Avoiding foreclosure is not out of the question for many homeowners.........Recent market analysis estimates show that there are millions of foreclosures in the pipeline waiting to be processed by Mortgage Banks or Servicing Companies. This high number of pending foreclosures is shocking news, especially when federal and state governments are constantly implementing new programs to assist distressed homeowners from avoiding foreclosure. These programs are designed to assist homeowners with their mortgage crisis and steer them to an alternative financing option to help them avoid the disaster of having a foreclosure proceeding attached to their credit history. Either the mortgage companies are not doing an effective job of convincing distressed homeowners of the alternative mortgage solutions to avoid a foreclosure; or, maybe, the distressed homeowners are riding the wave of fortune by not paying their monthly payment in lieu of pocketing their monthly mortgage payments. And, … [Read more...]
Listing Agent’s Job
In addition, to advertising and marketing your property features to the world...... Your listing agent’s job is to work with cooperating agents (selling agent) to secure a purchase offer contract that will net the seller the highest return on their investment ……and one that will settle without delay. This means that from the onset your listing agent must do their due diligence in facilitating the purchase offer contract by ensuring receipt of a buyer’s pre-approval letter from the prospective lender upon receipt of the contract package. The listing agent should contact the buyer’s loan officer to determine if the buyer is qualified to purchase your home (before you sign the purchase offer contract), and if the buyer is solid financially to secure a final loan approval according to the terms in the contract. It’s the listing agent’s job to confirm receipt of a pre-approval letter from the buyer’s lender and any additional supporting documentation to verify the buyers’ ability to … [Read more...]
Short Sale or Foreclosure
Deciding to sell your home as a Short Sale or Foreclosure is an important consideration that most sellers never think about discussing with their mortgage lender and/or real estate agent. Not sure why most sellers do not pursue a short sale in lieu of a foreclosure, especially if they have a desire of owning another home in the future. So, with that said, here is a brief synopsis of the difference between the two. 1) In a short sale, the bank approves the sale of the property to a new buyer at a mutually agreed upon price. Usually, this price is determined after a seller has requested a short sale package and started the short sale process. The bank will order an informal appraisal through an agent or appraiser called a Broker Price Opinion (BPO) to determine the new market value. After the market value and terms of sale are determined by the bank, your agent can then list and market the property for sale. Selling short may allow the unpaid balance of your loan(s) to be … [Read more...]