Category Archives for "For Sellers"
Short Sale information for Sellers
Short Sale information for Sellers
About a week ago, The Mecklenburg Times turned its focus from the devastation of homeowners in today’s market, to the success of the real estate agents behind the scenes, working their hardest to sell these homes and get their clients the best deals out there. Click on the article below to continue reading.
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:
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.
Alex Charfen, CEO of the Distressed Property Institute, LLC (CDPE.com) went on CNBC on April 13th to to express his views on whether or not you should consider your home an asset. Watch this 3 minute video:
If you currently have questions regarding short sales, foreclosures or real estate in general, Nancy Braun, owner and broker-in-charge of Showcase Realty, LLC, is a Certified Distressed PropertyExpert. Either she or a member of her team would be more than happy to help you! Contact us
According to DSNews.com, a bill has been introduced to appoint a deadline of 45 days on lenders to approve, disapprove or give the status of a decision on an offer for a short sale.
By decreasing the length of time lenders have to make a decision, the more likely underwater homeowners will be able to use the short sale as a foreclosure alternative. This will decrease the amount of empty, repossessed homes on the market.
The bill was introduced by two lawmakers, Representatives Tom Rooney of Florida and Robert Andrews of New Jersey. They named their legislation the Prompt Decision for Qualification for Short Sale Act of 2011 and have stated that is will bring the short sale processing timeline closer to buyers’ and sellers’ expectations.
The following is an excerpt from the DSNews article written by Carrie Bay, “The National Association of Realtors (NAR) is throwing its support behind the new bill. The trade group has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data.
‘Realtors want to help more homeowners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,’ said Ron Phipps, president of NAR and broker-president of Phipps Realty in Warwick, Rhode Island.
Phipps says a short sale not only minimizes the negative impact on the borrower, but in most cases costs the lender less than a foreclosure. He praised Reps. Rooney and Andrews for their efforts on a bill that he says could soon bring relief to distressed homeowners who hope to avoid foreclosure.”
For more information on proceeding with a short sale or purchasing a home in the short sale process, contact us.