New Tampa Short Sale

SHORT SALE!!!!!BANK ACCEPTED SHORT SALE..Located in the beautiful subdivision of Arbor Green. This spectacular home sits in a cul da sac and backs into a conservation area. The home is located in a stunning park view. This beautiful home is a 5 bedroom 3.5 bathrooms 3 car garage...When you're ready to entertain, the house provides a beautiful self cleaning pool with a jacuzzi and a shower outside. This house also provides surrond sound throughout with stainless appliances in the kitchen. You have to see this house to believe it.

Please feel free to call me to preview this home.

Thank you,

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

http://ainsleydaux.topseller.net

Short Sale Buyer List

Short Sales Short Sales!

I have listed and negotiated many short sales in the last few years. A few were easy to negotiate and a few made me pull out the little hair that I have left. As a listing agent you create systems or procedures which helps you and the seller expedite the short sale. In the buyers case its a little different. Since many buyers are unaware of the short sale mitigation process I decided to put a list together to educate my buyers when there looking to purchase a short sale...

Even though I normally list short sales, I also work with buyers looking for short sales. In order to provide the best quality service to my buyers, I asked several buyers agents "what are buyers looking for when purchasing a short sale"? Many buyers are turned off with the highly competative of the REO’s and are willing to wait on the approval of a short short sale. I’ve put together a Short sale checklist which enables me to service my clients better…

Short Sale Buyer's list (Tampa Bay)
1)If the home has been owner occupied I try to obtain a “property disclosure”

2)I ask the listing agent "if the property is vacant", if vacant who is responsible to turn on the utilities for inspection purposes.

3)If the property is occupied, I need to know what items convey with the purchase.

4)I also ask if the property is tenant Occupied..If the property is a tenant occupied, are the tenants aware that the prorpety is for sale and will they vacate the property before closing?

5) I specify on the contract that the "inspection period is effective upon approval of the lender".


The above list will are essential elements that should be presented prior to a buyer submitting an offer on a short sale. By having these questions answered it can prevent issues when the approval letter has been received.
Please feel free to provide feed back or call if you have a short sale question.
Thank you,

Ainsley Daux
Lic Realtor
Florida Realty
(813)546-1954

Many of Americans still want to own a home

I came accross some very interesting information; despite the real estate downturn or crisis more than 51% of people said the the bust did not change their willingness to buy a home and an additional 27% said they would more likely to do so.The study which was conducted by Fannie Mae also noted reasons such as remodeling the home or to send the kids to a better school is what motivated buyers. Also, with great interest rate, low prices and incentatives many first time home buyers are taking advantage. Although trillions of dollars of equity were wiped out by the housing bust and millions of people will lose homes to foreclosure, nearly two-thirds of people surveyed believe purchasing a house is a safe investment. More than half the public also thought buying a home was a good idea financially even if they plan to move out in less than three years. Further, a huge majority, 86% of those surveyed, cite income-tax benefits -- mostly the mortgage interest deduction -- as a big reason to buy.
Good Day
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
http://ainsleydaux.topseller.net

How To Save On Energy (Tampa Bay Housing)

The weather has changed; we are in for another cold winter. We are expecting cold days here in Tampa. Today’s high is 35 degrees which is cold for Tampa. With the cold weather the heat is on to keep the house warm. With running the heat all day you, can expect a higher energy bill. Here are few tips to save on the energy bill Call your local eclectic company carrier to provide an energy audit. An Energy Audit is an inspection of your home that identifies areas where you may be wasting valuable energy. Take advantage this recommendations, it can be a great way to save on your annual energy costs. Building improvements can also help on energy cost. Improvements such as: ceiling insulation, wall insulation, window replacement, window film. You may want to hire a professional to advise and assist with those revisions
Plan how to use the heat. If you are work during the deal you may want to turn off the heat or keep it on auto. Unplugging items that are not being used can also help on energy costHaving your ac unit cleaned and serviced. Especially in Florida, we run the ac all summer and now a days most of the winter. Every year I have my ac system cleaned and serviced after winter and after the summer. Not only do it increase the life of the ac system, it also help reduce energy cost

Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Short sale or Deed-in-Lieu (short sale Tampa Bay)

