The document discusses key points for buyers to understand when purchasing a short sale property. It notes that short sales can take 60-90 days to get approved, unlike a normal sale. It also explains that short sales will likely be sold at a discount to market value, but not 40-50% below like some assume. Additionally, it emphasizes that short sales require experienced real estate agents due to their complex nature.
Whiteheads estate agents how to get most out of your property viewingswhiteheadsmarketing
The document provides tips for making the most out of property viewings whether buying or selling. It outlines 5 important questions for buyers to ask vendors including what the vendors are doing, if there is a chain and how long it is, why the vendors are moving, how long they have lived there, and if they will accept an offer. It also discusses 3 common mistakes made during viewings like failing to do research or ask the right questions. Finally, it provides tips for vendors to prepare including tidying up, letting buyers view alone, and not asking too many questions.
5 Reasons Why Short Sales Suck
How Lender Greed Can Kill Your Offer
Why Short Sales will Dominate the Market in 2010
What is Shadow Inventory and Why it’s Important
Why Home Prices Maybe Be Dropping Again Soon
Trick for Making More Competitive Offers
How to Find the Best Short Sale Deals
The document discusses managing short sales and simplifying the short sale process. It notes that short sales are becoming more common due to the mortgage meltdown and foreclosure crisis. It provides an overview of the short sale process and notes that using experts to handle the process can help real estate agents get more short sale listings closed.
This document discusses opportunities for buying distressed real estate properties due to the current foreclosure trends. It outlines the benefits of buying now including increased affordability and potential for appreciation. It provides tips for successful buying such as getting pre-approved, building a strong team with an expert agent, understanding the differences between traditional and distressed property rules regarding price, speed, decision-making and negotiation. Key points emphasized are that foreclosure inventory remains high, all parties are motivated to sell, and mortgage rates are low, though not for long. Myths about distressed properties are debunked.
The document provides advice for buying a bank-owned or real estate owned (REO) property. It recommends finding an experienced buyer's agent to help make offers. It discusses getting pre-approved, making offers at 5-10% below asking price, being prepared to move quickly once an offer is accepted, and going through the escrow and closing process in a timely manner according to the bank's requirements and timelines. Patience is needed as response times from banks can be lengthy.
The document provides an overview of the home buying process and discusses important considerations for obtaining a home mortgage loan. It includes tips on working with a lender and real estate agent, evaluating different loan options, negotiating terms, and becoming educated on the process. Key recommendations are to get pre-approved for a loan, look at multiple loan programs, demand good service, and don't be afraid to negotiate flexible terms. Being informed is important to getting the best mortgage.
The document provides an overview of the typical steps in the home buying process:
1) Define your goals and research options and financing; 2) Contact a real estate professional; 3) Get pre-approved for a loan; 4) View homes and make an offer; 5) Negotiate with the seller; 6) Secure financing; 7) Close the deal and take ownership. It emphasizes the importance of being well-informed and working with a trusted real estate professional throughout the process.
Whiteheads estate agents how to get most out of your property viewingswhiteheadsmarketing
The document provides tips for making the most out of property viewings whether buying or selling. It outlines 5 important questions for buyers to ask vendors including what the vendors are doing, if there is a chain and how long it is, why the vendors are moving, how long they have lived there, and if they will accept an offer. It also discusses 3 common mistakes made during viewings like failing to do research or ask the right questions. Finally, it provides tips for vendors to prepare including tidying up, letting buyers view alone, and not asking too many questions.
5 Reasons Why Short Sales Suck
How Lender Greed Can Kill Your Offer
Why Short Sales will Dominate the Market in 2010
What is Shadow Inventory and Why it’s Important
Why Home Prices Maybe Be Dropping Again Soon
Trick for Making More Competitive Offers
How to Find the Best Short Sale Deals
The document discusses managing short sales and simplifying the short sale process. It notes that short sales are becoming more common due to the mortgage meltdown and foreclosure crisis. It provides an overview of the short sale process and notes that using experts to handle the process can help real estate agents get more short sale listings closed.
This document discusses opportunities for buying distressed real estate properties due to the current foreclosure trends. It outlines the benefits of buying now including increased affordability and potential for appreciation. It provides tips for successful buying such as getting pre-approved, building a strong team with an expert agent, understanding the differences between traditional and distressed property rules regarding price, speed, decision-making and negotiation. Key points emphasized are that foreclosure inventory remains high, all parties are motivated to sell, and mortgage rates are low, though not for long. Myths about distressed properties are debunked.
The document provides advice for buying a bank-owned or real estate owned (REO) property. It recommends finding an experienced buyer's agent to help make offers. It discusses getting pre-approved, making offers at 5-10% below asking price, being prepared to move quickly once an offer is accepted, and going through the escrow and closing process in a timely manner according to the bank's requirements and timelines. Patience is needed as response times from banks can be lengthy.
