Category Archives: The Short Sale Chronicles

The Top 4 Items Buyers Need to Know for Short-sale Purchases

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The key to buying a short-sale property is understanding the process.  It can be complicated, so becoming acquainted with what they are, and how they work, can be key to a successful purchase.  Read my brief description: “What-is-a-short-sale?”

Repairs to short sales prior to closing are unlikelyl

Repairs to a short sale, prior to closing, are unlikely.

A few items a buyer needs to understand when purchasing a short sale:
1. Many of these homes have some form of neglect.
2. The seller is unlikely to make repairs…there is no incentive for them, and typically they don’t have the funds.
3. The length of time to close is longer…you need to be patient.  Their lender needs to approve the offer, which can be slow.
4. Determining the viability of selling a short-sale: besides being underwater, the lender needs a letter of hardship from the owner to approve the transaction.

Now that the real estate market is improving in New Hampshire, deals are harder to find.  Short-sales are one way to buy a home for a good price, you just need to understand the process, have a Realtor who understands the process, understands what adds value to real estate, and be patient.

-Just my thoughts. -Jenn

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Can I Sell My House Short?

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One of the key elements to selling a house as a short sale will be proving a hardship.  See my post on hardships.

Need Help?

Need Help?

When I list a short-sale I provide my clients with some choices for a short-sale negotiator, this is the person who will be working with your lender.  The sellers lender will typically pay the costs to sell the house, from the real estate fees to the negotiator fees.  There still may be some associated fees which the negotiator may be able to explain and will often depend on the lender.

Buying or selling, every case is different and there are no guarantees, but working with a professional who has experience in short-sales is the key.  The process is longer, more complicated, and the factors for listing can be different than a traditional sale.  I go over all this with my clients.

If you have any questions, or need help, please contact me.

-Just my thoughts.  -Jenn Cote

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In Brief: What is a short-sale?

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A short-sale is when a property is sold at less than what is owed (i.e. the mortgaged amount is higher than the sales price).  The seller will have to get approval from their lender in order to sell the property “short.”   One of the largest factors in  getting approval will be for the sellers to prove they have/had a hardship.  See my post on hardships.

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Need Help?

Every short-sale I’ve done has been very different.  The only constant I’ve seen is a longer time frame to get to closing (even bank-owned are typically quicker).

A buyer needs to be informed.  I educate extensively about the process.  My experiences helping people buy and sell short-sales provide the necessary information to help with decision making.  My own experiences purchasing a  short-sale in 2011 are helpful.

Buying or selling, every case is different and there are no guarantees, but working with a professional who has experience in short-sales is the key.

If you have any questions, please contact me.

-Just my thoughts.  -Jenn Cote

If you’d like to know when I post another article on this topic “like” my Facebook page: Facebook.com/TopNHhomes

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Short Sale Hardships in NH

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If you think your home is underwater one of the first questions that may come to your mind: “Is my house eligible for a short-sale?” One of the most important components in determining if you are eligible for a short sale is the hardship letter.

Hardship is defined as an adversity.  Something, difficult or unpleasant, that you must endure or overcome. www.yourdictionary.com

If you’ve already done some research you may have heard of the typical hardships like job loss, divorce, or illness, but sometimes other types of hardships can be approved. You also need to show a financial hardship…you need to be in a position that you cannot pay the deficiency. Every situation is different, every bank is different, and every transaction is different. So there are no guarantees, but the letter of hardship is extremely vital to the success of a short-sale.

One example of a not-so-typical hardship:

I was helping a couple who lived an hour from their kids school (divorce situation-the kids remained in the same school system).  The bank approved this short-sale.

 

Next, we need to determine the current market value of the property. You need to sit down with a real estate agent who is familiar and EXPERIENCED in short-sales. There are obstacles that need to be explained to you, so you can be prepared.

Reconcile

Reconcile

Once we determine your property is indeed underwater. I work with experienced short sale attorneys and negotiators, and this program is of no cost to you.

Call me today to talk; I will answer all of your questions.

I will help you sell your home so you can have fresh start.

 

An excellent explanation of short-sales can be found on Realtor.com: http://www.realtor.com/blogs/2011/08/15/demystifying-the-short-sale-process/

If you’d like to know when I post another article on this topic “like” my Facebook page: http://www.facebook.com/TopNHhomes

Just my thoughts.  -Jenn

NOTICE: I am not associated with the government or a lender. Keep in mind your lender may not agree to a short-sale. If you stop paying your mortgage, you could lose your home and damage your credit rating. Short-sales in Nashua, Hudson, Merrimack, Amherst, Pelham, and Windham.

-Just my thoughts. -Jenn

 

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