Friday, March 27, 2009

Hardship Package

Short Sale Packages will vary from Lender to Lender. As your Realtor, an authorization letter will allow me to communicate with your Lender and facilitate the entire transaction on your behalf. This will help alleviate some stress of you!
The basic requirements of a short sale package include:
1. Cover Letter – which I will prepare.
2. Authorization Form to Release Information – The lender may have their own, but I also can provide a generic form which can be sent to the lender.
3. Hardship Letter – There are certain points you want to be sure to mention in the letter. I provide my sellers a sample to start with. One key point is that you will want to apologize for being in this unexpected financial situation and that you cannot continue to make the payments and you NEED HELP!
4. Financial Statement – Be truthful and honest about your financial situation. Disclose your assets and liabilities. Most Lenders will have their own financial statement to complete.
5. Listing Agreement
6. Purchase/Sale Agreement
7. Comparative Market Analysis
8. Last 2 months of Bank Statements – You will need to explain unaccountable deposits and large cash withdrawals.
9. Payoff Information for All Mortgages
10. Net Sheet/Preliminary HUD – Please be sure to disclose any outstanding HOA fees, liens on the property, 2nd mortgages, and/or Home Equity Line of Credit.
There may be options besides foreclosure. If you have questions, please be sure to give us a call or visit our website.

Tuesday, March 24, 2009

Acceptable Hardships

A hardship condition is an unexpected financial crisis. This hardship is the reason behind most delinquent mortgage payments. HUD recognizes the following as valid reasons and hardships to be acceptable for default. Please review the list, if you are behind on your payments or feel you may be soon in falling behind, please call me! There may be other options besides foreclosure. I know it is hard for you, and I want to help! Please beware of companies or people that promise to make payments on your behalf, or those that may ask you to sign a paperwork without allowing you proper time to review - because you may be signing your home away.
Here is a quick list of 23 hardships:
Death of Principal Borrower
Death of Principal Borrower’s Family Member
Serious Illness of Principal Borrower
Serious Illness of Principal Borrower’s Family Member
Marital Problems (Divorce, Separation)
Lessened Income
Property Abandonment
Excessive Obligations
Long Distance Employment Transfer
Military Service
Unable to sell property
Unable to rent property
Loss due to Accident, Fire or Natural Causes
Servicing Problems
Payment Adjustments (ARM)
Payment Dispute
Imposed Costs (Energy/Environment)"
Incurable Property Problems
Ownership Transfer Pending
Principal Borrower has business failure

Tuesday, March 3, 2009

Celebration – Current Stats March 2009

“Winner of Americas Dream Town for 2007! Celebration is a planned development community created by Disney ® where residents gather on front porches, recreational areas and downtown events. Celebration is a community built on a the cornerstones of: Community, Education, Health, Technology, and a Sense of Place. Amenities include public schools, hospital, community parks, playgrounds, swimming pools, tennis courts and miles of walking and bicycle paths. Celebration is a place to call home."

Celebration offers a combination of condominiums, townhomes and single family homes.  Here is a brief snapshot of the current state of the market here in Celebration. As of March 3rd there are currently 419 Properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium at $99,900 (a short sale) to $3.7 Million for an estate home that is nearly 7,000 square feet.
ACTIVE = 419: 53 are pre-foreclosure/short sales (making up 13% of the inventory) and 15 are bank-owned (making up 3.5% of the inventory)
PENDING = 55 TOTAL:  32 were either bank owned or short sales.
SOLDS = 14 in the last 30 days (8 were condominiums/Townhomes and 6 = Single Family Homes) 2 Bank owned/1 Short sale/11 Seller owned

If you would like to search for a great deal be sure to visit our website. Or if you would like a Market Analysis please contact us directly.