How To Short Sale A Home

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Short Sale Steps

November 28th, 2011 No comments

Steps to Complete a Short Sale

The procedure of a short sale is not an easy one and takes a long time to complete. A short sale is when the lending party accepts to settle the amount down with an amount lesser than the remaining owed amount.

There are other options available to homeowners in hardships, but a person opts for short sale when nothing else works. Most of the people choose a short sale when they think that they cannot bear the burden of their loan any longer due to financial circumstances that where unplanned. This can happen due to various reasons like death of an earning member, the property going underwater, bankruptcy, divorce and so on.

The procedure of the short sale starts with putting up a request with the lender. This is a step by step explanation of the procedure, which will guide you through your decision of putting up your property for short sale.

  1. Contact the bank: start with contacting your bank. You need to talk to the right person in the bank and inform them about your intention. Once you have made it clear what you want to do, the bank starts the procedure on its part.
  2. Authorization letter: if you are using an agent or a lawyer from the procedure, you may need to request the bank to deal with them. Banks usually do not reveal personal details to the third party. So to handle the situation, you need to give a letter of authorization which the 3rd party will take to the bank while dealing on your behalf. This authorization letter must contain your personal details such as:
  • Property details
  • Loan reference number
  • Your name
  • Date of the loan
  • And many such personal and confidential details
  1. Preliminary Net Sheet: this document is your proposal and contains the details of what you expect from the sort sale. It should contain the details like the amount you are expecting from the sale and all the other costs related to the sale. The agent that you hire for will be able to do all this; you do not have to handle this personally and choosing a professional agent that specializes in short sales will make your whole process run smoother and be more likely to succeed.
  2. Hardship Letter: this is the letter that describes your financial condition. It will show the unannounced circumstance that disrupted you flow on staying on top of all your payments. It is called a hardship letter because it explains in detail the negative occurrence that was hard for you and shows it clearly that you cannot manage to pay the mortgage in any condition. This letter makes it very clear that financially you are not in a position to payback your mortgage and a short sale is the only option you have.
  3. Declaration of Incomes and Assets: You have to attach the details of your incomes and assets. If he bank thinks that if it can use any of your assets to cover the mortgage then it will forgo the procedure of the short sale. So, when putting up a request for short sale, you have to confirm that you have no assets that can help the bank. For this reason you have to make a document clearly stating what you have and what you don’t.
  4. Bank Statements: You have to provide your bank statement of the last most current 3 months to be attached with the request letter. It is a good idea to explain your complete financial condition to the bank.
  5. Market Analysis: if your property becoming a liquid equity is the reason behind you requesting a short sale, then you have to give the bank a detailed description of the current situation of the market. If you are selling your property through short sale you have to explain it to the bank that it is the only option. A detailed market analysis report is what is expected from you.
  6. Purchase and Sales Agreement: the bank will want a copy of the contracts that you sign if by any chance you find a buyer and go ahead with the deal.

So these are the steps that you have to follow before your short sale request is agreed upon. This procedure needs a lot of documentation and therefore, consumes a lot of time before the short sale happens.

If you have additional questions on the procedures of a short sale or would like to know how to choose a short sale Realtor, contact a short sale specialist today! 1-877-737-4903

1-877-737-4903

Ask a local short sale specialist!
Are you looking for an Oklahoma City short sale specialist? Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to OK City homeowners in hardships. Our agents can help prepare a short sale package for you and direct you through the process as well as discuss short sale requirements with you. Want an Oklahoma City Certified Distress Property Expert to guide you through the HAFA Government short sale program? Contact a local Oklahoma City short sale Realtor today!

Copyright First Coast Realty Associates 2011

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Options to Stop Foreclosure

November 16th, 2011 No comments

How to Stop Foreclosure

A foreclosure is something that any home owner never wishes to go through. Unfortunately, the rate of foreclosures is very high in the country today. More homeowners lose their houses every day that passes because they are falling back on their mortgage payments. This may not however be due to their refusal to pay the mortgages but may be caused by unfortunate events that take place in their lives such as sickness, death, job loss and so on. It may also be due to the lack of communication with the lenders or simply because most of them are not aware of their rights. What most people do not know is that there are ways through which one can avoid foreclosure and the fact that a person has failed to pay his or her mortgage installments a month or so does not mean that they must have their homes foreclosed.

