In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your mortgage—if they were underwater (owed more on their home than what it was worth). Now that more than one in four American homeowners is “underwater,” I feel [...]
Wednesday, February 23, 2011
A very common misconception in the short sale world is that you must be behind on your payments to be considered for a short sale. This isn’t necessarily the case as I have assisted homeowners with short sales that were current on their payments. The key factor is are you facing a financial difficulty. If [...]
Friday, January 28, 2011
One of the biggest issues with getting a short sale closed has been timeline from the point where the buyer’s offer is submitted to the lien holder (bank) to getting an approval. BofA is introducing a “cooperative short sale” where the homeowner is evaluated for a short sale, the property value and list price are determined [...]
Monday, January 10, 2011
Effective Februray 1, 2011 updates to the Home Affordable Foreclosure Alternatives (HAFA) Program will take affect. These guidelines may help increase the number of approvals for homeowners seeking assistance under this program. Here are the key changes: Monthly Gross Income Requirements- Servicers are no longer required to verify any financial information to determine if the [...]
Saturday, December 18, 2010
Once again more short sales have closed in the Sparks-Spanish Springs market area according to data from the Northern Nevada Regional MLS for stick built homes. As expected traditional sales had the highest average median sales price, with short sales following and bank owned sales bringing in the lowest median price. As expected short sales [...]
Wednesday, November 17, 2010
According to sales data from the Northern Nevada Regional MLS, traditional home sales (sellers with equity) lead the sales data for residential, stick built home sales in October 2010. Traditional, equity position sales accounted for 38.8% of sales in October. The median sales price $231,700. These sellers received on average 95.1% of asking price and [...]
Wednesday, November 10, 2010
New statistics show that 1 in 7 homeowners are facing difficulty paying thier mortgage. Homeowners facing these issues often wonder how they can afford to get help. I am here to tell you that you can get the help you need from an experienced short sale real estate agent and most, if not all, of the [...]
Wednesday, November 3, 2010
Buyers shopping for a home in the Reno-Sparks area are likely to encounter a large number of short sale properties for sale. Some of these short sales are advertised as “pre-approved” meaning that the seller’s lien holder has already approved the short sale. Buyers should be careful here as the term “pre-approved” is often used [...]
Friday, October 22, 2010
According to data from the Northern Nevada Regional MLS, sales in the Sparks area (which includes Spanish Springs and Wingfield Springs) had short sales leading in the 3rd Quarter of 2010. Short sales accouted for 35.4% of the sales in the quarter, traditional sales 34.9% and bank owned 29.8%. Compared to 3rd Q 2009 when [...]
Thursday, October 21, 2010
There is a lot of news out there about the recent foreclosure “freezes” or moritoriums. What does this mean to homeowners in Reno-Sparks area? Nevada is a non-judicial foreclosure state. What this means is that in order for a bank to foreclose in Nevada they do not have to go through a judicial process (go [...]
Monday, March 7, 2011
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