Memphis Short Sale

Memphis TN Short Sale Realtors

Many homeowners who are facing foreclosure suffer in fear of losing their home without realizing that there are other available options. These options include short selling the home; this alternative is there to end the constant battle of trying to make your payments on time. Short sale is at the top of the most successful alternatives, and is a permanent solution to the problem.  A Memphis TN short sale will begin when the borrower decides to sell their home, with the lender allowing the home to be sold for much less than is owed. This is acceptable because of the home’s value in the current market is much less than when originally purchased.

To have this option be something you can qualify for, you must owe more than what the home is worth. Short sales are unavailable to those who would like to have them for personal gain; they are only available to the borrower who is in need of this alternative to avoid foreclosure. You must prove to the lender that your expenses verse income leave you a difference that will not sustain the current payments owed. In doing so you must show documents to back up your claims and of them an explanation of the event or “hardship” that set you behind, these documents make up a short sale package. Acceptable hardships include decreased or lack of income, divorce, medical costs, property damage, and others.

Memphis TN Short Sale Facts:

• No money is required in any part of this process. All short sales are 100% free to the homeowner. Closing costs and Memphis TN short sale Realtor fees are all taken care of by the lender.
• The whole short sale process averages out to be about six months start to finish. This all depends on factors of each home individually.
• It is common for the balance to be forgiven though not a guarantee. Having good communication with your lender will make this more available to your knowledge and with a Memphis short sale specialist it should not be hard to get that result.
• Short sales are of less an impact to your credit score than foreclosure. What hurts the score more than anything is the missed mortgage payment. It is vital to preserving some of your score by starting a short sale as soon as possible so no more payments need to be missed. This will make your credit score easier to rebuild.
• Many different lenders offer incentives exclusive to their individual company. Among these incentives is a range of $5-$30 thousand back. This is additional to the HAFA incentives of up to $3k in relocation assistance.

HAFA program, if interested is a government set up to help homeowners choose alternatives to foreclosure with short sale in these options and will give you lists of added perks.

To find out if you qualify for a short sale and the HAFA program and would like to stop Memphis TN foreclosure now, hurry and call a Memphis TN short sale specialist now. What are you waiting for? 1-877-737-4903.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to short sale your Memphis TN real estate with expert Realtor? Our short sale specialists are here to stop Memphis TN foreclosure on your home. All help is FREE help to Memphis homeowners in financial hardships. Our Memphis short sale specialist Realtor’s will work areas all over the state of TN.

Copyright First Coast Realty Associates 2011-Sharon Molnar

 

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Miami, Florida (PRWEB) January 20, 2012

Miami home sales set a new record in 2011, exceeding transaction levels during the height of the real estate boom in 2005, according to the 26,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). Total 2011 sales, including both condominiums and single-family homes, in Miami-Dade County were 24,929, up four percent from the 24,025 in 2005 and 46 percent from 17,068 in 2010. Year-end closed sales of condominiums surged 54 percent, from 9,760 in 2010 to 15,009 in 2011. Total single-family home sales increased 36 percent from 7,308 in 2010 to 9,920 in 2011.

The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices, said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. Miami is a very unique city in most ways, and the real estate market recovery proved no different. Miami is hot, and its not just the weather!

The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 16 percent in December, from 734 to 734, compared to December 2010. Sales of condominiums increased 22 percent, from 985 to 1,200, compared to December 2010.

2011 was a remarkable year for the Miami real estate market, said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. Unlike other markets throughout the U.S., Miami has recovered faster and stronger than expected and is poised for further growth and double-digit price appreciation in 2012.

Statewide sales dropped two percent to 6,836 for condominiums and two percent for single-family homes to 15,290. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose five percent from November and were 3.6 percent higher than they were in December 2010, according to the National Association of Realtors (NAR).

Median and Average Sales Prices Rise in December

In the Miami MSA, the median sales price of condominiums in December spiked 31 percent to $ 129,900 from a year earlier. The median sales price of single-family homes jumped 16 percent to $ 182,300. Statewide median sales prices in December increased four percent to $ 91,900 for condominiums and one percent to $ 134,300 for single-family homes. The national median existing-home price for all housing types was $ 164,500 in December, a 2.5 percent drop from December 2010.

