Des Moines Short Sale

Des Moines Short Sale Realtors

As the economy and real estate market continue to struggle, many homeowners are finding themselves “underwater” on their property and unable to afford their home any longer. Many of these homeowners are learning that a short sale is a great alternative to foreclosure.

When a borrower owes more on their home than it is worth and they are in a financial hardship they qualify for a Des Moines short sale. Before being approved for a short sale by the lender, the homeowner must first prove they are in a hardship and that they can no longer afford to make the mortgage payments. A few acceptable hardships include a decrease in the income of any person that contributes to the homes bills, going through divorce, relocation for a job, unplanned medical expenses, etc.

Steps to a mortgage short sale

Step 1: Locate a Des Moines short sale Realtor.

The Des Moines short sale specialist you hire will walk you through the entire short sale process charging you nothing for their services. All closing costs, fees and commission will be paid by your lender once the short sale is completed.  Contact (877)737-4903 to speak with a local short sale agent.

Step 2: Apply for a short sale with your lender.

When you apply for a Des Moines short sale you will be required to prove your hardship by writing a letter explaining in detail what your hardship is and how it is preventing you from being able to afford the home. This letter will be included in a short sale package along with other financial documents. Some of the other information that may be necessary to provide to your short sale realtor is your most recent bank statements and payroll check, last year’s tax return and W2s as well as a financial statement listing your monthly income and expenses.

Step 3: Make your home presentable for showings.

Once you have been approved by your lender for a Des Moines short sale, it is imperative that you make your home attractive to any potential buyers. By making your home more appealing and available for showings you can make the short sale process move along faster. Make sure to take advantage of all opportunities to show the home. Often times, homeowners being unavailable can delay the selling process.

Step 4: Close on the sale and move on with your life

Once the bank approves the offer on your home, the short sale realtor can close on the sale and you are able to move on with your life, without being haunted by a foreclosure. There are even some additional short sale incentive programs you may be eligible for such as the HAFA Program. These programs offer relocation assistance from $3,000 to $30,000 depending on which program you qualify for.

If you have any questions about a Des Moines short sale or just simply need more information, call us today! Our short sale specialist can guide you through the process at no cost to you and help stop foreclosure. There are time limits on a short sale so do not delay and call us now! 1- 877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are looking to stop foreclosure and start your short sale, then contact one of our short sale specialist Realtors! Call today if you need a Des Moines Distressed Property Expert Certified in short sales or to find out more information on the government program Iowa HAFA Home Affordable Foreclosure Alternatives short sale program.

Copyright First Coast Realty Associates 2011

When you are in this situation, you have to look at all the options available. There are several solutions but just which one is the best option for you? If it is possible, you want to avoid foreclosure and bankruptcy. These really are drastic options and have consequences for years after you have dealt with the current problem. They will be on your credit record for up to ten years, regardless of paying off all of the debts or having the debts written off. This will affect your ability to get a loan or mortgage in the future, so they should only be considered as a last resort.

It may cost you money to hire an attorney but with such a complicated and important matter, it may save you a lot of distress and even money in the long run. Remember, attorneys work with lenders all the time; they know the law and are on your side and options are available. Once the agreement has been agreed by both you and your lender, a new mortgage agreement will be drawn up and signed. A crisis has been averted and to everybody’s satisfaction. Just remember, although it will always cost you something to draw up legal documents. A loan modification can be made at any time and over any part of the current agreement.

In these difficult times, the lending houses are looking for more and more options that help them ensure they continue to make money and foreclosures are a costly option that means they may get some of their loan back but they will still probably lose money. They will just lose less. They would much prefer the option of modifying your agreement, that way they may have to wait a little longer but they will make the expected return on their monies. This is what they want. So, contact one of our Desmoines Short Sale Specialists now and let us answer anymore more questions you may have!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are in need of a short sale, then we have the right short sale Realtors for you! We are a nationwide network of real estate agents specializing in Des Moines short sales.  Our short sale Realtors can inform you on the short sale process and any additional incentive programs you may qualify for. We have many experienced and licensed Short sale agents near Des Moines Iowa. Call today if you need a Des Moines Distressed Property Expert Certified in short sales or to find out more information on the government program Iowa HAFA Home Affordable Foreclosure Alternatives short sale program.

Copyright First Coast Realty Associates 2011

Assistance with Wells Fargo Short Sales

Are you finding it harder each month to make your payments on time if at all? Is your mortgage with Wells Fargo Home Mortgage? If you owe more on your mortgage than its present value at and are in a hardship, you may qualify for a short sale through Wells Fargo. A short sale is one alternative to foreclosure for homeowners that meet all the requirements.  A Short Sale Specialist can help the homeowner find out if they meet the requirements for a Wells Fargo Short Sale.

