Massachusetts Real Estate

BEST DEAL IN TOWN!!! www.RealtyKim.com Webster, MA

2011-05-23T17:07:00.000-07:00

BEST DEAL IN TOWN!!! www.RealtyKim.com Charlton, MA

2011-05-23T17:05:00.000-07:00

BEST DEAL IN TOWN!!! www.RealtyKim.com, East Brookfield, Ma

2011-05-23T17:03:00.001-07:00

BEST DEAL IN TOWN!!! www.RealtyKim.com Webster, MA

2011-05-23T17:01:00.001-07:00

BEST DEAL IN TOWN!!! www.RealtyKim.com Worcester, Condo

2011-05-23T17:00:00.000-07:00

What is a HAFA Short Sale? Will the seller really get paid to short sale? How do I qualify?

2011-05-23T16:40:00.001-07:00

HOME AFFORDABLE FORECLOSURE ALTENATIVE

HAFA - SHORT SALE

What is a HAFA Short Sale? This is avoidance of foreclosure, the elimination of mortgage debt and possible $3,000 relocation assistance.

Why Should I Short Sale my home vs. Foreclosure? A borrower may be eligible own a home again sooner through a short sale then a foreclosure. Borrowers may be able to buy again by re-establishing a credit history as soon as 2 years after a short sale vs. 7 years after a foreclosure.

Is the HAFA short sale process different then a normal short sale? Yes, with a HAFA Short Sale the process is the same with every lender. This alls the borrow to receive pre-approved short sale terms prior to listing the property through the Request for Modification Affidavit (RMA), and it uses Standardized documents.

How to I find out if I qualify for a HAFA Short Sale? First you must determine who owns your loan. Is this a Fannie Mae, Freddie Mac or non-GSE? Below is a link to look up who has your loan:

Service Look Up: www.Makinghomesaffodable.gov/contact_servicer.html

Fannie Mae: www.Fanniemae.com/loanlookup

Freddie Mac: www.Freddiemac.com/mymortgage

BASIC HAFA ELIGIBILITY CHECKLIST:

•· Must be or recently have been borrower's principal residence;

•· Property has been primary residence in the last 12 months

•· Loan must be delinquent or default (60days) with Feddie Mac but does not have to be delinquent for Fannie Mae.

•· Borrower can not have cash reserves that are equal or over three months total monthly payment and/or $5,000 which ever is greater.

•· Borrower's 1st loan monthly mortgage payment must be greater then 31% of their gross income.

•· Principle residence / owner occupied and or vacated within 90days due to 100+ mile move for employment reasons.

•· First loan must have originated on or before January 1, 2009

•· Borrow must be able to show financial hardship

•· Borrower's current unpaid 1st loan principal balance is equal to or less then:

•· 729,750 for a single family

•· 934,200 for a two unit

•· 1,129,250 for a three unit

•· 1,403,400 for a four unit

The also offer a Deed in Lue Program as well. Email Kim@Realtydelia.com for more information.

F.A.Q. on Bank owned Properties. www.RealtyKim.com

2011-04-12T16:51:00.001-07:00

Q. If I'm paying cash is that better?

A. Depends on the lender, some of your larger companies are looking only at the gross, such as Frannie and Freddie. Smaller withholding companies that don't have funds to keep the properties on the books are looking for a quick close. Sometimes if the home is need of major repair then the cash offer will be the one looked at.

Q. What does, "Sold As Is" mean? Is there something wrong with the house?

A. The banks spend a lot of money every day, as long as they own these properties. Such as paying taxes, sewer, water, heat and electricity. They most likely are anywhere from $100,000 plus underwater already, they don't want to spend any more money on the home. So what they are telling you is that once you agree on your price, the inspection is for "Informational Purposes Only" This is not a negotiating tool like on a normal sale. The bank is telling you that they will fix nothing and they are not negotiating on price. In a very rare occasion I've been able to renegotiate on the price but that was due to major items such as structure, that was not evident to the eye. Please don't send the listing agent telling them that the furnace needs a cleaning and the dishwasher doesn't work and you want it fixed or a price reduction. (True story)

Q. What are corporate addendum's?

A. This is your purchase and sales agreement, due within 48 hrs.

Q. Why can't I make changes? What if there is a mistake?

A. You can not change anything on these documents, not even a typo. If there is an issue with anything in the addendum's it must be made on an attachment. Remember these are standard contracts for the bank all addendum's are the same they just change the buyer information and the address. I know the contract only protects the bank, but remember they know nothing about the property, so they are not liable for anything. They make no representations.

