short sale realtors louisville ky: Another Short Sale Crisis Avoidance Tip: Actual Buyer Must Match Exact Buyer's Name On The Purchase Contract - 09/03/10 12:38 AM
In a Short Sale The Buyer’s Name on the Deed and Settlement Statement Must Match Exactly The Name on the Purchase and Sales Contract.
Foreclosing lenders in a short sale transaction have a lot of power and control, even though they are neither the seller nor the buyer and have not signed the purchase and sales agreement.
Lenders strictly insist that the names on the deed and on the HUD1 settlement statement match the  sales contract. The lenders have their internal reasons for this rule. Whatever the rationale, a rule is a rule is a rule.
Buyers, their Realtors and their … (34 comments)

short sale realtors louisville ky: Your Loan Balance Is Not Your Loan Payoff. Your Payoff Could Be Many Thousands Higher - 09/02/10 01:13 AM
 
“Loan Balance” and “Loan Payoff” both mean “How Much Do I Owe”. However, there is a huge difference between them, especially if the borrower is behind on payments.
Let’s say your loan balance is $135,000 and your monthly payment is $1,000.
Let’s also say you’re like millions of hard working Americans who fell behind on payments, and the last payment you made was 5 months ago. 5 months times $1,000 per monthly payment means you’re $5,000 behind.
If you ask your lender how much you owe them to pay off the loan, they will tell you $140,000, not $135,000.
When … (0 comments)

short sale realtors louisville ky: Louisville Short Sales Q&A: Can the Seller Get Any Money Out of A Short Sale? - 08/30/10 12:21 PM
Can the seller get any money out of a short sale?
FHA and participating HAFA lenders actually give sellers “cash” incentives for completing a short sale. The seller gets a check in the amount of the approved incentive.
FHA Cash Incentive to Short Sale Sellers
If the loan that is being approved for a short sale is an FHA loan, the seller may receive up to $1,000 from HUD. HUD is the acronym for Housing and Urban Development.
The HUD guidelines state as follows: (The word “mortgagor” refers to the borrower who is selling the house)
“HUD will pay up to … (0 comments)

short sale realtors louisville ky: Short Sales In Louisville: When Sellers Want You To Hold Off and Slow Down - 08/29/10 12:22 AM
“When Will You Start Showing My House?” Is this an exclamation to the Realtor to get the show on the road ASAP or is it a plea from the sellers to slow down so they can clean up the house?
“When can we get started?” means let’s get going right now to put this nightmare mortgage behind us.
However, “When Will You Start Showing My House?” is not as clear cut. I get this question occasionally when I’m explaining the short sale process to new clients. By listening carefully to the sellers and watching their body language it could mean they … (4 comments)

short sale realtors louisville ky: If I'm Not on the Loan Will a Short Sale Hurt My Credit? - 08/28/10 01:28 AM
Many times one of the spouses or co-owners of a house is not obligated or liable for the loan and therefore their credit may not be impacted. Sometimes one of the co-owners did not have had good enough credit while the other co-owner had strong enough income and credit to qualify for the loan by himself or herself.
The credit bureaus do not publish their secret formulas, so I cannot give a definitive answer to the question. Important disclosure: I am not a lawyer, a mortgage underwriter, or a credit repair specialist. The above professionals should be consulted to get an … (4 comments)

short sale realtors louisville ky: Short Sales: "If you don't know where you are going, any road will get you there" - Lewis Carrol, 1865, Alice in Wonderland - 08/27/10 05:18 AM
When saving a client from foreclosure there can be many outcomes. The short sale Realtor must have a goal and a well defined strategy from the outset.
Amazingly, about 150 years ago, Lewis Carrol penned the classic Alice in Wonderland with the following dialogue that is so relevant today:
“Which road do I take?" (Alice)
"Where do you want to go?"
"I don't know," Alice answered.
"Then, said the cat, it doesn't matter.”
“If you don't know where you are going, any road will get you there.” (Cheshire Cat)
How relevant this is to short sales 150 years later!
The seller … (0 comments)

short sale realtors louisville ky: Can a Foreclosing Lender Take The Borrower’s IRA or 401(k) in a Short Sale? - 08/26/10 11:24 PM
 
The summary answer is "NO". A short sale is a voluntary agreement between the short sale lender and the borrower who is selling the property for less than owed. The borrower is not obligated to accept the terms of the short sale or any of the lender’s demands. The short sale lender can't "take" the 401(k) but the seller may voluntarily give it up.
Likewise, the lender is not obligated to agree to a short sale.
If the short sale lender stipulates that the seller must cash in their protected retirement fund and contribute it at closing, the seller should … (6 comments)

short sale realtors louisville ky: Stating the Obvious: Do Not Barbeque Next To Vinyl Siding - 08/26/10 01:32 PM
 
