Bank has preapproved the short sale on this property- bring an offer! House needs work but priced to sell. Call me at 513-255-0826 to see this one!
Well, I promised that I would write this the day after my first post :-) but I got behind so here goes...
Okay, so your lender has decided it's time to take action against you for your default and they file a foreclosure. You get served with papers (if they can find you) and those papers tell you that you have 30 days to answer.
Since this is a legal action they have to give you a chance to say they are wrong, you don't owe them money, etc. (The usual disclaimer here explaining that I am not a lawyer, not giving legal advice, etc etc etc)
So let's assume that you owe them money and you know it and you don't want to fight the foreclosure. What can you do?
Well, if you want to try to keep your house you can try for a loan modification in which the lender changes the terms of your loan presumably to help you get caught up. If you google loan modifications you can find 10 million gazillion sites about it so I won't go into all the details here.
If you decide you just want out you can try for a short sale, in which the lender takes less than what you owe to sell the home before the foreclosure is all said and done. You can also ask for a deed in lieu of foreclosure which is where you turn your deed over to the lender.
If you are doing these things seek legal advice from your attorney and real estate advice from a good agent that specializes in distressed sales (if you're in Ohio I am glad to help you with short sales).
Be careful when paying someone up front when you're in foreclosure for help. There are a lot of scams out there, especially in the loan mod realm right now!
Tomorrow (I promise to really write it this time LOL) I'll talk about what happens when a house goes through the full foreclosure process....
Buyers in Montgomery county right now are waiting longer than surrounding counties for sheriffs deeds to be recorded due to the large number of homes being foreclosed on in the area. I have one listing that has been under contract for months waiting for the deed, and I am told they are currently about 11 weeks behind on recording deeds on foreclosed properties.
Here are some other things to be aware of if you are a foreclosure buyer in Dayton right now...
1. Many banks are listing homes before the deeds have been recorded (I have had several listings like that lately). This means even if you are a cash buyer you will have to wait to close.
2. The county will not put the deed in the line to be recorded (understandably) until all fees and taxes have been paid up by the seller (bank that owns the property). On the flip side, most lenders will not pay up until a home is under contract so as not to tie up their funds any longer than necessary. This is prolonging the waits.
3. If you are locking your rate, you may hit an expiration to that lock before you have a deed and can close.
4. If you are applying for a loan, keep all updated info handy because if your deed takes two plus months to be recorded, your lender will likely have to update your info so you can close.
I am not posting this to discourage foreclosure purchases, just to make buyers aware of the situation so they can prepare.
Butler county is not as far behind, I just had one record within about a week of the final payments being made and another within two weeks, but they are a smaller county with less deeds to process.
Some notes from Shawn Bowling at Garden Mortgage (http://www.shawnbowling.com) on the tax credit extension...
As you may already know, the Federal homebuyer tax credit has been extended! Yeeha! Below is the lowdown on the credit:
*Runs from December 1st 2009 through April 30th--(A buyer must be IN CONTRACT by 4-30-09 and will have til July 1, 2010 to close)
*If you have not owned a home in the past 3 years, you're a 1st time homebuyer
*If a buyer has lived in the SAME property for the past 5 years and wish to upgrade, they will qualify for a $6500 tax credit!
*Income limits have been raised--$125,000 for single buyers and $225,000 for married couples
*Purchaser must attach documentation of purchase to the tax return
Celesa,
Congrats on your new home- I am so happy for you! I have enjoyed our search for homes together and getting to meet you and your family. You are a great group and I know you will create lots of wonderful memories in your new place. I will never forget the snake on the porch LOL what a day that was! You have worked so hard and I want you to know how appreciated your efforts are and I don't know anyone who deserves a great ending for a home search more! Looking forward to seeing you again soon.
Thanks again,
Maria
Market areas include Hamilton, Warren, Butler, Preble, Montgomery and Clermont counties in Ohio. Specializing in foreclosure and short sale listing and sales.
*Specializing in REO (bank owned) foreclosure properties and short sales- in other words, the HOT DEALS!
Want an agent who returns your calls, shows you homes when it's convenient for YOU, gets you in the brand new houses on the market right away before the other buyers beat you to the bargains, and answers emails and texts promptly and personally rather than pushing your questions aside to be handled by a team of uninformed assistants? Then you've found your Realtor.
Buyers and sellers have the same reaction every time I meet them, "Wow, why didn't any of the other agents tell me this?"
Every buyer or seller I work with gets my personal attention and time. I work to let them know everything they can expect in every aspect of buying or selling a home. If you want to buy or sell a house I want your time with me to be a training time where you will leave feeling like an expert on the process, not rushed and confused.
Here's what you get for working with me...
1. A sales history including what homes previously sold for on every house I show you.
2. A report on what homes are selling for in the area- and not just any report, but the big picture. I don't sugarcoat my reports- you see the good with the bad sales prices. Beware of the cherry picked report when the agent conveniently leaves out the low sales or uses old sales prices from different market periods to convince you you've got a great deal. If its a great deal I'll tell you. If it's not we'll keep looking until you find one.
3. Advice and references on people who do what you need done- reasonably priced repairs, home inspections, loans, insurance, etc. These are not names from the phone book but referrals to people I've actually done business with.
4. Emails, texts and phone messages answered fast. My emails go to my phone and are answered by me personally.
5. Training on what to expect in every situation of buying or selling, whether it be a short sale, a bank owned home or buying from a private seller- each has its own set of unique aspects. It's what I've been doing full time for years and I can explain the whole process to you. I don't hide my knowledge from you, there's no private club, I want you to know what I know. My buyers don't have to sign an agreement that they'll work with me like they do with other agents- they work with me because they know they can trust me and that I can get the job done.
6. Yes I can show and sell you a HUD home. Yes I can show and sell you a bank owned (in fact I spend my entire day looking at them and often know about upcoming homes before they hit the MLS). Yes I can show you a short sale and yes I know how to negotiate them if you need to sell. I completed short sales in the good market times before the other agents had even heard of them. I've spent hours and hours in training to do them right. I am still doing them every day. The banks pay my commission for these types of sales so you have nothing to lose. Don't let your house become the next foreclosure being sent out on my email list!
7. Yes I know how to sell your home using the Internet. Its how you found me and it's how your buyers will find your home. In 2009 it's the only way to sell or buy.
8. Yes I will send you every foreclosed home on the market the minute they come out in your area for free by email. Or every home with the criteria you are looking for. Please don't pay for this service from inaccurate, outdated foreclosure websites- it's my gift to you as your agent. This is vital if you want to buy homes at the best price!
9. Yes, I will be there for you when you need me.
10. Yes you can call or text me today at 513-255-0826!
Maria Center, Big Hill GMAC Real Estate
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