Madison Short Sale

Madison Short Sale Specialist Realtor

Like many homeowners, you may be struggling to afford your mortgage payments. If this is caused by a financial hardship such as decreased income, divorce, job loss, relocation, medical expenses, or other similar situations, a short sale may be the solution for you!

When your lender works with your real estate agent to allow you to sell your home or property for an amount that is considerably less than the amount still owed on the mortgage is called a short sale. Lenders are more likely to agree to a short sale because they too want to avoid foreclosure and all the costs that go along with, if at all possible. In fact, if you short sale, your lender may take care of all of the closing costs which includes your Madison short sale Realtors commission and any additional fees. It is common with some lenders, after the home is sold, to be forgiven of any deficiency amount that remains on the loan.

The first step in a Madison short sale is to hire a local experienced Madison short sale specialist to walk you through the entire transaction. The specialist will be representing you and making negotiations with the lender. Be sure to find an agent that knows the ins and outs of a short sale and it is helpful if they have worked with your lender on a short sale in the past.

Once you have hired a short sale specialist, you must get to work preparing a short sale package. This package will include many financial documents such as, your most recent bank statements and pay stubs, your previous year’s tax return, a financial statement and a hardship letter. When writing a hardship letter be sure to explain in detail the situation that has made it no longer possible for you to afford your home.

The short sale process is completely FREE to homeowners and is more beneficial than a foreclosure, so there’s really no reason not to try! After a foreclosure, it can remain on your credit for years, negatively affecting your ability to qualify for a loan, acquire new employment, or even rent a home. But after a Wisconsin short sale, you are eligible to qualify for a new loan in as little as two years. The advantages to a short sale definitely outweigh the disadvantages.

So if you are interested in the short sale process, find a Madison short sale specialist today! Do not wait until you no longer qualify. There may be other short sale incentive programs you are eligible for, we can tell you more about these programs.  Contact us now to locate a short sale real estate agent near you to answer any questions you may have.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are a homeowner in distress facing foreclosure, we have a solution for you! A Madison short sale can help you avoid foreclosure. We are a nationwide network of real estate agents specializing in short sales. Call us now to see if you qualify for a short sale and to get in touch with a local Madison short sale specialist Realtor.. Our experts can inform you on the short sale process and any additional programs you may qualify for. We have many experienced and licensed Madison Short sale expert agents . Call today if you need a Madison Distressed Property Expert Certified in short sales or to find out more information on the government program Wisconsin HAFA Home Affordable Foreclosure Alternatives short sale program.  We can also also connect you with a Madison Distressed Property Expert Certified in Short sales to offer no cost short sale assistance to you.

Copyright First Coast Realty Associates 2011

Wells Fargo Short Sales Requirements

Homeowners may feel as though they are running out of options when it comes to foreclosure. Some may find it hopeless for success at any of their options. With homeowners who’s mortgages are through Wells Fargo you have less to worry about. Wells Fargo comes to the top of the lender list with short sale approval ratings and friendly servicers.  This will help you stop foreclosure and keep your credit score from taking as big of a hit as could happen.

Let’s talk about what a short sale is. A short sale is when your home is sold under its original value due to the drop of the value in the current market. A short sale has become quite popular due to economic times, and homeowners needing one to avoid foreclosure. However, to qualify you will need to follow Wells Fargo Short Sale Requirements.

First and most important, you will need an agent to sell the home. There are agents who have experience with short sales and prefer to work with them. These agents are called short sale specialists and will speak on your behalf. Having a short sale specialist is important to the success of the short sale. They will guide you through the steps and make the process as stress free as possible. Find a local short sale specialist 1-877-737-4903 to get started with the short sale process.

Lenders will ask that you provide personal documents; these documents put together your Short Sale Package. This will include paperwork to prove you cannot continue to pay your mortgage. A short sale is only for those who need one. If you can maintain your payment of catch up, a short sale is not for you.