Stating the obvious may be considered shallow, boring and redundant. OK. I’ll risk it - because it’s for a good cause.
Barbeques should not be operated next to vinyl siding!
Vinyl siding can:
Warp Melt Burn! As a Realtor I visit many houses and I see it all too often. It is extremely easy to forget how easy it is to damage your siding and risk the safety of your family. Here’s just one reminder photo:

 
For more obvious statements about melting vinyl siding with a BBQ party, click here.
Dave Halpern
Louisville Short Sale Expert Realtors
(502) … (10 comments)

short sale realtors louisville ky: Short Sales: Extra Compassionate Care Needed When Helping Retirees in Danger Of Losing Their Home - 08/26/10 12:08 AM
There is an alarming trend in short sales: Retirees losing their homes.
In the last several months I have listed in Louisville, Kentucky several short sales for clients in their golden years. Homeowners in their 60’s 70’s and 80’s are being hit with multiple reasons causing an involuntary sale of a home.
Declining values of homes Death of spouse resulting in emotional loss and loss of associated income Job loss Business volume declining if they are independent business people Health issues causing increased expenses and reduction of income When real estate was hot, homeowners could just sell their way out of … (5 comments)

short sale realtors louisville ky: Realtors Should Not Advise Their Clients To Stop Making Mortgage Payments - 08/22/10 09:34 AM
A commonly asked question by short sale clients is “Should I stop making my payments?”
There is only one acceptable answer:“As a Realtor I cannot advise you to stop making your payments. Only a lawyer can advise you on that specific question. Please seek legal advice.”
A follow up question is often how does the payment status affect the lender’s decision making in a short sale. Frankly, no one knows the answer to that. If you read thousands of blogs about lender behavior in a short sale it will become clear that there are no consistent rules, published or unpublished.
On … (5 comments)

short sale realtors louisville ky: PhotoBlogging: No parking in front of your own house - Can a Fire Hydrant Be Too Close to a House? - 08/21/10 10:10 AM
“No parking in front of your own house”
First impression it's a great thing for a fire hydrant to be where this one is. But on second thought, it means you and your guests can never park in front of your own house without worrying about getting ticketed or towed.
We actually put in the short sale package that the location of this fire hydrant reduces the value of the house relative to all similar houses without the inherent “no parking in front of your own house” restriction.
If you had a choice of 2 similar houses which would you pick? … (5 comments)

short sale realtors louisville ky: Angry Neighbors Calling The Short Sale Realtor To Cut The Grass - 08/15/10 03:07 PM
Short Sale listing agents get these calls all the time. The sellers have moved out and don’t have the resources to get the grass cut.

The grass gets out of control and the neighbors start calling the listing agent.

The tirades usually go;
“You’re the agent, you need to cut the grass!” “We’ll call the health department on you!” “You’re lowering the value of the neighborhood!” I try to explain that without me, the short sale listing agent, the house would sit abandoned for a year in a full foreclosure cycle, which would bring the values down even more. I am … (49 comments)

short sale realtors louisville ky: Short Sale Condo In Louisville, KY 5304 Carolina Crossings, #204 - 08/15/10 11:49 AM
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short sale realtors louisville ky: Pre Foreclosure Short Sale in Louisville KY 7602 Burrice Court - 08/15/10 11:39 AM
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short sale realtors louisville ky: Short Sale in Louisville KY - 7707 Texlyn Court in PRP - 08/15/10 03:23 AM
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short sale realtors louisville ky: Short Sale in Louisville - 6209 Hanses Drive - 08/15/10 03:17 AM
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short sale realtors louisville ky: Short Sale in Louisville - 1688 Harold Ave - 08/15/10 03:16 AM
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short sale realtors louisville ky: Short Sale in Louisville - 8409 Carmil Drive - 08/15/10 03:12 AM
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short sale realtors louisville ky: Pitfalls to Avoid When Helping Friends or Family With a Short Sale - 08/06/10 11:32 PM
For most sellers, going through a short sale is very personal and emotional. Sellers readily share the required personal financial information with the Realtor, but what happens when the client is a close friend or family?
I learned the hard way there could be a problem when a Realtor referred her sister-in-law to me who needed a short sale. For two months the sister-in-law would not give us the financials that the bank required to process the short sale. We emphasized to her that we cannot help her if she doesn’t provide the financials.
We should have terminated the listing for … (12 comments)

short sale realtors louisville ky: Preforeclosure Short Sale in Orchard Lakes, Louisville KY 7936 Nature Way - 08/06/10 04:08 PM
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