Via Bryant Tutas-Tutas Towne Realty, Inc:

1. Do I have to be behind on my mortgage payments to qualify for a Short Sale?

• Not necessarily. Some lenders will negotiate a settlement if you are current on payments. You won’t really know until you go through the process. If you are current on payments the lender may very well require you to “participate in the loss” by making a cash contribution, signing a promissory note or both.

1. What is a deficiency and how do I avoid it?

• A deficiency is the difference between the amount of money you owe and the amount of money paid to or collected by the lender. The deficiency is the “Short” in a Short Sale. A deficiency ALWAYS exist with a short sale. You cannot avoid it unless you just keep paying on your mortgage obligation. The real question is..........

1. What happens to the deficiency?

• The deficiency can be waived, written off, paid later, settled or the lender can, at least in Florida, choose to go in front of a Judge and ask for a Deficiency Judgment against you.

1. What is a Deficiency Judgment?

• A Deficiency Judgment is when a Judge issues a Judgment making you personally responsible for the deficiency and giving the creditor the right to go after you for the money you owe. In Florida the creditor has 5 years from the creation of the deficiency*** to ask for the Judgment and another 20 years to collect on it if granted. To collect they may take assets, levy bank accounts and garnish wages. ***Please seek legal advice on this matter.

1. Will I have to pay taxes related to the short sale?

• Maybe. A short sale IS a tax event. Just as with any real estate transaction the sale is reported to the IRS. In addition the “Short” may be written off as a loss to the lender. A loss to the lender is income to you. How this income is taxed is a question for your tax professional. You may also refer to the Debt Relief Act. Unless extended the Debt Relief Act is set to expire at the end of 2012.

1. How will a Short Sale affect my credit?

• How credit scoring works is one of the great mysteries of the universe! The Short Sale itself is not reported as “Short Sale”. Missed and late payments are reported. Also, how the transaction is reported makes a difference. Is it reported as “settled..”, “paid...”, “charged off..”? And have you been paying your other bills? There are just too many variables to be able to give you a precise answer. If your credit score is important to you then my advice is to make your mortgage payments.

1. What advantage is there to doing a Short Sale over just letting the lender foreclose?

• Credit scoring aside....on average you can get another mortgage within 2-3 years assuming you pay all of your bills after a Short Sale. A foreclosure will affect your ability to get a new mortgage for 5-7 years. A Short Sale also gives you the opportunity to negotiate a settlement. It gives you some control over the situation. With a foreclosure you are 100% at the mercy of the lender.

1. How long will the Short Sale process take?

• A normal Short Sale with no complications will take on average 2-3 months from time of contract. Some go much quicker and some take much longer.

 

1. Will my Short Sale be approved and closed or am I wasting my time?

• We close more than 90% of our Short Sales. As long as you participate, by providing me what I need, when I need it, then yes, your Short Sale will be approved and get closed.

1. When will I have to vacate the property?

• Unless we are able to negotiate something different the day of closing belongs to the Buyer. Most lenders will not allow you to rent the property back after closing so plan on moving. You will normally have 30-45 days notice prior to closing.

1. Who pays your commission?

• The listing agreement is between you and I. So legally you are responsible for paying my commission. However, just as in a regular transaction, the costs of the sale are deducted from the purchase price. This means the buyer brings money to purchase the property and we pay everything out of that. The lender gets whats left. You pay nothing. Unless it is required by the lender and you agree to do so.
  

Additional information:


• CDPE Site
• Contact Bryant
• FannieMae/HAFA Program
• FHA Preforeclosure Sale
• From The Lawyer's Mouth
• HAFA FAQ
• HAFA Guidelines
• IRS Debt Relief Act
• Is Your Loan Owned By FNMA?
• Military HAP Program
• My Short Sale Story
• Property Search Map
• Sample Approval Letters
• Short or Stay?
• Short Sale Approvals
• Short Sale FAQ
• Short Sale Network
• Strategic Short Sales
• Testimonials

 

I hope this helps. Please feel free to contact me with any additional questions you may have.

Are you facing foreclosure in Florida?

 



 

 Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.



Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

Customer Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Via Richard Weisser Coweta Fayette Real Estate:

Some things should be common sense. If someone tells you that business is slow, or that they are having trouble making ends meet, the best response may NOT be something along the lines of “oh really? I am having my best year ever.”

How much better would it be to say something like “I’m doing okay, is there anything I can do to help you get things going again?”

People that are hurting need support and not a reinforcement of their failures. Not everyone has adapted quickly enough to the current market to maintain the same level of business as in the past.

There are ways to help that may be mutually beneficial. Could an experienced agent be a useful addition to your team? Is there some way that your combination of lead generation and another agent’s people skills be a profitable match?

Empathy can only take you so far. Working towards a real solution can take you the rest of the way!

And it could be both cathartic and lucrative!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.

 

North Georgia Photos

Via Mike Montague (sales representative : Sutton Group Incentive Realty Inc.):

11 Tips for Selling Your Home Faster

There is nothing new on this list that hasn't been emphasized in a number of earlier blog posts but good advice is always worthy of restating. Here are 11 tips to help you sell your home faster:

1. Curb appeal – Keep falling leaves and dead shrubs out of the yard! You don’t want a potential buyer’s first vision of your home to be negative (“look how much work it’s going to be to keep up this yard”).
2. Front door – At the very least, make sure it’s clean. You may want to replace or paint the front door as this is your potential buyer’s first up close look at the property. Make sure storm doors are clean and that all locks and door handles are tight and functioning. A loose or broken lock gives the wrong impression from the get-go.
3. Light – Make sure you home looks spacious and light. If you have darker areas in the house, buy additional lamps for those spaces. Put in full wattage bulbs (check the tag on the lamp neck for maximum allowable wattage) and make sure all bulbs in the house work. When the house is being shown, have ALL lights on, even closet lights and the one over the stove. Light and bright makes your home much more desirable.
4. Windows – Open drapes and blinds to let in as much natural light as possible. Take down all worn, torn or broken blinds or drapes. Bare windows look far better than windows with torn or dirty treatments. And make sure windows are clean. Clean windows let in more light, improve the view on the other side, and make the rest of the house feel cleaner.
5. De-personalize – You want buyers to see themselves and their family living in the house. It’s important to take down family photos, trophies, collectibles, anything that makes them see this as your home, not theirs.
6. Smell / fragrance / odor? – This will be the first thing prospects notice when they walk in. You certainly don’t want the house to smell musty or like last night’s dinner. Scrub well and you may want to consider lemon scented cleaning products and/or burn vanilla scented candles.
7. Clutter – No. None. Clean out, throw away and store everything that you can. Now’s the time to get rid of things you don’t want, but don’t replace them! Much better to have your home look open and spacious. You don’t want it to feel crowded or your buyer gets the impression that there won’t be enough space for their things. If you have a lot and can’t get rid of the excess, rent a storage building and take out more than you think you should. You may find you actually enjoy the extra space.
8. Bathrooms – Remove everything you use – yes, toothbrush, toothpaste, hairbrushes and combs, razor, shampoo, bar soaps, make-up, everything out of the shower and off the vanities. The bathroom should be so clean it sparkles. Hang a new shower curtain – clear or white – and leave it open so the bathroom looks larger. Make sure all light bulbs are working and the highest wattage possible. No one likes a dingy or dirty bathroom.. It’s best to install new toilet seats (very inexpensive) and, if necessary, new faucets and shower-heads. Clean all grout. Great grout cleaners can be found at home improvement stores.
9. Kitchen – Remove everything from counter-tops to make the space look as large as possible. Scrub all appliances until they shine. Take everything off the refrigerator – notes, photos, magnets, everything. Make sure cabinets and doors are free from fingerprints. Dated hardware? You can really spruce up your cabinets by replacing the knobs. Check out Habitat for Humanity stores for great deals on cabinet hardware.
10. Bedrooms – Neat, clean, beds made, and eliminate clutter. Removing an extra nightstand or dresser may do wonders for increasing the visual space of the room.
11. Closets – In every room of the house, clean out closets by throwing out or passing on anything not still being used. Make closets look as large as possible by leaving at least 30% of the space vacant. If necessary, pack up and store what you don’t need now. When buyers open doors, you want them to see plenty of closet space in the home.

