Why Homeowners Need To Consider Short Sales

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Home Page > Finance > Real Estate > Why Homeowners Need To Consider Short Sales

Why Homeowners Need To Consider Short Sales

Posted: Feb 22, 2010 |Comments: 0
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There have been so many news articles about homeowners walking away from the financial obligation to their mortgage. In response, there has been a lot of opinions about how these homeowners are not taking an ethical stance and avoiding their responsibilities. The result will be billions of dollars spent by the U.S. government to aid lenders and homeowners until the housing market stabilizes. Ultimately, this means the nation as a whole will be responsible to helping the housing market through higher taxes.

Besides the ethical attempt of meeting your financial obligation to the lender, there are considerable benefits a homeowner who completes a short sale.

1. Get $1500 – A new law has passed that allows some homeowners receive $1500 from the government from a successful short sale. The transaction would need to qualify under Obama’s new legislation published January 2010.

2. Improved Tax consequences – A lender may exercise the right to issue you a 1099 to collect the uncollected mortgage amount of a short sale. If the homeowner qualifies, they could be exempt from this 1099 under the Mortgage Forgiveness Debt Relief Act of 2007. Some lenders have stated that a 1099 most likely would not be sent out if the financial status reported in a short sale submission proves to be difficult to collect any future debt. Keep in mind that collecting the debt is costly and sometimes these bad debts are sold off to collection agencies for pennies on the dollar. Sometimes the deficiency can be reduce by the lender or the collection agency.

3. Protect your Credit History – There have been ongoing debates on how a short sale will actually affect your credit report. The fact that a short sale was concluded instead of a foreclosure should show that the borrower did something to redeem themselves. The stance of the major credit bureaus is that they are likely to see a short sale the same as a foreclosure. The reality is each persons credit history depends on how the creditor reports your credit performance. Some homeowners have reported getting a “Paid in Full” or “Satisfied” on their credit report after a short sale. When negotiating a short sale, it is possible to request removing any mortgage lates as a condition of the short sale.

The importance of credit is many times overlooked in the eyes of a financial distressed homeowner. Most of the time if they are about to lose their home, other bills aren’t getting paid because they are trying to save money to move out of the home and find a new home. Protecting your credit score allows you a short time to wait for your score to increase, also, it affects any reliance on credit cards, auto loans, getting approved to rent an home, etc.

It is recommended to always seek professional advice before making a decision to go through with a short sale. Every situation is different and decisions must be well thought out to receive the best outcome. Seek a Bankruptcy Lawyer if you are considering bankruptcy. Seek a Tax Attorney or Real Estate Attorney to understand your legal rights and tax consequences. Real Estate agents can help you list your short sale but they are usually not qualified to provide tax and legal advice.

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To learn more about how to qualify the best candidate for your short sale transaction visit whbsolutions.com. The number one factor in becoming successful in Short Sale Education, Short Sale Success and Short Sales is to learn how to pre-qualify your deal which includes finding the right buyer.

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Follow through with your commitments

The timeline for the short sale process can be extremely long and will test your patience. Once a file is submitted to the lender, it is processed according to the bank timeline. While you may be limited in your ability to try and speed up the process, you do have the ability to avoid items or circumstances that cause delays in processing time.

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Document All Conversations and Transaction Details

For all of our short sale transactions, we log the date and details of every conversation, fax submission, and commitments made. Keeping meticulous records show the level of professionalism that you bring, and inspire the trust and cooperation with your bank representative.

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Use Phrases That Promote Collaboration

Too many times, we approach the phone call with a request for something we want from the bank representative: assignment to a negotiator, escalation to management, speeding up the processing time, better terms on the approval letter. Because the short sales process takes a long time, we tend to be very results driven, and focus on achieving milestones as fast as possible so that we don’t lose the buyers in a short sale.

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Verify Buyer is Committed to Timeframe

One of the responsibilities of a listing real estate agent is to evaluate the strength of the offer. In a retail transaction, this would involve examining the financial details of the offer: the amount of the earnest money deposit, the amount of down payment, the credit score and potential for qualifying for the loan needed to finance the purchase. A secondary consideration may be the ability to close quickly.

