Bank assisted short sales of homes surged in the second quarter of the year as buyers snapped up discount priced properties at some of the lowest mortgage rates in decades. The surge in home purchases from pre-foreclosures account for an eighth of all residential sales, but represent less than a quarter of all U.S. home sales.
Short sales, in which banks cooperate with mortgage holders to sell at a price for less than what is owed on the mortgage had an average sales price of $192,129, according to RealtyTrac. The figure represents a discount of about 21% under homes that are not foreclosures or short sale properties.
The surge in sales may be a major step for the housing market, troubled by record foreclosures and declining home values in most areas of the country. High unemployment and underemployment levels make it nearly impossible for more than a third of all U.S. households to qualify to purchase a home.
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1. Get educated. "Education is the first step," says Chris White. "I have the CDPE ; you need this kind of training if you’re going to speak confidently and intelligently about the process." Remember that this is someone’s financial future in your hands, so you need to know what you’re doing, or you should refer the lead on to a Short Sale specialist.
2. Team up with experienced agents. If you’re new to Short Sales, it’s wise to find an agent who is doing them and is willing to partner up with you to share expenses and responsibilities. Not only will you learn the process and become better prepared, you’ll also minimize the chances of fudging your first few sales if you have a skilled mentor. "Fortunately I've successfully closed over 50 Short sales for my clients", says White.
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We've learned over the years that helping our sellers remain stress free is important. Here are 10 tips to help you stay calm during negotiations.
Trust your Agent: You hired your agent for a reason. He has experience handling negotiations and contracts. Feel free to ask him any questions you have, but don't let the pressure of every minute detail overwhelm you.
Eat and Sleep: Our body needs to refuel in two ways: food and rest. Be sure to get plenty of both so that your brain is well-prepared for any big decisions you may need to make. Pack a bag lunch or some snacks if you think you may be too busy to stop for lunch or dinner on the way to your agent's office.
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Our Team subscribes to Consumer Reports which rates appliances for quality and then matches with price to create their best buy recommendations. For instance, the top rated blender is priced at $425, but the second ranked blender with a close score is $95. Contact us and we'll do a quick research and send you the Consumer Reports recomendations for the product you are purchasing. It's one more way we help you not only purchase and sell your house, but run it efficiently.
If you’re shopping for products from appliances to plumbing systems with optimal energy performance — and you are, right? — three rating programs (the Consortium on Energy Efficiency [CEE], Energy Star, and Energy Guide) can help.Energy Star is the name you likely know, but if truly stellar energy performance revs your motor, go straight to the Consortium for Energy Efficiency (CEE).
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By the end of the year, financial-services-technology firm Fiserv expects housing prices to stabilize in two-thirds of metropolitan areas, according to the latest analysis of home prices in 380 U.S. markets -- based on the Fiserv Case-Shiller Indexes -- released Tuesday. That number will increase to 95% of all metro areas by the first quarter of 2013. "Relative to family income levels, the average U.S. home is now only 5% more expensive than it was in 2000," David Stiff, Fiserv's chief economist, tells DailyFinance.
He added that Monday's S&P downgrade of Fannie Mae and Freddie Mac could hurt consumer confidence, but "the resurgent demand for Treasuries could cancel out" the downgrade.
During the next two years, Fiserv projects that these markets will see the biggest price increases: Tacoma, Wash. (24.9%), Palm Bay, Fla. (18.3%), Seattle (10.2%), Tucson (10.2%) and Memphis (10.%).
The company also expects prices to grow in areas such as Washington, D.C., San Diego and the San Francisco Bay Area in California, where strong labor markets and desirable geography will prompt home buyers to get in at low prices. Ex-burbs continue to recover more slowly than metropolitan areas because gas prices and long commutes are dissuading buyers.
By the end of the year, financial-services-technology firm Fiserv expects housing prices to stabilize in two-thirds of metropolitan areas, according to the latest analysis of home prices in 380 U.S. markets -- based on the Fiserv Case-Shiller Indexes -- released Tuesday. That number will increase to 95% of all metro areas by the first quarter of 2013.
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"That is a beautiful shot with very good lighting ." about Women Consider Owning a Home to be a Vital Component of the American Dream
on Sunday, May 12, 2013 @ 9:57 AM
Chris White - Team Leader said
"Unfortunately you are not alone. It's more than an outcry. The powers that be really need to come down harder on Bofa than they already are. Working on these short sale for over 2 years now I've uncovered down right fraud happening on the lenders parts. If they cared more about moving this country forward than protecting their own wallets then they would cut the red tape and approve these short sales in a timely manner. Our team made the wise decision to get BofA loans which were FHA or Freddie Mac backed, approved prior to listing on the market. Then we can list the home as "Price Approved" and close in 30 days. In this instance BofA does a full appraisal, rather than an incompetent "Broker Price Opinion" (nothing against agents but they have no idea how to make adjustments on comparable homes) and then the bank issues an "Approval To Participate" letter which dictates what price we can go on the market and take anything north of 88%. I really do hope your situation improves. " about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:15 AM
Lisa Zeiner said
"We made an offer 4 months ago to BofA, and have heard nothing. It was a cash offer which is better than the zero money they are collecting now. And since the people don't care they are trashing the place, by the time BofA gets around to it our offer will be gone as the place is a mess!! Septic issues now, garbage being dumnped. All of this could have been avoided if BofA really wanted to correct their cash flow problem and sell these properties in a timely manner. They cry about cash but then do nothing intelligent to fix the problem" about Congressional Bill to Speed Up Short Sales
on Tuesday, August 30, 2011 @ 9:06 AM
Jones Ramirez said
"Thank you for the work you have done into this post, it helps clear up a few questions I had." about How do appraiser’s determine a homes value?
on Tuesday, April 19, 2011 @ 10:07 PM
HollyRobsonf said
"Hey - I am certainly happy to find this. great job!" about Bank of America to Offer Principal Reduction to Underwater Borrowers
on Wednesday, April 13, 2011 @ 6:45 PM