short sales: What are the steps to short sale my home?
- 10/02/13 07:16 AM
What are the steps to short sale my home?
… (0 comments)
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short sales: How soon can I buy another home if I sold a home in a Short Sale?
- 09/10/13 02:58 AM
How soon can I buy another home if I sold a home in a Short Sale?
In a short sale, the lender approves the sale of a house to a new buyer but typically receives less than the balance owed.
This is a very good question asked to me ALL the time. There were recently changes in policy that will allow the wait time period for purchasing another home after a short sale significantly shorter:
Fannie Mae: you may be able to qualify for a mortgage in as little as two years
FHA: in as little as a year after losing … (1 comments)
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short sales: Do I qualify for a short sale?
- 04/03/13 03:16 AM
Do I qualify for a short sale? In order to qualify for a short sale you must show that you are experiencing some kind of financial hardship. Financial Hardship may include: Reduced Income Job Loss Divorce Illness These financial hardships may have made you late on your payments and you are already on the road to foreclosure. Then you may be a canditate for a short sale. You cannot just be underwater or upside down ie...you owe more than what the market value of the home is. Typically lenders want to see a financial hardship.
So what steps do I take to … (4 comments)
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short sales: Be PROUD to short sale your home!
- 01/21/13 03:39 AM
Be PROUD to short sale your home!
I have closed many short sales over the past few years. I didn't go out in search of finding short sales they found me! When I go on listing appointments the sellers told me they were behind on their payments and were embarrassed to tell anyone. Folks....don't be embarrassed about a short sale! If anything you should be proud you are taking the steps to sell your home instead of walking away and letting it foreclose!
I just closed this home as a short sale, does it look distressed to you?
You should be PROUD … (37 comments)
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short sales: Need help Short Selling your home in Wylie, Texas?
- 01/02/13 05:13 AM
At the very last minute, Congress passed legislation extending the Mortgage Debt Relief Act for homeowners who do a Short Sale through 2013. This Act was due to expire on 12/31/2012 !
The ACT says this: When a homeowner sells their home, the IRS won't treat the debt forgiven by the bank as income, which means they won't owe taxes on that amount, therefore allowed a seller to short sale their home without immense tax consequences.
I am so glad this Act was passed again. To me it means a greater share of delinquent borrowers will likely be resolved through short sale instead … (2 comments)
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short sales: But the seller can't profit on a Short Sale......
- 02/23/12 08:04 AM
But the seller can't profit on a Short Sale......
If I hear this one more time I am going to scream!!!! I have many short sale listings and have had buyers who bought short sale listings over the last 5 years. I feel I can voice my opinion on this matter because I am not just saying "I think this is right" I KNOW this is right! I called the TAR Texas Association Legal Hotline and verified it.
When your buyer makes an offer on a short sale and your buyer does not offer the option money for the termination period in Texas … (3 comments)
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short sales: When can I purchase a home after a Short Sale?
- 10/17/11 09:20 AM
When can I purchase a home after a Short Sale?
There are many variables involved when trying to figure out when someone will be able to purchase a home after a foreclosure or a short sale; however, the general guidelines that FHA, Fannie Mae and Freddie Mac follow when considering a loan after a short sale or foreclosure are as follows:
Short Sale with FHA loan
· Can purchase right away with no mortgage default/late payments
· 3 year wait if in default or late payments at the closing
· Reduced wait if the borrower has re-established good credit and can … (4 comments)
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short sales: Why should I pay OVER asking price ?
- 10/03/11 08:49 AM
Why should I pay OVER asking price ?
I have a client that put an offer in on a short sale. The seller signed the offer of course and now the bank is countering with my client, the buyer! She does not understand why the bank is wanting more than asking price!!
I explained to her that agents list the short sales less than market value to attract a buyer quickly. Then, the bank sends out a broker to give the "opinion of value" and if that value is more than the sales price, then the bank will counter with the buyer higher … (54 comments)
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short sales: Does the Seller PROFIT on Termination Option Money??
- 02/02/10 01:54 AM
I am the listing agent on two short sale properties and this question has come up on both properties when I received offers. Does the seller profit concerning the termination option period? This is the option that gives the buyer the unrestricted right to terminate the contract for any reason within an agreed amount of days. The buyer gives a check for an agreed upon amount.
One of the buyers agent has told me they did not know who to make the check out to for the termination option period. I said the seller of course! She said "The sellers are not supposed to profit … (2 comments)
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short sales: Short Sale in Wylie, TX 75098 Gone!
- 01/26/10 10:38 AM
Another Short Sale is gone!
I closed on this short sale today. After many months of waiting for the right buyer, the lender to accept the offer and an appriaisal ,this one is SOLD!
