short sales: Buying Again, Soon, After a Short Sale?
- 06/10/14 10:26 AM
Buying Again, Soon, After a Short Sale? Late last year I was privileged to assist a seller in the successful short sale of their home. During the process, we had a few conversations about how soon they'd be able to buy their own home again. I advised them, of course, to talk to their lender when they thought they might be ready, but we chatted a bit about a couple of programs I knew of at the time. The FHA Back-to-Work program had been recently announced and it certainly felt as though that might be their best hope for a new mortgage. … (0 comments)
short sales: Successfully Buying a Short Sale Home
- 01/22/13 05:33 AM
Successfully Buying a Short Sale Home is a bit more complex than buying a traditional home listing. It's important to not only work with an experienced and skilled Buyer's agent, but to also consider the experience and skill of the agent representing the Seller. In any home buying purchase, the buyer should carefully evaluate a home based at least on these criterion: Location Condition Price vs Fair Market Value of the House Potential Closing/Settlement Date When considering the purchase of a short sale listing, however, a savvy short sale buyer should also consider the answers to these important questions: What's … (0 comments)
short sales: Short Sale Documentation
- 05/21/12 11:10 AM
Perhaps the most significant part of handling short sale listings is gathering the appropriate documention from the Seller. While each lender / loan type tends to have slightly different requirements, overall the list is similar and must be presented to the Lender at the time short sale negotiations are begun. Short sale documentation from the Seller almost always includes at least: Authorization from the Seller(s) allowing the negotiator to contact lender(s) on their behalf. Hardship letter. This letter, written by the Seller, describes exactly why the Seller is in need of a short sale and why the lender should consider … (2 comments)
short sales: Auburn WA - First Quarter 2012 Residential Sales Report
- 04/12/12 10:43 AM
Auburn WA continues to be an area where distressed property sales make up almost half of all closed residential sales. It's also an area where homes are selling quickly and within 99% of asking price. Using information gathered gleaned from the local Multiple Listing Service, shows that for the period January 1 through March 31, 2012 the important numbers are: 215 Total number of completed (closed) sales of residential properties 51 Number of New Construction properties sold $61,750 Low price $620,000 High price $219,950 Median price $228,741 Average price 123 Days Average Days on Market (the amount of time before … (0 comments)
short sales: A Great Lender Helps From Start to Finish, Especially in a Short Sale
- 01/11/12 05:42 PM
One of the very first steps in the home buying process is determining how a Buyer will pay for their new home. Not only must a Buyer determine much they can afford, but how an offer must be structured--whether closing costs must be paid by a Seller, gift funds will be used for a down payment, how much of a down payment will be paid, and so on. Having a great lender as part of the Buying team is critical, but especially so with short sale purchases. It can be difficult for a lender to help a Buyer determine exactly … (2 comments)
short sales: Short Sales and 2012
- 12/30/11 11:14 AM
By all indications, it appears that 2012 will be a year with even more short sale listings … and closings than 2011. Some of the major banks have embraced the idea that short sales can be a bit more profitable than letting houses sit for months on end and then ultimately end up in foreclosure. With the number of real estate transactions on the upswing here in the Auburn, WA, south King County, and Pierce County areas, it only makes sense that we’ll also see more short sale transactions. Around the water cooler, I’m hearing that some real estate brokers … (2 comments)
short sales: Facing Foreclosure? In Washington State You May Be Entitled to Mediation!
- 12/14/11 12:16 PM
Yesterday I posted information about what to do as soon as you fall behind in your mortgage payments. As a second step in the foreclosure process in Washington State, the Foreclosure Fairness Act stipulates that if your loan is through one of the big banks, after receiving notice that a Notice of Default has been filed, you’re entitled to have your situation formally addressed through Mediation. The purpose of Mediation is to determine whether there is any alternative to bank foreclosure of your property. Ideally, the outcome of mediation might allow you to restructure your loan, save your home, or agree … (4 comments)
short sales: Yes, New Construction IS Selling in Auburn, WA
- 03/24/11 02:08 PM
Sigh. The national newspapers are shouting from the rooftops about how crappy terrible new construction is selling. Another sensationalism report blowing things totally out of proportion. According to an Associated Press article quoted in my local Seattle Times, new home sales so far this year across the nation accounted for just 5% of all sales. Historically, they say, new home sales make up about 15% of all sales. Around my Auburn, Washington area home, I can count at least 10 new construction developments just starting up. Maybe more than ten if I give it a bit more thought. The point is, … (2 comments)
short sales: Dear Bank -- Can I buy my own short sale house?