What is a short sale specialist? This is the most vital part of a short sale. You must find an agent to list your home. A Des Moines short sale specialist is an agent who specifically works on short sales. With the trained knowledge and experience they will guide you through the steps that are detailed down to your individual needs, and a short sale specialist will talk to Wells Fargo on your behalf.

Once you have your short sale specialist 1-877-737-4903, you now need to present a short sale package to qualify. You must be in a hardship to have fallen behind and you cannot qualify if you can maintain your payments. A short sale is only for homeowners that are in need of a short sale to avoid foreclosure.

A hardship can be defined as a situation that causes a homeowner a financial setback. Some acceptable hardships are loss of income, a decrease in hours or cut in pay, the death or illness of a family member, or damages to the home. For a full list of all acceptable hardships contact a Wells Fargo Short Sale Agent near you. Any time you find yourself in a financial tie, stress is sure to follow among other serious negative emotions. When you add in that you and your family may lose your home, it can seem overwhelming. Our team of experienced short sale specialists will help make this process as easy and fast as possible. With Property value recently decreasing, you may be surprised to learn that your home is not worth as much as you still owe the mortgage company. Over the past few years the real estate market for the worse. This is leaving some homeowners thinking their only option was to foreclosure. You can participate in a Short Sale with Wells Fargo as a more beneficial alternative.

You are ready to proceed with a trained short sale specialist. Wells Fargo will work directly with the agent you choose to represent you during this time. The homeowner’s responsibilities will be to prepare the Wells Fargo Short Sale Package. This package will include personal paperwork to prove to the lender what your monthly expenses are versus your monthly income. It is also necessary for the homeowner to create a hardship letter explaining in detail about your financial hardship.

If you are interested in the HAFA program and would like to see if you qualify to get the $3,000.00 incentive, checkout the Wells Fargo HAFA program guidelines and contact your short sale specialist 1-877-737-4903.

Des Moines Distressed Property Expert Certified in short sales

Have you ever heard of the HAFA program? This is the Home Affordable Foreclosure Alternative program. Within this program if you qualify you may save yourself from foreclosure as well as receive incentives such as $3,000.00 for borrower relocation assistance, and $1,500.00 for the servicer to cover costs of the process. Within the HAFA programs are a deed-in-lieu and a short sale.

A deed-in-lieu (DIL) is where the homeowner signs the property back to the lender in an agreement to allow the lender to sell the property after it has become vacant and regain part of their investment.

A Short Sale is where the lender agrees to accept the sale price of a home even if it is less than what’s owed on the mortgage. This allows the current homeowner to sell to a new homeowner so the property doesn’t become vacant.

Both the deed-in-lieu and the short sale programs are to help avoid foreclosure. One in seven mortgages isn’t being paid and one fourth of all mortgages owe more than what the home is worth in the current market.

Distressed Property Experts are well trained agents that help manipulate the processes that the lenders throw at you. Having experts in distressed homes helps to have someone who knows the ins and outs of the qualifications and documents needed to make these programs work. Distressed Property Expert’s main goal is to prevent a foreclosure. Primarily these agents are geared towards working with short sales and their benefits, when there is a property executed short sale the lender pays the agents commission.

Distressed Property Expert agents are great with working without the personal pressures that the homeowner might face as well as knowing exactly the right guidance to give in all situations. There is well over a million agents but less than nineteen thousand that can call themselves Distressed Property Experts and even fewer within that group that are short sale specialists.

You owe it to yourselves if you’re going to face foreclosure and you’re confused on the best most efficient way to handle your affairs to call a Distressed Property Expert. Distressed Property Expert’s are looking out for your best interest as the lender is only concerned about money and making sure they get what is owed despite what your hardship may be.

For further information on Des Moines Distressed Property Experts and how they may help you, contact your local short sale specialist at 1-877-737-4903.

While it is important to have a trained short sale specialist there is no substitute for experience. To contact us today to get in touch with a experienced short sale specialist call 1-877-737-4903

While home prices continue to drop in many areas of the nation, many homeowners are staring foreclosure in the face. Unfortunately, many of these delinquent homeowners are unaware that there is an alternative to foreclosure.

A short sale takes place when a lender allows a borrower to sell their home for an amount that will not fully satisfy the loan on the property. A few conditions apply: first of all, the borrower must owe more on the home than it is worth; secondly, the borrower must be able to prove to their lender that they are suffering financially from a situation like job loss, divorce, relocation or others.

