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85335 : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying2
  • Home Selling4
  • Market Conditions0

Activity 7
Sun May 15, 2016
Diane Christner answered:
Trulia does not accept FSBO listings by the homeowner, only by licensed real estate agents. Try Zillow instead.
0 votes 1 answer Share Flag
Thu Apr 10, 2014
Jean-Leon Magnotto answered:
Trulia now has a crime map that is in Beta testing here: http://www.trulia.com/crime/ . Let me know if there is anything I can do to help !
0 votes 1 answer Share Flag
Mon Nov 12, 2012
Chris & Michelle Spalding answered:
A good neutral resource for any community is listed below

http://phoenix.gov/police/crista1.html

Thanks and good luck!

Chris Spalding
0 votes 3 answers Share Flag
Mon Jan 30, 2012
Joe Bourland answered:
In short...
Price it right.
Make sure it's inputed into the MLS CORRECTLY.
Put a lock box on it.
0 votes 4 answers Share Flag
Thu Nov 12, 2009
Jeffrey Masich answered:
Hi Steve:

The length of time you live in a house, will probably not affect the bank's decision to foreclose.

Before you consider letting the house go into foreclosure, you may want to consider a short sale. This is often better for the bank and for you.

What is a 'Short Sale'? The “short” sale definition, which deals with the bank’s willingness to release their lien or security interest in a home if it is being sold “short” or for less than the amount that the owner/borrower owes on the mortgage loan to the bank(s).

Behind the scene, the bank(s) (one or two) are negotiating with the owner/borrower for the owner to pay the difference or a portion of the difference between the sale price and the amount on the loan (the short amount). This negotiation is somewhat invisible to the prospective buyer, but is the main reason that the offer/purchase process can take so long (months).

The bank may eventually send the property into a foreclosure if the owner does not agree to sign a note to pay a portion of the “short” amount. The signing of a short sale note by the owner/borrower will not be secured by a mortgage lien associated with the home as it has been released when sold to the new buyer. The net effect of the note for the short amount lowers the amount the bank(s) will have to “write off” or take a loss on for the amount the owner/borrower owes. Note, a foreclosure or short sale, does not prevent the bank from continuing to collect from the owner/borrower, especially if their financial situation improves after the home is foreclosed upon or sold.

The negotiation in the short sale process has several major goals:

1. Owner/borrower looks to sell home for less than is owed and have the bank(s) release their lien on the property
2. Owner/borrower looks to protect their credit rating somewhat in a short sale as opposed to a foreclosure
3. Owner/borrower asks the bank, based on their financial hardship, to write off the balance owed or write off a portion of the balance owed after the short sale proceeds are paid to the bank
4. Bank looks to prevent a foreclosure, expecting the home to get a higher price with the owner taking care of the property. Many foreclosure properties are abused by angry owners. Conversely, a short sale property tends to be in better condition.
5. Listing agent or hired negotiator for owner/borrower presents offers received to the bank(s) negotiators and works on an exit strategy where the bank will write off all, some or none of the difference between the selling short sale price and the amount that the owner owes on the property.

Banks are extremely backed up in the short sale negotiation area. Often they are in no rush to do anything. This allows the homeowner to continue living in the home while the lender is assigning the case internally to a loss mitigator.

For an excellent webinar on the entire short sale process see my website link: http://www.arizonahomesland.com/forsellersorlandlords.html

Note, I am not a CPA or financial counselor, see you’re your accountant or lawyer if you ever have specific questions in the short sale or foreclosure area.

If you are unrepresented, let me know if you would like me to sell your home and bring in a short sale negotiator that is professionally trained to represent you to settle with your lender(s) in your best interest. Regards....Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
http://ArizonaHomesLand.com
480-556-0940
jmasich@usa.com
HomeSmart Real Estate
... more
0 votes 3 answers Share Flag
Mon Feb 23, 2009
Mary answered:
We cannot say when we will be told to move, it could be as early as six months or as long as 2-3 years. This is one of the problems we are facing, when we are told to move we do not have much time but we do not want to do anything too rash in case we have more time for the market to recover or a better option to come about. However, even if, at best, we have 3 years, I do not think that is enough time for us to regain the lost value. ... more
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