The year-end median sales price dropped nine percent for single-family homes and three percent for condominiums when comparing 2011 to 2010.

In December, the average sales price for single-family homes in Miami-Dade County increased 8.3 percent, from $ 302,098 in 2010 to $ 327,060 in 2011. The average sales prices for condominiums jumped 21.5 percent, from $ 223,962 to $ 272,186.

International buyers and investors continue to play a major role in boosting market performance in Miami, said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. Miami is the top area in the U.S. for international real estate buyers. These buyers from worldwide markets will continue to strengthen the Miami market long into the future.

Inventory Declines 40 Percent in One Year

The inventory of residential listings in Miami-Dade County dropped 39 percent from 24,278 in to 14,087 over the last year. Compared to last month, the total inventory of homes dropped eight percent. Currently, there is a 4.9-month supply of condominium inventory and a 5.8-month supply of single-family homes in Miami-Dade County, reflecting a very healthy marketplace. Total housing inventory nationally fell 9.2 percent at the end of December.

Distressed Properties

Heightened demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and price appreciation. In December, 54 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in December 2010 and 56 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales

In Miami-Dade County, 63 percent of total closed sales in December were all-cash sales. Cash sales accounted for 42 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales accounted for 29 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NARs rebenchmaking efforts. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of REALTORS

The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 26,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMIs official website is http://www.miamire.com.

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Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Washington, DC (PRWEB) January 19, 2012

Financial dignity empowerment nonprofit, Operation HOPE (HOPE) today announced that HOPE Founder, Chairman and CEO John Hope Bryant has been appointed chairman of the recently announced Subcommittee on the Underserved and Community Empowerment for the Presidents Advisory Council on Financial Capability (Council). The subcommittee reports to the full Council, which is chaired by business leader John Rogers, chairman of Ariel Capital Management. Amy Rosen, CEO of NFTE, serves as Council vice chair.

As part of the Presidents mandate to serve and empower the underserved, the subcommittee will maintain a full and robust agenda, led by a local financial literacy council plan of action with cities and states. Bryants relationships with nonprofits, district leaders in both public and private sectors will help facilitate the building of community networks.

Since founding Operation HOPE in 1992, Bryant has worked to put financial literacy and empowerment issues on the national agenda. He served as vice chair of the former President’s Advisory Council on Financial Literacy and is the author of the business bestseller LOVE LEADERSHIP: The New Way to Lead in a Fear-Based World.

The Council was created by U.S. President Barack Obama in 2010, to assist the American people in understanding financial matters and making informed financial decisions, which ultimately contributes to financial stability. It is composed of non-governmental representatives with relevant backgrounds, such as financial services, consumer protection, financial access, and education.

Headquartered in Los Angeles, Operation HOPE promotes financial dignity through financial literacy and education tools to underserved communities in more than 273 cities worldwide. Through its three divisions and core portfolios, the organization has provided youth and adult financial literacy, economic preparedness, digital empowerment, promoted home ownership, and assisted with foreclosure prevention to more than 2 million individuals, families, and small business owners. Operation HOPE has directed more than $ 1 billion in economic value in underserved communities since its founding in 1992. In 2012, HOPE will celebrate two decades of making the free market system work for low-income communities in a Silver Rights Movement meant to eradicate poverty and build dignity.

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Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

NASHVILLE, TN (PRWEB) January 20, 2012

In January of this year, Ingram Content Group released the next generation of ipage, Ingrams search and order platform. Ipage is now more customer driven and this updated version allows users to individually customize their ipage relationship. Customers now have even better tools that assist in prioritizing the critical information they require to search, order and deliver more content to more consumers and patrons.

The January release is the first step in a comprehensive schedule of updates and functionality improvements that will run through May of this year.

