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Short Sale Specialist's Blog

By Mike Linkenauger | Real Estate Pro in Jacksonville, FL
  • West Houston & Katy Short Sale Specialist

    Posted Under: Foreclosure in Houston  |  March 1, 2013 9:12 AM  |  490 views  |  No comments

    West Houston & Katy Short Sale Specialist

    Short Sale Specialist in West Houston & Katy

    What is a real estate short sale in West Houston & Katy?

    A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay off on a loan than what is currently owed due to the borrowers inability to continue making payments.

    What does it take to qualify for a West Houston & Katy Short sale?

    Short Sale Specialist Realtor in West Houston & KatyWhile lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a West Houston & Katy short sale. 

    1. Negative Equity - The proceeds from the sale of the property, after all closing costs
      are paid, are less than the amount currently owed on the property,
    2. Financial Insolvency - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
    3. Financial hardship - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few.  Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell. 

    Is it possible for me to get money back for completing a short sale?

    Until recent times, it was almost unheard of for a home owner to get money back in a short sale.  Things have changed for the better.  The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program.  We have seen home owners get as much as $35,000 back to complete a short sale.

    Who will pay the West Houston & Katy short sale Realtors® commission?

    In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your West Houston & Katy short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.

    How Can a West Houston & Katy short sale specialist help me?

    As a West Houston & Katy short sale specialist, I have helped many home owners who are in a Short Sale Realtordifficult financial season get a fresh start with a short sale.  Short sales are not part of our "basic training" as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced.  Experience is everything when it comes.  I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender.  Visit my website for more information on the short sale process.

     

    Robert Lewis

    License Number: 298673

    Re/Max Westside

    281-925-3046

    westhoustonkatyshortsales.net

    ~ Your West Houston & Katy Short Sale Specialist Realtor® ~


  • Houston Short Sale Specialist

    Posted Under: Foreclosure in Houston  |  March 1, 2013 8:03 AM  |  500 views  |  No comments

    Houston Short Sale Specialist

    Short Sale Specialist in Houston

    What is a real estate short sale in Houston?

    A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay off on a loan than what is currently owed due to the borrowers inability to continue making payments.

    What does it take to qualify for a Houston Short sale?

    Short Sale Specialist Realtor in HoustonWhile lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Houston short sale. 

    1. Negative Equity - The proceeds from the sale of the property, after all closing costs
      are paid, are less than the amount currently owed on the property,
    2. Financial Insolvency - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
    3. Financial hardship - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few.  Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell. 

    Is it possible for me to get money back for completing a short sale?

    Until recent times, it was almost unheard of for a home owner to get money back in a short sale.  Things have changed for the better.  The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program.  We have seen home owners get as much as $35,000 back to complete a short sale.

    Who will pay the Houston short sale Realtors® commission?

    In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Houston short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.

    How Can a Houston short sale specialist help me?

    As a Houston short sale specialist, I have helped many home owners who are in a Short Sale Realtordifficult financial season get a fresh start with a short sale.  Short sales are not part of our "basic training" as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced.  Experience is everything when it comes.  I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender.  Visit my website for more information on the short sale process.

     

    Guillermo Coronado

    License Number: 0506808

    713-589-8808

    houstonshortsalespecialist.com

    ~ Your Houston Short Sale Specialist Realtor® ~


 
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