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32095 : Real Estate Advice

  • All18
  • Local Info1
  • Home Buying8
  • Home Selling5
  • Market Conditions0

Activity 15
Tue Oct 24, 2017
RachRach answered:
we started our short sale search at the last week of January. one week later the seller accepted our offer which absolutely means nothing. two weeks later we submitted our contract. 1 week later we learn that a mitigator is involved and requires additional signed documents. 1 week later we sign off the mitigator documentation and turn that in. 2 weeks go by and our realtor is trying to get status of whether our documents have been sent off to the seller's bank. no answer no nothing. 3 weeks go by and we learn that the seller owes $13k in child support and there's a lien on the house. between exchanges with seller's RA & the mitigator company no one is being transparent about the status of what is going on, we are constantly jumping through hoops with these people, the seller hasn't turned in all their docs, and getting new BS stories. we're dealing with an incompetent seller's agent, a mitigator who we thought was suppose to facilitate certain things but isn't, and then we have a seller who basically is taking their sweet time doing anything on their part (which also gives us a clue that seller has every intent to stay at the house as long as possible). It was all an absolute waste of time ... more
0 votes 10 answers Share Flag
Fri May 24, 2013
Trisa Skoglund answered:
That is a great questions. But each person's loan is different. The time frame depends on the seller willing to cooperate and submit the appropriate docs in a timely manner through the short sale processor/negotiator. (All dependant upon who you are using for a Realtor and who they use to process their short sales). I was a short sale processor/negotiator and legal assistant for 6 years for a local law firm in St. Augustine. I am now a Realtor helping customers like yourself to understand how short sales work and their options when listing as a short sale.

Some banks can take over 90 days and some can take 3 months, there are so many variables that determine the length of time a short sale would take.

Feel free to contact me....trisaskoglund@gmail.com
... more
0 votes 1 answer Share Flag
Sat Jan 12, 2013
Bill Eckler answered:
Eric,

If this IS a "bank approved" price and you have been waiting nearly 90 days there are "red flags" that you should be noticing. Generally, if you have a bank approved price, all of the red tape has been worked through by the lender leaving this a much more streamlines process, requiring significantly less time.

Bill
... more
0 votes 4 answers Share Flag
Tue Jan 8, 2013
Dawn Gould answered:
I have a list of local lenders that I can email to you. You can easily drop each of them an email to see who works best with you and can offer you the best deal. Each lender has a specialty and there is one that would be perfect for you. Email me at dawn@dawndelivers.net and I'll get the list right over to you. ... more
0 votes 5 answers Share Flag
Tue Jan 8, 2013
Dawn Gould answered:
I think you would love Heritage Landing. That community offers nice size homes, fabulous amenties, a great school system and terrific prices. Send me your email to dawn@dawndelivers.net and I'll email you back some listings ... more
0 votes 2 answers Share Flag
Tue Jan 8, 2013
Dawn Gould answered:
Thu Nov 29, 2012
Stephen McRory answered:
-

Would a $175k home with $6,500 to $6,900 out of pocket work for you?

www.pro-option.com
1 vote 3 answers Share Flag
Thu Oct 18, 2012
Brad Barfield answered:
Hello Bob:

I would be happy to help you obtain your list for free.

Please give me a call at your convenience.

I look forward to speaking to you.

Regards,

Brad Barfield
Watson Realty Corp.
904.501.8995
bbarfield@watsonrealtycorp.com
... more
0 votes 9 answers Share Flag
Sun Aug 26, 2012
Rebecca Romaine answered:
Hi Mr. Howard,

A short sale occurs when the property is worth less than is owed on the mortgage. The seller wishes to move, for any number of reasons, and the bank agrees to accept less than is owed on the mortgage note. For example, if a home was purchased for $250,000 in 2005 and current market analysis of the property shows the value is $150,000, the bank may agree to take a loss on the $100,000 difference.

Many times, when a homeowner is interested in listing their property as a short sale, the bank has not yet approved of the sale price. In that instance, if you make an offer on a home, the bank must approve the short sale price before the sale can happen. This process, waiting for the approval from the bank, can drag on for months and months. Usually after the bank has approved the short sale price, the process can move rather quickly.

Expect the entire sale process, from contract to closing, to take anywhere from 4 months to a year. If the property has more than one mortgage, it can take even longer. A great question to ask your real estate agent is how many liens and which bank(s) are involved. Then you can gauge what to expect. Some banks have a reputation for processing these sales more rapidly than others. You can talk to your real estate agent for more information. Always use an agent who is experienced in short sales for this kind of transaction.

The short sale is not for the faint of heart. The bank asks the seller for a large amount of paperwork, often repeatedly throughout the process of many months. The buyer is waiting in the wings to see if they will be able to purchase the house. It's a waiting game in many cases.

The upside to the short sale, for the seller, is being able to walk away from an upside down property without a foreclosure on their record. In fact, some banks are offering a cash incentive to the seller, usually $3,000-$10,000 (depending on the price range of the property) to encourage these types of sales. If the seller has relatively good credit -apart from the short sale, they can be approved in a matter of 18 months to 3 years for a new mortgage, especially if they work to pay down any other credit accounts and keep their payments on time after the short sale.

The upside for a buyer is usually they can get a great purchase price on a house. The buyer needs to remember they should be patient, because patience is very important in a short sale. The buyer must also remember, there are no guarantees that the bank will accept the offer. The bank has the final say. Additionally, the buyer needs to be aware that the seller most likely does not have funds to make any repairs to the home, they should expect to make repairs and buy the house in "as is" condition.

I hope this has helped answer your question about short sales. I have handled short sales on both the seller's side and the buyer's side. Let me know if I can further assist you.

Best, Rebecca

Rebecca Romaine
Prudential Network Realty
904-461-6906
www.rebeccaromaine.com
... more
1 vote 2 answers Share Flag
Sun Aug 26, 2012
Cheryl Gillespie answered:
When a home is in foreclosure it means the lender is taking back the property.
1 vote 3 answers Share Flag
Sun Aug 26, 2012
Cheryl Gillespie answered:
The norm in the industry is for the seller to pay the realtor's commission.
0 votes 4 answers Share Flag
Fri Apr 22, 2011
Kim Baughman answered:
We have numerous small beach communities in the Saint Augustine area. There is Vilano Beach just north of town, Crescent Beach just south of town and then there is Anastasia State Park on Anastasia Island. This pristine, unspoiled beach is a protected park and there will never be any building. This picturesque beach is what made me settle in this area. There are so few beaches with soft white sand that stretch for miles without massive highrises and hotels. We have this slice of Old Florida that is a well kept secret. There are homes and condos in our area to suit every lifesyle and budget. When in the area, work with a licensed Professional REALTOR. They can make the home search an enjoyable experience.

Kim A. Baughman
Broker/Owner
Coast 2 Coast Properties, Inc.
... more
0 votes 3 answers Share Flag
Fri Apr 24, 2009
Harry Ashley answered:
There may be available options, please e-mail me, I will need further information and there are implications that you need to know.

Regards

Harry Ashley
Broker Associate
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Cell: (386)-931-6054
Fax: (866)-793-2579
http://www.palm-coast-flagler.com
... more
0 votes 1 answer Share Flag
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