The new ipage focuses on personalization and intuitive functionality. Customizable widgets allow users to design their own homepage with the tools they use most. Customers can easily track bestsellers, access online catalogs, view custom lists, and bookmark favorite destinations in and outside of ipage.

Throughout the redesign process Ingram has relied on a select group of customers to help design the improvements based on how they get the most value out of the platform.

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Denver, CO (PRWEB) January 20, 2012

At Vectra Bank Colorado’s 19th Annual Economic Forecast Breakfast titled “Addressing Economic Uncertainty in 2012, experts from three Colorado markets forecast conservative, but steady growth for Colorados economy amid global economic uncertainty. National economic growth was forecast at a rate of approximately 2 percent, with employment rates growing at close to 1 percent.

Five region-specific experts spoke to more than 1,000 people in Denver, Colorado Springs and Boulder throughout a three-day economic forecast event schedule, January 18-20. Also for the first time since its inception, the Denver breakfast was webcast live for the public online. This years forecast breakfast for Denver featured Mark Snead, Vice President, Economist and Branch Executive for the Federal Reserve Bank Kansas City-Denver Branch; Patricia Silverstein, President of Development Research Partners and George Feiger, CEO, Contango Capital Advisors, who was also a speaker in the two other markets. Colorado Springs event hosted Thomas Zwirlein, Ph.D. Professor of Finance, Director, Southern Colorado Economic Forum, University of Colorado at Colorado Springs, and Boulder featured Phyllis Resnick, Ph.D. Center for Colorados Economic Future.

One of Vectras goals is to be an active listener and observer of business and economic trends and share that information with our customers so that they can plan for success, said Vectra Bank Colorado CEO Bruce Alexander. This event in particular helps clients understand the trends and drivers that will impact their financial realities this year.

While there are many potentially damaging unknowns that could affect the countrys steady economic growth, such as future fiscal policy, government and individual spending and debt, a lagging real estate market and the European debt crisis, the United States gross domestic product (GDP) is growing at an annual rate of 2 to 2.5 percent. On average, that kind of growth translates to a little over 1 percent employment growth per year.

With all of the challenges it is facing, the fact that the economy has continued to grow at a fairly steady or modest pace, in some sense could be considered very impressive, said Denver speaker and Federal Reserve economist, Mark Snead. While we normally see surges in GDP and employment growth after a recession, considering the obstacles in place for the country, an annual two percent growth rate is an average growth rate.

