SHORT SALE: Its process in US Real Estate

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Short Sale is selling a property less than the amount owed to a lender. If things went wrong and the home owner cannot afford to pay his or her mortgage in a specific timeline, then the property will become a Real Estate Owned.

Short Sale is somehow a win – win situation for all the party involved even if they are not capable in paying the mortgage monthly.

There are four types of Home Owner that can be eligible for a Short Sale.

  1. Home Owner who is experiencing a hardship or bankruptcy on her or his financial status.
  2. Home Owner that owes the Lender more than the amount of his home or property.
  3. Home Owner that has past due on his or her account.
  4. Home Owner that can no longer pay for the property.
  5. Lastly, the property will be for sale at a very low price.

There are 10 steps in Short Sale

  1. Pre – Qualification

The home owner must be qualified or experiencing any of the five types of Home owner listed above, experiencing hardship , can no longer pay for the mortgage, has past due on his or her account.

  1. Gathering Information / Data

Realtors will collate information and gather data that includes property details and financial details to make a Short Sale deal.

  1. Set up File

Set up agent will double check on the Short Sale application and may take up to 30 to 60 days.

  1. Assigning a Loss Mitigation

He or She focuses on the Short Sale process. He or She can  focused on the hardship and other documentation.

  1. Order Appraisal

Lender will be responsible for the appraisal of the buyer’s home. The result would be highly suggestion.

  1. List in the Market

After appraisal, It will be listed as well in contact 500. It is perfect and ready to be choose from.

  1. Receives Offers

Lender will received multiple offers about the property and those who will be chosen will submit to the lender.

  1. Submit Package to Lender

Submission of documents, maybe compile as she is way.

  1. Approve / Decline the Offer

Lender will scan through all over the pages of the offer. Lender will decide whether it is fake or good

  1. Close File

If property got sold then you have to update your file as close file  to avoid confusion in the future.

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FORECLOSURE: Its process in US Real Estate

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Foreclosure is selling a mortgaged property due to overdue and unpaid mortgage loan. When a home owner failed to pay the mortgage loan intended for the property and it lapses the given deadline of late payment for consecutive months, the property is already foreclosure and the lender will sell it to cope up the amount borrowed even if it is break-even or less. Lender avoids property tax and maintenance of foreclosure property that is why they are selling less than the amount of the balance of the mortgage loan.

When the home owner failed to pay for the mortgage loan for a specific period of time, the bank will re possess the property. Bank will assign the foreclosure property to their agent and conduct a process of securement on the property whether the property is vacant or not. In case that the borrower is still living on the foreclosed property, agent (assigned by lender) will offer cash for keys for them to leave the place and be able to find a new place. Once the property was repossessed by the Lender, the former home owner will be evicted from the house. When the former home owner vacates the house, which is the time the property will be for sale in auction meaning for sale at a lower price.

If the house or the property is not sold at the auction, it will become a REO stands for Real Estate Owned.  The property will be for sale at a very low price in possible soonest time to avoid further costs.

FIVE TIPS FOR A FIRST TIME HOME – BUYER

 

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It is very rewarding for a first time home buyer to acquire a property that perfect for the whole family or even for himself. Living in your own place is a great achievement for everyone. You can design your own home based on your preference and ideas. You can design the entire home that suits to your taste and favorite. Living in your place is really exciting. Every day you are inspired to work hard because of it. There are lot of advantages you can enjoy when you have your own home.  Somehow , that great achievement, having your own home includes accountability and responsibilities like maintenance  of the house, property tax, mortgage, etc. This could be difficult when you are not financially stable. Here are the lists of tips that a first time home buyer should be aware of.

  1. Financially Stable

 

Planning to buy or purchase a home is a good idea. There are advantages of having your own place compare in renting a flat. Being financially stable is one of the most important qualifications in getting your own property. One must have a stable job, a good credit score and credit history. For the sake of less unwanted financial problems that may occur in the future especially when you have kids that are still studying.

 

 

  1. Identify the property that suits your preference

Make a list of your preference on a specific house that you want to buy including the area and location of the property, the neighborhood, design of the house, number of rooms, number of baths, the physical structure of the property, the history of the house, year it was built, and so on. Everyone wants their house to relax on and live peacefully.

