Selling | realestateroadkillusa.com

Process of Short Sale | What is the Process for Short Selling a Home? Before you consider entertaining a short sale you must first Determine if you Qualify for A Short Sale by asking yourself Do I pass the Hard Ship Test?

Here are just a few examples of Hardship.

Loss of Job
Becoming disabled
Divorce
Death of a spouse

Click here to learn more about Hardship For Short sale

Next Steps…

If you believe you pass the “Hardship Test”, it is most likely time to proceed with the Process of a short Sale.

]]>

It is now time to contact Us and we will quickly be able to confirm if indeed you qualify for a Short Sale. Once that is established, we will begin the Listing Process and guide you through the following steps:

Put your Hardship Letter together
Give us (your agent) Permission to Contact your lender to negotiate on your behalf and determine what you owe to date.
After we determine the market value we will set a listing price and your home will be listed and Marketed on the MLS.
Once Offer is Received and you have approved the offer, we will negotiate with your lender for their approval of the Short Sale
Once Short Sale is approved by lender, escrow process begins
After all parties meet their obligations escrow is closed and short sale is successfully closed.
Start rebuilding your life and credit!
What you can and should do now if you think you are going to short sale:
Gather Financial Documentation including: Tax statements, paycheck stubs, medical bills, mortgage statements and anything you think you will need to support your Hardship case.
Contact Legal, Tax and Financial Professionals for their advise on how the short sale will effect you in each of these areas.

More Options For Avoiding Foreclosure

And on a more personal note: We have personally had friends and family experience hardship and have to Short Sale their homes. It is not an easy decision but once the process is over there is such a feeling of freedom that will allow you to have a more productive life and eventually be able to enjoy home ownership again if you choose to do so. Before you do anything else, let go of any negative judgment you have about your situation. We all experience challenges in life. Many of the worlds most successful people have had much larger challenges than you are probably going through right now. Like them, you must detach emotionally and realize this is a business decision and indeed, this too shall pass!

Start increasing your traffic today just by submitting articles with us, click here to get started.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Stephen Munson -
About the Author:

Stephen Munson and Luis Montejano are both Home Short Sale Specialist in the Los Angeles area.

Watching their own friends and family experience the devastating realization of facing foreclosure inspired this Real Estate Team to focus their real estate practice onto helping homeowners avoid foreclosure

]]>
Questions and Answers

Ask our experts your Real Estate related questions here…

Ask

200 Characters left

Will you show me how to write an persuavive ad on selling a home. What content do I need to include
Does home depot sell appliance parts?
I am a short sell home buyer with a sales contract with the owner. I was told that the package has been sent to an investor for approval. How does this step affect me?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback

Print

Re-Publish

0) {
ch_selected = Math.floor(Math.random()*ch_queries.length);
if(ch_selected == ch_queries.length) ch_selected–;
ch_query = ch_queries[ch_selected];
}
}catch(e){
ch_query = document.title;
}
]]>

Source: http://stephenmunson.articlesbase.com/real-estate-articles/process-of-short-sale-what-is-the-process-for-short-selling-a-home-4190336.html

Article Tags:
home short sale, short sale, short sales, process of short sale, home short sale process, short sale process

What work better selling EBOOKs - long sales page or short pages?

Posted by Usual in Short Sales, tags: better, EBOOKs, long, Page, pages, Sales, Selling, Short, work

What works better for marketing, selling ebooks online, long sales copy site (1 page), short sales pages with Navigation buttons.

No Comments »

May 17 2011

How Marketing is useful in selling short sale home

Posted by Usual in Lender Approved Short Sales, tags: Home, Marketing, Sale, Selling, Short, useful

How Marketing is useful in selling short sale home

Free Online Articles Directory

Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers

Publish Article

0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login

Login via

Register
Hello
My Home
Sign Out

Email

Password

Remember me?
Lost Password?

Home Page > Finance > Real Estate > How Marketing is useful in selling short sale home

How Marketing is useful in selling short sale home

Edit Article |

Posted: Nov 26, 2010 |Comments: 0
|

]]>

“In the last few months, selling short sale home has become less the exception to the rule and more of the norm. But this doesn’t mean it’s easier—in fact, with more competition, sellers are under greater pressure to find willing buyers and sell on time. So how do you plan and carry out your short sale to get the results you want? Here are five things every seller should keep in mind when selling short sale home today.

