Thursday, August 27, 2009

Sparks Home For Sale

Sparks Nevada Home For Sale.

Home For Sale Sparks, NV.
Price; $108,900
Year; 1986
Bedrooms; 3
Baths: 2
Garage; 2
Stories; 1
Living Space; 1608 sqft.

New! New! Furnace, Paint Inside, Hot Water Heater, Garbage Disposal, Roof (30 year), Toilets, Flooring in bathrooms & laundry, bathroom fixtures. This home sports 2 decks one redwood covered deck on the front and an additional redwood finished deck off the living room. Garage is insulated and the home is plumbed for a water softner. HOA includes front yard maintenance, snow removal, security patrol, plus sewer and water.

Monday, August 24, 2009

Home For Sale Sparks, NV $108,000 Short Sale

Home For Sale Sparks, NV.
Sparks Home for Sale.
Price; $108,000
Year; 2005
Bedrooms; 3
Baths: 2
Garage; 2
Stories; 1
Living Space; 1404 sqft.
This is a beautiful home in Sparks, Nevada. Short Sale possible equity after closing.

Tuesday, August 11, 2009

Short Sale FAQ Short Sale or Foreclosure

Short Sale

Frequently Asked Questions.

Frequently Asked Questions
Q. What is a short sale?
A. A short sale is a real estate transaction negotiated between a seller facing foreclosure, the seller's lender (specifically, the lender's loss mitigation department) and a qualified buyer willing to purchase the seller's property at market value.
The purpose of a short sale is to settle the mortgage debt between the seller and the lender without the need for the lender to incur the expense or risk of foreclosing the mortgage.
In a short sale, the lender is agreeing to release it's mortgage lien after receiving the proceeds of sale from the seller's home. It is less than the actual amount owed and thus called a "short payoff" of the mortgage.
Lenders consider every short sale offer individually. If they determine accepting a short sale offer will allow them recover more of their funds than by foreclosing they will accept the short payoff and discharge the mortgage so it can legally transfer in ownership.
The seller is completely and legally released from all further financial obligation to the lender without foreclosure or destruction of credit.

Q. How much is does it cost to arrange a short sale and much will I pay in legal costs?

Q. Will I be responsible for negotiating my own short sale with my lender?
A. No. You will not need to participate in any of the negotiations with the lender. We do all the negotiation and report the progress to you. There is ABSOLUTELY NO CHARGE for the arrangement and negotiation of a short sale. You will not pay a real estate commission or any legal fees!

Q. What is a Loss Mitigation Department?
A. The loss mitigation department is a staff of loan workout officers that try to work with delinquent borrowers to bring them current. You may have already been contacted by the loss mitigation department if you're in default of your loan. Most likely they discussed altering the terms of your loan or discussed a repayment plan with you. This is also the department that reviews short sales proposals.
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Q. How long will it take to short sell my home?
A. Typically, it can take 3-4 months to close a short sale. Every lender's loss mitigation department works at their own speed. However, once the lender receives a short sale for consideration, it will typically postpone a scheduled auction date or hold off scheduling one until they've made their decision. This means you buy yourself extra time in your home without having to make any payments to your lender!
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Q. Do I need an attorney to represent me?
A. No, we have already assembled an experienced legal team to coordinate and close the short sale transaction. You will not be charged any legal fees!

Q. What does the "Lender Short Sale Package" entail and how do I get it?
A. Most lenders have a short sale package that can be downloaded from their website. A typical short sale package contains:
A Borrower Authorization Form: This form is signed by the homeowner (borrower). It gives your lender permission to discuss your account details with the legal team and myself.
A Financial Statement: This form creates a snapshot of your present financial situation. It is designed to determine if you are a valid candidate for a short sale.
A Hardship Letter: This is a letter composed by you and gives your lender an understanding of what has occurred to cause you to fall behind on your mortgage (ie. job loss, divorce, serious illness etc.)
You will also need to provide: Inclusion of your last 2 years of tax returns Inclusion of your last 2 months bank statements Inclusion of your last 4 pay stubs Click here to return to Home Page

