10 Easy Steps to Complete a Short Sale
The obvious thing to do first is to find the lead which should be fairly simple in most places using your own marketing strategies. I find that i used to turn down so many deals because they were over-leveraged and i didnt want to deal with the hassle. Can SS’s be a hassle? yup. If you can learn the ins and outs and submit everything you need cookie cutter you will find life to be much easier.
When people think of short-sales, they think of a on going annoying what if process that doesnt work. I am currently working on 4 right now and they are all going smoothly. Many people take courses and go to bootcamps to learn the “ins and outs.” I have never been to a training or a bootcamp and i like to think i know most of what i need to (all the info in right in front of your face).
So you get your lead and you explain the process to them, they agree.
Step 1 : Have then sign and authorization to release info.
Short Sales | Comment (1)How To Do a Short Sale
Miami, FL (PRWeb) March 18, 2007 — Miami real estate agent Izzy Buholzer offers advice on how homeowners and investors that need to sell their property can cut personal losses and save their credit in a declining real estate market by conducting a “short sale”.
“If a declining real estate market has caught you with loans on a property that are greater than the selling value of that property, then you need to take action to protect your credit.” A professionally structured Short Sale can help homeowners and investors that need to sell their property to cut personal losses and save their credit in a declining real estate market.
Thus cautions, Miami real estate agent Izzy Buholzer (www.ibmiami.com), who believes that an intelligent way to handle real estate in declining markets is to make a “Short Sale by simply asking the mortgage lender to lower the amount that you owe.”
“You have to do the math. If you find that the loans on your property are more than what you could get if you sold the property, then you need to take action in order to cut potential losses or prevent foreclosure.” says Buholzer.
Buholzer suggests a seven step plan for making a short sale:
“First you have to know the value of your property,” says Buholzer. He explains that “if you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property.”
Short Sales | Comments (2)A Short Sale Can Help a Homeowner Facing Foreclosure
Sunday, May 6, 2007
“It’s usually a win-win situation,” says Lon Parmelly. “I had a client who walked away with a $600,000 debt forgiven.”
What? Your mother forgets you owe her $60. But who forgives you for a debt of $600,000?
Usually, when something sounds too good to be true, it is. But as more people are facing the possibility of foreclosure — losing both their house and their credit in a process fraught with humiliation — a little-known transaction known as a short sale may seem like a dream come true. Short sales occur when a lender allows a homeowner in default to sell a house for less than the total value of the loan. In most cases, the lender then forgives the remaining portion of the debt.
Short Sales | Comment (0)Can Bankrupty Affect a Short Sale?
How Does Bankruptcy Affect a Short Sale?
By: Cory Boatright
The Homeowner is in Bankruptcy
First off you don’t ever want to offer legal advice to the homeowner unless under the rare situations where you’re a qualified attorney. Let’s discuss the two typical types of bankruptcies that you may encounter.
Chapter 7 - know as Liquidation
Chapter 13 - known as Reorganization
With either type you are going to have to contact the Trustee of the Bankruptcy to get the property released out of it.
You will need to get a letter called “Affidavit of Abandonment for Real Estate & Asset”
This letter will allow you to obtain clear title so you can close on the property with your buyer. Bankruptcy puts a hold or “stay” on the foreclosure process or any other debt collections period. This will continue until it is completed or a “release of stay” is issued by the judge for the lender or lender’s trustee to proceed with the foreclosure.