The difference between a short sale and a deed-in-lieu of foreclosure transaction is determined by who is responsible for selling the property. In a short sale, the seller is be responsible for selling the house. A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
In the deed-in-lieu of foreclosure transaction, you surrender ownership of your property to the lender (with the lender's written consent) and the lender then assumes full responsibility for selling the house. Similar to a short sale, the lender will may agree to forgive the remainder of your loan.A deed-in-lieu of foreclosure also might help your chances of getting another mortgage loan in the future, and it will definitely help avoid the lengthy legal process of foreclosure. Although it has a negative impact on your credit rating, deed-in-lieu of foreclosure is probably less harmful than a foreclosureThe difference between a short sale and a deed-in-lieu of foreclosure transaction is determined by who is responsible for selling the property. In a short sale, the seller is be responsible for selling the house. After a short sale has been completed, you should be able to purchase a house in 2 years with 20% down. Once the short sale is completed take steps to rebuild your credit.

Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Down Payment Assistance (Hillsborough County) Tampa Bay

The New year is almost here; 25 days to be precise. This is the time of year many of us prepare our goals for the new year...As we all know despite the real estate crisis, buying a home is still the American dream...With the crisis comes great deals; first time home buyers can purchase a home with a great interest rate and find a good solid deal on a home..After talking to a few prospective first time home buyers that were ready to make the jump from renter to owner, they only one problem "no down payment'. Ainsley Daux to the rescue!!!I referred them to our county's "first time home buyer program". If eligible, the buyers can receive up to $40,000 in down payment assistance. First thing I hear whenever I present this program "what is the catch" I than explain there is absolutely no catch. I closed a few deals with the buyers utilizing down payment assistancePlease see below for more detailed information on down payment assistanceWhat Is The First Time Home Buyer Program?Hillsborough County’s First Time Home Buyer Program provides Downpayment Assistance, and Closing Cost. These funds are provided by Hillsborough County through the State Housing Initiatives Partnership (SHIP) Program and through the HOME Investment Partnerships (HOME) Program.This assistance is provided in the form of a 0% interest, deferred payment loan. This simply means that there is no interest accrued and no payments are made during the life of the loan. The DPL is a second mortgage with a 30 year term. If ownership is maintained for the full term of the loan, then the second mortgage with Hillsborough County is forgiven and repayment is notnecessary.
Who Is Eligible For This Program?To qualify you must be a first time home buyer in Hillsborough County. Your total household income must be 120% and below the area median income; you must also meet certain requirements.

1) You cannot have owned a home within the last

2) Applicant must be able to qualify for primary financing by a lender.

3) The annual percentage rate of the primary financing the applicant must be eligible for FHA, VA and conventional loan from a private lending institution, with a rate no higher than one ( 1 ) point above the "Fannie Mae 60-Day Rate".

4)You must attend an 8-hour mandatory FTHB Education class. The list of contact phone numbers to schedule a class is listed below

5)A minimum down payment is required, which may include prepaid amounts such as appraisal, and application fees

6)Applicant's debt ratios shall be at or below 33%, but not less than 25% (PITI ÷ monthly income) and no higher than 45% ( [PITI + monthly debt] ÷ monthly income ).

7)Applicant's gross income must be at or below the following annual income limits - (80% median income) according to household size as determined by HUD, or (120% median income) according to household size as determined by the State of Florida - State Housing Initiatives Partnership ( SHIP ) Program

Please feel free to call or email for any other real estate concerns
Thank you
Regards

Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Down Payment assistance

Hillsborough county is offering down payment assistance to first time home buyers who qualify...Is it a myth or a legend..No its not a myth nor a legend. Ive closed many deals representing buyer that utilized the Down Payment assistance or DPA for Short. Today's deal I was representing the seller the buyer was utilizing the DPA. The buyer received 40k in down payment assistance. She was ecstatic. She closed hte1st loan with her lender than the county representative came by the closing with the check and their documents which is considered a 2nd mortgage...
Please feel free to contact me if you have any questions or concerns regaridng down payment assistance
Ainsley Daux
Home Run Real Estate
(813)546-1954

