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Short Sales

06-30-09
Gary Brey
Gary Brey: Real Estate Brokerage in Sarasota, FL
  • view my blog
  • Office: (941) 926-8771
  • Mobile: (941) 376-7575
  • Secondary: (800) 968-3345

A real estate short sale takes place when the sales price is less than the amount of all the liens against the property. It would include anyone who has place a lien on the property such as a Home Equity Loan or line of credit.

Here is one scenario. Let´s say Bob want to sell his house. He owes more than it is worth and he has lost his job and cannot afford to make the payments any longer. His realtor advises him he has 3 options. He can let the property go into foreclosure but this will stay on his credit record for a long time which is not a desired result. He can give his lender a deed in lieu of foreclosure but this too could negatively impact him. Finally, assuming the lien holders agree, he can try and sell his property "short". In a short sale the Borrower/Seller receives no money.

Why would a lender sell short? Because it is costly to foreclose. In some cases it could be several thousands of dollars with attorney fees, court costs etc. Also the property still has to be sold. A short sale can be a win/win for everyone. The lender recoups more money than they would in foreclosure. The seller/borrower/owner can escape without a record of foreclosure on their credit report. The Buyer can acquire a property at a rock bottom price.

Here is a problem with short sales. They take time. If the Buyer is in a hurry & needs a property now, most likely a short sale will not meet their needs. As they say time takes time and in the case of short sales this is very true. I have a short sale transaction still trying to close after 10 months which is the extreme.

They take a long time because of the current economic climate. The lenders are swamped. What used to be done in 45 days can now take several months depending on the lender. Bank of America is the slowest. Most sales require 1 or 2 BPO´s (a Broker´s Price Opinion) and maybe an appraisal to confirm the current value of the property in today´s market. Then the investor3;the institution who loaned the money in the first place needs to approve the sale as well. The investor can be a bank or a loan servicing company or any number of entities.

Patience as I stated will go a long way to keeping one´s sanity during a short sale.
Always consult an attorney with all legal concerns with this process.

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Free Short Sale Seminar

06-09-09
Frank Harris
Frank Harris: Real Estate Agent in Lakewood Ranch, FL
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  • Office: (941) 952-1112
  • Mobile: (941) 962-3177

Avoid Foreclosure
Do A Short Sale!!
June 23, 2009 @ 5:30 p.m.

Exit Creative Realty and Berlin Law Firm will be holding a FREE SEMINAR to show you the advantages of a doing a short sale. If you are in danger of losing your home you will definitely want to attend. My services to you are FREE; the bank pays me my wages.

This seminar will answer the following questions:

•1.     If I am forced to "Short Sell" my home, am I still responsible for the balance on my mortgage?

•2.     How does it affect my taxes?

•3.     What is required to get the lender to approve a loan modification?

•4.     Why should I do a short sale?

•5.     How long does the process take?

•6.     Why would a lender agree to a short sale?

•7.     How does it affect my credit versus a foreclosure?

•8.     How long do I have to wait before I can buy another home?

•9.     Can a family member buy the home from me?

•10.   Can I do my own short sale?

•11.    Should I pay a company up front to handle the short sale?


We invite you at no cost or obligation to attend our FREE SHORT SALE SEMINAR.

Call today - seating is limited.


Contact me directly
Frank Harris
(941)962-3177
www.findingsarasotahomes.com
Exit Creative Realty

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Sarasota Has So much to Offer

06-08-09
Nick Herron
Nick Herron: Real Estate Agent in Sarasota, FL
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  • Office: (941) 308-6714
  • Mobile: (941) 350-5035
  • Secondary: (800) 789-6580

Another season comes to and end. We saw the last of the plays at the Asolo Repertory Theatre Friday night for 08-09 season. "Souvenir" is the last of the plays for this year. Souvenir will run through June 28 and I highly recommend Souvenir if you have time to go see it and can get a ticket.

"Souvenir" is a Fantasia on the life of Florence Foster Jenkins a musical play by Stephen Temperley directed by Vivian Matalon.

Florence one of many performers in the past fifty years that audiences can't get enough of. Reality television shows American Idol and Americans Got Talent bring this same idea into the present era.

Asolo Repertory is Florida's premier professional theatre, offers the highest quality in live theatre entertainment. Just another reason we say Sarasota has so much to offer.

And when it comes to making an offer there is no one better to make it for you than the Herron Group, Nick Herron and Kathleen Herron RE/MAX Alliance Group 941-350-5035.

The Asolo has a unique partnership with Florida State University and is located right outside The John & Mable Ringling Museum of Art. This is a lovely older area of Sarasota "The Museum Area" which is made up of Indian Beach and Sapphire Shores that run along Sarasota Bay just south of the Museum and North of Downtown Sarasota.

The Herron Group would enjoy showing you homes in this area and along Sarasota's Bay front and downtown condos which are all just a short distance from the Asolo and other wonderful happenings that Sarasota has to offer.

Beach, Bay or Back Nine...Live the Dream

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Popular Country Club Community... Turn-key Furnished!

06-08-09
East Manatee County Homes-BRADENTON, SARASOTA , FLORIDA-HERITAGE HARBOUR
East Manatee County Homes-BRADENTON, SARASOTA , FLORIDA-HERITAGE HARBOUR : Real Estate Agent in Bradenton, FL
  • view my blog
  • Office: (941) 792-2000 x122
  • Mobile: (941) 725-4462
  • Secondary: (941) 928-1248


 

www.TheSerenaGroup.com

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Sarasota Restaurant in der Fine Dining Hall of Fame

06-08-09
Axel Weiss Weiss & Weiss International Realty
Axel Weiss Weiss & Weiss International Realty: Real Estate Agent in Bradenton, FL
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  • Office: (941) 866-1666
  • Mobile: (941) 866-1666
  • Secondary: (941) 866-1666

SARASOTA - Ein Restaurant aus Sarasota - Michael's On East - wurde von der Nation´s Restaurant News in ihre Fine Dining Hall of Fame 2009 aufgenommen!

Sarasota war ja bereits dafür bekannt, einen der schönsten Strände der USA, Siesty Key, zu beherbergen - nun ist Sarasota auch für Feinschmecker ein Begriff.

Die Auszeichnung der Nation´s Restaurant News gilt als der Oscar der Restaurant Branche.

Folgende Restaurants wurden heuer ausgezeichnet:

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