The important thing to remember is that even the lender does not want to foreclose your house. This is simply because foreclosures are not in their best interests. They are not beneficial to the lenders because of the various costs involved in the foreclosure process and the time that they end up wasting doing it which includes the time spent trying to sell the house. A foreclosure is therefore neither in the best interest of the lender nor is it for the homeowner. It is advantageous to the homeowner not only because the homeowner but also because of the effect that it has on the person’s credit rating and the restrictions that come with it.

There are various ways to stop a foreclosure one of which is to read all the mail and any other form of communication which the lender sends to you. Reading all communication keeps you informed on all things regarding the mortgage. It therefore enables you to anticipate any difficulties that may come along the way early. This is a preventative measure since detecting the problem early will give you enough time to look for options and the earlier this is done, the more the options that you will have. Most of the alternatives offered by most banks and lending institutions are usually effective in the early stages.

Loan modification options are available for most borrowers, an option which most people who end up having their houses foreclosed may have taken advantage of. This is so especially in cases where unfortunate events take place in the life of the borrower making it impossible for him or her to make the payments on time. These unfortunate events may include the death of a breadwinner, unexpected losses in your business or illness of the borrower or a close family member which necessitates huge expenditures. A bank should be able to modify some of the terms of the mortgage so as to make it more affordable for you. This is usually effective when you approach the bank at the earliest possible time.  It may not only save your home from foreclosure, but may also help you avoid any extensive damage to your credit rating. However, one will b required to submit evidence of any of the circumstances that have resulted in the hardship thus necessitating the modification to the terms of the loan.

There is the option of forbearance for borrowers whose loss of income is temporary. With this option, the payment of installments is usually suspended for a specified period after which one will have to resume making the payments. You will however have to provide proof to the lender to show that the loss of income is due to something temporary. Most lenders have different qualifications on which borrower qualifies for a forbearance but the temporary nature of the circumstances making it impossible to make payments should suffice. After the forbearance period, the borrower will have to resume the payments with an additional sum to cater for the period during which they did not make their payments.

A short sale is the other option that a homeowner can take to prevent foreclosure. This will be a viable option where the borrower’s property has a market value which is far much less than the amount owed on the mortgage. For a short sale to succeed, one will have to prepare a complete short sale package and present it to the bank so as to get approval of the lender to do the sale.  A short sale is usually a better option compared to a foreclosure due to the fact that one may have his or her credit rating unscathed after making a short sale in addition to having less restrictions regarding buying another house.

The other option that one can take in order to avoid a foreclosure is to ask the lender to accept a deed in lieu of foreclosure. This option may be taken where the lender has not agreed to a short sale and you cannot find a buyer for the property. Although it may affect your credit rating, it is certainly a better option than a foreclosure because it saves one the costs and formalities that are involved in the process. The last resort to stop a foreclosure will be to file for bankruptcy.

If you have additional questions contact us today! 1-877-737-4903

877-737-4903

Ask a local short sale specialist!
Are you looking for an Oklahoma City short sale Realtor? Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to OK City homeowners. Call today to see if you qualify for a short sale from an Oklahoma City short sale specialist! Need an Oklahoma City Distressed Property Expert in short sales to offer free short sale services? Our Oklahoma City area Distressed Property Expert real estate agents are here to help, and are Certified in the Oklahoma City Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

 

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Oklahoma City Short Sale Specialist Realtors

October 31st, 2011 No comments

Oklahoma City OK Short Sale Realtors

Borrowers have not been informed of all the wonderful alternatives to foreclosure out there. Don’t be one of the many stuck in foreclosure who waits for the inevitable, there is help out there. The best of those available choices is the short sale. Selling your home short of the balance due to the lesser worth of the home in the current market will be a permanent solution that will keep you from total loss.

You must show that this is a need rather than a want. You cannot convince a lender to short sale your home if you’re not in a deficiency. The lender will be interested to learn the occurrence that brought this set back. They acceptable hardships are not limited to the following: death, divorce, Illness, property damage, loss or decrease in income, and more.

