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Replies (6)
- Chirag Shah, "Gatewayteam"
- Contributions:12
Depending on the market area, in some areas in the country foreclosure are starting to stabilize and other areas they are still growing. If you have fallen behind on your mortgage your first step is to sit down with a HUD counselor and review your options. If you have a suffiecient income a loan modifiaction maybe availiable to you. If you do have to sell short, make sure you qualify your Realtor carefully. Ask them questions as "Who does their negations"
"How many short sales have they completed successfully" "Have they received and formal training" "And last can they provide you with copies of previous short sale approval letters of properties they have sold short"
"How many short sales have they completed successfully" "Have they received and formal training" "And last can they provide you with copies of previous short sale approval letters of properties they have sold short"
- Chris and Maria Jeantet, "reddingcaagents"
- Contributions:109
What's next? Deed-in-Lieu of. HAFA (Home
Affordable Foreclosure Alternatives) that's what's next.
Affordable Foreclosure Alternatives) that's what's next.
- Amy Kite, "AmyKiteTeam"
- Contributions:728
In the Northern Chicagoland area we have seen some stabilization in foreclosures and more people considering the short sale. I agree with you about finding someone who knows what they are doing when it comes to a short sale. I am seeing some agents with no knowledge take on these listings then not be able to service them or guide their clients with the appropriate information. I feel sorry for those sellers. Prices are left at original list price, showing times are limited, etc. I think it is our job to educate the seller on what it means to short sale a property.
- kjohnson22
- Contributions:2
Short sales are bad news for everyone; they are being abused and used to just walk away from homes instead of bad financial situations.
- Natasha Kennedy, "Natasha Kennedy"
- Contributions:487
I agree. You need to use an agent who know what he/she is doing. Interview seveal agents before you make your choice. In some cases short sale is not an option. It applies to properties were sold with no income verification loans. It'll be difficult to convince your bank that you need a short sale based on your situation, no matter what documents you provide. It points again to choose an agents who knows short sales well and have done is with several different banks. Because the policy in different banks are different.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Economists generally hold that anything below 15 times the annual rent is a buyer-friendly city!
It may take 20 years for the housing market to recover in some areas...experts predict, CA, NV, Fla, AZ will bounce back and exceed former highs...the big question is when?
Short Sales, Foreclosures, what's next?
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- 4.9/5.0
- (4 reviews)
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