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3 Questions To Ask Before Hiring A Short Sale Agent

It is imperative that as a Gainesville homeowner you do your research prior to choosing an agent to work with with considering to short sale your home. Choosing the right agent can make the difference between the success or the failure on your short sale. There is much at risk and you have much to lose if you do not do your due diligence. The short sale can be denied and the home foreclosed resulting in a deficiency that can lead to wage garnishment. It will have a huge impact on your credit and you will not be able to buy another home for over 5 years or more. If you hold a financial position or security clearance you may lose your job and or clearance.

It is just as important that your agent knows how to evaluate the buyer and buyer’s agent to ensure the proper expectations are set. Nothing worse than getting close to the approval letter for the buyer to walk or only be half interested and find this out after spending many hours and time working through the short sale process.

So here are the questions I would ask an agent before hiring any agent.

Question #1: How many short sales have you listed and sold in the past 6 months?
Banks are consistently changing their policies and procedures and you will want an agent that is familiar and experienced in managing these updates.

Question #2: In the past, what lenders have you negotiated short sales with?
There are many small short sale bank lenders, however, your agent should be familiar with the largest banks policies and procedures. Lenders such as Bank of America, Chase, Wells Fargo and Sun Trust are the most prominent with short sales

Question #3: What is your success rate on getting short sales approved? Look at the agent’s track record and ask for specifics about how the transaction was processed, the challenges and how they were able to overcome them. Hard work is shown through diligence and persistence.

Other Articles to Read:

What is a HOA Foreclosure?

What is HAFA?

How Long Does A Short Sale Take?

Do I Have to Pay for the Real Estate Agents Commission?

 

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

 

  

 

  

Gainesville Short Sale Update – Banks Are Calling Homeowners To Solicit Short Sales

On December 12, the Bank of America’s cash-back incentive, which enticed delinquent borrowers to do a short sale over a long foreclosure, has closed out. Gainesville short sale real estate agents had contrasting reviews and homeowners had indifferent feedback.

Relocation expenses worth between $5,000 and $20,000 have been offered to homeowners who qualified for the Florida-only program and in lieu of the average two-year foreclosure process, these homeowners consented to leave their homes.

Surprisingly, only around 3,000 homeowners out of the 20,000 solicited by the bank had shown interest in the plan by early December. Short Sale Banks, unlike the prior year, are now proposing great incentives and deals to homeowners.

A Gainesville short sale happens when a lender allows a lower payment for a home than the mortgage amount owed. The bank occasionally agrees to waive the deficiency judgment as well. According to banks, companies such as JPMorgan Chase and Wells Fargo started offering cash incentives to homeowners who consented to do Gainesville short sales.

As per a November RealtyTrac report, foreclosures are taking an average of 749 days up, which is longer as compared to 684 during the prior year. Recently, banks are realizing that doing a short sale is a cheaper approach than allowing foreclosure to take place. Foreclosures will cost much from banks. Florida has been chosen as a testing ground due to its high foreclosure incidence. It might be applied to other states if the program becomes successful.

In order to qualify, homeowners need to submit their Gainesville short sale approval on Dec. 12, which is an extended deadline. The closing must take place before August 31 and the homes must not have offers on them already.

A Gainesville homeowner submitted an application for the incentive program, which seems to be under the HAFA guidelines. His application was rejected because his credit limit was above 31%. The home owner was later given a guarantee for the program but was later on disapproved and this happened after his meeting with some representatives from the Gainesville short sale department. The two representatives have been in disagreement w/ each other. It seems that additional training needs to be provided to Bank of America’s employees.

Other Articles to Read:

What is a Short Sale?

Gainesville Short Sale Myths

Top 10 Questions

What is the Difference between Note or Promissory Note and Mortgage or Deed of Trust?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Gainesville Short Sales – Why do Short Sales Not Close?

Gainesville Short Sales – Why do Short Sales Not Close?  How many times have you heard about that bank short sales do not close? When I speak with clients who are interested in getting a great deal through buying short sales, they are consistent in saying that short sales either do not close or take over a year to short sale.  I also hear this from Gainesville Real Estate Attorneys who refuse to handle short sales. Additionally, there are agents that act as if they understand short sales and make demands about timelines and statements without understanding how the timelines work and short sale process actually works.