Holding back on your hardship will only hurt you; this is your time to let Wells Fargo know exactly the short comings that lead to you being behind. Hardships happen frequently and most of the time they come unannounced and without warning, lenders are looking for what they believe to be “actual” hardships. Some examples of these hardships are but not limited to:

o    Illness

• This can be anywhere from a physical accident, a disease, or a virus. These doctors visits may result in additional hospital or medical bills that aren’t currently able to fit within your budget and may be hard to recover from. Especially with medication and in some cases medical supplies would be needed to be purchased as well.

o    Loss of Income

• If you are maintaining your current cost of living with multiple incomes or contributions this option may be due to either ones self or a contributor no longer being able to assist in paying bills due to a loss of a job or ability to work.

o    Reduced Income

• This could include any parties associated with keeping the cost of living stable having a setback in hours or a cut in pay.

o    Divorce

• Where a Co-Borrower may no longer be assisting with mortgage payments and all costs that come with divorce fees.

o    Death

• Death of a spouse may result in funeral costs and accommodations as well as the loss of the spouse’s contributions. Death of another may set you back as well depending on each individual circumstance.

o    Property Damage

• Whether your home was broken into and the cost of repairs was needed or a natural disaster such as a hurricane, wild fire, sink hole, or earth quake occurred. You may not have all the funds available to fix your home and maintain payments.

Additional documents are required are your last year’s tax returns and W-2’s, three months current bank statements, a full month of current pay stubs, and a financial statement showing income verse expense.

If you have heard of the HAFA incentive of $3,000.00 towards relocation assistance and are interested to see if you qualify contact your short sale specialist for more information on the HAFA Program Guidelines at 1-877-737-4903.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for Requirements for a Wells Fargo short sale? Our stop Madison foreclosure specialists provide FREE short sale expert services to Madison homeowners. Call today to see if you qualify for a short sale! Our Wells Fargo short sale area real estate agents are here to help, and are Certified in the HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Madison Distressed Property Experts Save the Day

Are you worried about losing your home? Have you been falling further and further behind? Does it seem hopeless that you will be able to avoid foreclosure? Are you overwhelmed with emotions? Well there is help! With government programs like (HAFA) Home Affordable Foreclosure Alternatives you are able to avoid foreclosure by choosing two options within and receiving up to $3,000.00 in relocation assistance.

Your options include a deed-in-lieu and a short sale. When your home is to be foreclosed on the lender is going to take the home from you. A deed-in-lieu (DIL) is where you sign it back to them but you may keep some of your investment on the property. The more preferable choice is a short sale; this is where your home’s value is less in today’s market then when it was originally purchased. So the lender agrees to accept less than the full balance at the close of the sale.

With the stress involved and the uncertainty with trying to deal with the lender to solve the problem, there are  Distressed Property Experts. These experts were trained to know all available options to meet your specific needs and how to pursue and achieve them successfully in an efficient amount of time. With professional guidance you are sure to have a permanent alternative to foreclosure.

With short sales becoming more accepted by lenders due to the drop in the market the amount of short sale specialist is less than the demand. A  Distressed Property Expert Certified in Short Sale is one of the few who can execute a short sale with all the available knowledge and guarantee you an outcome you will be more satisfied with.

If you are interested in learning more about Distressed Property Experts contact a short sale specialist in Madison 1-877-737-4903.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Need a Madison short sale specialist to help you stop foreclosure?  Our Madison WI area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

From reviewing the seller’s request to conducting a BPO, banks play an important role that determines the fate of a short sale deal. Until you obtain a green signal from your bank, the possibility of short sale rejection hangs over your head.

However, if you take care of all essential aspects of a short sale, rejection is not likely. There are some hard and fast rules determined by mortgage owners and loan servicers that need to be followed in letter and spirit in order to successfully close a short sale. Here are some important aspects that must be taken into account while applying for a short sale and these factors may help you understand why banks reject short sales.

