House Mystery

House Mystery
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How do I get to 4303 Sardine Creek L Fork RD (the house of mystery) from brooklyn, ny?

There's this magical site called Google Maps. If you used it, you would already know!!

Plus, there's a buttload of mystery houses. No way am I going to know what city or state that address is at.

Short sales are becoming more and more prevalent in our market. What is a short sale? Selling Short is where the seller (owner) owes more than what the market says his home is worth and the owner can not sale at the price he needs to pay off his loan. Is the lender happy that the seller is trying to "short" the loan? No. What the lender has to determine is will they accept the loss now and move on or will they have to go through the foreclosure process which will take more time (and Time is Money) and may result in a larger loss for the lender.

The short sale process is a long one! According to Inside Mortgage Finance, Survey by Campbell Communications the average time for a mortgage lender to respond an offer to buy a short sale property across the U.S. was 4.5 weeks in March 2008; 9.0 weeks in February 2009 and 9.5 weeks in June 2009. In other words, the buyer submits a short sale offer and has to wait 9.5 weeks to hear back from the lender whether the offer is accepted. That answer could be no and the buyer starts the house hunting process over.

In order for the owner to sale short, they must apply to their lender. Each lender has a short sale packet. In most cases in order to receive this information the owner must be behind in payments. If your mortgage payments are current, most lenders will not send you their packet. My understanding is that after two months of not paying your mortgage, your lender will be calling you. Then you can ask for the short sale packet and start the paperwork. This paperwork needs to be completed perfectly or the lender will kick it out. It is very important that this packet be done quickly and correctly. Having the assistance of a qualified Realtor is a huge plus in trying to sale short. One mistake can send the paperwork back to you and the process is delayed.

The mystery of the short sale is that any house can be listed on MLS and state it is a short sale. Then the owner can start applying for the paperwork with their lender. Let's say you are a buyer and you see this house listed, it looks good and has a great price. At this time you have no idea if the lender will take the listed price because the listed price is less that what is owed to the lender. As the buyer you are thinking of ways to low ball the listed price because in your mind who pays full asking price for a home? (The answer to that is that it depends on the price. If it is priced right to begin with you may pay the listed price. You are busy looking at the home and sending in a low ball offer when the lender hasn't even approved selling the home short. And according to the Campbell Communications survey it will take 9.5 weeks to hear back from the lender.

Short sales are happening. There are some good deals out there. If you are thinking of going the short sale route know what you are getting into and have time on your side. If you have to be in a home in 30 days, you can not go after a short sale.

If you have questions about short sales in Dallas Fort Worth. Foreclosures in Dallas Fort Worth, email me at pat@patohomes.com.

Residential REMAX Realtor working Dallas and Fort Worth. I specialize in short sales and foreclosures in Dallas Fort Worth. Recent winner of the REMAX DFW Associates Customer Service Award 2008.