Hardship Is Essential

Occasionally, banks do short sales with perfectly stable and financially secure borrowers. But these are rare, and to get your lender to take a loss on your part, you should be able to prove extreme hardship. The bank wants to know that selling short sale home is your only option. Write a convincing hardship letter and be ready to provide supporting documents, such as medical bills or certificates, to prove your point.

Do The Numbers

Another reason banks agree to short sales is that their losses are smaller compared to the costs of a foreclosure. But selling short sale home doesn’t come cheap either. Do some research and find out your home’s current value, and compare it against the balance left on your mortgage. Factor in the costs of the sale such as agent’s commissions and closing fees. This way, the bank can see exactly how much they stand to lose and decide faster.

Set A Good Price

Pricing is probably the most important element in selling short sale home. Short sales have to be priced below market value; otherwise a buyer won’t have any incentive to wait six months or more for short sale approval. Knowing how much your home is worth and how much you owe will help you determine how much the home should sell for. This will allow you to negotiate better with buyers without being on the losing end.

Market Your Home

Marketing is vital to selling short sale home, especially in today’s market. Also, lenders have tightened their rules and are less willing to extend deadlines when a borrower doesn’t close the sale within the agreed date. Your agent can help you get word around about your short sale home so you can find a buyer in less time. You can also do your part by telling friends and family and posting flyers around your neighborhood.

Start Early

Technically, you can initiate a short sale the day before a foreclosure auction. But the earlier you start, the better your chances of selling short sale home in a reasonable time. A home that’s close to foreclosure is less attractive to buyers than one that has a bit of time to spare. It’s also allow you to price the home higher and reduce the deficiency, limiting the damage to your credit score.”

Retrieved from “http://www.articlesbase.com/real-estate-articles/how-marketing-is-useful-in-selling-short-sale-home-3736550.html”

(ArticlesBase SC #3736550)

Start increasing your traffic today just by submitting articles with us, click here to get started.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Jacob Bon -
About the Author:

the author Jacob Bon comes from a background in short sale sales. Marketing and sales have always been in the forefront of Bon’s business activities. He strives to make every encounter a positive experience and seeks to do the best for his clients. The skills possessed by him have helped the number of people to avoid foreclosure. For further information regarding about Tips of doing short sale home, Important element in selling short sale home read more about visit:- http:// www.bankshortsale.us

]]>

Questions and Answers

Ask our experts your Real Estate related questions here…

Ask

200 Characters left

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 ?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

0) {
ch_selected = Math.floor(Math.random()*ch_queries.length);
if(ch_selected == ch_queries.length) ch_selected–;
ch_query = ch_queries[ch_selected];
}
}catch(e){
ch_query = document.title;
}
]]>

Source: http://www.articlesbase.com/real-estate-articles/how-marketing-is-useful-in-selling-short-sale-home-3736550.html

Article Tags:
short sale, short sales, short sale home, short sale a home, short sale homes, shorts sale home

Related Articles

Latest Real Estate Articles
More from Jacob Bon

Learn how to Sell a Home in a Short Sale

Learn how to sell a home in a short sale in this video from experienced realtors and mortgage brokers. (02:54)

Learn about Buying a Home

Learn about buying a home in this video from experienced realtors and mortgage brokers. (03:09)

Learn how to Decide on Price for a Home

Learn how to decide on price for a home in this video from experienced realtors and mortgage brokers. (03:38)

How you can Sell a Home

Learn how you can sell a home in this video from experienced realtors and mortgage brokers. (03:01)

The Benefits and Disadvantages of Short Selling Your Home

Sean Koplow esq explains the benefits and disadvantages of short selling your home. (01:15)

How to arrange home gym equipment and how will you use in your home

For body building the user has lot of restriction in their diet and the muscle should be tightening so only the body can be flexible. After all these exercises the body will become fit after that you can wear jeans and see the differences of your body.

By:
pierce smithl

Health>
Nutritionl
Feb 03, 2011

Home Business Strategies – The Longest One Is A Short Cut

Example of how short cuts can actually cause you more work in the long run.

By:
Matthew Kominiakl

Business>
Home Businessl
Dec 16, 2009

Sell Your Florida Home Today By Lease Option”How to Sell your Florida home By Lease Option!”

As a Rent to own lease option Florida rent to own home seller, we can sell your Florida home in a short period of time at FULL MARKET PRICE without paying a Florida real estate commissions, (we are not Realtors). Sell Florida home by lease option, Rent to own your home for full market value.

