How To Short Sale A Home

Stop Foreclosure ↓

Little Rock Short Sale Specialist

November 1st, 2011 No comments

Little Rock Short Sale Process

If you are a homeowner in jeopardy of losing your home to foreclosure, we have a solution for you! A Little Rock short sale can help you avoid foreclosure by selling you home at a price closer to the amount the home is valued at rather than the amount still owed to the mortgage company. In order to qualify for a Little Rock short sale the homeowner must be in a financial hardship and should either be behind on payments already or in danger of falling behind.

Before you can apply for a short sale you need to find a local Little Rock short sale specialist. Any real estate agent will not do! You need an agent that is experienced and licensed in short sales. An added bonus would be to find a specialist that has previously been through a short sale with your lender specifically. Keep in mind that the agent you choose will be representing you through the short sale process, so be sure to choose wisely.

When applying for a Little Rock short sale you will be required to submit a short sale package which will include financial information that is necessary for your lender to review before approving your short sale. In the short sale you will need to present the following documents.

  • Your most recent bank statement
  • Your most recent payroll checks
  • Last year’s tax return and W2 forms
  • A financial statement (including all monthly expenses and incomes)
  • A hardship letter

A hardship can be many things, most common are divorce, job loss, decrease in salary or hours, medical bills, death of family member or the borrower, etc. When writing a hardship letter it is important to be detailed in explaining what your specific situation is and how it is preventing you from affording the home or property.

Once you are approved for a Little Rock short sale, your Realtor can continue with the sale as normal. It is helpful if the homeowner makes the home available for all potential buyers to see, possibly moving the sale process along faster. Your lender will have to consider all offers and once your short sale specialist and the lender can agree on the sale, it is time to move on. There are also many short sale incentive programs available to qualifying homeowners. These incentive programs include HAFA, Home Affordable Foreclosure Alternative, which offers $3,000 in relocation assistance. Other programs offer up to $30,000 for relocating once the sale is complete.

For more information call us. Most lenders only approve a Litle Rock short sale for a limited time, so act NOW! We can direct you to a local Little Rock short sale agent that will offer FREE Little Rock short sale services.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are a homeowner in distress facing foreclosure, we have a solution for you! A Little Rock short sale can help you avoid foreclosure. We are a nationwide network of real estate agents specializing in short sales. Call us now to see if you qualify for a Little Rock short sale. Our experts can inform you on the short sale process and any additional programs you may qualify for. We have many experienced and licensed Little Rock short sale specialist Realtors and short sale real estate agents. Call today if you need a Little Rock Distressed Property Expert Certified in short sales or to find out more information on the government program HAFA Home Affordable Foreclosure Alternatives.
Copyright First Coast Realty Associates 2011

 

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Short Sale Qualifications

December 1st, 2011 No comments

What Are the Qualifications For a Short Sale?

The process of a short sale has now turned out to be a phenomenon all around the global markets. The lenders now have a better way of dealing with their debts and the borrowers have an effective method of getting rid of their debt as well. The concept of short sale almost creates a win-win situation for all when dealing with short sale vs foreclosure. A short sale is a solution for getting things settled when the borrower is in a position where he can no longer cope up with the pressure of increasing installments.

When someone borrows money from any individual for a property and is not able to repay the debt, he can forward the petition for the short sale. At times the debt owed crosses certain limitations that the borrower would not be able to repay. When the remaining debt is more than the value of the property a short sale will let you sell the home for less. During such circumstances the debtor cannot bring in more cash so that he can level things up with the debt amount. So he tries to convince his lender to accept the property and bear with the little losses that he might have to incur by letting go off the remaining debt. This is selling your house short to avoid foreclosure, therefore short sale.

