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How Long Is A Short Sale?

How Long Is A Short Sale?

 

 

 

 

 

 

 

 

 

The most important question to ask a short sale buyer's agent. How to question the buyer's agent to qualify the short sale buyer.

Source: The Most Important Question to Ask

Yes, but...do you use a short sale facilitator?

Of course the REALTOR on your team needs to be a qualified team captain, with the experience to properly guide both buyers and sellers through the transaction. If savvy, they will engage the services of a short sale facilitator to ensure they have the strong team needed for a touchdown. With a contact list and savoir faire that is the stairway to heaven, these can be the ace in a hole every busy agent needs.

The Short Sale Package

Not all situations in which a homeowner cannot (or will not) make their mortgage payments will qualify for a short sale. And where each lender has unique requirements, every short sale situation will require these standard documents (printable, form).

  • Seller Worksheet
  • Authorization to release information - this document gives the REALTOR® permission to act as your representative and obtain information about your loan from the lender. Please include all lien holders and account numbers - this must be filled out and signed
  • Financial Form - list of itemized assets and liabilities
  • Hardship Letter
  • Affidavit
  • Two years most W-2’s recent tax returns
  • Two months most recent paycheck stubs
  • Two months most recent, consecutive bank statements

The lender will use this information to determine if you are experiencing a hardship and meet certain parameters so it's important a complete package is submitted so as to avoid any delays in processing your request.

Foreclosures are declining, right?!

A recent article in the Colorado Springs Gazette reports foreclosures are down. But, are they? The same report states foreclosures are 20% ahead of this time last year. So, where they have decreased over the last couple of months, they are up overall. Sadly, there will never be a 0% foreclosure rate and there have been 538 homeowners over the last four months in some stage of foreclosure and pure capitalism will have it no other way. And where we hope not you, know our experience, certifications and network will serve anyone in this situation well.

A trade name of Norberto Villanueva, the Axiom Real Estate Team at Equity Colorado is a REALTOR member in good standing of the Pikes Peak, Colorado and National Association of REALTORS, holds an Employing Broker level license and is a former REALTIST member of the National Association of Real Estate Brokers. Certified as a Short Sale and Foreclosure Resource (SFR) and a Real Estate Owned (REO) specialist, our focus is win-win-win solutions or none at all, offering expert analysis, acquisition, disposition and specialty finance consultation for retail buyers and sellers as well as private and institutional investors alike.
Contact the Axiom Realty Team at Equity Colorado for all your real estate investment needs by using the contact form found in the lower right of this page.
We are the ART of Real Estate and look forward to serving you.

 

 

 

Real Estate 101: What Documents Do You Need to Buy a House

Real Estate 101: What Documents Do You Need to Buy a House

Stop wondering "What do you need to buy a house?" and assemble the necessary documents, from paychecks and your driver's license to a pre-approval letter.

Source: What Do You Need to Buy a House: 19 Documents to Have – Real Estate 101 – Trulia Blog

Don't Go It Alone

Buyer beware also applies to sellers who buy into the notion they can save money by selling their home by owner (FSBO). First, National Association of REALTOR statistics show only 8% of completed home sales through November 2015 were completed by owner and of those, 38% knew the buyer. This is important because time is money, meaning the homes that did not sell often end up being listed with a REALTOR anyway after much time on the market.

Given the title of this article, you might be wondering why there is so much about selling implications. To state the obvious, every buy-side has a sell-side of the transaction, to which there are many legal implications which many FSBO sites and service providers will not guide you on since they may not be a licensed broker. Ignorance is no excuse, and overlooking even the slightest detail or disclosure can cause significant hassle or financial loss to the unsuspecting seller.

Conway-Bogue

Helping HandIn a landmark case, Conway-Bogue Realty Investment Co. v. Denver Bar Ass’n, 135 Colo. 398, 312 P.2d 998 (1957), the Supreme Court ruled that real estate licensees are allowed the practice of law insofar as helping their clients interpret and complete the extensive documents, forms and processes involved in a legal real estate transaction. This is important because misinterpreting or completing these forms can cost a lot money and the cost of hiring an attorney to help with the process can really add up. Not to mention, the average person rarely completes more than one or two of them in a lifetime as opposed to the licensee who will complete many times that in the normal course of their career. All in all, the commission earned on the contingency of a sale is money well spent.

A trade name of Norberto Villanueva, the Axiom Realty Team at Fathom Realty is a REALTOR member in good standing of the Pikes Peak, Colorado and National Association of REALTORS, holds an Employing Broker level license and is a former REALTIST member of the National Association of Real Estate Brokers. Certified as a Short Sale and Foreclosure Resource (SFR) and a Real Estate Owned (REO) specialist, we focus on win-win-win solutions or none at all, offering expert analysis, acquisition, disposition and specialty finance consultation for retail buyers and sellers as well as private and institutional investors alike.
Contact the Axiom Realty Team at Fathom Realty for all your real estate investment needs by using the contact form found in the lower right of this page.
We are the ART of Real Estate and look forward to serving you.
Start A LLC

Start A LLC

Asset ProtectionDoing business as an individual exposes one's personal assets such as houses, cars, bank accounts to  unnecessary risk, including litigation. Either caught unaware of these risks or so penny wise they're dollar foolish, many a would be successful entrepreneurs dreams are broken by the oversight.

Who was it that said, "There's got to be a better way"? Well, there is...