By:
Florida Mortgagel

Finance>
Real Estatel
Jun 11, 2010

Home Business Tips - How to Make Bucket Loads of Sales Even in an Economic Meltdown

Make no mistake about it; sales are down across the board in most industries. Many people are afraid to whip out their wallets and splash the cash.

By:
Fabian Tanl

Business>
Home Businessl
Aug 17, 2009

Work At Home Programs That Are Not Scams - Scam Free Work At Home Jobs Revealed

The internet is so full of crap these days that it’s hard to weed the scam free work at home jobs from the non scam free work at home jobs. This is especially true when it comes to work at home jobs! Most just aren’t scam free and in the end you don’t know what to trust and what not. And what is even sadder is the fact that A LOT of people, that call themselves ethical marketers, are in fact pushing this same non scam free work at home jobs junk over and over again!

By:
Internet Marketing Expertl

Business>
Online Businessl
Jun 26, 2010
lViews: 112

San Diego California home foreclosures breaking all records, Homebuyers find many bank owned homes to be bargains

San Diego California foreclosure numbers are high and there is now always a supply of San Diego foreclosures listed for sale. Many opportunities and many pitfalls and hurdles exist for new San Diego home buyers.

By:
Bernard Smithl
Businessl
May 13, 2009

Foreclosure Homes – What is the Meaning and Benefits of Buying Foreclosed Homes for Sale?

Foreclosed homes are repossessed homes for sale which are properties of banks and financial houses due to default in payments by the previous owners. Benefits such as great investment, unparalleled home values, promising immediate and long term returns, good discounts, bargain offers and highly negotiable prices make foreclosures a great purchase.

By:
Fiona Livnatl

Finance>
Real Estatel
Sep 04, 2009

Home Based Internet Business–Is It Just For Stay At Home Moms

Simple introduction of home based internet business, so that you know that it is not just for stay at home moms of undereducated people. Online marketing business is the way to prosperity in 21st century.

By:
Peter Garetyl

Internet>
Internet Marketingl
Jun 10, 2010

Perfect Ways to Discover Strategies to Avoid Foreclosure on Investment Property

Would you like to learn about Make Millions In Property Recession Review? Do you expect to find out more concerning the credibility of passivepropertywealth.co.uk? Or perhaps is Make Millions In Property Recession Scam or genuine product? You will find the answers within this honest review!

By:
mjreviewl

Finance>
Real Estatel
May 17, 2011

We Live in a “Boomerang” world

So today and for as many days afterwards as you want, make a conscious CHOICE about what you want to “throw” out into the world. By doing this, you will be making a choice about what is going to come back and land at your feet.

By:
Glenn Freezmanl

Finance>
Real Estatel
May 17, 2011

5 Reasons Why You Should Use a Realtor to Sell Your San Diego Home

The Urban Land Institute ranks San Diego one of the ten hottest real estate markets of 2011. That’s good news if you are trying to sell your San Diego home. You might even think you can sell it yourself and avoid paying a San Diego Realtor. Why not? You can lower the asking price and you and the buyer both save money. A win-win situation, right? Well maybe not. Your home is may be your most valuable asset so place the sale of this asset in the hands of a professional.

By:
Paul Caparasl

Finance>
Real Estatel
May 17, 2011

Real Estate Short Sale

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan and is a strategy rapidly gaining popularity in the real estate market. It is a real estate transaction in which the seller’s lender agrees a payoff that is less than the balance due on the loan and in which the borrower does not have to pay the difference.

By:
Bill McKennal

Finance>
Real Estatel
May 17, 2011

Investing In Real Estate - Learn More About It

Before you can think of investing in real estate, there will be a lot of questions that will pop your mind. Will it be a good investment? Will you get profit or will you gain from it?

By:
M. Muraskil

Finance>
Real Estatel
May 17, 2011

Investing real estate

In the real estate world, you commonly think of houses, building or any piece of land to use. But when you add investment to its word, it will give you a different definition. Once it generates income and the owner bought multiple pieces of real estate

By:
M. Muraskil

Finance>
Real Estatel
May 17, 2011

Tips on real estate investing - Read More About It

When you say real estate investing, you know that it is ownership, purchasing or acquiring and sale or rental of property for a profit. But when can you be called a good investor? Here are some tips on real estate investing that might help you become one.

