How to Find Short Sale Properties
August 22, 2010 by admin
Due to certain factors it can be hard for buyers to indentify and find short sale properties; however, there are several simple ways to help those who want to pursue such a real estate option can use to determine a property has a short sale alternative. These include carefully reading the listing descriptions. Within these descriptions may be certain keywords that can clue a buyer into the fact that the property is a short sale. However, this can be time consuming, mind numbing, and there is no guarantee that just because a description contains one or more these keywords that it is, in fact, what you are looking for. The best method to identifying these particular properties is to approach a loan officer at your local bank. They should be able to classify a particular property based on their financial records.
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How To Get Short Sale Funding
July 6, 2010 by admin
If you're a pre-foreclosure investor, having short sale funds available to finance all of your deals is the perfect investor solution to take advantage of today's booming foreclosure market.
In the current economic climate there is no income, no cash, and no credit required. You can obtain funding to close all of your deals in 48 hrs!
With the sub-prime mortgage debacle, and the recent tightening of the credit markets, you have no doubt noticed how much more difficult it is to acquire financing for almost any real estate deal these days.
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Short Sale Real Estate: Tips for Selling Your House for Less than Is Owed
July 6, 2010 by admin
Short sale real estate references selling property for less than the balance owed on the mortgage loan. This type of transaction is occasionally offered to borrowers who have become delinquent on their home loan and can no longer afford mortgage payments. In order to avoid the expense associated with foreclosure, banks allow borrowers to sell their house at a reduced price.
Entering into short sale real estate contracts is a lengthy process. Oftentimes, borrowers enlist assistance from a real estate lawyer, realty agent, or short sale specialist. However, borrowers must obtain approval from their lender before listing their home as a short sale property.
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How Can a Short Sale Help Me?
July 6, 2010 by admin
A real estate short sale occurs when a property owner sells their property for less than the mortgage amount owed to their lender(s). On the surface, this may seem like only the borrower benefits from such a transaction. However, that couldn’t be further from the truth. Note: See our “Are You a Short Sale Candidate” to find out if you or someone you know are short sale candidates.
For discussion purposes we are going to assume a homeowner is a short sale candidate.
For the homeowner, a short sale makes it possible to sell their home for less than the total amount owed. The sale of the property releases the homeowner from their debts and obligations without having to file bankruptcy or endure foreclosure. The homeowner is able to save their credit, regain their dignity and their peace of mind. Lastly, the homeowner will be closer to rediscovering the American dream of homeownership because they are able to amicably resolve their lender(s)' concerns.
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How Long Do Short Sales Take?
July 4, 2010 by admin
The truth about short sales is that while everyone wants it expedited, the process invariably stretches longer than expected. A short sale may take anywhere from three to six months and the closing of the property may take an additional 30 to 60 days. For buyers, a short sale definitely takes longer than buying a regular non short sale house. This is because the lender must first approve of selling the property at a price lesser than the balance debt amount on the property. Most buyers, however, prefer buying a short sale property because these can be obtained at less than their original market value. Banks often take as long as two months to six months to respond to an offer, whether positive or with a counteroffer.
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Prevent Foreclosure: An Overview of Short Sales and Loan Modifications
July 4, 2010 by admin
Prevent foreclosure is currently a hot topic. Millions of borrowers are struggling to make their mortgage payment. With rapidly declining housing prices, many owe more than their property is worth. The credit crisis has left debtors unable refinance their loan; leaving homeowners with few options to save their home.
It is important to do everything possible to prevent foreclosure. First and foremost, foreclosure exposes people to the very real possibility of homelessness. No one wants to live in a shelter, their car, or on the streets. Programs exist to help people in financial crisis. Read more
Short Sales: Stacking The Deck In Your Favor
July 4, 2010 by admin
Short Sales: Stacking the Deck in Your Favor
A short sale is a sale in which the lenders allows the sale of a property for an amount less than the existing loan balance. Short sales have the potential for large profits because you, as the real estate investor, are gaining control of the property for a better than expected price.
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Competing with Lender owned and short sales in today’s Real Estate Market
July 4, 2010 by admin
If you are a "Traditional" Seller trying to sell a home in the Phoenix Arizona area, you already know that this an extremely challenging time. So what can a "Traditional" Seller do to successfully market their property and remain competitive with foreclosures and short sales in the neighborhood: 1. Price the home appropriate to where your specific market is currently selling. Your Realtor can provide you with good comparative sales data for your area. Price your home according to those which have sold only. 2. Many foreclosed and short sale homes aren't in good repair, so be certain your home is in tip-top shape. 3. Read more
Bank Short Sale – a Great Way to Purchase Investment Property
June 4, 2010 by admin
A bank short sale is a great way for investors to buy property at a fraction of the market price; however there are several steps that should be followed in order to guarantee a successful and profitable transaction. These tips include using a real estate agent experienced in the short sale process, doing research on the short sale specifics, identifying the correct owner of the property, file all associated paperwork in a timely and efficient manner, and completing a thorough inspection of the property before finalizing or signing any papers.
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Short Sale Hardship Letter – Expert Advice
April 28, 2010 by admin
A short sale hardship letter is the most important part of the short sales application. Short sale hardship letters are the key to getting approval by the mortgage lender. Applications are accepted or rejected by a Loss Mitigator who works for the lender to try to stop foreclosure. A lender might be looking at stacks of distress letters from other homeowners. Your short sale hardship letter needs to stand out and touch them without crossing the line into being overly emotional.
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