Posts Tagged ‘distress’

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Do you want to avoid a stressful foreclosure and leave your home gracefully?

We help homeowners just like you and your friends who may be in a position where you think you owe more than your home is worth or you cannot afford to make your mortgage payments anymore or you just want to know what options are available to you.

There are many reasons homeowners choose to do a short sale:

1. They recognize that to get the help they need is completely overwhelming and disheartening. There is light at the end of the tunnel! We can help you navigate through the HUGE organizations such as Bank of America, Wells Fargo or Chase systems and get you results. Many times clients come to us after being denied a loan modification and super frustrated already by their processes.  We don’t give up on our clients and because of that we have a very high success rate!
2. A short sale will give the seller some control over the process and a potential seller incentive for moving expenses. YES, that is right I said “SELLER INCENTIVE”. Not all short sale situations result in giving the seller incentives for moving expenses, but in some cases a seller can get up to $5000 for moving expenses. How do you know if you qualify? Call us let us help you determine if there are any programs out there that will help you move into the next chapter of your life.
3. A short sale helps preserve a neighborhoods market values and reputation. 66% of all homes that sold in August were either short sales or bank owned homes. The national average home price of a short sale is $213,900, an REO is $184,300 and a damaged bank owned home is $113,900. Homes that are damaged are bringing down home values and making everyone’s property values suffer. What can you do about it? Maintain your home and call us to sell your home in a short sale before it is too late. It’s amazing how many people worry about impacting their neighbors when they decide to leave their home, which is totally normal.
4. They want to help preserve their credit so they can buy a home again someday soon. Did you know that based on today’s current FNMA lending guidelines that a person can apply for a new home loan 2 years after they had a short payoff through a short sale and people who had a foreclosure need to wait 7 years. Lending guidelines are always changing, but as of today a person can apply for a short sale 2 years after their short sale has been closed. ACTUALLY,did you know if you are current on your mortgage payments, FHA will give you a new loan NOW with no waiting at all? Contact us today and we can explain how that works.

Foreclosure can be extremely stressful – let us help you gain some control over your situation by helping you with a short sale, click here to apply online with NO COST to you to find out if we can help.

What does this mean to you if you live in Chandler?

• Of the homes currently active today:
• 47.2% are Short Sales &/or Pre-Foreclosures listed for sale at an average price of $102.12 per sqft
• 12.18% have already been Foreclosed and are “Lender Owned” (aka REO or Bank Owned) at an average price of $96.93 per sqft
• 40.62% are normal listings, new term “Equity” sales and are asking an average price of $147.75
• What actually sold last month (closed escrow) in Chandler:
• 28.76% were Short Sales that closed at an average price of $99.58 per sqft
• 37.17% were REO’s that closed at an average price of $96.93 per sqft
• 34.07% were Regular listings that closed at an average price per sqft of $122.91

Seems that if you are wondering where your next mortgage payment is coming from, you aren’t alone. 

Banks are finally beginning to see that they lose more money with a Foreclosure where they have to take over a property and remarket it to get it off their books.  It makes more sense for them to work with people in distress by approving their short sales! 

Many banks are trying to streamline their processes and that is why we are beginning to see more and more people opt for doing a Short Sale rather than stick their head in the sand and wait for the bank to come take back their asset (your home) in a Trustee Sale. 

Many sellers are starting to come back out on the market again; but most need to reduce their prices to actually get their homes sold ($147 vs $122 per sqft). We are also seeing many investors purchasing distressed properties and flipping them for an immediate return on their investments.

Homes that aren’t in distress are still high in demand because:

• The homes are typically better taken care of and aren’t “stripped” or trashed like so many of the pre/foreclosure homes are.
• The buyer can avoid those headaches that the various Banks and Lenders out there give when it comes to negotiating price.
• The buyer isn’t having to send in multiple offers and compete with others looking for a bargain.
• Many buyers run out of time and patience to wait on the banks with the lengthiness of their current processes.

Are you interested in seeing what this graph looks like in your area?  If so, click here to get started.  If you let us know, we’ll send one to you for your area (this report can also be done by Zip Code).  All of this data is provided by Mike Orr of the Cromford Report.