other things, a home protectionAvarranty plan for the
Property. These plans Will generally cOver problems, not deemed to be pre.exlstlng, that occur alter your sale Is completed. In the
event somethin,g does go wrong after the sale, and it is covered by the plan, the buyer may be able to resolve the concern by
oontacting the home protection company.
C. Safely Precaution.: Advertising and marketing your Property for sal., including, but not lim.eo to, holding open house. ",acing
a keysafenookbox, erecting FOR SALE Signs, and diSseminating photographs, video tape', and virtual tours of the promises,
m.y Jeopardize your person.l.mely and that of your Property. You are strongly encouraged to maintain insurance, and to take
any and all possible precaudons and safeguards to protect youlSolf, other occupants, visitors, your Property, and your
belongings, Including cash, Jewelry, drugs, firo.r",. and other valuable. 10"'lted on the Property, against injury, theft, loss,
5. OTHER ITEMS:
Seller """fe,'d)'no
Sell.r.;:'~iIbJ=~
Print ".[]lIr-----'-.fl..!fL<~
s.lIer.,---_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Print Name _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
~
11(/I.l <2 tL
Oate_~
__
~_~
__
=,,-_______________
By
Address
(Agenb
----------City Sacramento
State CA
Zip 95Bl9:
E-mail reo@rameeyrealestateg:t;'oup.com
Telephone
915-737-5656
Fax 9J 6-760-0575
THIS FORM HAS BEEN APPROVED 6V THE CALIFORNIA ASSOCIATION OF ~EAlTOA:S (OAR.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY S~CIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUAUFIEO TO ADVISE ON REAl. ESTATE
TRANSACTIONS. IF YOU ceSIRt; 1-1:iGA.L O~ TAX ADVICl:, CONSULr AN /AJlP~OPRlA TE PROFESSIONAL.
Thi:s: form ~ mli:.illablefor It9:B by !he entire malestats Industry. It is not intended 10 identify the ~r as Q REALTOFW, R~TOR ~ .. ~~ eCIIlet(:liYa rnomnel'$hlp mark
which may be used only by mElI'nben; of the- NATIONAl. ASSOCIAllON OF ReALTO~ Who subscribe 10 Its Code of Ethics..
Published ana DistriblMd by:
III
R~ ESTATe BUSINESS SERVICES, INC.
l[Jo~;;~~.~;;;:;;;;;;;;;;;;;;:2"""'~~;;;;;;;;;;;;;;;;;;;;::JI
8subsicfaryof~Cdi~A.,~tJooofRJ!AJ.7'OIlSie
. n.<ftteWed
"1
[]
C .. 52$ SQI,lt!1 \I!~! AV8I\llt!.losAngElles. Caifania 90020
..
77 of 130
G)
=
=..t:=
>021lA,"""',
Borrower: Kyle
6/ 11
Dec.16.2011
..
~
...~
04:45 PM
PAGE. 10/ 11
DISCLOSURE REGARDING
CAL I F () RN I A
ASs 0<: rAT ION
0 F R. E A L'!' 0 R S "
men you enter into ~ rllscll$$ion witi'! i1 real estate agent regarding a real estate transaction) you should from the QUtset undemand what type of agency
raiatlonshlp or representation YOLI wish to hlll:ve with the aSl;!nt in the tranS!lotlon.
SEU.ERS AGENT
A Sellers agent under a Iletlng egreel'Ml"It wIth the Seller aots as the agent for the SeUer only, A Seller's agent or a subagent of that agent Ilas the
following afflrmstlve obligations.:
To the seller. A FidUCiary duty of utmost care, Integrity, hone3ty and loyalty in d~lin!ile with the Sel~(,
To the Buyef ~nd ~he Se1ler:
(a) DIUg8nt exercise of reasonable skill and care in perfOrma.nce of the agent~ dutll!l3.
(b) A duty of honest and mir de~ling imd good raith.
(c) A duty to dieclose all facts known to th~ agenf matel1ally a11&ctlng the value or desirability or the property that are not known to, or wIthin the
diligent attention and Ob:!8M!Jtion of, the parties. An agent Is not obligated to reveal to either ~rty any confidential information obmined from the
other party that does not Involve the affirmative duties set forth above,
BUYER"S AGENT
A selling agent can, with a Buyer':s COMl!lnt, agree to act as agent for the Buyer on!y. In these sttuations, the agent is not the Sellera agent, even jf by
agreement the agent may r'el::$lve eompene.aijon for SEtrvices l'@nder6Ci, either In full or in part 1i"om the Seifer. An agent acting only for.a Buyer has the
following: affifmat;ive obligat!On&~
To the Buyer: A fiduciary dUty of utmost care, integrity, honesty and loyalty in dealings with th~ Buyer.
To the Buyer and the Sel'et:
(a) DUIg~nt exercise of reasonable skill and cere in perfotman~ of the agent's dUtlM,
(b) A dUty orhonMt and fair dealing and good faith.
(c) A duty to Qi~IQ~ allf'ads known to the agent materially affecting the value !;If Qesirability of the property thelt are not known W, or wlth!n the
diligent attention and obMlrv:atlon of, the parties.
An asant Is not obligated to reveal to either party any oonfidentiBil il"lfOrltlatiol'l obtaIned from the other party that does not involve the affirmative duties set
rorth above.
A real estate agent, eitl1er acting directlY or through one or more assocIate licenteelJ., can legally be the agerrt (If both the &I11e-r and the Buyer In a
~n~c;:ti(m, but only Wllh the knowledge and consent of both toe SaUa~ and tha Buyer.
In a dual agency 51tuaijoM, _he agent has tne rollowing affirmative obligations. to both the Seller and the Buyer~
(s) A fiduciary dLrty of utmost earll, Il"rh:Igrlty, honesty and loyalty in the dealings with either the Seller or tM auyar.
(b) Other dutlas to the Seller and the Buyer as sts.ted above In thelr rt:!speCtiVQ sections.
In repre~ntillij both SeHer and Buver, the agent may not, without the e)(pl'ElSS permission 01 the respective party, disclose to the other party that the $eJl~r
will ac:cept a price less than the lieting pri~ Qr fnal the Buyar wlU pay a price greater than the price offered,
The above duties ofthe agenlln 2; real estate transact10n do not reJleve e SEllJer or Buyer from tht:l responSibility to protect his or her own Interests. You
should carefully read all agMaments to ;!issure: that they adequately express your undersw,nding of the transaction. A real Elstate agant 1s i!I. pEIrson
quaUf1&d to advise about real etXate, If legal or ~e.X advice is desired, consult a competent professional.
Throughout your real property transactiOh you may r.:toolv& morEl than one disclosure rorm, depending upon the number I)f agents assiatil'lg In the
tra~ctlon. The law r4!lC(ulres each agent with whom
have
than a cas.ual relationshIp to ])resent you with this disclosure form. You should read
Its contents each time it i~ preaented to you,
and the real estate agent in your specific tranGaciion,
This disclosure form includes
of the Civil Code m fQrtte ",. page 2. Read it camfuUy.
WlE ACKNOWLEDGE RECEIPT OF A
THE CIVI~ COD!: PRINTED ON THE BACK (OR A
1: : 4'
/I' ." J 1
\ , k'/<&c2f
PAGE).
oSEPIlAATE
Buyer E9 Seller 0
Landlom
Ten.nt
Oate
o Buyer 0 Seller 0
Landlom
Ten.nt
Oate _ _ _ _ _ _ _ _ __
~~!!'-"~lli:~..!~~:.,;~\.!i~~gg~~,,--------- D~r:Llc.#_..:O.::'.:;8;;2..:4.;;4;;;.2;;;.5_ _ _ _ _ _ _ _ _ __
By
DRE Uc. #
01461166
o.te
12/14/2011
~
.....
78 of 130
Borrower.: ~'~le~IIII 1
Dec.16.2011
04:46 PM
PAGE.
11/ 11
20~.13 As U$l:!d I~ seotlO'ns 2079.14 to 2079.24, Inclusive, the following terms have the toUowing meanings:
(<11} "ASl!:!l'Il~ me:ans a person acting under provl'Slons of title 9 (commencing with SectIon 2295) In a. real property
ex.
!o)
2879.14 lkitlng agents and selling agents shall provide the seller I;Ind buyer in a real property transaction wflh a eopy of tM dlSC1o&IJre form ~pecified In
&:!dion 20'1S.16, and, except aG provided In $Ybdivi~n (c), PiJh~1I obrein a signed acknowledgement of receipt tram that EiBller or buyer, except as
provided In this section or $edion 2079.15. as fQlI~ (a) 1M lISting agl!lnt, It any, :!hi!!ID prOVide the diselO&lre form to the Miler prior 10 entering fmo the
fisting agreement, ('" fhe selling agent shall provide the disclosure foon to tile se!Ier as GOQn as prad:i~ble prior to pre~ntin.g the "Iler wiCh an offer to
purchase, unle$s Die seiling agttnt previously provldtd the seller with a copy of the dISClosure form pursuant to subdivliion (a), c) Where the eeliing a~enl
does not deal on a li;u::e~to-raoa ba:slS With tM seller, the dlsoJosure fooo prepared by the selling agent may be furnIShed to the seller (and
aek'nOWledgement of receipt obtained for the eelling ~ant from the seller) by the 1IS1lng aganl. or the MlRng 2g8nt may ~lIv&r tl'"te dlseiOSUfft (onn by
O!trtlfted mall addressed to the seller at hie or her I~st Known address, In which 0i!Ia!! no slaned acknowledg&ment of receipt 1& fequll'fld.\d) The Milling
agent shall provide the disclosure form to the buyer as soon as prn:eticable nrlor to exacutfon of the buyer's ofter to pul'Ghase, except tha It the offer to
purOhase Is. no.t prepared by the seiling agent. the selling agent shell pre~nt the di&elOsUre form 1(1 the buy~r not laler ~n u,@ ne)d bUSiness day anar the
selling agent receives the Qffer 10 purchase from the buyer.
2079.18 In any olrcumstance in which the seller or buyer refu~s to itGin an aCk:now1edssmenl of receIpt pUl"SUanl to. Section 2079.14, lhe agent, or an
assoclatellcensell!l actIng for an agent, shall set forth, sign, and elate a wlitten declaration of the fadS (lftM refusal.
2079.16 Reproduced on Page 1 of this AD form.
2D79.17 (a) As soon as practicable. the sefling agent e.het:1I di5'l;Ioee 10 tile /;IllYElI' and seller whether the samng agent Is acting In the re81 property transaction
exClUsively as the buyer's agent. exclusively as the 5elle(s agent, or a6 a ~ual aset'lt \'@pri:!~ntlng bath tha J)Uyer and th& selltr. iNs. I'fIlatloMi'lJp shall be
confirmed in the contract to purcnase and sell real property or in a !ieparate w!i1ing e;x;ecutect or acknOWledged by the saller, tnfl buy&r, and the seiling agent
prio.r to or coincident With EOtecllllo.n Of Inat contract by the buyer and the seller. respectively. (b) As soon as practicable, the listing agent ahall diSCloS4:! to
the seller whether the neting ~gent is acting in th~ real property transaction exclusively as the seller's agent. or as a dual agent representing both the llliyer
and seller, This relationship shall ~ contlnned In the contract to purchase and sell real property or In a separate writing executed or acknowledged by thE;!
seller and the listing sgil'nt prior to or coincident wIth tl'te execution 01 that contract by the seller.
(c) The confinnation required by subdlvlSlon~ (a) and (b) .shall be In the following tonn.
(00 NOT COMPLETE, SAMPLE ONLy)
is the agent of (check one): 0 thE! seller e)(cluslv&ly: or 0 both the buYlI!lr and seller.
{Na~ ()f Lii3lng Agent)
(DO NOT COPL.El'E. SAM~Lc ONLy)
is the agent of (check one): CJ the buyer exa!u!iiiVsly; or CI the saller sxclualv6ly; o,r
(NaTnel ofSeUing AgfOOl if no! t~e$lllimo~ttile [!$ling Agent)
0 both tha nuyer ~nt;l seDer.
(d) The di$!I)$UI'> and oonflrmatlon required by this section shall be in addition to the dl!iqQsure reqUIMd bY Seetion 2079.14.
2879.18 No eening agent in a ~al property tranaadlon may act as an agent forthe buyer only, when the eellios agent Is alSO acting as the listing agent In
the transaction.
2019.19 The payment of compensation or the obligation to ~y cortJpansauon 10 an agent by the seller or buyer is not necessarity detennfn~t1ve of a
partJeUJar ageney relationship between an agent and the eeller or buyer, A listing agBnt i!!IM a seiling agent may agree to share any compensation or
commlselon paid, or any rlglit to any compensation or ~mm~n for wtlich an obUsation al'lses as the J'@Isultofa real estate transactio.n. and the tenna of
any such agrQament shall not neoessarily be detenninalive of a particular relationShip.
2079.20 Nothing in this article prevents an agent fmm SBF6ctlng, ;as 2 condition of the agenfs employment, a specific form of agency relatjQn~lp not
specifically prohibited by this. article if1he requireme~ of $ecUon 2079.14 and Sectlo.n 2079.17 are romplled with.
2079.21 A dUil agent ahe:U riot dlSClOSI:! to HIe buyer that the seiler Is willing to sell the property at ~ price Ieee. than the listing ptice, WithQUl the express
wrlHQn consent oHhe seller, A duall;\gent shall not disclo5e to the $E!~er mat the buyer Is wlUlng to pay a price greater tha.n the offering price, wittlout the
e)(press Vifitlan consent ot the buyer. This section does not alter in any way the dUty or responSIbIlity of tl dual ag&nt to, any prindpal with respecl to
GQnfidential informiilltiol'l olherthan price.
2019.22 Nothing In this artiole prec:ludes a listing agent fro.m also being a seiling. agent. ana the combination of ttie$$ fUnctions In one agent dOEls notl o.f
rtself, make Ihat agent a dUi!!ll agent
2019.~ A IXI'ntraet blttwoen the prIncipal and agent may be modified or altered 10 Chan~ tI'le agency I'fIl!tlonsnlp at any time before the performance of the
act which is the object of the agency with the written consent of the partlos to the agency rel~onship.
.
2078.24 Nothing !n thiS article snail be construed t9 either dimlnle.h the duty M diselo.sure owed buyers and sellers by agents and their aisociate Ucen$E!~
:subagente. and employees or to relieVe agenta and their assoolate licensees, GUbagenw. an~ emplOyeM !'rom liability !'or their conduct !n connection with
aets governed by this article orwr e.ny breach ofa flduelary duty or a duty of disclosure.
Buyer'S/Tenant's Initial:\,; (
, ReYiewed by
) (
}(
Oate
790f130
) 1.:.1
~':'HI1I11$
502. A
,I"",.
Jun.24.2010
08:35 PM
J.,1tJ::..
CAL I F 0 ~. N IA
..
_~ ASS 0 CIA I ION
~
1/
PAGE.
Dill",
("Offer"),
~~~~~;3~.r.~~~~===~
B.
unla5 5pt;K:ifi(lally
Unless o1herwi5e t1g~ in
Offor
. C.
2.
3.
followlng
attaehad
oro: __~D:'Ad::d:e:nd:":m~N:o~.::.===========
RlOtfT TO ACCEPT OlHER OfFERS: Ifthie 13 a Seller Counter Offer, (i) Seller ha$ the fight to conUnU8 to off(lr the Property for sale or for another
transaction, and to accept any other offer at any time prior to Acaeptanoe. as desoribed in paragraph 3 and (10 Seller'Go 9QCeptance of anothar offer
prior to Buyer's Acceptance of this Counter Offer) shaD revoke this Counter Offer.
EXPIRATION: ThJ~ Counter Offer $hal be deemed revoked and the deposits, if any, shaD be returned unless this Counter Offer is signed by the
Buyer or SeUer to whom it is eent and a Copy of the s.lgned Counter Offer i$ pe:l'$onal!y reoelved by the person making this Counter Offer or by
c-c-~~~_o-~~o-~~~~_~____~~c-____~~__~~~~~~c-____________ ,who~a~ortzedroreoeNe
it, by 5:00 PM on thlil third O~"1 Aftarthl!! latar date specified In paragraph 5 or, (if checked) by
AM
0 ______________ (date), at
(If cheeked!J MULTlP'LE COUNTER oFFER: SeITer is making a Counter Offet(s) to anotl'ler proa:pecltve buyer(s) on terms that mey or may
the same as in this Counter Offer. Acceptance of tllis Counter Offer by Buyer shall not be binding unless and until it ts subsequently
'001: be
($-Signed by Seller In p~rasraph 7 b$l()w and ~ C()py of 'the Cl)unt&r Off(lr SIgMd In p2l~graph 7 Is p~rson2lUy reoelved by Buyer or by
1 _ _ _ _ _ _ _ _ _ _ _ _ _ _...",...,.,..._ _--,.."._=__-,._-,=;-______ , who is authorized to receive it~ by 5:00 PM
on the third Day After the later date specffied In paragraph 5 or, (If cheeked) by
(date), at
I--~_O AM
!,rior to the completion of all of theae ev~nts, Buyer and Seller soall have no duties or obligations for1he purchase or
&aIel 'CIf the Flroperty. NOTE TO SEllER: Sign and data In paragraph 5 to make this Counmr Offer.
