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Aug 07 2011

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Posted by Usual in Lender Approved Short Sales, tags: Agent, Agents, Estate, Need, Real, Sales, Short, Sure

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

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Home Page > Finance > Real Estate > Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Real Estate Agents and Short Sales: What You Need to Make Sure You Ask Your Agent

Posted: Sep 08, 2010 |Comments: 0
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It is no surprise that this real estate market we are in the midst of is a confusing one to say the least. People are losing their jobs or getting a decrease in income left and right, leaving home owners in a situation where they need to choose their electric bill over their mortgage payment.
It is leaving home owners that cannot afford to make their mortgage payments left to be at the mercy of their bank, asking for a loan modification and, if they are even paid attention to, in most cases the loan modifications may not be significant enough to really help them in crisis.
If selling the home is the answer, and whether or not the homeowner is in jeopardy of not making their payment, a seller that owns a significant amount on their home still and gets an appraisal they may be sadly surprised that their house has depreciated to a place that they now owe more than their house is worth.
This is now a situation that most may think would be an impossible situation to get out of. Well, thankfully for the homeowner there is a solution. The solution is called a short sale. In simplest of terms a short sale is when the lender (bank that holds the note on the home being sold) accepts a settlement to pay off the mortgage that is less than the amount owed. The easiest way to explain this is think of if you had a credit card bill that was $10,000. You could not keep up with the payments so you negotiated with the credit card company to take less than the amount you owed them and they “settled” for less, closed the card account and you now owe nothing other than the amount that was agreed upon, usually up front in one lump sum. That is basically a short sale. However, and this is very important to understand, all banks are different and all loans are different. There are some loans that even if you do a short sale the bank MAY have rights to come after the homeowner for the amount they lost AFTER the home is sold. This is not to scare anyone that is thinking of having their home put on the market as a short sale, it is to educate and make sure you get the facts UP FRONT. When a homeowner decides that they should put their house on the market and that they know the home will be sold as a short sale, there are certain things that will need to be done before the short sale is approved. When I say approved I do NOT mean a contract is approved, I am talking about the short sale “itself” being approved. The bank has to approve the house to be sold as a short sale first before they will even think of accepting a contract.
The following is a list of things you need to ask your real estate agent as well as get prepared for your agent so they can take this information to the bank for you:

Write a hardship letter. Write a letter describing why you are in the situation you are in, for example perhaps you lost a job, or there was a pay decrease, a medical reason, etc. Explain.
Get the latest tax return together, 2 months of bank statements (checking/savings) and last 30 days of pay stubs.
Ask your realtor if they have ever listed a short sale home before, if so ask them to show you the listing(s) and see how many days it took to sell from listing day to closing day. If the days on the market are low but the days under contract are high, chances are the agent did a good job marketing the home, but the bank took a long time to approve the contract. That is very common but you really need an aggressive realtor for a short sale to be persistent with the bank.
Ask your realtor to explain to you the steps involved in a short sale. If they can’t, get a new realtor, I am not kidding.
Interview at least three agents and ask each of them to show you what other homes they have sold that are short sales. (They can show you 20 homes they listed and sold but if none of them are short sales, it does not make them a short sale expert, thus may not be the agent for you).
If the agent you are interviewing does not advise you to talk to an accountant or financial advisor first before taking the listing to make sure a short sale is in your best interest (filing for bankruptcy can save your home if you do not want to sell) then get a real estate agent that is going to be upfront and honest with you, will give you all options and are not just there to get the listing but are truly there to help you get through what can be a truly scary situation if you are not properly educated.

Asking questions and seeking knowledge about all of your options is imperative to make sure you are doing exactly what is right for you. Everyone’s situation is different, and putting your home up for sale as a short sale may or may not be your answer. You will never know though unless you ask. Do not procrastinate either, doing nothing is worse.