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Steps to take in order to complete a short sale With the current market conditions, lenders are getting more foreclosures than they know to do with.  All of them costing these lenders money, this may be why it is getting a little easier to persuade them to consider a short sale. So let’s go through the steps on how to do a short sale. One of the most vital parts of this whole process will be the price.  It has to cover quite a lot of bases; it must appeal to a buyer because they think it is a good deal.  The lender, on the other hand has to see that the price is more appealing than a foreclosure price, and be amenable to writing off any shortfall in the debt.  Lenders do not like to lose money, so this takes quite a lot of convincing but you cannot proceed without their approval. If you have found yourself in this unfortunate position, you may wish to seek a Memphis short sale specialist who can help you.  Consider it an investment, these experts deal with situations like this all the time. They can help you with all the paperwork and ensure that the case you put forward to the bank is the best it can be. They may even deal with the lender themselves; it will depend on what you agree with them. The way to look at a short sale vs foreclosure is that with a short sale everybody wins. You end up out of major debt, the buyers get a lovely property at a good price, and most importantly the lender decides that the best financial decision for them is to go with a short sale.  Be mindful of this when you set the valuation.  Short sales are undertaken because the property is in negative equity.  This means even when you sell your property, there will be a shortfall of money to cover the debt. If you get in touch with the loss mitigation department from your lender, they may have a pre-prepared pack to show you how to complete a short sale package.  If this is the case, they can send you one out and it will ensure that you gather all the necessary information for the lender to make a decision. One of the most important documents is the letter of hardship.  If you have gotten an expert on board, they will be able to guide you with documents you will need to back up the letter.  Your letter must show the reasons why you can no longer afford the payments on your mortgage. It should also reflect that the situation is unlikely to change in the near future. Reasons for hardship generally include the unexpected loss of a job, then there is the death of a family member, being diagnosed with a debilitating illness and the impending medical bills.  Another reason could be that there is to be an impending divorce or separation, than there is a major repair to the property itself. Something like the discovery of subsidence. It needs to be that sort of size repairs, not just changing the fuse box or anything cosmetic.  Maybe there is the loss of a second income which you borrowed against.  Even excessive debts can be a reason for no longer being able to afford your mortgage. Whichever of the reasons pertains to you, or if there is more than one, ensure that you have all the paperwork you need to back it up. The letter from the employer, court papers showing that the divorce process is underway, pay stubs may be useful. Especially if your jobs hours have been substantially cut or overtime is no longer a usual part of your job, and statements showing your medical bills. You will also need in addition to the hardship letter, to supply the lender with bank statements. So it would be prudent to ensure that there are no unnecessary expenses on them.  If you are asking the lender to forgo a sum of money, they will find it hard to do if on your bank statement there is an account for the manicurist or they can see that you have just replaced your clothes for the new season.  You should also include any tax returns and credit reports that you have.  Another document you should include is any estimates you have for the repairs and cleaning that would be essential if they were to put the property on the market. Don’t forget that it does cost the lender money to foreclose the property, so if your deal is better than the foreclosure deal, you have more of a chance of getting approval which is the key to this whole process working. When it comes to buyer, you will need a Purchase Agreement, this will have to contain, a statement which shows you have adhered to the state laws.  This is a legal description of the property, a statement of anything agreed to be left in the property or taken out, any inspections done or to be done, and a timetable that leads to the date of completing the sale. This must also contain both party’s details and signatures.  Once this has been completed, you should submit this to the bank along with all the other documentation. (One point that should be mentioned is that your buyer cannot be a member of the family.) If you are asking yourself, what the lender is doing, the answer is number crunching.  They have to determine that your price is a realistic market price.  To this end, they may well pay for a quick drive by valuation.  Will this be quicker for them than a foreclosure process and will they end up with less of a loss?  The more of the questions that the answer to is yes, the better the chances is you will get approval.  There is usually a time limit of around thirty days in which you will gain approval or not.  If you have done everything you can and all your documentation is there, you will just have to cross your fingers and wait. Still have questions? Want to get the process started? Call Now 1-877-737-4903 www.Short-Sale-Specialists.com 877-737-4903 Ask a local short sale specialist! Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee. Copyright First Coast Realty Associates 2011

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Wells Fargo is on Top of Short Sales

In many cases lenders are required to approve short sales in a timely manner due to recent laws. It is less than fortunate that few lenders have been compliant with this time frame as well as the ( HAFA), Home Affordable Foreclosure Alternative Program guidelines.  Wells Fargo has proven to be one of the top lenders to work with on short sales and setting the bar for the other lenders to achieve. It only makes sense that Wells Fargo short sales would have one of the highest percentages of approvals too. Working with negotiators can be frustrating but Wells Fargo has a team that is a well oiled machine, they are quick to help and easy to communicate with.

So what is a short sale exactly? A short sale is not for the homeowner that wants one but rather the homeowner who has no choices left and needs one to avoid foreclosure down the line. When you short sell your home, the lender will agree to accept less than the balance due based on the current worth of the home in today’s market. When purchased, the value of the home may have been much higher, and with the economy and the real estate market taking a huge hit short sales are becoming more popular and accepted by lenders. In order to be eligible for a short sale you must prove you cannot continue to afford the current cost of living with your income and assets.

So what are the Requirements for a Wells Fargo short sale? When you fall behind on your payments and are now reaching for help, the lender wants to know that you aren’t just being lazy, and you are holding out your money on them because you chose not to pay. Lenders want to know what it was that happened to you, that made the change in your payments from keeping current to not being able to keep up. Explanations like poor budgeting and planning will get you nowhere. That only shows the lender you made poor decisions when purchasing your home and the reactions of that fall on you. Its only when a true hardship occurs that the lender is willing to reach out.