OPM.
SELLER MAKES THIS COUNTER OFFER ON THE TERMS ABOVE ANC ACKNOWLEDGES RECEIPT OF A COPY.
_,-",,!..I),
,1/
_......__ ..,...... .
Dat'
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
!;~~:t~
.."L:ti~:;;;~~~~=~;======
Date _
12/23./2011
~
-;>
B.
7'
Date
12/21/2011
Date
7.
Time
OAMOPM
Time
AM 0 PM
~,=,~TI~I:E_ ~~~~JE!t OFF~R .SIO.NA!U~E UNE: By signing ~Iow, Sellei' GG.fIPts this MuJti~18 Counter Offer.
NOTE TO SELLER: Do NOT sign In this box until after Buyer SlgM In paragraph 6. (Paragraph 7 appliea only if paragraph 4 ia; c:hoekftd..)
8.
1_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Date
Time
OAM [M
Data
Tlma
AM [M
(_ _ _ 1_ _ _ ) (Initials) Confinnation of Acceptance: A Copy of Signed Acceptance was personally received by the maker of the
Counter Offer, or that person's authorized agent as specified In paragraph 3 (or, If this is a Multiple Counter Offer, the Buyer or Buyer's authorized
at
AM
PM. A bInding AgRement
agent as specified In paragraph 4) on (dste)
i,. crvated when II Copy of Signed Acceptance is personally received by 11\9 tha maker of tha Counter Offer, or that parson',. authoriuld
ag8nt (or, if 1his is a MuHipl9 Counter Offer, 1ha Buyar tIT auyar'~ autborl%:",,~ ~ltr!t) whcttt'lor or not confinnecl In !hl$ doc:umoot. Compl$liQn
of thir> eonfinnat{o~ 1$ not legally Nlq ... 11't!<I in order to creme a bimfing Agreementj it i:. ~olv:ly intended to evidence the date that
tS:r
IR$vJowed by
\I
:::::!::=/s=7!~f~EALTORSfiI
[]
c II 525 South VJrg~ Avanus.l.o8 Angeles, California 90~20
Date
EOWl-:SiNC
DPP'J~TIIlIlTY
80of130
IIIEI
Borrower: Kyle
Jun.25.2010
07:21 AM
i~.
CALIFORNIA
. .~ A:>SOC IATJON
1/
PAGE.
COUNTER OFFER
r.;!i1~tir Offer.
Oaoo
~g~rei.~m~e~nt~'~D~;c~o:unto:~rO~ffo~r~,o~r~~ot~h.~'~~~~~~~~~~~;!(~"OO~i:e~,~.),
dated
D.oeolllllb.or
16,[i)2011
,on P"'l"'rtyPurchase
known as
ThIs!$.
counter
otTer to the:
California Residential
:.~M~~..~n~ll~~~~~~~~~ii~lj1!j!~
A.
Inclu.:lon I~~~'!~~
B.
c.
(Selle,).
I>
by Bli partils.
OfIor.
to
l'pc.hase P%ice
Sac.l:'ame:tlto.
CA
95B1..9. Se~~er does not accept oontragt i t . 5.9. Gil. P.rop8rf:y wi-I.! remain in a ZllDnth
t:o JDOnth lease, al1d selle%' will SIM:'V'I! t:he ten&nt .. 30 day not.iae to vacate upon
.tea!!!!!!!tdpg sho:rt: SUf!I .approval ~d't:t:..r, buyer .removipa tlle iusp.s!otioll 9O;Q.ti~9!!!l1ay. a.nd
huyeJ;-o :ftu;ds ~o purchase Gtre depes.i t8d in tflsarow.
D.
for
2.
RIGHT TO ACCEPT OT~ER OFF!':fIS: II this Is Seller Counter Oller. (0 Sellor has Iho rtght to ""nllnue to ofrerth. Property 10' sal. or another
IraMaction. and to accept Ilny ether offer at any time prior to Acceptance, aQ deiCribed in paragraph :3 and (Ii) Seller's acceptance of another offer
3.
prior to Buyer's Acceptance of this Counter Offer~ shall revoke this Counter Offer.
EXPIRATlON; This Counter Offer shall be deemed revoked and the deposits, if any, shin be rururned unle:i:i thili Counter Offer Is sighed by the
Buyer or Sell@r to whom it is sent and a Copy of the signed Counter Offer Is pet50rmlly recel ....ed by the person maldng this counter Offer or by
,who Isauthorlzed to receive
______________________________= _______
It, by 5:00 PM on lhelh!J:l! Day Allgr th_Jater date specified in paragraph 5 or, Of checked) by 0
4.
LJ
(If checked:)
AM
'no\- bet 1he iame as in thia COunter On'er, Ac:ce~el'lee of thIs Counter Offer by
...~$igne.d by Seller in paragraph 7 be!Qw arll;i
iii
date
or,
~k"
6.
Is
-,,...---CJ
5.
Date ..J.l""2{"'2'-!!O~{~20,ulUl_ _ _ _ _ _ _ _ _ _ _ _ _ _ __
ACCEPT
CE: I/wE accept the above Counter 0., (If chockod [Zj.SUBJECT TO THE ATTACHED COUNTER OFFER) .nd acKnowledge
r""olp
~/
Dot.
12...-"2.:'----"2..)0 t\
Dot.
7.
1MULTII'LECOUNTER
Time
DAMDpM
Time
DAMDpM
NOTE TO SELLER: Do NOT sign in this box until after Buyer 5jgn~ in pal'agtaph $~ {Pi1Iragraph 7 applle$ only If paragraph 41s checked.)
1_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
e.
____________ (d.te), at
Dlt.
Time
DAM []PM
O.t.
To....
AM []PM
'--_ _ 1_ _ _ ) (Initials) Confirmation of AccaptanC8: A Copy of Signed Acceptance was personally re~ived by the maKoIllr of the
Counter Offer, or that person's authOrized agent as specified In paragraph 3 (or, If this Is 8 Multiple Counter Offer, the Buyer or Buyer's authorIzed
at
DAM
is created when a Copy of Signed Acceptance is personally received by the the maker of the Counter Offer. or that person's: iU.ltho.ued
agent (or, ff this is a Multiple Counter OfferJ the Suyer or Buyer's authorized agent) wheth.er or not confirmed in this document. Completion
of this confirmation is not legally required in order to create a binding Agreement: it is solely Intended to evidence the date that
AcctJptance has occurred.
The copyright laws of the United Slatl!lll (11tle 17 U.S. Coda) forbid the URauthorized reproduction of this tom, or any portion thereof. bv pIlotocopy machine or any other means,
Including fact;tlmlle Qr computerl~ed fonnats. CO!)yrlglrt: 10 19M~2004. CALIFORNIA ASSOCIATlON. OF ReALTORS, INC. ALL Fl:IGH1S ReSERVEO.
THIS FORM HAS 'aEEN APPROVED BY THE CAliFORNIA ASSOCIAnON a= REAl.'rORS (CAR.). NO REPRESENTATION IS MADE AS TO THE !..SGAI. VALID1TY OR
AOEQUAOV OF ~y PROVISION IN ANV SPeOIFIO 'f'rwJSACTION. A REAl.., ESTATE BROI<'EFI: IS THE PERSON OUAUFlEO TO ADVISE ON ~L ESTATE
!5:t
Phone: 916-812-3261
r=ax: $16.160..0644
D~v't Corp.. 769 '7th stre~t Sacramento, CA 96a19
81 of 130
Jun.22.2010
PAGE.
07:38 AM
CALIFORNIA
RESIDENTIAL PURCHASE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS
.~
CALIFORNIA
,~ AHOCIAT[ON
, . . OF REALTORS"
1/ 15
rsuyer").
Abolqna."",
St:reet:
95819
Saoramamnto: Cit
~ituated 111
,California, f'Property").
CQunty of
c.
D. CLOSE OF ESCROW "'all occur 011
(dote) (or
2. AGENCY:
A. DISCLOSURE: Buyer and Seller ea(;h acknowledge prior receipt of a "Disclosure Regarding Real Estate Ageney ReJallol'l$hlps"
),
within
C. LOAN(S):
(1) FIRST LOAN: in the amount of. " ' , " , ............ ,.......
. ....... $ _ _ _ _ _ _ __
This loan win be conventional finanoing or, if checked, 0 FHA, Cl VA, D Seller (CAR. Form SFA),
assumed financing (CAR. Form PAA), 0 Other
. This Joan shall be at a fbted
rate not to exceed
% or, 0 an adjustable rate loan with initial rate not to exceed
%.
Regardless of the type of I(lan, Buyer 5ha1l pay pointe. not to exceed
% of the loan amount.
(2)
SECOND LOAN: Intheamountof ................ , .......... , ............ , . ,",.,"'" $ _ _ _ _ _ _ __
1his loan will be conventional financing or, if el'le(:k~d, 0 seU~r (CAR. F(lrm SFA), 0 a500med fihtmcing
(CAR. Form PAA), 0 other
, ThIs loan shall be at E!I fIXed rate not to exceed
:c--:--,.,- % or, 0 an adjustable rate loan with initial rate not to exceed
%. Regardless, I)f
the type of loan, Buyer shall pay points not to exeeed
% of the loan amount.
(3) fHANA: For any FHA or VA loan specified above, Buyer has 17 (or 0
) Days After Acceptance
to Deliver l;o Seifer written notice (CAR, Form FVA) of any lender-required repairs or costs that Buyer
requestt; Seller to pay for or repair. Seller has no obligation to pay for repairs or satisfy lender requirements
unless otherwIse agreed in writing,
O. ADDITIONAL FINANCING TERMS:
o
o
::::;;lE
E. BAL,ANCE OF PURCHASE PRICE OR DOWN PAYMENT: in the amount of. , , , . , , , , , , , , , , , , " .. , ..... , .... $ _ _ _...1",9",5..Jt0ll.00"-"o,,,o,to be deposited with Escrow Holder within sufficient time to close flserow.
~:;,.
The
~~TAL):
.... )
.................................
QQpyrI.lJht 1_ of the Unitl!d 8tate& (TItle 11 U.<l. Codtl) fom/d the uMulhllrl:!!lId mprodUctk:ln
olj~
~~:~rs :~~.~.;
. . . .;;____
~
farm. or
l!.nr jXI!tlon tIwfwf, by ph9trx:Qpj' mlr;h!nli or .any o!her mliaM, Including f<leD1m/kI or compuMrlzed formats.
Copyrig/ll 0 1991-2010, CAI.lFORNJA ASSOCIATION OF REALTORS, INC, AU. FOOHTS RESERVED.
205 c 000.00
~~WM~
IL.:R~~::::lo~wed~byL:===:..:D::=""'!!..:====.J
Phone: (916)487-8393
&
Loaru~.
R(I~
Fax: (916)487-8280
82 of 130
Borrower: Kyld. . . . . .
Jun.22.2010
2/ 15
str"et.
5020 A
Property Address:
PAGE.
07:39 AM
Saaramemnto,
CA
95819
Date:
Deaember
16, 2011
G. VE~IFICATION OF DOWN PAYMENT AND CLOSING COSTS: Suyer (Dr Suye(. lender Dr loan broker pursuont to 3H(1)) sholl, within 7 (or
Days After Acceptance, Deliver to Seller written verification of Buyer's down payment and closing costs, (If checked, ~
verifica~on attached.)
H. LOAN TERMS:
(1) LOAN APPUCATIONS: Within 7 (or 0
) Days After Acceptanee, auyer shaU Deliver to SeIer a: letter from lender or loan
bl'Qker stating that, b~d on a review of Buyer's written application and credit report, Buyer is prequalltled or preapprowd tor any NEW loan
specified in 3C ahovE!. (If checked, 0 letter attached,)
(2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the designated Joan(s). Obtaining the loan(s) specified above
is a contingency of this Agreement unless otherwIse agreed in writing. Buyer's contractual obligation::J to obtain and provide deposit, balanoe
of down payment and closing cost'$ are not contingenci&& of this. Agreement.
(3) LOAN CONTINGENCY REMOVAL:
(I) Within 17 (or 0
) Days After Acceptancet, Buyer shall, as speci~d In paragraph 14, in wrltlf'lg remove the loan contingency
or canoel this Agreement;
OR (II) (if checked) 0 the Joan contingency shall remain in effect until the designated loah$. are funded.
(4) IXJ NO LOAN CON'J1NGENCY (If ~ecked); Obtaining any loan 'iJPecified above Is NOT ~ <::ontingency of this As(eement. If Buyer dOB!> not
obtain the loan and as a result Buyer doe$ not purchase 1he PrQPerty, Stller may be entitled to Buyer's deposit or other legal remedies.
I. APPRAISAl. CONTINGENCY AND REMOVAL, This Agreement Is (Qr, W<hooked, IXIIs NOT) contingent upon. written approl..1of Ihe Property
by a licen$&d or certified appraiser at nt;> lese. than file specified purchase price, If there is O!I 1o00n contingency, 8uYI!lr'.s removal of the loan
corttlng.ency sl1all be deemed removal of this appraisal CQntlngency (or, 0 if checked, Buyer shall, as specified in paragraph 14B(3)1 in writing
r&mQve the appraisal contingency (lr eancel this Agreement within 11 (or
) Day& After Acceptance). If '!here: hi no loan contingency,
Buyer shall, as specified in paragraph 148(3). in writing remove the appral$al contingenoy or cancel this Agreement within 17 (or
)
Days After Acceptance.
J. !XI A,lL CASH OFFER (If checked): Buyer shaU, within 7 (or 0
) Days After Acceptance, Deliver to Seller wrlttGn lIerification of
SuffICient funds to dose thls nnstl;ction, (If checked, !XI verlficatlOl1 attached.)
K. BUYER STATED FINANCING: SeUl;!!r ha6 relied on Buyer's representation of the type of financing specified (including but not IImi~ed ~O. aG
applicable, amount of down payment~ contingent or non contingent loan. or al! cash). If Buyer sQeks alternate 1inancing, (i) Sellar has no obli!;lation
to cooperate with Buyer's effol't$ to Obtain such financing, e.nd (Ii) Buyer shall also pursue the financing method specified in this Agreemehl:.
Buyer's faJllln!! to ~cUi" alternate financing does not $'XCJJSIi!! Sl,Iyer !Tom the obligation to purcha$e the Property and close escrow as specified in
this Agreement
... ALLOCATION OF COSTS (If hecked); Unless o1he1Wis1!l $petlfled in writing, this paragraph 'Only determines who is to pay for thl!t il"l$pec'tlon. te5l or
service ("Reporf) rnelitioned; it does not datormine who ii'S to pay for any work recommended Qr identified in the Report.
A. INSPECTIONS AND REPORTS:
(1) 0 Buyer 0 Seller shall pay for an inspl!totlon and report for wood destroying pesta end organisms ('Wood Pest RGptlrt") prepared by
{2)
(3)
D Buyer 0
InSP,"":ct:ed:..-============
Seller shall pay to hav" domestic wells tested for water potability al'ld productivity _
~:Z:Q:rd
==================
alSclosure ~~o~rt~p~r.~p~.r~O~d~b~Y
0
0.!XI Seller shall pay for OJthenatural
following inspection
Zone or report
(6) D Buyer 0 SeUer shall pay for the folfowlng IIiQPection or report
B, GOVERNMENT REQUIREMENTS AND RETROFIT:
(1) 0 Suyer 0 Sl!Iller shall pay for lij,l'I'Ioke detector installatfon and/or wa~t' heater bra~hg, if required by Law. Prior to CIQse Of Escrow, Seller
shall provJ(:h, Buyer written statement(s} of compliance in aeeQrdance with state and local Law, unless exempt,
(2)
Buyer
Seller shall p~y the> cost of compliance with any other minimum mandatory government retrofit standards, infJ,pections and
reports If required aa a condition of dosing escrow under any laW. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
(4)
(5) 0 Buyer
Suyer
IP~.~y~.:..,:ro:w~1e:.~=======:::=====::::=================
Escrow
shuDshall
be I_
(1) 0
BuyerHolder
W Seiter
(%) 0
IXJ policy
Sellerto be pay
forby
ow'nn:.(=.:.:Jijj:O~ln:':"':.:nc:.~p:o:;cy:.:p:e~:-fie:d~in~p:.:ra:gra:p:h~1~2:E-===:::::===========::
Owner's tiHe
issued
_
(Buyer shaft pay for arry tiHe insurance polley insuring Buyer's IendQr, unfe89 o1herv..;se agreed in writing.)
