Navigating Short Sales: What to Do When the Sale Price Leaves You Short If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through (1 comments)
realtor: What is foreclosure?
- 02/28/10 12:44 PM
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”) – depending on the state. The default notice is a public record, and for buyers it’s the first step in locating a property in foreclosure. The foreclosure process can end one of four ways: 1. The borrower/owner pays off the default amount to reinstate the loan (0 comments)
What is a short sale? A Short Sale is when the lender agrees to accept less than what’s owed on a mortgage that is secured by real estate via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure. What are the benefits of a short sale to the homeowner? The seller wins by avoiding foreclosure by selling their home before the foreclosure auction even if they owe more than its worth. If they were to sell the house the traditional way with a (2 comments)
Eric P. Egeland earns NAR Short Sales and Foreclosure Certification Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
02/22/2010
Eric P. Egeland with RE/MAX SUBURBAN has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many (0 comments)
Local Real Estate Agent Earns e-PRO Certification 12/14/2009 – Eric P. Egeland of RE/MAX SUBURBAN has successfully completed the e-PRO Technology Certification Program course to become one of a select few real estate professionals to earn the prestigious certification offered by the National Association of REALTORS.
The e-PRO certification course is an educational program unlike any other professional certification or designation course available, comprehensive and interactive. It is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home. (4 comments)
Eric P. Egeland EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
Eric P. Egeland of RE/MAX SUBURBAN has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting (2 comments)