Monday, July 20, 2009
by admin
If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding the reality is a way to help yourself. Seven short sale myths are:
- Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
- Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
- You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency - not just people in default.
- Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
- Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
- Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
- There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.
For more information about short sales go to About website.
Thursday, July 16, 2009
by admin
There is so much misinformation out there these days about Short Sales. While this transaction may be a somewhat complicated process, here are the three very uncomplicated things lenders are looking for to see if you qualify:
- Financial Hardship: This is defined as a verifiable reason that has or will cause you to miss a payment, such as a mortgage payment adjustment, a job loss, too much debt or a business failure.
- Monthly Shortfall: Lenders want to see that you cannot afford to pay your mortgage. You will be required to provide your agent a financial worksheet that demonstrates this. The shortfall equation is simple: Total Monthly Income - Total Monthly Expense = Monthly Shortfall.
- Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.
For more information about the Short sale process go to Homebuying.com.
Sunday, April 5, 2009
by lheraty
If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help yourself. Seven short sale
myths are:
- Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
- Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
- You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency - not just people in default.
- Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
- Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
- Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
- There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.
Friday, March 13, 2009
by crussell
Sale and commission subject to bank approval, fixer upper with new roof, HVAC and water heater, lots of cosmetic needed, barns with 2 stalls with electricity and waer and new fencing, no heat upstairs.
Country home on 2 acres with barn, and horse stables. This fixer upper home needs some tender love and care but has plenty of hidden charm and is priced to sell. Hardwood floors, natural woodwork, and dormer bedrooms in a country setting makes this house a great find. This is a short sale and is subject to bank approval.