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Increase in Prices Saved Millions of Homeowners Across America

Increase in prices saved millions of Homeowners across AmericaHome prices are significantly rising. In just the first six months of 2012, CoreLogic reported that the number of homeowners who have escaped being in an underwater status are about 1.3 million, and about 2 million homeowners will receive equity if the worth of state homes will add up an increase of 5 percent.

Residential Homes that have a mortgage lower than their standing credit decreased to 22.3 percent last June from 23.7 percent as recorded last March, CoreLogic said.

CoreLogic translated that from 12.1 million when 2011 closed, to 11.4 last March, then to 10.8 million last June, the number of homeowners who indebted more than what their homes are worth decreased to a very momentous number.

Mark Fleming, CoreLogic’s Chief Economist, said that the rush of home prices this spring and summer, the stumpy levels of accounts, and the falling REO sale shares are all contributing factors to the blossoming house market and decreasing negative equity.

US States that have the highest percentage of mortgage underwater properties are:

Nevada (59 percent)
• Florida (43 percent)
• Arizona (40 percent)
• Georgia (36 percent)
• Michigan (33 percent)

These 5 states occupy 34.1 percent of $689 billion negative equity in the country.

Most of the states mentioned are those that show low status in the housing market, CoreLogic said. Many homes that are underwater are priced less than $200,000 contrast to homes that are priced above $200,000 that are within the 17% range.
Those lenders that have second loans relating to their homes are really submerged “underwater”. About 4.2 million homes have second loans and that’s about 39% of the identified underwater lenders. This group has an average loan balance of about $300,000 – more than of what their home is worth.

There are underwater lenders that do not have second liens, this occupy about 61% of the bracket. These borrowers have an average balance of $216,000 of which these homes are $51,000 more than the average.

Other Articles to Read:

Defending your Gainesville Home against Foreclosure

Determining if you have a Financial Hardship

Is your Gainesville Short Sale Lender Delegated?

Is your Mortgage Lender and Where you Bank the Same

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

  

My Gainesville Home Need Repairs, Can I still Short Sale?

My Gainesville Home Need Repairs, Can I still Short Sale?

Gainesville FL- The answer is YES. Repairs do not hinder you from short selling your Gainesville home. It may be an issue to some realtors, but it should depend on how badly it needs repairs.

The fact is, it will not be a big deal to your lender since they will have to sell the home. If your short sale transaction becomes positive, then it will sale as a short sale. If not, then as a foreclosed home. Either way, it will sell.

Repairs involve some cash too, so be considerate that it should be congruent to its fair market price. There are buyers who are willing to make the repairs themselves.

Others would love to occupy the soonest possible and may decline the hassles of making repairs. Thus, this is less attractive to potential buyers compared to a home in good shape. This will be reflected accordingly in the price of the home.

Realtors have to be fair also, as soon as they know the buyer is going to manage the repairs, they will then make arrangements with the lender and all other parties involved for a lower price.

The bottom line is, your lender will not turn down your short sale offer just because your Gainesville home needs some repair. In the end, what matters is your bank gets a fair market value when the home finally sells.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

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

  

Short Sale Financial Worksheet

Once the initial short sale criteria has been established, you should understand that there are many possible outcomes of the short sale. This is the most important thing to emphasize, there are NO guarantees. Both parties will do the best to get the short sale closed, but there are no guarantees that it will happen the way it was planned.

As the seller you must be motivated on this. You need to be committed to the process and the possible outcomes of the deal. You control your end of the process and if you are not serious about completing a short sale, it wastes many peoples time. Sellers that want to back out on their part of the deal especially when it comes to signing notes or bringing cash to the closing need to understand up front this may happen. If this is not of interest for them then a short sale may not be an option.

In this short sale business, this is a chance we all take in. Your attorney could draft an addendum to your counter offer to the buyer that indicates that if the seller does not agree with the terms the lender sets forth, the seller has an option not to close and that there will be no default on the seller’s end.

Most of the time, if there is a deficiency, it is still much better than a foreclosure deficiency.

The next thing you will have to do is have the estimates for qualification purposes only. There are certain expenses which the homeowners may not realize they have, so you will have to guide them so these things will be identified and considered. Child expense is one area that is always under reported. Parents don’t usually see their children as expense accounts, explore this area and ask questions pertaining to all child-related expenses including school fees, nannies, how much they spend on formulas and diapers, and other special treatments.

