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short sale: I Want To Avoid Foreclosure – How Can I Do A Short Sale - 01/30/12 10:33 AM
So many of us are experiencing hardships, and don’t know where to turn for assistance with real estate decisions. Whether we’ve lost a job, are falling behind or can’t make mortgage payments, have medical bills to pay, or simply don’t make enough money to cover all the bills – so many of us are feeling pressure. In many cases, homes are being foreclosed by lenders, when owners cannot make payments. But there are options to avoid a foreclosure, including a short sale.
When a lender accepts an offer to do a short sale on a home, it means that they are … (1 comments)
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short sale: Before You Buy A Short Sale – Get The Facts - 01/30/12 10:19 AM
You’ve looked around on the Tello Team website, and found a great looking home. Then, you found out that it was a short sale. Now you’re wondering if you should look into the home further, and whether it would be a good investment for your family and your future. Before you buy that short sale home, get all the facts you can so that you can make the right decision!
Check the public records. Your Tello Team real estate agent can help you with this task. You’ll want to look up all of the public records on the property, including who … (0 comments)
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short sale: Avoiding a foreclosure on your home - 11/30/11 06:52 PM
Things change – it’s a fact of life. Our entire economy seems so much different now than it was 20 years ago. So many are without employment – due to job loss, medical reasons, a death in the family divorce or the loss of a second income, or simply the inability to be able to pay all of your bills.
If you are having financial issues, all of us at the Tello Team urge you to contact your lender immediately for assistance. Waiting to make that crucial contact may make the situation even worse. Holding off could in fact lead to … (0 comments)
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short sale: Can a short sale affect my credit score? - 11/21/11 10:51 PM
A foreclosure can have a huge impact on your credit score – dropping your score anywhere from 175 – 300 points. Those points can take years to build back up.
If you are able to sell your home as a short sale, the impact on your credit score still exists, but it’s not as harsh. There are ways to reduce the impact on your credit score to lessen the effect.
Contact your lender. They will try to help – we are confident they will try to help. Work with your lender on negotiating a short sale, and don’t miss making any … (1 comments)
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short sale: Tips from Bank of America for Buying a Short Sale Home - 10/19/11 01:23 PM
You’ve looked in the paper, you’ve looked online, and you’ve even gone to some open houses. The home that you have really fallen in love with is a short sale. What exactly is the process when you’re considering purchasing a short sale home? Bank of America offers the following great tips!
1. Start by getting prequalified – No matter which home you’re interested in purchasing, prequalification is the key to a smooth home buying experience and process. Through the prequalification process, you and your lender will know just how much home you can comfortably afford.
2. Go for the experience! Choose … (0 comments)
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short sale: What Are The Benefits of a Short Sale on my Home? - 10/13/11 09:06 PM
All of us face hardship - some of us, in more ways than others. For some of us, those hardships place us in positions that we have never dreamed of being in. When hardships strike, whether it be a divorce, loss of a loved one, unemployment, or simply cannot afford to live in your home any longer – there are alternatives to foreclosure. Placing your home for sale as a short sale is one of those options.
In some cases, you may not be able to avoid foreclosure. However, the Tello Team wants you to know that you should look into … (3 comments)
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short sale: What You Need To Know Before Making An Offer On A Short Sale - 02/09/10 04:23 PM
Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? Before you make an offer, it pays to know a little about the seller's situation.
If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and … (0 comments)
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short sale: What really is the difference between a short sale, foreclosure and REO? - 02/01/10 10:28 AM
What is a Short Sale?
A short sale happens when a lender agrees to take less than the full loan payoff for an owner's property. In most cases, the owner is in default and is not making their payments for whatever reason.
Short sales, in most circumstances, are the first step to avoid foreclosure. Although the lender(s) will recover less than the total loan amount in a short sale, they may prefer this in lieu of foreclosure. The costs of foreclosing on a property may be more than the bank's loss by taking a short sale. Also, the property may … (3 comments)
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short sale: What is a Short Sale? - 01/25/10 10:31 AM
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.But to be technical, here's a more official definition:
· A homeowner is 'short' when the amount owed on his/her … (1 comments)
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short sale: US Treasury is to simplify short sales! - 12/10/09 03:36 PM
The US Treasury has announced that it is setting a guidance plan to simplify short sales - huge news for our market! They are implementing "The Home Affordable Foreclosure Alternatives Program", which is going to provide financial incentives and simplify the procedure for closing short sales. This program is going to address barriers that often sideline short sales by setting limits on the time it takes a bank to approve an offer, which will free borrowers from debt and cap claims of subordinate lenders.
These incentives were first announced in May, however the program has stepped up the pressure on mortgage … (2 comments)
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short sale: IMPORTANT NEWS FLASH * How The Home Affordable Short Sale/DIL Program Works - 05/15/09 03:39 PM
The Making Home Affordable (MHA) Program provided additional details yesterday on its plan to stabilize the US housing market and prevent avoidable foreclosures, and it is good news for short sales. The latest foreclosure alternatives include: - A Short Sales/Deeds-In-Lieu Program to Facilitate Foreclosure Alternatives- Incentives for servicers to pursue alternatives to foreclosures- Borrower incentives to cover relocation expenses to homes that are affordable- Streamlined process combining short sales and deed-in-lieu transactions - Borrower Eligibility. Borrowers will be eligible for the Foreclosure Alternative Program if they meet the minimum eligibility criteria for a Home Affordable Modification but did not qualify … (0 comments)
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Christopher & Natascha Tello
Pembroke Pines,
FL
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The Tello Team
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