 

 

 

 

 

 

 

I can’t really blame Homer either…you see I sometimes will try to go it alone because I know the area somewhat. 

 

Via Marzena Melby Realtor - Twin Cities Minnesota Real Estate (Keller Williams Integrity Realty):

"I'm a Doctor Dammit..."- Something To Put a Smile On Your Face... by Twin Cities Homes for Sale

This satire makes a great point, but who is to be blamed for public's perception of our profession????!!!

Contact Marzena M. Melby, GRI, CDPE, Keller Williams Integrity Realty. Licensed REALTOR® in the state of Minnesota

 Visit my website to search homes for sale in the Twin Cities and surrounding areas.

Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. Twin Cities Homes 4 Sale Blog does not guarantee, or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Twin Cities Homes 4 Sale Blog represent the opinions and ideas of the author. Twin Cities Homes 4 Sale Blog does not express the views of Keller Williams Realty, or its other partners or agents.

Via Leslie Ebersole, REALTOR® Chicago's Western Suburbs (Baird&Warner Fox Valley):

Sometimes you read something that just doesn't sound right, so you read it again and are even more astonished. J. Philip Faranda published a post Zillow Agent Reviews: A Request for Sanity in which he described his surprise about an email he received from Zillow about a consumer who wrote a negative review about Phil. Zillow wrote this to Phil

...we are extending you a “Free Pass” and will not publish this review on your Zillow profile. Please note that this is a one-time courtesy and that you will not receive a “free pass” for similar reviews submitted for you in the future.

But this wasn't a simple case of someone who had a bad transaction. The consumer complained that Phil didn't respond to his inquiry. They never had any contact and yet this consumer gets to submit a review?

I was very surprised at the tone...who is Zillow to give a "free pass" to a paying advertiser?

And then today a bigger surprise. On the Zillow Advice site Phil's post is now being discussed. A Zillow representative named Kristin Acker writes this:

"We connect a lot of buyers with agents, we think if we have unresponsive agents, then we shouldn't encourage buyers to contact them. The reason we went with the "Free Pass" described above, was a way to give agents a chance to start responding to consumers Zillow sends them. 

If you see a review on the live site for not responding, that agent has been reviewed TWICE for not responding (we reject the first one we see and send an e-mail to the agent). We believe consumers should be able to find out that this agent may not respond to you. 

Even I could argue the other side, but at the end of the day, we want buyers & sellers on Zillow to have a great experience and find a great  agent. That's one who responds to their inquiry."

Now I've gone from surprised to shocked. Zillow sells advertising space to agents and brokers. Zillow presents listings that brokers pay to syndicate to the site. Zillow does not "encourage" the use of one broker versus another, except by virtue of offering paid space on their site. And since when did "a great agent" get defined by how fast an inquiry is responded to?

I have supported Zillow as an option for clients to get information about houses and markets. I have never feared that Zillow could replace my expertise in pricing a home. Heck, I even put the Zillow mobile app as a choice on the tablets we give out to buyers during their home search. 

When agent reviews were first rolled out on the various aggregator sites, I remember many discussions here on ActiveRain about the possibilities for abuse by disgruntled consumers. We were assured by representatives from companies such as Zillow that there would be checks and balances in the system to make sure that agents were protected from irrational complainers.

But apparently that policy has changed at Zillow. 

Now Zillow sees itself as the gatekeeper to finding a great agent. Apparently that agent is:
- a member of a brokerage who pays to have listings syndicated to the site
- and/or pays for advertising space
- and manages to dodge any and all disgruntled consumers, even ones with whom no contact was made or services performed.

Just yesterday I was telling someone that I have never, and would never write a post criticizing a single firm like an aggregator or a lender. This situation, however, bothers me enough to break my policy. I refuse to sit back and watch Zillow, or anyone else, disingenuously claim their support for a better real estate industry while they attack the very firms and agents who pay for their existence.

No rational person will agree to this.

 

Zillow is a registered trademark of Zillow, Inc.

 

This post was written by Leslie Ebersole of Baird & Warner Real Estate.
Use or reproduction of the material published on this site is expressly prohibited
without the express written permission of the author.

 

My Website FoxValleyRealEstate.net

My Email leslie.ebersole@bairdwarner.com

My Mobile (630)945-7935