At this Holiday Season, we want to reflect on how hard it is to make ends meet, the housing market is now being reported as worse than expected and almost 7 million homeowners are delinquent or under water in their home. Please let us know how we can help. We have closed more than others and actually have a heart for the homeowner....we want to help. Please call us for a confidential interview.
Melissa Polce mjpolce@kw.com & Tanya Garner soldbytanya@gmail.com
When your seller has an FHA mortgage on their home, these are the guidelines . The homeowner should go ahead and apply and send in the complete financial package required by the bank to the bank or servicer when the listing is taken (or even before if possible). An appraisal will be done by an FHA certified appraiser.
When the appraisal comes in and the short sale package is approved the bank will issue a HUD-90045 which will list the price that the home should be sold for. This listed price on the HUD-90045 Approval to Participate will reflect 88% of the appraised value, so depending on the length of the marketing period this price will decrease to a floor of 84% of the appraised value.
When a contract comes in, as long as it meets the details in the guidelines (net proceeds, closing costs, etc.) , it should be approved. The guidelines only give the bank 5 working days to review the contract for sale if the seller has already been approved for the program. (Caution: Allow more time than this for the lienholder approval in your contract because this is not always followed!)
The bank is not allowed to accept an offer that does not meet the minimum allowable thresholds. Important Note: The marketing period for purposes of the net proceeds calculation does not start until the Approval to Participate (HUD-90045) has been issued!
Rules issued by HUD 12-24-08 for the FHA Preforeclosure Sale program. The rules outline net proceeds, acceptable closing costs, payment of liens, etc. :
08-43 PFS Program guidelines issued 12-24-08.
Application to Participate: FHA Application and Financial Form
HUDs Information Disclosure Form (HUD-90035) HUD 90035-Information Disclosure.pdf
Supposedly the 90035 was updated when the new rules were issued in 12/08 to incorporate both 90035 and 90036 but I have not been able to find an updated 90035. I just submitted the application 90036 on my last FHA short sale and didn't have a problem.
Are You facing foreclosure? Please let us help you with a confidential interview regarding the process. A short sale is better than a foreclosure and deed in lieu.
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Melissa Polce mjpolce@kw.com 704-450-4335
www.ExclusiveHomesofCharlotte.com
You are always told in Real Estate as an Agent..." it's not about you"... so it's a hard thing to do to SHUT YOUR MOUTH when your buyers want to buy in a Neighborhood or Community that you know...THEY WILL NEVER RESALE OR GAIN EQUITY...I say never, ok...if they plan on staying there 15 years...MAYBE...
What can you do? Send them other listings, ask what they love so much about this particular Community, tell them there is alot out there for less money...but then you are the expert...and anyone would tell you I am opionated and I have a big mouth...so Shutting IT is really a chore for me...
So in the end, WHAT WOULD YOU DO? I don't want these poor people to get a bad deal(it's new construction) but...I know, its up to them...I will do all I can to get them a good price but(Builders don't usually bend the wayy resale does) and make sure they are represented best to my ability ...but; If I had my Way, I would say ...Don't Write This Contract, lets go look at some other places, I think you can get a better deal elsewhere...But Sometimes, If the Client Loves It...SHUT YOUR MOUTH????
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Melissa Polce mjpolce@kw.com 704-450-4335
You know we have to go the extra mile these days...and all those small things add up...which is why I must say...QUICK, HONEST, EFFICIENT SERVICE IS WHAT IS WARRANTED AND NEEDED IN TODAYS REAL ESTATE MARKET....that includes MORTGAGE FOLKS ... Gone are the days when you can just "cherry pick" lets say...and so any real buyer should be treated like GOLD...case in point...
Mortgage Chic took a week and 10 excuses to get me back an updated pre-approval, I called, I emailed, I explained I needed it or the Negotiator would close the file...A DARN WEEK? I happen to know...they take 2 minutes, and the only change I needed? THE DATE...While my buyer did not understand the process..I must admit...
I told him, if we go Under Contract on this house, pick someone else in the bank, Business should not be taken for granted and we don't live in a 5 million person metropolis that every person in the city would be going to her for appointments and pre-approvals...PRE-APPROVALS TAKE MINUTES TO WRITE!!! THE TURN AROUND TIME WAS wrong, rude, and I hope she has 1 less customer to do a loan for...If I have Anything to Say About It!!!
In A Service Industry...Don't Take Your Business For Granted...
SEARCH THE MOST UPDATED CHARLOTTE AREA LISTINGS AVAILABLE
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Melissa Polce mjpolce@kw.com 704-450-4335
www.ExclusiveHomesofCharlotte.com
Finding a specific corner of the market and developing it to be "Your Own" is something that I believe has helped keep me from being one of those "stagnant Realtor" just hoping the market will get better...
In the good ol' days(late 1990's-2006ish) all you needed was a heartbeat to be able to sell a property...now, you need more. "Years in the business" & "Knowing the area" only gets you so far these days if you dont have the EXPERIENCE & TECHNOLOGY ADVANCEMENTS that are needed in todays markets.