OTHER COSTS:
Buyer
o.
(1)
(2)
(3)
Buyer
Buyer
shaD
IXI
SeRer shall
shall pay
CQut'!ty
II'$nsfer
or
LII Sener
pay City
tran$f&r
tax taX'
or fee
CJ Buyer 0
te:;::=========================
HOA
:==============::;::=======:::=
shall pay
payfor anydocument
preparatiM11:
Seller shall
private transfer
fee _ ...
Buyer
(G) 0 Buyer 0 Seller shall pay the cost. not to excl!ted $ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , of a one-year home warranty plan,
lesued by
o AlrCondltl~r DPQQlISpa 0
Buyer'.
::~: ~ S.II~(
(7)
Suyer
===============================
S.U.r', Initlolo (
I .
n!5
. Reviewad
CalHFA Loan#
022472~3
83 of 130
Oal.
)(
"st
Borrower: Kylel
Jun.22.2010
PAGE.
07:39 AM
';020 A
3/ 15
Str" .. t
Of Escrow; D on
; or 0 no later than
Days After Close Of EscrQw. If transfer of 'title
i!nd pO&$eselon do not oCCUr at the same 'time, Buyer and Seller are advised to: (i) ~ntar Into a written oooupancy agreement (C.A.R. Form PAA)
Pl!lfl!lSl'l!Jpn 2); and (il) comult YlIi1h their insurance and legal advlsor'$.
ond
Buyer's Initiala (
--4-
& . . . . . ](==_:-::
)(
ICR~""'~'_~~bY:,.====::...':Da:=:"~====:J.
Seller's Inltial$ (
84of130
Ast
Borrower:
Kyle~S
IIIII111P
Jun.22.2010
PAGE.
07:40 AM
5020 A
4/ 15
5tr.... t
CA
95819
D~e;December
15,2011
9. CONDrnON OF PROPERTY: Unless otherwise agr..d; 0) 1118 Property Is sold (a) in its PRESENT physical ("".is") condilion as of the dote 01
Accaptanca and (b) subject to Buyer's Investigation rightc; (if) the Property, in<OlOOlng pool, spa, landscaping and grounds, Is. 10 be maintained in
substantially the same condition as on tho date of hoeptanee; and (IH) aN debris and PE!lrsonai property not included In the sale shall be removed by
available to Buyer.
D. Suyer indemnity and Seller prvtection for entry upon property: BUyer 8hall: (i~ keep the Property free and clear of liens; (Ii) repair aD damage
arisin9 from Buyer Investigatiomli and (iii) indemnify and hold Seifer harmless from all resu!ti:ng llabNityl Glairns~ demands, damages and costs of
Buyer'S investlgallons. Buyer shall carry, or aUye( 6hall require anyone acting on Buyer's behalf to cany, polJch~$ of Uability, workers
compensation and other applicable Insurance, defending and protecting SaUer from liability for any injuries to persons or property oclJuning during
any euyer Investigations or work done on the Property at Buyer's olfection prlor to CIQSI!! Of E$Crow. Sener is advised that certain protf;!Ctions may
be afforded Seller by reoording a ~NQUca of NQn~Tesponsibitity" (C.A.R. Form NNR) for B~er InvestigatiOns and work done 01'1 the Property lilt
Buyer's direction. Buyer's obligations under this pari!lgraph shall survive the termination or oancellatton of this Agreement and Close of Escrow.
11. SELLER DISCLOSURES; ADDENDA; ADVISORIES; OTHER TERMS:
A. seller DiSclosures (if checked): seller shall, within the time specified in paragraph 14A. complele and provide Buyer wilh .:
SeRer Pro
Clul!!stlonnalre CAR. Form SPQ
OR
0 $u lemental Contractual and Statuto Dl&olOEiure C.A.~. !=orm SSO
S. Addenda if chocked :
Addendum #
(CAR. Form ADM
WQod Destroying ~est Inspedion and ARocation of Cost Addendum (CArt. Fonn WPA)
j
D. OttlerTerms: fp'Psrty to
0 Other
121 Buye(. Inspection Ad...o" (CAft Fo"" SIA)
CAR. Form SBSA
the
IntOthis~
Buyer's Inlllolo (
8011. Imtials
"-) (
(h15
. Reviewed by
8501130
)(
Cite
)....
I
.
:a-=-'
=R~N~
A"
Borrower: Kyle
Jun.22.2010
PAGE.
07:41 AM
5020 A
5/ 15
Str...,t
95819
14. TIME PERIOI)S; REMOVAL OF CONTINGENCIES; CANCELLATION RIGHTS: Tho following timo poriods may only be oxl1mdad, allBAJd,
modified or c;;hanged by mutual written agreement. Any removal of contingencies or cancallation under 'this paragraph by either Buyer or
Seller must be exercised in good faith and in writing (CA.R. Fonn CR or
ee).
5
) Days After Acceptance to Delver to Buytr all Reports, dlseloaures and information fOT which Seller is
responsible under paragraphs 4, eA, Band C, 7A, SA, 11A and S, and 12. Buyer may give Seller a Notice to Seller to Perform (CAR. Fonn NSP)
if Seller has not Delivered the items with'" the time specified.
B. (1) BUYER HAS: 17 (or 1m
8
) Days: After Acceptance. lIn1e::18 otherwise agreed in WJiting, to:
U) complete aD Buyer Investigations: approve all disclosures, reports and other applicable information, which Buyer receives from S4;ij!er; and
approve all other matters affecting the Property; and
(ii) DelivM to Seller Signed COplM of Statutory and l.Md Disclosures Delivered by Seller in accordance with paragraph SA.
(2) Within the 11m" specffied In 14B(1), Buyer may request that Seller make repairs or take any other action regarding 1he Property (C.A.R. Form
RR). Sener has no obligation to agree to or respond to Buyer's requests.
(3) WHhin the time specified in 148(1) (or =ilFi otherwise speclfled In this ~l'eement), Buyer shaU Deaver to SeDer either {O a removal of the
appilcable contingency (CA.R. Form CR), or (ii) a cancellation (C.A.~. Form ee) of this Agreement based upon a contil'lgeney <)f S,,1Ier'f>
fall~r(l to DeUver the $p(lelfled iteMs, However, if any report. dis.closure or inronnation for which SeUer is responsible Is not DeHvered within the
time specified in 14A, ihen Buyer has 6 (or 0
) Da~ After Delivery of any such items, or the time specified in 14B(1), whichever
is later, to Oe5ver to Seiter a removal of the applicable contingency or cancl;!llatiol"l of thl$ Agreement.
(4) Continuation of Contingency: Even after the end of t/'Ia time $pEIlfled in 14B(1) and befure Seller cancels this Agreement, if at all, pursuant
to 14C, Buyflr retains the right to E!ith$l' (Q In writing remove remaining contingencies, or (ii) .cancel this Agreement based upon a remalnlng
eomlngency or Seller'$ failUre tl;) Deliver the specified terms, Once Buyer's written removal of all contlngEmcies Is OeUvered 11;1 Seller, Seller
may not cancel this Agreement pursuant to 14C(1),
C. SELLER RIGHT TO CANCEL,
(1) Seller right to Cancelj Buyer Contingcmcies: If. wI1:hln time speelfled In this. Agreement, Buyer does not, in writing, Deliver to Seller a
removal ofUle applicable contingency or ancellatiOll Qf1tli$ Agreement1hen Seller, after first Delivering to Buyer a Notice to BUY$(" to Perform
(CA.R. Form NBP) may c:aJ'lcel this Agreement. In such event, Seller shaH authorize return of Buye(s depos~,
(2) Sel~er right to Cancel: Buyer Contract Obligations: SeJler, after first Delivering to Buyer a NBP may (lancei thi1J ~r'eell'lent for' elhy of the
followilg reasons: (~ if Buyer fails to deposit funds as required by 3A or 38; (II) if the funds deposited pursuant to 3A ar 3B are not good when
deposiled; ~Iij ~ Buyer falls to Oell'l., a notice of FHA or VA oools or terms as required by 3C(3) (C.A.R. Form FVA); (IV) II Boy., falls 10
Deliver a letter as required by 3H; (\1') if Buyer fails to Deliver verification as required by 3G or 3J; (vi) if Seller reasonably disapproves of the
verification provided by 30: or 3J; (vii) if Buyer faDs to rewm Statutory and Lead Disclosures ;as rElqulred by pamgtaph 6A(2); or (viii) if Buyer
fails to sign or initial a separate liquidated damage fonn for ~I"J ineraased deposit a$ required by paragraphs as and 25. In suoh event, Seller
shall autllorize retum of B~$ depo&it.
(3) Nolie<> To Buyar To Porto"": The NBP "'aM; (I) be in writing; (iii be signed by SeUer; and (Iii) give Buyer .t I.ast 2 (or 0
) DaY"
After DerlVery (or until1he time specified in the appUeable paragraph, whichever oceurs last) to take the applicable action. ANBP may not be
Der[llered any earlier than 2 Day$ Prior to. the expiration of the applicable time for Buyer to removl!t a col'ltlngttney or cancel this Agreement or
11. PRORATIONS OF PROPERTY TAXES "1110 OTHER ITEMS: unless otherwise ag,eed in writing, the foBowing 110ms shan be PAID CURRENT and
prorated between Buyer and SeUer as Qf Close Of Escrow: real property taxes and assessments, Intar~et, rents, HOA regular, special, and emergency
dues and assessments Imposed prior to Close Of Escrow, premiums on insuran$ a$$umed by Buyer, payments on bonds and assessmoemf$
assumed by Buyer, and payments on Mello~oos and other Speelal AfiSGSsment District bonds and assessments "that are a current Uen. The following;
items $halt b~ ~umed by auyer WITHOUT CREDIT toward the putharre price; prorated payments on MeUo-Roo$ and other Speelal Assessment
Ol$trict bonds. anti assessments and HOA special Mt;~menl;$ 1hat ;;,re ~ current lien but not yet due. Prope:rty wRl be reasse5Sed upon change 01
ownerehip. Any supplemental tax bDIs shall be pa.id \lII$ follows; (i) for periods after Close Of Escrow, by Buyer; and (ii) for periods prior to Close Of
I:.scrow. by Seller (see CAR Fonn SPT or S8SA for further information), TAX BILLS ISSUED AFTER CLOSE Of! esc~ow SHALL BE HANDLED
DIRECTLY aeTWEEN BUYER AND SELLER. Prorations shaD be made based on a 3O-day tnonth
./
Buye", Initials
(~J----
)(
Sene"o Inl1lal. (
(R8VI.nd by
Date
86 of 130
Borrower: Kyle
.111111'
Jun.22.2010
PAGE.
07:41 AM
5020 A Street
Property Address: Sacrrunemnto, CA
95819
6/ 15
18. SELECTtoN OF SERVICE PROVIDERS. Brokers do not guarantee 'the performance of any vendors, service. or Product provfders. ("Providers').
whether referrelj by Broker or selected by Buyer, Seller or other person. Buyer and Seiter may select ANY Providers of their own choosing.
it. MULnPLE USTiNo SERVICE rNlLS")~ Brokers are authorized to report to the MLS a pending sale and, upon Close Of Escrow, the aales price and
other terme of this 1ra~ctlon shall bet provided to the MLS to be published and disseminated to persons and etrtmes al.JttlorJzed to use 1hf!:
information on terms Qpproved by the MLS.
ZO. EQUAL HOUSING OPPORTUNITY: The Property is sold in compliance wfIh federal, state and local anti-discriminatJon Laws.
21, ATTORNEY FeeS! In any aotlQI'l. proceeding, or arbitration between Buyer and Seller arising out of (his Agreement, the preva~ing 8u~r Or SeDer
shaD be entitled to reasonable attorney fees and costs from the nOl'l-prevamng Buyer or Seller, except as provided in paragrelph 26A.
22. D~FINJTlONS: As us.d In IIlls Agreement:
A. "A~ptal1Ce'j means thE\' time the offer or final counter offer Is accepted in wrltlns bye party and Is delivered to and personally receIved by the
other party Or that party's authorized agent in accordance with the terms of 1his offer or a final counter offer.
8. CAR. Form" means the specific form referenced or ano~r <comparable Form agreed to by the parties.
C_ "Cion Of Escrow" means the date the grant deed, or other evidence of1ransfar of title, is recorded.
D. "Copyh means copy by any means including photocopy, NCR, faceJmile and electronil::.
E. "Days" means calendar days. However, After A<::ceptance, tha last Day for performance of any act required by this Agreement (including Close
Of E&foW) shall not Include any Saturday, Sunday, or legal holiday and shall instead be the next Day.
F. "Oay$ After"' means the epec:itled numbElr of calendar days after the occurrence oHhe event specified, not taunting the calendar date on which
the ej)ecffied event occurs, and ending at 11 :59PM on the final day.
G, "Days Prior" means the specified number of calendar days before the occurrenoa (:If the event specified, not taunting the calendar date on which
the specified event 1$ scheduled 10 occur.
H. "Deliverlt, 'IDalivared" or "Delivery", regardh!!:S$ of the method uS$d (i.e. messenger, mail, ama~, fax. other), means and eha~ be effectivA uPQtl
0) personal receipt by Buyer or Seller or the Individual Real Estate Lk:ensee tor that principal a$ $pecified in paragrapn 0 of the section titled RQal
E$tate Brokers on pagl!l 8; OR (ii) if checked, 0 per the attached addendum (CAR. Form RDN).
I. "Elactronlc Copy" or "SlactrQnlc: Signature" means, i!J& applicable! an electronic copy or signature complying with California Law. Buyer and
Seller agree that electronic meerm will not be lf$(!d by either party to modify or alter the contl!lnt Or integrity of this Agreement without the
knowledge and consent of the other party.
J. "Law" means any law, code, sta1ute, ordinance, regulation, rule or order, which is adopted by a controlling Cityl county, statt!!l or federal legislative,
judicial or exeeutiVe bodY or agency.
K. "Repairs" means any rapalr$ (inc~uding pest control), alterations, replacements, mOdifications or retrofitting of the Property provided for under thie
Agreement
L. i'SignBd" m~ans elther iii handwritten or electronic signature on an original ~C)Cument, Copy or any counterpm.
23. BROKER COMPENSATION: Seller or Buyer, or both, as appllcablli!l, agrees to pay compensation to Broker as specified in a $eparate written
agre&ment between Broker and that Seller or auyer. Compensation Is payable upon Close Of Escrow, or If eecrow does not close, as othelWiae
specIfIed In the agreement between Broker and that Seller or Buyer.