  • Short Sale Qualifications

First and foremost, the debtor must reach a certain stage that he can no longer cope up with the credit. He or she must be in such a state that they have shelled out almost every penny out of their pocket and still there’s no way out. In such cases only a short sale would come into picture and the official declaration can be made to the lender that you are interested in a short sale. A short sale is only for those who have no other options than foreclosure and who NEED it. You cannot short sale for any other purpose.

  • Process of initiating a Short sale

As far as the process is concerned, when you can no longer make payments you must come out in the open and let your lender know. It is important because it would put some light on your financial state and the lender as well as the other legal officials can have a wider perspective of your hardship.

  • Few important things to be kept in mind

Always be ready with a hardship letter. This letter is a full explanation of the negative event that was the culprit in setting you behind. Whether the reasoning is divorce, loss of income, medical bills, and ext any proper reason that is out of your control is acceptable.

Short sales have become popular across the globe because it is among those few effective methods that have sustainability and have proved out to be an effective debt settling technique. To get started with a short sale you will want to find a short sale Realtor who specializes in short sales specifically. Contact one of our Little Rock short sale specialists to help see if you qualify. 1-877-737-4903

www.Short-Sale-Specialists.com

1-877-737-4903

Contact a local Little Rock AR short sale expert.

Are you looking for a Little Rock short sale specialist?  Our Little Rock area Certified Distressed Property Expert agents are Certified in the Arkansas Home Affordable Foreclosure Alternatives Government short sale program and offer FREE short sale services!

Copyright First Coast Realty 2011 – Sharon Molnar

 
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When Short Selling Will the Deficiency Be Forgiven?

November 21st, 2011 No comments

Will The Deficiency Be Forgiven In A Short Sale?

Once a homeowner receives a foreclosure notice, they’re usually already in dire states.  The homeowner’s first reaction is usually to try to save the house.  If the homeowner can’t muster the financial resources to accomplish this, the objective switches to minimizing losses.  For homeowners facing an inevitable foreclosure, the primary goal is minimize damages and seeking a fresh start.  Thus when a homeowner hears about the benefits of a short sale vs. foreclosure, their reaction isn’t one of pleasant surprise, but rather it usually comes in the form of an asked question: “If I do a short sale, will the deficiency be forgiven?”

This is an important question for a homeowner when he/she is contemplating a short sale.  Despite the many benefits a short sale has on the homeowner’s credit, their ability to purchase a home again in the near future, and their psychological well-being, a short sale would ultimately be of little value to the homeowner seeking a fresh start if it didn’t discharge them of their debt burden to the mortgage lender.  The short answer to the question is that yes,  under the right conditions a short sale specialist can help you negotiate a short sale that will include forgiveness of the short sale deficiency. 

 But in order to answer this question in depth, first we need to understand the basic financial and legal underpinnings of a real estate short sale.

 Short Sale Definition

So what does “short sale” really mean in terms of the legal obligations of the parties?  A short sale in real estate is defined as a transaction where the proceeds of the sale of a property are less than the debt owed by the property owner to the lien holder.  While the lien holder agrees to release their lean on the property for the short sale to occur, the borrower is not necessarily released from their debt obligations for the deficiency of the loan.

Short Sale Deficiency

A short sale deficiency is – as the term suggests – the deficiency between the proceeds of sale of and the total debt owed by the borrower.  While the lender may have released the lean on the property, in most states the borrower still owes a personal debt for the unpaid balance.  The bank may seek a short sale deficiency judgment in order to collect on this debt, unless the borrower can negotiate a “no-recourse” clause in the short sale agreement, forgiving the borrower for the deficiency.  This is the most important part of the agreement for the homeowner, which is why we highly recommend that the homeowner seek the services of an experienced short sale specialist to negotiate their short sale agreement. 