The document provides an overview of the home buying process and discusses important considerations for obtaining a home mortgage loan. It includes tips on working with a lender and real estate agent, evaluating different loan options, negotiating terms, and becoming educated on the process. Key recommendations are to get pre-approved for a loan, look at multiple loan programs, demand good service, and don't be afraid to negotiate flexible terms. Being informed is important to getting the best mortgage.
The document provides an overview of the typical steps in the home buying process:
1) Define your goals and research options and financing; 2) Contact a real estate professional; 3) Get pre-approved for a loan; 4) View homes and make an offer; 5) Negotiate with the seller; 6) Secure financing; 7) Close the deal and take ownership. It emphasizes the importance of being well-informed and working with a trusted real estate professional throughout the process.
This document outlines 10 steps for choosing and purchasing a home. It provides guidance on each step, including finding a qualified buyer's representative. The first step is to find a buyer's representative who is committed to representing the buyer's best interests, such as one with an Accredited Buyer's Representative (ABR) designation. When choosing a representative, buyers should assess their experience, credentials, references, knowledge of the market, representation services, compensation, and ability to support the buyer through each stage of the home buying process. With the right representative, buyers can make informed decisions to successfully purchase a home.
The document summarizes a real estate seminar discussing alternatives for homeowners who are underwater on their mortgages, including short sales and foreclosures. It provides information on how to qualify for and navigate the short sale process as both a seller and buyer. Real estate market trends in the local area are presented, demonstrating high inventory and declining home values and sales. Strategies are suggested for taking advantage of the current market as both investors and homeowners.
The document discusses the foreclosure crisis and opportunities for buying foreclosed homes. It began with the bursting of the dot-com bubble and lowering of interest rates fueling a housing boom. Risky lending practices led to many homeowners defaulting on mortgages when housing prices dropped. This created a surge in foreclosures, presenting opportunities for investors and homeowners to purchase properties cheaply and potentially profit from future price increases. However, the document warns that buying foreclosures requires expertise and strategy to negotiate well with banks and avoid potential pitfalls.
Does the word "contract" evoke the same feeling in you that the word "dentist" does? Are you, perhaps, someone who enjoys negotiating, but who could use some pointers on how to step up your game? Then this session — led by veteran meeting planner +Christy Lamagna CMP, CMM, CTSM — is for you. You can view the webinar on-demand here: http://www.youtube.com/watch?v=lqZpDjKrZ84.
Explore different negotiation strategies and tactics depending on with whom you are negotiating, learn key clauses to include in all your agreements, discover how to add value to your program while minimizing risk, focus on the critical component of clear, fact-based communication and the power that holds.
This information-packed, fast-paced session will inspire, educate and empower you!
About the speaker
Christy Lamagna, CMP, CMM, CTSM, (@SMEChristy) is the founder and chief strategist of Strategic Meetings & Events (smeplanners.com), an event planning company that specializes in producing events that achieve clients’ marketing and sales goals. With an ability to see the big picture while simultaneously understanding events down to the minutiae, Christy’s ability to create, market and execute programs has made her a leader in the industry. A former vice president of a Fortune 20 company and a member of five startup organizations, Christy has built successful marketing, event, travel and trade-show, departments for companies while helping them create or strengthen their brands and the infrastructure that supports them. Christy teaches event and meeting management classes at a college level and is working on an industry textbook on the science of strategic planning. She speaks at industry events whenever possible as a way of giving back to the profession that has given her 24 years of career satisfaction.She is a frequent contributor to Plan Your Meetings, penning solo advice columns as well as co-writing the popular “Beauty and the Brain” blog.
This document is a chapter from a book providing advice on optimizing home purchases. It discusses how hiring the right real estate agent can help homebuyers avoid common mistakes like overpaying for a home or home loan. The chapter emphasizes creating a comprehensive home buying strategy and working with an expert advisor who represents the buyer's interests. It cautions that sellers' agents and builders' sales reps may not have the buyer's best interests in mind due to compensation incentives. Overall, the chapter stresses the importance of an educated, strategic approach to home buying facilitated by a knowledgeable real estate professional.
This document provides information to help buyers through the process of purchasing a home, including:
- Working with a real estate agent to find the right home and make an offer
- Understanding financing and pre-qualifying for a loan amount
- Going through the escrow process where terms are carried out by a neutral third party
- Signing documents and fulfilling conditions to complete the transaction by the closing date
The document discusses buy-sell agreements for business owners. It explains that there are three main types of agreements based on how the price is determined: fixed-price agreements which set a single price that is rarely updated, formula agreements which use a formula that may provide unreasonable results over time, and process agreements which determine the price through appraisals but leave much uncertainty. The document recommends process agreements that use a single appraiser selected upfront who provides baseline and annual valuations to establish predictable pricing.
Book by: ALFRED LABEJA
Director/Property Expert.
