Arizona Short Sale Help http://arizonashortsalehelp.com Local: (480) 305-0937 // Toll-Free: (888) 880-2813 Tue, 13 Dec 2011 03:52:51 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Can I take my appliances and fixtures http://arizonashortsalehelp.com/2010/10/23/can-i-take-my-appliances-and-fixtures/ http://arizonashortsalehelp.com/2010/10/23/can-i-take-my-appliances-and-fixtures/#comments Sun, 24 Oct 2010 06:19:23 +0000 admin http://arizonashortsalehelp.com/?p=124 appliances and fixturesA common question we get from our clients is… can I take my appliances and fixtures when I short sale my home? This is a sticky subject… When you purchased the home, you agreed to not do anything that would devalue the home. So by stripping all the fixtures and appliances, in our opinion, is not a good idea.

Now… lets say there are some items in the house that you must have, for example… a few ceiling fans that you put in… If you decide to take them, go ahead and replace them with something from you local store like Home Depot or Lowes.

Examples of Appliances and Fixtures

Stove / Range
Microwave
Dishwasher
Lighting Fixtures
Plumbing Fixtures

]]> http://arizonashortsalehelp.com/2010/10/23/can-i-take-my-appliances-and-fixtures/feed/ 0 Who pays Realtor Commissions in a Short Sale? http://arizonashortsalehelp.com/2010/06/12/who-pays-realtor-commissions-in-a-short-sale/ http://arizonashortsalehelp.com/2010/06/12/who-pays-realtor-commissions-in-a-short-sale/#comments Sun, 13 Jun 2010 01:53:17 +0000 admin http://arizonashortsalehelp.com/?p=109 This is a very important, and often confusing… In most Short Sales, your lender will authorize in their Short Sale approval the payment of Real Estate Commissions that are “customary” in the area. This is one of our most asked questions… most of our clients “think” they have to pay the commission that their listing agent, as well as the buyer’s agent would earn when the Short Sale closes. Fortunately for you and our clients, that is not the case. On all of our Short Sales we’ve negotiated, our sellers never have had to pay the Realtor’s commissions.

]]> http://arizonashortsalehelp.com/2010/06/12/who-pays-realtor-commissions-in-a-short-sale/feed/ 0 If I do a Short Sale, how long until I can buy another house? http://arizonashortsalehelp.com/2010/05/22/if-i-do-a-short-sale-how-long-until-i-can-buy-another-house/ http://arizonashortsalehelp.com/2010/05/22/if-i-do-a-short-sale-how-long-until-i-can-buy-another-house/#comments Sun, 23 May 2010 06:52:21 +0000 admin http://arizonashortsalehelp.com/?p=88 If I do a Short Sale, how long until I can buy another house?
Fannie Mae on conventional loans up to $417,000 has finally addressed the issue of buying after a short sale. The following guidelines are effective after July 1, 2010:

• Two year wait with 20% down
• Four year wait with 10% down (and mortgage insurance company approval).

If there are extenuating circumstances defined as nonrecurring events that are beyond the borrower’s control such as a death, or act of God, or serious illness (divorce or a change in employment does not count), the following is the guideline also effective July 1, 2010:

• Two year wait with a minimum of 10% down

The extenuating circumstance will need to be documented. A few years ago, back when you could do low credit score borrowers, one of our clients was late on her house payment due to a tornado destroying it. (No, it wasn’t a mobile home) She provided before and after pictures. As a result of her careful documentation she was approved for her loan.

Desktop underwriting requires tweaking to mirror the updated short sale requirements. What does that mean to you? As of today, the automated underwriting systems may spit out a positive decision if the credit scores are high enough. An unknowing loan officer may think the loan is approved. Your client could get all the way to underwriting, only to find out the borrower does not meet the current guidelines.

Also, credit will need to be re-established. Fannie is still working on the exact requirements. But a good guess would be the following:

• Credit scores above 680
• No late payments or collections
• Three lines of current, established credit

This was provided by Diane Gerdes of The Mortgage Advantage. You can call The Mortgage Answer Hotline at 480-304-8230.

]]> http://arizonashortsalehelp.com/2010/05/22/if-i-do-a-short-sale-how-long-until-i-can-buy-another-house/feed/ 0 What is Deed in Lieu of Foreclosure? http://arizonashortsalehelp.com/2010/05/16/what-is-deed-in-lieu-of-foreclosure/ http://arizonashortsalehelp.com/2010/05/16/what-is-deed-in-lieu-of-foreclosure/#comments Sun, 16 May 2010 18:18:01 +0000 admin http://arizonashortsalehelp.com/?p=94 What is Deed in Lieu of Foreclosure?
A deed in lieu is a part of your mortgage that you, the borrower, give up all interest in the real property to the lender to satisfy a loan that has defaulted or to prevent foreclosure proceedings.

A deed in lieu is just one option that you may have, please call or email us today to discuss all of them.