What is the main reason you are not closing your Gainesville short sales?  Do you truly understand how to short sale?

  • If your ratio of closing short sales is not over 90% then you should not be listing short sales and you should refer them to a Gainesville Short Sale Agent that achieves this success rate or better.
  • Are you completing an evaluation with each seller prior to listing their home for a bank short sale.  This critical first step will provide you the information whether the home will close or not.

The last thing anyone should do is sacrifice a homeowner by getting a listing without taking into consideration you are gambling with their home and livlihood.  Not every homeowner will qualify for a short sale or are willing to dedicate themselves to the process.

Here are a few steps each Gainesville Short Sale Agent needs to verify and clarify prior to taking a listing:

  • Review the short sale package the seller turns into you – this should be completed prior to listing their property for a short sale and it will reveal whether there will be any issues that need to be addressed before listing the home.
  • Make sure the seller understandts the short sale process – You will know upfront if they are motivated to provide you the information necessary for you to help them through the process and if they are committed to participate, if you complete the intake properly there should be no reason for the short sale not to close.
  • Do not give up on the lender, do not give up on your seller (remember this is a very emotional process), do not act like a debt collector. This means you need to be the advocate, the one that brings the parties together for a successful close, the short sale agent that is dilligent, consistent, honest and assertive.
IF the seller is going to get foreclosed on next week- you don’t LIST the short sale! 
The odds are in your favor if you know how to negotiate a short sale that you will get your short sales closed. 

If you do not then you need to take a good negotiating course and short sale course such as the one offered by Katerina Gassett who has authored Short Sale Success. Do not take the listing if you lack the experience.  Additionally, you can work with an experienced agent and help them with their bank short sale listings. Yes they are time consuming and can be tough.  There may be days you speak to over 10 people at one short sale bank to get the right answer or to speak with someone who knows what they are doing!

Other Articles to Read:

What Gainesville Underwater Homeowners Say

Gainesville Short Sales – Know Your Options

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Gainesville Short Sales – Should I Stop Paying My HOA?

Gainesville Short Sale – Should I Stop Paying My HOA? If you are a Gainesville homeowner considering a Gainesville Short Sale or already in a Gainesville short sale you will want to ensure you continue to pay your HOA dues. For reference in this blog post we will refer to HOA neighborhood or condo association fees as HOA Fees. Based on our experience and based on all the sellers that we have worked with living in HOA communities, failure to pay your HOA fees may result in a foreclosure and/or lien placed on your Gainesville home.

Even if the short sale bank told you to stop making your mortgage payments,you have stopped out of necessity or it is a strategic decision you; still need to continue to make those HOA payments. Failure of payment can cause the Gainesville short sale to fall apart.

This past year the State of Florida legislature passed very strict HOA rules to benefit the HOA’s. Your HOA payments typically go to taking care of common grounds, amenities, entrance signs, insurance for the roof or building if applicable, lawn care, etc. When these payments are not made it causes the HOAs to have financial distress and they will have to assess the rest of the paying community in order to maintain and keep up with the expenses.

The remaining Gainesville homeowners have been very displeased with having to carry others expenses. They are going to these board meetings and are demanding the HOA board to stop making deals on behalf of those Gainesville homeowners facing foreclosure. They have to pay the full amount plus take care of others and they are screaming it is not fair.

So in the past year it has become extremely hard to negotiate with the HOA Board of Directors or Property Management Companies for this reason alone. Once you become delinquent they the Gainesville HOA will hire an attorney and now the attorney’s fees are tacked on to your back owed dues and they can sue for FORECOSURE.

Now your bank does have first position for your Gainesville foreclosure, however it does not stop the HOA from foreclosing and they do it as “subject to the first”. The first still retains their right to foreclosure, but the HOA does it under the new law and can seek a judgment. Through the judgment your wages may be garnishedand if they recover the unpaid assessments they do not have to waive any claim of the lien against your Gainesville home. They can cut off your access to amenities; they can evict you, rent out your unit if it is vacant or confiscate the rent directly from your tenant and even charge you rent. The money will go to taking care of arrears, attorney’s fees, etc.