Warib Capital Ltd
London.
Founder: http://www.propertyinvestmentgroups.com
HOW TO LOCATE ULTRA-BARGAINS
2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
Secret Powers of Negotiations Summary PDFDan Walker
This document summarizes key negotiation tactics and strategies. It discusses techniques like establishing criteria, seeking information, compromise, using gambits to gain advantage, countering hot potato and nibbling tactics, appealing to higher powers, dealing with good cop/bad cop scenarios, calling out people who flinch, agreeing then turning proposals around, having walk away power, positioning for easy acceptance, the power of writing, negotiating on your own territory, being the one to write contracts, breaking amounts down, using decoys and red herrings, acting as a reluctant buyer/seller, demonstrating power, never taking the first offer, trading off asks, using the vise technique, bracketing offers, and asking for more than expected. The goal is
Dr. Michael Gutter and Elaine Courtney will present Secrets of Smart Car Buying, focusing on issues with financing, making a smart purchase and information on the lending process in this 90-minute presentation on behalf of the Military Families Learning Network.
Negotiation Skills - 10 Must Know RulesHassan Rizwan
This document outlines nine rules for negotiation skills to maximize returns. The rules advise knowing basic information, seeking trades rather than free gifts, starting higher than the desired outcome, identifying acceptable ranges, knowing your alternatives, settling all issues as a package, concluding with small additional concessions, finding creative concessions to trade, focusing on interests not just positions, and communicating the benefits rather than just features of offers.
This document provides an overview of key considerations for homeowners thinking about selling their home. It discusses 5 reasons to sell now, including strong buyer demand, less competition from other sellers, a quicker home selling process, benefits of moving up to a more expensive home before prices increase further, and the importance of moving on with your life goals. Other sections discuss the value of hiring a real estate agent compared to selling For Sale by Owner, properly pricing the home upfront, demands to make of your real estate agent, reasons not to sell For Sale by Owner, and how mortgage rates and home prices are projected to change in coming years. The document aims to educate homeowners on current housing market conditions and factors to consider when preparing to sell.
This document provides an overview of the home buying process from Irfan Nazir, Senior Vice President at Pac West Home Loans. It covers key topics like:
- Understanding the loan process and commonly asked questions.
- Factors to consider when shopping for interest rates like lock periods and fees.
- Important elements of a purchase contract like contingencies, inspections, and seller contributions.
- How long the buyer plans to keep the loan impacts decisions around paying points and loan programs.
- The importance of good credit and maintaining scores during the loan process.
- Defining junk fees and the lender's obligation to disclose fees.
The handout is intended to educate home
Selling your home? Here are some vital tips about the current real estate market that may help you sell your home for the most money, and choose the right real estate agent.
The Investment News is the monthly newsletter for Real Estate Professionals from Mid-America Association of Real Estate Investors based in the Kansas City Metro and serving the Real Estate Industry since 2003.
The short sale process involves listing the property for sale at a price the lender will approve, submitting documentation to the lender for approval, and negotiating with lenders who may be slow to respond. Getting written approval from lenders is important to avoid future collection attempts for any remaining amounts owed. The property value must be determined, often using brokers price opinions, and expenses of the sale are reviewed by lenders. The goal is to get approval in writing to satisfy the mortgage and promissory notes from all lenders involved.
This document provides information about the short sale process for selling a home with no equity. It defines a short sale as allowing the homeowner to sell their home at a loss, with the lender accepting less than the amount owed. The benefits are outlined as avoiding foreclosure, bankruptcy, and negative credit impacts. The process involves finding an experienced real estate agent, collecting financial documents, marketing the home for sale, making an offer, and negotiating with the lender who may take up to 60 days to approve the short sale. Communication is important throughout the process.
This document outlines 10 steps for choosing and purchasing a home. It provides guidance on each step, including finding a qualified buyer's representative. The first step is to find a buyer's representative who is committed to representing the buyer's best interests, such as one with an Accredited Buyer's Representative (ABR) designation. When choosing a representative, buyers should assess their experience, credentials, references, knowledge of the market, representation services, compensation, and ability to support the buyer through each stage of the home buying process. With the right representative, buyers can make informed decisions to successfully purchase a home.
The document summarizes a real estate seminar discussing alternatives for homeowners who are underwater on their mortgages, including short sales and foreclosures. It provides information on how to qualify for and navigate the short sale process as both a seller and buyer. Real estate market trends in the local area are presented, demonstrating high inventory and declining home values and sales. Strategies are suggested for taking advantage of the current market as both investors and homeowners.
The document discusses the foreclosure crisis and opportunities for buying foreclosed homes. It began with the bursting of the dot-com bubble and lowering of interest rates fueling a housing boom. Risky lending practices led to many homeowners defaulting on mortgages when housing prices dropped. This created a surge in foreclosures, presenting opportunities for investors and homeowners to purchase properties cheaply and potentially profit from future price increases. However, the document warns that buying foreclosures requires expertise and strategy to negotiate well with banks and avoid potential pitfalls.