Short Sale Deficiency – California & Other Non- Recourse States

In some states, referred to as “non-recourse” states, borrowers are not held personally liable for the deficiency.  Once the home is sold, the lender cannot seek a short sale deficiency judgment against the borrower for the balance of the debt owed.  The specific anti-deficiency statutes will vary from state to state.  In some non-recourse states, the lender can still collect some of the deficiency from the borrower, while in others the non-resource laws do not apply to refinanced mortgages.  Below are some of the major recourse states at the time of this writing:

  • Alaska
  • Arizona
  • California
  • Connecticut
  • Florida
  • Idaho
  • Minnesota
  • North Carolina
  • North Dakota
  • Texas
  • Utah
  • Washington

Because the specifics of the non-recourse laws will vary from state to state, it is important to consult with a local short sale specialist about the non-recourse laws in your state.  Your short sale specialist can refer your question to the appropriate lawyer, or he/she may be qualified to address your concerns directly. 

Why Would A Lender Forgive The Short Sale Deficiency?

Some owners question why a mortgage lender would be willing to forgive a short sale deficiency.  Wouldn’t the mortgage lender be losing money?  This is a valid question, and the answer is yes, they will absolutely lose money on a short sale when they forgive the short sale deficiency balance.  However, they will lose even more money if they are forced to foreclose on certain homeowners.

While foreclosures are an extremely unfortunate occurrence for the owner, foreclosures aren’t cost-free for the banks either.  There are numerous legal and administrative costs borne by the bank if they have to proceed with the legal action and paperwork necessary for a foreclosure.  Earlier while discussing the definition of a short sale, we mentioned that a lender could technically permit a short sale by releasing their lean on the property, but then later seeking a short sale deficiency judgment against the borrower.  However, if the lender knows they will be unable to collect from the borrower, then the borrower or the borrower’s agent will have the leverage necessary to negotiate a debt forgiveness clause into the short sale.  Even if the lender fore goes their right to pursue the borrower for the deficiency, a short sale would still be significantly cheaper for the lender in such a case than having to foreclose on the home.  Even if a borrower has some assets remaining, collecting on a deficiency judgment can be expensive due to the legal costs, and in many cases involving homeowners facing foreclosure, asset recovery may be difficult or impossible.

This is where the experience and expertise of a short sale specialist will be beneficial.  An experienced short sale negotiator can prepare the appropriate real estate short sale package, hardship letter for short sale, and negotiate a no-recourse clause into the final short sale agreement, giving you legal assurance that the lender will forgive the deficiency. 

It’s important that you select a Realtor with a wealth of experience in short sales to negotiate your short sale agreement.  As you are now aware, short sale deficiency forgiveness is not guaranteed in most states, but a Realtor with a wealth of experience and expertise in short sales may be able to negotiate deficiency forgiveness in many cases. 

www.Short-Sale-Specialists.com

1-877-737-4903

Contact a local Little Rock AR short sale expert.

Are you looking for a Arkansas short sale expert Realtor? The look is over! Our stop Arkansas foreclosure specialists provide FREE Little Rock short sales services to homeowners in financial hardships. Are you in need of a Little Rock AR Certified Distressed Property Expert in short sales to offer free short sale services? Our Little Rock area Certified Distressed Property Expert agents are Certified in the Arkansas Home Affordable Foreclosure Alternatives Government short sale program.

 

Copyright First Coast Realty 2011 – Sharon Molnar
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Information on GMAC Short Sales

November 1st, 2011 No comments

Short Sale with GMAC Requirements

Are you looking for an alternative to foreclosure? GMAC has an answer, with a short sale. A short sale occurs when the mortgage on the home or property is higher than it is currently valued at. GMAC will work with qualifying customers through a Short Sale Specialist to sell your home and possibly relieve you of any debt still owed on the mortgage.  This program is not for all customers facing a foreclosure sale, it is intended for those homeowners that have exhausted all other options and have no other choice. Before applying for a GMAC short sale it is suggested that you find a real estate agent that specializes in short sale to represent you through the process.  This agent will go over in detail everything you need to qualify for the program.

