- NUMBER1EXPERT® 
- NUMBER1EXPERT®
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 Distressed properties can be a great way to purchase a home below market value. Foreclosed properties refer to those properties that are owned by the financial institution. Closing times are typically shorter in duration. Short sales refer to those properties that are still in possession of the seller and require lender approval of any terms and conditions of a purchase agreement between a buyer and a seller. This process may require additional time to close. Because of the difficulty and the lengthy process from finding to closing you need someone who has been trained and has experience guiding buyers and sellers. Call Sheldon Dance who is a CERTIFIED DISTRESSED PROPERTY EXPERT. FORECLOSURES BY COUNTY SHORT SALES BY COUNTY What Is A Short Sale?
Home sellers should consider a Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $250,000 but you have a loan of $260,000 then a short sale is a consideration. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values. However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $250,000 and pay another $10,000 to the lender out of your pocket to pay off the loan on your property. Second, you could let the home go into foreclosure. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee�s auction. The third option is to pursue a short sale. You contact the lender, explain the circumstances and convince them to take less than full value of their loan. In the case above you may tell them you have a buyer for $250,000 and it�s very unlikely there will be a buyer at a higher price. If they will accept $250,000 for their $260,000 loan then you can proceed with a short sale. Sometimes the lender will consider a short sale before you have a buyer and you can market your property and, if you find a buyer, take their offer to the lender for consideration. The lender may or may not accept the offer. The Short Sale Package What is a short sale negotiation? A short sale negotiation is done when you make a real estate short sale offer to the mortgage holder and they counter offer you. If the mortgage lender doesn't reject your short sale offer immediately, then the chances are they are interested and it is now a matter of making the numbers right. A short sale negotiation is the process when you make a mortgage short sale offer, the bank counters, and you counter the bank back and so forth. How is a short sale negotiation different from other types of negotiations? A short sale negotiation is not different from other types of negotiations. If you are a good negotiator, you probably will be good at short sale negotiation and convincing the bank to take your mortgage short sale offer. What do I need to know in a short sale negotiation? Besides being convincing in your argument, you need to know what make the bank tick for a successful short sale negotiation. The mortgage holder wants to get the foreclosed property off their books and take as little loss as possible. So, it is important that you find out as much as possible about what their thresholds are. For example, in your short sale negotiation, you can ask the bank if your mortgage short sale offer is close to what they have in mind or way off. If you are thinking $50,000 and the bank is thinking $500,000 then the chances are you will never make your short sale work no matter how good at short sale negotiation you are. So, try to verify with the bank as much as possible. Knowing what you are trying to achieve (price-wise) is key to a successful short sale negotiation. Work with the bank For a successful short sale negotiation with the bank, you need to work with the bank as much as possible. Communications is key to a successful short sale negotiation. You want to find out what the bank needs to make your short sale deal work. You don't want to keep negotiating on a short sale if you don't know roughly what the bank is trying to get at. Often, when you are talking to a bank officer about a real estate short sale, you can ask them if your short sale offer is close to what they can accept at all. If it is, then you know you can make a short sale case and keep negotiating. What solutions are available if I am in default on my mortgage payments? You may qualify for a broad range of help. Some solutions are:
What is a Hardship?
A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:
How do I qualify for a Short Sale? A borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt. Contact Sheldon Dance and schedule a consultation with him about the most suitable solution for you. What is required from the property owner? The property owner in most cases must:
Can any Real Estate Agent assist me in selling my home in a short sale situation? Possibly, but usually you have only one shot to succeed in a short sale transaction, it is therefore highly recommended you work with an agent experienced in short sale negotiations that can properly represent you and is specialized in this field. Negotiations at this level are best left to professionals trained in this field only! You Have Rights The Federal Fair Debt Collection Practices Act protects you. It closely regulates lenders and the collectors who work for them. It and other laws prohibit the use of abusive, deceptive, and other unfair practices when attempting to collect a debt. The Federal Fair Debt Collection Practices Act Section 804: Any debt collector communicating with any person other than the consumer for the purpose of acquiring location information and the consumer shall� 1. Identify himself, state that he is confirming or correcting location concerning the consumer, and, only if expressly requested, identify his employer; 2. Not state that such consumer owes any debt; 3. Not communicate with any such person more than once unless requested to do so by such person or unless the debt collector reasonably believes that the earlier response of such person is erroneous or incomplete and that such person now has correct or complete location information; 4. Not communicate by post card; 5. Not use any language or symbol on any envelope or in the contents of any communication effected by mail or telegram that indicates that the debt collector is in the debt collection business or that the communication relates to the collection of a debt; and 6. After the debt collector knows the consumer is represented by an attorney with regard to the subject debt and has knowledge of, or can readily ascertain, such attorney�s name and address, not communicate with any person other that that attorney, unless the attorney fails to respond within a reasonable period of time to the communication from the debt collector. Section 805: c) CEASING COMMUNICATION. If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to debt, except�. To advise the consumer that the debt collector�s further efforts are being terminated; Section 806: A debt collector may not engage in any conduct with natural consequence of which is to harass, oppress, or abuse any person connection with the collection of a debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section: 1. The use or threat of use of violence or other criminal means to harm the physical person reputation, or property of any person. 2. The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader. 3. The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of section 603(f) or 604(3)1 of this Act 4. The advertisement of sale of any debt to coerce payment of the debt. 5. Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number. 6. Except as provided in section 804, the placement of telephone calls without meaningful disclosure of the caller�s identity.
NUMBER1EXPERT® © Homes Media Solutions™, a division of Dominion Enterprises and/or its clients. All rights reserved. All information deemed reliable but not guaranteed. |
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