Does the word "contract" evoke the same feeling in you that the word "dentist" does? Are you, perhaps, someone who enjoys negotiating, but who could use some pointers on how to step up your game? Then this session — led by veteran meeting planner +Christy Lamagna CMP, CMM, CTSM — is for you. You can view the webinar on-demand here: http://www.youtube.com/watch?v=lqZpDjKrZ84.
Explore different negotiation strategies and tactics depending on with whom you are negotiating, learn key clauses to include in all your agreements, discover how to add value to your program while minimizing risk, focus on the critical component of clear, fact-based communication and the power that holds.
This information-packed, fast-paced session will inspire, educate and empower you!
About the speaker
Christy Lamagna, CMP, CMM, CTSM, (@SMEChristy) is the founder and chief strategist of Strategic Meetings & Events (smeplanners.com), an event planning company that specializes in producing events that achieve clients’ marketing and sales goals. With an ability to see the big picture while simultaneously understanding events down to the minutiae, Christy’s ability to create, market and execute programs has made her a leader in the industry. A former vice president of a Fortune 20 company and a member of five startup organizations, Christy has built successful marketing, event, travel and trade-show, departments for companies while helping them create or strengthen their brands and the infrastructure that supports them. Christy teaches event and meeting management classes at a college level and is working on an industry textbook on the science of strategic planning. She speaks at industry events whenever possible as a way of giving back to the profession that has given her 24 years of career satisfaction.She is a frequent contributor to Plan Your Meetings, penning solo advice columns as well as co-writing the popular “Beauty and the Brain” blog.
This document is a chapter from a book providing advice on optimizing home purchases. It discusses how hiring the right real estate agent can help homebuyers avoid common mistakes like overpaying for a home or home loan. The chapter emphasizes creating a comprehensive home buying strategy and working with an expert advisor who represents the buyer's interests. It cautions that sellers' agents and builders' sales reps may not have the buyer's best interests in mind due to compensation incentives. Overall, the chapter stresses the importance of an educated, strategic approach to home buying facilitated by a knowledgeable real estate professional.
This document provides information to help buyers through the process of purchasing a home, including:
- Working with a real estate agent to find the right home and make an offer
- Understanding financing and pre-qualifying for a loan amount
- Going through the escrow process where terms are carried out by a neutral third party
- Signing documents and fulfilling conditions to complete the transaction by the closing date
The document discusses buy-sell agreements for business owners. It explains that there are three main types of agreements based on how the price is determined: fixed-price agreements which set a single price that is rarely updated, formula agreements which use a formula that may provide unreasonable results over time, and process agreements which determine the price through appraisals but leave much uncertainty. The document recommends process agreements that use a single appraiser selected upfront who provides baseline and annual valuations to establish predictable pricing.
Book by: ALFRED LABEJA
Director/Property Expert.
Warib Capital Ltd
London.
Founder: http://www.propertyinvestmentgroups.com
HOW TO LOCATE ULTRA-BARGAINS
2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
Secret Powers of Negotiations Summary PDFDan Walker
This document summarizes key negotiation tactics and strategies. It discusses techniques like establishing criteria, seeking information, compromise, using gambits to gain advantage, countering hot potato and nibbling tactics, appealing to higher powers, dealing with good cop/bad cop scenarios, calling out people who flinch, agreeing then turning proposals around, having walk away power, positioning for easy acceptance, the power of writing, negotiating on your own territory, being the one to write contracts, breaking amounts down, using decoys and red herrings, acting as a reluctant buyer/seller, demonstrating power, never taking the first offer, trading off asks, using the vise technique, bracketing offers, and asking for more than expected. The goal is
Dr. Michael Gutter and Elaine Courtney will present Secrets of Smart Car Buying, focusing on issues with financing, making a smart purchase and information on the lending process in this 90-minute presentation on behalf of the Military Families Learning Network.
Negotiation Skills - 10 Must Know RulesHassan Rizwan
This document outlines nine rules for negotiation skills to maximize returns. The rules advise knowing basic information, seeking trades rather than free gifts, starting higher than the desired outcome, identifying acceptable ranges, knowing your alternatives, settling all issues as a package, concluding with small additional concessions, finding creative concessions to trade, focusing on interests not just positions, and communicating the benefits rather than just features of offers.
This document provides an overview of key considerations for homeowners thinking about selling their home. It discusses 5 reasons to sell now, including strong buyer demand, less competition from other sellers, a quicker home selling process, benefits of moving up to a more expensive home before prices increase further, and the importance of moving on with your life goals. Other sections discuss the value of hiring a real estate agent compared to selling For Sale by Owner, properly pricing the home upfront, demands to make of your real estate agent, reasons not to sell For Sale by Owner, and how mortgage rates and home prices are projected to change in coming years. The document aims to educate homeowners on current housing market conditions and factors to consider when preparing to sell.
