A "Short Sale" transaction is very different than a traditional real estate transaction. PRICE is the biggest confusion amongst agents and buyers. Many agents and buyers do not understand this process. They are always asking why the house is listed at a certain price but the short sale lender countered at another price. Hopefully, this … Continue reading Determining Value for a Short Sale
Buying a short sale is very different from a traditional sale. It is important you have the right expectations when purchasing a short sale as it can be a long process. Picking the right agent is also very important as they will be asked to provide documentation in a timely manner. Working with a buyer’s … Continue reading What to ask when buying a Short Sale?
A residential real estate short sale is not a simple process, there are several pieces to it. Here are the top 4 Questions Homeowners Ask When Considering a Short Sale: Do I qualify for a short sale? a. Home market value is worth less than the mortgage b. Legitimate hardship that affects ability to pay … Continue reading Short Sale Process: Top 4 Questions Homeowners Ask
Occasionally in a short sale, one of the owners/spouse, has died, before or during the short sale process. This is a manageable situation, but it requires more work for the short sale agent. In the state of Texas, when somebody dies, the ownership falls to their next-of-kin, namely the spouse and any children. For example, … Continue reading Managing Death in a Short Sale
There are five key factors to consider in determining if a short sale is the right strategy for DFW homeowners: equity, house value, homeowner’s individual financial situation, the lender’s flexibility, and impending foreclosure. Length of ownership: Seven years is generally the tipping point. Until then, the homeowner probably hasn’t built up sufficient equity to pursue a … Continue reading Factors to Consider for a Short Sale in Dallas
There are several reasons why short sales fail. Here are some common situations that can make the process challenging for a short sale agent: Divorce or Separation Many couples who are separated or divorce are not on good terms nor will agree to cooperate to help the other with the sale. Do not take a … Continue reading Reasons Why Short Sales Fail
Many real estate professionals, including investors and agents, in the DFW area have creative solutions to help homeowners avoid foreclosure. Although some are legitimate and very successful, you should always be caution to avoid a scam. Read this article from the Dallas Observer about the massive mortgage scam that affected more than 70 homeowners … Continue reading Dallas Foreclosure Scam
Listen to Melody Medley on the Note Closers Show with Scott Carson! http://weclosenotes.com/ep-333-short-sales-in-todays-real-estate-market-with-melody-medley