Short Sale Questions Tampa Bay

A buyer submitted an offer on my home, what should I do?
Your agent should go over the contract with you. If you are comfortable with the terms, your agent will submitt the contract to the lender. Prior to your agent having contact with the lender, the agent will need a signed authorization letter from you (the seller). The lender will request some information from you including a short sale packet that you should be able to find on their website. (see below for most common requested information)
w-2
last 2 pay stubs
bank statement
hardship lettere
T4506 form
Authorization letter

For any short sale questions, please feel to call or email.
Thank you,
Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Short Sale frustation (Tampa Bay)

Its Sunday, normally im spending time with family, hiking or wathcing football. I just received a phone call from a well know investor asking me to remove one of my short sale listings from the MLS. Apparently he purchasd the property at the aution on Friday. A few minute later I receive an email (im on their distributoin list) advertising the home for 50% less than what the bank told me they would accept as a short sale. Fortunately the property was vacant; my seller was over the whole short sale and loan modification situation...We previously had an offer which took the bank months to respond back ...When they finally responded, the banks approval was contingent upon the seller submitting updated docs. My seller declined that request, they were tired of submitting updated docs over and over and over..At this point of time, my seller was completly over submitting updated docs.It just does not make sense that the bank will prefer to take a hugh loss. If the banks would revamp and streamline their short sale process it would help illeviate the forclosue title fiasco, help reduce the inventory of homes on the market and help reduce both buyer and seller stress.
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
http://ainsleydaux.topseller.net/

Just Sold short sale Tampa Bay

Just closed another BOA transaction using Equator..."This one was a long time coming" I had previously mentioned on a blog the importance on having a title company who has a quick turn around on HUD's. In this case the title compnay played a big part on closing the transaction. They were on the ball. It also helps when both buyer and seller are cooperative.

If you have any short sale questions or concerns, please feel free to contact me.

Ainsley Daux

Home Run Real Estate inc

Lic Realtor

813.546.1954

Foreclosure News in Florida

Here is some interesting information that I researched. Hopefully with the foreclosure fiasco.lenders will streamline the short sale process or maybe offer practical loan modifications to people who would like to stay in there homes. By offering loan mods and expedite short sales, I think it would help alleviate the title issue that lenders are having with the foreclosures.……There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from Lender Processing Services (LPS). This company is a Florida-based analytics and technology firm. The company has a loan-level database of nearly 40 million mortgage loans. The company stated “of the more than 7 million home loans in the currently going unpaid, 2,055,000 have already started foreclosure proceedings. LPS reports that 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket. LPS’ measurement of the U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 9.27 percent as of the end of September. That’s a 0.6 percent increase over the previous month, but down 7.8 percent compared to last September. The company also stated that the states with the highest amount of delinquencies as a percent of all active loans include: Florida, Nevada, Mississippi, Georgia, and Louisiana. The lowest percentage of non-current loans can be found in: Montana, Wyoming, Arkansas, South Dakota, and North Dakota.

Forclsoure News in Tampa Bay

RealtyTrac released a report stating Foreclosure filings of all kinds, including notices of default, notices of auctions and notices of auction sales, dropped 4.4% during October, but it's not because fewer people are losing their homes. Instead, the market is seeing a temporary stay from banks freezing foreclose auctions to review loan documents. The drop in repossessions came after increases in four of the six previous months, topped by an all-time high in September, when 102,000 people lost their homes. In October, 93,246 homes were repossessed. Rick Sharga, Senior Vice President of RealtyTrac, believes there could be a further drop-off in November, because the impact of the freeze was not fully reflected in the October report. While that may result in further declines in bank repossessions, Sharga expects it to take many months before overall foreclosure rates really improve. There is still a very large backlog of borrowers who stopped paying their mortgages long ago but who have not yet been served forclose noticee filing and so are not being counted in RealtyTrac's statistics. "Today, servicers are waiting longer and longer to put people in foreclosure," said Sharga. "It's not unusual for someone in default go six to nine months without receiving a notice of default."