This document provides an overview of the home buying process from Irfan Nazir, Senior Vice President at Pac West Home Loans. It covers key topics like:
- Understanding the loan process and commonly asked questions.
- Factors to consider when shopping for interest rates like lock periods and fees.
- Important elements of a purchase contract like contingencies, inspections, and seller contributions.
- How long the buyer plans to keep the loan impacts decisions around paying points and loan programs.
- The importance of good credit and maintaining scores during the loan process.
- Defining junk fees and the lender's obligation to disclose fees.
The handout is intended to educate home
Selling your home? Here are some vital tips about the current real estate market that may help you sell your home for the most money, and choose the right real estate agent.
The Investment News is the monthly newsletter for Real Estate Professionals from Mid-America Association of Real Estate Investors based in the Kansas City Metro and serving the Real Estate Industry since 2003.
The short sale process involves listing the property for sale at a price the lender will approve, submitting documentation to the lender for approval, and negotiating with lenders who may be slow to respond. Getting written approval from lenders is important to avoid future collection attempts for any remaining amounts owed. The property value must be determined, often using brokers price opinions, and expenses of the sale are reviewed by lenders. The goal is to get approval in writing to satisfy the mortgage and promissory notes from all lenders involved.
This document provides information about the short sale process for selling a home with no equity. It defines a short sale as allowing the homeowner to sell their home at a loss, with the lender accepting less than the amount owed. The benefits are outlined as avoiding foreclosure, bankruptcy, and negative credit impacts. The process involves finding an experienced real estate agent, collecting financial documents, marketing the home for sale, making an offer, and negotiating with the lender who may take up to 60 days to approve the short sale. Communication is important throughout the process.
This document provides tips for buyers of short sale and foreclosure (REO) properties. It discusses 5 common complaints buyers have with these types of distressed property transactions: 1) Escrows taking much longer than normal sales, sometimes months longer for short sales, 2) Banks not accepting very low offers and wanting closer to fair market value, 3) Last minute delays or cancellations of deals close to closing, 4) A lack of transparency from banks on the status of offers, and 5) Banks having different timelines than buyers despite long delays on the bank's part. It provides advice on how to avoid problems with each issue, such as managing expectations for long escrows, making reasonable offers, having backup housing plans, continuing
The document provides steps for buying a home with the help of a real estate agent. It begins with an introduction to the agent, Peggy Warren, and her qualifications. It then outlines the 7 steps to buying a home: 1) consultation, 2) loan pre-approval, 3) home search, 4) viewing homes, 5) pricing strategy, 6) making an offer, and 7) closing. The document provides guidance and tips for home buyers on each step of the process.
The document provides an overview of the typical home buying process in the United States. It outlines the main steps as: 1) defining goals and researching options, 2) contacting a real estate professional for guidance, 3) getting pre-approved for a mortgage loan, 4) viewing homes and making an offer, 5) negotiating with the seller, 6) securing financing, and 7) closing the deal. The document also includes a glossary of common real estate terms to help educate home buyers.
The purpose of this presentation is to show, Realtors and Investors, why working with us on your short sale properties is extremely beneficial. We are a preferred investor with the majority of lenders and have direct contacts to expidite the process.
The document provides information about navigating the short sale process when facing foreclosure. It discusses the advantages of a short sale over foreclosure for both homeowners and lenders. It also outlines the short sale process and the documentation required from homeowners, including bank statements, a hardship letter, and listing and purchase agreements. The representative's role is to negotiate with lenders on behalf of homeowners and submit the necessary paperwork to get the short sale approved.
The document provides information on the steps to close a short sale. It begins by defining a short sale as a property sale where the sale proceeds are less than the loan balance and requires consent from both the borrower and lender to avoid foreclosure. The first steps are to determine if the seller qualifies for a short sale by providing financial documents to prove inability to pay, and finding an experienced short sale listing agent. Key questions that need answers include how many liens are on the title and if the seller has contacted the lender about their short sale policies and procedures. The next steps are making an offer, signing a purchase contract, and going through the typical mortgage approval process where the underwriter will want to see a short
This document provides an overview of short sales in the real estate market. It discusses that with the flattening of home prices, some homeowners owe more on their mortgages than their homes are worth, making a short sale necessary. A short sale occurs when the proceeds from a home sale are insufficient to fully pay off all liens and closing costs. The document outlines some of the complex issues that can arise in a short sale transaction, including tax, credit, and legal concerns. It also notes that creditors have significant control over the short sale process and may be slow to consent since they are accepting less repayment than owed. Professional guidance is recommended to navigate the multiple considerations in a short sale.
The document is a guide for financing a home that provides information on:
1) The process and team members involved in financing a home including the mortgage broker, realtor, lawyers, and home inspectors.
