Real Estate Information

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Surprise costs could be lurking around corner

By Mary Umberger
Inman News

Anyone who's even remotely interested in buying a home these days has heard the term "short sale" -- and if the phrase isn't familiar to you, it ought to be.
Short sales occur when a homeowner is willing to sell his property for less than the amount owed on the mortgage, and the lender agrees to the deal. In many cases, these sales can turn out to be genuine bargains.
It's the phrase du jour in housing: A recent Zillow.com survey estimated one in five mortgage holders are "under water" -- their homes are worth less than the balance on their mortgages. Another study, from the National Association of Realtors, found that one in 10 recent buyers purchased through a short sale.
But short sales are a different animal than traditional real estate transactions, and they've been known to frustrate and disappoint buyers who are unschooled in their complexities.
Five things short-sale buyers ought to know:
1. Short sales are almost never short, so to the patient buyer go the spoils. The process, from making an offer to the closing, can take anywhere from a few weeks to more than a year -- sometimes longer, according to Bonnie Overbeck, a Cincinnati-area real estate agent who specializes in short sales. She says, however, that in her area they typically take 90 to 120 days.
The basic reasons for the delays, Overbeck said, are twofold: One, the bank is taking a loss on a deal, which it obviously isn't eager to do. Two, some lenders are awash in foreclosure and pre-foreclosure properties these days, and they're just not staffed to process these home sales in volume.
"Banks are flooded with these deals, and they're trying to put a Band-Aid on the problem," Overbeck said.
"(Some short-sale) negotiators have 300 and 400 files on their desks," she said. "These employees are working from a script, and are paid by the hour to process a file."
2. Work with an agent who has a track record in short sales. These can be complex deals with their own rules and etiquette, and they require knowledge of what's reasonable and customary.
Overbeck is one of a growing number of agents in the newly emerging short-sale specialty. Three years ago she and two colleagues formed a team, Three Blondes and A Short Sale, at Huff Realty in Cincinnati. In addition to representing buyers and sellers, the group also trains other agents in short sales and acts as a short-sale negotiator for other agents.
"When we talk with agents (about the process), we tell them the typical real estate agent is a general practitioner," she said. "A short-sale practitioner is your cardiologist."
A common mistake is that inexperienced agents unknowingly submit incomplete documents, and wait for the bank to get back to them, she said.
But human nature means that those who are processing the documents will take the path of least resistance, she said: With hundreds of pre-foreclosure files on their desks, many negotiators will simply push the most complete offers to the head of the line.
3. Buyers need to impress lenders that they're serious. Overbeck said buyers need a "very strong" preapproval letter from their lender with a solid financial package and proof of funds for their downpayment, or cash.
Buyers also should invest in a thorough home inspection before making an offer, she said.
"I don't want them waiting for three months for the bank to respond and then find out the furnace is bad or the roof needs to be replaced," she said.
4. Pricing is critical. The homeowner's listing price isn't necessarily a good guideline. And super-lowball offers probably will go nowhere, Overbeck said.
There are rules of thumb in the industry about making an offer just under either the bank's appraised value for the home or the broker's price opinion, which is an estimated value derived by a real estate agent hired by the bank.
However, Overbeck warned that many short-sale properties come with pricey strings attached: The homeowner may not have paid his property taxes for some time or owes homeowners association dues, etc. Those expenses will be liens on the property that also have to be resolved in the transaction, she said.
5. Be prepared to walk away. Banks aren't required to agree to these deals.
"Closing a short sale is a huge balancing act," she said. "When I work with buyers, I'm up-front. I say, 'You must have patience and fortitude and you cannot be emotionally tied to this investment. It might not work.' "

As we are all aware we are in some challenging times, and many are facing foreclosure and don't know where to turn for assistance.  Here is some helpful advice:

Don't wait for the Federal Government to Save you! Take Action ASAP!

1. Call your lender ask if you qualify for a modification
2. Call your local Fair Housing Agency, they have in house counselors that specialize in Foreclosure Intervention. They also have a list of Attorney's that work Pro-Bono (free) and have attorney's who will reduce their rates to individuals and families that are in need.
3. If you have to sell your home, then a Short Sale may be the best viable option. You need to do some research in searching for a Realtor who is experienced and educated in this area.
Ask the following questions;
What is your experience?
Are you Certified in Foreclosure Intervention? Education?
How many successful short sales have you done to date?
How many have not been successful? Why?
How many short sales have you closed this year?
How many short sale listings do you currently have?
Do you have a team of professionals who specialize in this area?
Do you have references of clients you helped?

It is imperative that you hire a professional that is educated and experienced, as your family, and credit are @ stake!  Hiring the wrong Realtor can put your family at risk!

Hope this provides some help for anyone who is facing foreclosure.

If you have any questions, or comments. please feel free to contact me.

Please click the link to view. Please pass this information along to anyone considering a Loan Modification. If you have any questions, please feel free to contact me.

http://go-to.realtor.org/r/C5L0ZQ/2OPRQ/Y3CRK/ZEI8Q/CE1LY/XL/h/

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My mentor sent this today, something to think about...

ENCOURAGEMENT CORNER...
 
The Paradox of our Time!
 
The paradox of our time in history is that...

We have taller buildings, but shorter tempers.
Wider freeways, but narrower viewpoints.
We spend more, but have less.
We buy more, but enjoy it less.

We have bigger houses and smaller families.
More conveniences, but less time.
We have more degrees, but less sense.
More knowledge,  but less judgment.
More experts, but more problems.
More medicine, but less wellness.

We drink too much, smoke too much, spend too recklessly,
laugh too little, drive too fast, get too angry too quickly,
stay up too late, get up too tired, read too little,
watch TV too much, and pray too seldom.

We have multiplied our possessions, but reduced our values.
We talk too much, love too seldom, and hate too often. 
We've learned how to make a living, but not a life;
We've added years to life, not life to years.

We've been all the way to the moon and back, but have trouble crossing the street to meet the new neighbor.
We've conquered outer space, but not inner space;
We've done larger things, but not better things.

We've cleaned up the air, but polluted the soul.
We've split the atom, but not our prejudice.
We write more, but learn less;
We plan more, but accomplish less;
We've learned to rush, but not to wait;
We have higher incomes, but lower morals;
We have more food, but less appeasement;

We build more computers to hold more information to produce more copies than ever, but have less communication.

We've become long on quantity, but short on quality.

These are the times of fast foods and slow digestion; tall men, and short character; steep profits, and shallow relationships.

These are the times of world peace, but domestic warfare; more leisure,but less fun; more kinds of food, but less nutrition.

These are days of two incomes, but more divorce; of fancier houses, but broken homes.

These are days of quick trips, disposable diapers, throw away morality, one-night stands, overweight bodies, and pills that do everything from cheer, to quiet, to kill.

It is a time when there is much in the show window and nothing in the stockroom; a time when technology can bring this letter to you, and a time when you can choose either to make a difference, or to just hit delete...

Dr. Bob Moorehead

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http://www.kpho.com/video/21585164/

If you or someone you know is having trouble making their mortgage payments, please have contact me, I am here to help, so this type of situation doesn't happen to you!