Posted by http://www.floridashortsales.info - March 8, 2012 - News
Short Sale Process
Everyone knows that these are tough times we live in. We need to do things now that we do not necessarily want to do. If you need to short sale a house, go to this website, Florida Short Sales. You will find all sorts of information that will assist you in understanding the short sale process. But we certainly understand the emotional importance of talking to a person, so just give us a call if you would like to speak to a Florida short sale broker.
Part of the short sale process is working with an excellent program by the name of HAFA (home affordable foreclosure alternatives). This program is specifically designed for homeowners who are unable to stay in their home even with a loan modification. Homeowners may be able to avoid a foreclosure by selling their house as a “short sale”. Our short sale realtors specialize in the short sale process and will make this difficult time in your life a lot easier.
Posted by http://www.floridashortsales.info - January 2, 2012 - News
How Does HAFA Work
Finally the government designed a program that may benefits those that find themselves in a Mortgage they no longer can afford and a property that is worth far less then the amount owed on the mortgage. HAFA stands for Home Affordable Foreclosure Alternative. A mouthful I know, but a program that has helped many to date. HAFA was started in April of 2010 and is set to expire December 31st 2012. If you qualify for this program here are a few of the key elements you’ll benefit from;
HAFA Procedures
Assuming you qualify for HAFA the Short Sale Process is much more defined then a typical Short Sale. HAFA has strict guidelines that must be followed by the lender. The first step is to find a professional Short Sale Realtor to list the property. Once listed we submit a package to the lender for short sale approval. The lender has a specific timeline in which to respond and set the price they will accept. The lender will also offer a specific date in which the HAFA short sale has been approved to close.
If you qualify for this program here are a few of the key elements you’ll benefit from;
The Lender gives up its right to pursue a Deficiency Judgement. What this really means is the lender will not go after you for the difference between what the home sold for and what was owed on the mortgage.
Homeowner will receive $3,000 to assist in relocation upon the successful closing of the property.
The lender receives $1,500 upon the closing of the property. This tends to motivate the bank to pursue the short sale. Not to mention the home never going vacate or the need to Foreclose on the property. It’s truly a win, win all the way around.
HAFA will assist in paying off the second mortgage or credit line to a limited degree.
Who Qualifies For HAFA
The home must be your primary residence.
You must have a unpaid balance of your mortgage under $729,750.
The loan must have originated prior to January 1st 2009.
The loan must be your first mortgage.
Your monthly payments exceed 31% of your gross monthly income.
The mortgage is either in default or stands a great likelihood to go into default.
The loan can not be a FHA or VA instrument.
Please watch the below video for additional information. Or call one of our team members for a consultation to understand just what your options are.
Posted by http://www.floridashortsales.info - December 27, 2011 - News
Certified Distressed Property expert
I’m not sure attending a few class room hours of education makes you an expert at anything. Becoming an expert requires years of experience and countless hours of continued education. I say this as I’ve met many with the certification of a CDPE and most leave much to be desired. I always tell people that the home in which you may desire to short sale was at one point the most valuable investment you ever made. I assume most of you took great care when making the purchase and certainly hope all of you will take additional care when dumping what is your worst liability.
Kid yourself not, you must find a Broker or top Realtor that really understands the landscape, and is equipped and motivated to take on the Short Sale. I have seen more short sales get screwed up as the realtor had no clue as to what they got themselves into. And when you hire anyone that that claims they will assist you in the short sale process please do not pay one penny. In many States it’s become illegal to charge upfront fees but there always seem to be some clever folks out there that figure out a way to circumvent the system.
We have taken on short Sales for the last four years and have never charge a dime upfront. We don’t charge as we know we will get the deal done, not to mention the fact that Short Sales are the only type of real estate we handle.
Find A Proven Realtor
You should only rely on those folks that have successfully completed countless shorts sales. Make sure they do not off your file to a title company that will attempt to process the short sale. Many times Realtors and Title companies become frustrated with the process and just give up. Not good.