Do business as a business entity and you get to insert a layer of protection, call it a shield against the inherent risks of operating in a litigious society. To a large extent, that business entity then becomes the target of creditors, clients and/or others with legitimate claims against it and its business operations, not you and your yacht.  And the great news is that many states offer a self-serve method of forming a business entity for nominal filing fees. As of this writing, $50 and about 15 minutes of your time at the Colorado Secretary of State's office (online) will have you in business with your own LLC, printed Articles of Organization and all! You'll find a directory of other states with secretaries of state services online here. However, there is more to operating a company than its formation and you might want to consider more comprehensive options including legal counsel to make sure its operations are sound.

Why a LLC? LLC Benefits2

There are many benefits to doing business as a LLC, such as simplicity. No shareholders and other corporate formalities, just you and your partner/members doing what y'all do. The tax benefits include it being a pass-through entity, meaning the business profits are not taxed directly. Instead, distributions are reported by its owners/members on their respective personal returns only to be unceremoniously taxed. And of course, there is that layer of asset protection previously discussed.

Using LLCs as investment vehicles

house underwater2So here's the cool part. Know we're just a little...OK a lot biased towards real estate. And though we digress as that is not the cool part we're talking about, don't you think it made a great segue to the outstandingly stylish an investment vehicle the LLC makes for it? That you'll soon see but, first consider this.

You're going about your business, of real estate that is, when you come across this underwater house at 123 Sunken St. Not so surprisingly caught in its undercurrent, either its (hopefully) extremely distressed owners have or are in the process of frantically trying to swim away from it, alternately (hopefully not literally) drowning in it, or both and you can have it for a song...

...happens all the time.

What to do?! First, a little...OK a lot of due diligence and then we pen a subject-to deal leaning towards the conservative side of your findings, that's what! This is it how it looks...

..."Well, Mr. & Mrs. Sellers, here's a check from Mr. Investor's account for this underwater asset with who knows what barnacles attached to it. Have a nice life!"

Investment vehicle2Right? Uh, wrong! Make that check from 123 Sunken St LLC's account, thank you very much. This way, it is the business entity which you and your members/partners, etc make your livings from, reaping in its profits and/or yes, absorbing its liabilities. Don't be silly, looking all surprised; of course they exist! But at least this way you have a little...OK a lot of CYA going on in the form of an extremely handy shield between "they" and your ass-ets.

Fueling that investment vehicle

Oh, yes. Now the fun part. Just how do we fill that shiny, new real estate LLC with the fuel it needs to make it to its destination anyway? Well, there are always life savings and/or AKA home equity loan. No? We can always beg Uncle Tom and them to buy into the dream...again...maybe not. Well, there's always that hard money and private money and...

Ooh! Ooh! What about business credit?!

Yes, business credit! You might be wondering, "How in the world will I get, much less use business credit to invest in real estate?"

How It Works Real Estate

With an LLC's Articles of Organization (or other business entity) in hand...

MWCC Process2Just like that. Any questions?

Of course. It's either this:

Qualify for Working CapitalOr that:

Qualify as Startup

Oh! And our vendor gets 8%, only when their smart work is done, while you get the credit you deserve to do what you will - except it's like cash.

That's it! How we roll, in pictures.

Hit us up using the contact form to the right with any more questions or to get started. We'll come running.

Supermarket

The Keys to Real Estate

The Keys to Real Estate

house underwater2Credit reset a headache for mortgage market - New York Post

Yes, they're still out there. Underwater homes like this one, worth less than what's owed. And as presumably once advised, many once lured by attractive, extremely low introductory rates may soon meet the adjustable rate part of their mortgage when financial markets do what they do, adjust.

It happens all the time.

Don't get me wrong, adjustable rate mortgages are a fantastic tool, but only when used wisely.  I learned this the hard way in the early 2000's, after getting a friend into an Option ARM with a 2% teaser rate that would soon adjust so far above that it made the mortgage unaffordable. She ended up having to refinance with another lender, again paying the closing costs, commissions and other fees that come with. Of course, disclosures were made, but it is easy to glass over details when we can get what we want at a payment (notice I didn't say price) we can afford, a "let the cards fall where they may" approach. Needless to say, things were a bit tense after that and, besides the one about doing business with friends and family, there's another cautionary tale within, which is to thoroughly understand contracts entered into. Too many similarly face sudden increases in monthly housing costs they can't afford, becoming the next to face the all too familiar foreclosure crisis as a result.

Price IndexBut like every commodity, real estate values (or lack thereof) are cyclical. One truth of it is that real estate is a stable, profitable investment by any measure; another is that people buy and sell real estate through all cycles. And, when you've worked with everyone from the novice to the savvy investor and from the distressed to the homeowner recovering from said distress since 1997, you realize there are keys to meet every goal and overcome any problem. The question is...

...which, if any, is yours?

Supermarket

  • Real estate locating, analysis, acquisition, sales and management
  • Foreclosure help
  • Commercial lending
  • Private and hard money
  • Credit services
    • Restoration
    • Business credit
  • Incorporation
  • And more

Be it from the start of a dream to invest in real estate to the recovery from a nightmare certainly, there's an aisle in this market for most.

Now, you might be thinking, "That sure is one good-looking mascot, how does he do it all?" or "How do I keep the ball rolling?" Thought you'd never ask! Submit the consultation request to your right to get all the details you need to keep that ball rolling and then some. And so will clicking there. That'll get it rolling too...

Click There...

s2Member®
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