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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)
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!
Short sales, which many people are still unfamiliar with, are becoming more and more popular throughout the country with a noticeable increase in many states. Large banks including Bank of America and Wells Fargo have also had an increase in the amount of short sales they have seen in the last year, expecting more than double of what they had in 2009.
Short sales are not new and nothing drastic has happened with the process recently, people are just finally starting to understand what it is! Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure. CLICK HERE for more information on short sales, along with the contact information of someone on our team who can help you go through this process quickly and efficiently.
Read this article in USA TODAY:
Great investment opportunity on Charlotte ranch-style home, priced over 50K below tax value! The home comes with three bedrooms, one bathroom, and three parking spaces for only $19,000! For more information, call 704-889-5600.
Click below for property MLS listing sheet:
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.