Whether it is REO's, Luxury, 1st Time Homebuyers, Golf Community, Waterfront, Condo or Short Sale Specialist...settle in on something and focus "FIND A NICHE"....I do hope one day I can get back to the more diverse scale of doing all of those above, but in this market...right now...knowing a specific aspect of Real Estate and specializing in that field will help you get your name out and become a success so that in the Good Ol' Times(when they come around again)...YOU'LL BE READY!
Certified Distressed Property Experts & Certfied Pre-foreclsoure Specialists
Agents That Have Real Life Experience in Short Sales, Call Us Today
Serving Charlotte, Lake Norman and The Surrounding Counties.
MELISSA POLCE & JUSTIN SCIRANKO, BROKERS, KELLER WILLIAMS REALTY
Agents That Have Real Life Experience in Short Sales
The short sale agent handles complex negotiations with the bank. If the agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer. Short sales require a ton of work and mortgage knowledge. This is far from the regular Real Estate transaction...whom you choose to represent you will make the difference in getting the deal done or possibly foreclosing. Novices should not handle short sales.
Short Sales require Agents that are experienced in not only marketing the home, but obtaining an offer at or near market value, negotiating with the lender or lenders on behalf of the seller and coordinating with other lien holders. It is definitely in the best interest of the seller to ask questions and experiences the agents have had with prior short sales, ask for track records. You will need to be comfortable with the agent(s), you will be sharing all of your information with them. The right agents will know how to help.
Before you select a Real Estate Agent to sell your home, it is imperative that you interview agents! Asking the above questions will give you a pretty good idea if the agent(s) you are interviewing have any knowledge in short sales and if the short sale process. Melissa and Justin not only have years of RE experience(10+) but they also have banking backgrounds that allow them to navigate a short sale. They have helped 150 clients sell their short sales and helped many homeowners through the challenge so they could move on with the sellers lives and close out an old chapter.
How To Interview For A Short Sale Listing:
How many sale transactions have you closed as the listing agent?
When do you submit the short sale package?
Will you call the Lender/Bank every week until we get an approval?
Have you negotiated with my bank(s) before?
Do you keep the buyer's agent informed? How?
How will you market my home?
What about you makes you a better candidate to sell my home than the other real estate agents I am interviewing?
Agents That Have Real Life Experience in Short Sales
"Lake to Land, I've Got it Covered" Estates & Homes...Serving All of Charlotte, Lake Norman & Ballantyne Areas. Luxury Water & Golf Communities, HUD & Distressed Properties Division
www.ExclusiveHomesofCharlotte.com
"Knowledge, Experience, & Professionalism. Those things count and my clients get 110% of that from contract to close."
Melissa Polce
CHECK OUT OUR NEW WEBSITE FOR SHORTSALES
We have a team of RE professionals that can help homeowners list and sell their home and also accept referrals from agents that do not want to deal with the hassel of these transactions. Call us today for details! We can help avoid foreclosure!
Whether you are buying or selling Melissa Polce has the expertise and savvy to find the right property in the right location to fit your long term or short term needs!
A North Carolina Real Estate Agent since 2000, Melissa left Lake Norman & Charlotte, N.C. in 2002 to expand in her Real Estate endeavors. She studied new home and re-model architecture construction trends in the Los Angeles areas. (While she was out there...she also managed to pick up her SAG & Aftra cards as well...)When she returned to Charlotte in 2006, she became a Broker and joined the Keller Williams Family. She uses that knowledge, dedication and prior experience to give her clients that extra edge on new West Coast style trends that have recently started hitting the Charlotte areas.
While Lake Luxury Homes & Golf Community Estates are her focus, she also spends her time helping 1st time home buyers achieve their dreams as "Homeowners"...No matter the price, she is helpful , knowledgeable & professional...she will treat you like Family.
Talk about Real Estate(imagine the home inspection on this one)...Melissa's old neighbor in Laurel Canyon, Los Angeles...The Famous "Tree House", originally owned by Western Movie star Tom Mix, it became a haven for rockers getting into the business back in the 60's owned also by Frank Zappa, this very house was where Alice Cooper convinced Zappa to give he and his band their first record deal. Owned privately today, the "Tree House" which still has 2 Laurel Trees growing inside the home and coming through the roof, a dungeon, a 2 story waterfall and wine cellar; can be seen from the winding roads of Lookout Mountain and Laurel Canyon, it sits across from Houdini's old Mansion in the Hollywood Hills.
www.MyRelocation2Charlotte.com
"Melissa is a fierce negotiator who found me a great house at a wonderful price. She is definately someone you want working for you" Robert C. Cornelius, NC
"Her knowledge and helpfulness won us over..she had great ideas and input, we will never buy another home without her." Scott & Jon Guy Dilworth, NC
"Melissa walked me through the whole process by educating me on all of the important aspects of buying a home. She truly made me feel comfortable about my first home purchase by listening to my concerns and teaching me throughout the whole transaction. Thank you again Melissa!" John V Mooresville, NC
As a 1st time Homebuyer I had 100+ questions, she took the time to answer every one, no matter what, most other agents would not have taken that time, I mean I had a ton of questions! She was great! "Stephanie W., Concord"
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