CHASE OFFERS $30,000 TO HOMEOWNERS TO SHORT SALE
Typically when something sounds too good to be true it is, but in this case this really is true. We had a hard time believing it, but after having several agents within our office go through the process we can confirm that Chase is following through with these offers.
From the information we have gathered it sounds like Chase sent out a certain amount of letters to distressed homeowners. We are not really sure why the letters were sent to only a handful of homeowners, some agents think it may be the fact that only certain investors are participating in this offer, but it cannot be confirmed.
In a nut shell, the letter offered the homeowner anywhere from $10,000 to $30,000 given at the close of escrow if they agreed to participate in a short sale rather than walk away from the property.
If a homeowner receives one of these emails it is still best to team up with a real estate agent to contact Chase and begin the process. If you or someone you know has a mortgage with Chase but did not receive a letter there is still a possibility you may be eligible for this opportunity. Contact us and we can put together a short sale packet to submit to Chase will immediately inquire about the $30,000 incentive.
Many other lendors are running similar offers such as this one so be sure to ask. If you are thinking of short selling your home now is a great time. Contact us for more information or answers to your person questions. We also have tons of short sale information on our website for you to look through at your convenience.
How long do potential buyers need to wait after a BANKRUPTCY, FORECLOSURE or SHORT SALE before obtaining financing?
Once you make the big decision to short sale or foreclose, the looming questions seems to be: “What happens now?” Unlike common belief, it is not the end of your credit life. Depending on your circumstances you do have options. Assuming you have re-established credit post bankruptcy, forecloseure or short sale, here are the typical timelines available for obtaining finiancing:
Of course, there’s a lot more to understanding your options than just a timeline. To really handle your personal situation as best as possible it is always important to work with an educated and experienced Realtor. Other ways to gain knowledge are to scope the internet and read through sites such as http://www.shortsalearizonarealtors.com. Whatever your situation, it’s most important to gather information and know your options!
TOP 3 ITEMS TO CHECK WHEN RENTING
When moving in to a new rental there are several items you as a renter should look over. Here are the top three items we suggest to look over before moving in.
1) Condition of the property – Be sure to look over the condition of the entire property and document everything. If there are any issues be sure to notify the landlord so you are not penalized for items you did not damage.
2)Know your lease – Make sure you have read through your entire lease and understand all of the agreements. It is very important for a leasor to know their options when difficult times arise and you don’t want to be scrambling to learn your lease in crunch time.
3)Get to know your landlord – A good relationship with your landlord is a key component to a good renting experience. Establishing good communication and a profession relationship with your landlord will ensure that the property is taking care of as well as any issues that may arise during the extent of the lease.
Again, these are just a few items to be aware of when you are starting in a new renting situation. For a complete check list of items and advice contact us!
HOW TO GET STARTED ON A SHORT SELLING YOUR HOME
Thinking of short selling your home? Here are 7 steps to begin the process.
SHORT SALE STEP 1
Contact an experienced short sale realtor. A realtor who konw the short sale process will help to smoothly get things started by helping you collect the appropriate documents to submit to the lender.
SHORT SALE STEP 2
Sign a Letter of Authorization provided by your realtor, authorizing them to speak on your behalf regarding all loan matters so that the negotiations with the bank can begin. Your loan information is subject to privacy laws so your lender needs your written authorization to release this data to anyone.
SHORT SALE STEP 3
Write a serious “hardship letter”, detailing all the surrounding events that have occurred to cause you to arrive to the situation you are currently in. Explain your economic problems honestly and directly ask your mortgage lender to accept a less than full balance payment.
SHORT SALE STEP 4
Write up a statement of your current income and all of your other assets for your mortgage lender to evaluate. List your other assets, including bank accounts, stocks or other investments, additional real estate, and anything else of value. This information should display that you have neither the income nor the assets to repay your mortgage loan in full. This can be done on a simple spreadsheet your realtor should provide for you. You will often be asked to submit the last 2 to 3 months bank statements, as well. Lenders will want to be assured that what you claim is reflected on your financial statements.
SHORT SALE STEP 5
Your realtor should compile a current market analysis of real estate sales in your area to emphasize the wisdom of your request for a short sale. This document should show the selling prices of similar homes in your area for the past 3 to 6 months. You should also include some similar properties currently for sale in your area. During times of market value declines, short sales become more common, thus this comparative analysis again reinforces the need for you to request this consideration.
SHORT SALE STEP 6
Your realtor should market your property, procure a buyer and secure a bona fide purchase contract.
