Archive for 'faith'

Does a Seller have to pay closings costs and Realtor commissions on a Short Sale?

Tuesday, November 8th, 2011 at 12:52 pm  
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Does a Seller have to pay closings costs and Realtor commissions on a Short Sale?

NO, you don’t have to pay closings costs and realtor commissions on a short sale!  On a short sale, even though you are the seller, the lender allows certain fees to be paid out at closing that normally the seller would have to pay, i.e. title work, transfer tax, Realtor commissions, etc.   Sometimes the Realtor fees are reduced in order to sell the property on behalf of the seller.  That means that our service is absolutely FREE to you, as your lender(s) allows the Realtor(s) to receive commission on the sale of the property.  If we don’t sell your house then we don’t get paid.

What price, condition and location does my house have to be in order for you to help?

We have negotiated and closed short sales on homes in any location (primarily throughout Central Florida), price and condition.  In all of our purchase contracts we put the following clauses:

  1. “The seller is selling the property AS-IS, with no contributions for repairs.”
  2. “The buyer will turn on the utilities for inspection.”

 

These provisions in the contract make the buyer pay for all the repairs to the home that may be necessary for the buyer’s mortgage approval, and the buyer pays to have the utilities turned on for inspection, should they not already be on.

Can I back out of the Short Sale?

 We always put a provision in the contract that gives control to our sellers that states “This offer is subject to the lender taking a short sale acceptable to the seller and waiving the deficiency judgment.”  Should we obtain a short sale but there is a deficiency judgment, then you can choose not to sell the property – You are in control.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

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HAFA Short Sale – Can I get $3,000 from HAFA to move?

Tuesday, November 8th, 2011 at 12:40 pm  
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Will my Lender pay me any money to move with the HAFA program?

The Home Affordable Foreclosure Alternative (HAFA) program does allow a relocation fee of up to $3,000 paid to the homeowner if they claim their home as a homestead exemption.  The HAFA program does not apply to investment properties.  The deadline for the HAFA program is DECEMBER 31, 2012.  If you are considering a short sale and you would like to be paid $3,000 through the HAFA program to relocate, please call us immediately as it takes time to do the short sale.  There are other requirements such as having a utility bill in your name and having occupied the home within the past 12 months.  The HAFA terms are subject to change based on your loan.

The HAFA program does put a stipulation on participating lenders (not all lender participate in this program), that they will accept the short pay with a full satisfaction of the loan and not go after you for the difference known as a deficiency judgment.

There is a stipulation put on the buyer of the property that they will not resell the property for 90 days.  If an investor was going to buy your house to fix it up and resell it, they would have to own the house for 90 days before reselling it.  Sometimes, there is not enough profit to the investor to do that, so it is very important when using this program that the buyer is fully aware of the lender’s stipulations.  As your Realtor, we pre-qualify all buyers to let them know the lender’s requirements including the HAFA program.  This prevents the so-often-heard scenario of sellers getting their short sale approval letter and then the buyer doesn’t qualify to buy the property and the entire file gets shut down and you have to start all over again.

At what point during the short sale process, should I move out of the house?

This will vary per situation.  I have homeowners stay all the way to the week before the closing and I have other homeowners move out right away.  Do you have family or friends you can live with or are you going to rent somewhere?   Most people never even think about the fact that they may not qualify to live somewhere else due to their credit.  If you are not going to do a loan modification, you need to find a place to live now while your credit is decent.  We suggest that you submit rental applications as quickly as possible.  Many people are actually renting bigger and better homes, sometimes even in the same neighborhood.

Many homeowners will stay in the house to the last minute thinking that they are saving money.  This could actually cost them money for various reasons and by that time, they may not qualify to rent a new house.  If the house goes to foreclosure for $150,000 plus attorney fees etc. and the house could have sold for $90,000, it cost the homeowner $60,000 to live there.  Remember everyone’s circumstance is different and you need to make sure to protect you and your family.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure and we can see if the HAFA program is for you. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

Kimberlee Frank
Real Estate Broker & Short Sale Negotiating Expert
407-888-3433
www.shortsalenegotiating.com
 

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How will my credit be affected on a Short Sale, is there any advice you can give me?

Tuesday, November 8th, 2011 at 12:37 pm  
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How will my credit be affected on a Short Sale, is there any advice you can give me? 

Disclaimer:  I am not a credit expert and I am responding to you based only on my understanding of the affects on credit.  Making late payments on any debt will lower your credit score based on the amount of days you are late on your payment.  It is my understanding that on average, a short sale on your credit report is a negative 150 FICO points versus a foreclosure on your credit report is a negative 250 FICO points.

Please note that these figures change on a regular basis.  I highly recommend that doing a short sale is better than letting the house go to foreclosure.  If your house goes to foreclosure, it will be 5 to 7 years before you can purchase another home.  The short sale on a credit report versus a foreclosure shows good intention on your behalf.  You took action against the debt and negotiated a settlement versus just walking away.   A short sale also allows you to clean up your credit with the possibility of purchasing a new home after 2 years.  I do refer you to a credit counselor after selling your home on a short sale.

My friends keep telling me to do a loan modification.  Are there any benefits of a loan modification versus a short sale?   

The most obvious benefit of a loan modification (loan mod) is that you get to keep your house. Many people want to do a loan mod because they want to keep their house. The drawback on a loan mod is that most lenders will adjust your payment; however, they will not adjust the balance of the loan on the property down to the current market value.

Loan mods are free through the lenders and I would recommend if you are interested in keeping your house that you attempt the loan modification yourself. Please be aware you will have to be very persistent and very patient to go through the extremely lengthy loan modification process.

 During the loan modification process, will the lender stop all foreclosure action against me?

 I cannot guarantee they will, since most of time once the lender has paid an attorney to do their job, the attorney will continue on with foreclosure process.  The lender still has the right to continue with the foreclosure action against you.  Many times the homeowner can’t afford the loan modification given to them from their lender.

Should I do a Deed in Lieu of Foreclosure? 

Lenders want money not your house.  A Deed in Lieu of Foreclosure gives the property back to the first mortgage company who may or may not waive a deficiency judgment. If there is a second or third mortgage on the property, you probably don’t qualify because you cannot provide clear title to the first lender.  In addition, if they did take the Deed in Lieu of Foreclosure, you would also receive a deficiency judgment for the second and/or third mortgage.  When you received a mortgage on your property you also gave the lender a mortgage note. You promised to pay this debt with or without the property being attached as collateral.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

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