24. JOINT ESCROW INSTRUCTIONS TO ESCROW HOLDER:
A. The following par.Qgraph$, or applicable porlions thereof, of 1his Agreement eQt1stltUte the joint escrow inst~on$ of Buyer and Seller
to. Eserow Holder, which Escrow Halder Is tc use along with any related counter offers and addenda, and ~ny ~dditional mutual instructions to
close the eat:row: 1. 3, 4, 6C, 11 Band 0, 12, 138. 1041=", 17,22, 23, 24,28,30, and paragraph D of the section titled R.eal Estate Srokers on page
8. if a Copy of the separate compensation agreement(s) provided for In paragraph 23, or paragraph 0 of the section titled Real Estate Brokers on
page 8 is deposited wi1h Escrow Holdet by Broker, Escrow Holdar shall accept such agreement(s) and payout of Buyer's Of Seller's funds, or
both, as applicable, the respe:etive Broker's compensation provided for 'In wch agreement(s). The terms and conditions of this Agreement not
$peQifioaUy referenced above, in the spelMled paragraphs are additional m~1:t$1'$ fot the information of Escrow Hot4$r, but about which Escrow
Holder need not be concerned. Buyer end Seller will receive Escrow Holder's. general provisions directly from Escrow Holder and wilt execute
such provieions upon Escrow Hold0r's reql,l$!it To the extent the general provisions are h'lOnuistent or conflict with this Agreement, the general
ptovisioll5 will control as to "the duties and obligations of Escrow Holder only. euyer and Seller WIll execute additional instructlQns, dcumente and
forme. provided by Escrow Holder that (lire reasonably necessary to close the escrow.
e, A CQPY of this Agreement shall be dellvere:id to Sacrow Holder within 3 business days. after Aceeptahce (or 0 """"''''''_-:-:-::---::-:"""''=_-:--,
""_-,,_,.-:=-____.,-__;--:-;_--=--::--::-_--:-::-.,,-_-;:-..,..-=__=). Eserow Holder shaH provide SeDer'S Sfatement of
Information to Title company when received from Seller, Buyer and SeDer authorize Escrow Holder to accept and rely on Copies and Signatures
as defined in this Agreement as orfginals, to open escrow and for other purposes of escrow. The validity of this Agreement as between Buyer and
Seller i$ not .ct-ed by Whether or when Escrow Holder Signs th~ Agreement.
c. Brokers are r! party to the- escrow for the soie purpose of compensation pWl'?!IIJant to paragraphs 23 and paragrapl'1 D of the settl!)n titled Real
Estate Brokers on page 8. Buyer and Se~er irrevocably assign 10 Brokers compensation specified in paragraphs 23, respectively, and irrevocably
instruct Escrow Ho!det tc disburse those funds to Brokers at Close Of Escrow or pursuant to any other mutually executed cancellation agreement.
Comperr&atlol1 Il"I$truotione; can be amended or revoked only ~ !;he written consent of Brokers. Buyer and &!Iller shall release and hold harmless
Escrow Holder from any liability resulting from escrow Holder's payment to Br(lker($) of compensation pursuant to this. AgrflElment. Escrow Holder
shaD immediately notify Brokers: 0) if 6uyer!s initial or any additional depO$lt 1$ not made pursuant to this Agreeml!lnt, or Is 1"I0t good at time of
deposit with Est.:row Holder, or (II) If either Buyer or Seller instruct Escrow Holder to cancel ~row.
D. A Copy of any amendment that affects any paragraph of this Agreement for which Escrow Holder /1;; responsible shall be delivered to Escrow
Holder within 2 business days after mutua! execution of the amendment.
Boyer', lnitiol.
(~l( _~__
)(
87 of 130
PAG~
6 OF 8)
Ast
Borrower: K y l e - '
Jun.22.2010
PAGE.
07:42 AM
5020 A
7/ 15
Street
95819
25. LIQUIDATED DAMAGES: If Buyer fails to complete this purchase because of Buyer's default, Seller shall "'tain as
liquldatad damages, the deposit actually paid. If the Property i. a dwelling with no more than four units one of which &.yer
lnlflnds to occupy, then the amount retained shall be no more than 3% of the purchase price. Any exc~ss shall be returned
to Buyer. Re!ea$& of funds will require mutual, Sign&<! release Instructions from both Buyer and Seller judicial decision or
arbitration award. AT TIME OF THE INCREASED DEPOSIT BUYeR AND SELLER SHAll SIGN A SEPARATE UQUIDATED
M RID).
DAMAGES PROVISION FOR ANY INCREASeD DEPOSIT. (C.A.R. F
~B~U~y.=r~"~ln~h~~=~~~==~~~::::;:==S~.~I~lor~S~ln~m~a~~~~~~~2:::::~;]
THIS MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION IS INITIALED. ExIion. from this mediation
.g.,.,mont oro __ lIIed In parograph 26C.
B. ARBITRATION OF DISPUTES:
Buyer and Seller 8grae that any dispute or claim in Law or equity arising between them out of this Agreement or any
resulting transactio~, which Is not settled through mediation, shall be doclded by neutral, binding arbitration. 8tJyer and
Saller also agf'G8 to arbitrate any disputes or claims with Broker(s}, who, in writing, Jlgree to such arbitration prior to, or
within oS reasonable time after, the dispLtte or claim is pl"1!sentecl to the Broker. The arbitrator shall be. retired Judge Of
j"stice, or an attorney with at lea$! 5 years of residential real estat" Law experience, unless the patties mutually ag"''' to
a different arbitrator. The parties shall have the right to discovery in accordanc" with Code of Civil Procedure 1283.0S,
In all other ""peets, the arbitration shall be conducted in accordance with Title 9 of Part 3 of !he Code of Civil
Procedure. Judgment upon the award of the arbitrat0r(,,) may be entered into any court having junsdlctlon. enforcement
of this agreement to arbitrate shan be govemed by the Federa' Arbitration Act, Exclusions from this arbitration
agreement are specified in parallraph 26C.
"NOTICE: BY INITIALING IN THE SPACE BelOW YOU ARe AGREEING TO HAVE ANY DISPUTE ARISING OUT
OF THe MATTERS INCLUDeD IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY NEUTRAL ARBITRATION
AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE
DISPUTe liTIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BeLOW YOU ARE GIVING UP YOUR
JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSe RIGHTS ARE SPeCIFICALLY INCLUDED IN THE
'ARBITRATION OF DISPUTES' PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS
PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CAUFORNIA CODE OF CMl
PROCEDURI'. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY."
"WE HAVe READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT
OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISP TeS' PROVISION TO NEUTRAL ARBITRATION."
Sello"'s 1"1tla~
Initials
)'j3
----,
Buye~s
Initials (
k-) (____
)(
88of130
As.t
Borrower;
Kyl~
Jun.22.2010
PAGE.
07:43 AM
5020 A
Street:
CI!.
8/ 15
!l:;819
29. EXPIRAnON OF OFFER: This off.rsholl be deemed revoked 000 the depos~ shall be returned unless the offer is Signed by Seller and
Signed offer is personally received by Buyer, or by
a Copy
~~~~_________ ~,.w.
Buyer has read and acknowledges receipt of a Copy of the offer and agrees to the above confirmation of agency
Date 12~18
.20
o.
Date
BUYER,
,. - If?
BUYER
~Iah
(Print namol
------------------------
~r_h==~------------------------------(Print namol
(Add.....)
above IJffer. agrees to eell the Property on the ab.;we terms and conditions, and agrees to the above confirmation of agency relationshIps. Seller has
read and acknowledges receipt of a Copy of this Agreement, and authorizes Brokerto DerIVer a Signed Copy to Buyer.
DawIlil
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
(Print namel
(Address)
( _ 1 ___ )
(lh~,.I.)
CONFIRMATION OF ACCEPTANCE: A Copy 01 Signed Acc.ptance ~a'; .~'''GC,nally received by Buyer Of Buyer'. au1horized
agent
(date)
at
A binding Ag......".nt hi .""""" when
of
1$
agent whe1her or not eonfinnad in
of this
a binding Agreement It is solely
on
A. Real Estate Brokers are not parties to the Agreement between Buyer and Seller.
8. Agency relationships are confirmed as stated in pDl'a(lmph 2.
C. 11 specified in paragraph 3A(2), Agent who. stbmftted the offer for Buyer aeiq10wfedges receipt of depo&it.
O. eOO~ERATINB BROKER COMPENSATION: Usdng Br(ll(er agreea to pay Cooperating Broker (Selling Firm) and Cooperating Broker agrees to
accept, out of Listing 6roker's proceeds in escrow: (I) the amount specified In the MLS, pro'Jlded Cooperating Broker is a Participant of the MLS in
which the Property is offered for sale or a reciprocal MlS; or (II)
(if chl1:cked) the amount specified 11'1 a ~parate written agreement (C,A.R, Form
CaC) between Listing Broker and Cooperating Broker. Declaration of Licen&fl and Tax (C-A.R, Form DLT) may be used to document that tax reporting
will
or that an e:<ernption exists,
DREUc.
Date
),
"co~u~n~te~r;O:fI;.r~n:u:m:b:.~r.~d~=.:;::::;::::;:;::;:;=.:;,~D~s~e~1I~er'~s~statement
of Informatio.n and 0 othar"""-,,,::-:::-::::-=.:-=.:;:-::;;-:;-:;:;:--.::::::::::-=
':::
' and agrees to act as Escrow Holder subject to paragraph 24 of this Agreement, any
supplemental escrow instructions and the terms of Escrow HoJder'$ general provl~;JoM if any,
eScrow Holder is advls&d that the date of C()rltirmation of AQoepiance of the Agreement as between Buyer and Seller ~ _ _ _ _ _ _ _ _ __
Escrow Holder
Escrow #
By
Date
Address
Phone/FailE-mad
EscrQW Holder is
PRESENTAnON OF OFFER: ( ---:;:::::::::-;::::::::==::;::-_) Lloting Broker pre_eo this offer to SeRer on _ _ _ _ _ _ _ _ _ _ _ (dolo).
) No counter offer is being made. This offer was rejected by Seller on _ _ _ _ _ _ _ _ _ _ (date).
,
CONSUl..
Thils" form is
mom~1'$ of thlil
'-",ro,,,,:io,i
I.. ,
6F"E;illo:iiii";;';~~';;;;,;;;;;;i.-c:~;;,;kHI;jntlfy tI\I!J U:KIr' Z1';S II ~EAt.TOR*. REAL.TOR Is a rogl6Wr~ eoUeetlVe mtimb6rshlp mark whlct! !,I'U!"y bD
~Chk~
Ll.IIQd
only by
U
,
(
8901130
Asl
Jun.22.2010
PAGE.
07:43 AM
CALIFORNIA
ASSOCIATION
OF REALTORS
stx.."e,
9/ 15
Saer_to, CA
95819
("Property").
A. IMPORTANCE OF PROPERTY INVESTIGATION: The physical condition of the land and Improv.m;tnts being purchased Is not
guaranteed by enher Seller or Brokers. For this reason, you should conduct thorough investigations of the Property personally and with
professionals who should provide written reports of their investigations. A general physical inspection typically does not cover all aspects
of the Property nor items affecting the Property that are not physically located on the Properly. If the professionals recommend further
investigations, including a recommendation by a pest control operator to in.pect inaccassibie areas of the Property, you should contact
qualified "xperts to conduct such additional investigations.
B. BUYER RIGHTS AIIID DUTIES: yOU have an affirmative duty to exercise r"a.ona~le care to protect yourself, including discovery of
the legal, practical and technical implications of disclosed facts, and the investigation and verification of information and fact. that you
know or that are within your diligent attention and observation. The purchase agreement gives )<">u the right to investigate the Property. If
you exercise this right, and you should, you must do so In accordance with the terms of that agreement. This is the best way for you to
protect yourseW, It is extremely important for you to read all wr~ten reports provided by professionals and to discuss the result. of
inspections with the profeional who conducted the inspection. You have the right to request that Seller make repairs, correctiOns or
take other action based upon items discovered in your investigations or disclosed by Seller. If Seller is unwilling or unable to satisfy your
requests, or you do nol want to purchase the Property In its disclosed and discovered condnion, you have the right to cancel the
agreement if you act within specific time periOds, If you do not oeoeel the agreement in a timely and proper manner, you may be in
breach of contract.
C. SELLER RIGHTS AND DUTIES: S.II", is required to disclose to you malerlal facts known to him/her that affect the value or
desirability of the Property. However, Seller may not be aware of some Property defects or conditions. Seller does not have an obligation
to inspect the Property for your benefit nor i. Seller obligated to repair, correct or otherwise cure known defects Ihat are disclOsed to you
or previously unknown defects that are discovered by you or your inspectors during esorow. The purchase agreement obligates Seller to
make the Property ava,abte to you for investigations.
D. BROKER OBLIGATIONS: Brokers do not have .xpertise in .11 areas and therefor. cannot advise you on many items, such as soil
stability, geologic or environmental conditions, hazardous or illegal controlled substances, structurel conditions of 1I1e foundation or other
improvements, or the condition of the roof l plumbing, heating, air conditioning. electrical. sewer, septic, waste disposal, or other system.
The only way to aocurately determine the condition of the Property Is through an inspecllon by an appropriate professional selected by
you. If Broker gives yOu referrals to such profes.ionals, Broker does not guarentee their performance. You may seleCl any professional
of your choosing. In sales involving residential dwellings with no more than four units. Brokers have a duty to make a diligent visu~1
in.pection of the accessible areas of the Property and to disclose the results of that inspection. However, as some Properly defect. or
conditions may not be discoverable from a visual Inspection, it is possible Brokers ans not aware of them. If you have entered inlo a
written agreement with a Broker, the specific terms of that agreemenl will determine the nature and exlent of that Broker's duty to you.
YOU ARE STRONGLY ADVISED TO INVESTIGATE THE CONDITION AND SUITABILITY OF ALL ASPECTS OF THE PROPERTY, IF
YOU DO NOT DO SO, YOU ARE ACTING AGAINST THE ADVICE OF BROKERS.
E. YOU ARE ADVISED TO CONDUCT INVESTIGAllONS OF THE ENTIRE PROPERTY, INCLUDING, BUT NOT LIMITED TO THE
FOLLOWING:
1, GENERAL CONDITION OF THE PROPERTY, ITS SYSTEMS AND CDMPONENTS: Foundation, roof, plumbing, heating, air
conditioning, electrical, mechanioal, security, pool/spa, other structural and non~structural systems and oomponents, fixtures,
built-in appliances, any personal property included in the sale, and energy efficiency of the Property, (Structural eng in""", are best
suited to determine pOSSible design or construction defects, and whether improvements are structurally sound.)
2. SQUARE FOOlAGE, AGE, BOUNDARIES: Square footago, room dimensions, lot size, age of improvement. and boundaries. Any
numerical statements regarding the nem. are APPROXIMATIONS ONLY and have not been verified by Sell"r and cannot be
verified by BrOkers. Fences, hedges, wallS, retaining walls and other natural or constructed barriers or markers do not necessarily
identify true Property bOl.lndaries, (Professionals s(..Ich as appraisers, architects. surveyors and civil engineers are best suited to
determine square footage, dimensions and boundari.s of the Properly.)
3. WOOD DESTROYING PESTS: Presence of, or conditions likely to lead to the presence of wood destroying pests and Qrganisms
and other infestation or infection. Inspection reports covering these items can be separated into two sections: Section 1 identifies
areas Where infestation or infection is evident. Section 2 identifies areas where there Bre conditions likely to lead to infesta.tion or
infection. A registered structural pest control company Is best suited to perform these inspections.
4. SOIL STABILITY: Existence of fill or compacted soil, expansive or contracting soil, susceptibility to slippage, settling or movement,
end the adequacy of drainage. (Geotechnical engiflool'$ are best suited to de1erminE;1 such conditions, eause~ and remedies.)
/t
Tn. copjright lows of 1110 Urlted States (Title 17 U.S. Code) forbid 1I1e
unauthorized reproductWn of this form, or any portion thereof, by photocopy
maohlne or any other means, including facsim~e or computerl2Ad formate:.
Copyright C 1991-2004, CALIFOR.NIA ASSOCIATION OF REALTORS>,
Suyer's Initials ~) (
SellE.l(slnitials (\'
)(
. ~~vlowod by
90 of 130
Date
)
)
I
.
(5)
_
rF4~I}OJJtW
Borrower : Kyl~&IIIIS
IIIIJI
Jun.22.2010
PAGE. 10/ 15
07:44 AM
St:.t:'lHoi:( Sa.cr.'UllNmto, CA
Date: ptS'N"AAr
95B19
16
zqu
5. ROOF: Present condition, age, leaks, and remaining useful life. (Roofing contractors are best suited to determine these cooditions.)
6. POOUSPA: Cracks, leaks or operational problems. (Pool contractors are best suited to determine these cond~ions.)
7. WASTE DISPOSAl-.! Type, size, adequacy, capacity and condition of sewer and septic systems and components, connection to
sewer, and applicable fees.
8. WATI:R AND UTILITES; WELL SYSTEMS AND COMPONENTS: Water and utility availability, use restrictions and costs. Water
quality, adequacy, condition, and performance of well systems and components.
9. ENVIRONMENTAL HAZARDS: Potential environmental hazards, induding, b~t nol limited to, asbestos, lead-based paint and other
lead contamination, radon, methane, other gases, fuel Qil or Chemi$1 storage tanks, contaminated soil or water, hazardous waste,
waste disposal sites, electromagnetic fields, nuclear source., and other substances, materials, produQIS, or conditions (inCluding
mold (airborne, toxic or otherwise), fungus or similar contaminants). (For more Information on these 11ems, you may consult an
appropriate professional or read the booklets "Environmental HaZl1rds; A Guid& for Homeowners, Buyers, Landlords and Tenants,"
"Protect Your Family From Lead in Your Home" or both.)
