Short Sale Tips
(Requirements may vary depending on the lender)
•· Cover Letter - prepared by Real Estate Professional
•· Authorization to Release Information - signed by Borrower
•· Seller's Hardship Letter - prepared by Seller
•· Seller's Financial Statement - Form 1126 Borrower's Financial Information http://www.freddiemac.com/sell/forms/pdf/1126.pdf
•· 2 Years W2 Forms - provided by Seller
•· 2 Month's Pay Stubs - provided by Seller
•· 2 Month's Bank Statements - provided by Seller
•· Supporting Hardship Information - provided by Seller
(HOA liens, medical/disability statements, prior income proof, prior tax returns, etc.)
•· Repair Estimate for the property if needed - prepared by Real Estate Professional
•· Comparable Sales - prepared by Real Estate Professional
•· Listing or Purchase Contract - provided by Real Estate Professional
•· Net Sheet - prepared by Escrow Closer with Pre-title & Escrow setup.
•· Payoff amounts from additional mortgages - provided by Seller
•· Preliminary Title Report - obtained from Title within 24 hours. (please specify short sale)
•· Lender Specific Forms - contact Lender for additional forms they require.
The Treasury Department is considering a plan to purchase mortgage-backed securities in the hopes of driving mortgage rates to as low as 4.5%. Interest rates at 4.5% would help homeowners and buyers with good credit, but would do little for troubled borrowers.
To read the entire story:
| Market Analysis Criteria |
| Property Type Residential
School District Monroe Statuses Active, Contingent, Pending BU Requested (5/28/2008 or after) , Pending Feasibility (5/28/2008 or after) , Pending Inspection (5/28/2008 or after) , Pending (5/28/2008 or after) , Sold (5/28/2008 or after) Price 450,000 or less Bedrooms 3.00 or more Bathrooms 2.00 or more Structure 1100 or + Lot Size .1 ac or excluded 20-Manuf-Single Wide AND 21-Manuf-Double Wide AND 22-Manuf-Triple Wide AND 24-Houseboat AND 32-Townhouse |
· Currently in the last 6 months in Monroe School District, there have been 64 SOLD Homes beaks down to 10.6 closings per month.
· Average Days on Market for SOLD homes:
o 15 homes sold in less than 30 days
o 17 homes sold in 31-60 days
o 11 homes sold in 61-90 days
o 8 homes sold in 91-120 days
o 13 homes sold in 120 days or more
· Average Price per square foot is selling at $184.00
· The average selling price of a medium priced home is: $331,213
· 112 Active listings Priced between 0 – $450,000
· 64 Homes have sold in the last 6 months, Priced between 0 – $450,000
· 16 Homes are currently Pending Sales
| Quick Stats - Averages | ||||||||||||||
|
| Active: 112 | Pending: 16 | Sold: 64 | Other: 0 | Total: 192 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days On Market |
|
| Minimum | 3 |
1.00 |
1,104 |
$224,950 |
$237,200 |
0 |
| Average | 3 |
2.00 |
2,019 |
$343,412 |
$331,213 |
94 |
| Median | 3 |
2.50 |
1,862 |
$335,000 |
$316,200 |
74 |
| Maximum | 6 |
0.00 |
4,028 |
$450,000 |
$449,950 |
328 |
| Average Days on Market Breakdown and Average % of List Price received on Solds by Market time: |
| 0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
|
| No. of Listings | 15 |
17 |
11 |
8 |
13 |
| Breakdown % | 23.44 |
26.56 |
17.19 |
12.50 |
20.31 |
| Avg SP % LP | 100.28 |
98.45 |
98.61 |
97.43 |
99.01 |
PROPERTIES CRITERIA:
Property
Type Residential School District
Statuses Active, Active - STI, Pending
(9/20/2007 or after), Sold (1/1/2008 or after)
Price 1 to $300,000
| Active: 34 |
Pending: 5 |
Sold: 11 |
Other: 0 |
Total: 50 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days on Market |
|
| Minimum |
1 |
0.75 |
640 |
$175,000 |
$215,000 |
2 |
| Average |
3 |
1.67 |
1,531 |
$269,934 |
$264,427 |
66 |
| Median |
3 |
1.75 |
1,230 |
$281,975 |
$272,000 |
40 |
| Maximum |
5 |
2.75 |
10,890 |
$299,999 |
$292,500 |
297 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
|
| Days on Market |
