Nov
13

Can you sell a short sale too fast?

If you are selling your home, your underlying wish may be to get an offer from a buyer the first weekend the property is on the market. No one likes to deal with showings and the frustration of waiting for an offer. If a homeowner is in foreclosure or knows the property will be sold as a short sale they may be even more anxious to get an offer and finish the whole ordeal.

In a short sale you could possibly sell your home too fast. Some investors require that a home be listed for a minimum of 5 days before accepting an offer and those 5 days must include an entire weekend so it is safer to assume a minimum 7 days of marketing. If a seller accepts an offer in less than 7 days, the short sale lender may reject the offer and require that the property be placed back in active status until their listing time frame has been met. Placing the property back on the market for 7 days may not be a huge issue but sometimes the short sale lender will not catch the marketing time until 30 days or more after your contract acceptance. The seller could lose their buyer who now needs to submit a new offer.

On FHA loans, Mortgagee Letter (ML) 14-15 states “effective October 1, new Housing and Urban Development (HUD) guidelines require agents to have the property listed on the Multiple Listing Service (MLS) for a minimum of 15 days before any purchase contract can be reviewed by the servicer.”
According to Bank of America, “the 15-day requirement starts when the property began listing on MLS at the appropriate price in relation to the Federal Housing Administration (FHA) “as-is” appraised value.”

In conclusion, it is important to work with real estate professionals that understand the short sale process. We are certainly happy to help!

Mar
21

“How long do you think there will be Short Sales?”

I am always being asked, “How long do you think there will be Short Sales?”

I don’t have a crystal ball, so I can’t answer that for certain but I do know that Short Sales still exist and are a significant part of the real estate market. I saw one bold article that asserted that if a Realtor is not selling short sales, they should get out of real estate because they are avoiding a major part of the market. I won’t be that bold because I understand some people just don’t want to deal with the hassel.

However, please review the article at the link below that states that 32% (775,000) of all mortgages in Illinois are underwater. The majority of those (726,000) are in the Chicago area which represents 33% of all mortgages in the Chicago area. The article notes there was a 2% decrease from the following year but if we are only decreasing at 2% a year, we still have a long time to go before Short Sales are gone.

It is also upsetting to see homeowners that receive form letters from their bank that states they “MAY” be eligible to do a loan modification when the bank has little intention to actually provide a loan modification that will be sufficient to allow the homeowner to stay in their home. We have had too many homeowners that come to us when they have a sheriff sale auction date looming over their head because they spent two years fighting to get a loan modification only to be denied or to be offered a $75 a month reduction in their loan payment. I also seen too many people that were offered 90 day “trial payments” and were then denied a loan modification after making their good faith payments.

If you are a Homeowner or Realtor that needs more information about the Short Sale process, and how it benefits a Homeowner, please request or our Short Sale package or call our office to discuss your situation with one of our attorneys during a free consultation. It is a tragedy to me that many homeowners that are behind on their mortgage do not even try to reach out for help. They don’t realize they might qualify for a short sale and the attorney’s fees, Realtor’s commission and all the closing costs would be deducted from the sales proceeds. Many homeowners receive full releases of liability so they do not have to pay the shortage owed after a sale and even some homeowners actually receive relocation incentives.
We firmly believe that a homeowner should have a Realtor and Attorney that have experience in selling and closing short sales. Our firm has closed over 1500 Short Sales in the last 4 years, so we are ready to assist. Also, remember we represent buyers and sellers in traditional real estate purchases and commercial real estate.

– Christine Garner

SEE: http://www.chicagobusiness.com/realestate/20140109/CRED0701/140109834/illinois-among-worst-for-deeply-underwater-homes

Jan
03

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