10, EARTHQUAKES AND FLOODING: Susceptibility of the Property to earthquake/seismic hazards and propensity of the Property to
flood. (A Geologist Or GeotljCfinicai Engineer i. best suHed to provide information on the.e conditions.)
11. FIRE, HAZARD AND OTHER INSURANCE: The availability and co.l of necessal)' or deSired insurance may val)'. The locetion of
the Property in a seismiC, flood or fire hater<! zone, and other condition., such as the age of the Property and the claims hlstol)' of
the Property and Buyer~ may affect the availability and need for certain types of insurance, Buyer should explore insurance options
ear1y as this information may affect other deciSions, inCluding th~ removal of loan and inspection contingencIes. (An insurance agent
is best suited to provide information on these conditions,)
12. BUILDING PERMITS, ZONING AND GOVERNMENTAl.. REQUIRI:MI:NTS: Permits, Inspections, cert~icate., zoning, other
governmental limitations! restrictions, and requirements affecting the current or future use of the Property, its development or size.
(Such information is available from appropriate govemmental agencies and private Information providers, Brokers are not qualified to
review or interpret any such information.)
13. RENTAL PROPERTY REsTRICTIONS: Some cities and counties impose restriction. that limit the amount of rent that can be
charged, the maximum number of occupants; and the right of a landlord 10 terminate a tenancy, Oeadbolt or other locks and ~r1ty
systems for doors and windows, induding window bars, should be examined 10 determine whether they satisfy legal requirements.
(Govemment agencies can provide infolTJ'lation about these restrictions and other requirements.)
14. SECURITY AND SAFETY: State and local Law may require the installation of barriers, access alarms, self-latching mechanisms
and/or other measures to decrease the risk to children and other persons of existing swimming pools and hot tubs, as well as various
fire safety and other measures conceming other features of the Property. Compliance requirements differ from city to city and county
to counly. Unless specifically agreed, the Property may not be in compliance wilh these requirements. (Local govemment agencies
can provide information about these restrictions and other requirements.)
15. NI:IGHBDRHOOD, AREA, SUBDIVISION CONDITIONs; PERSONAL FACTORS: Neighborhood or area conditions, including
schools, proximity and adequacy of law enforcement, crime statistics, the proximity of registered felons or offenders, fire protection.
other government services, availability, adequacy and cotst of any speed~wired, wireless intemet connections or other
telecommunications or other techno!ogy services and instatJations, proximity to commercial, industrial or agriculh"r$1 actiVities,
existing and proposed transportation, construction and development Ihat may affect nol.e, view, or lraffic, airport noise, noise or odor
from any source, wild and domestic animals, other nuisances, hazards, or circumstanoes, protectert species, wetland properties,
botanical diseases, historic or other governmentally protected sites or Improvements, cemeteries, facilities and condition of common
areas of common inta",.t subdivisions, and possible lack of compliance with any goveming documents or Homeowners' Association
requirements, conditions and influences of significance to certain cultures and/or religions, and personal needs, requirements and
preferences of B~r.
Buyer and SeHer acknowledge and agree that Broker: (I) Does not decide what price Buyer should payor Seher should accept; iii) Does not
guarantee 1I1e condition of the Property; (iii) Does not guarantee the performance, adequacy or completenl!SS of Inspections, services, products Qr
rElpalrs provided or made by Seller or others; (jv) Does no~ hav$ an ob~gati.on to conduct an inspection of common areas or areas off the sUe of tI1e
Property; (v) Shall not be responslblt;! forldentifving defects on the Property, in common areas, or offslte unll!I$$ $ueh defects are visually observable
by an inspection of reasonabiy accessible areas of the Property or are knoWn to Broker; (vi) Shan not be responslble for inspecting pl.lbUe records Qr'
permits concerning th$ title or use of Property; (vii) Shall not be responsible for Identifying the location of boundary lines or other items affecting 1it1e;
(viii) Shall not be responsible for v&rlfylng square f()otase, rE!!preeentations of others or'mformation (:ontained In hwestigatiah reports, Multiple U$ing
Service, adVertisements, flyers or other promotiol1lid material; (ix) Shall not be responsible for providing legal or tax atWlce regarding any aspect of a
'b'an$ac~on entered into by Buyer or Seller; and (x) Shall not be responsible for providing other advice or infonnation that exceeds '!he knowledge,
education and experience required to perform raal eette licensed acti'tIity. Buyer and Seller agree to $eek legal, lax, ineurlil:nce, title and other
desired assI$tance ffol'rl appropriate professionals.
By signing below, Buyar ond Seiler each acknowledge that they have "'ad, understand, accept and have received a Copy of
this Ad Is
uyer' ncC)uraged to read it carefully.
;2- J - -;2DII
===::::----____---,~-Buyer Signature
Data
Seller Signature
Date
12/20/2011
Seller Signature
Date
THIS FORM HAS aseN AF>PRO~O BY THE CALIfORNIA ASSOCIATION OF FU!Al,.TOF($I!P (CA.R.). NO REPRESENTATION IS MADE AS TO THe 1.5GAI. VAIJOlj'( OR
ADEQUACY OF ArN PROVISION IN ANY SpeCIFIC TRANSACTION, A REAL ESTATE BRO~R 1$ THE pe~$ON aUAUFtED TO ADVISE ON REAL ESTATE
TRANSACTfONS. IF YOU DESIRE LEGAL OR TAX AOVICE:, CONSUl.T AN APPROPRIATE PROFESSIONAL
Thl$ form it; aIJalbtble fur In!;e by !he entif"e real estate industry, It (s not
to jdentify the user sa a REALTOR, REA!.TOR it a ~Istered collective mambernhip mark
A=
mnded
whic>l m.y "" uW o,,,y by "",,"be.. ""'e NATIONAL ASSOCVlTION OF REAL TORS """ .U..cnbs to '" Code" E",;c..
I]
"
I aviewedbY
8s:JbaJdWy{J'th80slHomfa~oIREALTORse
0 Ie
8
EClW.lliUfS!IIC
QPPOR'TUNITY
As<
91 of 130
Borrower:
KYle~
PAGE. 11/ 15
Jun.22. 2010
...... .....
~
07:45 AM
P~01
Borrower: Kyle'. . . . . .
c
92 of 130
CalHFA Loan# 022472-3
Jun.22.2010
PAGE. 12/ 15
07:45 AM
916
'91($.1
4225
t :'
{j, ~'l1n
1
0~'\"IiEV4l. (~
AcIYilor.
IAIIY PAil,
, "l, F'NANCIAl. , ORI'ORA flON
ghGO, ' .
-'I'iW':', n,
-'
- ...
:~:t!.;'/~!1654
---"'---'~"
.... --............
.'
."
'
......
iBOL(;HAsrt,\ EilWl
IJoIJiu
h.,a
Anwwu
$223,191 ~4
t'tp)l,j
"
(fI\
f llIIw ..
~n!, i91.MO
Account Number
/lund Class A
IJuJo/r
.t.ilJ..NCti0t
1"1111
t
.,lIINrw
,'~-"'"
67.313.792
1'&rk>ltFuna,11V) )
',MdP.1l!!
S382,69
OJH)O!f/II!i!'.pf!!eclo """"
!:iJIj I!J
\'OUT 1!CIIl1 ~. all ~ he~ if! 1M BtMUllt 'lito VIlllch you exCMIIgW sna,'., ,nay n," 00 exchanlJed for SO calenlllll" da'illlmm II\e
ilOIlSlctlon ,IlII11Qf tile e~, YO<IlIlay exchange I"io Money Malket fund, Inc. or (:'$~ ReseTi'll'" at ."y time; 1lQwe\Hll. IllI of Ihft sh.1''''' 'n tho;
"IO!l6Y "",!l<ota"COOnlWm _ be :IUbJ....! "'. ,",w hdd 1"'1\0<1 1",:lO ""lenlfar days I"." ,,'" tll",..w:t,," d.1fI of It1at UIdIange,
, ',><Il<!11 ~;ur 811a~ ytJ\11I\1I"f Illy a rnn4l"""nI, rieferroo SAle, dllllllr.. For the CI'H1IWJ!\1l1 rt.feHed '-11"8 oharge all!! QIIlI)r fae&, see HIe
"'ip6I)lUS
93 of 130
Borrower: Kylelc. . . . .
Jun.22.2010
PAGE. 13/ 15
07:45 AM
..
CALifORNIA
,~ ASSOCIATION
~ Of REALTORS"
This Short Sale Informalion and Advisory is imamled to give general information regarding short salas, their palenlial impacl, and the
rights and responsibilities of the parties involved. It is not intended .s legal advice for any particular property owner or buyer. Seller
and Buyer should consult with their own professional advisors for legal, tax, credit and personal advice. Real estate brokers cannot
and will not provide such advice.
1. WHAT IS A SHORT SALE: A short sale is the name used to describe a real estatetransaCllon where the sellers len<ler(s) agree to
allow the property owner 10 sell the property for les. than the amount of Ihe loan(s) secured by the property. The consenl of the
sellor's lender(s) is necessary because wilhoul it Ihere woul<i not be enough money from the sale to pay off the lender{s} in full and
to pay other ca.t. of lhe .ale. As a resull, the len<ler's lien(s) would remain on tnle, and the seller would be unable to transfer tale
10 the buyer free of monetary liens. (Properties thai are worth less than Ihe amount owed to the secured lender(s) are often
2.
B. A foreclo&ure Is a legal process through which the lender acquires title to the property from a borrower who has slopped
malting payments on a loan. The lender can foreclose Whether or not the borrower con.ents.
A dQQd in liau of foreclosure occurs when the borrower offers to transfer the property to the tender, in lieu of the lender
having to go through the foreclosure process. and the lender agrees to accept title to the property from the borrower and
forgives the debt. A deed in lieu of foreclosure requires the consent of both lender and borrower.
D. Bankruptcy i$ a legal aClion typically flied by a borrower to have debt(s) discharged. An automatic stay occurs as soon as a
borrower files bankruptcy, staying all actions against the borrower. While a petition for bankruptcy can have the effect of
delaying a foredos:ure, it does not necessarily prevent a foreclosure from eventually occurring. No lender consent i$ required
for a borrower to file bankruptcy.
3. LENDER AGREEMENT TO SHORT SALE; In order for a short sale to be completa<l, the lender(s}, at a minimum, must agree to
release the property from the lender(s} Uen(s) to allow the sale. The lender(s} mayor may not agree to ra<luce the amount owed to
satisfy the deb\. If not, the lender(s) may continue to pursue the borrower for payment of the balance of the debt Prior to granting
approval of the sale, the lender(s) may require the borrower to disclose all of the borrower's assets. They may 'equire that the
borrower liquidale olhor assets. They may require thai the borrower sign an agreement to repay some or aU of Ihe debt at some
laler time. They mey require that the borrower secure the unpaid debt with other sets owned by 1I1e borrower. Additionally. they
will generally ,-$qUire that the transaCllon be arm's length, and that all terms of any benefit conferred on the seller be fully disclosed
and that Ihe Seller cannot stay in the Property following Ihe Sale. Finally, many filiit lien holders wililimil the amount they will allow
to be paid to a second lienhOlder, further complicating negotiation" for the short sale. The lender will usually submij a "term sheet"
to the borrower indicating the term. to which lender(s) will agree. If the Seller and Buyer do not modify their contract to comply with
the lender(s) terms, the lender(s) may not permH the short sale to proceed. Selier I. strongly advised to seek legal and tax advice
regarding review of the term .heet. Brokers cannot ano will not give legal or lax advice on the lender's term sheet or it. effect on
the Buyer and Seller's agreement or on the consequences to Buyers and Seller. should they proceed to clos". There Is no
assurance that once thelender(s) have begun short sale negotiations, they will discontinue the foreciosure process.
4. SELLER'S CONTINUING LIABILITY ON THE DEBT: Many borrowers who attempt a short sale are concerned with whether th..
borrower is released from any further liability to Ihe lender(s) or whether the lender can pursue the borrower for any unpaid balance
of the debt. Some ",fer to conlinuing liability as a deficiency judgement. Generally speaking. a deficiency judgement is the right of
a lender to pursue the borrower for the difference between the amount the lender receives and the amount the borrower Owes on
the debt. Deficiency judgements in C~lifornia are prohibited in certain circumstances .
C.
",.r.lnlti.~-
.0
)( )
""py~g~ntted
The
Stat (TWo 17 U.S. Code) forbid the
unauthorized reproduction of thi$ form, Or any portion thereof, tty photocopy
maehlne or any other means, including facsimile: or computerized formats.
Copyright 1!Il2010-2011, CALIFORNIA ASSOCIATION OF ReALTORS.
IR.~'-bY
Agent: . Guinory
8n)ker:; CU$tom Real
94 of 130
Borrower: Kyle . . . . . .
Jun.22.2010
PAGE. 14/ 15
07:46 AM
5020 A
street:
CA
95819
A. Short Sale:
1. Beginning July 15, 2011, Code of Civil Praoedure 580e any lender who approves a short sale is not permitted to seek or
collecl a deficiency against the borrower ff Ihe loan is secured by a Trusl Deed on residential property containing 14 units. This
law may not be waived. The July 15, 2011 law does nol apply to (I) lienholders on other types of property, or (ii) a borrower
who has comm~ted fraud or waste or (iii) borrowers who are oorporations, lim~ed liability companies, or limited partnerships.
Prior to this I~w coming in10 effect, from January 1, 2011 the restriction on lenders seeking deficiencies for approved short
sales only applied to lenders holding a first trust deed on residential 1-4 un~.
2, For properties or borrowers to whictl CCP 580e does not apply, some lenders in negotiating a short sale will want Ihe owner 10
sign a note for Ihe balance of the unpaid prinolpal. Other lenders will release the li.n only but not forgive the underlying debt.
Some lenders will "reserve their rights." Thus, in these sitUations whether lender retain. tho right to pursue a deficiency
following a short sale becomes a negotiable term for each sale.
3. Sellar is encouraged to (i) obtain a written agreement from lender(s) or other applicable lien holders addressing whether and
to what extent Seiler will be released from any monetary or other claim, obligation, or liability upon approval of the .hort s.le,
an<1 (;;) have that written agreement reviewed by an attorney, CPA or other appropriate professional of seller's choosing,
B. Foreclosure
1, Purcha.... Money Loans; Loans given by lenders to purchase 1-4 unit properties, one of which will be occupied by the
borrower, and sellar-financed purchases are subject to "purchase money" anti-defidaJicy protection rules. Generally, this
means th.t the lender oannot pursue the borrower for any deficiency after the property is foreclD$ild upon by the selier or
lender, whether the $eller or lender uses a non-judicial trustee sale or a judicial foreclosure. Refinancing a purchase money
loan causes It to lose any purchase money protection it might have.
2. Trustee Sales: If a lender foreclos". by no,,"judicial trustee sale instead of by Judicial foreclosure, that lender is barred from
seeking any deficiency from the borrower after the trustee sale, even If the loan was not purchase money.
3. Refinanced Liens: The anti-deficiency protections become much less clear for loans that are refinanced. Generally, loans that
are refinanced lose their "purohase money" protection. Lenders extending refinances may be able to pursue a deficiency
judgment against the borrower directly follOwing" judicial foredosure.
4. Junior Liens: The anti-deficiency protections for Junior Liens are also somewhat unclear. Junior liens used to purchase the
r.sidence (such as 90110 first and second) would have "purchase money" protection generally. However, junior lien. that are
refinanoed or junior liens that are used to take out equity do not have "purchase money" protection. Suctl "non purctlase
money" junior lienholders may be able to pursue a deficiency jUdgement against the borrower directly after a Trustee sale by a
senior lienholder or after a judicial foreclosure by the junior lienholder. Although the law is not entirely cle.r, home equity loans
(HELOCs) may fall into this category.
5. other Liens! Many other types of liens may be recorded on titles including. without limitation, homeowners association liens.
JUdgement liens, iax liens, and child support liens. Generally foreolosures by any lienholders senior to such liens do not protect
the owner of the property from later legal action by the lienholder to collect on the obligation.
5. CREDIT AND TAX CONSEQUENCES:
A. CREDIT: All of the owne~s options discussed above will most likely have a negative impact on the owne~$ "",dit and on the
owner's ability to finance or purchase property for some time. The credit impact and length of time the owner would have difficulty
in obtaining a loan to purchase property again, or 10 be ~pproved for any other credit transactions such as obtaining a credit card,
leasing an apartment, or even to gain employment, v.ries. Lenders may view short sales and alternatives differently daponding on
their Own underwriting guidelines and those established by governm"ntal or quasi-govemmental bodie . TQ find out more
information about the impact to your credit score, go to www.myfico.com.