Incomplete Short Sale Documentation:

Sellers are required to submit complete documents for the consideration of banks and lenders. These documents include the mortgage agreement, a copy of the contract between the listing agent and the seller, bank statements for the last two months and a hardship letter. Sellers should scrupulously prepare their applications and submit all the required documents; otherwise banks reject short sale requests. Besides, it is also apposite to keep a copy of all essential documents because sometimes banks misplace documents while faxing or submitting them to different departments.

Learn the policies of Lenders:

Prior to submitting your application, you should read the policies of your lender thoroughly. Lenders have outlined short sale guidelines that must be complied with; otherwise short sale requests are more likely to be rejected. Holding home as a primary residence, suffering real financial hardship, and having zero assets are some of the conditions that are normally laid down by lenders.

Buyers’ Ineligibility:

Buyers should also be eligible in all respects to enter the short sale process. Banks usually review their credit history, debt ratios, length of time on the job, and a number of other financial aspects to determine their eligibility. In addition to being eligible, buyers are also required to submit their offers along with other documents proving their ability to purchase a property.

Buyer’s offer is too low:

Generally banks hire real estate agents who give their opinion about the market value of the home. The agent makes a visit to the house, examines its exterior and interior, investigates into the market value of the locality and finally gives his balanced opinion, known as the BPO, which is considered to be the yardstick for determining the buyer’s offer. The buyer’s offer will be accepted only if it matches the BPO.

Closing a Short sale within the Prescribed Limit:

Buyers are also required to close on a short sale within a prescribed time frame, usually one month. Failing to do so will lead to the failure of the short sale requiring the seller to initiate the process from scratch.

All in all, one must take the stock of all these factors that lead to the rejection of short sale requests or short sale offers. Preparing all the essential documents beforehand can help homeowners evade various problems that surface during the process. Contact a Madison short sale specialist now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Looking for a Madison short sale Realtor to help you avoid foreclosure on your home? Our Madison WI area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

The decline in the real estate market has put many homeowners in a bad position due to the widening gulf between their mortgage loan and the market value of their properties. However, home buyers are taking advantage of this crisis and purchasing homes at a substantially reduced rate. Houses which were previously out of individuals’ price range are now available at 30-50% lower than their price at the peak.

Now is the ideal time to buy a short sale property. During a short sale, the sellers are forced by their financial problems to sell their homes at loss. These homes are sold at less than the cost the sellers owe to their lenders. The following information is to help you head off to negotiate the best price on a short sale.

Find an Experienced Realtor:
Choose a competent short sale Realtor who has extensive experience in short sale transactions. Ask your agent several questions prior to hiring his services so that you can judge whether he will be able to help you successfully purchase a short sale property.

Search a Desirable Property in the Market:
Find a property of your choice in your desired locality where houses are being short sold. Normally short sale houses are listed on the market with specific tags mentioning “offers must meet the seller’s bank approval.” The longer a house has been on the market, the easier it will be for you to buy it at a reduced price.

Make a Fair Offer:
Making an offer after negotiating with a seller’s agent is the most crucial component of the whole process. Remember that the short sale offer you are going to present should at least be akin to the bank’s BPO (broker’s price opinion).

For example, if a seller has paid $300,000 for the property and is now short selling his home for whatever reason, the seller as well as his short sale Realtor may know what price the bank will easily take, let’s say $250,000 estimated as the BPO. But they are not supposed to reveal this to you.

In order to obtain this house, your offer should be as close to the BPO as possible. If you make an offer for $200,000, the bank is most likely to reject it. In case your offer is rejected, you should immediately make another fair offer to come closer to the bank’s BPO.

Give the Short Sale Lender Time to Respond:
Once your seller has approved your offer, wait for the lender’s final approval because your offer is contingent upon the lender’s acceptance. Lenders mostly make a final decision within two to three months; however, to avoid an unpredictable delay you can make your offer conditional for a limited time frame after which you will be free to cancel it.

