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Posts Tagged ‘short sale seminar’

Close of Escrow

09 Dec

Step 16

Congratulations!  Escrow has closed!

You’ve been waiting for your Realtor to say this for the last 30 days!  Your lender has “funded the loan” for your new home and escrow has reported to your Realtor that the grant deed has been recorded at the county recorder’s office.  That event signals that Escrow has closed!

It seems that this time period has lasted forever but soon it will be a story that you will be sharing with your friends and family for years to come – you survived buying a Home!  You have accomplished the All American Dream of Home Ownership!

Hope you have been packing because tomorrow is moving day!

 

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Title, Uncategorized

 

Not All Homes Listed For Sale Are For Sale?

23 Jul

Say what?  That sounds ridiculous!

You’ve stayed up late looking online for your Dream Home.  The next morning you call your Real Estate Agent and tell her/him about this wonderful home that you want to see and possibly make an offer on.  But you find out the home has multiple offers and one offer has been submitted to the bank.  It is a short sale…

Why is it still listed for sale online?  It’s not available but yet it comes up every time you do more searching for homes.  This can’t be, maybe your agent doesn’t know what she/he is talking about!  So you make a call to the listing agent direct to get to the bottom of this, yes it is in escrow but you can place a back up offer.

Some Listing agents are not doing their jobs well.  This home that has an offer submitted to the bank for negotiation of the short sale should NOT be online as an active listing for sale.

So all I”m saying, don’t fall in love with that short sale home.

 
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Posted in FHA, Homes For Sale, Real Estate Update

 

Short Sales

23 Feb

Another day, another short sale seminar.  But the one I attended today was different.   The content went so deep into the subject and questioned  how to decide if a short sale is even possible.  Not all short sales are alike.

I learned you need to qualify the Listing Agent as well as the property.  What does that mean?  Well, not all listing agents are educated in the process.  Not all listing agents know what a hardship is.  Short sales are predicated on the fact that there is a hardship such as: death, divorce, job loss or relocation and illness.  Loss of equity is not a hardship.

The second most important factor in a short sale is: does the loan qualify for a short sale?  This means is it purchase money or refi?  Will the banks say ok to the fact that a homeowner took out a second loan to buy a new Escalade or take a trip to Europe?  Well, well the plot thickens.

If you are finding yourself at a point that you need real estate counseling, please call the right professional – an educated Short Sale Realtor.  Maybe a loan modification will do the trick, if not short sale is an option.

 
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Posted in Real Estate Update