2) The types of mortgages including closed and open mortgages.
3) What is considered in a mortgage application including income, credit history, and required documents.
4) The differences between a conventional and high ratio mortgage.
5) Estimated closing costs such as property transfer tax, legal fees, and more.
6) Special financing programs such as purchasing with improvements or 0% down payment programs.
Reprinted from REALTOR® Magazine(RealtorMag.Realtor.org) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
What is a Short Sale?
Have you already defaulted?
What Options are available?
Do you fear defaulting on your Mortgage?
LEARN your options from professionals in the field of lending, real estate, and foreclosure prevention.
UNDERSTAND tax penalties and other consequences of loan default, loan modification, or bankruptcy, the difference between a short sale and a foreclosure, and much more!
Did you know you may be eligible to receive money back from the bank at the close of your Short Sale?
* A guide to No Hassle Short Sales
* Handsome referral fees to agents
* A Win/Win approach to an innovative and more streamlined way to handle Short Sales
This document provides information about the short sale process. It defines a short sale as when the sale price of a home is less than the balance of the mortgage and the lender agrees to release the lien for the discounted payoff amount. It explains that lenders typically agree to short sales because it costs less than foreclosure. It also outlines the steps sellers must take to prepare for a short sale, including gathering financial documents and proving hardship. The document describes differences between a normal home sale and short sale and potential tax consequences of a short sale.
The document discusses the short sale process, including what a short sale is, who qualifies, the required paperwork and steps involved. A short sale allows a homeowner who is underwater or facing foreclosure to sell their home for less than the outstanding mortgage balance if the lender agrees. It involves listing the home, submitting paperwork including financial documents, and negotiating with the lender, with the goal of avoiding a foreclosure on the homeowner's record. The process can take 3-4 months or longer to complete.
Short sale listing presentation sigal realtyhiteshvad
This document provides information about short sales and compares them to foreclosures. It discusses:
1) What a short sale is and why lenders may agree to them over foreclosures.
2) The process a homeowner must go through to prepare for and complete a short sale.
3) Potential consequences of a short sale like tax implications, deficiency judgments, and credit impacts.
It aims to help homeowners understand if a short sale is better than foreclosure in preserving their credit.
A short sale occurs when a home is sold for less than the outstanding amount of the mortgage, and the lender agrees to accept the proceeds as payment in full to avoid foreclosure. To qualify for a short sale, the homeowner must prove financial hardship and that the home is worth less than the mortgage. While a short sale may impact the homeowner's credit for a few years, it typically has a less severe impact than foreclosure. The homeowner must work closely with their lender and real estate agent to prepare the necessary documents and get lender approval before listing the home as a short sale.
This document provides a guide for home buyers that outlines the typical steps in the home buying process. It begins with defining goals, researching options, and making a plan. Other steps include contacting a real estate agent, getting pre-approved for a loan, viewing homes, making an offer, securing financing, closing the deal, and understanding key terms. The guide aims to prepare buyers for successfully purchasing a home.
Similar to Are you a buyer looking to purchase a short sale (20)
Coldwell Banker First Affiliate monthly stats for the Cottonwood Area show that in May 2014:
- They sold 48 residential properties totaling over $7.8 million, with an average price per square foot of $108.69.
- The highest priced property sold for $475,000 and was 2912 square feet.
- 3 vacant land lots also sold for over $93,000 total.
- Total active listings remained steady at around 500 properties.
- Pending sales remained strong at over $12 million for the month.
This document provides monthly real estate statistics for the Sedona area for May 2014, including:
- The number and average price per square foot of residential properties (houses and condos) sold between $149.88-$253.88 per square foot depending on price range.
- The number and average price per acre of residential lots sold between $4.03-$4.26 per square foot depending on price range.
- Charts showing active residential listings from 2012-2014 and pending sales amounts in millions from 2010-2014.
Sedona stats report for April - Sedona Luxury Homes and Land WWW.SedonaRealEs...Damian Bruno
The document provides monthly real estate statistics for the Sedona area for April 2014, including:
- The number of residential properties (houses and condominiums) sold, ranging from under $250,000 to over $2.5 million, along with their sale prices, square footage, price per square foot, and acreage.
- The number of residential/mobile home lots sold, along with their sale prices and acreage.
- Charts showing the total dollar amount of pending sales from 2010-2014 and the number of units sold from 2012-2014.
This document provides monthly real estate statistics for April 2014 for the Cottonwood area, including Sedona and Village of Oak Creek. It summarizes residential property sales, including prices, square footage, acreage, and average price per square foot. It also provides statistics on residential lot sales and monthly pending sales over time. Finally, it includes charts showing units sold by price range from 2012-2014 and active listings from 2012-2014.
