The home buying process is quite complicated, and nothing will throw a wrench into things faster than a mortgage company that drops the ball.
When buying a home with us, you are free to use any lender you wish, however, we strongly recommend that you use one of my preferred lenders. They can meet or beat the interest rate and pricing of any other lender, plus you will never be at the mercy of some outside company - waiting around helplessly trying to find out the status of your loan from some mysterious unknown person.
You may If not, here is a list of items you should bring to your loan application.
1) W-2 (2 years) & current pay stubs 2) Past 2 years pay history for landlord/mortgage company 3) Employment information (2 year history) 4) All bank account numbers and balances 5) Last 3 month's bank statements 6) Open loans-names, addresses, account #, balances, monthly payments 7) All information on any other real estate loans 8) Drivers' license or other photo ID 9) Check for credit report 10) Certificate of eligibility or DD214 (VA loan only) 11) Self employed: Last 2 year's complete tax returns, year to date Profit & Loss Balance Sheet
The next step is for you to come into the office for your initial consultation. We will sit down and evaluate your situation, and determine if it is in your best interests to proceed with buying a home at this time.
The first step of this process is the "NOTICE OF INTENT TO ACCELERATE". This comes BEFORE the big package....Sometimes certified mail. It means "you have not paid AND if you do not pay by such and such date, we call a foul!" A default! And our note says we have the right to call the loan due in full if you stop making payments. Sometimes people think this "date by which the past due balances must be paid" is the day you get foreclosed on. NO. This is just a written notice, that says you better pay by August 10th (as an example) or else we call a breach of the instrument you signed at closing.....Sometimes people think the acceleration date is the same as the foreclosure date, or the last day to pay.....IT IS NOT. YOU STILL OWN THE HOUSE AFTER THE "acceleration date" passes.
Then you get the big package of papers (SUMMONS) saying you have 20 days to respond is served upon you by BSO or some other process server. Sometimes this is called NOTICE OF HEARING. Meet the server, and accept the package. Sign for it...You are not signing away the house. Sometimes people think that when they are served with the "foreclosure papers" they have been foreclosed on UPON receipt. YOU STILL OWN THE HOUSE, after you are served with these documents.
In 20 days there will be a hearing. Either you will hire an attorney and dispute the foreclosure action because you DID pay the mortgage and you do not accept the fact that those payments were not received, OR you stay home, do not attend the hearing because there is nothing to say, and they grant the foreclosure judgment to the bank. THE DAY OF THIS HEARING IS NOT THE DAY THE BANK "TOOK" your house. YOU STILL OWN THE HOUSE, after this hearing. (During this time you will get hundreds of letters from investors offering to buy your house, realtors wanting to list your house, lenders wanting to refi your house. BE VERY CAREFUL DURING THIS TIME. Most of what you get in the mail are sales and solicitations.....It is easy to miss important documents because you are inundated with "official looking mail" that is really just junk mail. You will quickly find when you call these people who buy your name from a list, that all are trying to sell you something or "save you" in some way. Some are legitimate operations. MANY ARE NOT.
After the hearing date, the bank has entered a default judgment which gives them the right to take the house back now....Then the file is given to a local attorney....(four of the biggest are David Stern's office, Smith Hyatt & Diaz, Echevarria, Codilis, & Stawiarski, and Butler & Hosch.). Now the attorney will start contacting you and sending you letters. They are the people that are going to take the legal steps necessary to actually foreclose on you. They do the title work. They set up the sale date. THEY HAVE NO AUTHORITY to do any payment arrangements with you, stop the sale, or approve a short sale....You must go back to your bank for this. They are simply doing the legal legwork to set up the sale. THEY DO NOT OWN THE HOUSE.YOU STILL OWN THE HOUSE. They are exercising the banks right to foreclose under the terms of the note you signed at closing.
There is approx. another 60 days (some attorneys are faster ....others are slower) of legal work to be done. I have never seen a sale date set faster than 60 days from the hearing date. Sometimes it can take a year! As things become more streamlined the process may speed up. You will get lots of paperwork from the attorney that is confusing looking. Very few documents require action on your part. Remember, YOU STILL OWN THE HOUSE.