B, TAX; With some exoeptions, a reduction or discharge of a debl obligation by a lender rasults in income to the borrower. The
income might not be taxable if the debt was being used to purchase, build, or substantially improve a borrower's principal
residence. Another exception exists if the forgiveness of debt results from a situation where the lender is barred by law from
collecting the debt, as in a foreclosure of p~rchase money debt. Insolvency and bankruptcy rules can also shield a borrower from
forgiveness of debt income, Generally, when any debt is forgiven by lender, they are required to provide the borrower a 1099
and it will be up to the borrower to make- the proper claim on their tax return to avoid debt forgiveness income. Some of these
rules are temporary, and state laws and federal laws differ, Broker has advised Seller that if Lender agrees to acoept less than full
paymen~ the difference may re.ult in taxable income to Seller even though Selier does not receive any cash proceeds from the
sale. Seller may also be taxed on the gain in value of the Property from the date of Seller'. purchase to the date of sale,
regardless of the amount of any existing Loans/Liens.
C. PROFESSIONAL ADVICE, Seller advised to discuss with an attomey, CPA or other professional of Seller's choosing before (i)
aocepting any offer to present to lender or{ii) agreeing to any ctlanges requested by lender to an already acoepted contracl
6. POTENTIAL IMPROPRIETIES: It is an unfortunate reality that many persons, inoluding r...1 estate licensees, mortgage lenders, and
attomeys, among others! have taken advantage of owners of underwater or distressed properties. Some or the schemes present
themselves as "rescues" of the homeowner, promising to let them stay in the property, to protect their credit, or to provide payments to
them after olosing, and usually outside of the escrow. Both the Califomia Department of Real Estate (ORE) (http://www.dre.oa.gov)and
the callfomla Attornay Genaral (hltp:llwww.ag.oa.gov) have i..uad written warning' of potential red flags in short sales and other
resoue schemes. Some of these red flags are:
Buy.'slnitiel.
~.)(
_ _ _ __
Seller's Initials (
IRe.vi8Wed by
95 of 130
)(----
Dote
Ast
Jun.22.2010
07:46 AM
PAGE. 15/ 15
5020 A Street
Property Address: SacralMnmtQ, C'A
A.
95Szg
I!L 2011
Date: Degen",..r
No license: The DRE believes that a real estate license is generelly required to negotiate any short sale;
B. MARS: Short sale negotiators who do not represent the Seller or Buyer in a short sale are generally required to comply with
the Mortgage Assistance Relief Services rules and provide required disclosures and notice. to the Seller.
Up-front fae$: No real estate licensee can collect any upfront or advance fee Without having flrst obtained a "no objection"
letter from the DRE and no upfront rees may be taken for arranging a loan modification;
D. Surcharges: Charges by third parties that are not disclosed to the short sale lender and usually paid outside of escrow;
E. 3rd Party negotiations: The licensing and fee reqUirements above apply whether the negotialion occurs Ihrough a Broker.
representing the Seller or Buyer in the transaction, or a 3r(l party short sale Mgoliator. A. with other real estale activi\;'. short
sale negotialor fee. are negoliable and not set by law. The exislence, fee and licensed status of any 3rd party short sale
~egotiator shall be disclosed to the lender and must be approved by the lender as part of the overall compensation to be paid
C.
Straw buyers and house flipping: Buyers misrepresent the value of the property to the short sale lender and flip the property
to another buyer already in place;
G. other: Other potential red flags include: guarantees to stop the foreclosure; instructions not to contact the lender; transfer of
title prior to close (often to a trust) as a condition of negotiating with the lender; the buyer is an LLC; the buyer wanls a power
of altomey from the .eller; ana the buyer hires the Ihird party negotiator or wants to negotiate direclly With the lender.
While most of the .,.ctlvities on th~ above list on 1heir face are not fraudulent, they serve as waming signs that the owner and the
real estate agents involved should proceed with cautior'\.
F.
7.
BUYER CONSIDERATIONS: Shorl sales are often difficult lransactions laking considerably longer that a typicol reel estate
transaction to complele. There is no guarantee that the lender or lenders will agree to the lerms of the purchase offer or that they
will respond in any timely fashion or even r~spond al all. There is no guarantee Ihat the seUer will agree to any terms proposed by
the lander as a condition of releasing the lien or the debt on the property. Buyers may expend money on Inspections, Joan
applications. escrow fees and other coslS thaI they will nol be able 10 recover from anyone if the lender does nol approve the
Iran.oclion. Buyers may also have difficulty oblaining the relurn of their deposit in escrow. if the seller becomes noncommunicative
during the short sal. process. Generally, sellers also have Ihe right to continue to give offers to their lender(s) even if they have a
contract wilh an existing buyer, Brokers cannot give any assurances as to what will happen. Buyer. are strongly cautioned that any
undisclosed and unapproved payments 10 junior lienholders or to seller or to outside third party ne90~ators may be " form of lender
fraud. Buyers are also strongly cautioned that writing offers on more than one short .ale property with the intent 10 purchase only
one such property could be a misrepresentation giving rise to legal claims by the Seller Including a claim for the buyer's deposit.
8.
BROKER ROLE: A real .slate broker cannot give legal or tax advice in connection wHh any of the options available to the
borrower nor can the broker suggest what is the best course of action for the owner. Unfortunately, the owner is faced with
extremely difficult choices having a lasting Impact on Ihe owner. Owners are strongly caulioned that they must seek legal and lax
advice in what is not only a choice impacting taxes and credit, but also personal iS$l,IsS affal;ting the owner and often the owner's
family. The broker's role is to assist the owner with the actual sale of the property in a short sale transaction, not to provide legal or
tax advice or to guarantee the best possible outcome for the parties, or to assure the buyer Ihat any particular transaction will be
completed. Brokers do not. and cannot. assure that either Ihe SeHer or the Buyer will perform on their agreement or that the
lender(s) will agree to any of the tanns presented. Brokers are not a party to the contract between Buyer and Seller.
9.
BROKER AUTHORITY: Seller authori",' Broker 10: (1) market Ihe Property for sale. (2) contacl lenders concerning lender's
approval of a Short Sale (CAR. Form ARC) and Seller agrees 10 give Broker any necessary information to negotiale with lenders,
and (3) advertise In the MLS and other advertiSing medium thaI the Property transfer, sales pnce and payment of commiSSions are
TloCflP're
te
18
g011
o Seller 0 Buyer
Dale
ql, ( l"lJIX~L
;cPael
Cily
Telephone (n61247~6048
&.JPJt='mt:o
Qde.lg
State
Date
_~~_ _~_~_ _
CA.
ZIp
~_-,9,"<",8",g..
5_ _
Fax (216/487-8280
Real Estat$ BroKer (Listing Firm) Ramsey Real Estate and Dev.
Sy(Agent} Daniel Ramsey
'-1>
916-737-5656
Fax
City
916-760-0575
95819
reo@ramseyrealestateqroup.com
,0$
I ~"'_ b
Data
~::~!.Y====::=~=:;::=::::...J
SHORT SALE INFORMATION AND ADVISORY (881A PAGE 3 OF 3)
96 of 130
tEl
&UoI. Hotnt/C
~ffil~r\jHI1'J
Ast
S1I
Borrower: Kyl . .
A.
ESTIMATED
Settlement Statemen t (HUD-l)
Seller Side Only
B.:!'l:1!e of Loan
1. FHA
VA
RHS
ConvUnins
6.
Fil~
Number:
i. Loan NUlnbC!r:
a.
lV1or!gag~
InsuraL1c~ CJ$~
Number:
407-9140-
Conv Ins.
C. NOIe: This form is furnished t() give you a srnte=t of actu,~1 ~ettleme11! COSlS. AmOWl15 paid tQ and by ~l settlement agent ~rt' shown. ItelTls marked
"(p.o.c.)"' W~rE' paid outside the closing: they ore ShOWil here for InfomlJtlon~1 purpo'>t':S and are not incl\lded In rh~ toWls.
~OLGHA.SEM
p. Property Location:
020AST
ACRAMENTO, CA 95819
YLE
f 020
A ST.
b;ASH TRANSACTION
ACRAMENTO, CA 95819-2223
L Settlement Date:
H. Settlement Agent:
LACERTITLECONWANY
isbursemem Dare:
....
....
'I
'
......
ecordingiClosing Date:
March 2 2012
K. -Summarv of SeUer'~_TraDsactions
400. Gross Amount D.Je:to SeDer.
401. COntract sales rice
402. Personal property
207,000.00
403.
404.
405.
109.
110.
111.
112.
120. Gross Amount Due from Borl"ower
409.
204.
205.
206.
207.
208.
209.
410.
411.
412.
420. Gross Amount Due to Seller
207,000.00
18,389.46
188,610.54
207,000.00
207,000.00
(207.000.00)
The Public Reporting Burden for this collection of information is estimated at 35 minutes per respons e for collecting, reviewing, and
reporting the data. This agency may not collect this information, and you are not required to complete this form, unless it displays a
currently valid O:MB control numbe T. No confidentiality is assured; this disclosure is mandatory. This is designed to provide the parties to
a RESPA covered transaction with information during the settlement process.
(12f.!009)
97 of 130
lis
Paid From
Borrower's Funds
at Settlement
Paid From
Seller's Funds at
Settlement
12,420.00
704.
800." Items"Fa able.in Comection with Loan
80l. Our origination charge
802. Your credit or char e (points) for the ecific interest rate dxlse n
803. Your ad'usted origination dlarges
804. Appraisal fee
805. Credit repor t
806. TaxseNice
807. Flood certification
808.
9OO.IteuisRe u.iredb .Lender to Be Paid in Advance
{fromGFE
#10
(from GFE #3)
(fromGFE
#11)
902.
e insurance remium
904.
1000 "Reserves De osited with Lender
1001. Initial deposit for your escrow accoun t
1002. Homeowners insurance
e insurance
1003.
1004. Pro
""~
1005.
1006.
1007. A
re ate Adjusonent
1101.
1102
1103.
1104.
1105.
"'"
210.00
1,335.00
932.00
114XI. "Total Settlement. Char!! s (enter on lines 103. Section] and sm. SectionK)
18,389A6
O:lilucll .....",tpl,cl""
(l2f.2oo9)
S8 of 130
Borrower:
Kyl"llill
KYLEA.BRYANT
The HUD-I Settlement Statement which I have prepared is a true and accurate account of this transaction. I have caused or
will cause the funds to be disbursed in accordance with this statement.
By:
~SE~TTL~~E~M~E~N~T~A~G~E~N~T~-------------------------
DATE
WARNING: IT IS A CRIME TO KNOWINGLY MAKE FALSE STATEMENTS TO THE UNITED STATES ON THIS ORANY
SIMILAR FORM. PENALTIES UPON CONVICTION CAN INCLUDE A FINE AND nvrPRISONMENT. FOR DETAILS SEE
TITLE 18: U.S. CODE SECTION 1001 AND SECTION 1010.
(1212009)
99 of 130
Borrower: Kyle
III
Initials:
O:lhudlsestpl.doc
(1212009)
10001130
to:
Description
Loan #:
TOTAL PAYOFF
188,610.54
188,610.54
188,610.54
(12/2009)
101 of 130
Borrower: Kylelll'
Date:
12222011 09:34AM
Net Sheet# 4079140
Seller(s):
KYLE A. BRYANT
Charges
Credits
Sales Price
207,000,00
Recording Fees
Escrow Fee
DEVELQPEMENT CORP
&.
5,175.00
932.00
227.70
569.25
30.00
1,335.00
Signing\Notary Fee
ESTIMA.!'E - PAY
~l<CJ'UAL
Taxes to be Paid:
Hazard Disclosure
1BB,610.54
7,245.00
NEED INVOICE
60.00
150.00
1,716.51
99.00
850.00
------------- -------------Totals
207,000.00
207,000.00
The title and escrow cbarges listed above are based on the Sales Price and/or coverage amounts
shown above and the tenns provided to escrow. Samples of a few additional services which will
increase the above estimate are below.
,
,
,
,
,
,
If any of the above services are needed and have not been shown in the above estimate it is
Initials:
102 of 130
Borrower:
K}iAlIIIIIIIIIIIID
December 22,2011
Order No.:
Reference:
407-9140
Property Address:
5020 A ST, SACRAMENTO, CA 95819
Thank you for letting us be of service to you. Enclosed are the reports
requested on the above referenced property. If you have any questions
concerning this report, please contact the office shown on the first page
of the report.
5828 Lonetree Blvd., Snite 200, Rocklin, CA 95765 - (916) 624-8141 Fax (916) 624-7383
1030f130
Borrower: Kyle
Order Number:
Cust. Ref.:
407-9140
Property Address:
5020 A ST, SACRAMENTO, CA 95819
Copies: 1
EMail: kelli@ramseyrealestategroup.com
E-Mail
Copies: 1
EMail: michaeiodem@yahoo.com
E-Mail
TO COME
KYLEtiI. . . .
5020 A ST
SACRAMENTO, CA 95819-2223
ABOLGHASEM"
P,O, BOX 421
ORANGEVALE, CA 95662
Copies: 1
MAIL
Copies: 1
EMail: 407c@placertitie.com
DELIVZRr
10401130
Borrower: Kyle (
Issued By:
PLACER TITLE COMPANY
950 GLENN DRIVE
SUITE 120
FOLSOM, CA 95630
Escrow Officer: Cindy Perez I Karla Caceres
Phone: 916-353-1953
Fax: 916-353_1073
Escrow Officer Email: 407c@placertitle.com
Email LoanDocsTo:407edocs@placertitle.com
Customer Reference:
Property Address:
In response to the above referenced application for a policy of title insurance, PLACER TITLE COMPANY
hereby reports that it is prepared to issue, or cause to he issued, through one of its authorized underwriters, as of the
date hereof, a Policy or Policies of Title Insurance describing the land and tbe estate or interest therein hereinafter set
fortb, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred
to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations
of said Policy forms.
The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said Policy or Policies
are set forth in the attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance
is less than tbat set forth in the arbitration clause, all arbitrable matters ~aI1 be arbitrated at the option of either the
Company or the Insured as the exclusive remedy of the parties. Limitations on Covered Risks applicable to the CLTA
and ALTA Homeowner's Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit
of Liability for certain coverages are also set forth in the attached. Copies of the Policy forms sbould be read. They are
available from the office which issued this report.
PLEASE READ THE EXCEPTIONS SHOWN OR REFERRED TO BELOW AND THE EXCEPTIONS AND
EXCLUSIONS SET FORTH IN THE ATTACHED CAREFULLY. THE EXCEPTIONS AND EXCLUSIONS
ARE MEANT TO PROVIDE YOU WITH NOTICE OF MATTERS WmCH ARE NOT COVERED UNDER
THE TERMS OF TITLE INSURANCE POLICY AND SHOULD BE CAREFULLY CONSIDERED.
IT IS IMPORTANT TO NOTE THAT TmS PRELIMINARY REPORT IS NOT A WRITTEN REPRESENTATION AS TO THE CONDITION OF TITLE AND MAY NOT LIST ALL LIENS, DEFECTS AND ENCUMBRANCES AFFECTING TITLE TO THE LAND.
This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a
policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance
of a policy of title insurance, a Binder or Commitment should be requested.
105 of 130
Borrower: Kyle
The estate or interest in the land hereinafter described or referred to covered by tlds Report is:
A FEE SIMPLE
A SINGLE MAN
PRELIM.A
CL TA Preliminary Report
1060f130
Borrower: Ky/
&
EXHIBIT "A"
LEGAL DESCRIPTION
THE LAND DESCRIBED HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF
SACRAMENTO, CITY OF SACRAMENTO, AND IS DESCRIBED AS FOLLOWS:
LOT 17, AS SHOWN ON THE "PLAT OF COLOMA TERRACE UNIT NO.5", RECORDED IN THE
OFFICE OF THE COUNTY RECORDER OF SACRAMENTO COUNTY, APRIL 26, 1947, IN BOOK 26
OF MAPS, MAP NO.6.
APN: 004-0092-013
PRE.LEGAl',.
