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A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #7 – Buyers are Not Interested in Short Sale Properties
This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.
For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any assistance that I can.
Just in case you missed Short Sale Myths 1 through 6 they are provided below.
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth #2 – The 7 Most Dangerous Short Sale Myths
Myth #3 – The 7 Most Dangerous Short Sale Myths
Myth #4 – The 7 Most Dangerous Short Sale Myths
Myth #5 – The 7 Most Dangerous Short Sale Myths
Myth #6 – The 7 Most Dangerous Short Sale Myths
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A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #6 – Banks Are Waiting On A Bailout And Not Accepting Short Sales
You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”
Please Come Back To “The Porch” Soon For The Last Short Sale Myth
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any assistance that I can.
Related Articles that you may be interested in reading:
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth #2 – The 7 Most Dangerous Short Sale Myths
Myth #3 – The 7 Most Dangerous Short Sale Myths
Myth #4 – The 7 Most Dangerous Short Sale Myths
Myth #5 – The 7 Most Dangerous Short Sale Myths
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A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #3 – Listing My Home as a Short Sale is an Embarrassment
It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.
With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.
Please Come Back To “The Porch” Soon For Myth #5
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any assistance that I can.
Related Articles that you may be interested in reading:
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth #2 – The 7 Most Dangerous Short Sale Myths
Myth #3 – The 7 Most Dangerous Short Sale Myths
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One of the main objectives of Home Affordable Foreclosure Alternative or HAFA, is to help Homeowners who cannot afford to keep their homes through HAMP, the Home Affordable Modification Program. Ultimately HAFA was created to assist in speeding up the Short Sale process which in return will reduce the number of Foreclosures.
This is a very interesting 15 minute video that anyone who might be struggling with their mortgage and are possibly considering a Short Sale should watch. I am a Certified Distressed Property Expert (CDPE), so if you have any questions or concerns after watching the video, please Contact Me or give me a call at 706-994-8686. I will be more than happy to answer your questions to the best of my ability. If you are not struggling, maybe you know someone within the North Georgia Mountains that is. Please be sure to forward this article to them.
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A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #3 – There Is Not Enough Time To Negotiate a Short Sale Before My Foreclosure
This is a myth that probably hurts homeowners the most. Many do not realize that Foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and Short Sales, there is time available until the Foreclosure process is complete.
Please Check Back Soon On “The Porch” For Myth #4
Please Contact Me, or call me NOW at 706.994.8686 if you, or someone you know is struggling with their mortgage. I will be more than happy to offer any and all assistance that I can.
Related Articles that you may be interested in reading:
Myth #1 – The 7 Most Dangerous Short Sale Myths
Myth # 2 – The 7 Most Dangerous Short Sale Myths
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A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #2 – You Must Be Behind On Your Mortgage To Negotiate A Short Sale
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
If you or someone you may know is struggling with their mortgage in the North Georgia Mountains, please Contact Me or forward this article to them. I am a Certified Distressed Property Expert in Blairsville, Blue Ridge, Ellijay and Hiawassee Georgia. I specialize in Short Sales and I really do want to help struggling homeowners during these difficult times.
Please Come Back To The Porch Soon For Myth #3
Related Articles:
Myth #1 – The Seven Most Dangerous Short Sale Myths
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A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #1 – The Bank Would Rather Foreclose Than Bother With A Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the Foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a Short Sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a Foreclosure.
The qualifications for a Short Sale include:
1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall - “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
If you or someone you may know is struggling with their mortgage in the North Georgia Mountains, please Contact Me or forward this article to them. I am a Certified Distressed Property Expert in Blairsville, Blue Ridge, Ellijay and Hiawassee Georgia. I specialize in Short Sales and I really do want to help people in these situations during these difficult times.
Check Back Soon For Myth # 2
Related Articles:
7 Legal Pit Falls Of A Short Sale
Simple Real Estate Definitions: Short Sale
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As you can see from the above report, the Median Sales Price for Homes Sold in Blairsville, GA. continues to fall. There was a change of $21,525, down 14% from February of 2009. This is due mostly in part to the Short Sales and Foreclosures that continue to plague both our Residential Market, and even more so our Vacant Lots and Acreage Market. I will be sharing that report in a later post.
The good news is because of the amount of Short Sales and Foreclosures, the number of units SOLD is up 18%. Only a change of 3, but 18% sounds so much better. There was no change this month over a year ago for number of properties that went under contract. The number of homes under contract year over year in February was 20.