BE HYPER AWARE of a document which says "SALE DATE" or "AUCTION DATE".It will come in the mail....Sometimes certified, and will probably be from the foreclosure attorney. THIS IS THE DAY YOUR HOUSE WILL BE SOLD ON THE COURTHOUSE STEPS.THIS is the day you have "LOST YOUR HOUSE". THIS is the day when the ownership of your house changes hands. THIS is the day you should be out of your house. If you miss this document, you will have an ugly surprise after auction. Once you get the document that says SALE DATE or AUCTION DATE, the end is near. The sale is usually set up sometime within 30 days of the day you get this document. THE SALE CAN BE CANCELLED EVEN ON THE DAY OF THE AUCTION, if you come to terms with the bank on a short sale, and the negotiator agrees to the sale, OR if you come up with the money that is past due. So it is not over until after the auction, but the end is rapidly approaching when you get this notice. CALL ME IMMEDIATELY when you get this sale date.
Our job is to try and get a short sale to close, before step 6 happens. It is a race with the bank to try and get the house closed to a short sale buyer before the bank takes the house to auction...
We can only accomplish this if we work together as a team, and fully understand that "Time is of the Essence."
After obtaining an Associates degree in accounting back home in New York, Michelle relocated to Florida in 1996 with her daughter Ariana and husband Tony.
That year, Michelle and Tony became Co-Owners of a successful commercial air conditioning corporation, which they currently still own and operate.
As a small child, Michelle was introduced to the world of real estate. She, on many occasions sat in as her father's assistant and accompanied him on his appointments, as he was a real estate broker/owner and investor. Michelle always had a passion for real estate but never pursued it. In 2000, Michelle decided to follow her childhood dream of becoming a Realtor.
Today, she is a "Full-Time" Realtor & Lic. Mortgage Broker that specializes in residential home sales throughout Broward and Miami-Dade Counties in South Florida, with special emphasis in the communities of Davie, Davie, Miramar, Hollywood, South West Ranches, Cooper City, Plantation, Sunrise, Tamarac, and Ft. Lauderdale.
Being a strong believer in continuing education, (in order to better serve her expanding customer base) she has attended many board seminars and state conventions over the years to enhance her knowledge in the real estate industry.
In 2003, Michelle earned the Graduate Realtor Institute (GRI) designation, which has prepared her to provide high levels of professional service to her clients by securing a strong educational foundation. The GRI designation is obtained by attending a specific, intensive series of 90 hours of classroom instruction, covering subjects in contract law, professional standards, sales and marketing, finance, and risk reduction. The subject matter has been chosen to educate practitioners about local, state and national real estate practices that affect them, their clients and customers.
Michelle has met the requirements to obtain the At Home with Diversity, One America designation awarded by the National Association of Realtors (NAR), and the U. S. Department of Housing and Urban Development (HUD) thereby recognizing her as a leader in the practice of expanding homeownership opportunities to our nation's minority and immigrant families and communities.
Most recently she earned the Certified Distressed Property Expert Designation (CDPE). Michelle is a professional with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, Michelle is able to provide solutions for homeowners facing hardships in today's market.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. In today's complex real estate market the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. As a CDPE Michelle has the tools needed to help homeowners find the best solution for their situation.
Michelle is committed to providing her valued customers with professional, courteous, and timely service. Her guiding principle is being "Not just a Real Estate Agent - A Realtor for Life." She is computer savvy and is always looking for new technologies that will enhance her ability to serve her customers more effectively. That being said, Michelle has developed an enhanced marketing plan that utilizes the Internet among other unique techniques to expose the homes she markets to the greatest number of prospective buyers, and to help buyers find the home of their dreams.
Michelle works with both Buyers and Sellers, and takes great pride in helping them achieve their real estate goals.
Memberships & Network Groups:
National Association of REALTORS (NAR) Florida Association of REALTORS (FAR) REALTOR Association Greater Miami & the Beaches RE/MAX International Certified Distressed Property Expert (CDPE) Certified Distressed Property Expert (CDPE Advanced Member) Graduate REALTOR Institute (GRI) At Home With Diversity (AHWD) One America Notary Public Guaranteed to Move You!
CDPE Advanced Creator Facebook Group - Foreclosure Prevention Team RE/MAX International Graduate REALTOR Institute (GRI) At Home With Diversity (AHWD) One America Notary Public Lic. Mortgage Broker Star Power Member
The First-time buyers tax credit of $8,000 has been changed to benefit home buyers in Florida. Federal Housing Administration (FHA) would allow its lenders to credit homeowners up to $8,000. If you are a first time home buyer or have not owned a home in your name in the past 3 years you may qualify for up to $8,000 towards closing costs.