Not only is a Realtor needed to successfully complete a short sale, but an experienced stop foreclosure Realtor in Des Moines. This Realtor will walk you through the entire process, providing stop foreclosure help at no cost to you; your lender will pay all of your closing costs. Your Des Moines short sale Realtor will work closely with your bank in hopes of obtaining a release from the deficiency. In some cases lenders may require that borrowers pay back a certain portion or the entire debt over a certain period of time. We are seeing this happen less as complete forgiveness is becoming the norm.

BPO is the abbreviation for “Broker’s Price Opinion” and it is perhaps one of the most influential components of the short sale process that determines the price of the property and conditions the prospective buyers’ offer to match it; otherwise the lender will hold the right to simply reject the offer.

A lender first of all considers a Des Moines short sale application and appoints a real estate agent or broker to assess the actual worth of the property and provide the lender with his professional and accurate estimate of its price. The appointed broker evaluates the worth of property in the following order:

a) He visits the house and inquires about the market value of surrounding houses
b) He thoroughly inspects the interior of the house and makes an estimate of the cost of repairs
c) He makes a report on the basis of his research and observation
d) He submits his “opinion” in detail covering all the aspects he came across while conducting research

Types of BPO’s:

a) Full BPO: The agent performs a thorough inspection of the home.
b) Drive-By BPO: The agent only takes some pictures of the home from outside and assesses its value according to the market value of nearby properties.

Buyer’s offer and BPO:
The BPO is an influential component of the short sale process which influences the prospective offers of buyers. If an offer is not in accordance with the short sale BPO it will most likely be rejected. For instance, the BPO estimated the house to be worth $400,000 and the buyer offers to purchase it for $350,000, the lender will not accede to this offer because it is less than the BPO.

Some sellers mistakenly think that rejecting a short sale offer is equal to the rejection of the short sale. However, it is not that the lender is not willing to accept a short sale; in fact it is that the short sale offer does not match the amount estimated by the broker. So there is a huge difference between a lender rejecting a short sale and a lender rejecting a short sale offer.

Accuracy of the BPO:
It is possible that a real estate agent produce a slightly or drastically inaccurate report due to a few reasons. Sometimes to assess the value of a home, appointed agents go to a city or town where they do not sell real estate and are not familiar to the marketplace. As a result they make inaccurate reports and give an estimated price which might be higher than the real worth of the property.

An inaccurate BPO will pan out to obstruct the smooth process of a short sale and may even lead to the failure of it given that no buyer is ready to offer according to the BPO. Therefore it is vital to convince the broker about the exact value and it can be done in a professional manner through your listing agent.

The Des Moines short sale specialist listing agent should influence the Broker’s Price Opinion while explaining why the seller is choosing to short sale. Moreover, he should apprise the bank agent regarding the buyers’ opinion about the value of the property and also about the reasons it is not selling for a higher price. An accurate BPO is always helpful for sellers and allows them to receive great offers leading to the closure of the short sale within the limited time frame.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Our short sale specialists are ready to help you with your short sale! Need a Des Moines Distressed Property Expert in short sales to offer free short sale services? Our Des Moines IA area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Iowa Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

The Home Affordable Foreclosure Alternatives (HAFA) Program has been introduced by Fannie Mae, the most preeminent Government sponsored corporation that has been working in the mortgage market since long and is endeavoring to reestablish the market on firm foundations.  The HAFA program aims at serving the borrowers through December 31, 2012.

In simple words, the HAFA program persuades the qualifying homeowners who are on the verge of foreclosure to opt for a short sale or Deed in Lieu as a viable and favorable option. A HAFA short sale should be considered a productive option because it not only helps the borrowers get rid of a heavy mortgage loan but also releases them from any deficiency liability.

Eligibility for a HAFA Short Sale

First off, the borrower must meet HAMP’s specific criteria that states:

• The borrower occupies (or recently occupied) the house as a primary residence.
• The mortgage was initiated on or before January 1, 2009.
• The borrower is either late on payments or stands on the verge of default.
• Outstanding balance owed on the borrower is no more than $729,750 for a single family property; $934,200 for a dual unit property; and $1,129,250 for a three-unit property.

In addition to these conditions, the borrower must comply with the following set of conditions:

• Foreclosure Sale is not planned to take place within sixty days of the borrower’s request for a Fannie Mae HAFA short sale
• Borrower has no ability to continue mortgage payments
• He has no substantial assets equivalent to the total of three monthly mortgage payments or $5,000, whichever is greater
  
• He does not have any surplus income
• Borrowers must hire a HAFA short sale Realtor

BPO:
Once a borrower is found eligible in all respects for a HAFA short sale, the bank must immediately acquire the market value of the mortgaged property. The Broker Price Opinion (BPO), based on the interior and exterior inspection of the property, will be the criterion for the acceptance or denial of the buyer’s offer.

