Short Sales….Are They Really Short???

In today’s twisted real estate market, short sales have become really common. How ever many homeowners are not aware of how a short sale can or can not benefit them. It is usually a win, win situation for the owner and buyer. The bank on the other hand gets the short end of the stick. The question really boils down to the time frame this process may or should take. This is the question that many people are asking based on the enormous inventory of short sale request pouring in these days.

A short sale is when the lender or lenders decide to accept an amount less then what is actually owed to the bank. In some situations there may be a first and second lien on the loan causing the second lender to accept a drastically lower amount then the first lender. A seller may chose to go this route if the mortgages payments are in default. A lawyer can decide whether your loan qualifies for a deficiency judgment or not.  If you are granted a deficiency judgment, this would usually mean that the difference of money the bank loses would not have to be paid back. This is usually what the seller would want to know before agreeing to do a short sale.

It is usually better to have a real estate agent assist you with this by first putting your home on the market. There is a lot of negotiating, calling, administration, and time that goes into getting a short sale granted and closed. The agent must have an offer from a buyer, and then only can the process begin. If the home is going up for auction in a few weeks it may not be the best time to try to do a short sale. A short sale can take anywhere from thirty to ninety days if not longer in some cases.

Making sure your agent has experience with short sales and is a really aggressive negotiator will usually get the job done quickly. As a seller you should talk to an agent as soon as you know you have missed a few payments, you will need to get your house listed and submit certain paperwork to the bank. Certain banks are easier then others to deal with. If handled right a short sale could be worth the wait for the seller and buyer.

Any questions please email me at abond321@yahoo.com or visit me at www. aqilarealestate.com

Buyers or Sellers Whose Market is it anyway??

Buyers or Sellers…. who has the upper hand in today’s real estate market?  Driving around any neighborhood today would easily answer that question. You can almost drive down any street and bet there will be one or two “For Sale signs”.  With this heavy foreclosure crisis sellers are basically being forced to part with there most sentimental value, their home. Lets face it no seller would sell at this time if they didn’t have to, with in most cases homes selling under the assessed values. This is unfortunate in a few ways; however when the home sold it often relieves the financial stress of the seller’s family, giving them the chance to start over.

The flip side of this makes it a huge benefit for the buyer to buy now. Buyers have a sufficient inventory of homes to choose from. Watching shows as HGTV gives you a peak into all the fun the buyers are now having with all these available choices. In fact it is not so much the dramatically low priced options but this includes all the goodies inside, meaning items to convey with the property. These days the buyers are closing on homes with home warranties being included, flat screen TV’s, furniture, and all paid closing cost. That is just a small portion of the deals buyers are getting these days.

Hands down, there is no question that the real estate market currently belongs to the buyers.  While buyers are currently taking advantage of this perfect opportunity to take part in the American dream; most sellers can begin to take this opportunity to get their finances in order to purchase in the future or just take a break from the responsibilities of homeownership.   

Any questions please email me at abond321@yahoo.com or visit me at www. aqilarealestate.com