 

  1. Hire the right buyer’s agent

It is recommended that every home buyer should hire a buyer’s agent to assist the buyer which particular house is perfect for his clients need and want. You have to hire an agent not only to help you on the documentations and process and also to protect your rights as a buyer.

 

 

  1. Getting the best mortgage or loan

Getting the best mortgage means finding the lowest rate with the best condition. Having the best housing loan really helps you to fulfill your dream being a home owner. This also includes right financial adviser in case there is financial problem arouse.

 

  1. Be emotionally and Physically  ready

Buying your first home is very memorable and sometimes others get emotionally attached to the first home that they have. It is perfectly normal to first time buyers. They tend to invest a lot in their first home, whether furniture, fixtures, maintenance and additional features to make the home more comfortable.

Provided all these tips, a first time home buyer should plan ahead and be ready for a big change to his or her life.

Improving Your Home in Various Ways

Home improvement may be done twice a year or at least once a year to preserve the high value of  your property. In this article, I will provide you details that can be done to improve and or maintain your home.

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1. Make your Home nice and clean

Simply, renovate your home to improve its appearance. Repaint the house. Make each and every corner
of your home have repainted to improve its appearance. You may also repaint the house including the
exterior of your home.

2. Find an Inspection Company

Inspection is very important to improve and preserve your home in a long term aspect. Home
inspection will give you the accurate status of damages on your property which includes water
damage, mold , heating system , termites and ants problem, etc.
3. Be Earth and Eco friendly
Plant trees in your backyard or have it landscaped. Positive and fresh energy will increased as you have your house full of plants and earth thingy. And it also gives relaxation, more oxygen less pollution.

4. Replace or Repair fixtures as soon as possible
When you notice minor damage that is easy to fix, I would highly suggest that repair those as soon
as possible because minor damage when ignored will become major problem in the future.
5. Enjoy with your Family

Family is everything. You sacrifice a lot to Loan house for your family’s future. Moving in to your new home defines success and hardship. Preserve it and cherish it together with your family.

5 Best Practices When Moving to a New House

It is very rewarding when you are moving to your own place or home. A home that you invested all your effort, sacrifices etc. On this blog, I will provide the 5 Best practices before moving in to your new Home.

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1. Secure Permits and other legal Documents
Prior in moving to your new house, I would highly suggest if you secure all legal document and permits. Specifically, travel permits. It is very important in traveling your things to national roads and highways not only to secure your things and also to avoid conflict and delays.
2. Find a Logistic for your appliances and to the fixtures.
Finding the right logistic partner will definitely ease your worries on your big and heavy things and or appliances. Logistics include personnel that will help you out to transfer all your things in a safe and very convenient way.
3. Arrange things from fragile to not breakable
Arranging things in proper ay will save you money and stress as the person who is in charge on lifting your things and appliances. As he knows what things are need to handle with extra care.
4. Clean your new place First!!!
It feels great when your new place smells like a new one. Not only hygienic but it feels
great to the owner as she was excited.
5. Enjoy your New House
I would suggest to have a House Blessing once you already moved in on your new house
or place to lived. Have some Barbeque party with your relatives so that your new home
will attract all positive things in life.

Giving an Exceptional Customer Service

 

Receptionists - CustomerCustomer Service is a relevant action you impart towards your clients, business partners and to your customers. It is simply dealing and providing needs of your customers of what they are expected. There are different types of Customers that you deal with every day. Each and every type of customer, it should be a different approach.
A “Loyal” client or customers – these customers are dealing business with you on a permanent manner. You tend to contact these type of customers in a daily basis in every form of communication such as mobile phones, landline, emails, chat, snail letters, etc. They can be your direct advertiser also. Loyal customers mean that they are satisfied with the services you provide. So most likely they will refer your business to other people and more customers mean more profit.
A “markdown” client or customers – these customers are doing business with you in a bulk order because they are opt to whole sale discounts. These type of customers will be a good business for you. The more or bulk their orders are, the more profit you will gain. They can be also your direct advertiser. ”Markdown” customers are satisfied customers as well.
“Desire or Impulse client or customers – these are the type of customers you are
going to love also. They are always agreeing with your recommendations. It
means they have trust on your preference.
Every customer, regardless of the type of customer, will expect an exceptional
customer service. Exceptional customer service leaves a satisfactory experience to
a customer and definitely will be doing business with you all over again, will stay
and remain loyal to your products and to the company itself.