Category Archives for "Short Sales"

Any information relevant to Short Sales

Talking Short Sales with The Mecklenburg Times

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. 

Struggling Homeoweners Get Rewarded!

Just when you thought that owning a home in this current market wasn’t the best decision, the Homeowner Reward Co., of PMI Group, Inc. wants to remind you that you did the right thing!

PMI realizes that it’s not the homeowner’s fault that their market was hit harder than most others, so it is now offering the RH Reward to help those who owe more on their mortgage than their home is worth.

Read the article below for more information on the program!

PMI Group, Inc. Launches Reward Program for Homeowners

The ups and downs of shorts sales

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:

Which to Buy: Short Sale or Foreclosure?

Speed up your short sales!

DSnews Magazine published an article in its June, 2011 edition, called 7 Tips to Speed Up a Short Sale,  by Eric Friedman. Friedman, who is the President and COO of PREO Mortgage, LLC, gives readers insight on how to cut back the time spent on the short sale process and they are EXTREMELY useful. These seven ways included:

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.

The demand for HAFA increases drastically

Here is an unbeleivable short sale statistic in an exerpt from the DSNews.com article, HAFA Short Sales up Over 70% in April.

“Servicers completed 1,666 short sales and deeds-in-lieu (DIL) of foreclosure under the Home Affordable Foreclosure Alternatives (HAFA) program in April. That’s up 73.7 percent from the 959 HAFA transactions completed the month before.”

 

If you need assistance regarding a short sale or foreclosure, contact us and a member of our team would be happy to guide in the right direction.