The number of new homes being listed in Union County is down 31%. We had 27 fewer residential listings hit the market in Blairsville Georgia in February 2010 over last year. This is mainly due in part to New Construction coming to a near halt. Along with number of new listings going down, the total number of Properties For Sale in Blairsville was down 14% as well.
Our average Days On Market (DOM) for Homes Listed In Blairsville was up 32%, an added 47 days from the previous 149 from a year ago to a total of 196 average days on market. However with the drop in Inventory and a slight increase in Demand, our Month Supply of Inventory, better known as our Absorption Rate is down 14% to roughly 31 months.
If you have any questions or concerns from this North Georgia Real Estate Market Report, please Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I appreciate you taking a moment to read this report, and please come back up on “The Porch” each and every time that you have the opportunity. You are always welcome here.
Make it a Great Day!
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I recently acquired my Certified Distressed Property Expert (C) (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPE’s are able to provide real solutions for homeowners facing hardships in today’s market. My goal with this designation is to shorten the legal section in our local community newspapers here in the North Georgia Mountains with each passing week. In doing so, I will simply be helping families to stay in their homes, helping them to realize that there are many options other than walking away and ultimately facing Foreclosure. However a successfully negotiated Short Sale has consequences, and I would like to share with you 7 possible pitfalls or legal risks that you and your agent need to be aware of.
1. Misrepresenting tax consequences.
Although it’s true that the federal government passed a law in 2007 directing the IRS not to count mortgage debt forgiven by a lender as income, the provision is limited. It applies only to purchase money; it doesn’t apply to debt on a cash-out refinancing, and it doesn’t apply to second homes. There’s also a dollar limitation, albeit a generous one ($1 million for married couples filing separately, twice that for joint filers). “A lot of associates are telling people there are no tax consequences,” says Lance Churchill, a short sales specialist and trainer who operates in Boise, Idaho, and San Diego. “But it’s a limited law and you just need to be accurate about it.”
2. Misrepresenting how secondary debt is treated.
Practitioners might mistakenly tell sellers that all the house debt is forgiven once the primary lender approves a short sale. But that might not be the case, Churchill says. Holders of second deeds of trust don’t typically forgive the debt. More commonly, they accept a partial payment, like $2,000; and rather than write off the balance, they sell the balance to a collection agency for another few thousand dollars. In many states, these second loans are recourse, so sellers can be caught by surprise when the collection agency contacts them a year later seeking payment of the debt.
3. Acting on inappropriate lender requests for seller contributions.
It’s not uncommon for lenders to go after money that the sellers have in the bank or in a retirement account before they approve a short sale request. They’ll sometimes seek to put the onus on the real estate practitioner to get sellers to sign over a note for the amount they have in the bank as a condition of sale. But in states where mortgage debt is nonrecourse, lenders have no right to the money, and associates that suggest otherwise to the sellers might be later sued for negligence.
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A “Short Sale” is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff.
By way of example, a Short Sale may be appropriate for someone Selling a Home in Blairsville whose mortgage balance is $250,000 but whose home wouldn’t sell for more than $220,000. Rather than pay the $30,000 difference to the lender at the time of sale, the seller enters into an agreement with the lender by which all sale proceeds are paid to the bank and the deficient balance is forgiven.
Short Sales are a preferable alternative to foreclosure but the process still harms both parties. For one, the seller is penalized with a derogatory tradeline on credit for not fulfilling a mortgage obligation. And, two, the lender is forced to take a loss on a mortgage loan. Versus an executed foreclosure, however, Short Sale damages are relatively limited on both sides.
For this reason, Short Sales are sometimes considered “the economical alternative” to default.
The process of getting a Short Sale approved varies from lender-to-lender and can be time-intensive. Home sellers should not go at it alone — speaking with a real estate agent about the proper protocol is usually the best place to start. And sellers should be aware of how a Short Sale on their credit can impact future borrowing.
Current Fannie Mae guidelines prevent short-selling homeowners from obtaining new mortgage financing for a period of 2 years.
Click Here to see a Home For Sale in Blairsville that I currently have listed as a Short Sale. If you are facing a hardship such as your home’s value being less than what you owe on your mortgage, or if you are possibly facing Foreclosure, I may be able to help, but you need to call me at 706.994.8686 before it is too late.
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