This makes selling your Gainesville short sale difficult or impossible and the bank has placed limitations on how much they will pay towards the back owed HOA fees and sometimes will not contribute at all. Sometimes if you have a cash buyer they may be willing to cover those fees. For additional information review >Florida Statutes Chapter 720 Part 1 General Provisions ss 720.3085

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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Why Don’t I Just Let the Bank Foreclose?

If you are a homeowner in distress, foreclosure should be the last option you consider. If you have closed a successful short sale you should receive a 1099 in the mail. Everyone who has sold short their home receives a 1099 for the difference of what they owed on their mortgage and what it sold for. However, if you lived in your home for 2 out of 5 years you may qualify for The Mortgage Forgiveness Debt Relief Act. This will allow for that debt to not be held against you for when you file your taxes.

The Mortgage Forgiveness Debt Relief Act is currently in place through 2012, meaning your Gainesville short sale must close prior to the end of 2012. Visit www.irs.gov or speak to your CPA to find out additional information. The act will allow for the debt to be forgiven and secondly, the bank will also forgive you for that loss and will not seek a deficiency. Florida is a deficiency state which means they can come after you for the loss you still owe them.

In 90% of our Gainesville short sales we have been able to negotiate the waiver of deficiency. This is not a guarantee and it is based on each seller’s own unique circumstances. If you qualify for HAFA, the program will give a release of deficiency as part of the program guidelines. It is easier to have a deficiency waiver if you financially insolvent or if you are unemployed. If you have money, many times the waiver of deficiency is subject to a cash settlement. You may be offered 2 different cash settlements. One will be for a lower amount, for example $5,000 cash to close, while the other may be $10,000 at 0% interest with payments of $55 over the course of 15 years.

These are much better reasons than to do a foreclosure in Gainesville. Take into consideration this scenario:

Let’s say you owe $250,000 on your Gainesville home, you bought it for $278,000 and it is now worth $150,000. A $100,000 difference in what you owe the short sale bank and what the home is worth. A buyer contracts on your home for $150,000 and the short sale bank agrees to the short sale, agrees to waive the deficiency but comes to you and asks for you to come to closing with $5000 or take a unsecured note for $10,000 at 0% interest payable over 15 years at $56 a month.

You say no and the home ends up in foreclosure, is resold after being carried by the bank for a year from the foreclosure date to resale. In the interim the Gainesville home deteriorates slightly from nobody living in it and causes the value to go down by 15% and the sales price is $127,500. The short sale bank incurred taxes of $2800, attorney’s fees of $12,000, Realtor commissions of $7,600, carrying costs of $3300 for utilities for the year and $3500 in miscellaneous expenses. The $100,000 difference in the short sale price to what was owed is now $151,700 that the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs and not to mention how your credit will be affected. Keep in mind if you foreclose and a judgment is sought, your wages may be garnished. Certain criteria must apply for this to happen. Please seek legal advice from an attorney.

Credit should be another consideration. With a Gainesville FL foreclosure it is listed on your credit report as such and you will have to wait 5 to 7 years to purchase another home. With a short sale, the bank will report paid in full as agreed or paid less than agreed and you will have the ability to purchase again with FHA in 2 years after the short sale.

 

Other Articles to Read:

Gainesville Homes For Sale Report On Short Sale Alternative Right Party Contact Program

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

 

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-535-0620 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sales – How Long Does A Short Sale Take?

Gainesville Short Sales – How Long Does A Short Sale Take? How long does a Gainesville short sale take?  This is one of the first questions that is asked when a homeowner has been faced with foreclosure and has chosen to do a short sale on their home.

The time frame on a short sale can vary.  There are many variables that will factor into the length of the short sale process. So to offer a fair answer to this question we will need to say  that it depends on the circumstances of the homeowner, lender and the loan itself.

How long does a Gainesville short sale take? When putting your home up for a short sale it is important to understand that with a short sale things are constantly changing from month to month, week to week and even from day to day.