The requirements for a GMAC short sale are:

  • Owe more on your home than it is worth
  • Be in a financial hardship
  • Are in jeopardy of not being able to make your mortgage payments

 

If you meet these requirements then you are ready to proceed with the short sale application. You will have to prepare a GMAC short sale package that will contain several documents explaining your situation. Some of the information you will have to include in the package is:

  • Your most recent bank statement
  • Your 3 most recent paystubs
  • Last year’s tax return
  • A financial statement listing your monthly income and expenses
  • A hardship letter explaining in detail the situation that is preventing you from making your mortgage payments

The purpose of the short sale package is to establish with GMAC and your agent that you are, in fact, in a financial hardship. There are many situations that can be considered a hardship; such as the loss of a job, an illness or death or even a divorce. The homeowner losing a job is a direct hit on the household income, but the loss of a job for any persons contributing to the mortgage payments also qualifies. With the death of a family member or co borrower there can be numerous expenses, not to mention the emotional strain. Many families find themselves in a financial black hole after all arrangements and such have been taken care of, therefore making it impossible to afford the home. Going through a divorce is difficult for all those involved, and has the potential to be very expensive with the court fees and lawyers as well as any alimony or child support. Normally the mortgage payment is simply too much for the homeowner.

Once these steps are complete the agent representing you and GMAC can settle on a fair market price for the home or property and your realtor can list the home for sale. All offers have to be considered by GMAC before a final decision can be made. It is important to keep in mind that there is normally a time frame on the approval for a GMAC short sale, hence the reason you should find the right agent to help you along with this program. Make sure to ask the Little Rock short sale specialist if there are any additional short sale incentive programs that may be available to you. One of these programs is the Home Affordable Foreclosure Alternatives (HAFA) short sale program and it offers sellers up to $3,000.00 toward relocation assistance after the sale is complete.

If you need more information about a GMAC short sale, please contact us now. Our real estate agents are trained and experienced in short sales and can offer their expertise on the matter at no cost to you!

www.Short-Sale-Specialists.com

877-737-4903

 Ask a local short sale specialist!

If you are facing foreclosure and need an alternative solution, Call us NOW! We are a Nationwide Network of Real Estate Agents that specialize in Short Sales. Our short sale service is FREE to the homeowner in distress. Call today to see if you qualify for a GMAC Short Sale. We are trained and certified in the Home Affordable Foreclosure Alternatives , or HAFA Government short sale program. Do you need help preparing a GMAC short sale Package? Look no further! Our team of short sale specialists provide FREE GMAC short sale expert services to homeowners in hardship!

 Copyright First Coast Realty Associates 2011

 

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Little Rock Distressed Property Expert Certified in Short Sales

October 19th, 2011 No comments

Little Rock  Short Sale Specialist can save your home 

                                                                   When you were younger and you were asked that question that all young people get asked “Where will you be in 10 years?” You would dream up an important job, a lavish home, a picture perfect family, and maybe even a dog and a yard. But who would have thought to have dreamt a poor economy with not enough jobs for everyone and not enough money to pay your mortgage. No one wishes for a hardship or even predicts them. Now you’re stuck in this world you never wished for trying to figure out how to make ends meet.

How are you supposed to carry the burden of your home facing foreclosure and handle all other business ends with a clear mind set?  Now you’re stuck in the overwhelming negative emotions that clog your right state of thinking? You might find yourself confused to how to fix your problem or what the right questions to ask are to find your solutions, you may be nervous to choose an option that may not be the most beneficial to your needs, you may feel stressed that you won’t find what you’re looking for in time and be forced to throw away everything you have worked so hard to build. You may even be anxious if you do know what you want, but don’t know the right steps to make it efficient and successful. All the while your living in this swarm of sad days with little to no hope. Some homeowners rush the documents and even ruin their chances if not handled correctly. When all you want is to stop foreclosure. So what are your options?