Attorney office reduces staff by 70%

David J Stern’s office stated today “that they will reduce their staff by 70%”. They currently have 1000 employees. As you may know David J Stern’s office is currently in the hot seat OR UNDER INVESTIGATION by the Florida Attorney general for possibly robo-signing, sloppy work and fabricating documents for foreclosures.
The attorney general's office stated they have two sworn statements by former employees detailing a system designed to speed up foreclosures. The employees testified that staff signed documents without reading them or signed them outside of the presence of a notary. It is also said that some employees were given jewelry, cars and houses in exchange for forging documents used to process foreclosures.
The law firm, David J Stern handles Florida foreclosures for major lenders such as Fannie Mae, Freddie Mac, Bank of America, Citimortgage and many more… Freddie Mac and Fannie Mae has severed ties with the law firm. It is said tha the office handles over 20% of all foreclosure filing in the state of Florida.
Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Face of Forclosure

Ive attached a file which provides


(a)Review of statewide foreclosures by filing type
(b)Demographic profiles of known foreclosed families & individuals
(c)Foreclosure trends in selected major metropolitan areas



It also provides informative information regarding the forclosure effect on Florida.

Thank you

Regards

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

Short Sale Tampa Bay

Back on the market. The 3 bedroom 2 bathroom home built in 2002 boast sliding glass doors that lead to the yard, washer dryer hook up, a newer roof, a fenced in yard. This home is only minutes from I4...Centrally located hour drive from Orlando, 45 minutes from Clearwater Beach. Great for first time home buyers.

If you have any questions regarding selling or buying a short sale feel free to call or email.

Thank you,

Regards

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

http://www.homerunrealestate.com/

Short sale sold (Tampa Bay)

I finally closed this one. It was a BOA short sale that I can say went pretty smooth. We previously had an approval but the buyers walked. It took less than 90 days to receive the first approval and roughly 90 days to receive this approval. I used the equator system. Some agents had good experience with experience some just hate it. Hopefully with the foreclosure fiasco, that lenders will streamline the short sale process and help expedite these short sales.

Please feel free to contact me if you have any short sale questions or real estate questions

Thank you

Regards

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

ainsley.daux@gmail.com

http://ainsleydaux.topseller.net/

http://www.homerunrealestate.com/

Real Estate Trends

Sales of previously owned homes rose in September. Some expert contribute the rise to the tax credit dealine which expired on September 30.
Existing home sales increased for a second straight month, rising 10 percent from August to an annual rate of 4.53 million units, the National Association of Realtors said on Monday.
If you would like a free market anaylsis of you area please feel freee to contact me

Ainsley Daux
Home Run Real Estate inc
(813)546-1954
Tampa Bay Real Estate inc
http://ainsleydaux.topseller.net

Wells Fargo Maybe part of" Robo Signing" fiasco

According to AP Wells Fargo, said on Wednesday it will submit additional paperwork in 55,000 foreclosure cases pending before the courts. Wells Fargo has been reviewing its procedures since the foreclosure "robo signing" mess broke last month. A spokesperson for Wells Fargo stated "they have identified instances where a final step in its foreclosure affidavit process did not adhere to its required policies". They also said "the problems do not compromise the quality of the customer and loan data and did not lead to improper foreclosures". The servicer wants to do everything we can to assure that the procedures we have in place provide Wells Fargo borrowers and others with confidence that foreclosure proceedings we initiate are done. Wells Fargo said it will start submitting supplemental affidavits immediately and hopes to complete the process by mid-November. If it is unable to update before the case comes before a judge, it will request an extension. However, Wells Fargo once again said that it does not plan to institute a moratorium on foreclosure sales.
Ainsley Daux
Home Run Real Estate inc
Tampa Bay Real Estate
Short Sale 101 Tampa-blogspot.com
(813)546-1954
http://ainsleydaux.topseller.net

Short Sale concerns (Tampa Bay)

Here are some more questions and concerns that Ive received from prospective home sellers. Please see my previous postings for other questions and concerns.


Will my lender suspend a sale date if I would like to short sale my home?

No. The foreclosure process continues. It also depends on the bank.. I had a scenario where a seller called to list their property as a short sale. Shortly after listing the home, I received an offer. I then proceeded to make contact with the lender. After faxing the short sale package, and speaking to a rep in the loss & mitigation department the lender suspended the sale date. Keep in mind by just faxing the short sale package that does not guarantee that the lender will suspend the sale date. It takes most lenders 48hrs to upload the auth letters and short sale package…Calling and following up with the lender is the key…Make sure your agent is on top of things


How much will I have to pay to short sale sell my home?