Oklahoma City OK Short Sale Facts:

  • When considering a short sale you may be concerned about cost. There is no additional out of pocket expenses to the homeowner. The lender will pay all closing costs as well any Oklahoma City short sale Agent fees.
  • The process from start to finish is known to average out at six months. Everything is case to case of course, you cannot rush the sale of a home and this can be as short as two months or as long as a year.
  • Your remaining balance may be of concern to you. In most cases your lender will forgive the deficiency at the sales end. This is up to each individual lender, and communication with your lender will better insure you to be on the same page. A Oklahoma City short sale specialist will be able to talk on your behalf when coming to subjects such as these.
  • With the topic of missing payments, short sales, and foreclosure, you may be concerned about the effects on your credit. Foreclosure is known to be a bigger hit to your credit than a short sale, but what affects it the most is the missed mortgage payment. This can decrease 30 points each time. Short selling the home will help you to stop missing payments and is easier to recover from.
  • With the government involving themselves more with foreclosure prevention, programs such as HAFA exist to give incentive to the options such as short sale. With $3,000.00 towards relocation assistance it makes it easier to want to keep from losing everything.

If you are interested in a short sale and would like to see if you qualify contact your local short sale specialist at 1-877-737-4903. All specialists will be able to answer any additional questions as well as help you to find out if you qualify for HAFA. A short sale specialist will get you on the fast track to recovering from your deficiency and get you back on your feet, contact your short sale specialist today!

 

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to short sale your Oklahoma City OK real estate with expert Realtor? Our short sale specialists are here to stop Oklahoma foreclosure on your home. All help is FREE help to Oklahoma City homeowners in financial hardships. Our Oklahoma City short sale specialist Realtors will work areas all over the state of OK.


 Copyright First Coast Realty Associates 2011-Sharon Molnar

 

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Requirements for Wells Fargo Short Sales

October 21st, 2011 No comments

Wells Fargo Requirements for a Short Sale

Did you take a mortgage out with Wells Fargo? If you are one of Wells Fargo’s many clients you may already know the dedication to the satisfaction of their clients. They make communication easy and they process your information in a timely manner. If you’re now facing foreclosure and are not sure if a Wells Fargo short sale is the right option for you, take comfort that Wells Fargo is one of the top lenders of approving short sales.

First off, you may have heard of a short sale specialist. There are Real Estate agents out there who are unfamiliar with working on short sales and may be making the process lengthier and more difficult than it needs to be, if they accept to work on a short sale to begin with. A short sale specialist does just as it sounds, they specialize in short sales. They deal with the process time and time again. Having an expert familiar with all of the steps necessary will only help achieve the outcome you are looking for and stop foreclosure. You need an agent to sell the home and while you’re choosing your best option, there are none greater than having a short sale specialist.

If you are looking for a better understanding on the Wells Fargo short sale requirements, look no further because all the information you need is here. When you first agreed on the terms of your mortgage, the value of the home was in most cases much higher. Since the economy has thrown us all for a loop and the resulting Real Estate market plummeted, the value of your home more than likely has dropped. When trying to short sale your home the lender will agree at the close of the sale to accept less than balance due to this reduced value of the home.

After speaking with your short sale specialist you will learn that you will need to compile documents to prove from every angle that you cannot afford your home, this is called your short sale package. Lenders do not want to see that you did not purchase a home you could not afford from the start; with poor budgeting you are only going to have a more difficult time. In most cases you could maintain your home payments and the cost of living until something down the road set you behind. This is called your hardship and will hear this word used often. Your lender wants to know what your hardship is; Wells Fargo will request a hardship letter. This document gives you the opportunity to explain in detail how based on negative occurrences, you had no control over, resulting in the effects of your mortgage deficiency.

Acceptable hardships include but are not limited to:

  • Illness (resulting in extra medical expenses)
  • Loss of income
  • Reduced income
  • Death
  • Incarceration (lack of financial control)
  • Divorce
  • Marital separation
  • Property damage (unnatural i.e.: car accident, natural i.e.: sink hole)

Additional Wells Fargo short sale package documents include:

  • 3 months of all current bank statement (to prove your spending)
  • 1 month of current paystubs (to prove income)
  • Your last year’s tax returns and W-2’s (to show proof  of all income)
  • Financial statement (to show income vs. expenses)

You may have heard of (HAFA) Home Affordable Foreclosure Alternative. This is a government program made to help homeowners from being foreclosed on by giving options such as the deed-in-lieu and the short sale. With the HAFA program you have incentives such as $3,000.00 towards relocation assistance. You can get the Wells Fargo HAFA program guidelines your short sale specialist.