Q. Can I give a personal check for the Earnest money deposit?

A. No, always bank certified check.

Q. What are the property line issues, are there easements? I noticed the listing says, buyer to verify property lines.

A. This means that the bank and the agent do not know where the property lines are. Remember this is not a house where we can talk to the owner and find things out, we don't know! This does not mean there is a property line issue! It just means we don't know where the lines are.

Q. What can you tell me about the home?

A. Nothing! We don't know, we walk into the home and look around just the same as you. We can never make any representations about the property, so please don't ask the agent if they know how old the roof is.

Q. After looking at the home I see there are no toilets, cut plumbing, no flooring, kitchen is torn out and what's left of the kitchen is cut in half, fence is torn off that surrounded the pool and the owner has cut the electrical in the home, but I'm going to submit an offer for FHA and/or USDA financing ok?

A. Are you out of your mind? These items are obvious to all, therefore these items have already been reported to the lender and they are aware that the home will not pass, so don't make us take an hour out of our day to write up an offer on a home that clearly will not pass.

Q. Can't we just go into the property prior to close and do the work on the home, so it will pass?

A. Absolutely not! This is a liability for the lender, what if you get hurt. What if you do a horrible job and do more damage to the property and you still can't get your financing? The seller is not going to allow you to change their asset, so please don't ask.

Q. How long before I have an answer to my offer?

A. Usually 48hrs.

Q. What if there are multiple offers, will I have an opportunity to change my offer?

A. Most agents are required to call best and final once the second offer comes in. I personally will post the multiple offer due date in MLS Remarks and post the notice on MLS as well. However, not all agents are the same so if you know there are multiple offers just go in with your best foot forward.

Q. What if I'm financing the home, FHA/USDA/VA and an item comes up on appraisal, the home is sold as is what do I do?

A. Send over a copy of the appraisal report to the listing agent. Most likely they will be required to obtain a repair bid and send to the lender for approval 9 times out of 10 it gets approved.

Q. Do I need to ask in my offer for utilities and dewinterization to occur in my offer?

A. Absolutely, never assume that the lender is going to do anything. Utilities on for inspection and dewinterization. Seller to perform title v.... Don't forget, if its not in there and accepted, it might not happen.

Q. Can you tell me what the operating expense are?

A. We do not have any history on the properties, there are no seller descriptions, and we do not have past operating expenses, rents or utilities.

Q. Can you tell me if any permits have been pulled on the property?

A. Since the seller is the bank and never lived in the home they do not have that information. Questions or concerns need to researched by the buyer or by their agent.

Q. How do I submit an offer?

A. Always check the documents attached on MLS as most of the time, we have to retype your offer into a computer system so they have specific things they ask for. This is very time consuming on the listing agents part so if you have all this information together for the listing agent it will make for an easy transaction.

Q. Should I make a really low offer?

A. Unless the home has been on the market a long time with no price adjustments, the lenders are not going to accept a low offer, these prices are already discounted.

Q. I just received the corporate addendum's why is the house still on the market?

A. Until we receive the buyer's signed copy of all contracts and addendum's and deposits, all marketing efforts on the part of the listing agency must continue. The property will still be shown and new offers will be presented to the seller.

Q. What is the Fannie Mae, "First Look Initiative"

A. No offers can be submitted for the first three days, this give everyone a fair chance in making an offer on the property. Then the only offers that are submitted are owner occupied until it's been on the market 15days then all offers welcome.

Q. What is the owner occupied certificate? Is this important, I'm buying it for my sister, she's going to live there can I sign it?

A. This is extremely important. The lenders are really promoting owner occupied. The lenders will send someone out to confirm that you are really living there. If you are not they have high fines and penalties for the purchaser.

For more questions about bank owned properties or if you are looking for bank owned properties, please visit: www.RealtyKim.com

What is a short sale? Is a short sale right for me? How much do I pay for a short sale?

