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Real Estate Short Sale Questions and Answers |
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Question: Will my realtor look for "short sales" if I asked them to?
Wouldn't it be to thier benifit not to? Considering they make more money from a more expensive property. Unless they found a short sale near the top of my budget? Feedback please.......Answer: Your realtor works for you, so yes, they would. Also, your ...
Your realtor works for you, so yes, they would. Also, your realtor doesn't get paid for houses they buy, other than a finder's fee from the selling agent. The selling agent is the one getting paid. I suggest you do a lot more research before getting into real estate investing.Answer: I know agents inoffice have looked for properties for ...
I know agents inoffice have looked for properties for their clients and out of every 50 listings there are 48 short sales or REO listings. Their commission is determined by the lender on a short sale. They don't know what they get paid until the bank approves the sale. They are somewhat of a hassle to do because they take a long time to process. An REO on the other hand is typically much faster.Answer: Realtors that are worth working with are not that greedy. ...
Realtors that are worth working with are not that greedy. Find an agent that you can trust and that has your best interest in mind and they will be glad to help you achieve your goals. Tell them you would like a list of homes that would be available. Good Luck to you!Answer: Im a "realtor" in New York and do a couple short ...
Im a "realtor" in New York and do a couple short sales a month. Although the process is a bit more time consuming I am always willing to work with a client on one. Just find a truth worthy real estate agent to work with you on what you need.Answer: Your Realtor will not show you a property if there is not a ...
Your Realtor will not show you a property if there is not a no-broking agreement in place....b/c they don't work for free.
If a property is on the MLS, then it's assumed the seller will pay a Realtor commission, and some owners will pay a buyer's agent, but don't want to list the property and have to pay that too.
But if this is a house you found on your own, and it's a short sale, unless the seller is willing to pay your Realtor, it's a no-deal.Question: What is the process for a short sale on your property?
Who do you contact??Answer: I'm assuming you mean being able to sell your property ...
I'm assuming you mean being able to sell your property for less than you owe, and your mortgage company taking a short payoff? You need to contact your mortgage company. Most of them have a loss mitigation department who handle these types of things.Answer: You need to contact your lender and talk to them. In most ...
You need to contact your lender and talk to them. In most cases, they will want the money due them before they will issue the release of mortgage. You can sell for whatever you can get, but will still probably have to bring the balance due to closing.Answer: Talk to a local Realtor. Typically your lender won't ...
Talk to a local Realtor. Typically your lender won't tell you they will take less unless they have a signed contract in front of them...even then sometimes they take a long time to decide.Question: Short sale when you have a 1st and 2nd mortgage?
If you do a short sale on your property, the first mortgage gets cleared, but what happens with the second mortgage? Does the other bank still come after you for the balance?Answer: If there is enough to pay off the 1st mortgage, then the 2nd ...
If there is enough to pay off the 1st mortgage, then the 2nd lien has to agree to what?s left.
If there is not enough to pay off the 1st, then the 2nd must agree to about $500-$1,000, and then the 1st will consider taking the remainder.Answer: You cannot sell the property until the 2nd releases their ...
You cannot sell the property until the 2nd releases their lien on the property. You can try working out a settlement with them to see if they will accept less than is owed. Otherwise, the sale cannot go throughAnswer: You can't do a short sale unless both banks agree. You ...
You can't do a short sale unless both banks agree. You would have to cover the first and reasonably cover the second.Answer: Hi Laura B,
There might be something that you can do to ...
Hi Laura B,
There might be something that you can do to save your home go to http://www.hopenow.com. HOPE NOW is a non profit cooperative effort between counselors, investors, and lenders to maximize outreach efforts to homeowners in distress.
They are non profit third party intermediary that will negotiate with your lender in your behalf to freeze your interest rate to its original rate.Question: How much will a bank except in a short sale? What is a good perecentage estimate? If the home is 400k ..?
will they except 320k? How low is too low to even put an offer together....pls. help? Thank you!Answer: Banks usually don't go by a percentage they look at all ...
Banks usually don't go by a percentage they look at all the recent comparable home sales in your neighborhood and that is how they decide on the sale price. In a declining market it is good to go lower then the recent comparable home salesAnswer: I agree, it is not a percentage, it is what comparable homes ...
I agree, it is not a percentage, it is what comparable homes are selling for in the area. Lenders obtain Broker Price Opinions and appraisals to formulate a fair market price.
Lenders are in a position to hold out for their price. I know you can find some nonsense on the internet that lenders will sell for a fraction of fair market value to "clear the books" or remove the home from the inventory, but inarea, it just isn't happening. Lenders are rejecting really low offers and countering reasonable offers.Answer: In this case the word is accept (not except - totally ...
In this case the word is accept (not except - totally different meaning).
If the home is listed at 400k and you know it is a short sale, that's the price they want. There is obviously more than $400k owed on the current loan.
The bank uses a short sale instead of foreclosing. If they don't get what they want in a short sale, they'll just foreclose.
Since it's a bank, what's the worst they can say? No? Give it a shot!
good luck!Question: if you do a short sale on your home before foreclosure how long will it take till your credit bounces back up?
back so that you can buy anew homeAnswer: Somewhere between 7 and 10 years.
Somewhere between 7 and 10 years.Answer: I have heard of people buying a new home after 2 years. If ...
I have heard of people buying a new home after 2 years. If you do the following:
Get a secured credit card and use only 30% of it every month and pay it off every single month. After a year try and get a regular credit card.
Then when you have 2 years past you can get a new loan for a house!Answer: It will never bounce, it will creep up if you do the right ...
It will never bounce, it will creep up if you do the right things.
Most lenders want to see 24 months of seasoning on a bankruptcy or foreclosure before you can obtain a mortgage.
The foreclosure will stay on your credit report at least 7 years.Answer: This depends on the deal you and your realtor have ...
This depends on the deal you and your realtor have negotiated with your bank, and on how many late payments you have had on your mortgage.
You can negotiate a deal with your bank that has them report the loan as paid in full. You may have to pay a portion of the loss, or prove you are in a hardship situation.
If you have not been late on your payments, you may not have any negative report on your credit. If you have been late on your mortgage payments, they report negatively on you for 2 years before the effect on your credit diminishes.
If they forclose, you can forget buying for at least five years. |
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