If you have additional questions on Wells Fargo short sales, make sure you call a short sale specialist they are the beginning stages of a short sale and will guide you through the process. Our team of short sale specialists is nationwide; their primary job is to avoid foreclosure. Your short sale specialist will not charge you; In a typical short sale, Wells Fargo will pay the traditional seller closing costs and brokerage fees! 1-877-737-4903.

 

877-737-4903

Ask a local short sale specialist!
Are you looking for a Wells Fargo short sale specialist realtor? Our Oklahoma foreclosure specialists provide FREE short sale expert services to OK City homeowners in hardship. Call today to see if you qualify for a mortgage short sale with Wells Fargo! Our agents can help prepare a Wells Fargo short sale package for you and direct you through the process as well as discuss Wells Fargo short sale requirements with you.  Want to do use the Wells Fargo HAFA Government short sale program to stop foreclosure? Contact a local Oklahoma short sale specialist.
Copyright First Coast Realty Associates 2011

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Oklahoma City Distressed Property Expert

October 19th, 2011 No comments

Oklahoma City Distressed Property Expert

Finding yourself in a hardship that has financially taken over your well-being can be a hard situation to come to grips with. Being a homeowner and realizing your home is what is in jeopardy could be the hardest financial burden to overcome when you feel like nothing could possibly go right. If you fall into this category or you know someone who is going through this, then let them know a Distressed Property Expert knows how to help. Their title says it all. With an extreme amount of experience and loyalty they are on your side.

Nobody knows when unexpected events are going to occur, and they don’t know exactly how much that particular event is going to impact them. The first thing the mind wants to do when it faces an obstacle it wasn’t prepared for is to shut down and leave all common sense and logic out the window. That is why I am here to tell you a little about an Oklahoma City Distressed Property Expert. The responsibility of an agent is to help you get your distressed home away from the fear of a foreclosure. The word “foreclosure” is scary enough without having to explain the repercussions of what it really is. For those of you who aren’t familiar with the details, a foreclosure is what happens when you are not able to make mortgage payments any longer and the home is repossessed. When that time comes the foreclosure is then on your credit for up to ten years. Yes, almost a decade of not being able to move on with your life the way you planned.

When you meet with your Oklahoma Distressed Property Expert, they will begin the process by introducing you to a common way of handling your situation, such as short sale. A short sale is when our agent meets with a lender to compromise on an under-sell price of the property because it is no longer worth what is owed. When you qualify for a short sale, a huge benefit is that it recovers from your credit within two years, as opposed to the foreclosure which can take up to ten. As if that wasn’t good enough news, here’s some more! A Distressed Property Expert does not charge you! Services are 100% free!

It’s so nice to know there a people out there who are on your side and understanding what you are going through and willing to walk with you, answering questions and, making sure you are keeping a positive outlook because they are more than just agents, they are genuine individuals wanting you to keep your hopes and dreams for your families future. Act now and contact a Distressed Property Expert!

While it is important to have a trained short sale specialist there is no substitute for experience. To contact us today to get in touch with a experienced short sale specialist call 1-877-737-4903

877-737-4903

Ask a local short sale specialist!
Are you looking for an Oklahoma City short sale Realtor?  Our top Oklahoma foreclosure specialists provide FREE short sale expert services to OK City homeowners in hardship. Call today to see if you qualify for a short sale! Need an Oklahoma City Distressed Property Expert in short sales to offer free Chase short sale services? Our Oklahoma City area CPDE real estate agents are here to help, and are Certified or trained in the Oklahoma City Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
Copyright First Coast Realty Associates 2011-Sharon Molnar

 

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Can I rent out my home during a short sale?

