In the following video, Michael Saunders discusses the property-buying and selling alternatives that have emerged and become more prevalent within the last few years.
To view the video, please click here.
Latest Updates: Short Sales RSS
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Ask Michael - What Are Some Alternative Ways To Buying And Selling A Home?
Holli Schleicher
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Embracing Short Sales
Michael Saunders & Company
Photo Credit: it.toolbox.com/ bp1.blogger.com
Very few terms in the real estate lexicon have the ability to incite major heartburn faster than “short sale.” Once a largely unknown (and poorly understood) process to even the most experienced agents, the term has bullied its way into common everyday usage thanks to continued fallout from the contracting economy, the mortgage meltdown and acute sluggishness in the now-recovering housing sector. Simply put, a short sale is a transaction in which the proceeds from the sale of a property at current market value are expected to fall short of the balance owed on the loan securing it. In such a sale, the bank or lender is formally petitioned to approve a discounted loan balance once financial hardship on the part of the seller is proven. A buyer is then able to purchase the home at the agreed-upon price, which is at or slightly below the going market rate.
Alas, we wish it were as simple and straightforward as it sounds. Far from what its name suggests, a short sale is anything but speedy. Short sales are negotiated at least twice, first between the buyer and seller; then ultimately between the seller and the bank. Long vexing delays are the norm after a contract is presented to a bank for formal approval by its loss mitigation department. Typically, it takes several months—at best—to complete a short sale, with no guarantee at the outset of a positive result in the end. In fact, all efforts in the end may not prevent the property from going into foreclosure. Agents have been known to spend upwards of 120 hours on a single case; only to see their efforts amount to nothing when the lender ultimately refuses to budge. Moreover, navigating the short sale process has been compared to trying to nail Jell-o to the wall—only slower and more exasperating. The process is extremely fluid, poorly-defined; and without a clear set of procedures for agents or sellers to follow. A callback might be inadvertently missed which can rotate your file back to the bottom of the pile. Under the best of circumstances, you need the patience of Job, the persistence of a marathon runner and the nerve of a tight-rope walker to manage a successful short sale transaction.
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The Neighborhood Report - Englewood
John Butzko
Visitors from around the world choose Englewood for its unspoiled beaches and some of the richest fishing grounds found in the Gulf of Mexico. Staffed by an exceptional team of area specialists, our Englewood office is strategically located at the intersection of Highway 776 and Beach Road, along the shores of Lemon Bay.How’s the Market in Englewood?
According to Barbara Fendley Saputo, branch manager of Michael Saunders & Company’s Englewood office, business to date in 2009 has surpassed 2008 in the same timeframe by 27 percent. Every component necessary to make this an opportune time for a buyer is in place:
- Low interest rates
- Reasonable prices
- Favorable exchange rates for foreign buyers (More …)
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A Return to Bidding Wars? Tell Me More...
Matthew Haber
Any seasoned Realtor will tell you that real estate markets go through cycles. No one can pinpoint the bottom of a real estate cycle but there are signs that indicate that we are on our way out of an almost 4 year decline. One such sign, as reported by the Sarasota Herald Tribune in today’s paper, states that lower priced properties are (again) seeing multiple offers. One property in Manatee county listed for $124,000 had even received 27 offers! Remarkable. Full story here.
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