What is a hardship? A hardship is the explanation of the event that took place to set you back. What is accepted as a hardship? Illness resulting in extra unplanned medical expenses for one’s self or dependent, loss of income when any of the parties that contributed to the cost of living has recently lost their job, reduced income from any of the parties that contributed took a cut in pay, Death of a spouse; a Co-Borrower; or anyone contributing to cost of living, Death of a family member and the additional costs resulting from the death, Incarceration and the absence of financial control, divorce resulting in court cost and fees as well as the loss of income from the Co-Borrower surrendering the home, marital separation and the complications involved with a financial contributor refusing to continue to assist in the payment of the home, and lastly damage to the property by an unnatural accident ie a car accident or a natural disaster such as a hurricane; sink hole; or earth quake.

When explaining to your lender what your hardship may be they are going to ask that you type the documentation out in detail and sign, date, include your address and loan number on the page. This is your time to be open and honest with your financial woes. There is no need to hold back letting them see your misfortunes will only help you out in the long run to being able to qualify for a short sale that will in turn save you from losing your home to foreclosure. All of these documents listed below including your hardship letter make up what is called a short sale package.

Additional requirements are your last three months of bank statements to prove that you are spending your money on necessities and that you’re not wasting money that could be going to your mortgage on non living essentials. You will also need one full month of bank statements. If you get paid weekly that would be all statements from the month around 4-5 statements, If bi-weekly meaning every two weeks then around 2-3 statements, bi-monthly meaning twice in the month the 1^st and the 15^th ; which would be 2 statements, and monthly would be the singular statement of that month. These pay stubs must be for the most current month to date to show proof of the funds available to you as it is now, and how that is cause to you being unable to keep current with your payment.

Other necessary documents include your last year’s tax returns; make sure all pages that need to have a signature are signed before sent in, even if it is just a copy. This is most currently forgotten on the 2^nd page of the 1040. Make sure to  include your W-2’s.

Lastly, you will need a financial statement to finalize your Wells Fargo short sale package. This is a breakdown of all your expenses currently with your income, savings, and assets in gross form to show the difference not being enough to support your cost of living. All of these documents like the hardship letter must have your loan number on them.

If you are interested in the (HAFA) Home Affordable Foreclosure Alternative program with the incentive of $3,000.00 to assist in your relocation, but need to know more information on how you would qualify for a short sale within the program click on the link HAFA program guidelines.

Overview of  Wells Fargo short sale requirements:

• Hardship letter
• Last three current months of all bank statements
• One full months cycle of your most current pay stubs
• Last year’s tax returns and W-2’s
• A financial statement

If you do not have access to one of the following documents for a valid purpose write an explanation, sign and date it along with your package.

If you need more help assembling your short sale package and with the Wells Fargo short sale process, contact our network of highly experienced Memphis short sale Realtors!! Any additional information requested on how to stop foreclosure can be learned by calling 1-877-737-4903.

Most importantly, A Short Sale Specialist Realtor will assist you in the process to find a buyer for your home, and negotiate on your behalf with Wells Fargo. You shouldn’t pay for your short sale services!

Our specialists are a nationwide network of short sale specialist’s whose primary job is helping homeowners in hardships avoid home foreclosure. If you are considering a Wells Fargo short sale on your home, one of our short sale specialists can help with the sale of your home FREE of charge! All of the traditional seller closing costs in a short sale are paid by Wells Fargo; this includes all Real Estate brokerage fees!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for a Memphis short sale Realtor? Our top foreclosure specialists provide FREE short sale expert services to Memphis homeowners in hardships. Call today to see if you qualify for a short sale! Need a Memphis Distressed Property Expert in short sales to offer free Wells Fargo Mortgage short sale services? Our Tennessee area  real estate agents are here to help with the Wells Fargo Short Sale Package and Process, and are Certified or trained in the Tennessee Home Affordable Foreclosure Alternatives HAFA program!