Most times the owner will not have to come out of pocket with any expenses. Usually all commissions, taxes, association fees, etc... are paid by the lender. In some cases the lender my ask you to hold a note but if it’s neither practical nor feasible than this has to be communicated to the lender. Some lenders may ask you to provide another financial form or another hardship letter. Once the lender determines that its not feasible than they may move forward with the short sale.

I have two loans can I still do a Short Sale?

Yes. The agent will negotiate with both lenders. Make sure the agent has some experience negotiating 2 loans…Sometime having 2 loans can slow the process and get a little complicated…Both lenders will require a short sale package and a detailed hardship letter.
The first lender will only offer so much to the second lender. Than the second lender has to agree upon the settlement…All parties of the short sale has to be on the same page otherwise it the transaction can fall apart…The second lender should provide a letter accepting the payoff inurn that letter has to be sent to the title company and sometimes the first mortgage. As the seller, I would definitely keep a copy as well.

Please feel free to address any real estate questions or concerns that you may have
Thank you
Regards

Ainsley Daux
Lic Realtor
Home Run Real Estate inc
cell:(813)546-1954
fax:(866)820-1028
email:ainsley.daux@gmail.com
www.homerunrealestate.com
http://ainsley.daux.topseller.net

A stressful short sale vs Successful short sale

We all know a short sale can be stressful and difficult from all angles. All angles include the listing agent, buyer, seller, buyer’s agent and in some cases the title company…Saying that, a short sale can also be successful with the help of all the parties that I just mentioned.
The listing agent has to keep constant contact with the lender and the seller needs to
make sure requested documents are provided to the agent within 24 hours of request. The buyer’s agent has to make sure proof of funds or pre-approval is updated.
The title company has to make sure they can provide a revised HUD within 24 hours.
It seems in order for a short sale to be successful it has to be a collective effort from all parties. The same thing applies to a stressful short sale. When the seller is not cooperative, the title company does not return your call and the buyer’s have not sent you an updated proof of funds…then to top it off, the negotiator for the lender has closed the file…..
Now, that’s when the stress begins. The listing agent has to go back to the seller and request all updated information (pay stubs and bank statements), and resubmit the entire package to the lender then wait days or sometimes even weeks to have ht file reopened and assign it to a new negotiator. In some cases the new negotiator may pick up where they left off or they may start the entire process over, it all depends on the lender. From there, go back to the buyer’s agent and provide that update. That can make or break a deal because no one knows how long it will take to get an approval.
In conclusion it is important for all parties involved in the short sale process to communicate, cooperate, and be aware of any updates and developments

New Tampa Bay Short Sale

Seller's lost buyers gain.

This is newly remolded 3 bedroom 2 batroom with tile floors, a fire place, tiles in all wet areas. That's not it; there is more!

This home sits on over 1/4 acre lot. The back room goes straight to the pool. Great for entertanining. Great summer fun, great cookputs.

This home is situated in a great area close to major highways...A little elbow grease will turn this home to a gem...

Im a experienced short sale agent, once a contract is executed I will keep the buyer or buyer's agent informed and update the buyer or buyer's agent on a weekly basis. Take advantage of historically low interest rates.

Buyer's be aware most short sales are "as is"

Make sure the contract has inspection cotingency based on the lender's approval

I would NOT recommend taking on a short sale purchase without representation by a qualified, knowledgeable licensed agent. There is too much at risk for you, the buyer. And remember, the listing agent represents the seller's interests, not those of the buyer

Tampa Short Sale questions

Recently I had a call from a concerned home owner. Like almost every home owner, he was concerned and had many questions regarding the short sale process. In his case he was not delinquent but he was almost $50,000 upside down in value of his home. When he purchased the home, his goal was to live there, raise his family and eventually pay the home off.
Than unexpectedly he was offered a promotion out of state. The only dilemma, he probably could not sale his home to break even and he did not have the money to bring to the closing table.
I suggested “rent the home himself or hire a company that specialize in property management”. He declined that suggestion. He thanked me for my help! He asked quite a few important questions that I will share with you. I will eventually follow up with him to find out his plans Here are some of the questions that were asked.

I have not missed a payment but I would like to short sale my home. What do I do?

