Short Sales Information from Edwin Gerace

SHORT SALE INFORMATION THAT YOU CAN USE..............

1. Starting April 5, some distressed homeowners possibly could qualify for $1,500 in relocation expenses.
2. short sale is the event when you must sell your property for a lower amount than what is owed on the outstanding mortgage balance. While putting your home up for a short sale is generally not something you want to do, in certain circumstance it is unavoidable and can actually be a sort of win-win situation for both the mortgage lender and homeowner. By selling your home as a short sale you will be able to limit the damage done to your credit score and also limit the losses on the lenders behalf as well.
3. The banks are then able to dictate the whole process of selling the homes by controlling, terms & conditions, and limiting the buyer's options to independent financing, title work, etc. These "Third Party or Bank Short Sales" utilize unscrupulous marketing practices to manipulate the market, techniques that are expressly forbidden by a realtor's "Code of Ethics". With the vast percentages of homes that are bank owned on the same market as those sold by private parties, the whole process is affected at the further expense to Americans, in reduced property values, impossible loan restrictions and a bulging inventory.
4. MDA DataQuick reported yesterday that the county’s median price in February rose $17,000 from the previous month to $322,000, its level for most of the second half of 2009. On a year-over-year basis, the median was up 13 percent, the best increase in five years
5. Washington, DC - On April 5, 2010, the Obama Administration and the U.S. Treasury Department will offically activate the HAFA (Home Affordable Foreclosure Alternatives) program, which gives struggling homeowners incentives to take advantage of two alternative options to foreclosure. A helpful web site, http://www.whatishafa.org/, has already been launched to explain the program. Through the program, homeowners are encouraged to do a short sale - in which the borrower and the mortgage servicer agree to sell the home for less than the value of the loan. They can also do a deed-in-lieu of foreclosure, in which the homeowner voluntarily gives the deed of the property to the servicer. Incentives include being fully released from future liability for the first mortgage debt, and $1,500 for borrower relocation assistance. There are also incentives for investors and lenders.

The key to Short Sales is to do one 2 things for a sucessfull

MANAGE EXPECTATIONS OF BUYERS AND SELLERS.

DOCUMENT AND COMMUNICATE WITH ALL PARTIES.

For imformation about the homes for short sale in your community contact Edwin Gerace at mail@609SOLD.com or Call 803-609-7653

For a Certified Short Sale Mediator Expert to guide you as a buyer or seller contact Edwin Gerace at mail@609SOLD.com or Call 803-609-7653