nashville short sales: Nashville Short Sale - SOLD!!!
- 07/25/11 09:43 AM
This Nashville Short Sale took longer than normal but we got it closed. This is an FHA short sale where the initial appraisal came in way too high at $180,000. We marketed the house and had quite a few showings but no offers. When the intial four month HUD preforeclosure program approval expired, Citi agreed to extend the program approval and ordered a new appraisal. This new appraisal came in at $140,000 and we subsequently re-listed the property for $129,000. Finally after 173 total days on the market, we closed this Nashville Short Sale at $129,300. My sellers are happy as … (1 comments)
nashville short sales: Nashville Short Sale - Attention Investors.
- 03/26/11 02:01 PM
This new Nashville Short Sale listing sold for $115,000 just three years ago. It's a diamond in the rough but the potential is there to make a really nice profit, priced at only $44,900. Call Rhonda today to schedule a showing. 615-751-6234
nashville short sales: Loan Modifications Are Simply A Source of Revenue for Banks
- 09/27/10 04:35 PM
I will admit that I had high hopes for the loan modification programs touted over the past 24 months or so. In theory and on paper, a loan modification makes perfect sense. Circumstances in the homeowner/borrower's life have changed to the point where the existing mortgage payment is unaffordable. All too often these days the reason is a job loss or underemployment (working part-time instead of full-time). Small businesses as well as large corporations are shedding positions across the country. Or it may be that the homeowner went through a divorce or lost their spouse or significant other. In the … (2 comments)
nashville short sales: Nashville Short Sales - Sometimes Your Situation Changes
- 09/20/10 04:42 PM
I had a conversation with one of my Nashville short sale clients this weekend. To put it quite bluntly, she is now in a catch-22 with her short sale. Months ago everything was going along fine. My client was working full-time, as was her husband and her ex-husband. She was receiving child support from the ex-husband and everything was right in her world. Just like so many other families today, both her husband and her ex lost their jobs. So she went from three incomes - hers, her husband, and child support - to her family of five surviving on just … (0 comments)
nashville short sales: Nashville Short Sales - Mortgage Insurance Companies
- 09/18/10 04:44 PM
I had a conversation with one of my Nashville short sale clients today regarding her short sale. My client's question to me was: "What about the mortgage insurance that I have been paying for all of these years? Do they cover the "shortage" of the short sale?" My answer was two-fold: Yes and No. What typically happens in a short sale where the owner had mortgage insurance as part of the loan is that the mortgage company/lender will get paid from the mortgage insurance company. The lender will file a claim with the mortgage insurance to recoup their losses. On the … (2 comments)
nashville short sales: Nashville Short Sales - Lease Purchase
- 09/15/10 04:50 PM
I received an email today from a person who is possibly interested in doing a lease purchase on a short sale. This is the second time in recent months that I have been approached about this. I wrote a blog out it some months ago but it obviously bears repeating if it is being questioned again today. Somewhere, somehow it has been pitched that it would be a good idea for a potential buyer to do a lease purchase on a short sale. This thinking is severely flawed. I know that it could be months to possibly a year or more … (0 comments)
nashville short sales: Nashville Short Sales - Driving Directions Are Important
- 09/13/10 03:44 PM
I always send a copy of the listing from the MLS to my Nashville short sale clients. I want my clients to not only see how pretty their house is and how nice the pictures are, but I also want them to double-check the information. I am the first to admit that I do get things wrong sometimes. For instance, forgetting to list maybe the fireplace or denoting that the refrigerator does not convey with the house when the sellers are actually leaving it behind for the new owners. There are so many details in a good listing that it is … (1 comments)
nashville short sales: Nashville Short Sale - Be Prepared to Submit Info Multiple Times
- 09/09/10 04:26 PM
Once my Nashville short sale clients come to the decision to do a short sale, the majority of them often believe that the struggle with the mortgage company is about over. In many cases, it is just beginning. Just like the modification department, the short sale department is normally understaffed and poorly organized. Often times many of the short sale negotiators and employees working in the short sale department are new employees. The proper processes are often not in place or fully operational in the short sale department. I caution my Nashville short sale clients to NOT be surprised if we are asked … (0 comments)
nashville short sales: Nashville Short Sales - Journey to Freedom by Restore Ministries
- 09/08/10 01:52 PM
So often when I am counseling my Nashville short sale clients, a lot of emotions come to the surface. Feelings of fear because of the unemployment or loss of income, feelings of abandonment behind a divorce or separation, embarassment over their present financial situation, and anger and depression over a life out of control. A lot of times my job as a Nashville short sale broker resembles more of a grief counselor or psychologist. I saw in the newspaper today that the Restore Ministries of the YMCA will be having an 8 week class entitled Journey to Freedom starting on Monday. This course … (0 comments)
nashville short sales: Nashville Short Sales - What is a Forbearance?
