The Best Ways To Get A Short Sale Approved

The Best Ways To Get A Short Sale Approved.  How many times have you heard someone claiming to be a short sale “specialist” and then tell you the best way to negotiate a short sale was to use a loss mitigation specialist?  Then they will tell you that they use specialized spreadsheets, secret language and inside information etc, etc all to help get you approved.  Well guess what?  It’s all hogwash!

The real experts will not feed you all of that rubbish.   A short sale expert will know that there are several essential things that need to be done to effectively get a short sale approved and that there is never immediate acceptance.  Any short sale expert will have the experience to know what the challenges are and exactly what to expect.  Additionally, a short sale expert will know what tried and true techniques to use to get the job done.

Here are some tips and tricks to getting your short sale approved.

• Think like a lender – how much is this going to cost them, how can they collect that debt, how can they avoid long term debt
• Follow up – after submitting each short sale package, call the loss mitigator that it was assigned to to make sure they got it
• Continual follow up – lenders are very busy with foreclosure so it is very important that you call every four days or so.  Make sure you are being personable so that you don’t come across as someone they will try to avoid; however, you need to be persistent to help keep things moving
• Who owns the loan – Fannie, Freddie, FHA, VA etc, each has their own acceptable percentage value of your property
• Make your offer – then very nicely ask your loss mitagator to order a new interior BPO asap
• Get a title report – to make sure there are no surprises that you didn’t know about
• Talk to the loss mitigator – try to find out what value the BPO appraiser turned in.  You may not be able to get them to give you this information but it is definitely worth a try
• Appraised value – 90% is what you should expect to pay
• Counteroffer – if you cannot get the value that the BPO appraiser submitted, make sure you ask for a counteroffer
• Submit your counteroffers – attach proof with your counteroffers to validate your claims.  You can use the MLS listing to show days on the market, cost of repairs needed, the comps that have a low value and any negative press your area has received.  All of these will act as proof to support your lower offer
• Cash – your loss mitagator will already know this but it doesn’t hurt to remind them that you can close more quickly with cash

Remember, lenders don’t like to do short sales; however, it is not the worst thing in their book.  So you need to take charge and make an offer they can’t refuse.   Show them that you are prepared and that you know what you are doing.  Be as polite and courteous as you can possibly be.  This is the best way to get what you want.

Talk to your realtor, they have been working with short sales for many, many years and they will be your best possible support throughout this entire process.  So team up with someone that has the experience and know how to get the job done and done quickly!

For a FREE and confidential consultation about selling your Florida home “Short Sale” contact Attorney Bonnie A.  Brown, PA.  at  772-221-9024

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Serving Locally and Globally.  View thousands of new and resale homes:  www.Northeast-Florida-Relocation.com,  www.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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Avoiding Mortgage Junk Fees

Avoiding Mortgage Junk Fees.  If you look down your long, long list of closing costs at your lender’s office, you probably won’t find one labeled “junk.”

That’s because lenders don’t like to admit that some of the charges they’re passing off as “necessary’ are really “junk”.
Actually, they aren’t junk to the lender because they represent an important stream of profit. But we certainly don’t need those added fees. Junk fees are a good place to negotiate with the lender for a better deal. But the time to negotiate is before you sign the loan application. Once you’ve signed, you’ve sealed your deal for better or worse.

The lender does have legitimate costs that are passed along to you, the borrower, in the form of closing costs and fees; however, by the time you see the fees they’ve been inflated. For example, if the lender has an electronic appraisal done on your property, it might cost him $25, but he’ll charge you $125.

Lenders are required to give you a good faith estimate of your closing costs when you first contact them, but it’s not required to be completely accurate! So they often give a lower estimate to get your business, and then increase fees once you have committed. Thankfully, new mortgage legislation has limited the amount by which your fees can change once disclosed.

Inflated costs are  just one example of junk fees and costs that get built into your loan without you knowing it. A more egregious example is the charges for made-up things, like “underwriting fees” or “document preparation.”

• A lender will tell you an underwriting fee is the cost that they incur to underwrite your loan. They need someone to go through your whole package to make sure it complies with secondary underwriting requirements.

But an underwriting fee is purely a junk fee because the whole point of applying for the loan is so that it gets underwritten. You’re being charged an extra fee on top of all the other fees to do exactly the same thing.

• Another common junk fee is the cost for document preparation. Basically, computer programs print all the necessary paperwork at the touch of a button. Someone will key in the necessary information. But again, underwriting the loan and preparing the paperwork is within the general scope of, well, getting the loan approved for you.

The problem with junk fees is that they all sound so legitimate. It’s difficult to tell what’s real and what isn’t. As the borrower, you’re entitled to an explanation of each and every charge in a way you can understand. If the lender throws some jargon your way, stop and ask for a detailed explanation.

To avoid the problem of bait and switch, talk to several lenders, and don’t just compare interest rates — compare fees.

About the Author:  Millie Gil has been a successful Florida Licensed Real Estate agent for over 25 years.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For real estate service and information please forward your request to communityinfo@comcast.net

View thousands of listings  www.Northeast-Florida-Relocation.com,  www.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com

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How To List Your Home Short Sale

How to list your home short sale

Inevitably, during a dip in the economy some people feel it worse than others. If you are experiencing especially hard times and are unable to pay the mortgage on your home right now due to your special financial situation you may have options.

A short-sale could be the perfect solution for many homeowners missing their payments because of the economic downturn. In fact, a short-sale is preferred by lenders as well as homeowners; it’s a win-win for everyone.

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.  Please consult with your financial advisor for more information.

What is Necessary from a Successful Short Sale Negotiator?

• Sophisticated financial knowledge
• Understand the lender’s language
• Reliable – a company with name to protect
• Time, time and more time
• Accurate paperwork
• Experience
• Legal knowledge
• Negotiation skills
• Strong supportive administration
• Capability to handle high volume
• Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.

Servicing Florida Cities:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Want to List Your Home as Short Sale?

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations.  Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value.  Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.

What is Necessary from a Successful Short Sale Negotiator?

• Sophisticated financial knowledge
• Understand the lender’s language
• Reliable – a company with name to protect
• Time, time and more time
• Accurate paperwork
• Experience
• Legal knowledge
• Negotiation skills
• Strong supportive administration
• Capability to handle high volume
• Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.

For Legal Advice Contact: Attorney Bonnie A. Brown

For a Real Estate Professional Contact: Bold Real Estate Group, Inc.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

View thousands of listings  www.Northeast-Florida-Relocation.com,  www.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com

What is a “short sale”

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations.  Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value.  Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.

What is Necessary from a Successful Short Sale Negotiator?

• Sophisticated financial knowledge
• Understand the lender’s language
• Reliable – a company with name to protect
• Time, time and more time
• Accurate paperwork
• Experience
• Legal knowledge
• Negotiation skills
• Strong supportive administration
• Capability to handle high volume
• Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.   For a confidential appointment, please contact us at communityinfo@comcast.net