The first thing to know is that you’re not alone. One in seven homeowners can’t pay their mortgage and one fourth of them are paying more than what the home is even worth in today’s market. With these numbers so high the government has stepped in and made programs to help keep homeowners out of foreclosure.  With the government program (HAFA) the Home Affordable Foreclosure Alternative you have options like a deed-in-lieu (DIL) where you sign your property back to the lender and may still keep some of your investment. And there is also the more preferred short sale option.

A short sale is where the lender agrees to accept less on the home due to its value being less in today’s market than when originally purchased. Choosing a short sale will save your credit from plummeting as much as it could than with a foreclosure and is much easier to come back from. With HAFA you may receive $3,000.00 towards helping your relocation.

Now that you know your options you may be wondering how to pursue them. These options are held through your lender and everything must be approved with the investor. Not knowing the documents and with the bank only interested in the money aspect of mortgage partnership you may want an expert who was trained to know all options available to you specifically and how to set you up in the most efficient successful way with little hassle and a clear mind who will speak on your behalf. You might think this is too good to be true, it’s not!

These glorious saviors are called  Distressed Property Experts.With short sales only becoming accepted by lenders more frequently after the market dropped not as many agents know how to work on them successfully because they never needed to. With the higher demand there are agents who are considered short sale specialists who focus on short sales primarily. All agents are short sale specialists within themselves because they need to know about short sales to be considered certified in distressed homes. Short sale specialists are wonderful when coming down to making a short sale but May not be as fluent in the other options like a Distressed Property Expert Certified in Short Sales would.

With over a million agents available less than 40,000 can call themselves Distressed Property Experts.

When you’re in such an important crisis and you can’t take anything with ease and must be the utmost importance why wouldn’t you want the best of the best that will be sensitive to your hardship and take on all the negative stress for you to get the ultimate long term fix to your potential foreclosure? choose a  Distressed Property Expert! You owe it to yourself.

If you’re looking for an Arkansas Distressed Property Expert
contact a short sale specialist at 1-877-737-4903.
877-737-4903
Ask a local short sale specialist!
Are you looking for a Little Rock short sale Realtor? Our Arkansas foreclosure specialists provide FREE short sale expert services to  homeowners in hardships. Call today to see if you qualify for a short sale! Need a Little Rock Distressed Property Expert in short sales to offer free short sale services? Our Little Rock AR area Distressed Property Experts certified in Short Sales are here to help, and are licensed or trained in the Arkansas Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
Copyright First Coast Realty Associates 2011
 

 

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Approved Short Sale Properties

August 24th, 2011 No comments
Many of you may have come across various houses with tags showing Approved Short Sale. What does it mean? Actually lenders have approved the short sale of these houses on the request of homeowners. But because the process took a long time, the buyers have shown unwillingness to purchase them. Now the houses can be purchased by other buyers without waiting a long time to get lenders’ approvals once again. To understand this concept in detail, we have to first understand how a short sale gets approved and why it is significant for a new buyer.
In order to get a lender approved short sale, it must undergo a long process involving a number of issues to be settled among parties interested in the short sale. There are five entities in total that take part in the short sale process:

1. Short Seller (Homeowner)
2. Listing Agent (Seller’s agent)
3. Buyer
4. Buyer’s Agent
5. Bank

We can divide the whole short sale process into three stages so that readers can understand it in a fairly comprehensive manner.

1. Initial Stage

First of all, the seller submits their bank’s required documents to his agent. The short sale Realtor lists the short sale by placing a relatively low price to attract offers. Next, the buyer submits an offer which is subject to the lender’s approval. The agent gets this offer signed by the seller and submits all the required documents to the bank.

2. Crucial Stage

Now with the short sale request sent to the bank, the buyer has to wait until it is approved or rejected. In fact this time-consuming process tests the patience of the buyer who anxiously looks forward to obtaining the house. However, all of this is subject to the bank’s approval which will be issued only if it considers the seller’s request justifiable and the buyer’s offer reasonable. If this is not the case, the request will be rejected. The listing agent plays the main role in the approval of a short sale request; he makes contact with the bank’s representative and convinces him to approve the request allowing for the ground realities.