The seller does not have to worry about a foreclosure being on her record and her credit score dropping by 200 points. She will have this statement, "agreed settlement short of full payment" , which is better than a foreclosure and 7 years on her credit report.
Sellers, if you are in a distress situation please call me. I am a certified SFR-Short Sale Forclosure Resource specialist. I … (4 comments)
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short sales: Can the seller keep the option check on a short sale?
- 01/23/10 02:59 AM
I need help with a termination option check question. The buyers agent delivered the option check to me with the" pay to the order of blank". She called me later and told me she didn't know who to make the check out to because the seller was not supposed to profit in any way off of a short sale.
I told her the HUD settlement statement would give the termination option money back to the buyer. Our contract reads that the buyer has the unrestricted right to opt out in so many days. Is the seller really profiting with a small option fee. … (3 comments)
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short sales: Looking forward to Short Sale timelines!
- 12/17/09 02:18 AM
I have been working on several short sales since August of this year. Both homes have had several offers and both had two buyers that waited for the lender decision on whether or not their offers were accepted. I was so excited that some buyers actually waited!
Well, so much for enthusiam!
One buyer ,after waiting for months decided she did not have the right "feel" for this home and opted out. The inspection wasn't bad she just didn't feel it. That is her right I guess.
The second buyer waited and extended the short sale option. She had an inspection … (5 comments)
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short sales: The Process of Foreclosure
- 12/08/09 03:32 AM
The Process of Foreclosure
Pre-Foreclosure
Borrower misses payment(s) Lender attempts to contact borrower Lender sends notice of default (NOD), officially starting the foreclosure process If borrower does not reinstate loan within required amount of time, notice of sale is recorded and published Reasons for Foreclosure
The underlying reasons for foreclosure filings are numerous, but here a few common reasons
Job loss Business failure Payment increase or mortgage adjustment Divorce or death of a spouse Illness Relocation Reduced income Mortgage fraud Predatory lending For most owners, mortgage default and foreclosure proceedings represent uncharted , nerve-wracking territory. If you find yourself in this … (2 comments)
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short sales: The Effects of Foreclosure on Everyone
- 12/07/09 05:46 AM
The Effects of Foreclosure on Everyone
Foreclosures are often expressed in popular media as occurring in "waves," e.g.,the foreclosure wave due to the reset of option adjustable-rate mortgage (ARM) interest rates , the foreclosure wave due to increases in unemployment. I am hearing there is another "wave" of foreclosure's that is going to hit the market soon. Foreclosure has a ripple effect on neighboring homeowners by applying downward pressure on property values.
Distressed Homeowners
Loss of Home Loss of Equity Damage to Credit Neighboring Homeowners
Declining Home Values Loss of Equity Increased possibility for vandalism & theft Surrounding Community
Declining Home … (0 comments)
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short sales: Finally, training for Short Sales !
- 11/20/09 04:35 AM
Finally, training for Short Sales !
A short sale is a situation in which the seller owes more money on the loan than the property will produce on the market. The lender allows for the woner to sell the property to partially satisfy the amount owed to the lender.
I attended a Short Sale training class presented by the National Association of Realtors yesterday. The class qualified for the SFR, Short Sale and Foreclosure Resource certification from NAR. Even though I have been doing short sales for a couple of years now, I was not sure if I was doing them totally … (4 comments)
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short sales: I need help with my Short Sale...Seller has two lenders !
- 09/25/09 08:24 AM
I have done quite a few short sales over the last couple of years but not one where the seller has TWO lenders.
I have faxed a complete workout package to the first lender but not sure if I should send a package to the second lender. Will the primary lender work with the second lender?
Any help you can give me would be appreciated from you short sale experts!
… (5 comments)
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short sales: Alternative to Foreclosure in Wylie, Texas
- 09/08/09 10:14 AM
If a homeowner has been turned down for a loan modification, they can still avoid foreclosure by working with a trained agent on a Short Sale. It's a great alternative to going through foreclosure. The homeowner avoids the severe hit on their credit, the neighborhood has one less vacant home, nearby homes don't lose as much value, and the lender can save around 30% over selling a foreclosure.
I am helping 4 families right now with the short sale process and I closed several short sales this last year.
If you are in a home and you cannot make … (0 comments)
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short sales: Wylie~ A Town Divided~ AHMO!
- 08/27/09 09:49 AM
I went to my daughters Wylie East Highschool JV Volleyball tournament this weekend, which normally is dealt with some anticipation of the event, will we win? who will be eliminated? This tournament however had GREAT anticipation because we were playing Wylie High School! The new rival, the team we were supposed to be!
Yes folks, our once small town with ONE football team has grown. No longer do I recognize everyone at Berkshire's or when I pick my daughter up at the Pirate Stadium. All the parents sitting in the stand had mixed emotions, because now our daughters were competing against each other … (0 comments)
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