To check out the industry’s most effective solution when it comes to coordinating short sale transactions in record time head over to QuickSale.com.
How to solve foreclosure problem? More short sales, says Brad Geisen (Video)
August 21, 2009 By 1 Comment
How foreclosure affects credit score
June 22, 2009 By 6 Comments
Foreclosure is unpleasant for several different reasons. Not only are homeowners forced out of their homes, but their credit scores suffer long after the banks repossess them.
In fact, a foreclosure can affect a credit score by as much as 250 to 280 points for up to seven years. That of course can become a major problem and inconvenience down the road when it comes to buying/leasing a car, renting a new place or even getting approved for a credit card.
It’s a horrible gift that, unfortunately, keeps on giving.
For the sake of comparison, short sales and deed-in-lieu are less of a drain on your credit. Short sales can affect a score by 80 to 100 points and deed-in-lieu is anywhere from 120 to 175. Clearly, it’s in homeowners’ best interests to try and short sale or sell their homes by some other means before losing them to foreclosure altogether.
The good news is that a credit score can never drop below “0.” It’s also always changing — when credit takes a ding for any reason time is a reliable ally that helps improve the rating.
Of course, a person needs to focus on doing the things that will not make a situation worse for a score to get better. The key to great credit is to be educated on how prompt payments and buying behaviors affect long- and short-range financial goals.
Nationwide consumer credit reporting companies such as Experian, Equifax and TransUnion allow one FREE credit file disclosure every 12 months. The first step, clearly, is finding out what your credit score is and the factors that went into it.
From that point on raising your credit score is like getting into shape — it takes some time and there is no quick fix. If you are having credit problems it’s important that you speak with a professional about how to best go about repairing your credit — especially if a foreclosure is involved — sooner rather than later.
Real estate short sale tips for buyers
April 28, 2009 By 2 Comments
Sun Sentinel has a compiled a simple and neat list, which you should always keep in mind:
Be patient. It takes time for the seller’s lender to review the buyer’s offer. While many lenders are moving faster, eight to 12 weeks is not unrealistic.
Be prequalified for a mortgage or pay cash. Many buyers have their financing fall through in the final hour, wasting everybody’s time.
Be prepared. Ensure that a qualified real estate agent or attorney is negotiating your offer on behalf of the seller. Many agents say they have the experience to negotiate the short sale, but they actually have a poor track record. Ask the agents how many short sales they’ve handled and how many they’ve closed.
Be responsive. Respond to e-mails and phone calls from your real estate agent.
This is a good start that should provide you with a general idea about what to expect when it comes to the short sale process. But it certainly won’t be enough to help you negotiate and close a deal of your own if you are relatively new to the concept.
Foreclosure.com can help.
We have several online educational opportunities available On Demand, including Short Sale Negotiation, Short Sale Package and Profit Big: The Lease Option Secret, which you can order, watch and learn from instantly from the comfort of your own home or office.
In addition, we have a nationwide network of highly trained real estate professionals who have completed rigorous training on the short sale process and have earned Certified Foreclosure Agent certification from Foreclosure.com Agent University.
So be sure to get the latest on this red hot real estate technique courtesy of Foreclosure.com … we’ve got you covered!
Sheriff sale cancellations are up in March 2009
April 1, 2009 By Leave a Comment
Boca Raton, Fla. — Foreclosure.com (www.foreclosure.com) today announced that it has detected a 30 percent increase in sheriff/trustee sale cancellations when it compared March 2009 data to figures from exactly one year ago, signaling that banks and lenders are having success resolving loan situations with distressed borrowers in default.
It’s a positive sign that could mean more people are avoiding foreclosure and staying where they should be: In their homes.
“While not the smoking gun that the housing market is on the road to total recovery, it is good news nonetheless,” said Foreclosure.com Vice President James Houston. “Being in the midst of a foreclosure situation is a very difficult place to be. And the fewer homeowners who have to experience it the better it is for everyone.”
Foreclosure.com breaks down the foreclosure process into three simple steps: preforeclosures, sheriff/trustee sales and post foreclosures/REOs. Sheriff sales — also known as trustee sales in states such as California that primarily observe non-judicial foreclosure laws — are homes facing foreclosure that are scheduled to be put up for public auction.
These public auctions typically take place at county court houses or other public places such as libraries. It is often the last chance for a homeowner who has defaulted on his or her mortgage to cure the loan before it is either sold to a new buyer or repossessed by the bank/lender.
And the fact that sheriff sale cancellations are up means that distressed homeowners and their lenders are finding common ground.
What is a short sale and everything else you need to know
December 16, 2008 By 1 Comment
Foreclosure situations are surging nationwide, creating real estate investment opportunities that are simply out of this world.
Short sales, in particular, are gaining serious steam.
Essentially, a short sale is when a homeowner facing foreclosure sells his or her home — with the consent of the respective money lender — for less than what is owed to the bank.
It’s a great option for distressed homeowners who want to avoid foreclosure and the crushing personal credit consequences that come along with it. On the other hand, working out a short sale deal can save buyers/investors (yes, we’re talking to YOU) a ton of money on their home purchases/investments.
In our most recent edition of “Investment Exchange” — our free educational real estate newsletter — we dive into short sales head first, covering everything from where to find them to how to negotiate the perfect deal that’s right for you.
To check the December 2008 short sale installment and all of the others click here.
Remember that “Investment Exchange” is a FREE resource that Foreclosure.com provides its site visitors. Sign up to receive the educational real estate newsletter each month at no cost right here.
Recent Comments