2011-04-06T16:09:00.001-07:00

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure

Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses. Banks and lenders are in business of making loans. They don't want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense. If you think a short sale maybe right for you, call now to find out how you can save your credit. The commission and attorney fee's are covered by your lender, this is of no charge to you!

We are constantly striving to create efficient and dramatic results for our clients by utilizing the latest on-line technology & marketing systems. Our team passionately believes that our clients' needs always come first.

I am not a talker, but a doer. If you comprehend the power experience in selling this much real estate, and you want someone who is open minded to new ideas of, and is Pro-active in getting homes sold fast and for top dollar, then pick up the phone and call now.

When is it too late to short sale my home? What happens after auction?

2011-04-06T16:01:00.000-07:00

It's never too late! Usually to stop an auction we need an offer, but it's never to late to make that call to stop the auction.

Many times I've had homeowners behind a year and we just start the short sale process. So many home owners think that the short sale will cost them money. They are not aware that the bank pays the attorney and Realtor fees, so they wait.

It's never recommended to wait, but if you receive an auction notice you must act now! For More Short Sale information, visit: www.LocalShortSalePro.com

Once the auction take place, the bank is formally taking back the property. At this point in time, your next contact will most likely be a Realtor. This agent is hired by the bank to list your home and be the eyes and ears for the bank. They will most likely visit the home and leave a notice on your door, called Know your Options. This notice will let you know who is in charge of your home and possible talk about relocation assistance otherwise known as, "Cash For Keys" and the rental option.

Don't get too excited the rental option is for tenants who are living in the home with a lease, at that point we ask that the tenant turn the lease over to the bank for review. They will deceide whether or not they want to honor the lease.

The relocation assistance is known as Cash for Keys. Another words, "you give me the keys and I'll give you a check." The amount is always negotiable and the sooner you move out usually the larger amount is offered. You must agree to leave the property in broom swept condition.

If you reject the cash for keys the lender will move forward with the eviction process. For more information on the foreclosure process, visit: www.RealtyKim.com

75 Timber Dr, East Longmeadow, MA

2010-11-15T08:58:00.000-08:00

AWAITING YOUR ARRIVAL AMAZING CUSTOM BUILT METICULOUSLY MAINTAINED COLONIAL IN AN EXTREMELY DESIRABLE NEIGHBORHOOD! THE SUN-FILLED RMS & HIGH CEILINGS WILL ENCHANT YOU! LG KITCHEN W/AMPLE COUNTER SPACE & SERVING WINDOW TO THE FORMAL DINING RM, YOU'LL LOVE THE BUILT IN WET BAR, COZY GAS FIREPLACE THAT OPENS! OPEN FLOOR PLAN IS PERFECT FOR ENTERTAINING,1ST FLR BEDRM IS PERFECT FOR GUESTS OR INLAW, FINISHED LOWER LEVEL HAS SO MUCH TO OFFER,3 SEASON RM OVERLOOKS THE PROFESSIONALLY LANDSCAPED YARD! MUST SEE TO APPRECIATE ALL THIS HOME HAS TO OFFER! THE DETAILS WILL IMPRESS YOU!

2 Sunset Drive, Leicester, MA $159,900

2010-11-08T11:37:00.000-08:00

AWAITING YOUR ARRIVAL, YOUR FAMILY WILL LOVE THIS BEAUTIFUL HOME IN A DESIRABLE NEIGHBORHOOD! THE SUN-FILLED RMS & HARDWDS WILL ENCHANT YOU! NEWER KITCHEN W/DINING AREA, YOU'LL LOVE THE CABINET SPACE! 2LG OVERSIZED BEDRMS UPSTAIRS, LG FAMILY RM PERFECT FOR ENTERTAINING, BASEMENT IS GREAT FOR EXTRA STORAGE, WONDERFUL YARD READY FOR COOK OUTS! SOLD AS IS! HURRY THIS WON'T LAST LONG! PURCHASE THIS PROPERTY FOR AS LITTLE AS 3% THIS HOME QUALIFIES FOR A HOMEPATH MTG.

