St. Louis short sales
Nolting Real Estate broker, Russell Nolting, is a Certified Distressed Property Expert® (CDPE). One of only a handful of Realtors in St Louis with this designation, a CDPE is a real estate professional with specific understanding of the complex issues now confronting the real estate industry. Through comprehensive training and experience, we are able to provide solutions for homeowners facing hardships in today’s real estate market.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. I believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional who has the CDPE designation. We have the tools needed to help homeowners find the best solution for their situation.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. If you would like to discuss your situation, please call Russell at 314 267 2636. Consultations are free of charge and your privacy will be protected.
Category : Foreclosure &Home Buyer and Seller Tips &Real Estate Sales in St. Louis &Short Sales in St. Louis &St. Louis Real Estate Sales Statistics
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:
- 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.
- Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
- 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.
- 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.
- 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!
- 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.
- 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.
Category : Home Buyer and Seller Tips &Lenders in St. Louis &Moving to/from St. Louis &Short Sales in St. Louis &St. Louis Foreclosures
I can help. I’ve developed an association with the Destressed Property Institute. This group trains Realtors to become Certified Distressed Property Experts. Certified Distressed Property Experts can help consumers negotiate a short sale.
But the fact is that other options besides short sale and foreclosure might be more beneficial to the distressed homeowner. The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the “Making Home Affordable” loan modification and refinancing program.
I can help you weed through this mess. You will need to have the following documents together:
* Information about your first mortgage, such as your monthly mortgage statement.
* Information about any second mortgage or home equity line of credit on the house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all your other debts such as student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
* It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
Give me a call at 314-267-2636, or check out my St. Louis Home Guide website.
Category : Des Peres, MO &Home Buyer and Seller Tips &Real Estate Sales in St. Louis &Short Sales in St. Louis
Other descriptions for short sale St. Louis listings might be described with the phrases ”subject to bank approval” or “subject to lien-holder approval” or “as-is”. Rarely will you see “short sale”, so it’s best to be armed with some crucial information before considering buying a St. Louis short sale property.
- In this type of transaction there is an additional party involved besides the buyer and the seller; the bank. The bank must approve the sale, and this can make the time to close much longer than usual. Expect it to take anywhere from four to six weeks. And once the bank’s approval is granted, they will expect you to be ready to close as soon as possible.
- You will need to pay for your own inspection, and since the sale is “as-is”, this means that no repairs will be done and there will be no closing cost credits for repairs. Our favorite St. Louis home inspectors
- You will also need to pay for your own appraisal. The bank will do their own as well, and have been known to reject the sale based on their appraisal. Also, they may ask the buyer to raise their offer before approving the sale.
- These things are obvious risks to the potential buyer, as you could end up out of your inspection costs.
- Deferred maintenance on the home is a potential risk for the buyer. Consider that since the mortgage payments were not being made, it’s highly likely that the homeowner was not able to afford regular home maintenance.
Fore more information about short sales go to About.com. Also, see my previous post about buying foreclosures property in St. Louis
Click here to begin searching for your St. Louis Short Sale or Foreclosure.
Category : First Time Homebuyers in St. Louis &Home Buyer and Seller Tips &Lenders in St. Louis &Mortgages St. Louis &Moving to/from St. Louis &Real Estate Sales in St. Louis &Short Sales in St. Louis &St. Louis Foreclosures &St. Louis Real Estate Buyers
