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HomeBackers just SOLD to another Happy HomeBuyer

November 23, 2010 By Homebackers

HomeBackers just sold another home to a first time homebuyer in Kettering Ohio.  This home was a Short Sale that HomeBackers was able to negotiate and get to the closing table.  For those of you that don’t know a Short Sale is when a Homeowner owes more than what their house is worth and is in the stages of foreclosure.  The bank will do a Short Sale on the property and allow you to sell it for less than what you owe on it to avoid foreclosure. Sherri found this house through one of HomeBackers unique marketing methods and just fell in love with the house and just had to buy it. Again she was a first time homebuyer and now she can say that she will no longer have to rent and she found her dream house with the guidance of HomeBackers. Congrats to Sherri of Kettering on your new home purchase.
If you are in the market to buy a new house, you can go to our website and search the Dayton MLS for free and browse every house that’s for sale in the Greater Dayton Ohio Area exactly like a Realtor can with no signup.

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Filed Under: Education, Stop Foreclosure Tagged With: , , , , , ,

HomeBackers Saves another HomeOwner from Foreclosure

November 8, 2010 By Homebackers

HomeBackers did it again!! We just saved another homeowner from facing foreclosure by performing a Short Sale on a property in Kettering Ohio. The homeowner came to us about 3 months ago and she was just confused on what to do.  She was a few months past due on her mortgage payments and called HomeBackers to find out what her options were since she was facing foreclosure.  We gave her all her options and she decided a Short Sale was the best way for her in order to get out from underneath her mortgage payment and move on.  HomeBackers then went to work and ended up negotiating the bank to take ONLY $27,000 for the house that had an original mortgage on it for $64,307.97.  That’s $37,307.97 off the original balance of the loan that HomeBackers negotiated to save this homeowner from .  The best part is that we also negotiated that the bank will never come after the homeowner for the amount the bank lost of $37,307.97 so she can move on with her life and get back on track.

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Filed Under: Stop Foreclosure Tagged With: , , , , , ,

What is a Short Sale?

October 20, 2010 By Homebackers

Here is the definition of a Short Sale.
A property sale negotiated with a mortgage company in which a lender takes less than the total amount due.
Let’s go into this a little bit further.  Say you are going through a hardship and can no longer afford your house payment and you need to sell to get back up on your feet.  Maybe you lost your job, illness, death or something happened and you can no longer afford to make your mortgage payment.  If you need to sell your home to get out of your mortgage payment you may not be able to do so because you probably owe more on the loan than what the house is even worth. A Short Sale could be the perfect solution for you.  Here’s how it works:
You owe 100,000 on your house but now your home is only worth $75,000 due to the housing market going down within the past couple years.  So obviously you are short $25,000 on your home because you owe more than it’s worth. So what do you do:
 You can go to your lender or a Real Estate Agent and have them speak on your behalf and your lender can do a Short Sale meaning they will take a loss on that property of the $25,000 that your short so that you can sell the home and move on with your life.  Now don’t get me wrong here.  You do have to have a hardship and prove to your bank that you can no longer afford to live in the house.  They would rather Short Sale the property and take a loss on it upfront than to foreclose on it because to foreclose on a property becomes very expensive.   Banks are not in the business to foreclose on Homes and they sure aren’t in the business to own homes. That’s why they are willing to do a Short Sale with the Homeowner in order to get that asset off their books so they can go lend their money elsewhere. 
Now I do want you to be aware that your bank may want you to sign a promissory note saying you will pay that amount back to them that they just took a loss on.  This doesn’t happen all the time and actually it very rarely happens but do become aware that they might try to do so. 
If this is your case and you are going through a rough time in your life financially right now and you owe more than what your house is worth; I would highly suggest you call HomeBackers at 937-754-1111.  We are local in the Dayton Ohio Area and have worked with hundreds of Homeowners by doing Short Sales successfully .  We are one of the top Real Estate Companies in the Greater Dayton Ohio Area and would be more than happy to talk to you about your options if you are going through a tough time or possibly in Foreclosure and need to do a Short Sale.   You can visit our website at www.HomeBackers.com or call us at 937-754-1111.