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Set a Tone of Collaboration

Before every single call, remind yourself of your intention to set a tone of collaboration. It is too easy to jump right into a conversation, where it becomes a simple mechanical exchange of information. Of the hundreds of calls that a lender’s representative takes in a week.

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Bank of America Short Sale - What Do They Need?

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Home Page > Finance > Real Estate > Bank of America Short Sale - What Do They Need?

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Bank of America Short Sale - What Do They Need?

By: Andy Faria
Posted: Feb 02, 2011

Bank of America services more mortgage loans than any other lender in the US. This means they process more short sales than any other lender, and it can be easy to get lost in the mix. The best way to make sure your short sale gets pushed to the front of the line is to supply them with the correct documentation at once and ahead of time. A good real estate broker with a working knowledge of short sales can guide you through this process quite easily, but before you even get started it will be best to begin by preparing the following things:

Hardship Letter - What is the reason you can no longer afford the home? BOA looks closely at this and the fact that your home is no longer a good investment is not enough of a reason to ask them to take a major hit. BOA will deny a short sale offer if the hardship is not a valid reason for hardship, so be sure to pay specific attention and prepare a detailed and accurate hardship letter.

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Pay Stubs - This is for all borrowers that contribute to the mortgage payments in the household. BOA requires the most recent month of paystubs. If you get paid every week it’s best to provide the four (4) most recent paystubs, and if you get paid every other week it’s best to provide the two (2) most recent paystubs. As a short sale offer is reviewed you should set aside any paystubs you receive, just in case they ask for them to be updated later in the review process.

Profit & Loss - If you’re self employed and you don’t receive paystubs you will need to have a profit & loss statement prepared to outline your most previous 3-6 months of business. An experienced short sale broker should be able to help you prepare this simple document that shows the income generated from your business.

Bank Statements - The two (2) most recent bank statements will also need to be provided to BOA. Like the paystubs you will want to set these aside as you receive them during the review process, in case BOA requests them at some point

IRS Form 4506T Form -.This form allows BOA to look into the electronic filing of your previous tax returns and is standard with all short sale and loan modification reviews.

This paperwork is not typically required until an offer is received and presented to Bank of America for approval. It’s best not to wait though and start preparing everything you will need ahead of time, when you first list the property for sale. The faster you get out from under the home, the faster you can start rebuilding your future.

Andy Faria - About the Author:

The author is a licensed real estate broker in the state of MA. He continues to work with homeowners statewide to help get them out from under the financial obligation of an underwater home, without charging them a single dime. Have five minutes? Give us a call anytime Northeast Properties 866-794-1869 Toll Free

 

Massachusetts Short Sale Brokers BOA Short Sale Results

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Short Sale- What if the Bank rejects your Offer what do you Need to do Next

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Home Page > Finance > Real Estate > Short Sale- What if the Bank rejects your Offer what do you Need to do Next

Short Sale- What if the Bank rejects your Offer what do you Need to do Next

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Posted: Nov 14, 2009 |Comments: 0
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There are a lot people who still manage to cope with the ongoing financial crisis.  Because inflation has been very unpredictable, most individuals are struggling to meet all their financial obligations.  Those people who will greatly be affected by the global economic turmoil are the ones who are in the middle class.

And if you are one of the struggling homeowners who is successively missing the monthly amortization dues, then you will probably meet foreclosure in a few months now.

In these days, homeowners have learned to look for ways on how to fight foreclosure.  One concrete example of these is looking for other ways to invest their money, like buying short sale properties.  But the usual pitfall in such option is most of them do not close.  This happens because of the rejection made by the lenders.  There are several opportunities have been blown away because of rejections.  Go through the rest of this article so you can have ideas on what type of cases are these.

Normally, banks have detailed requirements that you must comply before you apply for short sale.  You have to produce the necessary documents and show to them in an orderly manner.  If ever you miss to complete the list, then you will never get them to prioritize your application.  They can even disregard it due to the incomplete requirements.  To avoid such scenario, furnish a copy of this list and prepare the papers ahead of time. 

