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