FAQ

This past quarter my most Frequently Asked Questions have been about distressed properties, those that are in the process of being foreclosed or have been foreclosed. I wanted to dedicate the next few post to answering everyones questions. I found this article from Old Republic Home Protections website.

Short Sales Explained

Understanding the Short Sale Transaction

A“short sale” is a real estate transaction in which a home seller’s mortgage lender agrees to accept a payoff that is less than the amount owed on the mortgage. When homeowners find themselves with a serious financial

hardship, and owe more on the mortgage than the home is worth, a short sale may be a way to avoid foreclosure by negotiating a settlement with the lender.

A successful short sale can be a “win” for all parties involved: the seller is relieved of the financial burden of the mortgage, the losses taken by the lender in the short sale can be significantly less than an eventual foreclosure, and the buyer gets a fair deal on the purchase.

Negotiating a short sale is no easy task; therefore, it is highly

suggested that homeowners considering a short sale work with a licensed real estate professional who specializes in short sales. An experienced agent/broker will be well qualified to guide a homeowner through the short sale process, facilitate communication and interaction with the lender, assist with collection of lender-required documents, and bring the transaction to a successful close.

What is a HAFA Short Sale?

HAFA (Home Affordable Foreclosure Alternative) is a federal government program designed for homeowners who can no longer afford their mortgage payments and wish to avoid the negative impacts of foreclosure when home retention is not an option. Under HAFA, a homeowner can exit home ownership gracefully and without the liability associated with their mortgage debt.

The Benefits of a HAFA Short Sale:

• No Deficiency Judgments • No Cash Contributions at Closing • No Promissory Notes • $3,000 to Seller for Relocation Assistance • AdditionalIncentivesforSecondMortgages,upto$6,000moreatclosing

Eligibility Requirements for a HAFA Short Sale:

• Home must be or have been the primary residence in the last 12 months • Seller must have a hardship • First lien mortgage cannot be a government loan • Mortgage originated on or before January 1, 2009

• Mortgage is delinquent or default is foreseeable • Current unpaid principle balance is $729,750 or less

For more information about this program, please call me and I will help you better understand a HAFA short sale.

Revitalization

I'm always looking for way to improve our City.

There was an interesting article called 'The Westwood That Could. Maybe.' written by Carrie Blackmore Smith printed in The Cincinnati Enquirer on November 21, 2012.

With real estate lots of time and effort is focused on new construction. There is also an importance in  caring for what we already have. Looking for ways to improve our investments our homes. There is a strong emphasis in taking care of our individual homes, our curb appeal, but it can also be in the form of taking care of our community. If our community is growing so will our home values.

This article reminded me of what can happen when communities come together. There is a power in numbers.

Newsletter

The Changing Seasons

Summer is almost over and fall will soon be rolling in.  Much like the weather, the real estate market is constantly changing. Do you know how your neighborhood is fairing in this ever changing market?  Are home prices finally on the rise? The good news is that homes are selling. Let me help you find out what your home is worth and how YOUR neighborhood measures up.

Around the house

How can you attract buyers?  One of the best things you can do is spruce up your house and the Fall season is a great time to do just that. Try some landscaping, sow grass, add color with plants and apply some fresh paint.

Don’t have any ideas of what you could do to spruce up the look of your house?

Try the following tip:

Take a drive through a favorite neighborhood and, bring your camera. Take pictures of homes you like and you’ll be surprised how quickly you’ll know what you want to do.

Selling, Buying or Renting

If you are thinking about Selling or if you are just wondering what you might need to do to sell in the future, I’d be happy to help. Just give me a call or send me an email for a no obligation visit and assessment.

With the unbelievably low interest rates, it’s a great time to Buy and there are still great deals to be had. Whether you are looking to buy your own home or an investment property, I can help. Just give me a call or send me an email..

If you are ready to move, but worried that it is not a good time to sell your current house, have you ever thought about Renting it out? I’ve been there too and have experience in this area. Renting out your current house just might be the answer to getting you into the new house you want now. Let me help you decide if this option is right for you. Just give me a call or send me an email.

Selling, buying or renting – let me help you develop the best plan for you and your family.

Just give me a call!