Copyright First Coast Realty Associates 2011

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Memphis Distressed Property Expert Certified

When you think of the word “foreclosure”, what is the very first thing that comes to mind? Credit! Establishing and maintaining good credit seems too hard to do these days.  One of the easiest ways as a homeowner to watch your credit fall to pieces is to become tied up in mortgage payments and before you know it your house is in a distressed state inching its way into foreclosure. But it doesn’t have to be that way. When your house falls into distress you begin to panic and logic can’t kick in. I am here to tell you to calm down and let a Memphis Distressed Property Expert Certified get you through this calm and collectively.

A Distressed Property Expert is a highly experienced Real Estate Agent specializing in helping people just like you get through a difficult time in their life due to hardships that have caused them to fall behind dramatically in mortgage payments, which has then left your home distressed. Our agents will always keep a clear mind and use their best judgment in getting you back on your feet again. A major solution they are using is what is called a short sale. What a short sale means is a  Distressed Property Expert will meet with a lender and negotiate an amount to under-sell the property because it is no longer worth what is owed.

The difference in a short sale and foreclosure is that a foreclosure will haunt your credit and your financial well-being for almost many years,  making it almost impossible for you to start building your credit up again. On the other hand, a short sale can leave you able to purchase a home again within within two years . Two years is a breeze compared to ten years of a stationary period in your life. Contacting a Tennessee Distressed Property Expert is the first step in getting you back on track. Distressed Property Expert’s are not only there as Real Estate agents; they are there as loyal and sympathetic individuals. Their passion for their work has given them a tremendous amount of understanding. They are there to answer all questions along the way, they are there to take away the stress and anxiety a situation like this might bring.

That’s not all. Once you qualify for a short sale and avoid a foreclosure, our agents’ services are 100% free! No costs or charges for you! You should be feeling a little more at ease after reading this, but find out for yourself! Contact a Distressed Property Expert right now! Is there any reason not to?

While it is important to have a trained short sale specialist there is no substitute for experience. To contact us today to get in touch with a experienced short sale specialist call 1-877-737-4903

 

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are in need of a short sale Realtor to successfully complete your short sale, then contact us now! Our Tennessee area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Tennessee Home. Affordable Foreclosure Alternatives, or HAFA Government short sale program!

Copyright First Coast Realty Associates 2011-Sharon Molnar

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

The short process is ultimately dependent upon the approval of the bank and none among the seller, buyer and their agents knows for certain whether a short sale deal will be accepted or not. The possibility of the bank’s rejection hangs over their heads until the bank has finally agreed to accept a short sale offer.

A short sale kicks off when a bank shows willingness to accept less than the amount of the mortgage owed on the seller to the bank. This pre-short sale approval is issued after a thorough analysis of the seller’s request with special regard to his hardship claim. Then the bank gets a BPO (broker’s price opinion) and allows the seller to get his house listed on the market. Next, if a buyer’s offer matches the BPO, the bank will approve it; otherwise it will simply be a rejected short sale.

Why Do Banks Reject Short Sales?

Banks usually turn down short sale requests due to a few reasons. It is the duty of a seller to learn these reasons and present a flawless request so that he can get through the short sale and avoid foreclosure. Moreover, he should not fall behind in making mortgage payments just to compel the bank to accept the short sale. Here are some reasons why banks reject short sales:

- Incomplete Short Sale Documentation

It has been noted several times that the banks are in the bait of misplacing essential documents while faxing or submitting them to different departments. Unless a short sale request consists of complete documents, it will never be approved. So the best remedy is to ask your bank for a list of documents and make copies so that you can produce them anytime they are required by the bank.

- The Seller is ineligible for a short sale

If a seller desires to be forgiven of the deficiency at the conclusion of the short sale, he should write a short sale hardship letter explaining clearly that he has no assets and that he cannot afford to pay back the shortfall difference. However, he will be disqualified to enter into the short sale process provided that he is in possession of assets. So it is apposite to prepare a hardship letter along with profit and loss statements and monthly budget exhibiting that he has very little or zero assets.