46 New Spencer Road, Charlton, MA

2010-11-04T08:25:00.000-07:00

YOU'LL LOVE THIS RANCH W/LG KITCHEN, BIG FAMILY RM, WOOD STOVE IN LIVING RM TO HELP W/HEATING, ALL THE BEDRMS & SPACE WILL AMAZE YOU, BEAUTIFUL WOOD CEILINGS, LG MUD RM GREAT FOR A FORMAL ENTRY WAY, LG YARD ALL FENCED IN PERFECT FOR A FAMILY OR PETS! PRICED BELOW ASSESSED VALUE FOR QUICK SALE. MINUTES AWAY FROM WORC & EASY ACCESS TO RT20 & MA PIKE. LOTS OF HOUSE FOR THE MONEY! PURCHASE THIS PROPERTY FOR AS LITTLE AS 3% THIS HOME QUALIFIES FOR HOMEPATH FINANCING! ONLY $124,900... HURRY THIS WON'T LAST, OPEN HOUSE SUNDAY NOVEMBER 7TH FROM 11-12!

Foreclosures

2010-10-29T09:52:00.001-07:00

Hi Everyone:

I'm happy to announce the foreclosure freeze on Bank of America & GMAC has been lifted!

However, if you are purchasing a Bank owned Property remember it's very important to purchase title insurance!

For more tips on purchasing Foreclosure properties,
Please contact: Kim@RealtyDelia.com or visit: www.RealtyKim.com

Buyers of Foreclosed Homes May Face Problems

2010-10-19T11:56:00.000-07:00

Foreclosures are at a stand still right now due to invalid paperwork. During the Foreclosure process some papers where not properly notarized and not all procedures where followed. This was caused by the abondance of foreclosures and overwhelmed employees. In many states the lenders are going back on the foreclosure and fixing these issues. What does that mean if you purchased a foreclosure? I haven't seen anything come through the courts yet on this, but they are giving some homeowners a chance to reclaim their home.

My reccomendations when purchasing a bank foreclosure, always purchase title insurance regardless if you are paying cash or financing. Always protect yourself.

Ally Mortgage/GMAC Foreclosures

2010-09-30T15:50:00.000-07:00

This taken from a news bulletin From Old Republic National Title Insurance Company:

Last week officials at GMAC Mortgage, a division of Ally Financial, Inc., announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states. GMAC announced it was taking this action as a result of the discovery that affidavits filed as a part of foreclosure records may have been signed by a person(s) who did not confirm the facts stated in the affidavit. The company also said that some of the affidavits may not have been properlynotarized.

The Attorneys General in Connecticut and California have ordered GMAC to halt foreclosure activities in their states. News reports indicate that state attorneys general in several other states are investigating or are planning to inquire into GMAC foreclosure practices. The statements made and actions undertaken by GMAC, together with state investigations underway, require that Old Republic National Title Insurance Company and its affiliated underwriters, exercise caution when dealing with properties which have been the subject of a foreclosure by GMAC. The Company will not insure title to any property which has been foreclosed
by Ally Financial, Ally Bank or GMAC until further notice.
The issues surrounding GMAC foreclosures reflect a recent national trend of challenges to foreclosure actions.

All agents are advised to be extremely careful in reviewing foreclosure records.
It is likely that challenges to the foreclosure practices of lenders in addition to Ally Bank/GMAC will occur in the current economic environment.
Thank you for your attention to this bulletin.

If you have any questions concerning this matterplease contact an underwriter in your local state office.

How to Find the Right Realtor

2010-09-09T13:04:00.000-07:00

When most people search for a Realtor to list their home, they call on a sign or call a local agency. Has anyone ever thought to pull up that agents listings and see what they look like? I bet if some homeowners looked at their listings on line they would be disappointed. Too many times there are blurry photos and/or none, with no information.

First impressions are everything, a buyer's first impression of your home is on line, don't you want that to be amazing? We all enter our listings in the same place, but not everyone will dedicate the time to treating your listing as if it where their own home. Before you hire your next realtor, look them up on line and see what their listings look like!

Kim D'Elia
Managing Broker
www.RealtyKim.com

TIPS FOR BANK OWNED PROPERTIES:

2010-06-29T15:25:00.000-07:00

Offers: When submitting an offer, make it as clean as possible. If you want the property de-winterized, don't assume it will be done, put it in the offer. This usually takes about 48hrs for completion, so please allow that time before scheduling your inspection if your offer is accepted. Always request that the seller provide Title V.