Each bank has there own criteria. Definitely contact the loss and mitigation department of the lender and explain your situation. Keep in mind most lenders require some type of hardship. To my knowledge you are not required to be behind on your mortgage to short sale your home but a short sale can have an adverse affect on your credit

What is considered as a hardship?

Not all hardships are the same, hardship varies from case to case. Normally, a family illness, lost of income, divorce, adjustment in mortgage payment, job relocation are the most common hardships. Keep in mind hardships are not limited to the above hardships.

What about a deed-in-lieu?

In The deed in lieu is attacking a different beast.
With a deed in lieu, you surrender your ownership of the property to the lender. The lender then assumes full responsibility for selling the house. The lender may forgive the remainder of your loan.

Bank of America plans to resume Forclosures

On Monday Bank of America stated that the plan to resume forclosing on homes. They did not provide a specific date but they did say more than a 100,00 homes will be forclosed on next week. Bank of America continued to say "It said it has a legal right to foreclose despite accusations that documents used in the process were flawed".

Why I love Tampa Bay (part 1)

I created this blogg to inform the readers of the Tampa Bay real estate market and real estate trends; today I have veer off onto a different direction….I have to start by saying “I really love Tampa, Florida”…I’ve been in Tampa, Florida for roughly 20 years. Moved here from New Jersey as a kid; my parents wanted to raise their children in a family oriented area so they chose Tampa Florida. The home of the Bucs, the Rays the Lightining, University of South Florida, Tampa University, Macdill Air force Base, Historical Ybor City, Channel Side and Busch Gardens and many many more…
This time of the year the weather is beautiful its gorgeous., Friday evening my Finance and I decided to have dinner, we decided to take a 30 minute drive to Clearwater. We stopped by the infamous Frenchy’s on the beach. Wow, the weather was perfect a nice cool breeze, the band playing good music and reasonable priced food. We both enjoyed grouper with a nice salad. After we ate we sat and enjoyed the weather and than decided to talk a walk along the pier. I can keep going o,n but Ill cut it short by saying “ it was a beautiful Friday nite in the Bay area”…This is only one of so many outlets that Tampa Bay area has to offer…I would have to write a 30 chapter book to provide all the sites, restaurants and attractions that Tampa, Florida offers…
Tampa Bay is centrally located to Orlando and the Clearwater/St.Pete Beach area.Tampa Bay offers great outdoor activities, such as kayaking, canoeing, and hiking. You name it, we have it. After some fun in the sun, now its time for some wine and dine…We have the historical infamous Ybor city area, Channel Side and Hyde Park area (stay tuned for specific restaurants that I like).
This is not an advertisement to vacation in the Tampa area, just a brief synopsis on why I love the Tampa Bay area. Stay tuned for part 2 “On why I love Tampa Bay”

Spring Hill Short Sale

This beautiful home ina gated community is being sold a short sale. This home in Spring Hill boast 4 bedrooms 4 bathrooms a formal living room a formal dining room a spacious kitchen with a island that oversees the backyard. Great for when your having a cookout and the kids are outside playing. It also boast a 3 car garage. This beautiful well kept home was built in 2005 do not let this home slip away...

Will a short sale effect my credit

After signing a short sale listing agreement, the seller asked me the very famous question "will the short sale effect my credit?" My first answer was and it would make sense that a short sale would negatively effect your credit and ability to purchase property in the future. than proceed to say, "I'm a licensed real estate agent in the state of Florida; as a your listing agent I can only advise you to the best of my knowledge and help market and sell your property". I could easliy The seller was concerned, I than

SHORT SALE Q&A

How do I start short sale?
If you are in default and decide to short sale your home vs forclosure, notify your lender that you are planning on short saling your home. From there, obtain a real estate agent in your area who has experience in processing and mitigating a short sale.

Do I pay my real estate agent to process and mitigate the short sale?
Most agents will not charge to process a short sale. Both the buyer and sellers agents are paid from the proceeds of the sell...