Coldwell Banker First Affiliate monthly stats for March 2014 show:
- 20 residential properties sold totaling $3.5 million with an average price per square foot of $104.66
- 5 residential lots sold totaling $250,000 with an average price per acre of $0.59
- Pending sales in millions of dollars for the area has increased from the previous year.
Sedona stats report for March - Sedona Homes and Land - SedonaRealEstateAgent...Damian Bruno
The document provides monthly real estate statistics for the Sedona, Arizona area for March 2014, including:
- Residential home and condominium sales ranged from $50,000 to $830,000, averaging $200.87 per square foot.
- Residential lot sales ranged from $122,000 to $895,000, averaging $5.06 per square foot.
- A total of 110 residential units and 25 lots were sold in March 2014.
- Coldwell Banker First Affiliate provided monthly real estate stats for January 2014 for areas including Cottonwood, Bridgeport, Mingus Foothills, Verde Village, Clarkdale, and Jerome.
- Residential home and condo sales ranged from $60,000 to $335,000 with an average price per square foot of $102.51. Residential lot sales ranged from $9,000 to $49,900 with an average price per square foot of $2.01.
- Pending sales in millions of dollars and units sold by price range and month are also shown for 2012-2014 to compare sales over time.
Sedona stats report for February Sedona Homes and Land - SedonaRealEstateAg...Damian Bruno
- The document provides monthly real estate statistics for the Sedona area for February 2014, including the number of residential properties and lots sold, average sales prices per square foot, and pending sales amounts.
- A total of 119 residential properties and 127 lots were sold in February 2014, with average sales prices per square foot of $197.55 for properties and $5.87 for lots.
- Pending sales in millions of dollars and the number of active residential listings are also shown for February 2014 and compared to previous years.
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Coldwell Banker First Affiliate monthly stats for October 2013 show:
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- 30 homes and condos sold under $250,000, with an average price per square foot of $118.99.
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The document provides monthly statistics for Coldwell Banker First Affiliate real estate properties sold in the Sedona area from October 2013. It includes details on residential properties and lots sold such as addresses, prices, square footage, and price per square foot. Charts show trends in active listings and pending sales over several past years for the Sedona area market.
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- 27 residential properties were sold, ranging from $58,300 to $195,000. Sizes ranged from 982 to 2112 square feet.
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- Pending sales in millions of dollars have increased year-over-year in the Cottonwood area.
This document provides monthly real estate statistics for August 2013 for the Cottonwood area, including Sedona and Village of Oak Creek offices. It details the square footage and sale prices of residential houses and condominiums sold, as well as residential lots. Overall, 39 residential properties and no lots were sold, with an average sale price per square foot of $100.52 for houses and condos.
This document provides monthly real estate statistics for the Sedona area, including:
- The number of residential properties (houses and condominiums) sold, totaling over $40 million in sales. Properties ranged from 490-4,304 square feet.
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- Charts showing the number of active residential listings and pending sales amounts over time.
- A breakdown of residential property and vacant land sales by square footage ranges.
This document provides monthly real estate statistics for June 2013 from Coldwell Banker First Affiliate for the Cottonwood area in Arizona, including Sedona and Village of Oak Creek. It lists residential property sales over $250,000 averaging $139.41 per square foot and one property over $600,000 at $162.25 per square foot. It also lists residential lot sales and overall averages of $97.56 per square foot for residential properties and $0.28 per square foot for lots.
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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Are you a buyer looking to purchase a short sale
1. Are You a Buyer Looking to Purchase a Short Sale? http://www.kcmblog.com/2012/05/08/looking-to-buy-a-short-sale/
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Are You a Buyer Looking to Purchase a Short Sale?
by Brandon Brittingham on May 8, 2012 · 7 comments
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2. Are You a Buyer Looking to Purchase a Short Sale? http://www.kcmblog.com/2012/05/08/looking-to-buy-a-short-sale/
It seems that there is a significant amount of confusion
when it comes to purchasing a short sale. There are many misconceptions when it comes to this type of
transaction, so below I have provided some information to potential buyers of short sales. If you are looking
to purchase a short sale, understand that it is not the same as a normal sale and the approach is very different.
There could be several parties involved and issues that are unknown to the buyer and buyer’s agent that can
affect the transaction. If you are looking to purchase a short sale here is some helpful information.
1. On average, to get a short sale approval, it can take 60-90 days.
There could be mortgage insurance and an end investor on the loan as well as the servicer, which means it has
to go through three different processes. Bank of America could be the servicer on the loan but they do not
actually own the loan, so, the short sale has to pass their guidelines, then go to the mortgage insurer if there is
one, then to the end investor like Fannie Mae and Freddie Mac. If you are a buyer and can’t wait at least
60-90 days for an approval and then another 30 days to go to closing, then you need to look at other houses.
The worst thing you can do is tie up a house that is in a short sale with no intention of being patient while
waiting for a short sale approval. Approvals can come sooner than 60 days, but industry standard is at least 60
days to get an approval or denial.