- 10/12/10 03:43 AM
Dear Bank President: See here's the thing. Like much, if not MOST, of the country, the value of my house has dropped substantially. So has my income, but I'm STILL WORKING! Of course my income is now only about 2/3rds of what it was when I bought my house because I had to take a cut in pay to keep my job. But I'm STILL WORKING and I've never missed a payment. I've now built up all of my credit cards to their limit and raided almost 100% of my 401k so that I can make my mortgage payments, yet I've … (14 comments)
short sales: HURRY -- JP Morgan Chase -- Struggling Homeowner Event TODAY!
- 09/30/10 03:56 AM
Buried deep in the newspaper yesterday was an announcement that JPMorganChase Bank is holding an event TODAY, September 30th, for homeowners struggling to make their house payments for Chase and EMC mortgages. Being held from 11am - 5pm at the Chase Homeownership Center, 16400 Southcenter Parkway, Suite 200 in Tukwila, homeowners should bring their most recent tax returns, W-2s, monthly bank statements, pay stubs and proof of tax, insurance, and homeowner association payments. HURRY! (So sorry for the late announcement -- I almost missed this!) … (3 comments)
short sales: The Business of Short Sales in Auburn, WA
- 09/17/10 05:43 PM
Short sales are a huge part of our area's current listing inventory and sales statistics. They're difficult transactions and time consuming. They require specialized knowledge and dedication to the task in order to be successful. They also require impeccable business practices and an adherence to the highest of ethical standards. The business of real estate ... and more specifically at this current time, the business of short sales affects everyone. Not just current homeowners, but home buyers, home sellers, renters. Everyone. We all are touched by housing prices, banking practices with regard to home mortgages, interest rates, etc. I'm sure … (0 comments)
short sales: What About a Deed-in-Lieu?
- 08/12/10 08:49 AM
A deed in lieu of foreclosure is an additional option that should be investigated when facing a possible foreclosure. While it may seem like a simple and easy method to avoid a foreclosure, there are considerations and steps that you must take. A Deed-in-Lieu of Foreclosure is a process where the lender agrees to take the deed to your home rather than pursue a foreclosure action against you for nonpayment of your loan. This option is easiest where there is only one mortgage, and where there are no other liens. It's also important to know that some banks won't even consider a … (4 comments)
short sales: Sometimes a Short Sale is Just NOT the Right Answer
- 08/09/10 05:15 PM
I like to consider myself as a resource for sellers who are considering their options. Should they pursue a short sale? Should they just walk away? Should they just try to hang on no matter what? Recently I had an opportunity to meet with a wonderful couple that were truly truly trying to do "the right thing," as they phrased it. We met for a couple of hours while they showed me around their home. Their pride was obvious. This house was their baby. They'd improved and lovingly planted almost every inch of the yard ... and the inside was eat … (26 comments)
short sales: Refinance or Pursue a Loan Modification?
- 08/09/10 04:43 PM
In today's economic real estate market, unfortunately, sellers frequently find themselves in a position where their home must be sold for less than the outstanding balance of their mortgage. The process in doing so is called a "short sale," where the lender-or more specifically the investor(s) or lienholder(s),-are asked to accept a less-than-full payoff for the property. Two alternatives are suggested here that can and should be examined prior to deciding to pursue a short sale. Over the next few posts, I'll link to other alternatives. For a more complete discussion, click the title. Should You Refinance Your Home? If you feel you have … (0 comments)
short sales: Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter 2010
- 07/20/10 09:35 AM
Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter According to New Report From RealtyTrac. As an active short sale broker, assisting both buyers and sellers of short sale properties, I consider it a critical part of my job to help keep all parties involved and informed. A recent statistical article by RealtyTrac, one source for Foreclosure Activity across the US, posted its recent statistical summary releasing statistics for the number of foreclosure properties nationwide, along with comparing the value of non-foreclosure properties to those properties that have been through the foreclosure process and are then sold … (3 comments)
short sales: What Sold in Auburn, WA in 2009?
- 01/20/10 03:23 AM
Yes, homes and other properties DID sell in Auburn in 2009. From an agent's standpoint, the business of real estate felt slower until Fall, then things started jumping like mad! I know from my own business that every single sale was a lot of work -- always gratifying, but whew! The start of real estate in 2010 is moving right along! Just so you know ... Days on Market is the number of days the property was Active; i.e., available for sale and not under any sort of a purchase contract. Sometimes, especially where short sales are involved, a property may … (2 comments)
short sales: Will Short Sale Transactions FINALLY Become Reasonable?
- 12/03/09 12:02 PM
As a busy agent in the south King County area and down into the Tacoma/Puyallup Pierce County areas, I both list properties for Sellers and assist Buyers in finding their "dream home," whether it be a first time purchase or a repeat purchase. While definitely not unique to these geographic areas, price points and demographics of buyers and homeowners for these areas seem to especially target short sales and bank owned properties. Or maybe it's just the clients with whom I've worked over the last few months. Sellers need to sell--usually as quickly as possible--and Buyers just want to move in. … (2 comments)
Buying Again, Soon, After a Short Sale?
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