Archive for the ‘short sales’ Category
10 Signs that We’ve Hit the Bottom in Housing
Finally, the news we’ve all been waiting for…the real estate market is bottoming out, after a steep, long decline.
To read the about the 10 newsworthy signs that signal the worst may be behind us, CLICK HERE
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Goverment to Assist in Short Sales to Avoid Foreclosures
On Thursday, the government announced two programs that may help thousands of homeowners, that are sinking in debt, avoid foreclosure.
The new program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation. The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one.
Under the new program, lenders may receive compensation up to $1000 for completing a short sale. Borrower’s may receive up to $1500 for relocation expenses. Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale. Read More
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Why Do Homeowners Choose to Sell a Home “As Is”?
An “as is” sale in real estate terms means that the seller is unwilling to pay for any repairs to the property. However, seller’s MUST disclose all known defects or problems to their prospective buyer.
The first kind of seller that opts for “AS IS” home sales are taxing authorities and lenders. Nearly all distressed sales, such as, Foreclosures, tax sales, short sales and bank owned real estate are sold “AS IS”, because lenders are not in the home improvement business. Lenders also have their hands tied when it comes to making representations about the condition of the property at the time of sale, since they have never occupied the property. 
Homeowners are the second type of seller’s that often elect to sell property “As Is” for a variety of reasons. Sometimes, they live a long distance from the property; they don’t want the inconvenience; they can’t afford it; or, the property will likely be torn down or completely remodeled by the buyer.
As a general rule, “As Is” properties need a lot of work and they are priced below the market. If you are selling a property “As Is” you should discount the property to compensate for its condition; disclose all known defects to the buyer; and, expect low ball offers.
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Obama’s Loan Modification Program Gets Green Light
The first phase of the Foreclosure Prevention Program (Existing Loan Modification) has been given the “Go Ahead” by the Obama Administration.
To read about eligibility, qualifications and note worthy incentives for refinancing now. Click here.
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Stall, Halt or Stop Foreclosure to Buy More Time
Homeowner’s facing foreclosure have found discovered a very valuable secret that can stall, halt or stop foreclosure proceedings.
How? It seems that many of our banks and lenders are unable to locate the original loan documents which give them the right to foreclose on a property.
If you are a homeowner who is facing a foreclosure action, ask your attorney to demand a copy of all your original loan documents from the bank or lender. If the lender can not produce your paperwork, they can NOT foreclose on your loan.
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Foreclosures Damage Good Neighborhoods
Empty properties suck the life out of a good neighborhood.
A significant number of vacant homes in any neighborhood attract crime and drive down home prices. Empty houses have no residents to support neighborhood services or local business. Vacant property is poorly maintained, making neighbors feel unsafe and uneasy. Most importantly, they ignite additional forced sales and foreclosures. In short, vacant property is a blight on the landscape. They pull down the value of every house in the neighborhood.
Click Here To learn the 7 Factors that Make up a Great Neighborhood. If you are in the market for a home, use the list to insure you are aware of all the important factors of Location, before you make a decision.
If you are selling a home and find that your neighborhood has all or most of the 7 Factors that define Location, Location, Location…Please print a copy of the list and use it to show buyers the benefits of purchasing your Home Sweet Home.
Smart sellers, in great neighborhoods, should not be discouraged by the “get a deal mentality” of late. Buying a home is one of the most expensive items most of us will ever purchase. It is not just about getting a “deal”. Our homes reflect our values and lifestyle. They are where we live everyday. Smart buyers understand the value of a good, safe neighborhood. They also realize that buying a home in a speculative, unsafe area, plagued by foreclosure’s and vacant homes is extremely risky and is probably no deal at all, regardless of the price.
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Short Sale or Deficiency Judgment. The Difference is Big.
With approximately 3800 homeowner’s a day heading toward foreclosure, the issue of short sales versus deficiency judgment’s is a hot topic for good reason. The difference’s between the two terms are significant, but can be summed up as follows.
A Deficiency Judgement is a court order that lenders can obtain after foreclosing on a borrower, if the lender receive’s less money at a foreclosure sale than is owed on the property. For example, if your outstanding loan balance is $300,000 and the lender sells the property for $250,000, the lender can seek a judgment against the defaulting borrower for the $50,000 difference.
A Short Sale is a negotiated agreement between the lender and borrower. In a Short Sale, the lender agrees to accept the sales price, with or without additional cash from the borrower, as full payment for the loan. With a Short Sale Agreement, the lender waives their right to foreclose and the borrower is protected against a Deficiency Judgement.
While lenders may be more willing to make a Short Sale agreement on a Primary residence, if the lender does not agree to a Short Sale, the borrower is not protected from a deficiency judgment, even if the property is their primary residence.
If you need to sell your home now , and/or you intend to approach your lender about a short sale, it would be to your advantage to have the property listed on the MLS, or at least Realtor.com. Why 6 Percent can Help.
Phone 1-800-381-9496 during business hours or email info@why6percent.com.
What’s The Mortgage Forgiveness Debt Relief Act?
The Mortgage Forgiveness Debt Relief Act prohibits the IRS from demanding income tax payments from home sellers whose lenders write-off a percentage of the outstanding debt balance owed on their loan. The act rocketed through the Senate and the House in the final 10 days of the Congressional session. President Bush signed the bill into American law on December 20, 2007.
It’s biggest advantage is for investors and realtors. The legislation, which is in effect now, should calm the fears among home owners who are financially stressed, that participating in a short-sale will leave them exposed to heavy taxes the following year. Delinquent home owners steering for foreclosure had to factor a federal tax code into their decisions on whether to participate in a short sale or other type of debt forgiveness.
For now, the tax burden has been removed from the table until 2010. Investors and realtors should encounter one less objection by home sellers wanting to participate in a short-sale, creating a win-win outcome for all involved. Investors can now acquire, renovate, rent-out or resell houses at deeply discounted prices.
This should take some pressure off home owners with pre-foreclosure opportunities as they get a helping hand from big brother.
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No Easy Thing- A Short Sale
Short Sale: An alternative to foreclosure for down-on-their luck homeowners. It’s a sale for less than the owner owes on their home, and is never easy.
A short sale is not a simple process and it requires the lender’s approval at every stage. If an offer is made, the bank needs to decide if it is within the range they will accept. If they do accept it, the owners need to find out for sure if their remaining debt will be absolved. Some lenders will do this but others may force the seller to pay their remaining debt by selling off their other assets.
Foreclosures mark one’s credit rating for seven years and the impacts of foreclosure are far reaching and negative. The chance of being absolved of debt is very appealing to down-on-their-luck home-owners, considering the alternative is to foreclose. However, even though a short sale shows up differently on your credit report it can still have a negative impact.
Most banks prefer to accept a short sale than to foreclose, as they must pay taxes on every property in their possession. Taking a small cut in the sale of the home may still save them the money and hassle involved in foreclosing. So short sales are a better option, but they can end up taking months longer than conventional home sales.
A short sale is a serious thing, and won’t be accepted by the lender without proof that the market drop has created a situation wherein the homeowner will absolutely not be able to sell the home for what they owe. Also, a short sale usually can’t happen until the homeowner is in default, or is about to go into default. The homeowner will probably be expected to show, in writing, why they are unable to make further payments or pay the remainder of their debt. Suitable reasons include a death or critical illness in the family, divorce, loss of a job or bankruptcy. Homeowners will also need to show the lender that they have little or no assets. Ultimately, it’s in the lenders hands whether or not a short sale is accepted.
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