Short sales are complicated transactions and tend to be very time consuming. Clients who have no experience with short sales might not understand the importance of procuring a Florida short sale realtor which has experience dealing with the lender or who ever is servicing the loan. Have you heard of Equator? This is a electronic platform that allows for communication between the lender/servicer and the Real Estate Broker or Attorney handling the file. It’s amazing the amount of paperwork that is amassed during the short sale process. Try sending a ninety page fax, follow up with the lender in forty eight hours to be told, we never received the fax. Frustrating for sure. And that little process can easily kill a couple of hours.
HAFA
I remember when we started doing short sales back in 2007, that was truly a puzzle that never seemed complete. Things have improved greatly as the lenders have developed systems and protocols to make this all happen. I often explain to clients that these institutions were not set up to perform these types of procedures. Starting back in 2009 things started getting better. Not to mention the mess with who would take the hit on the loan. The originator of the loan, the mortgage insurance company, the second lien holder or the lender? Would the government step in and take some of the pain. As it ends up these issues are still not clear and to this day there is much litigation concerning these very facts. One thing is for sure, if there is a buyer looking to buy a short sale all parties involved now understand it’s in their best interest to move the property and get it out of inventory. Once the government stepped in with the HAFA program it sort of greased the wheels a bit. Not all home owners will reap the benefits of HAFA which I will dedicated an entire post to. But the short of the long of it is simply the motivation this provides for the lenders to receive some financial rewards from the government. Yes I know, another bail out.
Due to the complex and lengthy back and forth necessitated by these transactions, a Florida short sale realtor is often necessary for translating and providing guidance. In some instances, lenders won’t allow a client to enter in to a short sale without the presence of a realtor. There are specific deficiency laws, tax ramifications and foreclosure processes in each state which an educated Broker can at least steer their clients in the right direction. Of course I always recommend reaching out to a licensed Attorney with any legal questions. . Contacting a Florida short sale realtor ensures that no stone is left unturned that could create a liability later on in the short sale process.
Marketing a home that will hit the market as a short sale is a major undertaking, and involves a certain level of strategy to ensure the right contacts are made and nourished. Failing to adequately market and prepare a home for a short sale can increase the amount of time the market. Short sales can be impacted by a number of collateral factors, all of which are sure to consume plenty of time outside of marketing and promotion. Ultimately, clients looking to procure or sell a property as a short sale face a much different road than those selling as an owner or buying on their own terms. Failing to work with a short sale specialist can result in an agreement that is skewed towards one party or the other. Additionally, circumstances beyond the buyer’s or seller’s control can change the direction of a short sale transaction instantaneously.
There was a moment in time that Realtors would not touch the short sale processing and dumped it on the Title company. Now Title companies realize there is no novena and seemed to have lost interest in short sale processing as well. Take it from a guy that’s done hundreds of these (it’s all we do), it takes a complete organization built around doing short sales to be effective.
We respect your privacy We will never sell or rent your contact information
Testimonial
I was at the end of my rope dealing with these banks. Alan over at Florida Short Sale Realty help me make sense of what my options really are. I have since Short Sold my home and walked away with $5,000 thanks to Alan & his team.
Many Thanks!!
Strategic Defaults The question I get often is what do we do now. Many times my answer is very strai[...]
The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. The hiring of a Realtor is an important decision that should not be based solely upon advertisements. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice.The offer of free Foreclosure Defense or post short sale Chapter seven Bankruptcy may not be offered to all clients. I reserve the right to withdraw this offer at any time and may not offer this free service to each and every client. The determination to offer the above free services will be evaluated on a case by case basis.
DISCLAIMER: Legal information is not the same as legal advice! The information on the Florida Realty Short Sale Web Site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal advice.
We may offer our opinion on; Loan Modifications, short sales, deed in lieu, reinstatement of loan or general pre-foreclosure information .As such, the information presented here should not be used as a substitute for consultation with professional legal assistance or other competent adviser. While we have made every attempt to ensure that the information contained on this Web Site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. (c) 2012 .