Approval of Short Sale:
As for short sale approval, a HAFA short sale is the first of its kind that offers a very quick response. Since a number of homeowners and short sale buyers are weary of a large amount of time consumed during the short sale process, the HAFA program has guided the servicers to contain this hindrance and respond to the offer within ten business days after receiving complete documents from the Realtor. The banks or servicers are bound to accept or reject offers within this short period of time.

Benefits of a HAFA Short Sale:
An incentive of $3,000 will be offered to the homeowner’s out of sale proceeds in order to help him pay the costs of relocation. Not only will Fannie Mae release them of the deficiency but also requires other lien holders to forgive him of any liability. Moreover, sellers will be able to obtain a new mortgage loan within two years of the short sale unlike those who lose their homes in foreclosure and are barred from a mortgage loan for a period of seven years. Contact a Des Moines Short Sale Specialist to learn more about this program!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you in need of a Des Moines Distressed Property Expert in short sales to offer FREE short sale services? Our Des Moines IA area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Iowa Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Short Sale Time Length:

A few years ago it was near to impossible to close a short sale mainly because they were held in abeyance due to the attitude of banks and lenders that showed apathy towards the humble requests of sellers. However, mounting cases of foreclosures changed the mindset of banks tempting them to realize that short sales were in their favor as compared to foreclosures. With the onset of this change, now the banks that were once considered to be the least favorite among Pleasant Hill IA short sale Realtors have become easier to work with.

We cannot exactly state a specific period of time that is needed for a short sale to complete its course. However, on average it takes about three to six months but it can also stretch to even one or two years. There are some factors that determine what time length will be required to accomplish a short sale.

Experienced Listing Agent: A well experienced listing agent can close the short sale within a short span of time. Therefore one should carefully hire an agent for his short sale experience. A short sale Realtor is required to communicate with the bank involved and the buyer’s agent in addition to convincing them that a short sale is the best way to go. An incompetent or naïve agent will only bring distracting results to the process taking a considerable time length.

Seller’s Cooperation: To run the short sale transaction in a smooth manner, seller’s cooperation is a must. If he cooperates well with the listing agent and furnishes required documentation as demanded by the bank or agent, the transaction will definitely take less time.

Buyer’s Cooperation: When it comes to short sales, it is the buyer who has to kick the heels. To approve the short sale banks usually take more time than expected. In this situation if buyers threaten the bank that they will walk away from the sale, it will be a counterproductive assertion that will contribute only in furthering the delay of the Iowa short sale. Even if the buyer withdraws from the short sale, if the bank has responded back with a counteroffer perhaps, the home will remain on the market as an “approved short sale.”

Multiple Liens: If more than one lien is involved in a mortgage, it will definitely slow down the process because all of them will negotiate among each other to finalize the deal.

Buyer’s Offer: Banks tend to bear as less loss as possible, therefore they look for high offers from buyers that can match the market value of the property. If a buyer proposes a smaller amount of money, it is least likely to be approved in the shortest possible time.

Mortgage Insurance Company and its Approval: Mortgage insurance companies follow different policies being independent of each other. Their approval can also take time and delay the process.

Ideally, short sales should close in no more than thirty days if all the circumstances are favorable and there is only one company involved which also owns the loan. However, this is quite rare and one should be mentally prepared that the process can take longer than what is expected due to intricate and complex issues that are part and parcel of the entire process.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are looking for a Short Sale Specialist to help you start and complete your short sale successfully, then you are in luck! Contact us to see if you qualify for a short sale! Searching for a  Pleasant Hill IA Distressed Property Expert in short sales to offer free short sale services? Our Pleasant Hill area Distressed Property Expert real estate agents are here to help, and are Certified or training in the Iowa 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 Iowa.

Copyright First Coast Realty Associates 2011

Short sales and foreclosures are two processes that occur when a person cannot make his mortgage payments on a regular basis. Though both of these help the borrower get out of the mortgage loan, they are different in terms of consequences. When we compare a Des Moines short sale to a foreclosure, it becomes crystal clear that the former is much better than the latter. Let us examine some consequences of short sales and foreclosures in connection with credit score, future loans and employment, in order to decide which option is more favorable and practical.

Impact on Credit Score and Credit History:
A short sale usually decreases fifty points in credit score given that the borrower has not been behind on his mortgage payments. On the other hand, a foreclosure causes a decrease of over 300 points. When it comes to credit history, the short sale is not often mentioned in the credit report and even if mentioned, it goes like “paid in full” or “settled with negotiation.” On the other hand, the foreclosure remains mentioned in the credit report for at least ten years. Wherever you go for further loan agreements, this stigma will stick to your financial record and will drastically affect your general eligibility and interest rate.

