Profile picture for Zohreh K. Kim

Zohreh K. Kim

Agent
Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (27 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

What is the best way to get rid of a house upside-down by $56,00 without hurting your credit rating

Answer

Consider a short sale...contact your current mortgage company and speak with their loss mitigation department and obtain a short sale packet. Complete and submit the packet to the lender and of course you need to put the house for sale (with an agent who has short sale experience may be a good option in this market), and see what happens next. You have to have an offer in your hands for the bank to make that approval 'final'. Best of luck.

  (0)
what should i look for when looking for a realtor to SELL my home

Answer

First and foremost, find an agent that specializes in your community/area. You also need to make sure you feel comfortable with the agent you choose. Interview two/three agents and make a decision based on their experience, maybe even request references, and also listen to your instincts. You are entering into a partnership with the agent and you have to work together to reach a goal, so make sure you are comfortable with who you choose and know that they are honest and will attend to your needs as their client. If they have a website, go look at their site...see if you like their style, their way of marketing their listings or even themselves. Best of luck.

  (0)
what is the best way to do a short sale?

Answer

The first step would be to contact your current mortgage company and notify them that you are thinking about short sale and basically find out what they require in order for you to get the process moving. They tend to send a short packet out...some banks will not send anything until you have an accepted offer on your property. The other important step is to contact an agent in your area who has expertise in working with short sales and they can price it accordingly and get the ball rolling for you. Good luck.

  (0)
We have a custom built "New England" home with no comparable properties in our area. What do I do?

Answer

My suggestion would be for you to contact a local real estate agent who can actually help you pricing based on the current market conditions, your neighborhood, comparable homes and so forth. They can show you exactly by providing you a market analysis report what you home may be or should be priced at. Please note that market conditions constantly change and it would be important for you to obtain the most current opinion before you put it on the market for sale. A report of today may be not be accurate even 3 months down the road. The real estate professionals have access to the most current sold, active, and pending sales/homes on the market. An agent with enough experience will be able to price your home and provide you expert opinion even if you feel there are no comparables. Good luck.

  (0)
First step?

Answer

The first step is to contact a professional / realtor to provide you with their opinion of value of the true value of your home in its current condition and also provide you and base their opinion of the most recent sales in the area with homes that are comparable to yours. The agent will then take you through the process of how to put the property on the market and so forth.

  (0)
Does it cost more for closing costs when your buying on a short sale?

Answer

Buying a short sale and the closing costs should not affect a buyer's closing costs. On your end, as a buyer, you will be going through the same steps/process as any other buyer. The only difference is that the seller's side is 'short' on what is owed to their lender and basically they need to work that out with their lender and so forth...but in my opinion, it does not and should not affect your closing costs if you are a buyer.

  (0)
I am interested in a condo and it's listed as SHORT SALE. Does anyone have any idea what that means?

Answer

To answer the other question regarding if a short sale is ever smooth and so forth. It all depends...if the agents are savvy enough and have worked with short sales before, it may help in moving the process along faster by making sure the parties provide the proper documentation and stay on top of the loss mitigation specialist who is the contact person at the seller's bank. I have been able to get approvals and help my clients along the way, but some lenders are not so easy to deal with. Also, typically the banks do send out a few qualified agent to do their own broker price opinion reports and if the price they come back with is close to  the offer you are giving, your chances of getting approval is higher. In my experience, the banks have not been 'settling' because there is already a deficiency in what they will be getting back when it is a short sale. Good luck.

  (0)
I am interested in a condo and it's listed as SHORT SALE. Does anyone have any idea what that means?

Answer

A short sale refers to having to obtain 3rd party approval (meaning the seller's lender's approval) for the sale to happen. It also means that the current list price and final sale price and proceeds from the sale are 'short' and less that what the mortgage may have been. I have dealt with many short sales and you can get a great home with a great price, but you do have to have patience. Some lenders take an aweful amount of time to get back to the parties. Just make sure if you are being represented by an agent, that they basically give a deadling/cap on the amount of time you are willing to wait for a response. Good luck.

  (0)
Have an interested buyer we have agreed on a price. They have a loan approval letter. What is next?

Answer

The next step would be to make sure you have a binding signed offer/contract and you have a deposit to hold the offer together. The buyer retains the right to have an inspection and would want one I would assume and they need to make sure that they follow up with their lender and get the financing commitment in place. Not sure what time of contract you have used to bind the deal, but if there is a standard offer of some kind, there may be a deadline on there as far as how long the buyer has to do their inspection and to also obtain their financing. I also recommend that you should consult with an attorney to ensure that all agreements as far as deadlines and the terms of the sale are in writing and everyone has a meeting of the minds. Once the buyer's financing is all set (by the deadline set), you should be able to move to the next step which is to schedule your closing, start moving, and close on the property. Good luck.

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