By:
M. Muraskil

Finance>
Real Estatel
May 17, 2011

Investing stocks real estate

When you hear the words investing stock in real estate, often comes to mind is profit. But it is not always the scenario.

By:
M. Muraskil

Finance>
Real Estatel
May 17, 2011

Key facts about bank short sales

A bank short sale may be an option for you if you’re facing foreclosure and are seeking the possibility
of another chance with a new home. It helps the homeowner to make fair deal. Article presents here key
facts about bank short sales that may help you decide if it’s your best bet against foreclosure.

By:
Jacob Bonl

Finance>
Real Estatel
Jan 28, 2011

Choosing a Short Sale Realtor

There is no doubt that a short sale is not your run of the mill Real Estate transaction. Anyone who has ever been involved with one as a listing agent knows there are a lot of hoops to jump through. What makes a good agent different from the bad? Here are some questions you should ask to see if a realtor is right for you.

By:
Jacob Bonl

Finance>
Real Estatel
Dec 10, 2010

What is the tips of short sale

Short sale has have become a popular alternative for struggling homeowners in the past two years. Unfortunately, few of us really understand what short sale is and go into the process. If you want to know more about short sale process before starting, this article represents a quick guide to help you out.

By:
Jacob Bonl

Finance>
Real Estatel
Nov 27, 2010

Short sale foreclosure

If you’re after a quick profit short sale foreclosure can be prove a good financial move to you. But you should keep in mind the fact that you have much to lose if you make a wrong move. So be careful while investing in a short sale home.

By:
Jacob Bonl

Business>
Business Ideasl
Nov 23, 2010

Tips for Negotiating a Wells Fargo Short Sale

The Wells Fargo Short Sale process is known to be one of the most efficient ways for troubled borrowers to avoid losing their homes in a foreclosure.

By:
Jacob Bonl

Finance>
Real Estatel
Nov 22, 2010
lViews: 125

Negotiating a Short Sale with Your Lender

The process of negotiating a short sale with your lender is complicated a very tricky. You will need someone with vast experience that can guide you better way.

By:
Jacob Bonl

Business>
Business Ideasl
Nov 19, 2010

Chase Short Sale Negotiations

The chase short sale let you to sell your home for less the less then the you owe and turn the proceeds over as a payment for your loan. It can still take time, but borrowers now have better control over it. The article here presents some tips on Chase short sale negotiations and how you can improve your chances of getting approved.

By:
Jacob Bonl

Finance>
Real Estatel
Nov 18, 2010
lViews: 128

How to Negotiate Short Sale with Countrywide

Countrywide holds a large share of today’s distressed mortgages. This has made the Countrywide short sale negotiation process complicated for many troubled borrowers. Negotiating a short sale with Countrywide takes time, patience, and persistence. There are steps and waiting periods that have to be followed while doing short sale with countrywide.

By:
Jacob Bonl

Business>
International Businessl
Nov 17, 2010

Add new Comment

Your Name: *

Your Email:

Comment Body: *

Verification code:*

* Required fields

Submit

Your Articles Here
It’s Free and easy

Sign Up Today

Author Navigation

My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box

Jacob Bon has 18 articles online

Articles Categories
All Categories

Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing

Finance

Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building

]]>

Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog

Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version

Webmasters
RSS Builder
RSS
Link to Us

Business Info
Advertising

Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.

the author Jacob Bon comes from a background in short sale sales. Marketing and sales have always been in the forefront of Bon’s business activities. He strives to make every encounter a positive experience and seeks to do the best for his clients. The skills possessed by him have helped the number of people to avoid foreclosure. For further information regarding about Tips of doing short sale home, Important element in selling short sale home read more about visit:- http:// www.bankshortsale.us

No Comments »

May 10 2011

Hunting Land For Sale In Alabama-How To Profit From Buying And Selling Land

Posted by Usual in Licensing Real Estate Road Kill, tags: AlabamaHow, BUYING, From, Hunting, Land, profit, Sale, Selling

Hunting Land For Sale In Alabama-How To Profit From Buying And Selling Land

Free Online Articles Directory

Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers

Publish Article

0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login

Login via

Register
Hello
My Home
Sign Out

Email

Password

Remember me?
Lost Password?