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John Horne -
About the Author:

John Horne, is considered to be one of the top brokers in the U.S. with a more than 800 real estate brokers under his direct supervision. He is the author of “Just Shut Up and Buy the House”- which in its first month was nominated for a Pinnacle Achievement Award and is a professional guide for real estate professionals and mortgage lenders. He has just been accepted into the prestigious membership of the American Society for Training and Development professionals. He is the owner and CEO of Agent Edge Training Inc.

http://justshutupandbuythehouse.com

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6053 28th St S, St Petersburg, FL 33712 Bank Owned REO Foreclosure Real Estate Video

Posted by Usual in Bank Owned REO, tags: 28th, 33712, 6053, BANK, Estate, Foreclosure, OWNED, Petersburg, Real, Video

Lovely 3bd/2ba/2cg, concrete block home located in the very desirable Pinellas Point area. Perfect starter home that features a fantastic floor plan with a separate formal living room and dining room. The possibilities are endless! As soon as you enter this charming home you are immediately welcomed by the spacious formal living room that leads you into the open kitchen that overlooks the formal dining room that could also be used as a family room if you choose…Create your own space! Kitchen features plenty of cabinet/counter space, breakfast/snack bar, decorative plant shelving, all appliances, recessed lighting and compliments a large eat-in space. Additional features include generously sized bedrooms, neutral palette throughout with neutral color carpet and ceramic tile, master bath features tub w/shower and ceiling fans and blinds throughout. Relax and unwind in the covered and screen-enclosed large lanai with built in planters that overlooks the privacy fenced backyard that offers plenty of privacy and plenty of room to add your dream pool or just run and play. Excellent location! Within minutes to stunning Pass-A-Grille beach and Fort Desoto Park. Easy commute to Downtown, shopping & dining. Close to all major highways and interstates with easy access to Tampa and across the bay. Search the Tampa Bay MLS with Interactive Maps at www.SearchMLSTampa.com , Apply for our Glenn Beck endorsed Guaranteed Sold program at http and Visit our Blog at www.TampaRealEstateTalk.com

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Jul 29 2011

Anyone had experience with real estate short sales through Accu Bank? Were they quick to process the offer?

Posted by Usual in Short Sales, tags: Accu, anyone, BANK, Estate, experience, Offer, process, Quick, Real, Sales, Short, they, Through, Were

I just made an offer on a short sale in Columbia, SC. Accu Bank is the mortgage holder, and I’m just wondering how long I should expect it to take for them to process the offer.

2 Comments »

Jul 25 2011

Phoenix-Gilbert Real Estate | 3267 E Thunderheart | Arizona MLS short sale

Posted by Usual in Short Sales, tags: 3267, Arizona, Estate, PhoenixGilbert, Real, Sale, Short, Thunderheart

www.valleywidehomes.com Gilbert real estate short sale in Arizona MLS. Tremendous potential with 4 bedrooms, 3 bathrooms, fireplace, pool, 2166 SF in great Gilbert neighborhood. List at $139900 or $65 SF. Be prepared to spend $15000-$20000 in retail renovations to include interior & exterior paint, flooring, countertops, appliances, resurfacing pool decking, landscaping, and appliances.

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May 22 2011

Encinitas California Foreclosures, Homes for Sale, Short Sale, Bank Owned REO, and Real Estate

Posted by Usual in Bank Owned REO, tags: BANK, California, Encinitas, Estate, foreclosures, Homes, OWNED, Real, Sale, Short

www.fourseasrealty.com . Free VIP Real estate search. Search all Encinitas California homes for sale and the entire San Diego County MLS. Search Encinitas Real Estate, Short Sale, Foreclosures, REO, and Auction Properties.

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May 16 2011

Quick Guide for Real Estate Short Sales

Posted by Usual in Lender Approved Short Sales, tags: Estate, Guide, Quick, Real, Sales, Short

Quick Guide for Real Estate Short Sales

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Home Page > Finance > Real Estate > Quick Guide for Real Estate Short Sales

Quick Guide for Real Estate Short Sales

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Posted: Feb 08, 2011 |Comments: 0
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A short sale is a transaction that occurs when the loans against a property are greater than what the property can be sold for. It is a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.

Advantages

The seller:-

• In control of the sale, bank just needs to approve it.

• Knows who is buying his home.

• Will be away from the social stigma; foreclosure.

• The home sale will be handled like any other home sale.

• Exits the mortgage liability without facing bankruptcy.

On the other hand the buyer gets the home at a reduced price. And the lender accepts to a loss it considers minimal without going through a foreclosure.

Disadvantages

Short sale often lowers your credit score by as much as 200 points which can be overcome more quickly than a foreclosure, especially if you manage to retain one or two credit cards and keep them current.

The process can be complicated and can take longer than the parties would like. It is so important for a homeowner to contact a short sale expert when they are aware that they are in trouble to get the process started.

A Realtor can help homeowners by working with their lenders to negotiate a lower payoff amount in order to price their homes below competition and get it sold. Also he can market your home to attract buyers and oversee the entire sales process.

