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What’s the best Gainesville Short Sale offer?

What’s the best Gainesville Short Sale offer?

 As a homeowner who chooses to short sale your home. It is difficult to choose a buyer for your Gainesville short salebecause short sales are very appealing to many buyers. The best advice is for you to consult your agent.

There are many things to consider when choosing an offer. First, you have to see to it that the buyer is eligible and are able to finance your short sale well. You cannot always pick the highest offer and end up feeling tricked when your buyer will not be able to finance your home.

It usually takes 30 days for your short sale to be approved. Once it expires, it needs to be renegotiated and would again take 2 to 6 months. It is much better to choose a price that is less but with a stable financing. You might want to request a copy of the pre-approval letter from your buyer.

Make sure that you were able to scrutinize the pre-approval letter. We experience one event wherein the short sale buyer’s agent, short sale loan mortgage broker, and the buyer’s lender is just one person.

In Florida, this is illegal. It cannot be done that the real estate agent and mortgage brokeris the same person or within the same company.

Another aspect to consider is the demands of the buyers. Can you meet these demands? Do the buyer want furnishings and complete kitchen appliances?. Make sure to choose a buyer where you can meet its demand.

You can choose an offer that has the best qualifications, of course.

Other Articles to Read:

Are Gainesville Homes for Sale More Affordable?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Choosing the Best Offer for Gainesville Short Sales

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 Agents

  

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Choose the Best Short Sale Offer | Gainesville

How to Choose the Best Gainesville Short Sale Offer

 

It’s always hard to choose among many choices and this applies when choosing a buyer for Gainesville short sales since short sales attract many buyers. It’s best to seek professional advice from your agent. But to get you started, here are some insights in choosing the best offer to your home.

The first thing you should consider is the short sale buyer’s eligibility for financing. It’s enticing to always go for the highest price without digging deeper into financing. You should ensure that the buyer is highly eligible.

Normally, the lenders give a 30-day leeway time on short sale approval. Once the short sale approval expires, the short sale needs to be re-negotiated and may take 2-6 months more lead time. With this in mind, you have to make sure that buyer’s financing gets approved. A little less price could be a better choice backed up by stable financing. Request for a copy of the buyer’s pre-approval letter as a proof that he has been approved for financing.

The price is only one aspect of Gainesville short sales. You should also carefully review the terms given with each offer. Know whether the buyer is demanding for fixtures such as furnishings and window treatments. See if you can meet those demands.

Always do your research with every offer that comes. If the offer has the highest price and best qualifications at the same time, then go for it.

It is important to have a pre-approval letter that has gone through desktop underwriting to prevent issues from arising. We have one short sale where the buyer’s lender was acting as the short sale buyer’s agent and the short sale loan mortgage broker.

In the state of Florida this is illegal, the real estate agent and mortgage broker cannot be the same person or within the same company. This agent almost cost us the sale altogether. Her communication was non-existent, the buyers called me for updates and she lied about who the loan officer truly was.

After 3 short sale lender extensions, I finally put my foot down and told her she either used one of the mainstream lenders or the seller would not extend any longer. Under no circumstances should a loan approval extension need to happen over the course of 30 days. The agent finally admitted she did not know what she was doing! Real estate licenses should not be so easy to get!

Other Articles to Read:

Gainesville Short Sales – Know Your Options

Real Estate Agents In Gainesville: Understanding FICO Scores

Foreclosure News Reports On More Loan Transferring

Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

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 Agents

  

Gainesville Short Sales – Gainesville Short Sale Myths

Gainesville Short Sales – Gainesville Short Sale Myths Gainesville short sale myths are finally clarified!  It is a frustrating experience for a homeowner who is facing foreclosure and cannot find the correct information necessary to find alternative options to foreclosure, such as a short sale. To clear up some of the confusion we have compiled a list of most common short sale myths. An important thing to keep in mind is that every short sale is different, and each seller has their own unique circumstances. 

Gainesville Short Sale Myth 1- I must stop making payments before the bank will approve a short sale there have been cases where a seller’s short sale was denied because they were current on their payments.  I have only seen this to be true with Freddie Mac and in one Gainesville homeowners specific case where they had only $80 left each month after all bills were paid, because they had a loss of income. However, it is not necessary to stop making payments for the bank to take you seriously and have a successful short sale.

Gainesville Short Sales – Gainesville Short Sale Myths Gainesville Short Sale Myth 2 – I should never accept a payment plan from the bank…they should forgive all my debt.

In some instances if there is still debt and the bank gives you a payment plan and you decline or ignore it the bank may seek a judgment against you for that amount. This is a big difference between possible out of pocket costs, not to mention how your credit will be affected and wages may be garnished.

Gainesville Short Sale Myth 3 – Pricing the home very low will get an offer quickly

Yes, pricing a home very low may get an offer quickly, however at a cost to the seller and buyer. Banks do their homework. You can get a great price on a short sale; however the bank will not give the home away. For the sellers the clock is ticking if they are facing foreclosure and to waste the banks time on an unrealistic offer could cost them the home.

Gainesville Short Sale Myth 4 – The bank will not pay the commission for my Real Estate Agent and or the costs of listing the property and the expense will be passed on to me

A real estate agent’s professional fee is taken out of the banks proceeds at close of escrow. The bank will dictate how much the agent(s) will receive. Most banks will not pay an agent’s commission if they are representing themselves as the buyer. Now I do have an issue with this since technically in Florida the Agent is paid by the Broker and not paid directly from the bank. This means the bank is denying paying the brokerage firm.

Gainesville Short Sale Myth 5 – I cannot short sale with 2 mortgages

When the short sale process started many people could not short sale because they had a second mortgage. After the first wave of foreclosures, lien holders in second position realized that if they did not participate in the short sale they would receive $0. Now instead of foreclosing on a property, they have started to accept pennies on the dollar…which is better than getting nothing.

Gainesville Short Sale Myth 6 – A Short Sale is embarrassing

A Short Sale has become common place in today’s market that the stigma has been reduced. Short Sales can happen to anyone. This is simply a situation where you must sell and do not have the means to make up the difference. You should never feel embarrassed about the situation, it is much better than a foreclosure and you have the ability to buy a home again in 2-3 years depending upon your credit.

Gainesville Short Sale Myth 7 – Any agent can list a short sale

Not any agent can do a short sale. Many agents that do understand how to complete a short sale and may cause harm to the seller. Our agents have established partnerships with attorneys, loss mitigation and title companies to provide the service that is appropriate for you. Not every short sale will be a success and for anyone to tell you otherwise they are mistaken.

Other Articles to Read:

Should I Stop Paying My HOA?

Do I have to pay for the Short Sale Real Estate Agents Commission?

How Long is a Short Sale?

Choosing a Qualified 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.