SHORT SALE STEP 7
Once the purchase contract is fully executed by all parties your realtor will deliver a copy of your proposed Purchase & Sale Agreement to your mortgage lender. They will want to examine the price, terms, and other conditions in the document. This is where having an experience short sale realtor will pay dividends as they will negotiate to get the entire short sale approved.
If handled professionally and appropriately, the process of short selling your home should not be a difficult one. Contact us for more short sale information or to find an experienced short sale realtor.
RENTAL OPPORTUNITIES IN THIS MARKET
As they often say, when one door closes, a window opens. Such seems to be the case in the real estate market in Arizona. As the market continues to bounce along the bottom many people, mainly sellers, are eagerly waiting for things to turn around. As they wait, investors have found the silver lining in this situation and are taking advantage of their new opportunities.
As more and more homeowners are forced into short sale or foreclosure, those same homeowners are then forced to rent for a number of years following. A segment of the people who have lost their home, still make good money and have steady jobs but either made a strategic decision to get out of their mortgage debt or had a non-financial hardship. These people make great tenants and still earn good income to pay market rents. As a landlord, you may not find many people who have 700+ FICO scores, but you will find a good rental pool of prospective tenants that have good earnings and money in the bank.
With so many prospective renters like this out there it can be a lucrative investment for an investor to pick up a rental home. With home prices at an all time low, investors can purchase a good rental home at a fantastic price and then turn around and rent it at a monthly rate that is significantly higher than their mortgage amount.
This type of scenario where there is high rental demand, creates great opportunity for investors who have a long term exit strategy. Many of these investors will see very nice returns on their investment over the long term when the time does come to sell these properties being purchased in this market.
Although a turn around of the market will be the best thing for the economy, there is no doubt that opportunities exist in this market for people to take advantage of. It is refreshing to hear positive news coming out of Arizona’s current housing situation.
SHORT SALE MYTHS EXPOSED!
Lets us unravel some of the short sale myths out there right now!
Short Sales are Impossible and Never Get Approved
Nothing could be further from the truth!
- Are short sales more difficult? Yes.
- Do you need to learn a new process? Yes.
- Are they impossible? ABSOLUTELY NOT!!!
You have come to a website that is owned by The KC Real Estate Group, Phoenix Metro Area SHORT SALE EXPERTS who are trained and certified to give you the best opportunity to get your short sale completed successfully.
Banks are Not Accepting Short Sales
The reality is that banks (and the government) are trying to do anything they can, within reason, to avoid foreclosing on property. To think that they would deny a Short Sale in hopes that some future legislation will pass and pay them for their loss is preposterous.
The reality is that more banks are aggressively pursuing Short Sales and agents (like the one who gave you this report) who understand how to process them. Freddie Mac recently hosted a national training webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale”.
Listing my Home as a Short Sale is an Embarrassment
It is understandable that you may have reservations about letting the world know that you owe more on your home than it is worth however, understand that according to recent estimates, 1 out of 5 homeowners in the US is in your exact situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you towards a solution.
With 40 to 60% of the sales in the US predicted to be Short Sales or foreclosures you are not alone!
You Must be Behind in on your Mortgage in Order to Negotiate a Short Sale
While it is true that initially some lenders wanted you to be in default (missed a payment) before they were willing to consider a short sale – this trend has almost all together reversed. Today lenders are looking for verifiable hardship, monthly cash flow shortfall or pending shortfall and insolvency.
If you meet these three requirements and are in a position where you will soon not be able to afford your mortgage, act now! Don’t wait until the countdown clock to foreclosure has started and you have even less time left.
Buyers are Not Interested in Short Sales and Avoid Them
This is a myth that potential sellers hear all the time – thankfully the reality is that today it is not. In fact many agents are getting calls from buyers who say “I only want to look at foreclosures and Short Sales!”
Short Sales and Foreclosures have become synonymous – not with issues – but with GOOD DEALS. International buyers specifically are interested in these properties. If you list with the educated CDPE agent who gave you this report you have a very good chance of seeing a contract on your property, soon.
There is not Enough Time to Negotiate a Short Sale Before My Foreclosure
This is a myth that probably hurts homeowners the most. Many don’t realize that foreclosure is a process and there is time.
The foreclosing party (in most cases a lender) can stall a foreclosure up to the final day of the process. These days many lenders will stall a foreclosure with as little as a phone call from you letting them know that you are trying to sell. Almost all lenders will stall a foreclosure with a legitimate contract, in our view there is always time until the foreclosure process is complete and final.