]]> http://arizonashortsalehelp.com/2010/05/16/what-is-deed-in-lieu-of-foreclosure/feed/ 0 Can I do a Short Sale with a FHA, HUD or VA Mortgage? http://arizonashortsalehelp.com/2010/05/13/can-i-do-a-short-sale-with-a-fha-hud-or-va-mortgage/ http://arizonashortsalehelp.com/2010/05/13/can-i-do-a-short-sale-with-a-fha-hud-or-va-mortgage/#comments Fri, 14 May 2010 03:05:22 +0000 admin http://arizonashortsalehelp.com/?p=91 Can I do a Short Sale with a FHA, HUD or VA Mortgage?
Yes, our experience shows that we can Short Sale a home that has any of the above mentioned loan types. Each type of loan, as well as each bank, have different criteria and systems in place for accepting a Short Sale.

]]> http://arizonashortsalehelp.com/2010/05/13/can-i-do-a-short-sale-with-a-fha-hud-or-va-mortgage/feed/ 0 Almost 7 1/2 Million “troubled loans” http://arizonashortsalehelp.com/2010/05/10/almost-7-12-million-troubled-loans/ http://arizonashortsalehelp.com/2010/05/10/almost-7-12-million-troubled-loans/#comments Mon, 10 May 2010 16:00:34 +0000 admin http://arizonashortsalehelp.com/?p=81 According to Lender Processing Services (LPS), a leading source of mortgage performance data and analytics, there are close to 7 1/2 million non-current and/or REO (bank owned) loans in the market place. LPS reported this number based upon data from the end of March, 2010.

The report had the foreclosure inventories at 3.27% more than the national average in Florida, Nevada, New Jersey, Arizona, California, Illinois, Indiana and Ohio with 16 states showing an increase in default loans.

Do you currently owe more than your home is worth? Email or call us at 480-305-0937.

]]> http://arizonashortsalehelp.com/2010/05/10/almost-7-12-million-troubled-loans/feed/ 0 When should I hire your team to start the Short Sale process? http://arizonashortsalehelp.com/2010/05/09/when-should-i-hire-your-team-to-start-the-short-sale-process/ http://arizonashortsalehelp.com/2010/05/09/when-should-i-hire-your-team-to-start-the-short-sale-process/#comments Mon, 10 May 2010 04:22:57 +0000 admin http://arizonashortsalehelp.com/?p=70 When should I hire your team to start the Short Sale process?
We recommend everyone discuss their options with us the minute their situation turns grey, becomes emotional or creates uncertainty. Don’t wait until your lender serves you with a Notice of Default or go delinquent to consult with our team. We can help you develop a strategy to win before ever missing a payment.

]]> http://arizonashortsalehelp.com/2010/05/09/when-should-i-hire-your-team-to-start-the-short-sale-process/feed/ 0 How long does my lender take to foreclose after I miss my first payment? http://arizonashortsalehelp.com/2010/05/09/how-long-does-my-lender-take-to-foreclose-after-i-miss-my-first-payment/ http://arizonashortsalehelp.com/2010/05/09/how-long-does-my-lender-take-to-foreclose-after-i-miss-my-first-payment/#comments Mon, 10 May 2010 04:22:04 +0000 admin http://arizonashortsalehelp.com/?p=68 How long does my lender take to foreclose after I miss my first payment?
Generally speaking in the state of Arizona, most lenders file notice of defaults within 90 days of missing your first payment. We have seen lenders not file for over a year and some as little as 30 days. Since we don’t know when it will be, we can tell you that when they do file it, we are on the 90 day timeline. We need to get it extended and/or approved to close as a Short Sale. We’ve had huge success getting Short Sales extended on multiple occasions and sometimes indefinitely.

]]> http://arizonashortsalehelp.com/2010/05/09/how-long-does-my-lender-take-to-foreclose-after-i-miss-my-first-payment/feed/ 0 Can I be sued by my lender? http://arizonashortsalehelp.com/2010/05/09/can-i-be-sued-by-my-lender/ http://arizonashortsalehelp.com/2010/05/09/can-i-be-sued-by-my-lender/#comments Mon, 10 May 2010 04:20:58 +0000 admin http://arizonashortsalehelp.com/?p=66 Can I be sued by my lender?
State statues in Arizona are ambiguous and have not been tested in court. Although deficiency liabilities, which could result in lawsuits, happen in some cases. We recommend all our clients consult with a Real Estate Attorney. We can send you a few choices, just let us know. Attorneys can be informed and develop strategies around this prior to starting the Short Sale process. As with tax liabilities, financial deficiency/liabilities come with exclusions as well. A good Real Estate Attorney will identify if they apply to you and if they are beneficial to pursue.

]]> http://arizonashortsalehelp.com/2010/05/09/can-i-be-sued-by-my-lender/feed/ 0 What is the success rate for a Short Sale? http://arizonashortsalehelp.com/2010/05/09/what-is-the-success-rate-for-a-short-sale/ http://arizonashortsalehelp.com/2010/05/09/what-is-the-success-rate-for-a-short-sale/#comments Mon, 10 May 2010 04:20:23 +0000 admin http://arizonashortsalehelp.com/?p=64 What is the success rate for a Short Sale?
The market average is less than 30%… At our office, we close them at a rate better than 60%.

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