Future Loan Agreement with Mortgage Companies:
Due to all time increasing cases of short sales, today’s mortgage companies do not require you to disclose whether you have performed a short sale or not. However, you will definitely be asked to reveal if you have been through foreclosure in the recent past. The standard loan application asks this question, “Have you had property foreclosed upon or given title or deed in lieu thereof in the past seven years?” Thus giving answer in the affirmative will leave you in difficulty, you will be either disqualified for future loans or you will get loans at a very high interest rate.

Impact on Current and Future Employment:
Since a short sale is not often mentioned in the credit history of a person, it does not affect current or future employment. However, foreclosure is clearly cited in the credit history, it may lead your current employer, if you are holding some sensitive position, to check your credit history and even terminate your service on finding this stigma in your credit history. Furthermore, Iowa foreclosure can also be detrimental for your future job opportunities.

Deficiency Judgment and Deficiency Amount:
As per common practice, the lender does not pursue a deficiency judgment against the borrower in short sales whereas he may pursue it subsequent to foreclosure. As far as the deficiency amount is concerned, in a short sale it is written off by the lender as an act of moral support for the house is sold out near to the real price of the home, but it is not the case when it comes to foreclosure. While it involves auction which may not fetch customers at the initial stage, it will remain in the possession of real owner as an REO (real estate owned). Now the lender will have to remove debts and liens on the property and resell it to the public either through another auction or by itself. Obviously, this process will take time and increase the deficiency amount on the borrower for which he will may be pursued.

Impact on Future Mortgage Loan Agreements:
If you want to get another mortgage loan backed by one of the government’s three major financial entities, you will be required to wait for at least two years to become eligible for the new loan after the execution date of a short sale. Even this period can be reduced provided you are not deficient on mortgage payments. However, foreclosures simply make you ineligible for the new loan for at least five years.

www.Short-Sale-Specialists.com

877-737-4903

Contact a local short sale expert.

Are you looking for a Des Moines IA short sale Realtor? Look no further! Our stop Iowa foreclosure specialists provide FREE short sale expert services to Des Moines homeowners in hardship. Call today to see if you qualify for a short sale! Need a Des Moines IA Distressed Property Expert in short sales to offer free Chase short sale services? Our Des Moines areaDistressed Property Expert real estate agents are here to help, and are Certified or training in the Iowa 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 Iowa.

Copyright First Coast Realty Associates 2011

Mortgages of properties are often associated with the timely payment and related legal procedures. The cases of late payments can often affect the deal between a lender and borrower in adverse manners. In such situations, the lender or the bank in common, may go with the short sale and foreclosure methods for retrieving the payment. The former method is preferred by most of the borrowers owing to various advantages of the process.

A short sale is the process of selling a property to a third person through an agent, with the whole proceeding monitored by the seller. The mortgaged property is sold out at a rate less than the original value of the asset. The selling is often chosen as the best option when juxtaposed with the nasty after effects of a foreclosure. The help of a Des Moines short sale specialist can bring solace to the tensed mind of a house owner. It often helps the debtor in upgrading his financial position.

People who are in debt with a lender prefer short sales as it helps the borrower in controlling the sale and allows them to carry out a deal as normal as any other sale. It is an apt way of keeping one’s position in the credit record safe and flawless. This is because unlike foreclosure, a short sale will not be indicated as such on the credit report and the reduction in credit score will be pretty low. After the sale, the lender can ask for only either a low deficiency judgment or most of the time, zero judgment.

One also need not have to mention the short sale while applying for loans and can confirm the loan lender that the home has been sold. This method also provides the debtor with a prior notification before two or three weeks.

The short sale process offers another main advantage with the deficiency payment. In this case, the property is sold near to the market value. Generally the deficiency is forgiven. Money can be saved with the help of reliable agents and firms offering FREE short sale services. This method can reduce half the burden, in case a person is dealing with two loans simultaneously.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of where your home stands in today’s market, fill out the form below.

Are you looking for a Des Moines IA short sale Realtor? Look no further! Our stop Iowa foreclosure specialists provide FREE short sale expert services to Des Moines homeowners in hardship. Call today to see if you qualify for a short sale! Need a Des Moines IA Distressed Property Expert in short sales to offer free Chase short sale services? Our Des Moines area Distressed Property Expert real estate agents are here to help, and are Certified or training in the Iowa 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 Iowa.

Copyright First Coast Realty Associates 2011