short sale specialist: Short Sales Closing At Half The Rate Of Arms Length Home Sales
- 09/05/11 03:57 AM
Short sales are not unique to Tallahassee, and the banks that must decide whether or not to approve existing contracts for purchase are simply too overwhelmed for this process to move along smoothly. Currently, as we can see just from the Tallahassee real estate market, short sales are growing in number in the inventory, but are not growing at the same pace on the closing side of our reports. When we look at a graph of homes for sale in Tallahassee, broken down by seller situation, we can see that 30% of these are distressed home sales (I include relocation because … (50 comments)
short sale specialist: Case Study In Short Selling Versus Becoming A Landlord
- 07/27/11 01:02 AM
You might be wondering what is a short sale going to do for a homeowner who owes more money on a property than it is worth, and who really needs to relocate right now. After all, there are options for homeowners beyond just doing a short sale, right? What Is A Short Sale? First of all, what is a short sale? This is simply when a seller agrees to a price with a buyer and the net amount of money from the home sale is not enough to cover the mortgage(s) on the property. In this case, approval from the lender(s) … (6 comments)
short sale specialist: Are Short Sales The Solution To The Housing Crisis?
- 07/26/11 02:01 AM
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. The market value of the home is $210,000. To make a long story short, the lender accepts the offer for $210,000 and the home is sold. That‘s a short sale. As you can see from the graph on the right, the explosion of foreclosures is not something isolated in Tallahassee. Even though a third of our housing market consists of distressed properties, Tallahassee is below … (4 comments)
short sale specialist: Stuggling Homeowner Needs Help
- 01/26/11 09:25 AM
I recently received an email from a reader who is a homeowner having problems trying to figure out what to do with an upside-down home. The saddest thing about this email is that such requests are not uncommon in today’s housing market. Here is what “EG” has to say: I have a house that I owe $160,000 on. I’m 16,000 behind in my mortgage. My lender denied a modification, because I got a modification in 2009. They will only allow 1 modification during the life of the loan. Do you have any ideas about creatively selling my house without going … (6 comments)
Short sales are not unique to Tallahassee, and the banks that must decide whether or not to approve existing contracts for purchase are simply too overwhelmed for this process to move along smoothly. Currently, as we can see just from the Tallahassee real estate market, short sales are growing in number in the inventory, but are not growing at the same pace on the closing side of our reports.
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