Home Page > Finance > Hunting Land For Sale In Alabama-How To Profit From Buying And Selling Land

Hunting Land For Sale In Alabama-How To Profit From Buying And Selling Land

Edit Article |

Posted: Sep 30, 2010 |Comments: 0
|

]]>

How and why would you invest in hunting land in Alabama? In Alabama hunting land is a very big market when it comes to the real estate that is bought and sold here. How do I get started, first thing is you must find your first land tract to get you going, be patient this might take some time but deals are made the day you buy your land not the day its sold. The reason you make your profit the day you buy your land is you don’t want to buy unless it’s a down right bargain, if you have more cash reserves or you have a great salary you can afford to stretch this a little but remember working hard and taking risks are not fun without the reward of some profit at the end of the deal.

If you are ready to dive in then first thing is where to find a good piece of hunting land for sale in Alabama, look where not many are searching. The internet is a great place to start your search for land but there are many other ways to find a deal if you don’t mind work. Take a trip to each local court house in the Alabama Counties you want to trade in and go to the tax rolls, there is someone there that can show you around. When you get in the tax rolls look for property where the taxes have not been paid and go back for three years and get all the names and address of each tax payer. The next thing you want to do is mail them a very none threatening letter and make sure you do not call them unless they call you first this will put them on the defensive and make communication with them impossible. Another good way is to subscribe to every newspaper in the Counties you wish to work and watch the classified section for foreclosures, when you see a property hit the paper it will have a legal description and you will have to track down where that land is located to make sure its in an area you want to be in.

Now lets assume you have found a good tract of hunting land to work and remember if you are targeting the hunting land market make sure it will make a good piece of hunting property or you will have trouble selling to a hunter unless he is green himself and by that I mean not very experienced in hunting and there is not a many of those out there. Don’t buy near a neighborhood, fresh cutover unless its cheap or anything that will make your land a lot harder to sell than the property down the road or your hold time will be extended and interest will eat into your profit and kill your deal.

When it comes to making money on hunting land for sale in Alabama if you can find a deal you can make a profit, that’s easier said than done, you must put most of your time and effort into finding you perfect hunting tract.

Retrieved from “http://www.articlesbase.com/finance-articles/hunting-land-for-sale-in-alabama-how-to-profit-from-buying-and-selling-land-3379414.html”

(ArticlesBase SC #3379414)

Watch your traffic increase just by submitting articles with us, click here to get started.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Chuck Magee -
About the Author:

Chuck Magee has been in the real estate business for two decades and has launched land for sale websites like http://alabamalandsource.com/sch/?land_use=Hunting, http://louisianalandsource.com/sch/?land_use=Hunting, and http://mississippi-landsource.com/sch/?land_use=Hunting.

]]>

Questions and Answers

Ask our experts your Finance related questions here…

Ask

200 Characters left

My Sales Landing page is getting plenty of views, and visits, but no one is buying my product. What can I do to get people to buy from me?
What can I do to get more Sales out of my web site. I have a great product and some good traffic coming through, but no one is buying. How can I change this?
What are the main land regions of alabama ?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

0) {
ch_selected = Math.floor(Math.random()*ch_queries.length);
if(ch_selected == ch_queries.length) ch_selected–;
ch_query = ch_queries[ch_selected];
}
}catch(e){
ch_query = document.title;
}
]]>

Source: http://www.articlesbase.com/finance-articles/hunting-land-for-sale-in-alabama-how-to-profit-from-buying-and-selling-land-3379414.html

Article Tags:
hunting land for sale in alabama, first south farm credit, alabama land, land financing

The selling bank just approved our offer, how long would it take to get the house?

Posted by Usual in Bank approved short sales, tags: approved, BANK, House, just, long, Offer, Selling, take, would

Our offer was accepted almost a week ago, now Im just waiting. My Lender is bank of america once the owner accepted our offer on 4/16/10 BOA said they would not due the appraisal until the bank accepted the offer. On 4/29/10 $530.00 came out of my checkings, I called for the report several times and the loan processor has not called me back. My realtor just called me on sun 5/16/10 stating the bank finally approved the loan. This is a short sale home and Im so lost and stressed. How much longer anyone?

2 Comments »

Jan 01 2011

houses short selling, do banks tend to approve this?

Posted by Usual in Bank approved short sales, tags: Approve, Banks, house's, Selling, Short, tend, this

I have been looking (online) at some houses in an Austin Texas neighborhood.
I have noticed multiple houses say “short sale, bank approval required”.

I know this means that the house is selling for less than is owed to the bank.
Do banks tend to approve these?
Should I be weary of buying such a house?