- The Buyer is ineligible for a short sale

A buyer cannot qualify to purchase a home only because he desires to do so and possesses financial resources to afford the mortgage payment. Banks will examine his credit history, debt ratios, length of time on the job, and a number of other criteria to determine if he is an eligible buyer. Therefore buyers should submit their offers along with loan prequalification letters.

- Buyer’s offered price is too low

Generally Banks hire professional real estate agents (brokers) to visit the house and give their professional opinion about the actual market value of the home. The agent’s report, commonly known as the BPO, becomes the yardstick for determining the buyer’s offer, whether it is to be accepted or rejected.

When a buyer offers less than the amount mentioned in the BPO, the bank will simply reject the offer. Normally what leads to the failure at this stage is that the bank appoints an agent who is unaware of the actual market value of the property and gives an inaccurate estimate thus creating trouble for both the seller and the buyer. In this regard, the listing agent should apprise the bank’s agent about the actual price so that he may submit an accurate BPO.

All in all, one must take the stock of all these factors that lead to the rejection of short sale requests. Preparing all the essential documents beforehand can help him evade various problems that surface during the process. Having a Memphis short sale Realtor alongside of you through the short sale process is very beneficial to you and your future! Contact one now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are searching for answers to how to do a short sale then contact our Memphis TN area Distressed Property Expert real estate agents, we  are here to help, and are Certified or trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012

Over the years, a wide number of homeowners have lost their homes and gone down to their heels due to the financial crisis that has hit the real estate sector very badly. Dealing with a financial crisis is an art that demands a homeowner to learn what to do and what not to do. Many people are left in the lurch mainly because they do not make decisions rationally. In the real estate sector, an increasing number of homeowners who are at the brink of financial crisis choose foreclosure erroneously and are trapped into the open-ended snare of financial problems such as a huge deficiency, zero credit, ineligibility to get a new loan and the like.

Such homeowners can shun a host of problems by short selling their homes. A short sale not only releases them of any kind of liability but also enables them to recover from the effects of a short sale in a short period of time. The following measures reveal how easy it is to recover from a short sale.

Pay your Mortgage Regularly:
Unlike foreclosure, short sale recovery isn’t very painful. A short sale does not wreak havoc with your credit score provided you have not been delinquent on your monthly payments. It is mentioned in the credit history as “settled as per negotiation;” it means your current as well as future job will not be at any type of risk. Moreover, your lender will likely release you of the deficiency, the difference between what he has received after the short sale and what you previously owed to him.

Similarly, you can obtain another mortgage soon after (as little as two years) the short sale because it does not disqualify the seller from obtaining a new loan. Even if you have been delinquent on two or three payments, you will have to wait only two to three years. On the other hand, foreclosure can make you ineligible for the same loan for a period of seven years.

Pay the Utility Bills on Time:
In addition to short selling your home, you should maintain your credit score by paying your utility bills on time.

Get a Secured Credit Card:
Acquire only secured credit cards backed by the security you provide to the bank. Since each transaction on a credit card is reported to the credit bureau on a regular basis, on time payments can recover a credit score within a short span of time. Keep an eye over credit reports and ask for a modification if you come across any sort of incorrect reporting.

To start a short sale there is no need of waiting until you become delinquent on monthly payments. As soon as you find out that your financial situation is getting worse, you should get some short sale help and then apply for a short sale to get rid of your expensive mortgage. To avoid an unfavorable mortgage you can possibly find rental house and save some money. For instance if you have been paying $2,000 as your monthly mortgage, you can save about $500 by acquiring a rental home which should cost you no more than $1,500 per month. Contact a Memphis short sale Realtor now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Contact our Memphis TN area Distressed Property Expert real estate agents, we  are here to help, and are Certified or trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

 

Still have questions? Want to get the process started? Call Now 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need a short sale specialist to help you with your Memphis TN short sale? Call today to see if you qualify for a short sale! Our Realtors are trained in the Tennessee Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Tennessee.

Copyright First Coast Realty Associates 2008-2012