Close your Deal on Time:
Once your offer is accepted by the lender, you will be required to close on the home within 30 days given that your finances are in order. Failing to do this will lead to the failure of a short sale deal.

All in all, purchasing a short sale home can save you a remarkable amount of money when compared to a similar house priced at full market value. It goes without saying that short sale homes usually sell for cheap prices that net tens of thousands of dollars lower than the market value paving way for you to obtain a home of your choice for a reasonable price.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for a Madison WI short sale Realtor? Look no further! Our stop Wisconsin foreclosure specialists provide FREE short sale expert services to Madison WI homeowners in hardship. Call today to see if you qualify for a short sale! Need a Madison WI Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Madison WI area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011-Sharon Molnar

The short sale process is substantially different from ordinary and traditional sales, therefore it requires a real estate listing agent having extensive knowledge combined with practical experience in the field so that he can successfully complete the process. An experienced short sale listing agent will help you a great deal in the short sale process.

In order to determine whether the Madison WI short sale Realtor you are going to hire is experienced or not, you need to ask him certain questions about his previous dealings and other relevant issues. The more you know about your listing agent, the better it will be for you to candidly discuss various aspects of short sales such as contingencies, final sale price and what to expect throughout the transaction.

Here is a list of some questions that you must ask before hiring a Madison WI listing agent:

1. How many short sales have you done so far?

You will come to know how experienced your prospective agent is. The number of short sales done successfully by an agent is a feather in his cap.

2. How much time does your average short sale transaction consume?

An experienced agent usually takes less time in concluding a short sale transaction by the dint of his communication skills and professional expertise. However, in some cases due to the delaying tactics of banks, listing agents can do nothing but wait despite rendering his utmost efforts. But taking longer time consistently will be counted as a black mark on the reputation of an agent.

3. Do you generally get borrowers released of the deficiency?

The short sale deficiency refers to the difference between the loan payoff and the sale price offered by the short sale buyer. For instance if the payable outstanding loan is $100,000 and the house sells at $75,000, the borrower will still owe $25,000 as the deficiency. It will be an added benefit if the listing agent endeavors to get his client forgiven of the deficiency.

4. How often do you contact the lender?

This is another important question that must be asked because short sale listing agents are required to be in contact with lenders and inform the seller as well as the buyer about updates on a regular basis. A well experienced agent follows up his case at regular intervals and persuades the parties involved, specifically the bank, to close the short sale as soon as possible.

5. What makes you distinguished from other listing agents?

To figure out in which area your listing agent shines will go a long way in getting your home sold in the shortest possible time. House marketing techniques, price listing skills and on the top of them negotiation skills are some of the factors that determine the separate identity of an agent.

6. How quickly will I get a response from you?

Home sellers after getting into the short sale process are very much concerned about knowing what is going on with their short sale. How should you contact your Madison WI short sale Realtor either by phone, text or email? How long will you have to wait to get a response, one day or one week? Ask these questions before selecting a listing agent in order to evade any inconvenience.

5. Will you charge a commission or any fees?

A seller is never charged even a penny during the entire short sale process. It is the lender who will pay the closing costs and commission given that the short sale has been approved. If your listing agent demands any commission from you, he might not be a genuine agent.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Our Madison WI area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Wisconsin.

Copyright First Coast Realty Associates 2011-Sharon Molnar

As more and more homeowners have gone into foreclosure, we have seen a rise in the market for short sales. Unfortunately, there are still many struggling borrowers who are unaware of foreclosure alternatives.

A Sun Prairie WI short sale can take place when a borrower owes more on their property than it is worth in the current real estate market. The lender must approve the transaction since they will be the party experiencing financial loss. In order to qualify for a short sale, borrowers must prove to be in some type of financial hardship. Hardships can include job loss, divorce, relocation, decreased income, vacant rental property, medical expenses, and others.

