Katerina Gasset

Author Archives: Katerina Gasset

The ups and downs of shorts sales

In most cases, short sales are the better alternative for homeowners, rather than going through the devastation that a foreclosure can have on your credit, your family and your future.

There are advantages and disadvantages of both, but the advantages of short sales vastly outweigh the disadvantages, along with outweighing the advantages of a foreclosure. This article from Fox Business compares the two, but only you can make the final decision to avoid foreclosing and go through with the process of a short sale.

Read more by clicking on the link below:

Which to Buy: Short Sale or Foreclosure?

Prospect Mortgage Makes Homebuying Easier

HUD homes in Columbus Repair Escrow

Prospect Mortgage has recently come out with the HomePath Renovation Mortgage. This mortgage is beneficial to those who are interested in purchasing a foreclosure, because as foreclosure sales increase, so does the demand for renovation loans. This mortgage offers up to $35,000 in non-structural repairs and a low interest-rate, making the homebuying process much more appealing.

Click on the link below to read more about this mortgage opportunity in a DSnews.com article.

Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs

 

Speed up your short sales!

DSnews Magazine published an article in its June, 2011 edition, called 7 Tips to Speed Up a Short Sale,  by Eric Friedman. Friedman, who is the President and COO of PREO Mortgage, LLC, gives readers insight on how to cut back the time spent on the short sale process and they are EXTREMELY useful. These seven ways included:

1. “Do everything you can to have an educated buyer in the process.” – An educated buyer has experience, accurate and up-to-date information, and will not get overwhelmed with the process.

2. “Make sure the submission package is complete.” – Extra stress is put on this step, because having unorganized documents slows the process down the most.

3. “Having a cash offer or pre-approved financing will speed the closing dramatically.” – Why waste time on securing a buyer, which can take up to two months, when there are tons of cash buyers who can be approved much faster and easier?

4. “Any supporting information about the property and nearby comparable properties is extremely helpful in evaluating a short sale.” – Include up-to-date information, comparable home prices, detailed photos and honesty about the condition of the home.

5. “To guard against last-minute surprises, establish a good relationship with the title company doing the closing.” – It could help you get issues handled quickly, be informed of possible deal-changers, and get paperwork is filled out correctly.

6. “Have backup offers in the wings.” – This could eliminate the need to market the property again.

7. “Communicate clearly and often.” – Establishing solid timelines and expectations will make everyone less stressed and time-consumed.

Forclosures in N.C. becoming less frequent

The foreclosure count in North Carolina has dropped 38% in the last year and 3.5% since April.

Here is an exerpt from Charlotte Business Journal’s article: N.C. foreclosures down 38% year-over-year

“Some 2,689 homes in North Carolina were in foreclosure proceedings in May, or one in every 1,584 households, according to RealtyTrac Inc.  The state ranks 36th in the nation for the rate of filings, RealtyTrac says.

Foreclosures nationwide dropped 33.4 percent last month from May 2010 and dipped 1.98 percent from April. There were 214,927 filings last month across the nation, or one in every 605 households.”