Q. How will I know that I am being released from all future obligation to pay back my mortgage?
A. The short sale is negotiated to reflect this and upon acceptance of the short sale offer the lender sends an approval letter spelling this out in writing. The only way that the property can transfer in ownership is if the lender releases it's lien on the property. If there is a successful closing, you're released.
Q. I recently filed bankruptcy and my home is included. What can I do if I want to utilize a short sale to avoid foreclosure?
A. Explain to your attorney that you want to short sell your home to avoid foreclosure and request that he/she remove the property from the bankruptcy. If you don't have any equity in your property it has no value in the bankruptcy since it can't be liquidated for cash.

Q. The real estate market is slow and homes are taking a long time sell. How can you generate an offer on my home quick enough to avoid my foreclosure?
A. In a short sale, the seller is not entitled to receive any money from the short sale.
With no financial interest in the property the seller has no concern what price is obtained for an offer. As long as the lender accepts the offer that's all that matters. Since the seller has no financial interest in the short sale, the price of the property can be adjusted as necessary to generate an offer quickly.

Q. Who should utilize a short sale and when?
A. ANYONE who is or soon will be facing a foreclosure situation should utilize the short sale option! It makes absolutely no sense NOT to try to short sell your home. The benefits are tremendous! Your lender PREFERS that you attempt to short sell your home because it saves them money by not having to go through the expensive and highly risky foreclosure process.
This option is available to anyone and the only other option is to do nothing which is very foolish!
The best time to implement a short sale is when you know there are no options available to you that will bring the mortgage payments current so you can avoid foreclosure. Starting early drastically enhances your chances for success!

If you are wanting to stop foreclosure contact me.

Gene Murphy


Saturday, August 8, 2009

Short Sale, Why does a Short Sale take so long?

Everyone is talking about it Short Sales.

Everyone knows someone who has done a Short Sale.

Everyone has thought of doing a Short Sale themselves

Everyone thinks they know everything about it.
So why are Short Sales not talked about in the media? I am not sure, but recently I found an article that many in the real estate industry have been jumping up and down about. Why does a short sale take so long?

Foreclosures, Foreclosures, Foreclosures. That is what the media talks about. Why? Foreclosures are usually not great deals, and have many repairs that may be required. Foreclosures are prevalent in the Reno area, but Short Sales are probably 2 to 1. Many economists and so called experts have been saying in order for the real estate market to recover we must stop the amount of Foreclosures.
The governments answer is for the banks to modify there loans so there payment is more affordable. Doesn't that just prolong the inevitable for most? Why not figure out a way to shorten the process for short sales. If we streamline the process and make it more efficient, Guess what we will have:
stopped the amount of foreclosures.
Put prideful homeowners in the homes that will maintain their home.
Bring a boost to the real estate industry including more transaction sides and volume which will trickle down to everyone involved in the real estate from the painter to the general contractor.
Increase consumer confidence and increase consumer spending. Statistics show that when homeowners feel safe and well in their home they spend more on durable goods.
Just by streamlining the process of a Short Sale we have solved most of the domestic problems. Just as there is no logic when it comes to banks there is no logic when it comes to our government. Everything becomes a filibuster. Moving towards the future we have to become more proactive rather then reactive. When you are reactive history repeats its self.

Thursday, August 6, 2009

Short Sale for Sale Reno, Nevada

For Sale By Owner 30k Equity Possible!
This is a Active/Pending Short Sale Financing Available.

Financing available. 30 year fixed rate, Minimum 560 Credit Score. This is a great deal for someone to walk into equity. Nice big backyard ready for landscaping. Beautiful park for the kids about 5 houses from the home. Element and Middle Schools, YMCA, and store within walking distance
For details call Sierra Pacific Properties 775-358-3600