http://blog.kristancole.com Your source for Wasilla real estate Fri, 03 Feb 2012 22:08:23 +0000 en hourly 1 http://blog.kristancole.com/repost/here-are-the-seven-short-sale-%e2%80%9cmyths%e2%80%9d-that-could-lead-you-right-into-foreclosure-dont-let-this-happen-to-you-here-in-wasilla/ http://blog.kristancole.com/repost/here-are-the-seven-short-sale-%e2%80%9cmyths%e2%80%9d-that-could-lead-you-right-into-foreclosure-dont-let-this-happen-to-you-here-in-wasilla/#comments Fri, 01 May 2009 18:54:10 +0000 lheraty http://content.kineticblogsites.com/?p=319 If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help yourself. Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.  I am only of only a few in Alaska. 
2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency - not just people in default.
4. Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.
8. For more information on short sales and foreclosures, click here.  Best, Kristan Cole

]]> http://blog.kristancole.com/repost/here-are-the-seven-short-sale-%e2%80%9cmyths%e2%80%9d-that-could-lead-you-right-into-foreclosure-dont-let-this-happen-to-you-here-in-wasilla/feed/ 0 http://blog.kristancole.com/repost/wasilla-and-palmer-residents-avoid-possible-short-sale-problems-and-mistakes-before-you-make-them-part-i/ http://blog.kristancole.com/repost/wasilla-and-palmer-residents-avoid-possible-short-sale-problems-and-mistakes-before-you-make-them-part-i/#comments Sat, 25 Apr 2009 18:27:44 +0000 lheraty http://content.kineticblogsites.com/?p=326 Considering a short sale can be a daunting task because it is a bit more complicated than a traditional home sale. Knowing what some of the common short sale mistakes are and their solutions can be very helpful for a successful outcome. Here are some of the most common mistakes made with this type of transaction, and their solutions:

• The property is not priced correctly: Be sure that your agent takes you through a detailed listing price strategy so you know exactly where your home should be priced due to its current condition, the other current sales in your area, and how much time you have left to sell.

 

• The short sale Proposal is not fully completed: Be sure that you fully understand the short sale process and exactly what your lender is looking for, so that you can present a complete and cohesive Proposal to your lender.

 

• Not Enough Follow Up and Communication: Make sure that your agent is following up with everyone involved during each step of your short sale, so that you know right away if your file has been delayed.
• Need More Information about short sales versus foreclosure and what it's all about?  See additional information here.  Best, Kristan Cole

]]> http://blog.kristancole.com/repost/wasilla-and-palmer-residents-avoid-possible-short-sale-problems-and-mistakes-before-you-make-them-part-i/feed/ 0 http://blog.kristancole.com/palmer-ak-real-estate/if-you-are-interested-in-understanding-what-qualifies-you-for-a-short-sale-in-alaska/ http://blog.kristancole.com/palmer-ak-real-estate/if-you-are-interested-in-understanding-what-qualifies-you-for-a-short-sale-in-alaska/#comments Tue, 21 Apr 2009 19:39:31 +0000 lheraty http://content.kineticblogsites.com/?p=312 Today many people are interested in Short Sales as a way to avoid Foreclosure. If you are interested in knowing more about a somewhat complicated transaction, here are the three very uncomplicated things lenders look for when qualifying a short sale:

• Financial Hardship:  This is defined as a verifiable reason that has or will cause you to miss a payment. Examples that qualify are mortgage payment adjustment, a job loss, too much debt or a business failure.
• Monthly Shortfall: Lenders want to see that you cannot afford to pay your mortgage. You will be required to provide your agent a financial worksheet that demonstrates this. The shortfall equation is simple. Total Monthly Income - Total Monthly Expense = Monthly Shortfall.
• Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.

If you would like more information about short sale versus foreclosure click here.  Best, Kristan]]> http://blog.kristancole.com/palmer-ak-real-estate/if-you-are-interested-in-understanding-what-qualifies-you-for-a-short-sale-in-alaska/feed/ 0 http://blog.kristancole.com/repost/avoiding-possible-short-sale-mistakes-in-wasilla-ak-part-ii/ http://blog.kristancole.com/repost/avoiding-possible-short-sale-mistakes-in-wasilla-ak-part-ii/#comments Sat, 11 Apr 2009 12:36:57 +0000 cole http://content.kineticblogsites.com/?p=331 Considering a Wasilla AK short sale can be a daunting task if you are not armed with all of the necessary information regarding this type of transaction. Following are additional mistakes or problems that can be avoided if you know what to look for.

• Time: There never seems to be enough of it when conducting a short sale. Your agent needs to understand the local foreclosure laws so that you have an estimated timeline. Also, be sure that your agent can communicate effectively with your lender so you can stall a foreclosure by getting more time to negotiate a short sale. Always provide your agent with accurate information as to how many payments you may have missed and any correspondence you have from your lender.
• You must submit the deal properly: Following the directions that you receive for submission is imperative. If you are asked to fax your file, then fax the file and send a hard copy in the mail. If they ask for two copies, send two, and so on. If you have a contract and have gathered all of your information, the last thing you want is for no one to see it and the deal falls apart.
• The buyer’s offer is too low: A short sale is not a fire sale! A lender still will only approve a deal that is more attractive to them than a foreclosure. Make sure you present only the most properly negotiated offers.
• The buyer’s contract is not strong enough: You may find yourself with offers from unqualified buyers. Don’t forget to ask for verification from a buyer that they have been pre approved for financing.

For information on Wasilla AK short sales or other real estate questions for Mat-Su Valley AK including Palmer and Anchorage AK, contact The Kristan Cole Team today. Contributed by Kristan Cole Contact Me | (907) 373-3575 | www.KristanCole.com]]> http://blog.kristancole.com/repost/avoiding-possible-short-sale-mistakes-in-wasilla-ak-part-ii/feed/ 0