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Home Selling in 89130 : Real Estate Advice

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  • Home Buying12
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Activity 148
Tue Jul 26, 2011
Debby Thompson answered:
Have you thought about renting your place out? The reason I am asking is because you have to show a hardship to get a short sale. Because you want to move and get a bigger place is probaby not a hardship. So if you can come close to your payment you might think about renting. That is the direction a lot of people are having to go right now to ride this out. Be prepared it could take sometime to turn around. Be ready also if someone moves out and your out of rent money for a few months. I know times are really touch with all of this. But until they come up with a plan to stop the bleading for everyone this is the point we are at.
Debby Homestead Realty Inc
www.debbyrealestate.com
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0 votes 8 answers Share Flag
Wed Oct 6, 2010
Keith Sorem answered:
Avegas702
The real goal for you should be this:
"How can I sell my property for top dollar in this market and economy"?

As a matter of fact, why don't you post that question and compare the answer you receive? I bet you will be amazed.

I monitor the performance if "discount" and MLS Entry Only Brokers on quarterly basis and here is what I can report:
1. When they get a listing it fails to sell twice as often.
2. When it sells they receive 2-2.6% less than a full service broker.
3. It takes them longer to sell.

According to the link below homes values have declined 62% in the last 12 months. That is 5% per month. And you are worried about one point in commission? I'd be worried about how fast you can sell my house for the best price. YIKES!
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0 votes 3 answers Share Flag
Fri Nov 19, 2010
Richard Foster answered:
This brings up some interesting issues. It is best for all parties to set expectations including communications right from the start. If you feel your agent is not working to your best interests, you need to contact the BROKER of the agent you have the listing agreement with. Explain your issues and give them the opportunity to resolve the matters.

Remember, you have a listing agreement. That is a contract. It can only be terminated if BOTH the Broker and the seller agree to terminate it. You can not just make a change until the listing expires or until it is withdrawn (unconditionally) from the MLS.

You are free to interview agents to take over after the natural termination date (when it expires) or once released. But maybe the Brokerage can assign another agent to fix the issues. See what you can do to fix it with them first.

If you have questions, please feel free to call me.

Richard Foster, ABR/M, CREN, CRS, GRI, RRG
Short Sale and Foreclosure Resource, REOtrans Platinum and RES.net Certified

Elite Realty Broker-Salesman 58356 - Property Manager 163860
702.521.5675
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0 votes 11 answers Share Flag
Fri Aug 27, 2010
Courtney Gore Smith answered:
Yes you can short sale an investment property, you would first need to gather all the documentation your bank requires to initiate the process, items like: purchase and sale contract, income documentation, recent tax returns, bank statements, schedule of rents etc.
homeowners may still owe the difference between the mortgage balance and the discounted amount as a result a "deficiency judgment." If granted, this judgment will affect the homeowners and their credit report just as any other judgment.

You must get the bank to accept "payment in full without pursuit of any deficiency judgment. The discounted amount (the difference between the mortgage balance and the short sale) may be declared as income on their income tax return by means of a "1099."

If you havebeen under duress and probably haven't made much income, a 1099 may not adversely affect them. Speak with an accountant for advice.
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0 votes 4 answers Share Flag
Tue Aug 17, 2010
DeeDinota KathyHerrera answered:
There are benifits to both. Talk to your tax advisor about your options and which would be best for you
0 votes 8 answers Share Flag
Sun Jul 4, 2010
Stephanie Weiss answered:
PO'd
You should refer to your contract which governs the deal and CALL YOUR AGENT, provided you're being represented by one, hopefully. It's virtually impossible for anyone to comment on this in a public forum since no one has access to your contract. "Generally" speaking, if a buyer walks and it's not a contingency issue, the earnest money is usually seller's recourse. ... more
0 votes 9 answers Share Flag
Sun Jun 20, 2010
James Gordon ABR SFR SRS answered:
Wedding in a short sale the current lender needs to be paid off. Just a thought how can the current owner carry the loan at a lower payment if they can not afford their current payment? They would have to take extra money from their pocket every month to come up to the whole payment.
Why not just get a loan to purchase the property? FHA allows monetary gifts from family to be used to help you purchase a property.
There may also be community grants that you qualify for to help you with a down payment. Talk to a Realtor® or a loan officer to get help in finding these programs.
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0 votes 4 answers Share Flag
Fri Jun 7, 2013
Renee Monaco answered:
You can list your mobile home on homes.com, frontdoor.com, and forsalebyowner.com if it has been converted to Real Property. I can provide more detailed information if you'd like, feel free to contact me by email or phone, 702-782-3848 reneem@realtyonelv.com. ... more
0 votes 2 answers Share Flag
Wed Feb 6, 2013
Don Tepper answered:
Please let your Realtor advise you on how to market your home, and to whom. Your best prospects are likely close by. Or else they fit some other demographic--for example, by age and income, not by whether they live in Maine, Maryland, or Missouri.

Any listing that's on your local MLS should be accessible nationwide through Realtor.com and all the other sites (including, for instance, Trulia) that pick up your local MLS.

Hope that helps.
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0 votes 3 answers Share Flag
Wed Oct 16, 2013
Keith Sorem answered:
How could they be approved for a short sale if they had the ability to be approved for a loan?
How could they have qualified if they had money for a downpayment?

If the did in fact receive short sale approval and then bought a new property it sounds like loan fraud.

Just my opinion.
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0 votes 12 answers Share Flag
Sun Jul 4, 2010
Alberto Saab answered:
The MLS would give you the highest return. When do you plan on putting it on the market? What is the parcel #? You can contact me at 702-232-9001 or saabalberto@aol.com
0 votes 4 answers Share Flag
Thu Apr 22, 2010
Dp2 answered:
Good luck. Dealing with GMAC isn't much better than dealing with BoA IMHO. Expect GMAC at least to protest (since they'd get nothing--unless BoA throws them a bone); the real question is whether they're willing to dig their heels on this one. ... more
0 votes 7 answers Share Flag
Sat May 8, 2010
Tracey Martin answered:
No. One of the general rules for short sales is that the sale is a "arms length transaction," meaning that the parties involved are not related. A lot of lenders now require a written affidavit which says that no one involved in the sale is related to any one else involved in the sale. That includes the Realtors. In an effort to make sure this doesn't happen, some lenders write the buyer's names on the approval letter and state that the approval is only good for the buyer specified in the approval letter. Apparently there were short sale transactions where the buyer was switched to a relative after the approval letter was sent. Good Luck to you ... more
0 votes 6 answers Share Flag
Wed Apr 7, 2010
Anna M Brocco answered:
Any local agent can help, however they would need to see the property first--thereafter he/she can review the recently sold similar properties in the immediate area and determine a value based on condition, location, etc. ... more
0 votes 7 answers Share Flag
Tue Apr 9, 2013
Marina Gulakova answered:
What are you trying to achieve? Is it selling one property and buying another one at the same time? Pretty much any title/escrow company will do that.
If it's simultaneously buying 2+ properties for cash, then again any title company can do it.
I use Old Republic Title (Kathy Horsfall -escrow officer) and Fidelity Title.
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0 votes 7 answers Share Flag
Sat Mar 20, 2010
Jeanne Feenick answered:
I do not think the bank will entertain a short sale if you are in the position to buy a new home. It does not sound like the beginnings of a hardship case to me. I would suggest you connect with an agent that has expertise with short sales, she/he will be able advise you on that front, also a traditional sale, and a rental.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Find success at www.feenick.com
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0 votes 17 answers Share Flag
Wed Feb 10, 2010
Kathy Weber answered:
If you're in Ch. 13, I'm assuming you're dealing with an attorney. If not, you need to discuss with an attorney.

Sounds like you have many issues going on at once. You need to also discuss with your CPA. A short sale may or may not be possible with your situation.

A Real Estate attorney would be the best route to go for a consultation.

Good luck!
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0 votes 7 answers Share Flag
Fri May 7, 2010
Joan Bennett Realtor, PM answered:
Hey Dom -- You need to speak with a Tax Professional since that isn't my field of expertise. If you are referring to the First Time Homebuyer credits, the answer is probably "no" but since I have no idea what your situation is in it's entirety, talk to a professional in that field. I am definitely not an expert. ... more
0 votes 3 answers Share Flag
Sat Feb 26, 2011
Penny O'Brien answered:
Hello,

Just hire an agent who sells mobil homes. Would you like some names and numbers? Penny O'Brien.
0 votes 4 answers Share Flag
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