Apart from that, you also have to do your responsibility as the applicant.  As soon as you have submitted all the papers, you need to follow up your application.  Do not be too complacent about just handing them your application.  Bear in mind that you are not the only applicant, there are so many out there.  So it helps if you make a follow up so you will know the progress and remind them about your documents.

Giving in to the initial offer is said to be a money loss.  However, lenders can only validate up to this extent of loss and can not accommodate more.  Hiring third parties can even be worst.  It is acceptable if it falls between 90-95 percent of the BPO.  If your value misses to meet the considerable loss, there is a possibility that short sale will be rejected.  And thus no deal is closed without any approval.

It is inevitable that short sale applications have a slow procedure.  There are series of documentations to be conducted before granting the approval.  If you have plans in engaging yourself in this type of deal, it is essential that you have to update your buyers from time to time.  You need to fulfill their expectations.  Or else they will forget the idea of pursuing it.  Hence, learn to take good care of every client that goes to your office and assure them that they have made the right decision to invest in short sale houses.

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Looking for a nice place to stay? Check these sites Short Sale Property in Coolidge AZ, Short Sale Property in Waddell AZ and Sun City West AZ Short Sale Realty for Sale.

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
What are the repercussions of a short sale ?

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Article Tags:
short sale, short sale properties, foreclosure, foreclosed properties

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would there be addendums? Should I be concerned, or is this a normal part of a bank owned home sale?

Closing a Short Sale – The Basic Things you need to Know

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Home Page > Finance > Real Estate > Closing a Short Sale – The Basic Things you need to Know

Closing a Short Sale – The Basic Things you need to Know

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Posted: Jul 27, 2009 |Comments: 0
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For most homeowners, acquiring their own properties and homes is one of the most rewarding and greatest investments they could ever venture on. However in the midst of the current economic downturn, most homeowners are now faced with the dreadful decision of giving up their properties due to several financial crises in the form of short sales. It could be an awful situation to find yourself in, however there would be no better option to survive the economic uncertainties and its grueling effects. As a matter of fact, it is a more dignified option to take than bankruptcy and even foreclosure.

How does short sale work?

Simply defined, short sale is putting up your house or property in the real estate market with a much lesser worth or price than its original or actual value. There are many factors that would lead homeowners to resort to short sale, the most obvious would be unemployment and being laid off or retrenched from work among others.

The inability to pay for home mortgage and other loans as well as the plunging down of the market value of their property comprises some of the most valid reasons for short sale. Other factors that would be considered in short sale are death, divorce, medical illness or other emergencies and the seller’s lack of other assets to support his payment obligations for the mortgage. This would definitely not suffice the expenses you may have incurred in purchasing the property, but it sure is a much better choice than foreclosing the property for good.

What are the steps to put your homes for short sale?

Even if the homeowner or seller would try to put his property under this category, it is not always ensured that the bank or lenders would approve of its sale. Thus, in order to qualify for short sale, there are first basic steps to comply with.

First and foremost, the seller would sign a listing agreement for selling his property as short sale in the presence of a real estate agent and a third-party for approval of such contract. The real estate agent, preferably with experience in short sale, finds a buyer who would be interested in the transaction and make an offer which is then a lesser amount compared to the actual price of the mortgage. Basically, the seller would give his confirmation to such offer and then afterwards seconded by the lender of the seller’s property. Finally, closing the short sale would be culminated with the delivery of the funds by the buyer and the deed delivered by the seller as well as the release of the lien by the seller’s lender.

Closing a short sale has very simplistic and easy steps to deal with and it seems a good and wise choice especially for home buyers. Yet for homeowners or sellers who do not really have much of a choice but to short sale their properties, the government is actually providing many regulations to help them bounce back from such turmoil and dilemma.

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More detailed information on real estate and short sales are provided in Short Sale Houses in Scottsdale and Short Sales in McCormick Ranch. You could also visit Short Sale Homes for Sale in Wittmann for more real estate ideas and options.

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
What are the repercussions of a short sale ?

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I am going to purchase a short-sale house, and I have made an offer to the bank. My agent asks me to pay 2.9% negotiation fee.
1) If I reject the offer after the bank approved, do I still have to pay nagotiated fee?
2) where could I get the history or lien or police report or apraiser report?