Posted on March 26th, 2012
Good evening, we’re Dennis and Jesse right here with Pickett Street Properties, certainly one of Seattle’s main short sale teams. We recently got some excellent news; we had a short sale approval from Bank of America. This short sale was sweet and sour at the same time. It was sweet as a result of we received an approval, and I labored really hard on this file and sour as a result of this listing had been in the marketplace since February 2010. The reality is that we have realized lots within the last two years. We’d like to talk about how we used to process short sales and how we process short sales now.
The very first thing to remember is that persistence is key. Normally, short sales do not close with out persistence. I don’t know many individuals that might hang in there for two years. Overall I had 5 buyers and 3 approvals on this last one. I nonetheless have work to do on it and we still have a couple of weeks to get through this closing process.
This specific short sale is with Bank of America they usually have been recognized for being probably the most difficult lenders to work with. All of them have their good points and their drawbacks, and the fact that you have been in a position to get through a Bank of America short sale, keep it in process for two years, and get this far with it says quite a bit about this transaction. It took me 5 and a half months to get the primary approval and they were awful. This was our first Equator file.
Fast forward two years, Bank of America files aren’t that hard. I can generically say we will get approval in about six weeks and I’ve not been combating them on deficiencies, promissory notes or seller concessions.
Now that we’ve been doing short sales for about two years, I’d say we’re at a graduate stage now versus when we started. We care extra about our clients than other those who had been doing short sales. We are right here in the end to be advocates for our sellers.
In case you’re considering a short sale on your home, give us a call right now so we can answer any questions you have. Once more, we’re Pickett Street Properties, one of Seattle’s main short sale groups and we’re right here to help.
Filed under Advocates, Bank America, Deficiencies, Equator, Fast Forward, Good Evening, Lenders, Marketplace, Persistence, Promissory Notes, Seattle, Seller Concessions, Six Weeks, bank of america, foreclosure, foreclosures, short sale | No Comments »
Posted on February 7th, 2012
Hello I am Kevin Kudrna with the Integrity Team Short Sales at Keller Williams Realty. We’re considered one of Colorado Springs’ premiere short sale teams and we are here to help answer any questions you have about doing a short sale within the Colorado Springs area. We focus on short sales particularly on this area. So, if you want to know what your options are to a short sale, give us a call.
I want to speak to you specifically about FHA short sales today. You may need an FHA guaranteed mortgage, and if that’s the case this is something so that you can watch. Initially, an FHA short sale might be one of many better programs out there. There are very strict guidelines they usually make the program as friendly as attainable for you the seller. Number one, they will actually pre-approve a short sale price. Instead of doing a standard short sale where we’ve to list the home, watch for an offer, and send in the short sale package with the offer. What occurs here is we get that pre-approval before we even have an offer, if that is the situation. The perfect part is we don’t have to wait. Number ; you will not have a deficiency judgment, which is a guarantee. So for those who’re concerned with them coming after you later for the difference, which is not going to occur with FHA. Number three, you will at closing have the ability to get a check from $750 to $1,000 at closing for doing an FHA short sale. I assume it’s their manner of thanking you for doing this rather than permitting it to go to the financial institution as a bank owned as a result of that costs the servicer much more money in the end.
There may be one negative that I must point out and that’s they may solely enable up to 1% in seller concessions for a short sale so long as the buyer is an FHA buyer. If the buyer is not an FHA buyer then it is 0% concessions and so they principally need to go and come up with that cash on their own.
Hopefully this helped you out, and there’s a lot more to an FHA short sale, however I wished to give you among the basics. When you’ve got any questions, please call me at 719-205-6478 or you possibly can go and click on the contact me information right here on the website so I can get a hold of you. I am going to help you determine what your best option is to foreclosure. Thanks for visiting us on our website at Integrityteamshortsales.com where we’re Colorado Springs’ premiere short sale team.
Filed under Avoid Foreclosure, Colorado Springs Area, Deficiency Judgment, Fha Mortgage, Financial Institution, Focus, Guaranteed Mortgage, Hello, Home Watch, Integrity Team, Keller Williams Realty, Kudrna, Premiere, Seller Concessions, Strict Guidelines, foreclosure, foreclosures, money, pre-approval, short sale, short sale specialist | No Comments »