A buyer submitted an offer on my home, what should I do?Your agent should go over the contract with you if all looks good he will submittg to the lender. The lender will request some information from you including a short sale packet that you should be able to find on their website. (see below for most common requested information)a)

a)w-2
b)last 2 pay stubs
c) bank statement
d)hardship letter
e)T4506 form
f)Authorization letter


How long does a short sale take?
Once all required documentation is submitted a decision is typically completed within 90 days. Common reasons decisions may be delayed include low offers for your property or not submitting requested documents on time.
Ainsley Daux
Lic Realtor
Home Run Real Estate inc
ainsley.daux@gmail.com
www.homerunrealestate.com

Lutz (Great Home for First Time Home Buyer)

Bank Of America halts all foreclosures nationwide

Wow! Have you heard the biggest bank has stopped all foreclosures nationwide. A few banks such as JPM Morgan, GMAC and Allied bank has followed Bank of America’s footstep. It’s a big mess regardless how you look it. Ive read other bloggs, some states the government is pressuring the banks for political gains. That is a hard buy.
These banks were robosiging foreclosure docs. Instead of hiring adequate staff to look over the foreclosure documents, they would just stamp “ok” on every foreclosure document that landed on their desk…So according to AP hundreds and thousands of foreclosure could have been done in error? Scary?
Stay tuned more to come

Mortgage "relief" on the way

Mortgage "relief" or haelp is on the way. If you run into some financial problems and can not make your mortgage payment you can apply for the Emergency Homeowners Loan Program of up to $50,000, The program will be available the end of the year. The borrower must be at least have to show some possibilitya of resuming within two years. Not all borroweres who are deliquent will qualify; the borrow must have at least a 15% drop in income, but was able to their mortgage before the income loss. Im pretty sure they will have specific guidlines once the program is ready to roll out. A very importatnt factor, the property must be their principle residence and they cannot own a second home. Hopefully this program will assist borrowers who can afford and who would like to remain in their home

Short Sale Benefit

Benefit: The seller should be eligible to buy another home in 2 years. Current Fannie Mae Rules allow homeowners to buy another home 2 years after a short sale with 20% down payment. Compare that with the 5-7 year wait after a foreclosure

Real Estate update

Im new to this blogging thing. Or lets say Im some what new to social media. I have a facebook page, a twitter page and I think its called Linkden

Short Sale in 24hours

I just rec'd an email stating "I completed a short sale in 24 hours". Is that possible? I consider myself a veteran short sale agent; the fastest I've completed a short sale has been 3 weeks. The reason being, I had a very cooperative seller and a contract the same day I listed the property. The seller just wanted out the property.
We met the next day, she provided all necessary documents which included: hardship letter, financial worksheet,w-2's, paystubs, bank stubs and authorization letter etc. I made contact with the lender the same day. According to the lender, it would take 48 hours before my authorization letter would upload in their system. From the time I received the contract and the auth letter uploaded, 3 days has passed. Day 4 all the documents were faxed to the lender . Day 6, the lender’s rep confirmed all the docs were received and they proceeded by ordering the BPO….Im not going to go over the entire process but it is simply impossible to complete a short sale in 24 hours…There are too many uncontrollable factors which can slow down the process. Luckily for me, my 3 week short sale was a cash deal, no M/I company and no second mortgage.
So next time you see an email stating “I can short sale your home in 24 hours” just hit the delete button.
Thank you,
Ainsley Daux
Home Run Real Estate inc'
(813)546-1954

Short Sale 101 (Tampa Bay)

A short sale is a sale of a home where the proceeds from the sale may not be enough to pay off the lien owed on the home. Normally a short begins after the owner has defaulted on their loan and decides to short sale. In most cases the lender will give the seller different options such as: died in lieu, a loan modification (if anyone reads my blogs, please email me if you succeeded with a modification) another option is the short sale of the property. In most cases home sellers will opt the short sale option. I think the number one reason people may consider a short sale is due to the fact they owe more on the home than what its worth.
Keep in mind when you short your home the short sale agreement does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency
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Tax Credit deadline

The last day for the tax credit is 04/30/2010

Short sales

Currently 65% of homes for sale are short sales. Unfortunately many potential buyers do not attempt to preview these homes due to the bad rep or the headaces of receiving an approval from the lender. I've listed and closed short sales for 3 years, Ive had some immediate sucess and one are two that Ive been working on for a year. Saying that. The lender which Ive had short turn around sucess is GMAC the hardest lender as we all know is Bank of America. i had to literally contact a vp to make some headway on a file.