ADDIE SCHARFF - Broker/Realtor

Here are some helpful tips to making a Short Sale transaction a successful one.

Whether you're SELLING a home through a Short Sale or BUYING one, be prepared for what's ahead. Each lender is unique and will most likely have different systems in place to handle each type of transaction. For example, they could have a Short Sale Dept., a Loan Modification Dept., a Home Retention Dept. ect.

Some times Short Sale transactions can be long and frustrating. Sometimes you may wait months only to find out the sale was not approved. This is happening more now that lenders are doing more loan modifications connected with the Making Home Affordable plan.

A Short Sale means the lender that hold the note on the property agrees to accept a home's current sale's price and considers the full amount paid in full. If the lender still demands the seller (homeowner) to pay the remainder of the balance, that would not be considered a Short Sale, at least not one a seller would want.

Normally if the lender "forgives" part of the loan, the homeowner would not be responsible for paying taxes on the "forgiven" portion, but the lender will still report the loss to the IRS, so be sure to check with your tax attorney or tax preparer to find out if you would be liable for paying taxes on that amount. On a recent Short Sale I was doing, a lender approved the Short Sale but stated that upon closing, their recovery dept would try to collect the balance not covered by the sale. So, sellers MUST be sure to read your Short Sale approvals very carefully to make sure the Short Sale will cancel all debt secured by your home.

If you are involved on the purchase or sale of a home that falls in the Short Sale category, the buyer and seller are the ones that enter into a contract to sell/buy the home, CONTINGENT upon the lender's approval of the price. Once the lender approves the price/offer, escrow may be opened for the winning offer.

Feel free to contact me with ANY questions you may have on any of your Real Estate needs. I always make time to talk to you.

THE MORTGAGE FORGIVENESS DEBT RELIEF ACT OF 2007

H.R. 3648

NO Equity on your home?

Behind on your mortgage payments?

Is your Lender giving you the run around?

You may qualify for a SHORT SALE!

If you're at least 30 days behind on your mortgage, your mortgage company may be willing to consider completely forgiving a significant portion of your mortgage debt through a Short Sale (provided you go through the proper process). The portion they forgive, under H.R. 3648, is NO longer counted as personal income and CANNOT be taxed by the federal government.

FOR MORE INFORMATION ON THE MORTGAGE FORGIVENESS DEBT RELIEF ACT AND DEBT CANCELLATION

CLICK here AND TALK TO YOUR TAX PREPARER.

A short sale is a special transaction that allows you to sell your home - even when your mortgage debt is higher than the value of your home.

I am a REALTOR® with the experience and commitment to help you negotiate a settlement with your current lender(s) so you can sell your property and get out from under this burden. Best of all, my commission will be paid by the bank, so you won't have any out-of-pocket expense!

A SHORT SALE WILL HELP YOU:

•· Avoid Foreclosure

•· Protect Credit Score from "foreclosure" ding

•· Be free of financial & emotional burdens

AND, I will help you STAGE your home FREE of charge, for a faster sale! Call me today for the peace of mind you deserve.

REMEMBER: ALWAYS HIRE AN ACCREDITED STAGING PROFESSIONAL REALTOR® FOR ALL YOUR REAL ESTATE NEEDS. THE MOST TRUSTED & REPUTABLE REAL ESTATE PROFESSIONALS.

ADDIE SCHARFF, REALTOR®, Accredited Staging Professional (ASP)

BEAUTIFUL HOMES REALTY, CA Dept. of Real Estate License #01449964

e-mail: Addie@SellingBH.com Website: www.SellingBH.com

(209) 277-8346 or (408) 887-2142 cell

Just like we detail a car when we're going to sell it, when selling our homes we benefit so much more by "detailing" them before putting it on the market! Not only does the home stand to sell faster and/or for more money, we get to experience the process of making our home even more beautiful and the joy of presenting a home that shines and that we are proud to show off.

STAGING STATISTICS (as of this date) show that 94.8% homes staged by ASPs (Accredited Staging Professionals) sell in 37 days or less . Click HERE for more statatistics.

Bekiw are some BEFORE & AFTER photos to show the difference a little staging makes. It is truly delightful to see and experience the transformation while giving a home a "Make Over"! I feel that every home, deserves a little facelift when putting in on the market.

These photos are from a small 2-bedroom, 1-bath condo. This cozy place really has everything one would needs right within its walls. It really makes you want to live there! This listing received an offer, accepted by the seller, within 5 days.

ALWAYS HIRE AN ASP REALTOR TO STAGE & SELL YOUR HOME!

For more photos and info on this lovely home, click HERE.

Did you know that a tax credit of up to $8,000 is available for qualified first-time home buyers?

Purchase of a principal residence must be on or after January 1, 2009 and before December 1, 2009?

For more information on the program and for answers to frequently asked questions,

click

here.

This information is provided by the National Association of Home Builders. You may also visit their page directly at http://www.federalhousingtaxcredit.com/2009/index.html

COULD YOU QUALIFY TO BUY A BEAUTIFUL HOME LIKE THIS ONE?

CALL TODAY TO FIND OUT!

FOR MORE INFO AND PHOTOS OF THIS HOME CLICK THE LINK BELOW.

http://www.zingding.com/2688793

If you are thinking of buying a home, chances are you may be involved in a transaction where the home is owned by a lender, or is needing lender approval, as is the case for Short Sales.

Make your first offer, your best offer. When writing an offer for a property where a lender is involved, it is best to make it as simple as possible, and make it your best because in many cases the lenders do not counter offer. In some cases where multiple offers are submitted, they may ask all buyers to re-submit their highest and best before they decide.

Be prepared for lenders to ask you to sign their own purchase contract. These contracts should include just about everything that a normal contract has, but you need to read it very carefully, as with any contract, so that you know what the process will be and what needs to happen, and when.

Most lenders will not make repairs. If you find out the home needs repairs, you may ask for a credit and some lenders will issue credit, they most likely will not do repairs unless is a safety or health problem that needs to be address in to obtain financing, such as FHA.

Some lenders are requiring pre-approve buyers themselves before considering an offer. You will not be required to get the loan from them, and you can also insist on them accepting your current approval. Some lenders however, make no exceptions. Having too many credit checks may affect your score in a negative way, so be cautious when letting that take place. A plus on this is that you'll get to see what they can offer you.

Lenders are not required, or able, to disclose all the things a regular seller is. Because the lenders do not have a personal knowledge of the property, they are not able to disclose many things. However, they are not exempt from every thing. You agent will give a disclosure that states what the lenders are exempt from. So this being the case, you must be extra careful as to the inspection of the home.

CLOSE ON T IME. Many lenders have a per diem charge of about $100/per day is you do not close on time. So you must stay on top of the transaction to make sure there no delays cause by something on your side.

Please feel free to contact me with any questions on buying or selling your home.