I had an interesting conversation with a gentleman the other day, that happens to be a family member of one of my Short Sale clients. I am helping his son Avoid Foreclosure. I have been dealing with the father directly as a point of contact as the son now lives in another state and has given his father the POA.
We were conversing and he says to me, "Michelle, I am looking to purchase a home on my own and I was wondering if you will be able to help me with that?"
I replied, "of course I can"
He said, "Oh, I didn't know you do that you also sell homes! I thought you only worked with Short Sales helping people Avoid Foreclosure"
I can not explain what I felt at the moment but I can say one thing that sure was on big eye opener. That was a very important point he made and I feel that I need to get the word out...because consumers don't always understand our Real Estate Language.
I am a Short Sale Expert assisting homeowners Avoid Foreclosure and... I AM ALSO A REALTOR!
I CAN Help "ALL" Buyers Buy Homes and "ALL" Sellers Sell Homes!
My expertise in Short Sales and Foreclosures is an Added BONUS that I provide to valued clients. But, above all...
I AM A REALTOR!
I have spent a lot of time this past year advertising my services to homeowner in distress because I want to let them know that there are options and people who care to help.
I guess at some point I crossed the line and neglected to tell everyone that I still am a REALTOR and do provide "traditional real estate services" to buyers & sellers as well.
We're all facing tough times. The reality is, you or someone you know may be confronted with true hardships that make the future seem uncertain. But don't let the possibility of foreclosure be a means for panic.
There are better paths ... and as a CDPE-designated agent, I can help you find the best path for you and your family.
Now is the time to learn your options. Feel free to contact me with your questions about first steps.
When looking to purchase a short sale or foreclosure you should discuss the following with your agent:
Multiple Contracts - When you are purchasing a home and put it ‘under contract' you should be the only buyer pursuing that property. If the listing agent will be submitting your contract as one of many, to the lender or even worse signing multiple contracts you are in essence entering into a blind auction for real estate. Unless you are an experienced investor, this is unlikely a situation you will be comfortable in.
Inspection Allowances - Regardless of what type of property you decide to purchase you need to make certain you have the right to have a professional fully review the property and report to you their findings. This is critical.
Submit a Strong Contract - treat a short sale or an REO like any other contract and put your absolute best offer forward. If you truly want to purchase the property in question make your offer count.
Hire and Educated and Highly Experienced Agent
A short sale or foreclosure purchase is not a typical real estate transaction. They can be difficult and come with their own specific challenges however the right agent can help guide you through this process and help you purchase the property you are looking for.
In order to successfully sell your property through a short sale, you will need to fully cooperate with your real estate professional. Your assistance in this process will give you the highest likelihood of a successful outcome, a sale and, most importantly, a foreclosure avoided.
Here is a simple list of items you can take care of immediately:
Prepare your property for sale. This includes: remove all clutter, make sure all lights work, clean out your property and make it as presentable as possible. Your agent will have additional suggestions for you. However, there is no reason not to get started now.
Gather the required paperwork and documentation that your agent will need in your fi rst meeting you have. See the list below.
If you believe a short sale is the right option for you, list your property with the qualified CDPE professional that provided you with this information. They will help guide you through this process.
I Provide a Community Website for Residents, Neighbors, For Sale by Owners, Merchants, Clubs & Organizations and Future Residents of Miramar & Pembroke Pines, that enables them to interact with one another & get involved in the community. Most importantly, they can stay informed of Community Events, News and Local Real Estate Trends.
At ILoveMiramar.com
you can post"FREE" Classified Ads, For Sale by Owner Properties, Garage Sales, Events, News, Coupons and Menus, and even search for New Employment.
It is a Community Website, "For the Community, by the Community" and it's all "FREE!"
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I had an interesting conversation with a gentleman the other day, that happens to be a family member of one of my Short Sale clients. I am helping his son Avoid Foreclosure. I have been dealing with the father directly as a point of contact as the son now lives in another state and has given his father the POA.
We're all facing tough times. The reality is, you or someone you know may be confronted with true hardships that make the future seem uncertain. But don't let the possibility of foreclosure be a means for panic.
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