Category Archives for "National"

Short Sales on Track to Outnumber Foreclosure Sales

By Nancy Braun, Showcase Realty
http://www.shortsale@showcaserealty.us

According to a recent Business Week interview with RealtyTrac (a website that monitors foreclosures across the U.S.), short sales of U.S. homes reached a three-year high in the first quarter of 2012, and RealtyTrac predicts short sales will outnumber deals for foreclosures in the second quarter.

The reasons banks are open to pre-foreclosure sales are clear: they want to reduce losses, take advantage of government incentives and avoid legal challenges to foreclosures. And short sales, on average, result in higher sale prices than foreclosed properties.

Showcase Realty’s Short Sale Advisors are available to help residents of the Charlotte metro area who are behind in their mortgages or facing foreclosure. We can give you expert guidance and maybe a little peace of mind. A word to the wise, however, the sooner you get in touch with us, the more options you will have.

Short sales increasing in world’s largest lenders!

Bank of America is anticipating a 60-70% increase in short sales for 2012, which will be between 160,000 to 170,000 sales compared to 100,000 in 2011 and 90,000 in 2010. These increases are attributed to many things other than the increasing speed and ease of short sales, including the following as stated:

     

    • Growth of a specialized short sale staff to 3,000—an increase from 250 in two years
    • Assignment of dedicated transaction specialists
    • Service agreements with standards for response times
    • A specialized staff of 125 dedicated to escalations
    • The creation of a Closing Center of Excellence, focused entirely on expediting the closing of short sales
    • Community outreach to financially distressed homeowners
    • A team of 35 specialists dedicated to the Equator relationship and customized programming in response to agent feedback to improve process flows

    CLICK HERE to read the full article from CDPE.

    Helpful Short Sale Video Guide

    Bank of America posted brand new videos that I found to be extremely helpful for agents, on several different complicated topics in regards to the rules of short sales. The first one and what I felt was most important is called, “Initiating the Short Sale”.

    What exactly is a Short Sale?
    An alternative to a foreclosure
    An investor accepts an amount less than what is owed on the mortgage
    Investor guidelines will determine the eligibility for short sale and foreclosure postponement

    Short Sale Assistance:
    – Can be up to #3,000 for Relocation
    – Possibly eligible for HAFA  (Home Affordable Foreclosure Alternatives) program

    How to Qualify for HAFA:
    – It must be your primary residence
    – The mortgage must have originated on or before January 1, 2009
    – Delinquencies or default must be foreseen 
    – All HAMP (Home Affordable Modification Program) options must be exhausted
    – Unpaid principle balance must be less than $729,750 for 1-unit properties (varies per amount of units – cannot be more than 4)

    CLICK HERE to see an informational video that goes more in-depth with these short sale processes

    CLICK HERE to read more about our Short Sale specialist at Showcase Realty, and what some of his clients had to say about him!

    Get more for your money when selling your home!

     With increasing unemployment comes the increase in short sales nationwide. 

    Short sales give homeowners an option other than going through the embarassment of foreclosures, while banks avoid the legal bills and maintenance costs the follow a foreclosure.

    Short sales usually sell for more and get more money for the banks than foreclosures. In turn, banks often agree to drop any additional mortgages payments!

    Click here to read more: FOR A REAL BARGAIN, TRY A SHORT SALE!

    Many struggle to keep their homes after losing a job… Help is out there!

    According to DSNews.com and a recent national survey taken last month, 1 in 3 Americans would not be able to afford their mortgage after only ONE MONTH of being unemployed!

    Many people feel that they are the only ones living paycheck-to-paycheck, but 61% of those surveyed said that they would not be able to keep up with their mortgage or rent payments within 5 months or less of being unemployed. This also includes those with higher annual incomes, who also admitted that they could not guarantee that they could afford the payment following losing their jobs. 

    There are several options to choose from when this occurs that is much less devastating then being foreclosed on, including special government programs like HUD’s Emergency Homeowners’ Loan Program. 

    If you cannot afford to keep your home, but still would like to refrain from the damage of a foreclosure – short sales are the way to go! 

    To learn more about short sales, how they will benefit you and the easiest way to go about doing it, visit Showcase Realty or call our short sale expert at 704-889-5600. 

    CLICK HERE to read more on DSNews.com.

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