Short sales I'm sure you may have read or even heard some of the horror stories out there about short sales and the time frame on why some short sales may take a year to complete and why some short sales may take two months to complete. And of course Im sure you have read or heard of all the documents required for the short sale process and sometimes it seems you are forever sending in the financial documents over and over again.
Well my thoughts on this as a Realtor, is to work your own short sale files, it is hard to control or even know what is going on with a file, when you have a 3rd party vendor working the short sale and at times may be unable to reach that 3rd party person.
Every short sale that I have done have all been different from start to finish and what I have learned is communication is the key factor, the communication is not just with the servicer but also the homeowner and then of course if there is a buyer and seeing that the buyers contingencies are not asking for the moon, again this is a short sale where there is no equity and in most cases no money for any repairs. So communication and having a realistic expectations will make a short sale more successful in closing.
I am accountable for my own actions and so this has worked in my favor as a short sale specialist in the Houston area. If you do work with a Realtor you want to know if they do their own in house negotiations with the banks and if not, what would be the cost for the 3rd party person who will be working your file, oh yes some one has to pay for their service, it may be the buyer who has to add this additiional fee in purchasing your home, and this may be a deal breaker to some buyers if they are needing to pay $$ to the negotiators company at closing.
The outside service of a 3rd party works for some folks but for me, I don't know if you want to call it being a control freak, but I have to know every step what is going on with my files, and I have also gained a relationship with the different servicers which has helped me when you hit that brick wall on some of these short sales. And you will hit that brick wall. I like to be able to update my homeowners on the short sale process at any given time they inquiry.
I am a short sale specialist working all of the Houston area also including FT Bend and Montgomery county.
Thanks for reading
Christina, SFR
I wanted to share my thoughts on CHASE short sales. I have been doing short sales for the last two years which includes doing all of my short sale negotiations myself. Most Realtors who work short sales have their opinion and preferences in working with different lenders/servicers.
Yes, short sales are a different animal form the traditional sale of a home. CHASE/JP MORGAN CHASE SHORT SALES have really made the short sale process in my humble
opinion smoother then some of the other servicers out there. I wish the other servicers would take note and streamline the process the way CHASE has.
Sure there may be some bumps along the way, but the communication between myself and the agents over at CHASE have been wonderful. Give me a CHASE short sale any day of the week!
If you have a CHASE home loan, and have been denied for the loan modification
and a short sale is the best option then consider me an agent who has closed
CHASE short sales successfully.
Visit my website www.keystomyplace.com
Best wishes
Christina, SFR
Short Sale
The first option is a short sale. A short sale is when you sell your home and your lender agrees to accept less than you owe on the balance of your loan. Generally speaking, your lender will only approve a short sale if you are behind on your mortgage payments or can show you will be unable to continue making your payments . In order to be approved for a short sale, you will have to provide your mortgage lender's loss mitigation team with documentation of your income and assets, so they can verify that you have a financial hardship and that you truly cannot afford the home. You will need work with Realtor who will list your home and may
also negotiate the short sale with your lender. It is a process to complete a short sale but with
greater outcome then a Foreclosure would be on your record.
Deed in Lieu of Foreclosure
The second option is a deed-in-lieu of foreclosure (DIL). In a deed in lieu of foreclosure, you give the property to your lender voluntarily, in exchange for the lender canceling the loan. The item transferred is the deed to the property. The lender promises not to initiate foreclosure proceedings or to terminate any foreclosure proceedings already underway. The lender may or may not agree to forgive any deficiency balance resulting from the sale of the property.
The key issue in a deed in lieu of foreclosure is whether the lender is willing to forgive the deficiency balance. Read your contract carefully, to see how the deficiency balance issue is handled. If the document is unclear, take it to an attorney with experience in property law. An attorney’s time is not cheap, but will be a bargain compared to signing an agreement you do not understand. Don’t leave yourself vulnerable to receiving the unpleasant surprise of a large, unexpected debt.
Feel free to contact me by text,email,or phone
Thank you
Christina
Some good read.
Texas foreclosure law & deficiency balances
Texas foreclosure laws are found in Title 5, Subtitle B, Chapter 51, Section 003 to learn more about the rules surrounding foreclosure in this state, including deficiency balances (Property code § 51.003-51.005). Under Texas law, the lender may recover any deficiency balance. However, if your servicer participates in the HAFA program, then it is barred from collecting a deficiency balance.
BANKRUPTCY
You can resolve a deficiency balance or deficiency judgment in bankruptcy or debt settlement. Bankruptcy is a complicated process. Chapter 7 and Chapter 13 bankruptcy are the options appropriate for most consumers seeking debt relief. Unfortunately, after the passage of the Bankruptcy Reform Act in 2005, it became harder to file for a liquidation bankruptcy, and there is now more complexity to an already intimidating process. Filing bankruptcy can be difficult and, though a consumer can do themselves, I advise consumers to consult with an attorney licensed in their state to ensure the filing is completed accurately.
Alternatives to foreclosure
The Home Affordable Foreclosure Alternatives Program (HAFA) is a part of the Obama Administration's Making Home Affordable (MHA) initiative. HAFA sets guidelines for short sales and deeds in lieu of foreclosure for distressed homeowners. If your servicer (the financial institution collecting your mortgage payments) participates in HAFA, then the servicer must follow HAFA's guidelines and deadlines. The guidelines provide financial incentives for both servicers and homeowners. The homeowner must also be eligible for HAMP, as set forth by the program guidelines.
Wanted to share my take on expired listings, that for what ever reason did not sell.
Sellers you have a part to play in this, it is a team effort.
Here is my two cents on the subject.