If there are multiple offers, don't look at the asking price. Put in an offer of what you feel comfortable paying for the property. To many people are stuck on asking price. Sometimes, we need to price the properties to sell quick.

Cash vs. Finance? I know many of you have heard "Cash is King" however, some of these companies don't look at that, their only concern is the top value! The higher the net to the seller, the better the offer. This is usually the case for larger lenders, if it's a smaller company then the "Cash Is King" theory may work.

For more questions, contact: www.RealtyKim.com
Kim D'Elia, Broker
Kim@RealtyDelia.com

Charlton Hycrest

2009-04-27T12:57:00.000-07:00

Hi Everyone:

I'm very excited to inform you of this new development in Ponnakin Hill Estates! I have up loaded a video showing you views of the neighborhood.

Please visit: www.CharltonHycrest.com for more information

How to Lower Your Property Taxes

2009-02-25T08:46:00.000-08:00

Because your property tax is directly related to the value of your home, you have an opportunity to lower your property taxes* if your community has experienced declines in real estate values.County authorities determine the taxation on a given property by multiplying the property tax rate by the property value. For example, if your home value is $800,000 and the property tax rate is 1%, then your property tax bill is $8,000 annually.If market conditions have resulted in a decline in the value of your home, it is your right to have your property reassessed and to lower your tax rate. Your county will not initiate this process for you; you need to submit a proposal to your county tax assessor. The process takes between 30 and 45 days. Two methods are available to you:

Do it yourself: Contact your county assessor’s office and download the forms from its website. You will need to hire an appraiser to help prepare the evaluation of your property to submit. There are multiple websites and books to guide you through this process. Hire a tax relief processor: This company should have experienced professionals who write, prepare, and submit your tax relief proposal to the tax assessor’s office for you. Look for a company that offers to waive any upfront fees in exchange for a percentage, usually around 50%, of your first year’s savings. The company will send an appraiser and submit all of the proper documents for you.Although there are several steps involved in getting your tax rate reassessed, many homeowners have saved thousands of tax dollars annually by pursuing a reassessment.

*Always consult your tax advisor for tax information and advice

Many will profit from Fannie Freddie failure – Will you?

2008-09-11T06:47:00.000-07:00

PRODUCTS:It is unlikely that a government takeover of Fannie Mae and Freddie Mac will bring back those risky products that drove the market over the past several years; however, do we really want them back? We now see what happens when corporate greed wins over sound judgment. Then again, some may ask, what about the stated income products for self employed borrowers with decent credit? After all those people have the money and they pay their bills on time; often times a higher LTV stated income loan is necessary for those borrowers. While this thought process may be correct and these loans may not pose a threat to the marketplace, don’t expect Fannie and Freddie to come back into the stated income loan world anytime soon. Fannie & Freddie are being run by the government, if you are cheating the government on taxes they are not going to then turn around and make it easier for you to get a loan. On the other hand, the government takeover does provide some stability to the market so it is probable that some of the viable products which we have seen disappear will return over the next 12 months, the key word being VIABLE! They will not likely be Fannie/Freddie products, but expect to see some of the truly economically feasible products come back.

RATES:We have seen rates drop in the past two days but why? Well, there are many variables but lets break it down to one of the easiest for you to explain prospective borrowers. If I have a dollar to invest I have thousands of places I can place that money. I can place that money is a low risk vehicle, I can place that money in a high risk vehicle or I can place that money in any level risk investment vehicle in between. As risk increases my expected gain increases and as risk decreases my prospective gain decreases. High risk, high returns potential, low risk, low returns potential. The lowest risk investments are generally US treasuries. These are guaranteed by the government and therefore are a sure bet. Mortgage backed securities, although not tied to treasuries, are a higher risk and therefore a risk premium is placed on them above that premium which can be earned on comparable lower risk vehicles (treasuries). Higher risk means higher risk premium and higher premiums require higher rates to be charged to borrowers. After this weekend’s historical takeover Fannie & Freddie mortgage backed securities are now essentially backed by the government. This backing creates a lower risk, a lower risk means a lower yield and a lower yield means savings to consumers in the form of lower rates. This is a DRASTIC oversimplification but it’s the easiest way to understand what is going on. The government essentially came in and removed layers of risk by taking over the companies. Lower risk equals lower return equals lower rates charged to the consumer.