The length of a Gainesville short sale will also depend on the sellers individual circumstances.  Below are a few major factors in determining how long your short sale may take:

  • Who are the servicers on your loan
  • Does your servicer own your note or is there a private investor involved
  • How many loans do you have on the property
  • Is there is a 3rd party involved such as a mortgage insurance company.  In a case like this, the 3rd party will also need to approve the short sale
  • How long it will take to get a good offer on the property
  • What the BPO comes back with and how close to the offer that the price is
  • Finally we will need to hope that the buyer’s agent will stay in the deal long enough for the deal to go through.

A few years back Country Wide was doing short sales, and they took well over 6 months to approve 1 short sale.  When Bank of America took over Country Wide they become the most difficult bank to work with when it came to short sales. There were short sales that took up to over a year to be approved. Since then things have changed with Bank of America, and short sales can be done within 30 to 60 days, and sometimes even quicker than that.

Chase was also another company that used to be difficult to work with when it came to short sales.  Chase merged with other companies, and the already difficult situation become even harder.  Now policies have changed with Chase and they are very interested in approving short sales.

The point here is that one of the determining factors in how long a short sale can take is the lender and the policies that they have regarding short sales.

When answering the question regarding,  how long does a Gainesville short sale take, the best advice to give is that it depends, and to just let the short sale process play out. It is very important to find an agent that is experienced in short sales. You will also want to work with an agent that has experience with different lenders, and knows how to maneuver through the short sale process. Your short sale can take as little as 3 weeks and as long as 6 months sometimes even longer. We are happy to say that short sales do not take as long as they did a few years back.

Please keep in mind that once you decide to do a short sale, this process is time sensitive and every day counts.  And when you need to ask the question “How long does a Gainesville short sale take” we advise you to contact one of our experienced Gainesville short sale agents, and let them help guide you through your short sale process.

 

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Where will the mortgage settlement fund go?

Avoid Notice of Default – Refinancing Balloon Mortgages

3 Questions to Ask Before Hiring Gainesville Short Sale Agent

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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Gainesville Short Sales – Choosing a Qualified Agent

Gainesville short sale agents – choosing the right agent for you.

Are you a homeowner in a very difficult situation and facing a possible foreclosure? Has your loan modification been turned down?  If you have tried to work with your bank but had no success and feel that you are out of options than we want you to know that you are not alone. Many homeowners nationwide and even a little closer to home, right here in Gainesville are losing their homes to foreclosure, and looking for alternative options.

Gainesville Short Sales – Choosing a Qualified Gainesville Short Sale Agent Short Sales are becoming a more and more popular alternative to foreclosure for homeowners, However many people are unfamiliar with what a short sale actually is.

A short sale is when you sell your home, and the bank accepts an offer that is below the amount that is owed on your mortgage. For example: if you still owe the bank $200,000.00 on your house, and the bank accepts an offer on your house for only $100,000.00. The bank will end up forgiving the other $100,000.00 on your house.

You many ask yourself why the bank would do that, and the answer to that question is that the bank is not in the business of owning homes.  On the bank’s side of things, they look at a short sale as an option for them to save additional legal fees, that will run them $15,000.00 to $30,000.00 and maybe even more. Also the bank does not want to own the house; they are not in the business of buying and selling homes.

Now that you have an idea of what a Gainesville short sale is then the first step you will need to take is to consult a Gainesville short sale agent. You will be provided with more information on qualifying for a short sale.

Anyone with a real estate license can legally list a short sale; there are very few agents out there that have the necessary skills and experience to successfully sell a short sale home. Our team of Gainesville short sale agents specialize is short sales and have the knowledge and experience in every aspect of a short sale to successfully maneuver you through your short sale process and get your home sold.

Also when looking for a Gainesville short sale agent you will want to make sure that the agent has worked with, and is experienced with different lenders. This is crucial to a successful short sale because each lender has different policies and a different outlook on short sales… I cannot stress this enough.

The Gainesville short sale agent that you choose will be one of the key factors that ultimately determine how successful and how quick your short sale may take. If you have any further questions on what a short sale is, and to determine if a short sale would be the right choice for you, contact our office.  We have the experience and knowledge necessary for a successful Gainesville short sale.


Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.