Category Archives for "Short Sales"

Any information relevant to Short Sales

Tips on buying in a recovering housing market

NPR’s Marketplace ran a story this morning suggesting that with low interest rates and low prices, now is a great time to buy a home. Foreclosures and short sales offer great deals, and the best path to find them is through a specialty brokerage. As a premier agency for bank-owned properties in the Charlotte area, Showcase Realty has dozens of listings throughout the metro area.

Read or listen to the full Marketplace report.

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.

Understanding the ways to avoid a foreclosure

Number on way to avoid a foreclosure and the auction of your home is according to Bank of America is – A SHORT SALE!!!

A short sale is the a way to sell your home and settle your motgage debt for the less than what you own on it! This is not only a positive for the homeowner, but also for the bank because they get more than they would if you home was foreclosed on. Some additional benefits are below:

  • It usually takes less time than a foreclosure
  • You’re credit may improve at a faster rate
  • You may be eligible for financial assistance during your relocation!

Another option is to get a Deed in Lieu of Foreclosure, in which you give your property’s deed to the bank. This will still have a negative effect on your credit, but it is a much easier process than going through a foreclosure.

CLICK HERE for a checklist to smooth the transition from your home, and to get contact information for valuable assistance!

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!

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