3. Final Stage

If the short sale request is approved by the bank, they will send a short sale approval letter to the listing agent. The listing agent will inform the buyer’s agent regarding the short sale approval. But the latter may reveal that the buyer is no longer interested in the same property. In some cases buyers have already purchased a different house in the meantime. In this situation, the agent lists the house back on the market once again but with a different tag showing approved short sale.
What is the significance of a house that is an Approved Short Sale?

An approved short sale property is only one step away from conclusion and that is the acceptance of the buyer. Mostly, buyers accept short sales upon receiving the short sale approval letter. In this case they are supposed to enter the agreement with banks freeing the seller of his liability. However, rights of inspection and contract contingencies give the buyer an opportunity to do away with the short sale. He can also back out given that the house needs too many repairs which will not be compensated by the bank.

What if the Buyer does not accept the Approved Short Sale?

If some aspirant buyer does not accept the short sale after it is approved by the bank, the listing agent lists the house for sale once again. Now the second buyer will not have to wait for the bank’s approval again if two conditions are met. One, his offer matches exactly to the conditions mentioned in the short sale approval letter. Second, the approval letter does not name a particular buyer.

So a house with an approved short sale means that the lender has given their approval of the sale at a certain price. The buyer is not required to wait for a long period time in this case. He can immediately purchase the home if he qualifies certain conditions laid down by mortgage companies. If the approval letter is specific to a buyer, then the short sale listing agent may need to request for a new short sale approval letter. Depending on the bank, requesting a new short sale approval letter could very well start the entire short sale process over from scratch.
877-737-4903
Ask a local short sale specialist!
Are you looking for a Little Rock AR short sale Realtor? Look no further! Our stop Arkansas foreclosure specialists provide FREE short sale expert services to Little Rock homeowners in hardship. Call today to see if you qualify for a short sale! Need a Little Rock Distressed Property Expert in short sales to offer free short sale services? Our Little Rock AR area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Arkansas Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
Copyright First Coast Realty Associates 2011-Sharon Molnar
 

 

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Short Sale BPO’s

July 29th, 2011 No comments

BPO is the abbreviation for “Broker’s Price Opinion” and it is perhaps one of the most influential components of the short sale process. It determines the price of the property and conditions the prospective buyers’ offer to match it; otherwise the lender will likely reject the offer.

A lender first of all considers a short sale application and appoints a real estate agent or broker to assess the actual worth of the property and provide the lender with his professional and accurate estimate of its price.

The appointed broker evaluates the worth of the property in the following order:

a) He visits the house and inquires about the market value of surrounding houses.
 

b) He thoroughly inspects the interior of the house and makes an estimate of the cost of repairs.
 

c) He makes a report on the basis of his research and observation.

d.) He submits his “opinion” in detail covering all the aspects he came across while conducting research.

Types of BPO’s:

a) Full BPO: The agent performs a thorough inspection of the home.

b) Drive-By BPO: The agent only takes some pictures of the home from the outside and assesses its value according to the market value.

Buyers’ offer and BPO

The BPO is an influential component of the short sale process which influences the prospective offers of buyers. If an offer is not in accordance with the BPO it will most likely be rejected. For instance, the BPO estimated the house to be worth $400,000 and a buyer offers to purchase it for $350,000, the lender will not accede to this offer because it is less than the short sale BPO.

Some sellers mistakenly think that rejecting a short sale offer is equal to the rejection of a short sale. However, it is not that the lender is not willing to accept a short sale; in fact it is that the short sale offer does not match the amount estimated by the broker. So there is a huge difference between a lender rejecting a short sale transaction and a lender rejecting a short sale offer.

