Short Sale Homes Help for homeowners
February 18, 2011 | 
Author Did you know that short sale can help stop foreclosure?
While foreclosure and short sale homes are often in disrepair thanks to neglect or vandalism by the evicted previous owner, they can often present a great bargain opportunity. The supply and demand will be a factor in pricing and of course the number of bank owned or short sale homes are also a factor as these tend to be the ones that are hurting the market and driving prices down at this time in several areas around the country. Short sale homes are usually offered at a discount and will be sold for any amount that the lender will take, so it can be an amazing deal.
A short sale can be a win/win for everyone. If a homeowner falls behind in his mortgage payments, the idea of a short sale can seem pretty attractive. In this real estate environment, selling at a short sale can help both the banks and owners unload a property and receive a fair price, and avoid taking the mortgage through foreclosure and having it sit on the open market for months. For some lenders, approval of a short sale can take up to 3 months or more and if you can get the process going before you even receive an offer on your home, can cut back this timeframe considerably. However, the process of waiting for a lender to decide whether to agree to a short sale can make a lengthy home-buying process longer and more arduous.
A short sale can be a good deal for a buyer, and it can help the seller avoid having a full foreclosure on his or her credit record. But if you do get pre-approved and are looking for a short sale, it may help your search and eventual purchase if you are aware why some short sale homes are more difficult to buy than others.The short sale will usually appear as a pre-foreclosure in redemption.
Applying for a short sale will take several things, you will need to give them a hardship letter explaining the reason you are requesting a short sale as well as debt to income statement and bank statements as well as w2 forms.
For the homeowner, there are three big advantages to a short sale: short sales appear on your credit report as “pre-foreclosure in redemption,” not as “debt discharged due to foreclosure”; a short sale will probably not damage your credit, as much as a foreclosure; and, in many cases, the lender will agree to forgive the remainder of the loan.While a short sale will have a negative impact on credit in many cases it is the only opportunity a seller may have to avoid foreclosure and will potentially afford the short sale seller the opportunity to qualify to purchase a new home sooner. Could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. Now the seller and the buyer can rest assured the short sale will be completed quicker and close sooner because the federal government has stepped in to assist.
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Do You Need A Real Estate Agent?
Do You Need A Real Estate Agent?
Real Estate business has seen tremendous growth and so has been the need of Real Estate agent. Today more and more people are getting interested to become home owner and as the demand for real estate need increases the role of Real Estate Agent becomes more important. In the past one agent use to provide services to both seller and buyer but as the real estate market changed people started to realize that specialized service is more logical and beneficial. In Real Estate industry now buyer/seller are looking for specialized agents who can provide specialized related expertise, information and services required to complete the process. When a real estate agent represents both buyer and seller it really restricts agents to provide impartial service to either party.
Let’s look at the both (Seller/Buyer) scenario separately. A real estate agents who is a listing agent of seller has a fiduciary, ethically and moral duty to represent seller only.
By getting Exclusive Right to Sell Listing, the real estate agent is promising seller that he will live no stone unturned to market the home and find the best buyer at maximum possible market value for the home.
As a Buyer’s real estate agent he need to find the right home for buyer along with should all information of the community. When a buyer is exploring to buy a real estate property in new community, he is very much interested to find out several information related to that particular community such as population, crime, climate, schools, traffic, living standards etc. Buyer’s real estate agent should be well informed with all these information so that he can provide that information to buyer. It will be easier for buyer to make the decision based on these information. Once the buyer is ready to buy real estate property in the community then other part of the real estate agent’s duty starts. As buyer’s agent it is his responsibility to find a real estate property, as per buyers requirement. It is also buyer’s real estate agents duty to negotiate the best market price with seller.
So if seller and buyer are represented by their own specialized agent then both agents can play a partial and specialized role for their client..
So it is quite clear that one real estate agent representing both seller and buyer can not justify providing specialized service to both party. Both buyer and seller are in different need of services. That’s why specialized real estate service has become more in demand where buyer/seller can get impartiality specialized service during the process.
Never before has the role of specialists in the world of real estate been more important. With buyers and sellers requiring more services, the industry has seen an explosion of agents who specialize in either the representation of sellers or buyers. These specialist agents can provide a wealth of services and maintain a complete impartiality during the sales process as there is only one client to concern them.
Historically the sales transaction and the concerns of the buyer were the purview of a single realtor. However, as the industry has progressed so have the needs of each party and so the specialist arose. Buyers have some very particular needs, and specifically the need to feel that their best interests are seen to. Listing agents are representatives of the home’s owner and in that role they have a primary responsibility to that owner. How could they properly look after the needs of an interested buyer as well?
So what is it that a buyer’s agent does? Primarily the buyer’s agent will begin with the location of suitable properties for their clients. This is usually based upon a list of requirements and desires that the client has communicated to the agent. They will then arrange viewings and recap their findings with their clients and assist in deciding upon a good candidate for an offer. This will be based on the wealth of community information that a buyer’s agent commands. As specialists, they are experts on their given area which is critical in the education of clients on the areas that they are considering. Once a property is decided upon, the buyer’s agent changes significantly, evolving into an overseer-negotiator role. They will typically coordinate the inspections and conduct the negotiations with the listing agent. This includes the execution of the buyers subjects and the closing of the actual contract.
There is an art to representing a buyer. It is a role that has become ever more crucial in an industry where customer service is the single most important thing that an agent can offer. If you are in the market for a home then the buyer’s agent is the friend that you need to make sure that you are given the service that you deserve.
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For more information about buying or selling Real Estate in South Florida contact G&E Realty Group, Inc at www.gandehomes.com 954-450-1174
We are specialize in Foreclosure and Short Sale In the south Florida market
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Strong rebound in pending home sales
Strong rebound in pending home sales
WASHINGTON – Dec. 2, 2010 – Pending home sales jumped 10.4 percent in October, showing another positive uptrend since bottoming in June, according to the National Association of Realtors®.
The Pending Home Sales Index (PHSI), a forward-looking indicator, rose to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.
The latest surge also reflects market strength, since buyers had an additional push to close quickly in October 2009 to qualify for one version of the first-time homebuyer tax credit that expired in November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
The data also surprised economists who had expected a decline in pending home sales given current troubles within the housing market. However, Lawrence Yun, NAR chief economist, says excellent housing affordability conditions drew in more homebuyers.
“It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels,” Yun says. “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011. More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery.”
Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages – much lower that the vintages of 2002 and 2003 before the housing boom.
The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest, the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago.
Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West, the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.
Near term, Yun expects home sales to continue climbing from their cyclical low this past summer.
“Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” Yun says.
© 2010 Florida Realtors®
For more information about buying or selling Real Estate in South Florida contact G&E Realty Group, Inc at www.gandehomes.com 954-450-1174
We are specialize in Foreclosure and Short Sale In the south Florida market
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