Brian Bean and Tim Hardin of Dream Big Real Estate Awarded Short Sale Lease-Back Certification

Brian Bean and Tim Hardin, Riverside Short Sale Specialists and owners of Dream Big Real Estate in Riverside, have been awarded the coveted Short Sale Lease-Back Certification.

Riverside, CA, November 05, 2012 --( Brian Bean and Tim Hardin of Dream Big Real Estate in Riverside, California, have been awarded the coveted new Short Sale Lease-Back Certification to help California homeowners avoid foreclosure.

Only a few dozen California real estate agents have gained the prestigious designation by completing the required Short Sale Lease-Back training courses and can now offer the innovative program to distressed homeowners looking for another option to avoid California foreclosure.

Bean and Hardin, Certified Default Advocates, are among the most experienced and skilled Short Sale Negotiators in California.

The pilot program, which has completed one short sale lease-back transaction and has another approved and marching toward completion, is monumental and game-changing, providing a more attractive solution for homeowners who cannot afford their homes but have valid economic hardships and steady incomes to afford a lease payment.

A short sale occurs when a property is sold for less than is owed on it and servicers such as Bank of America, Wells Fargo, Chase and Citi Mortgage agree to discount the mortgage payoff. In recent years, banks and servicers have required that a short sale be an “arm’s-length” transaction, meaning the buyer and seller could not be related and could not have a prior agreement for the homeowner to stay in the property.

Last year, changes to the federal Home Affordable Foreclosure Alternatives short sale program opened the door for a short sale without the arm’s-length requirement. The U.S. Treasury Department in March 2011 issued a supplement to its HAFA guidelines to allow “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.”

The Short Sale Lease-Back Program was inspired by those HAFA changes to allow a qualified homeowner to sell their property, rent it back for three years and then buy it back at a pre-determined price.

Program Details

Here is an overview of the Short Sale Lease-Back Program

-- You must work with a certified real estate agent trained by the Short Sale Lease-Back Program.

-- A qualified non-profit will purchase the home in a short sale.

-- The seller will then rent the home back for a minimum of three years, allowing their credit to heal so that they can qualify for a mortgage.

-- Homeowners must attend ongoing HUD and financial-literacy counseling and speak with legal and tax experts to ensure the program is the right fit.

-- If approved, the former owner can repurchase the home, perhaps at a giant discount from what they once owed on it.

Not all homeowners qualify for the program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments.

For those who do qualify, the impact could be similar to a slow-motion loan modification with a principal reduction to their loan amount.

Homeowners who don’t qualify for this program can still proceed with a traditional short sale, which may include a relocation incentive from $2,500 to as high as $45,000, depending on their lender, loan amount and individual situation.

Either option is better than a financially devastating foreclosure, which can crush a consumer’s credit report, hinder their ability to find a home to rent and perhaps even impact their jobs.

Banks prefer short sales vs. foreclosure and even loan modifications because they net 12 percent to 25 percent more money from them.

Do You Qualify?

The Short Sale Lease-Back Program is now interviewing California applicants for qualification in this new program. To qualify, homeowners must:

-- Live in the property as their primary residence.

-- Have steady, verifiable income.

-- Have a valid hardship and be able to qualify for a HAFA short sale.

The Dream Big Team is a group of experienced, battle-test and skilled real estate agents specializing in distressed properties under the direction of Brian Bean and Tim Hardin at Dream Big Real Estate in Riverside, California.

Every day, homeowners ask them, "Should I short sale my home or stay and ride it out? Will I have to pay the deficiency? Will I have to pay taxes on the loss? What is a strategic default? Can I short sale and lease back?" To make the best decision, distressed homeowners need information, answers and guidance on these and other critical questions.

For more information, see details at, or call 951-778-9700 to set up a consultation.

About The Dream Big Team:
The Dream Big Team of Riverside, California, is a group of Real Estate Professionals and Default Advocates committed to helping distressed consumers climb out from under the crippling mortgage balances that have slammed California home values and the world economy. Brian Bean, CEO of The Dream Big Team, is a veteran Riverside, California, Listing Agent who knows how to market homes to obtain the highest possible price in the shortest period of time. Tim Hardin, COO of The Dream Big Team, is an accomplished negotiator with unparalleled skills helping buyers find great homes at low prices. The Dream Big Team can be reached at 951-778-9700 or and has partners throughout the United States.
Dream Big Real Estate - Brian Bean & Tim Hardin - Riverside Real Estate Agents
Brian Bean