0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
| No. of Listings |
5 |
0 |
3 |
1 |
2 |
| Breakdown % |
45.45 |
0.00 |
27.27 |
9.09 |
18.18 |
| Avg % SP/LP |
97.08 |
0.00 |
99.74 |
100.00 |
98.43 |
PROPERTIES CRITERIA:
Property
Type Residential School District
Statuses Active, Active - STI, Pending
(9/20/2007 or after), Sold (1/1/2008 or after)
Price $300,001 to $400,000
| Active: 81 |
Pending: 16 |
Sold: 17 |
Other: 0 |
Total: 114 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days on Market |
|
| Minimum |
2 |
1.00 |
1,080 |
$280,000 |
$304,000 |
1 |
| Average |
3 |
2.34 |
1,861 |
$350,078 |
$348,552 |
77 |
| Median |
3 |
2.50 |
1,847 |
$349,250 |
$344,900 |
54 |
| Maximum |
5 |
3.00 |
2,886 |
$400,000 |
$399,950 |
297 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
|
| Days on Market |
0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
| No. of Listings |
2 |
4 |
4 |
4 |
3 |
| Breakdown % |
11.76 |
23.53 |
23.53 |
23.53 |
17.65 |
| Avg % SP/LP |
100.66 |
99.37 |
99.38 |
99.79 |
99.71 |
PROPERTIES CRITERIA:
Property
Type Residential School District
Statuses Active, Active - STI, Pending
(9/20/2007 or after), Sold (1/1/2008 or after)
Price $400,001 to $500,000
| Active: 51 |
Pending: 6 |
Sold: 2 |
Other: 0 |
Total: 59 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days on Market |
|
| Minimum |
2 |
1.00 |
1,400 |
$409,950 |
$450,000 |
1 |
| Average |
4 |
2.47 |
2,459 |
$452,638 |
$470,000 |
81 |
| Median |
3 |
2.50 |
2,324 |
$441,000 |
$470,000 |
55 |
| Maximum |
6 |
4.25 |
4,028 |
$509,950 |
$490,000 |
252 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
|
| Days on Market |
0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
| No. of Listings |
0 |
0 |
0 |
0 |
2 |
| Breakdown % |
0.00 |
0.00 |
0.00 |
0.00 |
100.00 |
| Avg % SP/LP |
0.00 |
0.00 |
0.00 |
0.00 |
96.92 |
PROPERTIES CRITERIA:
Property
Type Residential School District
Statuses Active, Active - STI, Pending
(9/20/2007 or after), Sold (1/1/2008 or after)
Price $500,001 to $600,000
| Active: 56 |
Pending: 7 |
Sold: 7 |
Other: 0 |
Total: 70 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days on Market |
|
| Minimum |
3 |
1.00 |
1,002 |
$509,950 |
$502,000 |
0 |
| Average |
4 |
2.61 |
2,871 |
$554,705 |
$544,893 |
96 |
| Median |
4 |
2.50 |
2,940 |
$559,250 |
$550,000 |
57 |
| Maximum |
5 |
4.00 |
4,217 |
$600,000 |
$587,000 |
371 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
|
| Days on Market |
0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
| No. of Listings |
2 |
2 |
0 |
0 |
3 |
| Breakdown % |
28.57 |
28.57 |
0.00 |
0.00 |
42.86 |
| Avg % SP/LP |
98.85 |
97.52 |
0.00 |
0.00 |
97.39 |
PROPERTIES CRITERIA:
Property
Type Residential School District
Statuses Active, Active - STI, Pending
(9/20/2007 or after), Sold (1/1/2008 or after)
Price $600,001 to $1,000,000
| Active: 60 |
Pending: 2 |
Sold: 13 |
Other: 0 |
Total: 75 |
| Bedrooms |
Bathrooms |
Square Feet |
List Price |
Selling Price |
Days on Market |
|
| Minimum |
1 |
1.50 |
1,472 |
$610,000 |
$620,000 |
0 |
| Average |
4 |
2.81 |
3,380 |
$746,372 |
$723,371 |
134 |
| Median |
4 |
2.50 |
3,289 |
$695,000 |
$701,540 |
106 |
| Maximum |
8 |
5.00 |
5,443 |
$1,000,000 |
$862,500 |
396 |
| Average DOM Breakdown and Average % of List Price received on Solds by Market time: |
|
| Days on Market |
0-30 Days |
31-60 Days |
61-90 Days |
91-120 Days |
120+ Days |
| No. of Listings |
5 |
0 |
2 |
2 |
4 |
| Breakdown % |
38.46 |
0.00 |
15.38 |
15.38 |
30.77 |
| Avg % SP/LP |
99.32 |
0.00 |
93.85 |
99.25 |
91.47 |
Stats for Homes on the Market in Snohomish WA (12/01/07 - 01/28/08)
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Associate Broker John L. Scott, Mon. As a Certified EcoBroker, I am committed to helping my clients make informed choices on environmentally house healthy choices. New or remodeled green home.
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