Borrower: Kyle
TAXES, SPECIAL AND GENERAL, ASSESSMENT DISTRICTS AND SERVICE AREAS FOR
THE FISCAL YEAR 2011-2012:
1ST lNSTALLMENT: $1,716.51
PAID
2ND INSTALLMENT: $1,716.51
OPEN
ASSESSED VALUATIONS:
LAND: $210,442.00
IMPROVEMENTS: $83,300.00
EXEMPTION: $0.00
PARCEL NO.: 004-0092-013
CODE AREA: 03-005
ASSESSMENT NO.: 11040729
NOTE: FIRST lNSTALLMENT IS DUE NOVEMBER 1 AND DELINQUENT DECEMBER 10.
SECOND lNSTALLMENT IS DUE FEBRUARY 1 AND DELlNQUENT APRIL 10.
THE lNSTALLMENTS SHOWN ABOVE REFLECT A CHARGE OF $37.19, PER INSTALLMENT
FOR PAYMENTS TO SACRAMENTO CITY LIGHTING & LANDSCAPING, AND A CHARGE OF
$14.34, PER lNSTALLMENT FOR PAYMENTS TO SAFCA CONSOLIDATED CAPITAL A.D.
2.
3.
THE HEREIN DESCRIBED PROPERTY LIES WITHIN THE BOUNDARIES OF THE SAFCA
CONSOLIDATED CAPITAL A.D. , A 1915 ACT BOND, AND IS SUBJECT TO THE
LIENS OF SAID DISTRICT. THIS BOND IS PAID WITH CURRENT TAXES, AND IF
TAXES ARE PAID CURRENT, THEN THE BOND IS CURRENT. FOR PAY OFF AMOUNTS,
PLEASE NOTIFY ESCROW IN ADVANCE OF CLOSING. ANY PAY OFF AMOUNTS GNEN
ARE BASED ON FULL PAYMENT OF CURRENT TAXES.
4.
ANY UNPAID AMOUNTS NOW OWlNG FOR UTILITIES, OF RECORD OR NOT, DUE THE
COUNTY OF SACRAMENTO OR ANY CITY IN WHICH THE PROPERTY IS LOCATED.
AMOUNTS MAYBE ASCERTAINED BY CONTACTING THE COUNTY OF SACRAMENTO AT
916-875-5555 OR THE APPROPRIATE CITY OFFICE.
5.
108 of 130
Borrower: Kyle
Order No.
407-9140
EXCEPTIONS
(Continned)
B.
6.
7.
8.
109 of 130
Borrower: Kyle
Order No.
407-9140
EXCEPTIONS
(Continued)
*** NOTE: THE FOLLOWING UNDERWRITER HAS BEEN SELECTED FOR THIS
TRANSACTION:
110of130
Borrower: K y l e _
Order No.
407-9140
EXCEPTIONS
(Continued)
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
sellS:;
CL TA Preliminary Report
111 of 130
Borrower: Kyle
DISCLOSURE OF DISCOUNTS:
You may be entitled to a discount on your title premiums andlor escrow fees if you meet any
of the following conditions:
1.
You are an employee of the title insurer or Placer Title and the property is your primary
residence; or
2.
Tbe transactions is a loan, the purpose of which is to rebuild the improvements on the
property as a result of a goverumentally declared disaster; or
3.
LENDER'S NOTE:
APPROVAL FOR THE ISSUANCE OF THE 1910 ALTA LENDER'S POLICY FORM MUST BE
REQUESTED AND APPROVED PRIOR TO CLOSE OF ESCROW. ALL OTHER FORMS OF
FULL COVERAGE LOAN POLICIES THAT ARE AUTHORIZED TO BE ISSUED ARE THE
1992 AND 2006 POLICIES.
BUYER'S NOTE:
If an ALTA Residential Owner's Policy is requested and if the property described herein is
determined to be eligible for this policy, the following Exceptions From Coverage will appear
in the policy:
1. Taxes or assessments which are not shown as liens by the public records or by the records
of any taxing authority.
2. (a) Water rights, claims or title to water; (b) reservations or exceptions in patents
or in Acts authorizing the issuance thereof; (c) unpatented miuing claims; whether or
not the matters excepted under (a), (b) or (c) are shown by the public records.
3. Any rights, interests or claims of parties in possession of the land which are not
shown by the public records.
4. Any easements or liens not shown by the public records. This exception does not limit the
lien coverage in Item 8 of the Covered Title Risks.
5. Any facts about the land which a correct survey would disclose and which are not shown by
the public records. This exception does not limit the forced removal coverage in Item 12
of the Covered Title Risks.
l:'RE:LIM.NOl'ES (Rev.
9/09)
112 of 130
2.
3.
4.
5.
6.
(a) Any law, ordinance or governmental regnlation (including but not limited to building or zouing laws, ordinances,
or regnlations) restricting, regulating, prohibiting or relating (i) the occupancy, use, or enjoyment of the land;
(ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation
in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or
(iv) enviromnental protection, or the effect of any violation of these laws, ordinances or governmental regulations,
except to the extent that a notice of the enforcement thereof or a notice of a defect, lien, or encumbrance resulting
from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof
or notice of a defect, lien or encmnbrance resulting from a violation or alleged violation affecting the land has been
recorded in the public records at Date of Policy.
Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy,
but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the
rights of a purchaser for value without knowledge.
Defects, liens, encumbrances, adverse claims or other matters:
(a) whether or not recorded in the public records at Date of Policy, but created, suffered, assumed or agreed to by the
insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant
and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an
insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the insured
mortgage or for the estate or interest insured by this policy.
Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy, or
the inability or failure of any subsequent owner of the indebtedness, to comply with the applicable doing business laws
of the state in which the land is situated.
Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction
evidenced by the insured mortgage and is based upon usury or any consumer credit protection or troth in lending law.
Any claim, which arises out of the transaction vesting in the insured the estate of interest insured by this policy or the
transaction creating the interest of the insured lender, by reason of the operation of federal bankruptcy, state insolvency
or similar creditors' rights laws.
EXCEPTIONS FROM COVERAGE - SCHEDULE B, PART I
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which
arise by reason of:
I. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or
assessments on real property or by the public records.
Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not
shown by the records of such agency or by the public records.
2. Any facts, rights, interests, or claims which are not shown by the public records but which could be ascertained by an
inspection of the land or which may be asserted by persons in possession thereof.
3. Easements, liens or encumbrances, or claims thereof, not shown by the public records.
4. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey
would disclose, and which are not shown by the public records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance
thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b) or (c)
are shown by the public records.
6. Any lien or right to a lien for services, labor or material not shown by the public records.
PROll.IM.Sl.2011
PAGE I OF 6
1130f130
Borrower: Kyle ..
In addition to the Exceptions in Schedule B, You are uot insured against loss, costs, attorneys' fees, and expenses
resulting from:
1. Governmental police power, and the existence or violation of those portions of any law or govermnent regulation
concerning: a. building; b. zoning; c. land use; d. improvements on the Land; e. land division; and f. environmental protection. This Exclusion does not limit the coverage described in Covered Risk 8.a., 14, 15, 16, 18, 19,
20, 23 or 27.
2. The failure of Your existing structures, or any part of them, to be constructed in accordance with applicable
building codes. This Exclusion does not limit the coverage described in Covered Risk 14 or 15.
3. The right to take the Land by condemning it. This Exclusion does not limit the coverage described in Covered
Risk 17.
4. Risks: a. that are created, allowed, or agreed to by You, whether or not they are recorded in the Public Records;
b. that are Known to You at the Policy Date, but not to Us, unless they are recorded in the Public Records at the
Policy Date; c. that result in no loss to You; or d. that fIrst occur after the Policy Date - this does not limit
the coverage described in Covered Risk 7, 8.e., 25, 26, 27 or 28.
5. Failure to pay value for Your Title.
6. Lack of a right: a. to any Land outside the area specifIcally described and referred to in paragraph 3 of Schedule
A; and b. in streets, alleys, or waterways that touch the Land. This Exclusion does not limit the coverage described
in Covered Risk 11 or 21.
7. The transfer of the Title to You is invalid as preferential transfer or as a fraudulent transfer or conveyance under
federal bankruptcy, state insolvency, or similar creditors' rights laws.
Your insurance for the follOWing Covered Risks is limited on the Owner's Coverage Statement as follows:
For Covered Risk 16, 18, 19, and 21 Your Deductible Amount and Our Maximum Dollar Limit of
Liability shown in Schedule A.
The deductible aroounts and maximum dollar limits shown on Schedule A are as follows:
Your Deductible Amount
J?m:r.nI.S2.2011
$_-$_--
$_--
$_--
PAGE20F6
114of130
S3I....
In addition to the Exceptions in Schedule B, you are not insured against loss, costs, attorneys' fees, and expenses
resulting from:
1.
Governmental police power, and the existence or violation of any law or government regulation. This includes
building and zouing ordinances and also laws and regulations concerning:
Land use
*
*
Land division
Environmental protection
This exclusion does not apply to violations or the enforcement of these matters which appear in the public
records at Policy Date.
This exclusion does not limit the zoning coverage described in Items 12 and 13 of Covered Title Risks.
2. The right to take the land by condemning it, unless:
*
*
*
3. Title Risks:
*
*
* to any land outside the area specifically described and referred to in Item 3 of Schedule A
OR
in streets, alleys, or waterways that touch your land
This exclusion does not limit the access coverage in Item 5 of Covered Title Risks.
PRELnI:.S~.2011
PAGE30F6
115 of 130
Borrower: Kyl~
2.
3.
4.
5.
6.
7.
(a) Any law, onlinance, permit, or governmental regnlation (including those relating to building and zoning) restricting,
regnlating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ti) the character, dimensions, or location of any improvement erected on the Land;
(iii) the subdivision of land; or
(iv) enviromnental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations, This Exclusion 1(a) does not modify or
limit the coverage provided under Covered Risk 5,
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered
Risk 6.
Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
Defects, liens, encumbrances, adverse claims, or other matters
(a) created, suffered, assumed, or agreed to by the Insured Claimant;
(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant
and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an
Insured under this policy;
(c) resulting in no loss or damage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under
Covered Risk 11, 13, or 14); or
(e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured
Mortgage.
Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with
applicable doing-business laws of the state where the Land is situated.
Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction
evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law.
Any claim, by reason of the operation of federal bankrnptcy, state insolvency, or similar creditors' rights laws, that the
transaction creating the lien of the Insured Mortgage, is
(a) a fraudulent conveyance or fraudulent transfer, or
(b) a preferential transfer for any reason not stated in Covered Risk 13(b) of this policy.
Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between
Date of Policy and the date of recording of the Insured Mortgage in the Public Records. This Exclusion does not modify or
limit the coverage provided under Covered Risk 11 (b).
The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above
Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the follOWing Exceptions
from Coverage:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by
reason of:
1. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or
assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or
assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records.
2. Any facts, rights, interests, or claims that are not shown by the Public Records but that could be ascertained by an inspection
of the Land or that may be asserted by persons in possession of the Land.
3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.
4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an
accurate and complete land survey of the Land and not shown by the Public Records.
5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water
rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
6. Any lien or right to a lien for services, labor or material not shown by the public records.
mua.nl. S4.2011
PAGE40F6
1160f130
Borrower:
Kyle",.IIII11.
1.
2.
3.
4.
5.
(a) Any law, ordinance, permit, or governmental regolation (including those relating to building and zoning) restricting,
regolating, prohibiting, or relating to
(i) the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land;
(iii) the subdivision of land; or
(iv) enviroumental protection;
or the effect of any violation of these laws, ordinances, or goverumental regulations. This Exclusion 1(a) does not modify
or limit the coverage provided under Covered Risk 5.
(b) Any governmental police power. This Exclusion l(b) does not modify or limit the coverage provided under Covered Risk 6
Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy,
but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights
of a purchaser for value without knowledge.
Defects, liens, encumbrances, adverse clatms, or other matters
(a) created, suffered, assumed, or agreed to by the Insured Claimant;
(b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and
not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant becaroe an Insured
under this policy;
(c) resulting in no loss or daroage to the Insured Claimant;
(d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under
Covered Risk 9 and 10); or
(e) resulting in loss or daroage that would not have been sustained if the Insured Claimant had paid value for the Title.
Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the
transaction vesting the Title as shown in Schedule A, is
(a) a fraudulent conveyance or fraudulent transfer; or
(b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.
Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between
Date of Policy and the date ofrecording of the deed or other instrument of transfer in the Public Records that vests Title as
shown in Schedule A.
The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above
Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions
from Coverage:
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise
by reason of:
I.
2.
3.
4.
5.
6.
(a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or
assessments on real properly or by the Public Records; (b) proceedings by a public agency that may result in taxes or
assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records.
Any facts, rights, interests, or claims that are not shown in the Public Records but that could be ascertained by an inspection of
the Land or that may be asserted by persons in possession of the Land.
Easements, liens or encumbrances, or clatms thereof, not shown by the Public Records.
Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an
accurate and complete land survey of the Land and that are not shown by the Public Records.
(a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water
rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.
Any lien or right to a lien for services, labor or material not shown by the public records.
PRELIM.SS.2011
PAGE50F6
11701130
(a) Any law, ordinance, permit, or governmental regnlation (including those relating to building and zoning) restricting,
regnlating, prohibiting, or relating to
(i)
the occupancy, use, or enjoyment of the Land;
(ii) the character, dimensions, or location of any improvement erected on the Land;
(iii) the subdivision ofland; or
(iv) enviromuental protection;
or the effect of any violation of these laws, ordinances, or governmental regnlations. This Exclusion 1(a) does not
modify or limit the coverage prOvided under Covered Risk 5,6, 13(c), 13(d), 14 or 16.
(b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered
Risk 5, 6, 13(c), 13(d), 14 or 16.
2.
Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.
Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with
applicable doing-business laws of the state where the Land is situated.
5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction
evidenced by the Insured Mortgage and is based upon usury, or any consumer credit protection or truth-in-lending law.
This Exclusion does not modify or limit the coverage provided in Covered Risk 26.
6. Any claim of invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as to Advances or
modifications made after the Insured has Knowledge that the vestee shown in Schedule A is no longer the owner of the estate
or interest covered by this policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11.
7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching
subsequent to Date of Policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11(b) or 25.
8. The failure of the residential structure, or any portion of it, to have been constructed before, on or after Date of Policy
in accordance with applicable building codes. This Exclusion does not modify or limit the coverage provided in Covered
Risk 5 or 6.
9. Any claim, by reason of the operation offederal bankruptcy, state insolvency, or similar creditors' rights laws, that the
transaction creating the lien of the Insured Mortgage, is
(a) a fraudulent conveyance or fraudulent transfer, or
(b) a preferential transfer for any reason not stated in Covered Risk 27(b) of this policy.
mu:LnI.Sg.2011
PAGE60F6
11801130
Borrower: Kyle~
NOTICE
FEDERAL FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA)
Upon the sale of United States real property, by a non-resident alien, foreign corporation, partnership or trust, the Foreign Investment in Real
Property Tax Act of 1980 (FIRPTA), and as revised by the Tax Refonn Act of1984 (26 USCA 897 (C)(I)(A)(I) and 26 USCA 1445) requires
the transferee (Buyer) of real property to withhold Internal Revenue Service income taxes in an amount equal to ten (10%) percent of the sale
price from seller's proceeds, if ANY of the following conditions are met:
(1) The selling price is greater than $300,000.00
(2) The selling price is less than $300,000 AND the purchaser does not intend to occupy the property as his residence for at
least 50% of the time of the first two 12 month periods following the date of transfer.
Withholding is not required if both of the following conditions are met:
(1) The selling price is less than $300,000
and
(2) The Buyer is acquiring the property as his residence, and the buyer or other qualifying family member will occupy the
property for at least 50% of the time during each of the first 12-month periods following transfer of title to the buyer.
If the purchaser who is required to withhold income tax from the seller fails to do so, the purchaser is subject to fines and penalties as
provided under Internal Revenue Code Section 1445. The seller may request a waiver or a reduced withholding amount by submitting a
written request for a "qualifying statement" or "withholding certificate" (Form 8288-B) to:
Director, Internal Revenue Service
Philadelphia Service Center
P.O. Box 21086
Philadelphia, PA 19114-0586
Escrow Holder will, upon written instructions from the purchaser, withhold Federal Income Tax from the seller and will deposit said tax with the
Internal Revenue Service, together with IRS Forms 8288 and 8288-A. The fee charged for this service is $25.00 payable to the escrow
holder.
