I am an expert in Real Estate Short Sales and Real EstateForeclosure/REO Homes. 95% of all my business deals with these types of sales. Many of the homes that are on the market today deal with one of these types of sales.
If you're a home buyer, you will want to become educated on what to expect during your buying process. The buying process can be a stressful one if you're not prepared for the response times and/or counter offer techniques used by the lender mitigated homes (Short Sale homes and Foreclosure/REO homes).
If you're a home seller, it's important to know your legal rights for your decision making process. You will want to be well informed of the legalities of selling your home on a Short Sale. The wrong decision can lead to problems in the future if your lender decides that you need to be responsible for the deficiency balance.
I can navigate all parties through all the scenarios that can possibly happen. You will be pleased with my knowledge of these processes and I will make your buying and or selling experience a good one.
Below are some of the questions that I can answer for you:
Short Sales
Q: What is a Short Sale?
A: A Short Sale is when the seller owes more than what the home is worth. For the Buyer, you may have to wait several months before the sale is approved. For the Seller, I can negotiate on your behalf so you don't need to bring any money to closing.
Q: How do I qualify for a Short Sale?
A: There are several different qualifications groups that you may fit into.
Are you behind in your payments? You Qualify!
Is your home in foreclosure? You Qualify!
Are you on time with your payments, owe more than your home is worth, but still want to sell? You May Qualify!
Q: How much does it cost to sell my home in a Short Sale?
A: Most likely, nothing! The lender in most cases will agree to pay all of your selling fees including Realtor commissions! Please contact me and we can discuss your current situation.
Q: Are there tax implications for a Short Sale?
A: Possibly. Typically the lender will give you a 1099-C that gives you notice on the forgiven debt that the lender has assumed. You may have to file this on your tax return. However, if you meet the IRS’s definition of insolvency, you will not have to worry about this forgiven debt. Please contact your tax professional to see if you are insolvent. You may also be able to avoid the forgiven debt as taxable income if the home you are selling is your primary residence. Again, consult your tax professional for all the applicable codes as they appy to you.
Q: I have a first and a second mortgage, can I still do a Short Sale?
A: Yes! We will just need to satisfy both lenders to assure you of a successful short sale.
Q: I’ve heard that lenders will only accept certain types of hardships. Do you have examples?
A: Yes! Some common hardships that homeowners encounter are as follows:
Death of a family member.
Loss of Job.
Illness or injury.
Divorce or new family members.
Job relocation.
Reduction in hours worked or pay expected.
Adjustment of mortgage interest rates.
Q: Can a seller get money back from a Short Sale?
A: As part of The Making Homes Affodable Plan, and specifically the new Home Affordable Foreclosure Alternatives (HAFA) initiative announced on 11/30/2009, qualified home owners can get up to $1500 BACK from a Short Sale to use towards relocation expenses! There are some lenders who are offering more but it is on a case by case basis with your lender.
Foreclosures/REO Homes
Q: What is a Foreclosure or REO Home?
A: A foreclosure or REO home simply means that the someone (usually the bank) has already completed the Foreclosure process and now owns the home.
Q: Are there good deals for Foreclosure or REO Homes?
A: In general, there are good deals across our market place but you can certainly get an exceptional deal on a Foreclosure or REO Home.
Q: What if my lender has already started the Foreclosure Process, what can I expect?
A: The Foreclosure Process starts with a sheriff's sale, which is a public auction on the home. From that date, the owner has 6 months to redeem the property. This is called the redemption period. This redemption period can be shortened to 5 weeks if the home is NOT owner occupied.
Q: What is the Redemption Period?
A: It is the 6 month (or 5 week - non owner occupied homes) timeframe that the owner can "Redeem" the home. Common ways to redeem the home are:
Business Categories:
