I know. I said I would NEVER do another short sale in my life after the last 15month mess. But after having a few good smooth sales close using the new systems banks have put in place, I’m hopeful and looking for the next owner to help.
So, what IS a Short Sale? Here is a link I’ve found helpful:
Bank Of America Short Sale Program
Here is a YouTube Video (it’s made in Houston but the information is relevant for all)
If you are a home owner under water or experiencing hardships in paying your mortgage, let’s talk. There are options- and all do not include selling your home.
Daily Real Estate News | Monday, January 23, 2012
Nearly three out of every four home owners say they are satisfied with their purchase – and the No. 1 reason for their satisfaction is pride they feel about owning a home, according to HomeGain’s 2012 National Home Ownership Survey
In addition to pride, home owners also said they enjoy the freedom and control they have to make improvement and upgrades to their home.
Of the 1,400 home owners surveyed nationwide, satisfaction was found to be highest in the Northeast at 77 percent, followed by the Southeast at 73 percent, the West at 71 percent, and the Midwest at 68 percent.
“The HomeGain 2012 National Home Ownership satisfaction survey shows in spite of declines in the values of homes nationwide, satisfaction among home owners remains high at 72 percent,” said Louis Cammarosano, general manager of HomeGain.
Of the 28 percent of surveyed home owners who indicated they are dissatisfied, price depreciation was cited as the primary cause. Other reasons for their discontent include property taxes, homeowner association fees, and maintenance and repairs.
Noteworthy survey statistics:
- Home owners who paid less than $75,000 for their home were the most satisfied at 77 percent.
- Home owners who paid more than $800,000 were least satisfied at 69 percent.
- Buyers who purchased a home via short sale had the highest satisfaction rate at 83 percent, followed by foreclosed home buyers at 79 percent.
- New-home buyers had a satisfaction rate of 73 percent, and existing-home buyers had a satisfaction rate of 71 percent.
- Home owners ages 55-65 were the most satisfied at 76 percent. Home owners between 18 and 25 had the lowest satisfaction rate at 45 percent.
By Erica Christoffer, REALTOR® Magazine
New Westview Listing- 1530 South Gordon, Atlanta GA 30310
Spacious historic home being restored to greatness!
The FBI says it will renew its efforts to end mortgage fraud. A spokesman said last week that the FBI anticipates arresting hundreds in crackdowns scheduled over the coming weeks.
Offenses agents expect to find range from schemes that encourage borrowers to lie about their incomes to scams that rely on falsifying foreclosure information.
The FBI has set up 23 fraud task forces across the U.S. to carry out the anticipated sweep.
Source: Financial Times (06/11/2010)
An increasing number of home owners in foreclosure continue to live in their homes, mostly ignoring the foreclosure action and refusing to pay anything.
The average borrower in foreclosure is unlikely to be evicted for 438 days, says LPS Applied Analytics. LPS says more than 650,000 households haven’t paid their mortgage in 18 months, and in the case of 19 percent of those households, the lender hasn’t made any effort to repossess the property.
In some states like California and Texas, lenders can foreclose without a say-so from the courts. In those states, the action is likely to be quick. But in 19 states, including Florida and New York, the court must approve the foreclosure and resulting eviction and the process is slow.
Source: The New York Times, David Streitfeld (05/31/2010)
The number of homes for sale declined 2.4 percent in November in the metropolitan areas covered by ZipRealty Inc. In the last 25 years, the decline in November has averaged 1.8 percent.
The data doesn’t include New York, but Miller Samuel Inc., an appraisal firm, reports that inventory was down 7.1 percent from the end of October and down 18 percent compared to November 2008.
October was the first month since January to show a rise in bank-owned homes. The number of bank-owned properties declined over the summer because of efforts to prevent foreclosures. As time runs out for many families, the number of foreclosures is increasing.
As of the end of October, banks and mortgage investors had 639,000 foreclosed homes for sale across the U.S., Barclays Capital estimates. “We expect a rebound in distressed inventory in the coming months,” says Glenn Boyd, a senior analyst at Barclays.
Source: The Wall Street Journal, James R. Hagerty (12/09/2009)