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Torey Eisenman

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  • 32771

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Agent

4 Recent Sales (last 12 months)

Licensed Real Estate Broker (24 years experience)

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

Advice

  • (6 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

Short Sales

Response

Every seller should seek legal and accounting advice. Every file tends to have different outcomes.We believe a short sale is much more beneficial than a foreclosure. Both can follow a borrower with unsecured debt. In a short sale that deficiency is defined. The lenders are taking a very long time to process their files. A home that goes through the foreclosure process could have vandalism and incur repairs until it resells on the open market. All expenses associated with this process are attached to the debt owed by the borrower. Control your destiny to the best of your ability and short sell if possible so you understand your liabilty if a judgement is imposed.A short sale can be processed and closed in 3-6 months of receiving an offer. We have seen some close within 30 days of submitting a contract to the lender. Each short sale case varies.Borrowers have exposure of being pursued for a deficiency judgement either way. Understand your rights. If you have a primary residence research the HAFA program and see if your lender participates. This could allow for no deficiency and some relocation moneys. Have a company negotiate the terms of your short sale. We have had deficiencies waived on investment properties whereby the 1st, 2nd and pmi company have waived their rights to pursue a future deficiency. Every case varies.Interview the agents. Ask a lot of questions and make sure they understand the short sale process. They should recommend you see a lawyer and an accountant. You may not need to retain a lawyer until a Lis Pendens is filed however you need to understand your exposure.Torey Eisenman

  (0)
Should I go directely to seller agent to buy a short sale?

Answer

We have many agents that are transaction agents. This means they represent the transaction.It is most important that you understand if an agent is representing your interest. The agent needs to disclose who they represent and they can merely represent the transaction.As a consumer you need to understand the short sale process if you are choosing to buy that route. Short sales may never close if the parties involved in the transaction do not understand the process. Typically a seller needs to have a hardship for a lender to agree to a short sale. A comprehensive package must be submitted to the lender. If one document is missing from the package the lenders tend to put that file on the side and focus on the organized comprehensive submittals.Ask the agent how many successful short sales they have closed? Does the seller have a hardship? Has a broker price opinion been conducted on the property? Who is negotiating the short sale with the lender? When was the package submitted? If the agent doesn't know the answers pass on that property and find an agent that understands short sales.We immediately notify a lender of a short sale upon listing a property. Some agents wait until they have a contract. Make sure you are educated on the process so you understand the questions to ask.[Promotional content removed by Zillow moderator]Please let us know if we can assist you in any manner.Torey Eisenman[Contact info removed by Zillow moderator]

  (0)
How to figure out if a house is priced right?

Response

Market value varies a lot in todays market place. Evaluating rental rates is important. You also need to evaluate the percentage of distress properties in the respective area. These are having an impact on the market values associated in any given area. Look at 90 day trends in a 1 mile radius and if necessary go out to a 2-5 mile radius if there are similar homes. You also need to verify the stability of the homeowner and or condo association if applicable. See how many owners are delinquent on their assessments and ask to review the financial statements to determine if there are adequate reserves. You don't want additional expenses you did not anticipate.If you are financing make sure you understand the terms of your loan. This can affect your monthly payments as well. There is mortgage insurance on many loans but not all of them.As far as structural integrity of an older home that varies. Some older homes are better constructed than the homes built recently. You can hire a structural engineer if this is a concern. You wouldn't want to rely on a home inspector as many do not have the qualifications to determine the structural integrity of a property.Make your contract contingent upon an acceptable inspection and an appraisal that meets or exceeds your purchase price. In today environment it could take some time to close a transaction and you want to put as much vebiage as possible in your offer to protect your interest.Torey Eisenman[contact info removed by moderator]

  (0)