These houses also seem under-priced compared to other houses in the same neighborhood that are the same size.

5 Comments »

Sep 09 2010

Zillow: 13% of Baltimore-area homes selling at a loss

Posted by Usual in Bank approved short sales, tags: Baltimorearea, Homes, Loss, Selling, Zillow

Zillow: 13% of Baltimore-area homes selling at a loss
The trend peaked in early 2009 with 15 percent of homeowners selling at a loss. But three years ago, the sales-at-a-loss share was less than half as large as it is now.

Short Sale Real Estate: Tips for Selling Your House for Less than Is Owed

Posted by Usual in Lender Approved Short Sales, tags: Estate, House, less, Owed, Real, Sale, Selling, Short, than, TIPS

Short sale real estate references selling property for less than the balance owed on the mortgage loan. This type of transaction is occasionally offered to borrowers who have become delinquent on their home loan and can no longer afford mortgage payments. In order to avoid the expense associated with foreclosure, banks allow borrowers to sell their house at a reduced price.

Entering into short sale real estate contracts is a lengthy process. Oftentimes, borrowers enlist assistance from a real estate lawyer, realty agent, or short sale specialist. However, borrowers must obtain approval from their lender before listing their home as a short sale property.

Not all banks engage in short selling. Those that do require borrowers to prove they are financially insolvent and unable to fulfill their financial obligation. Short sales are generally reserved for borrowers who do not possess home equity and owe more than their home is worth.

In some instances, banks will grant short sale approval to borrowers who possess home equity and are current on loan payments. Borrowers facing financial challenges due to the death of a spouse, divorce or terminal illness might qualify for real estate short sale.

The first step involves contacting the bank’s loss mitigation department. Loss mitigators usually attempt to qualify borrowers for loan modifications to help them remain in their home. If short selling is an option, borrowers must submit financial and real estate documents to their assigned loss mitigator.

Although short sale protocol varies by lender, most require the same financial documents. Short sale packets consist of legal forms, financial records and a letter of hardship. These documents can be your ticket to financial freedom.

Take time to review the information, fill out every form, double-check everything twice, have a real estate attorney review the documents, and make certain to return the packet on time. Do not lie or exaggerate information. Providing false financial information in a real estate transaction is a federal offense which carries a penalty of jail time and expensive fines.

The short sale hardship letter could very well be the most important letter you will ever write. Hardship letters give borrowers the opportunity to explain circumstances that caused them to become delinquent on their home mortgage loan.

Letters of hardship should be written in chronological order, outlining events that caused financial problems. It is important to list any action taken to overcome financial challenges. If you discontinued cable TV and cut up credit cards, state these facts in the hardship letter.

Once short sale approval is obtained, borrowers are required to sell their property within a specified timeframe. Most lenders require borrowers to have a prequalified buyer in place before authorizing a short sale transaction. Others grant borrowers’ time to list their property through a realtor. If the property is not sold by the deadline, lenders commence with foreclosure action.

One lesser known option for selling foreclosure short sale real estate is to seek out private investors. Many real estate investors are familiar with short selling and can assist throughout the process.

Before signing short sale contracts, be certain to inquire which type of short sale agreement is offered. Some mortgage lenders hold borrowers responsible for the deficiency amount of the sale price and loan balance. If borrowers are unable to pay the amount in full, lenders obtain a court authorized judgment which remains on credit reports until restitution is paid in full.

Other banks accept the sale price as payment in full and do not hold borrowers responsible for the deficiency. This is referred to as Payment in Full without Pursuit of Deficiency Judgment. Obviously, this is the preferred short sale real estate option.

Simon Volkov is the author of
“Short Sale Hardship Letter“; a popular real estate course that guides individuals through the short sale process and provides insider-tips for improving chances of obtaining short sale approval. Simon is currently buying short sale real estate in Orange County, California, Washington, Nevada and Arizona. Individuals who need to sell short sale real estate are invited to submit information about their property via the “we buy houses” form at www.SimonVolkov.com.

No Comments »

May 15 2010

As far as selling a bank-owned REO property, do the banks generally accept only the HIGHEST qualified offer?

Posted by Usual in Bank Owned REO, tags: accept, BankOwned, Banks, generally, highest, Offer, only, Property, qualified, Selling

Regardless each bidder’s financial condition (down payment amount/ excellent credit score/ contengencies…)?
For example:
Bank’s target price is $350K. Two offers received from two possible buyers.

