Archive for the 'Knoxville Short Sales' Category
Bank Reposessions Reach Record Levels For The Second Straight Month
June 17th, 2010 categories: Foreclosures, Knoxville Short Sales, Market Trends, Sellers
According to foreclosure-tracking firm RealtyTrac.com, bank repossessions reached record levels for the second straight month in May, topping 93,000 properties nationwide.
As compared to May 2009, all 50 states now show an increase in annual REO activity.
Data like that won’t surprise today’s active home buyers in Farragut. Foreclosed homes are prevalent, available and accounted for one-third of all home resales made in April.
Furthermore, total foreclosure actions — the sum of REO, default notices, and foreclosure auctions in May — topped 300,000 for the 15th straight month.
Foreclosures remain a huge influence on the housing market.
However, two interesting trends emerged in the data:
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Shadow Inventory…What Is it?? Part 1 of 3
May 25th, 2010 categories: Foreclosures, HARP, Knoxville Short Sales, Market Trends, Sellers
Will The Shadow Inventory Help The Real Estate Market In Knoxville??
Will It Increase Short Sales In Knoxville??
The real estate market in Knoxville seem to be improving somewhat?? But there is something out there that could increase Knoxville Loan Modifications as well as the number of Knoxville Short Sales. It is what is known as the “Shadow Inventory”? What is it? How will effect the Knoxville real estate market and markets around the country. Will there be more short sales in Knoxville and around the country. These are the things we will explore in this 3 part series.
In recent months, aspects of the real estate market have seem to have stabilized. Homes sales and prices have been increasing, partially to be credited to the First Time Home Buyer’s Tax Credit that ended on April 30, 2010.
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Foreclosure Activity Slows For The First Time In Several Years..But Is The Worst Over Yet??
May 14th, 2010 categories: Foreclosures, Knoxville Short Sales, Sellers
The national foreclosure rate is finally falling. But there is still a back log of homes where homeowners are behind on their mortgage payments. The shadow inventory is large and still going. These are homes in Knoxville and around the country where the homeowners are behind on their mortgage payments and trying to do a loan modification or considering a short sale. I personally have seen an up tick in my business with area Knoxville homeowners who want to sell their home on a short sale in order to avoid foreclosure
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010.
2 percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped.
To be sure, foreclosure rates remain elevated — more than 300,000 were reported last month, but default notices appear to be approaching a plateau.
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Are You A Knoxville Home Owner With Mortgage Troubles??
April 30th, 2010 categories: Buyers, Foreclosures, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Sellers
So what do I do sell my Knoxville home on a short sale, loan modification….which is best
So your a Knoxville home owner..You are having a tough time making the mortgage payments on your Knoxville home.. You are not alone… So what do you do?? You have heard about all the solutions out there for you, researched them on the internet. Should I sell my Knoxville home using a short sale because I owe more on it than it is worth? How about a loan modification how does that work.. Will my lender even work with me if I choose to sell my using a short sale? How about a deed-in-lieu instead of my home being foreclosed on by my lender..How does that work?? What if I have 2 mortgages on my home??
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HAFA.. Will It Help Knoxville Home Owners Facing Foreclosure??
April 28th, 2010 categories: HARP, Knoxville Short Sales, Market Trends, Mortgage Guidelines, Sellers
If You Are A Knoxville Homeowner Facing Foreclosure…HAFA May Help You.
HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways:
- Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible
- Uses standard processes, documents and timeframes
- Provides financial incentives to borrowers, servicers and investors
- Requires that borrowers be fully released from future liability for the debt
- Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
- Allows the borrower to receive pre-approved short sale terms prior to the property listing
- Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement1
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What in The Heck Is HAFA
April 28th, 2010 categories: Knoxville Short Sales, Market Trends, Mortgage Guidelines, Sellers
What is HAFA?