Home is not selling or I have no appointments set to see this home. There are a few factors
when selling the property that need to be in sync
1. Marketing
2. Price
3. Location
4. Condition
Sellers you control two out of the four, that is pricing and the condition of the home.
To have you understand the pricing factor really comes down to
Buyers and Sellers Determine Value ! The value of your property is determined by what a
BUYER is willing to pay and a
SELLER is willing to accept in today’s market. Buyers make thier pricing decision based on comparing your property to other property
SOLD in your area.. that simple !
Condition - is really up to ones perception of the property. What you want to make sure is
the home is appealing to a broad market base, that may mean toning down the bold colors or
decluttering the home. Changing and upgrading fixtures is an easy change and also appealing.
Remember to keep it light & bright and less is more at times.
You do this and the phone will start ringing for showings.
Christina Simmons
Local Houston Realtor
www.keystomyplace.com
Hello my friends, just wanted to let you know that HUD has implemented their $100.00 down for first timehome buyers, only for a limited time form October 2011 to October 2012. So if you are on the fence this should really get you off the fence and to start looking for the HUD homes.
HUD also will provide up to 3% closing cost on FHA loan and also the FHA apprasial is already done for you so this will save you several of hundreds of dollars from the start. Just to recap HUD homes for $100.00 in Houston and surrounding areas. Call me and I can start sending you all the HUD homes that hit the market to your email, be one of the first to receive the emails.
We've all heard the short sale nightmares...the endless waiting for the bank to approve the short sale or needing to send in additional documents. Short sales if started off on the right note, does not have to be a painful experience. I have jotted down 6 tips on making the short sale a smoother transaction.
1. Finding the right Realtor and finding the right seller..it has to fit for both parties. A good short sale Realtor will be interviewing you asking you questions and surmising if a short sale is the best situation for you. You can list your home with any Realtor, but it does benefit you to list with a Realtor who has perfomed short sales and who has a good track record.
2. Understanding your loan and lenders- One loan is better then two loans, it is easier to negotiate with one loan then with two loans and two different lenders. Tell your Realtor if you have HELOC loan as well. Understand each lender has their own guidelines and rules that must be followed. Know who owns the loan, your Realtor can help you with this.
3. Gathering your financials- Be prepared to submitt your financials and sometimes the lenders may want an update on your financials every 30 days. Be ready if they ask for an update. Have all your documents ready when you meet with your Realtor at the time of the listing appointment.
4. Prove your hardship- The lender needs to understand what caused the missed mortgage payments or what is causing the hardship now . Be ready to write this down on paper. Your hardship letter should be no more then a page, half page is better. You want to be factual and to the point, keep in mind the person reading your hardship letter may have just read 200th hardship letter and your letter is now number 201 to be read. Remember to sign your hardship letter.
5. Finding the right buyer- It will be with your Realtors guidance to determine the serious buyers from the tire kickers. Low ball offers seem to come from investors, and sometimes from owners occupants with unrealistic view on the value of the property.
but a low ball offer will only cause delay to the inevitable. The banks will not give the property away. The banks will do their due diligence and have an apprasial /bpo performed, giving the bank the FMV (fair market value). You may want to jump at the first offer but let the professional, your Realtor help you with that decision.
6. Making the home available- Sellers you have to understand and come to terms, you are doing a business transaction, a short sale with limited time frame before the banks decide to foreclose on the property. You must make the property available and work with your Realtor. Most banks will not perform any repairs and most sellers do not have the extra cash on hand to do any repairs. Keep in mind, when I take the listing It is marketed "As-is" sale.
Yes, shorts sales are not your traditional sell, and it is not for the faint at heart, it does take a lot of work, but with the right Realtor and the right seller you to can have a successful short sale.
Visit my website at www.Houston-shortsale.com
Best regards
Christina
713-269-9235
A sales date on a home means the home is going up for foreclosure auction on the county
court steps in a nut shell. Active foreclosure means the home is being processed for the
sales date process and basically the bank is crossing it's t's and dotting its's I's.
Is there anything you can do to stop this process..unless you are prepared to bring the loan current, and I am going to assume at this point you have tried one or more loan modifications and it has not worked out for you.
Your credit has already been hurt due to the non payment of mortgage, and having a foreclosure on your credit would prevent you from purchasing your next home for the next
7-10 years. You may still be held responsible for the remaing loan amount that the foreclosure did not cover.
Is there any relief for you ? It really depends on YOU.
This may be the time to try to salvage your credit by doing a short sale. If successful, the short sale will reflect paid as settle on your credit, or close to this variation. You will be able to
purchase your next home in 2 years from your sucessful short sale.
When you know you no longer can keep your home, the time is now to short sale and
move forward with your life to the next chapter.
Do not wait to the last minute when you receive the sales date, keep in mind the Realtor
needs time to secure a buyer that the bank will accept the offer from.
visit my website www.keystomyplace.com
Text me with any questions
Thank you
Christina
713-269-9235
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Wanted to blog about to be on the watch for scam artist, people who prey on others
hardship. Yes folks this people can be really slick with promises that sound too
good to be true, and we still have people still being tricked by this deceptive
people. Take a moment and look for this six signs.
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage
2. A company/person guarantees they can stop a foreclosure or get your loan modified
3. A company/person advises you to stop paying your mortgage company and pay them instead
4. A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read, and you don't fully understand
5. A company claims to offer "government-approved" or "official government" loan modifications ***Please verify, you can check with your lender and remember you do not pay to benefit from any government program.
6. A company/person you don’t know asks you to release personal financial information online or over the phone
** I have a list on HUD approved organizations on my website.