Buyer A: Offer $352K, 5% down, credit score good 750.

Buyer B: Offer $350K, 20% down, credit score Excellent 803.

Which one would be in favor of by the bank?

No Comments »

Jan 12 2010

Short Sales Homes: Tips for Selling Your Home to Stop Foreclosure

Posted by Usual in Lender Approved Short Sales, tags: Foreclosure, Home, Homes, Sales, Selling, Short, Stop, TIPS

Short sales homes can be a saving grace for borrowers facing foreclosure. The process involves selling the property short of what is owed on the mortgage note. When borrowers become delinquent with their payments and do not possess the financial means to become current, some lenders will grant short sale approval to prevent the property from falling into foreclosure.

Short sales homes are sold below the appraised value and proceeds are used to satisfy the debt. Obtaining short sale approval requires borrowers to undergo a financial audit through their mortgage lender and locate a qualified buyer to purchase the property.

Borrowers must work with an assigned loss mitigator. This individual is generally employed by the bank to develop a plan to either cure mortgage arrearages and help borrowers become current with payments, or short sell the property within a specific timeframe.

Not all mortgage lenders offer short sales, nor do all homeowners or properties qualify for approval. Those who do offer the option of short selling handle the process according to their established protocol.

Unfortunately, there is no one-size-fits-all strategy for negotiating with lenders to obtain short sale approval. However, borrowers who have accrued equity in their property or those who own valuable assets which could be used to repay the note cannot apply for mortgage short sales. The only way to know if properties qualify for short sale approval is to contact their lender.

Short sales are usually handled through the bank’s loss mitigation department. When borrowers become delinquent on their mortgage loan their account is turned over to a loss mitigator. This person acts as a mediator between the borrower and lender. Mitigators do not make final decisions, but can offer guidance and advice throughout the process.

The first step of the short sale process involves submitting a packet of financial documents. Similar to an IRS audit, loss mitigators carefully review borrowers’ financial status to determine if they are financially insolvent or possess assets which could be used to repay the loan.

Borrowers are usually required to submit payroll documentation, previous years’ tax returns, list of income and expenses, property tax and homeowners’ insurance premiums, credit card and banking statements, and various other documents.

Many mortgage lenders require borrowers to have a buyer in place before discussing the option of short selling property. If so, a copy of the sales contract must be provided to the lender. Other banks allow borrowers time to list their property through a realtor and grant two to three months to locate a buyer. The borrower must then submit a copy of the listing agreement to the bank. If a buyer cannot be located by the deadline, lenders commence with foreclosure proceedings.

If you are facing foreclosure and need to sell your house quickly to satisfy a short sale agreement, consider seeking out private real estate investors. Many investors are attracted to distressed properties because they are sold below market value and make good investment properties; particularly for investors who engage in house flipping.

Many investors buy homes with cash in order to expedite the deal and increase their power of negotiation. Locating an investor who purchases properties with cash can improve borrowers’ chance of obtaining short sale approval.

Borrowers should take time to become educated about the process of short selling their home and weigh the pros of cons of this decision. As they say, knowledge is power. The more you know, the better your chances of obtaining a successful outcome.

Simon Volkov is a successful real estate investor and short sale specialist. He has helped hundreds of borrowers obtain short sale approval and prevent foreclosure. Simon has published hundreds of short sales homes articles via his website at www.SimonVolkov.com. Simon is also the author of the popular, “Short Sale Hardship Letter eBook Course“; a step-by-step guide for working with loss mitigation to obtain short sale approval.

No Comments »

Pages
Recent Posts
Tags:

Short Sale Sales BANK Real Estate OWNED approved Foreclosure Home foreclosures Offer long House about Property BUYING From take Homes Results this Quarter 2010 Help Banks Money Properties TIPS Lenders
Archives
February 2012

M T W T F S S

« Jan

1 2 3 4 5

6 7 8 9 10 11 12

13 14 15 16 17 18 19

20 21 22 23 24 25 26

27 28 29
Spam Blocked

4,079 spam comments blocked by
Akismet

Powered by WordPress, Mandigo theme Real Estate Road Kill brought to you by Total Business & Marketing Solutions LLC.
Entries (RSS) and Comments (RSS).

Posts Tagged “Selling”

Pages

Recent Posts

Tags:

Archives

Spam Blocked