Sellers Category
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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7 Steps To Have A Successful Knoxville TN Short Sale…Part 2
April 12th, 2010 categories: Buyers, Home Values, Knoxville Short Sales, Market Trends, Sellers
Part 2 The Short Sale Packet “About The Seller/Borrower
Yesterday in Part 1 of how to achieve a successful Knoxville Short Sale we talked “About The Property”. Today I’m going to share with you all the information that needs to be gathered up on the seller/borrower for their portion of a Knoxville Short Sale Packet.
This is a very important part of a packet. That must be put together correctly in order for the lenders to consider a short sale.
1. Signed Lender Authorization. You will need to obtain permission from the seller/borrower to speak to their lender on their behalf. If they have more than one mortgage on the property you will need to get authorization for each lender. This gives you the ability to negotiate the short sale on your sellers behalf. Without the signed authorization the lenders will not talk to you about your sellers situation.
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7 Steps To Have A Successful Knoxville TN Short Sale…Part 1
April 12th, 2010 categories: Buyers, Knoxville Short Sales, Sellers
Part 1 The Short Sale Packet “About The Property”
The most important part of achieving success with a Knoxville Short Sale is “The Short Sale Packet”. The first part of a Short Sale Packet is what contents information “About The Property”
1. Listing Agreement.. You just include a copy of the listing contract showing the lenders that the homeowner has hired you to represent them to sell the home.
2. MLS Printout of Home.. This is where you send a copy of the home as it appeared in the MLS. You want to give the details on the home to the lender. If you have reduced the price of the home while you have been marketing the home.
You should send a copy of each MLS printout each time you reduced the price.
3. Comparable Homes that Have Sold. Provide the lenders with comparable homes that have sold in the area. The lender will order a BPO “Brokers Price Opinion” at some point during a transaction. But this is where a trained Realtor like a CDPE can make a difference. Untrained Realtors in short sales won’t include comparable homes with the short sale packet. Then once the negotiator gets the BPO back they only have set of comps to help determine value of the home. If you include your own comparable sold homes with the short sale packet you have a much better chance at getting your Knoxville Short Sale approved because there are two opinions of value.
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7 Steps To Have A Successful Knoxville TN Short Sale
April 12th, 2010 categories: Buyers, Knoxville Short Sales, Market Trends, Sellers
In order to help a distressed homeowner avoid foreclosure. One option is a Short Sale of their home. My experience has shown me there are 7 things you need to do as a Realtor to get the home sold and closed. By following these 7 steps it has help my sellers avoid foreclosure and get their home sold
The 7 Steps to a successful Knoxville Short Sale Are as follows…..
- The Short Sale Packet with information “About The Property”
- The Short Sale Packet with information “About The Seller/Borrower
- The Short Sale Packet with information “Liens and Closing Information”
- The Short Sale Packet with information “About The Buyer”
- Submitting The Short Sale Packet To The Lender or Lenders and Following Up
- Working with The Negotiator
- Closing The Deal
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Knoxville TN Pending Home Sales Soar In February
April 7th, 2010 categories: Buyers, Market Trends, Pending Home Sales, Sellers, Statistics
As Expected Buyers Are Out In Force In Knoxville TN and Other Areas Around The Country..
Home buyers have been out in force in Knoxville and other areas around the country taking advantage of the tax credit and low interest rates.
As expected, the Knoxville TN Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.
For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.
If you’re a Knoxville home buyer today, no doubt you’ve noticed the extra market activity.
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What Was GMAC Mortgage Thinking…..????
April 5th, 2010 categories: About Rick, Knoxville Short Sales, Sellers
Well I just had the most upsetting transaction I was working on for one of my sellers. And what happen to us just goes to show you how out of touch our government is with the crisis going on in the housing market.
Here is what happen to one of my seller…. My seller began having trouble keeping up with their mortgage payments last fall. So they did the responsible thing and contact their lender GMAC Mortgage. They over the next 9 months they tried to work out a loan modification with GMAC. After completing the paper work 4 months later they where turned down for the loan modification. So GMAC told them to submit the paperwork again and they would reconsider it a second time. So my seller did it again and was turned down a second time.
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CNNMoney.com Predicts The Best And Worst Real Estate Markets For 2010
March 29th, 2010 categories: Home Values
CNNMoney.com recently published its 2010 forecast and projections for home prices in the country’s largest metro markets.
Listed as “Top 25″ and also comprehensively by state, CNNMoney.com’s home price forecasts puts Santa Rosa, California at the top of 2010’s home appreciation list and Hanford, California at its bottom.
The 10 cities projected for highest home appreciation in 2010 are:
- Santa Rosa, CA : +6.0%
- Cheyenne, WY : +4.7%
- Kennewick, WA : +4.6%
- Merced, CA : +4.4%
- Bremerton, WA : +4.2%
- Fairbanks, AK : +4.2%
- Corvallis, OR : +4.1%
- Tacoma, WA : +3.9%
- Anchorage, AK : +3.8%
- Bend, OR : +3.3%
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