Short Sales - What Mortgage Companies don’t what you to know
Posted by Cary_Agent
If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale.
A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
Short sales are becomming an increasingly common sight in our struggling economy and, if handled correctly, can be a win-win-win situation.
Short Sale Sellers, what you need to know:
The Mortgage Investor can avoid the costly foreclosure process; the seller’s credit rating takes a much smaller hit, if any, and the patient buyer can come away with a great deal on a home.
What most people consider thier mortgage company may actually be just the Mortgage Servicer. Commonly they bundle and sell most of thier loans to mortgage inverstors (i.e. Fannie Mae and Freddie Mac) so they can originate more loans.
These mortgage servicers may need to be difficult to deal with as they have little no financial incentive route people though their loss mitigation department to process short sales. They simply want the loan paid off or off thier books and sent to foreclosure.
So sellers may need to call their mortgage servicer and before giving thier account number, ask to be transferred to the “loss mitigation dept.” If this doesnt work, contact the mortgage investor directly. they will gladly work with you. Also if you have a mortgage insurance premium on your loan, call this company directly. They’ll also gladly work with you and can give you some leverage with your mortgage servicer.
Short Sale Buyers, arm yourself with the following:
- Patience. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale, and could possibly not close at all.
- Financing. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
- “Pounceability”. If you have a home to sell before you can close on the purchase of the short-sale property-or you need to be in your new home by a certain time-a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.
- A Kick Butt Realtor. Uncle Fred who keeps a real estate license may not be your best choice to handle a short sale. An experienced Realtor, specifically trained in short sales, (*cough* like myself ) can guide you through the short sale jungle, knowing the key people to contact and how to work the mortgage lenders to bring
For Sellers: Cary, North Carolina Neighborhoods
Posted by RealEstate_Guru
Selling your home is a big undertaking. For homeowners in Cary, North Carolina neighborhoods, there are a number of keys for successfully presenting your home to prospective buyers. Think of your home as a setting in which you and your real estate agent seek to make buyers feel welcomed, comfortable and at ease. Read on to find out easy ways to accomplish this.
Buyers aren’t going to want to enter your home if the outside isn’t attractive. In fact, many buyers do drive-bys before they contact an agent for a showing. So plant some flowers, keep the lawn mowed. Be sure that the plants in your landscaping are healthy. Spruce up your driveway and walkways with a good power-washing. You can rent a power-washer at many home centers. The key is to make the outside attractive without making it seem that it requires a lot of maintenance.
Inside your home, think like a buyer whenever getting ready to sell. A good tip is to stand in the doorway of each room and survey it honestly. It’s essential for a room to give a positive impression as the prospective buyer enters it. Rearrange the furniture, spruce up the walls and adjust the lighting for the maximum favorable effect from the moment you step through the door.
Clean your home thoroughly and when you’re done, go over it again, paying special attention to small details. Be sure the windows are sparkling, inside and out. Go over the kitchen appliances and don’t forget to clean the inside of the stove and refrigerator. Even if you’re not selling the appliances with the home, it’s important for the kitchen to appear spotless. Attention to small details proves to buyers that you’ve taken good care of the home. Finally, de-clutter everywhere you can. Clutter makes rooms seem smaller. Besides this, clutter interferes with buyers’ ability to imagine their furnishings in the home.
The neighborhoods in Cary, North Carolina have a great selection of beautiful homes. To successfully sell yours, be sure to present it as a “top shelf” property.
North Raleigh, North Carolina Neighborhoods – Tips for Sellers
Posted by RealEstate_Guru
If you have a home or own real estate in North Raleigh neighborhoods and plan to sell, read on for some handy tips that will help you get the best price for your property.
Long before you put your home on the market, take a hard and honest look at it, trying to imagine what a prospective buyer would see. Chances are there are a number of improvements you can make to improve the saleability of your home. These improvements can be large or small, but must be made if you hope to sell your home quickly at a good price. Here’s where real estate professionals can help. These experts are in touch with the market and also with trends and pricing. Perhaps the most important service a real estate agent or broker can perform for you is to prioritize the improvements you need to make your home attractive to buyers.
Once the improvements are out-of-the-way, you can set the selling price, again, with the assistance of your agent or broker. In fact, it might be a good idea to have him or her do a competitive market analysis to determine the right price to ask for your home. Your agent has the experience and insight to help you set a price that’s fair to both you and the buyer. One important aspect of setting the price is analyzing the price of “comparables,” other homes in your neighborhood or area that are similar to yours. This puts your home in a context that shows buyers that it’s a good value.
Neighborhoods in North Raleigh, like many other neighborhoods in this vibrant region, are great places to find excellent values in a variety of price ranges.
10 Ways to Make Your Home Irresistible at an Open House
Posted by Cary_Agent
1. Add a touch of color by putting out fresh or silk flowers in the main rooms.
2. Replace the shower curtain, put out fresh towels and new guest soaps to every bath.
3. Make fresh baked goods or set out potpourri for a homey smell.
4. Have the table set with pretty dishes and candles.
5. Put out a fresh doormat with a clever saying.
6. To create a sense of spaciousness, take out one or two pieces of furniture in the main rooms.
7. Put away kitchen and personal bathroom appliances to give the illusion of more counter space.
8. Make a fire in the fireplace or put a basket of flowers there if it’s not in use.
9. Depersonalize your space by putting away family photos, mementos, and distinctive artwork.
10. Make your lawn sparkle by turning on the sprinklers for 30 minutes.
Seller Tips7 Steps to Preparing for an Open House
Posted by Cary_Agent
1. Consider hiring a cleaning service because a spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2. Mow the lawn and be sure toys and yard equipment are put away.
3. Serve cookies, coffee, and/or soft drinks. It creates a welcoming touch. However, make sure the kitchen has been cleaned up and use disposable cups so the sink doesn’t fill up.
4. Protect yourself by locking up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
5. Leave all the lights on, even in the daytime, as incandescent lights add sparkle.
6. When possible arrange for your pets to be somewhere else and if it isn’t possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.
7. Leave while your house is being shown because it’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Seller Tips