Accuracy of BPO

It is possible that a real estate agent produce a slightly or drastically inaccurate report due to a few reasons. Sometimes to assess the value of a home, appointed agents go to a city or town where they do not sell real estate and are not familiar to the marketplace. As a result they make inaccurate reports and give estimated prices which might be higher than the real worth of the property.

The inaccurate BPO will pan out to obstruct the smooth short sale process and may even lead to the failure of it given that no buyer is ready to offer according to the short sale BPO. Therefore it is vital to convince the broker about the exact value and it can be done in a professional manner through your listing estate agents.

The listing agent should influence the BPO while explaining why the seller is losing the property in a short sale. Moreover, he should apprise the bank agent regarding the buyers’ opinion about the value of the property and also about the reasons it is not selling for a higher price. An accurate BPO is always helpful for sellers.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to know if you qualify for a short sale? Then contact us now! Our Little Rock AR area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Arkansas Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

 

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Can I rent out my home during a short sale?

June 30th, 2011 No comments

A short sale is the sale of house at less than what the borrower owes on it and takes place usually when the borrower becomes underwater due to the widening gulf between his mortgage loan and the actual property price. The Arkansas short sale process is completed when the lender gives an approval letter and consequently a buyer pays the amount and enters the agreement.

Until the short sale closes, it belongs to the short seller or homeowner, whatever you like to call him. Being the owner, the short seller has the right to rent out his house; however, he should proceed in caution and take into account some aspects that can impact his dealing.

Tenant Can Hinder Short Sale Process:

Sometimes renters may also contribute in jeopardizing your short sale process. They can behave aberrantly when a potential buyer wants to view the house. Moreover, even if the short sale deal has been closed upon, they may decide to keep staying in the property saying they were not furnished a legal notice to vacate the house thus forcing the new owner to kick the heels for eviction process to come to a conclusion. Worse yet, the renters may deter potential buyers by presenting the house in a shabby and untidy appearance.

How to Handle the Tenants:

Before renting out your home make sure that you have taken the following aspects into account.

1. Make it crystal clear to your tenant that the house is on the market as a short sale and that he has to open it for viewings. Tell him that he can stay in the home on lease for a limited length of time. Since it is very difficult to say how long the short sale process will take to close, it is much better to write up a short-term lease agreement or month-to month agreement.

2. In order to ensure that the house is in tidy condition and open for buyer’s viewings, reward your tenant with $10 discounted from the rent for each viewing.

In the nutshell you can rent out your home during the short sale process given that you do not become deficient on loan payments and settle all the matters with your tenant. Though it may be better to keep the house as your primary residence, you may want some cash flow at the same time. It will be much better that you advertise your property for rent on a month to month basis. Of course you will find some people who are looking for short term housing and a short sale rental would be ideal for them.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Our short sale Realtors short sale services are FREE to you! There is no reason to not see if you may qualify for a short sale! Call today to see if you qualify for a short sale! Need a Little Rock AR Certified Distressed Property Expert in short sales to offer free short sale services? Our Little Rock area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Arkansas 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 Arkansas.

Copyright First Coast Realty Associates 2011-Sharon Molnar

 

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Arkansas Short Sale Realtors

June 27th, 2011 No comments

As the US economy continues to struggle, homeowners are finding it difficult to afford their properties and unfortunately, the end result is commonly foreclosure. This does not have to be the case. There are viable alternatives to foreclosure!

A short sale takes place when a lender allows a borrower to sell their home short, for an amount that will not fully satisfy the loan. But first, the lender must approve of the borrower’s hardship situation. Hardships that lenders find legitimate in the qualifying process are income loss, divorce, relocation, medical expenses, and many others. This hardship is proven in the form of a short sale hardship letter as a part of the short sale package sent in to the bank once an offer is received on the property.