How to Find a Short Sale Specialist?

1- Search for agents with the CDPE designation on the site http://www.cdpe.com/

2- Call the local agents you find who specialize in short sales. Ask them about their strategy on setting the right price.

3- Request a list of past clients of the agent you are interviewing. Call these clients and ask them about the service they received.

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Dan Rube -
About the Author:

Dan Rube; An Experienced San Diego short sale Realtor. Check www.sdlistinghomes.com for more info.

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Which is best investment in India – Real Estate, Gold or Mutual Funds and why?
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Real estate short sales are waste of time to potential buyers?

Posted by Usual in Bank approved short sales, tags: Buyers, Estate, Potential, Real, Sales, Short, time, waste

cause MOST of short sales homes on MLS have not had their asking prices approved by the lender/bank yet.

So once buyer submits full asking price, he/she’ll most likely end up waiting many months and end up getting rejected by the lender/bank. I’m talking about Southern California homes..not sure about other areas though.

Should there be a law saying in order to put it on MLS, real estate agents must get an approval from bank on the asking price first so that they won’t waste potential buyer’s time?

2 Comments »

May 04 2011

Successful Short Sales: Real Estate Watch 9, Dean O’Dell

Posted by Usual in Short Sales, tags: Dean, Estate, O'Dell, Real, Sales, Short, Successful, Watch

Dean O’Dell of Seven Gables highlights the need for distressed sellers to find the right real estate professional when they have to sell their home through a short sale. The right professional can help the seller dampen the negative long term consequences on their credit. Stacey Sloan at Fidelity National Title interviewed Dean at Neuport 17 on June 10, 2008.

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May 03 2011

The short sale real estate merry-go-round

Posted by Usual in Lender Approved Short Sales, tags: Estate, merrygoround, Real, Sale, Short

The short sale real estate merry-go-round

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Home Page > Business > Ask an Expert > The short sale real estate merry-go-round

The short sale real estate merry-go-round

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Posted: Apr 26, 2010 |Comments: 0
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I have been a Real Estate broker since 1988. In that time, I have seen many types of sales and tactics to sell homes. The ups and downs, there have been plenty in my career. I love to sell Real Estate and find homeowners their dreams. That is why I was compelled to write about short sales.

Short sales are when the seller owns more money on their home than the value. The seller makes a request to the bank to allow them to sell the home and write off the balance of the loan. These types of transactions make up about 50% of homes in the San Diego area. Many times, the homes are priced lower than value to “attract” the first offer. This way, the seller and agent can start the process with the bank. Here are some questions to ask when considering making an offer on a short sale:

1. What is the balance of the loan versus the purchase price (how much will the lender loose?)
2. How many loans are on the property? Is there only a first lien or more?
3. Is the agent you are working with experienced in short sales?
4. Who is the lender on the sellers loan? Knowing this is very important.
5. Is the seller offering you an accepted offer or looking for more offers while they wait for approval on the short sale?

After getting all the questions answered, consider all your options. Over 60% of all short sales do not close. Would you be better off waiting for a different type of sale? Are you patient enough to wait three to four months for an answer from the bank….even longer. Then there is the continued negotiating that goes on from the lender. You have been waiting for months only to find out in the end that the lender now wants a higher sales price, and is looking to the agents, seller or buyer to come in with more money to reduce the deficit owned to the bank. The entire transaction falls apart. The harse reality is that these sales are exhausting and frustrating to all parties involved. Be prepared for a battle, sometimes the outcome is a great home for a great price. Other times, it is an excercise in Real Estate education 101.

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Joanne Hansen -
About the Author:

Joanne Hansen has been a licensed broker specializing in difficult transactions and has over 30 years experience in the Real Estate Industry. I work hard for my clients and treat every transaction as if it were my own. You are welcome to email me with your short sale questions, I am here to help.

http://www.bigredhouses.com

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Joanne Hansen has been a licensed broker specializing in difficult transactions and has over 30 years experience in the Real Estate Industry.

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Apr 19 2011

a What is the best place to go to find foreclosed real estate, reo, fsbo, and all of that?

Posted by Usual in Bank Owned REO, tags: best, Estate, Find, foreclosed, fsbo, Place, Real

I am a investor in alabama looking to get homes in alabama, that are foreclosed and ready to sell, or for sale by owner, REO’s (bank owned). If you know of a pretty good site that offers that please let me know.

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