- 09/07/10 03:35 PM
When I receive calls from potential Nashville short sale clients, I always go over the different alternatives to a short sale first to make sure that a Nashville short sale is the best option for the client. A deed-in-lieu of foreclosure, also know as a friendly foreclosure, is only an option if you only have one loan/lien on your property. Almost all of my clients have applied for or maybe even tried a loan modification without much success. Similar to a temporary loan modification is a repayment plan where the owner pays the regular monthly mortgage payment plus a portion of … (2 comments)
nashville short sales: Nashville Short Sales - Foreclosures Do Still Happen
- 09/05/10 04:47 PM
As I have described short sales before, they are a race against foreclosure. The vast majority of my Nashville short sale clients are already behind on their mortgage payments at the time they contact me about doing a short sale. A little over half of my Nashville short sale clients are already in some stage of foreclosure at the time we place the property on the market. I think a lot of people are under the impression that when you apply for a short sale, the foreclosure process stops. This could not be further from the truth. The majority of the … (0 comments)
nashville short sales: Nashville Short Sales - Check the Smell.
- 09/04/10 02:59 PM
Curb appeal and de-cluttering are very important aspects when selling your property. Most people interested in real estate know through the various home improvement/home selling/home buying shows how important neutral colors are when you put your property up for sale. Some people even rent a storage unit to hold excess furniture and personal items. Other sellers have a yard sale or donate items to charity. With all of the frenzied activity around preparing your home for a Nashville short sale, one thing is sometimes overlooked - the smell. People become so familiar with their own homes and their unique smells … (1 comments)
nashville short sales: Nashville Short Sales - Curb Appeal Still Matters
- 09/02/10 04:52 PM
One thing that I always tell my Nashville short sale clients is that their property is just like every other property on the market - it just requires a third party approval. Nashville short sales should be marketed as extensively as a "regular" (non-distressed) sale. The property should be decluttered and cleaned. Any deferred maintenance items should be repaired and unfinished projects completed. The property should show as well as possible within the owner's means. Sellers should make the property as available as possible for showings. Nashville short sale sellers should also pay attention to the curb appeal. The sellers should … (0 comments)
nashville short sales: Nashville Short Sales - Include the Details on Your Hardship Letter
- 08/30/10 04:33 PM
Anyone facing a Nashville short sale knows how difficult just coming to the decision to do a short sale is. Most of my Nashville short sale clients have already applied for a modification or alternative payment schedule and have been turned down or simply given up after faxing the same piece of paper every 3 days for the past two months. Most of my short sale clients have bared their souls and practically submitted a DNA sample to their lender over the past 12 months in efforts to keep their homes. It is gut-wrenching when you finally realize that all of … (0 comments)
This Nashville Short Sale took longer than normal but we got it closed. This is an FHA short sale where the initial appraisal came in way too high at $180,000. We marketed the house and had quite a few showings but no offers. When the intial four month HUD preforeclosure program approval expired, Citi agreed to extend the program approval and ordered a new appraisal. This new appraisal came in at $140,000 and we subsequently re-listed the property for $129,000. Finally after 173 total days on the market, we closed this Nashville Short Sale at $129,300. My sellers are happy as … (1 comments)
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