Great Foreclosure in the heart of Kendall. Needs some TLC but worth the price due to the great location.

i found this really nice 3355 sf house in arizona, 5 bed, 3 bath and it is listed for 299.000 as a short sale. a real estate person told my mom that short sales never go for the low price, and that they always sell for more..

so my question is, can you get a short sale house for the listed price?

Real Estate Training Kansas City interviews Short Sale Expert and PhD, Paula Walter. For realtor jobs, Buyers Agents and Listing Agents need to know important questions to ask for a smooth and sure closing. Realtor jobs will see more short sales in the coming years.

www.REIClub.com — Wholesaling Real Estate Is One Of The Safer Ways To Start Investing In Real Estate. Here’s Why Beginner Investors Should Wholesale Real Estate… Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I’ve got quick video on why Wholesaling Flipping Real Estate is good for beginner investors Qualifications: Wholesaling Property “Ease of Entry” Not a lot of… - Time - Experience - Money or credit - Resources - Looking to make Quick Cash with low risk Investment: Typical Wholesaling Properties Work Day - Time — Typically 1-3 Hours a day - Looking through ads/posting ads - Calling realtors - Drive-through neighborhoods - Attending REIA meetings/networking - Building a Buyers list - Market Analysis - pulling comps - Creating a Plan - - Money - Earnest money — as little as $1 - $1000 — get it back rather quickly Financial/Experience Gain from wholesaling houses: - Typically $1000 - $10000 / transaction (5-10 total hours of work per transaction) - Build relations — realtors, investors, title companies, - Learn the market - Assessing profit margins based on Repair costs - Familiarize yourself with purchase and sales agreements - Start building financial strength - Move on to other areas of real estate — rehabs, short sales, reo’s Wholesaling Property Risks: - Money in Deal - If using private mortgage lender, none of your own money is in the wholesale real estate deal - End buyer backs out - Buyers list setup …

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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