Foreclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
Posted by Usual in Lender Approved Short Sales, tags: foreclosures, GALORE, High, OPPORTUNITIES, Record, Sale, ShortForeclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
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Home Page > Finance > Real Estate > Foreclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
Foreclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
Posted: Apr 26, 2010 |Comments: 0
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Foreclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
By: Art Lee
About the Author
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.
(ArticlesBase SC #2236519)
Article Source: http://www.articlesbase.com/ - Foreclosures Hit a Record HIGH! = SHORT SALE OPPORTUNITIES GALORE!
On October 15, 2009, www.realtytrac.com announced that foreclosure filings have hit a record high! Based on only 12% of trouble homeowners that could qualify to get help from Obama’s Home Modification Programs this year, 2010 will be a record year for Short Sale Opportunities. The top states that were hit the hardest with foreclosure filings are California, Florida, Nevada, Arizona, and Illinois.
On our Market Update Call “Pre-Foreclosure Opportunities” we talked about the top lenders to work with and the top lenders to avoid. This call was all about helping Real Estate Professionals understand where the opportunities are. Here is a summary of what we discussed:
One trend that we have noted was the increase of government interaction to aid the processing of short sale files. For example, the US Treasury Department is finalizing a plan to provide incentives to lenders to work short sale offers. Also, California Governor Schwarzenegger is trying to implement a State Bill that will require lenders to respond to short sale submission within 21 days. Also, there has been talk that there may be an extension on the current Tax Credit to home buyers, which was set to expire mid November 2009.
We also have noticed that more lenders are working to streamline their short sale processing, preparing them for a high volume of short sales submissions in the coming two years. This includes additional staffing resources and automated document processing systems. What this means is that the processing of short sale files should become easier with faster response times.
On the lending side, we have noticed more lenders have been changing their mortgage products to meet the needs of today’s home buyers. This includes brining back Adjustable Rate Mortgages. Rates are still at record lows but it is uncertain how long it will last, although there has been much analysis that government will do what it can to keep low rates in order to aid in the housing crisis.
We noted an obvious conclusion and that the best buying opportunities for 2010 are distressed properties and any home buyer can find a great deal with a discount below current market prices in their hometown. We urge all home buyers to utilize basic home buying fundamentals when buying a home. Don’t buy it just because the price is good, you should analyze the home as an investment and look at the economy, neighborhood, school systems, amenities, estimated future appreciation etc. Put simply, the home must meet your investment goals.
As much as the government is trying to step in to prevent the housing industry from collapsing, there just is not enough that can be done and certainly the banks will have to take additional losses to move these bad mortgages off their portfolio. It is certain home prices will continue to decrease as the 30 Billion dollars of mortgages that will reset next year will create more troubled homeowners struggling to make payments on a home that is water, which many will most certainly begin to default on their mortgage. If these homes are not sold via a short sale, these homes will have to be sold as REOs (Real Estate Owned) listings and therefore lenders stand to lose a lot more money. It is our opinion that lenders will want to resolve these defaults via a short sale and reduce their losses.
We at WHB Solutions specialize in working with and educating Real Estate Professionals on processing, negotiating, and closing short sales transactions through our short sale educational products and our community of monthly subscribers. If you are looking for the deal of the century the time is now to buy a home. Visit whbsolutions.com for more information about our products and services. If you are new to short sales and would like to know our number one strategy to obtaining approvals on 90% of your short sale submissions, download our free report from our homepage.
Full Article Resourse: www.whbsolutions.com/blog/
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(ArticlesBase SC #2236519)
Art Lee -
About the Author:
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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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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Scottsdale, Ariz. October 22, 2010 Frank Patrick, foreclosure trash-out and reo specialist, recently wrote an article discussing how bank foreclosures, instead of finally declining, are instead hitting new heights as we head into the final quarter of the year. In the article published on http://www.ASREOS.com, called REO Listings Update: REO Foreclosures Set Third …
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Posted by Usual in Lender Approved Short Sales, tags: 2010, American, Announces, BANK, Continued, Financial, Levels, Perspective, Profitability, Quarter, Record, Results, SecondAmerican Perspective Bank Announces: Second Quarter 2010 Financial Results; Continued Profitability; Record Levels of …
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How would Short Sale Affect Your Credit Record
Posted by Usual in Bank approved short sales, tags: Affect, Credit, Record, Sale, Short, wouldWith how the economy is going today, there are a number of people who are having a problem facing their financial obligations. These financial obligations are not only apparent on daily bills but also for mortgages and other loans. And if you are having some problems in sustaining your mortgage or your property, you might want to try short sale instead of having it on foreclosure. This is perhaps the best way for you to face lesser credit standing issues.
However, what is a short sale and how will it have an effect on your credit score? Short sale is the instance where you are going to sell your property, with the approval of your bank of course, at a discounted price compared to its original price. In this way, you can pay the amount that you owed the bank.
If short sale was done properly, there is a great chance that your credit standing is not going to be affected. How can you execute this properly? You should be able to put your house on sale with very few expenses. If it is possible, convince the lender to get the full amount of sales in order to cover for the whole amount loaned. At the same time, if you will be getting help from an agent, find someone that will ask for smaller commissions.
However, if the amount of sales is not enough to settle the debt, you can pay the remaining amount in terms. This is called loan for deficiency that will allow you to pay at the most affordable price and flexible terms that you can keep up with. You just have to be aware that it will definitely reflect to your credit record. But granting that you can pay them properly, the effects will not be that detrimental to your credit record.
Another option in order to get the remaining amount owed is a suit. However, doing this option is going to give a negative judgment to you. And thus, will result to a much greater credit report issue.
So basically, the effects of short sale on your credit record are based on how you settle the remaining amounts after the sale. Be sure to be committed in paying the remaining amount if there are any. If you will not be paying it properly then you are just putting your credit score to a big problem.
So if you want to settle the amount that you owe through short sale, it is important for you to ask your bank for these and other options that might have lesser effects on your credit score. In this way, you can avoid future problems in terms of finances as low credit records will make your charges much expensive than it should be.
And for beautiful and safe neighborhood options, you can check Real Estate for Sale in Scottsdale AZ and Scottsdale homes for sale for some great real estate deals. This home is without a doubt a good investment that you can get for yourself and for your family to live in.
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