August 30th, 2011 No comments

The simple answer to this question is in the affirmative. Every homeowner has the right to use his property the way he wants to do so. So renting out a house during a short sale is also permitted until the house is successfully sold out. However, there are certain aspects that can appear as potential impediments to the smooth operation of a short sale; therefore, the homeowner should take the stock of all relevant issues before renting out his property.

Renting Can Cause Rejection of your Short Sale Request

First of all, while all banks have their own short sale policies, some require that the property is the primary residence of the short sale seller. This condition is to discourage the increasing trend followed by short sellers who on one hand make a fair cash flow by renting out short sale homes but on the other hand do not tend to pay their monthly mortgage payments. However, there is some relaxation for those homeowners who continue to make monthly payments, even after submitting short sale requests.

A Tenant can Spoil your Short Sale

Another aspect that can jeopardize the short sale deal is the attitude of your tenants. Your tenant may not allow the prospective buyer to examine your house. Sometimes, when a short sale deal is closed upon, the tenants appear adamant to vacate the house saying they were not informed of the deal and its outcomes.

Inform your Tenants about your Efforts

You should clearly inform your tenant that you want to short sell your house and therefore the house should be open for viewings. Besides, also explain that the process can take four to six months, even longer sometimes. It is better to rent out your home for a limited time period. There are plenty of people looking for short term housing and renting a short sale property is perfect for this.

Besides, offer your tenant $10-$25 per showing off of rent in order to encourage him to present the house in a tidy condition to viewers and also make the property available for the examination on time.

In short, you can keep your tenant while doing a short sale. This cash flow can be very important for you. In order to close the deal in a fairly smooth manner, you have to ward off all risks associated with such conditions.
877-737-4903
Ask a local short sale specialist!
Are you looking for an Oklahoma City short sale Realtor? Look no further! Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to OK City homeowners in hardship. Call today to see if you qualify for a short sale! Need an Oklahoma City Distressed Property Expert in short sales to offer free Chase short sale services? Our Oklahoma City area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Oklahoma City Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
Copyright First Coast Realty Associates 2011
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Short Sales Are FREE to Borrowers

July 29th, 2011 No comments

Many underwater homeowners mistakenly think that the OK City short sale process causes a burden on their wallet and therefore surrender to foreclosure, a process which deprives them of many financial rights in addition to the loss of property. While considering the lack of equity in the property, the borrowers assume that there is no way to pay the Realtor, a short sale agent who looks into the whole process and endeavors to get it accomplished benefiting all the parties involved especially the seller by releasing him from deficiency.

- Who pays for the short sale?
It is the seller’s lender who pays the commission of the agent. The question is why would a lender suffer not only a loss in the form of decreased property price but also pay an additional amount as a commission to the agent? Well, this is all about the difference between the expenses of a short sale and a foreclosure. The lender will have to suffer greater loss if the house is foreclosed upon; however, he can reduce his loss substantially if he short sells the home.

- A foreclosure is more expensive for banks than a short sale.
The foremost factor that increases the loss of the lender is the long process of foreclosure. Since banks are receiving hundreds of foreclosure cases every month, they have to wait for long periods of time to get the process initiated after the approval of court. Generally, banks have to wait for at least one year to get into the foreclosure process. During this period, the borrower remains in the home without making payments thus adding burden on the exchequer of the bank.

After a period of one year, the house which has already dropped its price will likely sell for less than 10% of its price. In addition to it, real estate commissions, attorney fees, sales taxes, property taxes and other costs will end up extracting a lot from the bank.

Let us explain this in an example: if a house is worth $500,000, its sale price after a period of one year will be about $450,000. Now, add to it the real estate commissions, attorney fees, sales taxes, and all the other costs, it will end up netting around $400,000 after the foreclosure.

- The bank pays a Realtor to short sale.
For banks, accepting short sales and paying real estate agents’ commissions is a good alternative to foreclosure. In a short sale a home that’s worth $500,000 will net the lender around $470,000 after excluding the expenses of real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees. The same house would have gone for only $400,000 had the bank chosen foreclosure.

- A short sale is FREE to borrowers!
A short sale does not cost the borrowers even a single penny. They should consult Oklahoma short sale Realtors in this regard to get authentic information of the whole process thus setting aside various myths that are often spread to misguide them.


www.Short-Sale-Specialists.com

877-737-4903

 

Ask a local short sale specialist!

