short sale: Government Is Streamlining the Short Sale Process - 05/26/12 08:51 AM
I am pleased to announce that the Federal Housing Finance Agency (FHFA) made the decision to streamline their short sale process in an effort to help more homeowners avoid foreclosure!  Starting on June 15th, real estate agents who are working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer with 30-60 days.
If the process takes more than 30 days, the lender must give the borrowers a weekly update on the status of the short sale decision.  This is a HUGE improvement and will help to … (4 comments)

short sale: Life of a Short Sale - Part 4 - 05/12/12 12:09 PM
Thanks for tuning back in to my 5 part series of the Life of a Short Sale!  Parts 4 and 5 really go together – the wait and the closing.  There are two things you should remember about a short sale:
The potential for savings for both a buyer and a seller are incredible; and The process can take a very long time. The hard part for both the seller and their Realtor is keeping the buyer who makes an offer on a short sale.  Many times a buyer will get sick of waiting for an answer from the sellers' bank … (0 comments)

short sale: Avoid Foreclosure and Take Back Your Life! - 04/18/12 09:14 AM
Last October I sat down it the dining room of a client to conduct a listing presentation.  Sitting across the table was a woman who looked defeated--like she was going to break down into tears.  My client, I will call her Judy, said, “I can’t believe this is happening to me.  Do you really think I can sell my house?”  I had an idea that this listing may be a short sale before I walked in but after seeing Judy and talking to her about her circumstances, I knew her only option was to sell short.
After a discussion on how … (2 comments)

short sale: Short Sales Don't Have to be Scary! - 03/28/12 09:17 AM
The short sale process truly is much like a normal home sale.  You still list your home with a Realtor.  You then market the property and reduce the price if necessary to get an offer.  The big difference is that once you receive an offer on your home, the offer price must be approved by your lender.  Once you get an offer, here is what happens:
A Hardship Letter is drafted by you to send to your lender.  This letter includes all financial difficulties that caused the short sale in the first place (divorce, job loss, medical issue, relocation, etc.)  The … (2 comments)

short sale: Are You Facing A Distressed Sale? - 03/28/12 09:05 AM
There are many, many reasons that can be used to explain the current mortgage situation in America today.  So you are truly not alone in thinking, “Why Me?”  The reality is that there are thousands of US homeowners, just like you, that are in financial distress due to real estate.  And, this number is more than in any other time in the history of the US residential housing market.
 
It is my honest belief that one thing remains that same for the majority of all home seller’s today—that the best thing you can do is seek the guidance and services … (3 comments)

 

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