2. There is a general assumption that you can purchase a short sale for 40-50% under its listed price.
In a short sale the bank comes out and does a valuation of the property and will expect a slight
discount, but will not accept a huge amount under the market value.
Hopefully, if the agent who is handling the sale is experienced, they will have already gotten an approved list
price from the bank by the time you are interested in making an offer. The bank will usually be willing to
negotiate on that price, but will not, in almost every case, take 40-50% off of that price. To that point, you
may be able to get a reasonable deal on a short sale, though it will not be, in most cases, as much of a deal as
you may be able to get on an REO (foreclosed property). Also to that point, most short sales will be in better
condition than an REO. When you look at the potential repairs a comparable REO needs and the time and
expense it can take to do those improvements vs. a short sale being sold at a slight market discount with
improvements already made, the investment could even out. There are REO properties that can be picked up
for a huge discount, but require massive repairs that a comparable short sale may not require.
3. Short sales are a very difficult process and it takes a qualified person to handle this type of
transaction.
With this type of transaction it takes a very experienced agent on the listing side as well as the buying side.
Make sure before you move forward on the transaction that the listing agent has ample experience dealing
with these types of transactions, or you could be tied up in a contract for months that never goes to
settlement. There are several different types of short sale processes and each bank’s process is somewhat
different; it takes a professional who has had experience with all of these different types of short sales to help
2 of 8 6/26/2012 11:04 AM
3. Are You a Buyer Looking to Purchase a Short Sale? http://www.kcmblog.com/2012/05/08/looking-to-buy-a-short-sale/
facilitate a successful transaction.
4. In most short sale transactions the properties are sold “as-is” and no repairs will be made.
Although there are some exceptions to this rule, speaking in general, short sales are sold “as-is” and no repairs
will be made even if they are found during a home inspection. In most short sale transactions the bank will
require both the buyer and the seller to sign an addendum that states the property is being sold “As-is” and no
repairs will be made.
These are just a few short pointers for buyers who are looking to purchase a short sale as they are a reality in
every market, and if you have the patience you may be able to get the home you are looking for at a discount!
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About The Author
Brandon Brittingham is considered a leading national resource on foreclosure prevention and short sales.
Brandon has been involved in over 400 short sales, and is the co-author of the SSC (Short Sale Certified)
designation. Brandon has trained over 2000 real estate agents nationwide on short sales and how to help
homeowners prevent foreclosure. He has worked with several major lenders to help them develop processes
to streamline their short sale and loan modification processes, and has been a Regional Top producer in his
area for the last three years and was recently acknowledged by Realty Alliance for being in the top 5% of
realtors in North America.
3 of 8 6/26/2012 11:04 AM
4. Are You a Buyer Looking to Purchase a Short Sale? http://www.kcmblog.com/2012/05/08/looking-to-buy-a-short-sale/
7 comments •
Discussion Community "
TR • 2 months ago
The biggest concern for buyers and their agents when approaching a short sale IS
Making sure the seller, their broker and or the seller's negotiator KNOW what they are trying to do and
the property actually has a chance of going SHORT ! So much time wasted due to property not being set
up right in the first place. We try hard to qualify the listing from the buyer side prior to really even
considering it. Most short offerings still today in our market are just "blind auctions" or "price drop
trolling", BE CAREFUL. Short sales are challenging, more are coming - so do not always believe what
the listing says. Ask the listing agent questions
What kind of short ?
how has the seller qualified ?
Do they have a listing package to the bank ?
Do they know who is on title and mortgage ?
If they cant or will not answer these basic questions, take your buyer and run - otherwise buy a large
bottle of aspirin and hold on for the Sideways !
Try to get 3rd party authorized from the seller on the BUYER side.
TR
2 • Reply • Share ›
TLC • 2 months ago
I have found that depending on the type of loan and who the lender is the BPO/Appraisal will not
be ordered until you have a sales contract. You should be listing short sales just under market value and
then adjusted for any repairs that must be done. If you're not getting much traffic on line and off then drop
the list price monthly just make sure you send the lender the traffic history once a contract is received
along with the list of repairs if any with price quotes. As long as you can justify the sales price you have
a good chance of an approval or a counter price that is reasonable.
1 • Reply • Share ›
Rogervining • 2 months ago
Timely subject. many listing agents of short sales usually list at a lo ball price just to get a bid to
submit to the bank so it is better to see one thats been on the market a while or call every listing agent of
a short sale to see if bank has agreed to a listing price BEFORE wasting buyers and Realtors time.
1 • Reply • Share ›
Shanna • a month ago
Do you happen to have any statistics about the % of short sales going through that are in
4 of 8 6/26/2012 11:04 AM
5. Are You a Buyer Looking to Purchase a Short Sale? http://www.kcmblog.com/2012/05/08/looking-to-buy-a-short-sale/
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