Are you looking for a Oklahoma City short sale Realtor? Look no further! Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to Oklahoma City homeowners in hardship. Call today to see if you qualify for a short sale! Need a Oklahoma City Distressed Property Expert in short sales to offer free Chase short sale services? Our Oklahoma City OK area Distressed Property Expert real estate agents are here to help, and are Certified and trained in the Oklahoma Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

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GMAC Short Sales

July 11th, 2011 No comments

GMAC Inc., presently known as Ally Financial Inc., is a financial servicer company based in Michigan, having more than 15 million customers across the globe. A number of financial services are offered by GMAC that include mortgage services, auto financing, insurance, and online banking. There is a large number of people who still have loans from this company and they are now looking to short sales as the best solution to their financial troubles.

Though GMAC has almost the same short sale process as other loan servicers, listing agents as well as sellers should be cognizant of its complete guidelines about short sales so that they may shun any possibility of failure at any time.

Know the Real Loan Owner:
Since most of GMAC’s loans have been sold out, it is apposite to know beforehand about the loan owner so that you can deal with the negotiator according to the policies of loan owners. The importance of the loan owner increases manifold because he is the person who determines whether a house should be short sold and what percentage of loss should be the criteria for accepting an offer.

It is worth mentioning here that most of the mortgage loans previously owned by GMAC have been sold to Fannie Mae, Freddie Mac and Wall Street “Sliced and Diced” Fund. The first two adhere to the US government policies while the last can formulate its own policies independently. GMAC may also be servicing loans for private investors insured by either VA or FHA.

Know Loan Owner’s Policies:
Whether a short sale is to be approved or not is mainly determined in accordance to the policies of loan owners; therefore it is appropriate to learn their policies. In this regard, FHA has made a policy that it will accept a short sale offer only if it is 88% of an FHA BPO. Besides, it requires the short sale to be successfully closed within 120 days. On the other hand, Fannie Mae and Freddie Mac are ready to accept between 60% and 75% of the bank’s BPO on all loans.

Hire an experienced Realtor:
Hire a real estate agent who has the previous experience of closing GMAC short sales successfully. An agent can make your work easy by not only listing your home on the market but also presenting your case in an effective manner that usually guarantees success.

Submit your Documents:
Apart from negotiating with your lender and buyer, your agent will surely help you submit a complete package of short sale requests. The short sale package required by GMAC should include your hardship letter, mortgage and property tax forms, bank statements, and proof of income. The bank will process your application within a couple of weeks and issue an approval letter once finding you eligible for a GMAC short sale.

List Your Home with and close on the short sale:
Now ask your agent to list your home on the market and tag its price in various websites as well as other available channels. You may be receiving different offers but it is again your duty to evaluate each offer and choose the one that meets the GMAC short sale guidelines. Then submit the most viable offers in order to speed up the short sale process and get it concluded within a justifiable time period.

www.Short-Sale-Specialists.com

877-737-4903

 

Ask a local short sale specialist!

Are you looking for an Oklahoma City OK short sale Realtor? Look no further! Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to Oklahoma City homeowners in hardship. Call today to see if you qualify for a short sale! Need an Oklahoma City Distressed Property Expert in short sales to offer free Chase short sale services? Our Oklahoma City area Distressed Property Expert real estate agents are here to help, and are Certified or training in the Oklahoma Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Oklahoma.

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Norman OK Short Sale Realtors

June 28th, 2011 No comments

If you are struggling to afford your mortgage, you are not alone. In the US, 2.2 millions homes are now underwater and 900,000 of these homeowners have stopped making mortgage payments. An inability to pay your bills is nothing to be ashamed of. However, doing nothing to fix your situation is another story.

There is a way to stop Oklahoma foreclosure on your home and get out of debt! A short sale takes place when a lender allows a homeowner to sell their home for a discounted amount, less than the amount the borrower owes on the property. But first, borrowers must prove to their lender that they are experiencing a financial hardship that keeps them from paying their bills. Examples of hardships include decreased income, divorce, relocation, vacant rental property, medical expenses, death/illness in the family, and others.

