How To: A Short Sale Guide
Short Sales, The Art of Selling
July 3rd, 2009
- Your neighbors need not know that your home for sale is a short sale. The home is marketed much the same as any other home for sale and all references to it being a short sale are in the private remarks section of the listing and only shared with real estate professionals and buyers interested in purchasing your home.
- There is no cost to the home owner to use the professional services of a Realtor to assist with the short sale process.
- A successful short sale will avoid the neighborhood trauma of foreclosure and blight and be a much healthier solution for your neighbors quality of life and property values.
- Not all Realtors have the experience or knowledge to successfully assist you through the short sale process.
- Your Realtor should be able to assist you with all the forms and documents required for a short sale, handle bank negotiations, understand how to complete an accurate BPO showing true market value and develop a pricing strategy that results not just in generating a buyer purchase offer but in a purchase offer that is acceptable to the mortgage holder (lender).
1. Authorization to Release Information to Agent. This will allow your Agent to talk with the lender on your behalf.
2. Handwritten hardship letter showing compelling need to sell.
3. Short Sale Listing Agreement.
4. BPO of comparable sales from Listing Agent.
5. Last 2 years W2 Forms all borrowers.
6. Last two years tax returns all borrowers.
7. Last two months bank statements all borrowers.
8. Last two pay stubs all borrowers.
9. Borrowers financial statement. Be sure to accurately list all expenses, as unaccounted discretionary income can be an issue with lender.
10.Detailed estimate for any repairs needed.
11.Fully ratified Purchase Agreement.
11.HUD 1 statement or NET Sheet showing the lender what their NET figure will be and any other expenses owed on the property.
Shasta MLS-Create Your Custom Search
First Time Buyers
June 26th, 2009
It should come as no surprise to anyone reading this that the Internet has become the indispensable source for real estate listings and information. Most Homebuyers and Real Estate Professionals go online to research available real estate for sale. All MLS systems (Multiple Listing Service) including our local Shasta MLS system (FlexMLS) are web based systems that allow for real time searches of real estate for sale in their area. ( Shasta County as well as parts of Tehama, Siskiyou and Trinity County in our case). All agents belonging to the Shasta MLS are able to provide access to all homes for sale on the Shasta MLS via their personal websites. You might think that which Shasta MLS agent site you choose to access the Shasta County Multiple Listing Service will offer you the same features and listing search tools. Listings? Yes. You will see the same listings on any agents public Shasta MLS viewer. Search and Save Features are a different story. On most agents MLS viewers you can browse listings but you have to keep a notepad handy to make lists of the homes that interest you. Going back and finding the same listings later can be a real hassle and requires re-entering all the information. Because of this FlexMLS offers an optional upgraded MLS search that allows you to create your personal password protected Shasta MLS search with save to listing cart and multiple search features. This is very handy when you are looking at listings on a daily basis and want to keep track of your favorites. The opening image of the search includes all listings on the Shasta MLS. Use the search refining options on the page to narrow search to your personal preferences. In this way you can stay on top of all homes for sale that might work for you. You can give it a try here. If you need assistance please don’t hesitate to ask. Happy House Hunting!
Marketfest 2009 Kicks Off Tonight
About Redding
June 25th, 2009
Time now an issue on $8,000 tax credit for First Time Homebuyers.
First Time Buyers
June 22nd, 2009
With Summer just getting underway it may be hard to imagine that we are getting close to the deadline for taking advantage of the $8,000 federal First Time Homebuyer tax credit. Sounds crazy but lets break it down. Lets start at the finish. Our deadline for tax credit is Dec. 1,2009. As the lender underwriting is moving very slow these days we better count on 60 days for escrow process from start to finish. That means we will need to to find a home that works for you and get it in escrow no later than Sept 30th. With that in mind the only “shopping” time to find your next home is what little time we have left of June, July, August and September. As more and more first time homebuyers realize this the competition for the best houses will undoubtedly increase. My recommendation? Don’t wait too long and be forced to choose between home shopping under pressure or potentially missing out on the $8,000 tax credit.
REO REPORT
Buying REO Homes, First Time Buyers
June 19th, 2009
REO REPORT - Over 100 foreclosure listings on the Shasta MLS. First Time Home Buyers may qualify for a $2,500 grant at close of escrow. Thats in addition to the $8,000 First Time Homebuyer Tax Credit. You can view details, photos, maps, satellite imagery and other details using this listing cart. You can also save your favorite listings and create your personal password protected MLS portal so you can login to the Shasta MLS from your computer. This link will be good until 7/31/2009. Contact Us for an updated list.
USDA 100% Financing - Property Map and Income Guidelines
First Time Buyers
June 18th, 2009
First Time Homebuyers who qualify as low income under USDA income guidelines are eligible for 100% financing using USDA Rural Development loan program. You can use the Search Property Eligibility page to find homes for sale in Shasta County that are located in USDA approved areas.
Quite a bit of Real Estate in Shasta County is located in USDA approved areas and some great values can be found in today’s market. Combine 100% financing with current low real estate prices and the $8,000 First Time Homebuyer Tax Credit and make the affordable move to home ownership. Call or e-mail to get started.
Sphere: Related ContentCity of Redding Homebuyer Program-New DAP Details, REO Incentive
First Time Buyers
June 17th, 2009
The City of Redding DAP or Down Payment Assistance Program for First Time Home Buyers has had some recent changes with a couple of really exciting options being rolled out. For one thing, it’s no longer called DAP. The new name for the First Time Home Buyer program is “The City of Redding Homebuyer Program”. Income and loan guidelines have been modified from previous DAP program but still very similar.
We are really excited about the new Homebuyer Incentive Program (HIP) that targets Bank Owned REO properties being purchased by First Time Home Buyers. The HIP program starts July 1st and consists of a $2,500 grant to be used in conjunction with the Homebuyer Program loan. As so many of the First Time Buyers we work with are purchasing REO properties we see this as a huge benefit!
Combine the City of Redding Homebuyer Program with the Homebuyer Incentive Program grant and the $8,000 First Time Buyer federal tax credit and you have a win-win-win situation for First Time Buyers.
IRS Form 5405-The 8k First-Time Buyer Tax Credit
First Time Buyers
June 10th, 2009
First Time Buyers can use 8k tax credit for down payment
First Time Buyers, Random Thoughts
June 2nd, 2009
Great news for First Time Home Buyers. You can now use the $8,000 tax credit towards your home purchase! ”Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Read entire HUD news release
Sphere: Related ContentHUD taking steps to make $8,000 tax credit available for down payments
First Time Buyers
May 13th, 2009
We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to “monetize” the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly. ” Read Complete Text
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