The Home Affordable Foreclosure Alternatives
(HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through Knoxville short sales or Knoxville deeds-in-lieu of foreclosure.1 HAFA was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program
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7 Steps To Have A Successful Knoxville TN Short Sale…Part 6
April 13th, 2010 categories: Buyers, General, Knoxville Short Sales, Market Trends, Sellers
Part 6 The Knoxville Short Sale Packet “Working With The Negotiator
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In my last post we talked about part 5 “Getting the packet to the lender”. Today we are going to cover working with the negotiator. This is the most crucial part of a Knoxville Short Sale. If you have done everything correctly up to this point in assembling the short sale packet it can go pretty smoothly. If you haven’t gotten the lender a complete packet it can be a complete nightmare.
You have to remember negotiators have so many files on their desks that the complete packets get done first and have a better chance to get to a closing. The negotiator is in another part of the country most of the time and doesn’t know the Knoxville TN real estate market. They have gotten a BPO (Broker Price Opinion) already with a value on the home. But along with our short sale packet we include a MLS printout on the home, three comparable homes that have sold, a detailed repair list with pictures of the home, along with a letter from me about the current market conditions and the condition of the home.
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7 Steps To Have A Successful Knoxville TN Short Sale…Part 5
April 12th, 2010 categories: Buyers, Foreclosures, General, Knoxville Short Sales, Market Trends, Sellers
Part 5 The Knoxville Short Sale Packet “Getting The Packet To The Lenders”
In my last post we talked about part 4 “About The Buyer”. Today I’m going to cover getting the “Short Sale Packet To The Lenders”
This can be the most frustrating part of a Knoxville Short Sale getting the short sale packet to the lender. The first thing my team does when we list a home for sale that is going to be a short sale is call the loss mitigation department. We confirm the correct fax number and then we fax the authorization to release information about the home. By doing this prior to having an offer it gets a file setup on the property with the loss mitigation department. Just this simple process can take up to a month and will save valuable time once you do have an offer. It has help us get our homes closed quicker .
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7 Steps To Have A Successful Knoxville TN Short Sale…Part 4
April 12th, 2010 categories: Buyers, Knoxville Short Sales, Market Trends, Sellers
Part 4 The Knoxville Short Sale Packet “About The Buyer”
In my last post we talked about part 3 “Lien and Closing Information”. Today I’m going to cover the information on the potential buyer of a Knoxville Short Sale.
1. Accepted Purchase Agreement. When a buyer buys one of my listing that is a Knoxville Short Sale. Before my seller will accept any offer the buyer must first complete any inspections they may want to do. The only contingency on one of my short sale listings can be financing. If the buyer wants any inspections they must do them up front and be satisfied with the home. I do this because once we get the payoff from the lenders we will need to close within 30 days most of the time. We can’t afford to waste valuable time dealing with a home inspections issues once we have a payoff. This way it is a clean contract with few contingencies as possible in it.
2. Proof of Funds. We need to provide evidence that the buyers are able to come up with the money to buy the home. If it is a cash transaction we need to get copies and verify that the funds are available to close once we get the payoff from the lender. If the buyer is getting a mortgage we need a full approval just mot a pre approval letter. I also verify with the buyers lender they will be able to close with in 30 days once I get a payoff.
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7 Steps To Have A Successful Knoxville TN Short Sale…Part 3
April 12th, 2010 categories: Buyers, Knoxville Short Sales, Market Trends, Sellers
Part 3 The Knoxville Short Sale Packet “Liens and Closing Information”
Yesterday we covered Part 2 “About The Seller/Borrower” which is all the information that needs to be collected about the sellers portion of a the packet. Today we will talk about the information you must get about the property itself.
1. Preliminary Title Report. Whenever I list a home that is going to be sold as a Short Sale. I always order Title work on the home. That way I verify any outstanding liens and
mortgages that are on the home. You will know if the taxes are current or unpaid. It just helps you know if you will have any surprises to deal with once you start talking with the lender. If you don’t have this information up front it could cause the sale not to work out just because you didn’t have all the facts.
2. Preliminary HUD 1. This is a closing statement that is prepared by the Title company showing the lender what the list of expenses are associate with the offer they are considering. When you do the HUD 1 it is important to have figures for the prorated taxes etc that are projected 3-4 months in the future. Because it can take that long to get a home closed you are better to be a little high on the expenses than low. If the lender ends up with more money than they expected they won’t be disappointed at all.
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