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
What are the Advantages of a Short Sale Over A Foreclosure? Nobody ever imagines that their own home might one day face the prospect of foreclosure. However, the real estate crash and economic downturn have made this nightmare a reality for many Americans. Sadly, the foreclosure process is often a long and painful process for those … Continue reading Advantages of a Short Sale Over A Foreclosure
Receiving a notice of foreclosure from the bank can be a terrifying experience for a homeowner. Many people quickly will go into panic mode, frantically beginning the search for a new place to live as they lament the damage that a foreclosure will do to their credit history. If you have received a foreclosure notice, … Continue reading What Do I Do if I Receive a Foreclosure Notice?
A Short Sale is when a lender is willing to accept less than what is owed on the loan. Even then, short sales continue to be very misunderstood. Here are some of the most common myths regarding short sales. 1) Myth: A short sale is not possible on a second home or investment property. Fact: If the homeowner … Continue reading 4 Short Sale Myths Busted
To qualify for a short sale, your home must be underwater and you must be going through a hardship. Although there are many other factors involved in the short sale process, those are the two starter questions to consider. How exactly is a home “underwater”? Underwater means that the mortgage you owe on the house is more … Continue reading Short Sale Process: How Do You Qualify?