The first step is to hire a Norman OK short sale Realtor to walk you through the entire short sale process. This Realtor will list and market your property until an offer is received. It is then that the offer is sent into your bank as part of the short sale package which includes your hardship information. Your lender will then review all of the documents, determining whether or not you are in a true hardship and if the short sale will save them money when compared to a foreclosure. If approved, a closing date can be set and you can move on with your life!

In most cases, borrowers in hardship are completely forgiven of the deficiency amount at closing. This means if you owe $200,000 on your home and it sells for $150,000 in the short sale process, you would be forgiven of the $50,000 deficiency. In some rare instances the bank may require that the borrower pay back a certain portion of the amount owed, or even the entire deficiency over a certain period of time. This is happening less and less and isn’t a problem to homeowners who are truly in hardship situations.

Our short sale services are FREE to borrowers! Your lender will pay all of your closing costs which includes your Norman OK short sale Realtor‘s commission.

www.Short-Sale-Specialists.com

877-737-4903

 

Ask a local short sale specialist!

Are you looking for a Norman OK short sale Realtor? Look no further! Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to Norman OK homeowners in hardship. Call today to see if you qualify for a short sale! Need a Norman OK Distressed Property Expert in short sales to offer free Chase short sale services? Our Norman OK area

Distressed Property Expert real estate agents are here to help, and are Certified or training in the Oklahoma Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Oklahoma.

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The Current Real Estate Market

June 10th, 2011 No comments

The housing market has hit rock bottom, and as you will find out in this article, the US housing market has suffered worse than, brace yourself, even the great depression. The material ahead is supposed to give you some insights into the state of the economy right now, but what you take from it depends on you. There is no reason to panic or stress yourself emotionally after reading it, because whether you read it or not, the state of the market is what it is. So, inform yourself of the facts and prepare yourself for the worst.

It’s a buyer’s market!
This one is an obvious statement. However, one needs to understand the magnitude of this fact. Almost 11% of all US homes are vacant. That is, one out of every nine homes is unoccupied. Ghost apartments and neighborhoods are being formed in the 21st century as people leave their homes. Home ownership rates are back to where they were in 1998. Depreciation in value of houses is also an issue. Some estimates suggest a loss of value of as much as 40% since 2006 and an additional dip of 5 – 10 % is expected in 2011. This is, thus, the worst housing market US has ever seen, worse than even the great depression.

Finance:
Less than half of Americans of working age have the luxury of a full time job, with as many as 4.6 million unemployed within the past year. Consider in this situation the fact that lending requirements have become more serious which restricts the number of buyers in the market.

Foreclosures and short sales:
The number of foreclosures in US metro areas has seen a steady increase in 2010 over the preceding year. Now, considering that the probability of defaulting on one’s mortgage increases steeply as soon as the homeowner is just one month behind schedule – imagine the situation right now, where 8 million homeowners are one month behind, while a comparable number of five million people are two months behind on their mortgage schedule. Imagine how many more applications for foreclosures or short sales can come up. In the near future, the number of borrowers working to stop Oklahoma foreclosure will only increase.

Good news in this scenario is that almost every bank has publicly stated that they will push for short sales as the first option rather than a foreclosure. This not only means a sigh of relief for homeowners but also a major trend in the real estate business. More and more agents are shifting to short sale experts. In fact, there are continuing education courses on short sales for real estate agents. This tells you about the state of the matter right now. The situation has changed drastically from thirty years back when it was a matter of knowing someone who knew someone who knows somebody else that could get the work done. It is no longer even a matter in the hands of celebrity agents who are known to many people. What matters now is not who you know or who knows you – but a matter of what do you know as proved by the emphasis laid on the short sale courses.

www.Short-Sale-Specialists.com

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Contact a local Oklahoma City short sale expert.

Are you looking for a Oklahoma City OK short sale Realtor? Look no further! Our stop Oklahoma foreclosure specialists provide FREE short sale expert services to Oklahoma City homeowners in hardship. Call today to see if you qualify for a short sale! Need a Oklahoma City OK Distressed Property Expert in short sales to offer free Chase short sale services? Our Oklahoma City area Distressed Property Expert real estate agents are here to help, and are Certified or training in the OK Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Oklahoma.

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