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.

Forclosures in N.C. becoming less frequent

The foreclosure count in North Carolina has dropped 38% in the last year and 3.5% since April.

Here is an exerpt from Charlotte Business Journal’s article: N.C. foreclosures down 38% year-over-year

“Some 2,689 homes in North Carolina were in foreclosure proceedings in May, or one in every 1,584 households, according to RealtyTrac Inc.  The state ranks 36th in the nation for the rate of filings, RealtyTrac says.

Foreclosures nationwide dropped 33.4 percent last month from May 2010 and dipped 1.98 percent from April. There were 214,927 filings last month across the nation, or one in every 605 households.”

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.

Charlotte home sales continue to drop from last year

The Charlotte Regional Realtor Association found, in a study of 10 counties in Charlotte, that home sales in the area have dropped 11.5% in the last year. May’s sales have decreased since last year, but have increased 16.6% since April.

Read more in Charlotte Business Journal‘s article:

http://www.bizjournals.com/charlotte/news/2011/06/09/charlotte-area-home-sales-drop-115.html?ed=2011-06-09&s=article_du&ana=e_du_pub