Most families do not monitor their monthly expenses on groceries. So in this case, suggest appropriate guidelines. Lenders would usually accept $800 per month for a family of four. You can use this guide and adjust it according to the size of the family.

Although having a baby is a blessing, one of the hardships that hit a family is supporting for that baby, especially if it comes out two in one delivery. Another childbearing-related hardship is having a high risk pregnancy and the mother should sacrifice employment. Include all baby-related cost like food, diapers, clothing, new car seats, cribs, and more. Sum up the expenses of having a new baby even if that baby is not born yet because when you get an offer and the short sale is approved, the baby would most probably be born. The usual cost of having an infant is $300 per month.

Weigh their total monthly expenses and their total monthly income. At some point, you may not need a calculator to do this. It may be very clear that their expenses exceed their income. Say a family of four nets a monthly income of $4000 a month, and their mortgage payment is $3000, then it is safe to conclude that they have a financial hardship. If their expenses reaches $8000 yet they only earn $7000, then that is an obvious financial hardship. In these cases, the homeowner would most likely qualify for the short sale.

A short sale is easier to get approved if there is a high difference in income and expenses. With this, you can tell its chances to get approved and how it will be approved. There are lenders who will remove their right to deficiency should the homeowner settle with a cash contribution or agree to take a part of the deficiency through promissory note which is offered at zero percent interest with low payments.

The lesser the difference in the deficiency, the less likely the lender will require the deficiency to be paid. But homeowners do not have control over their deficiencies most of the time. Florida is a deficiency state by statue. Lenders are given 5 years to exercise their right to the deficiency. However, I am increasingly able to get the lender waive their right to a deficiency.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Short Selling and Renting from the New Owner – Gainesville Short Sales

Gainesville – Distressed Sales Still Depress Home Prices

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 Agents

  

Gainesville Short Sales – Know Your Options

Gainesville Short Sales – Know Your Options To save your home from being foreclosed, Short Sale Agents in Gainesville provide you with options. Review these options to know if they apply to your situation.

1. You may apply for the federal HARP program to know if you are eligible and to your lender’s preferred loan modification program. To know if there are any state programs available to you, go to this federal site. Also, you may apply to the Home Save program under the NACA.

2. You may try getting a second job. This will help greatly in saving your home although it is not often practiced since most people can’t even find a first job in this market. But for some who can, you should grab the opportunity.

3. You should cancel/pay off your credit card debt. Your credit card debt could be a big factor why you couldn’t afford your home. It’s time for you to consider getting heads on with your credit card debt. You may contact your creditors to make a settlement on your debt. You may also offer a lump sum payment, perhaps 50% lower than your balance. Although this will have tax and credit history consequences but it could be one of your best options in saving your home from being foreclosed.

4. You may start a small home business.

5. You may consider renting a room. Try advertising in Craigslist or Trulia for long term rental periods. Check on higher rental rates you can get by renting out your room to individuals who only need short term leases. This is a good option to raise funds quickly.

6. You may short-sell your home. On an average in Gainesville Florida, it takes 684 days for banks to foreclose on and repossess a home. You may have a chance to wait for a loan modification and do a short sale and be eligible for the Mortgage Debt Relief Act that is an income tax exemption which will expire on Dec. 31, 2012. In order to short sale you will first need to list your home for sale with an expert Short Sale Agent in Gainesville.

7. You should work with professionals such as expert real estate agents in Gainesville, Real Estate attorneys, CPA firms or expert certified public accountants if you are trying to apply for a short sale or loan modification. These professionals will provide options available to you.

The downturn in the housing market is now being perceived as the norm and many homeowners are getting pessimistic about their mortgages. Short Sale Agents in Gainesville encourage you not to give up. Your options in avoiding foreclosure are not limited.

Other Articles to Read:

What is a Short Sale?

Short Selling and Renting from the New Owner

Gainesville – Short Sale Banks are Offering Incentives

Are Gainesville Homes for Sale More Affordable?

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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3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent

Gainesville Short Sales – 3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent

It is imperative that as a Gainesville homeowner you do your research prior to choosing an agent to work with when 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 SunTrust 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 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.