Category Archives for "Video"
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)
“I would like to commend Michael Simonini of Showcase Realty for coming to my rescue and helping me favorably part with investment properties I had in North Carolina. In 2006, I purchased a few properties hoping to rent them but, was unable to do so; I found myself paying these mortgages on my own. After several years I was no longer in the position to continue making payments and therefore, started to receive foreclosure notices. For anyone facing foreclosure, you know how frustrating and difficult it is trying to work with your lender to salvage your credit and at the same time preserve your dignity. I reside in New York, which posses many challenges because I was not able to regularly travel to North Carolina in order to maintain these properties or meet with realtors to list these properties for sale.
“In December 2009, after countless hours of internet searches and telephone conversations trying to locate a realtor in North Carolina, I was referred to Showcase Realty by GMAC Mortgage. Showcase Realty was instrumental in successfully obtaining short sale on these properties. I am extremely grateful and fully satisfied with the high level of professionalism received from the staff at Showcase Realty. I can assure you, Showcase Realty will be by your side every step of the way in assisting to find a favorable solution for your situation. In the future, if I am in the position to purchase properties in North Carolina I will not hesitate to contact Showcase Realty. I am confident in highly recommending Showcase Realty for all your real estate needs.”
Brian M., New York
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.
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:
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.