WHAT DOES THIS MEAN FOR THE MARKET IN GENERAL:Time will tell, but lower rates coupled with the tax incentives for first time buyers should encourage home sales. Also, now that the government has control of Fannie/Freddie they have greater flexibility to deal with defaults and their associated workout arrangements. By helping people buy houses and by keeping houses off the auction block through workout arrangements we should see a reduction in inventories (houses on the market) and a stabilizing of housing prices. In areas where housing prices have already stabilized we may even begin to see some appreciation, a word we have not heard in a while. Am I being too optimistic? Possible, but pessimism never sold a house. J Whether you agree or not we are one step closer to the bottom of the market then we were last week and very possibly in it. Buyers who are waiting out the market for lower prices better jump now because in most regions of the country we are already there.

Fannie Mae and Freddie Mac

2008-09-09T09:08:00.000-07:00

I wanted to inform you that with the government taking over Fannie Mae and Freddie Mac yesterday, the market reacted well to the news and rates opened today at ridiculously low levels, with 15 Year Fixed rates starting at 4.875 and 20 year and 30 year in the low to mid-5’s respectively. This is about .5-.625 lower from Friday close. If you have any buyers ready to make an offer, then please share with them this news and please share my name with them as this rates may not be here for long. It is definitely a short term window of opportunity.

Loan Modifications, what you really should know

2008-09-04T06:23:00.000-07:00

What most people don't realize is that sometimes these loan modifications are a temporary fix. What I have found in meeting with people is that, they start to fall behind on house payments and try to refinance. Most times they are unable to, do to late payments, appraisals coming in to low, high debt to income ratio etc.. What ever the reason maybe they start to loose hope and they contact their own personal loan carrier and explain their situation. When homeowners hear that the lender is wiling to reduce their payments by half, the home owner is so excited that they finally have a plan that will help them save their house, they take the modification right away with no questions asked. What many people didn't realize or didn't know to ask was, "Is there anything getting added to the back-end of my loan? What are my payments going to adjust to?" Another words that half of mortgage payment that you did not pay is getting added towards principle and when your loan fully adjusts your payments are larger then before you modified your loan. If you where having trouble paying your mortgage, it's even harder when it adjusts. So please remember, these modifications are a temporary fix, get all the facts before you do any modification, you don't want to be in worse situation than you are now!

Fequently Asked Questions on Short Sales

2008-06-06T19:09:00.001-07:00

There are so many people out there wondering what is a short sale? Can I do a short sale on my home? For those of you out there wondering the pros and cons to short sales. This 20 minute question and answer video should answer all of your questions that you should ever have on Short Sales. Please click on this link for a quick educational video on Short Sales. http://www.realtykim.com/shortvideo.asp

Things You Should Know Before Buying A Foreclosure Property

2008-05-08T07:49:00.000-07:00

THINGS YOU SHOULD KNOW ABOUT BANK OWNED PROPERTIES

The only information regarding the property is represented in MLS. There will be no disclosures. The premises are being sold as it and in its condition at the time of Buyers first view and without representation or warranty of any kind. There is no history on the property, no seller’s description, no operating expenses, and no repairs will be made to the property.

STATE REQUIRED INSPECTIONS Title V/ Septic Inspections: Although most banks will work with buyers to complete a septic inspection, it should not be assumed and if it fails do not assume they will correct any failures with the septic system. Smoke & Co Certificates : Always assume this responsibility is yours, however this can be negotiable.

SELLER ADDENDUM’S: Some banks require seller addendum’s to be present at the time of the offer. These addendums are used nationally, no changes can be made.

PURCHASE AND SALES AGREEMENT: Once the offer has been verbally accepted, banks anticipate the purchase and sale agreement to be signed within 72hrs. Until all contracts are signed the property will continue to be marketed and new offers will be presented to the seller.

PER DIEM: Some banks my impose a per diem charge if the property is not closed in time. This charge can be any where from $50 to several hundred dollars depending upon the property. If the closing is delayed due to the seller than this charge would not apply.

Avoiding Foreclosure

2008-05-08T07:35:00.000-07:00

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure .Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses. Banks and lenders are in business of making loans. They don’t want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense.

If you think a short sale maybe right for you, call now to find out how you can save your credit or visit my website at: www.RealtyKim.com