Short sales are completely FREE to borrowers! Lenders pay all traditional seller closing costs which includes Realtor fees. Additionally, in most cases lenders forgive borrowers of the deficiency amount. In some instances, lenders may require that borrowers pay back a portion or even the entire deficiency over a certain number of years. We are seeing this happen less and less as all parties become more familiar with the short sale process.

The average Realtor within our network has closed over 50 short sale transactions. It is very important that you hire a short sale specialist Realtor who has plenty of experience in the area. Our Windsor WI short sale experts have what it takes to get your short sale closed successfully at no cost to you. Since we are compensated a portion of your Realtor’s commission which is paid by your lender, it is in our best interest to only allow the top short sale specialists into our network of Realtors.

www.Short-Sale-Specialists.com

877-737-4903

Contact a local short sale expert.

Are you looking for a Windsor WI short sale Realtor? Look no further! Our stop Wisconsin foreclosure specialists provide FREE short sale expert services to Sun Prairie homeowners in hardship. Call today to see if you qualify for a short sale! Need a Windsor WI Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Sun Prairie area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Wisconsin.

Copyright First Coast Realty Associates 2011-Sharon Molnar

A short sale hardship letter is a crucial step in your bid for the short sale of your home. It is therefore very important that your hardship letter is as good as you can make it out to be. If you recall the days when your resume was introduced to you as a means to sell yourself and stand out amongst fellow applicants to the recruiters, you’ll understand the role of a hardship letter. Remember that the process of short selling involves the lender letting go of the deficient amount and moving ahead with minimal damage. Why will a lender give a nod to a certain loss if they believe that they can recover the full loan through other means?

Documentation required:
This means that you have to convince your lender, through facts, that there is no way to recover the full amount and it is better to settle for a short sale. Now, in what cases does this hold true? First and foremost, the value of the house needs to have dropped below the unpaid mortgage. Without it, a home owner won’t even think about or be eligible for a short sale. With your letter, please provide a proof of this situation. Other documentation that is required in your short sale package would be legal proof that you have no assets and that your mortgage status is in or near default status. Get your documents together and keep them in an order that is easily reviewable.

Hardships:
Now, move on to the most important part of your hardship letter, declaring and proving that you are going through “hard times.” Now, it is assumed that when you are actually sitting down to write a hardship letter, you already know what does not count as a hardship. For example, circumstances out of your control that put a strain on your finances will qualify as hard times. However, irresponsible acts that have snow balled into a bad financial position for you or wherein you are clearly choosing a more comfortable option for you will not qualify as a hardship. When you are writing these down, be careful to eliminate all the points in which it seems you might be exercising an option.

Writing the letter:
While writing the letter, please bear in mind that it needs to be factual and short. Its purpose is to make clear that there is no other option and a short sale is the way to go. Five to ten sentences is ideal. Remember to sign and date the letter. It is wise to write at the end that there is no other alternative left and a short sale is the only alternative to foreclosure. Remember that the decisions are made by weighing all the different options available to the lender and the only reason they’ll go for it is if the short sale will save them money and/or time. So, why even bother them with details they will not be interested in? Hence, remember the basics. Keep it short and factual, and make it clear that there is only one solution left.

This is why a short sale is not an option open for everyone, but can be a blessing to those who are unfortunately eligible for the short sale.

www.Short-Sale-Specialists.com

877-737-4903

Contact a local Madison WI short sale expert.

Are you looking for a Madison WI short sale Realtor? Look no further! Our stop Wisconsin foreclosure specialists provide FREE short sale expert services to Madison WI homeowners in hardship. Call today to see if you qualify for a short sale! Need a Madison WI Certified Distressed Property Expert in short sales to offer free Chase short sale services? Our Madison WI area Certified Distressed Property Expert real estate agents are here to help, and are Certified or training in the Wisconsin Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of Wisconsin.

Copyright First Coast Realty Associates 2011-Sharon Molnar