CALIFORNIA WITHHOLDING
In accordance with Sections 18662 and 18668 of the Revenue and Taxation Code, a transferee (Buyer) may be required to withhold an
amount equal to 3 113 percent of the sales price or an alternative withholding amount certified to by the seller in the case of a disposition
of California real property interest by either:
1. A seller who is an individual or when the disbursement instructions authorize the proceeds to be sent to a financial intermediary or
the seller, OR
2. A corporate seller that has no permanent place of business in California.
The buyer may become subject to penalty for failure to withhold an amount equal to the greater of 10 percent of the amount required to be
withheld or five hundred dollars ($500).
However, notwithstanding any other provision included in the California statutes referenced above, no buyer will be required to withhold any
amount or be subject to penalty for failure to withhold if:
1. The sales price of the California real property conveyed does not exceed one hundred thousand dollars ($100,000.00), OR
2. The seller exceutes a written certificate, under the penalty ofpetjwy, of any of the following:
A. The property qualifies as the seller's (or decedent's, if being sold by the decedent's estate) principal residence within the meaning
ofInternal Revenue Code (IRe) Section 121; or
B.
The seller is (or decedent, if being sold by the decedent's estate) last used the property as the seller's (decedent's) principal residence
within the meaning of IRC Section 121 without regard to the two-year time period; or
C.
The seller has a loss or zero gain for California income tax purposes on this sale; or
D.
The property is being compulsorily or involuntarily converted and the seller intends to acquire property that is similar or related in service
or use to qualify for non-recognition of gain for California income tax purposes under IRC Section 1033; or
E.
If the transfer qualifies for non-recognition treatment under IRC Section 351 (transfer to a corporation controlled by the transferor) or IRC
The seller is a corporation (or an LLC classified as a corporation for federal and California income tax purposes that is either qualified
through the California Secretary of State or has a permanent place of Business in California; or
G.
The seller is a partnership (or an LLC that is not a disregarded single member LLC and is classified as a partnership for federal and California
income tax purposes) with recorded title to the property in the name of the partnership of LLC; or
H.
I.
The seller is an insurance company, individual retirement account, qualified penSion/profit sharing plan, or charitable remainder trust; or
J.
The transfer qualifies as a simultaneous like-kind exchange within the meaning ofIRC Section 1031; or
K.
The transfer qualifies as a deferred like-kind exchange within the meaning of IRC Section 1031; or
L.
The transfer of this property will be an installment sale that you will report as such for California tax purposes and the buyer has agreed to
withhold on each principal payment instead of withholding the full amount at the time of transfer.
The Seller is subject to penalty for knOWingly filing a fraudulent certificate for the purpose of avoiding the withholding requirement.
119 of 130
Borrower: Kyl ..
.......
NOTICE
DEPOSIT OF FUNDS AND DISBURSEMENT DISCLOSURE
Unless you elect otherwise (as described below), all funds received by PLACER TITLE COMPANY
(the "Company") io escrow will be deposited with other escrow funds io one or more non-interest bearing escrow accounts
of the Company io a fmancial institution selected by the Company. The depositor acknowledges that the deposit of funds
in a non-interest bearing demand account by Escrow Holder may result in said company receiving a range of economic benefits
from the bank io the form of services, credits, considerations, or other things of value. The depositor hereby specifically
waives any claim to such econontic benefits payable to Escrow Holder resulting fmm non-ioterest bearing deposits. Unless
you direct the Company to open an ioterest-bearing account (as described below). the Company shall have no obligation to
account to you io any marmer for the value of, or to compensate any party for, any benefit received by the Company and/or its
affiliated company. Any such benefits shall be deemed additional compensation of the Company for its services io connection
with the escrow.
If you elect, funds deposited by you prior to the close of escrow may be placed io an iodividual ioterest-bearing account
arrangement that the Company has established with one of its financial institutions. You do not have an opportunity to earn
interest on the funds deposited by a lender. If you elect to earn interest through this special account arrangement, the
Company will cbarge you an additional fee of $50.00 for the establishment and maintenance of the account. This fee
compensates the Company for the costs associated with opening and managiog the interest-bearing account, preparing
correspondence/documentation, transferriog funds, maintainiog appropriate records for audit/reconciliation purposes, and
filing any required tax withholding statements. It is important that you consider this cost in your decision sioce the cost
may exceed the interest you earn.
Funds deposited io an ioterest-bearing account will be withdrawn from such account and deposited io the Company's general
escrow trust account approximately two busioess days prior to the scheduled close of escrow or other disbursement of such
funds. If you wish to have your funds placed in an ioterest bearing account (with an accompanying charge of $50.00),
please mark below, sign and return this form to your escrow officer. In addition, you must complete and return IRS Form
W-9. If you do not not want to have your funds deposited in an ioterest-bearing account, you do not need to sign or return this
notice and the Company will understand you to have elected to have your funds deposited in a non-interest bearing account.
If you change your ntind and later wish to have your funds placed in an interest-bearing account, please contact your escrow
officer.
The funds you deposit are insured only to the lintit provided by the Federal Deposit Insurance Corporation.
Signature
Date
Signature
Date
1200f130
Borrower: Kyl~
We may collect nonpublic personal information about you from the following sources:
*
*
*
*
Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal
information will be collected about you.
We may disclose any of the above information that we collect about our customers or former customers to our affiliates
or to nonaffiliated third parties as permitted by law.
We also may disclose this information about our customers or former customers to the follOwing types of nonaffiliated
companies that perform marketing services on our behalf or with whom we have joint marketing agreements:
Financial service providers such as companies engaged in banking, consuraer finances, securities and
Nonfinancial companies such as envelope stuffers and other fulfillment service providers.
insurance.
WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR
ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW.
We restrict access to nonpublic personal information about you to those employees who need to know that information
in order to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply
with federal regulations to guard your nonpublic personal information.
121 of 130
Borrower: Kyle 11
em
rr
'~I'" 00'"
'"
r"
. -0 .. _. __ ._.~ ... __ ~:
00' 'T~I"
1..800-345..7334 :
,
~
~
~
g
TER. UNITS 2,3
POR, COLOMA
a5
4-09
Q1
I. '--
~.
... ,I
~
:iii
~i
.'
. , _.,
--
@ (1).
.@> @'
i:
1-:
(3).
' !
7@
CD
,,~
Iii'\"
l~
. .,
~~j"Iti~..,
U/J
_~
!J7"
511
J~
I~
.
'-$il.,
,,~. J~RY'>y'~
1
, .....
.~
.'1'
.!!J!.
. . ...
__
oilS
.
"
6
(3)
UJr
q"
,,;JV"
,",..
II _.
,. ~ @J:.:...all'<'
il:
4!
_N'
,",
"j
., .,
~~.
lJ2
"
.,
--,
~~
fU l will BRAND
'!"'
dill
_tlj
"F
_'.
~~
4#'
"OQ
'~~
"""
_,
4I@
__
!8
::-
3f
';:,"
:::'
1J4
:-~'
M
~
r--_
;,;,
32
::.:-
;;;-
'0
~
~
-:il'AY. _
-.s..~
.....
I'@@@@@@
_..
@.
@)
l!
.......
"011
~".
(
~ '"~ ..~
.. 0
@J.
~.
@)
.:1 ?,I
_0.
'' -!!::. ;:
..
'f
"
I@@
q",_
1 .., }I";.I ~}
@@@
~I I(. .
~o
10 {
r'-J~ """,
"" i'~
r~
1I!@)/2.;I'!57
. Olt
----J
.1 -~JI t'Il-H',
ST. ~
; :,_.711~ ~. ~
_
t1
~eJ
"i ,..,~ i f : "
la t, '''',
I
. ,,: -L ~-:--L~I ~ @J @: @
~ @ @~~~
I.
" _ _ __
,.
1M.r
'r
@C@.
ooQ3
..-, g......,
ot<
"'.
15"
091
~.
--
(II
\..----,
@~1. ~
31 1 30...
'"
..t
::I:~y..,~ ~0
.~~
""
\
_
It is
merely furnished as a convenience to locate
the land in relation to adjoining streets and
other lands and not to guarantee any diary OF SACR~MNro
mensions. distances, bearings or acreage. Assessor'$ Me p Bk. 4-Pg.09
a
-.
'?
.~"
o
.3
;;.
J:
iii
REO#:
PROPERTY ADDRESS:
181 Initial
5020 A Street
SALES
Exterior Only
DATE
12/2212011
iiiiiiiiiiL========
REPRESENTATIV"E~'~
_ Kyle
FIRM NAME:
COMPLETED BY:
PHONE NO.
9167375656
FAX NO.
9167601839
I.
!iil
!iil
!iil
0
0
0
0
Depressed
Declining
Siable
8.29
Decreased
Increased
!81
Normal supply
oversupply
II.
in past
in past
Stable
Improving
Excellent
Increasing
12
months
months
Remained stable
0
0
Slow
55
% owner occupant
_4C5=---_ _ _ % tenant
shortage of comparable listings in the neighborhood
16
10
SUBJECT MARKETABILITY
Range of values in the neighborhood is $
The subject is an 0 over improvement
214900
231,000
to $
under improvement
55
days.
SUBJECT
5020ASt
COMPARABLE NUMBER 1
1.1 mi REO/CorpD
$ NJA
Leasehold/Fee Simole
Lot Size
View
Design and Appeal
Quality of Construc~on
Year Built
Condition
Above Grade
Room Count
Gross LivinQ Area
Basement & Finished
Rooms Below Grade
Functional Utilitv
Heating/Cooling
0.8 mi REO/CorpD
$ 227,500
I $ 222,000
Sale Price
Sales or Financing
Concessions
Location (Citv/Rural)
COMPARABLE NUMBER 2
641 54th St
Proximitv to Subject
VALUE ADJUSTMENTS
"-,
Suburban
Fee Simple
4835
Tract
Cottage/Bungalo
w-Ave~Qe
Framae~:oodAvera e
63 years
Average
,~,
e.,.
e."
DESCRIPTION
ConvNo Seller
Concessions
07/08/11
nDOM
+(_)Adjustment
Suburban
Fee Simple
OESCRIPTION
Cash-Wrth Seller
Concessions
COMPARABLE NUMBER 3
677 551~ St
0.9 mi REO/CorpD
$ 230,000
$ 278.45 Sq.
Ft.
10/12/11
84DOM
8/10/11
82DOM
800M
DESCRIPTION
No",
Tennis
Other
0 Pool
Insurance
0
Landscape
Name: ...:N:o~"~e______________________ Phone No.:
ITEM
+(-)Adjustment
-1585
Suburban
Fee Simple
DESCRIPTION
FHA WithSelier
Concessions
5881
4966
Teact
Cottag~nu"ngal
ow-Avera e
Cottag~~"ungalo
w-Avera e
Ranch-Average
Frame-Average
Frame, Wood
Frame
66 years
Average
69 years
Average
68 years
Average
'"~
2
-.
""5
,,~
"'"
1
Total Bdm;
e",
1
None
None
None
y"
y"
y"
Window/Furnace
Floor
Central
-8000
Central
Dual Pane
Partial
1 Attached, 2
Detached
y"
-8000
Central
-8000
-1500
-3000
-10000
1 car attached
None
None
Garage/Carport
1 car attached
2 car detached
Patio, Fireplace
Fireplace
Patio, Fireplace
Patio, Fireplace
Rear Fence
None
Rear Fence
None
Rear Fence
None
Rear Fence
None
0+0.
-5000
$ -13,000
0+181-
$209,000
$-21,085
$206,415
123 of 130
-6900
Suburban
Fee Simple
5532
Tract
Teact
'''"5
+(-)AdJustment
181+0-
$-17,900
$212,100
Borrower: Kyle
IIIIB
Page 1 of2
Loan #
REO#
Occupancy Status: Occupied
181 As-is 0
Repaired
[8J Vacant
[8J
Unknown
Owner occupant
Investor
V. REPAIRS
Itemize ALL repairs needed to bring property from its present "as is" condition to average marketable condition forthe neighborhood.
Check those repairs you recommend that we perfonn for most successful marketing of the property.
0
0
0
0
0
0
0
0
0
0
$
$
$
$
$
SUBJECT
COMPARABLE NUMBER 1
Address
Proximity to Subject
iF.
List Price
$ 239,900
$ 252.53 Sq.Ft.
$ 210.78 Sq.Ft.
Data and/or
Verification Sources
MLS
MLS
VALUE ADJUSTMENTS
0.6 mi REO/CorpD
"'.
Concessions
X',;
'"
I' /);"
1/"/,"")".1
I',
$ 222.79 Sq.Ft.
'1
$ 214,900
I ..
$231.57 Sq.Ft.
MLS
DESCRIPTION
+ (')AOluotmon!
.2 mi REO/CorpD
"<.;
$ 219,000
MLS
DESCRIPTION
COMPARABLE NUMBER. 3
4825 Brand Way
1.3 mi REO/CorpD
DESCRIPTION
Sales or Financing
Days on Market and
Date on Market
COMPARABLE NUMBER. 2
200 39th SI
5530 E St
DESCRIPTION
+1-)MluOlmont
Conv-No Seller
Concessions
Conv-No Seller
Concessions
Conv-No Seller
Concessions
72 DOM
10/10/11
167DOM
07/07/11
7DOM
12114/11
Location (City/Rural)
Suburban
Suburban
Suburban
Suburban
Leasehold/Fee
Simple
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Lot Size
4835
5053
3354
5968
View
Tmot
Tract
Tract
Tract
+(IMloolrn".,'
Cottage/Bungalow-
Cottage/Bungalow-
Cottage/Bungalow_
CottagefBungalow-
Frame, Wood-
Frame-Average
Frame-Average
Wood-Average
Year Built
1948
1948
1941
1947
Condition
Average
Average
Average
Average
".
5 i2
,,~
Above Grade
Room Count
Gross Livin~ Area
Basement & Finished
Rooms Below Grade
"."
1
T~
,,~
"'"
1
Total
,,~
None
"'~
2
983 Sq. Ft
None
Total
"""
Baths
928 Sq. Ft
None
None
Ye,
Ye,
Window/Fumace
Central
..s000
Central
-8000
Central
-8000
None
-3000
Ceiling Fan(s)
-3000
-3000
Garage/Carport
1 car attached
1 car detached
none
5000
1 car attached
Patio, Fireplace
Fireplace
Patio, Fireplace
Patio, Fireplace
Rear Fence
Rear Fence
Rear Fence
Rear Fence
Other
None
None
None
Functional Utility
Heating/Cooling
...
Ye,
0+ 0-
Ye,
-11,000
None
$-11,000
0+ 0- -
$204.000
.. /.j/il2.
0+ 0-
$-6000
$213,000
\,"'.
$0
$203,900
VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).
Market Value
208,000
AS IS
REPAIRED
-'2=3"'5,7
00= 0 ' - - - - - - -
245,000
-"20=5~,O=0~0'-_ _ _ __
215,000
Date 11/21/2006
COMMENTS (Include specific positives/negatives. special concems, encroachments, easements, water rights, environmental concems, flood zones, etc.
Attach addendum if additional space is needed.)
Property is in average condition and is situated in quiet and desirable East Sacramento neighborhood. It has a large raised patio and backyard with
mature trees and sprinkler system. Great view of the quiet neighborhood in the front with a large front yard as well. Lot position is good within the
neighborhood, as it is not located on a street with lots of through traffic, or near the railroad tracks that border the area. Most other homes in the area
have been renovated to include central heat and air and dual pane windows at a minimum. The subject has not, so this does affect the value, as all sold
and actives comps have those two features. The kitchen and bathroom are also original or partially renovated, so that affects the value as well.
The median home cost in this area is $323,300, as there are much larger homes in the area that have been renovated and added onto that are on larger
lois, or on more desirable streets. Home depreciation the last year has been -8.29 percent. The unemployment rate in this area is 14.70 percent(U.S.
CalHFA Loan# 022472-3
124 of 130
avg. is 9.10%). Recent job growth is negative and jobs have decreased by 3.19 percent. (bestplaces.net)
Signature:
Date:
Page 2 of 2
125 of 130
12/2212011
Borrower: Kyle A
Photo Addendum
Property: 5020 A Street, Sacramento, CA 95819
Interior BPO - dated 12.22.2011
Description: kitchen
Description: hallway
126 of 130
Borrower: Kyle
1270f130
Borrower: Kyle ~
Description: garage
Description: backyard 1
Description: backyard 2
Description: patio
1280f130
Borrower : ~y'le ~
Comp 3: Sold 3
1290f130
Borrower: Kyle
~
Listing Comparables
5020 A street, sacramento, CA 95819
Camp 1: Active 1
Camp 2: Active 2
Camp 3: Active 3
130 of 130
Borrower: Kyle