The first step is to hire a Arkansas short sale Realtor to take care of you throughout the entire process. This Realtor will list and market your home as well as stay in constant communication with your bank. The entire process is at no cost to you! Your lender will pay all of your closing costs including your Arkansas short sale Realtor‘s commission.

Additionally, you will likely be forgiven of the entire deficiency with the help of your Arkansas short sale expert. In some cases the lender may require that the borrower pay back a portion or even the entire deficiency over a period of time, but this is not typical. To ensure you receive the best benefits possible, hire a short sale specialist to stop foreclosure on your home.

www.Short-Sale-Specialists.com

877-737-4903

 

Ask a local short sale specialist!

Are you looking for a Sherwood AR short sale Realtor? Look no further! Our stop Jacksonville AR foreclosure specialists provide FREE short sale expert services to Conway AR homeowners in hardship. Call today to see if you qualify for a short sale! To stop foreclosure on your Pine Bluff AR property, look no further! We service areas such as Jonesboro AR short sales, Fayetteville AR short sale Realtors, and Springdale AR stop foreclosure help. Our FREE short sale services will greatly assist you in the Arkansas process. Call today for more short sale information!

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

Copyright First Coast Realty Associates 2011

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Stop Foreclosure Through A Short Sale

June 10th, 2011 No comments

There are multiple problems with losing your house through a foreclosure. No one wants to be associated with one, but when it is unavoidable, people don’t really have a choice, do they? The lasting effect of a foreclosure is the bad credit rating that a person is left with. It can stay for as long as a decade, reducing your options to start over again. When one sees a foreclosure looming ahead, it is certain that the present financial situation is not something that the homeowner is making merry in. It can be a very stressful experience and if available, anyone will choose to stop Little Rock AR foreclosure and start over again.

In certain situations, remember that foreclosure can be avoided. There is another option that is mutually beneficial to both the lender and the homeowner/seller – a short sale. It literally means to sell the house short of its payoff amount. Observe a few things though, first of all, we are selling the house short of its market value, implying that it is a buyer’s market at present. Now, even though there is an obvious direct loss on the price of the house, a short sale happens when it is mutually beneficial to the seller and the lender. There are many ways to put this, but in simple terms – if your financial condition is very difficult, the cost of recovering the mortgage may be higher than the losses incurred by a short sale. Also, if it is a buyer’s market, it is inevitable that the lender will have to keep the house as a non performing asset for some time. Hence, if the lender believes (more importantly, if you can convince the lender) that you can search for a buyer and sell the house, the lender will then choose to go the short sale route.

Now there are many intricacies involved in a Little Rock AR short sale versus a foreclosure case. The lender can be stuck with a non performing asset and spend thousands of dollars on the foreclosure ($58,000 on average), or they can count their losses and endure a short sale, the lesser of two evils in a sense. The first step in a short sale is thus convincing the lender that short selling is the best option ahead. Considering the nuances mentioned, it is best that you seek the help of a real estate professional and seek legal counsel in this process.

Keep in mind, however, that there are some downfalls to a short sale. Recall the deficient amount after the Arkansas short sale process is completed. This amount is forgiven by the lender in most cases, but in some rare instances the borrower may be required to pay back a portion or the entire deficiency amount. Also, a short sale qualifies for some damage to your credit rating. This can be practically temporary, or it may last long – depending on how soon you started the process and how good your execution was. Please remember, the most important asset that you have in these circumstances is your time. Seek expert help and avoid the situations that can well be avoided. Keep a calm mind and this too shall pass!

www.Short-Sale-Specialists.com

877-737-4903

Contact a local Little Rock AR short sale expert.

Are you looking for a Little Rock AR short sale Realtor? Look no further! Our stop Arkansas foreclosure specialists provide FREE short sale expert services to Little Rock homeowners in hardship. Call today to see if you qualify for a short sale! Need a Little Rock AR Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Little Rock area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Arkansas 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 Arkansas.

Copyright First Coast Realty Associates 2011-Sharon Molnar

 

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