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short sales: Confused about Short Sales? - 02/23/11 09:55 PM
Even though the housing market is flooded with short sales - they're about 20% of the Tallahassee inventory - I continue to bump into people who don't understand the meaning of a short sale.
A short sale is one that doesn't generate enough money to completely pay off the mortgage(s) and liens against the property and is therefore "short" of the amount needed to clear the seller's debts. Because there can be a considerable amount of money still owed to one or more lenders after the sale, the lender(s) may ask the seller to sign a promissory note to pay the … (3 comments)
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short sales: Top 5 reasons to Forget Buying a Short Sale - 02/22/11 06:42 AM
Most buyers who search out short sales are looking for a bargain. Usually, you'll be able to find a house that meets your most important requirements OR is an awesome deal, but probably not both.
Getting a good price for whatever house you buy is always important; buying a house primarily because it's a "steal" will often prove disappointing when it's time to live there if you don't like the location, layout, amenities (or lack thereof), etc.
Here are five reasons to forget a short sale:1. You have a short, definite timeframe for moving2. The house is a great price, but … (5 comments)
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short sales: Why are there so many Short Sales? - 02/21/11 08:53 PM
There's no simple answer. You often hear that the culprits are Adjustable Rate Mortgages and sub-prime loans, but they aren't the only reasons why the market is currently flooded with short sales.
Many homeowners are upside down on their mortgage due to the drastic decrease in home values over the last few years, but that only becomes an issue if they can no longer afford to keep their property.
Here are some common reasons for short sales:
Loss of income due to layoffs, illness, divorce, retirement, etc. and inability to meet obligations and cover expenses of home ownership Catastrophic event such as … (0 comments)
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short sales: Transferred sellers are upside down. What should they do? - 12/29/08 07:24 PM
Some clients are transferring to another state later this year and need to sell their home. They bought at the peak of the boom and are about to lose $40-$50K when their house goes on the market. This is a huge amount, especially for a young couple just starting out. They don't have enough equity in the home to cover the deficit.
They may not qualify for a short sale now, since they can still make their mortgage payments. But when they are forced to move because of the husband's job, they may not be able to pay for both a … (10 comments)
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short sales: Dry closing for a Short Sale - 12/18/08 09:23 PM
We closed today on a short sale that's been in the works for some time and were happy to be getting a paycheck so close to the holidays ... but no paycheck. At the closing table, the attorney told us that short sales were getting flaky. The title company recently had two experiences where the bank accepted the payoff and then turned around and tried to foreclose the property!
So the title company's new strategy for short sales is to wait until the bank has sent a release before they will disburse funds. It doesn't prevent the bank from trying to … (4 comments)
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short sales: Don’t give up if the bank rejects your short sale offer - 12/18/08 08:54 PM
If you think the offer that was submitted is a good one and likely to be the best one the bank will receive, it's your job to convince the bank to accept it.
Most banks will order an appraisal and use that as the basis for their decision. Unfortunately, with the slowdown in sales, some of the comps used in the appraisal may be 9-12 months old and not representative of the current market since they don't typically use active comps.
Provide the bank with an analysis of your local market along with specific information on your short sale's neighborhood. Include … (13 comments)
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short sales: Don’t Count Your Chickens Before They’re Hatched … Another Lesson from a Classic Short Sale - 09/03/08 09:04 PM
After months of frustration on all sides, the lender approved the short sale and gave one month to close at the approved price. As the LA, I sprang into action and notified all parties, just feeling the adrenalin rush and mentally "chalking up another one". But today, the story took a twist that made everyone a little tense.
After repeated calls and messages to the selling agent asking verification of the closing date, he finally called and gave me the buyers' bad news. The husband had suffered a heart attack and was in the hospital. Needless to say, he and his … (2 comments)
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short sales: Are short sales a good deal for most buyers? - 08/24/08 06:18 PM
Short sales can be a great buy, often significantly below market value. The down side is the length of time it may take to get a decision from the seller's lender. This can cause problems if the buyer is a renter whose lease is expiring and doesn't have the option to go month-to-month, or the buyer who qualifies at the current rate, but not if the rate increases, and of course, the person who just doesn't have the patience to wait it out.
Buyers need to be aware of the following:
It may be 4-6 months before they know if their … (5 comments)
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Colleen McConnell, Tallahassee Realtor
Tallahassee,
FL
More about me…
Advanced Realty Group
Address: 2344 Centerville Road, suite 105, Tallahassee, Fl, 32308
Office Phone: (850) 894-3944
Cell Phone: (850) 445-4673
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