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Filed Under: Stop Foreclosure Tagged With: , , , , , ,

Negotiating a Short Sale that won’t fail

October 6, 2010 By Homebackers

Negotiating a Short Sale That Won’t Fail

 Sellers who are facing foreclosure and have opted to choose a short sale as the method of saving their home from foreclosure are facing two challenges. The first is successfully negotiating the short sale with a buyer that is qualified and willing to wait through the approval process. The second is getting the lender to approve the short sale. By breaking the process down in two parts, and hiring the right short sale experts you will be able to get your lender’s approval, sell your home and avoid foreclosure.

 Part One

 Attracting the Right Buyer

 You will need to work with a short sale Realtor who is experienced with the short sale process and knowledgeable about selling real estate in your area. Here is how the process works:

 1.  List Your Home with an Experienced Short Sale Realtor and Price it Right

 It is important to list your home with an experienced short sale Realtor that understands the short sale process because they have sold many short sale properties.  Price your home at or below market value. The lender will be obtaining a Broker Price Opinion on your home’s value so you need to price correctly so the lender will approve the sale. Your Realtor can help you by giving you a comparable market analysis of similar homes that have sold in the area to determine the right sales price for your home.

 2.  Market Home to Buyers/Investors Who Understand the Short Sale Process

 Avoid wasting time with the wrong buyer. Time is of the essence to save your home from foreclosure.

 The short sale Realtor will market your home to attract the right buyer by advertising the property in the MLS, the Internet and other media such as newspapers, magazines, etc. as a short sale, subject to third party lender approval, so buyers are aware that the property is a short sale. This way there are no surprises. As a result, you will be dealing with serious buyers/investors who understand the short sale process and are willing to wait for the home.  This increases your odds that your buyer will not walk away during the approval process.  

 3.  Negotiate Short Sale Contingency With Buyer

 Your Realtor will use special language in your contract to make sure that all parties understand that the closing is subject to third party lender approval.  All contract contingencies start from approval by the lender. Because of this reason you should only deal with cash buyers. Once your lender approves the transaction, the lender expects the buyer to close in about two weeks from approval. Cash buyers can do this. Buyers who are obtaining financing normally cannot meet such a deadline.

 Part Two

 Hire a Short Sale Company to Negotiate With the Lender?

 It is crucial to hire a short sale company.  HomeBackers is a Real Estate Company with a highly educated Short Sale Division that can assist you with your short sale negotiations. Our telephone number is 937-754-1111, and our website address is http://www.HomeBackers.com.  It is recommend you use a short sale companysuch as HomeBackers who specializes in negotiating short sales and has established relationships with lenders. The short sale company performs the following functions:

  • Submits all the required short sale package paperwork to your lender so that there are no delays.  The short sale package includes your financial information, tax returns, W-2’s or 1099’s and recent bank statements, a financial hardship letter, authorization letter, copy of your purchase and sale contract, and your broker’s listing agreement. The lender must approve the contract and the broker’s commission agreement for the sale to close.  

 

  •  Communicates with your lender until a negotiator is assigned and your transaction gets approved. The short sale company has systems in place to speed the short sale process up for you. Generally a short sale takes about 3 – 5 months to get approval or longer. The short sale company communicates with your lender on a regular basis, sometimes daily until the job is done.

The functions of your Realtor and short sale company are completely different, but both need to communicate with each other on a regular basis for your short sale to be successful.  The Realtor must also communicate with you and the buyer to keep everyone informed of the status of the short sale process.  Many deals fall apart because the buyer is not kept up to speed on the process.

 Successfully negotiating a short sale process is a team effort.   By hiring a qualified short sale Realtor at HomeBackers to market your home to the right buyer and using HomeBackers expert short sale division, who will successfully negotiate the short sale with your lender, you will save your home from foreclosure and your credit.  To reach HomeBackers, call us at 937-754-1111 or visit our website http://www.HomeBackers.com. You can then move on to other important matters in your life and start over.

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Filed Under: Stop Foreclosure Tagged With: , , , , , , , ,

Florida’s Foreclosure rate 2nd highest in Nation

December 16, 2009 By Homebackers

Florida’s foreclosure rate in November was the second highest in the nation as one out of every 165 homes was in some stage of foreclosure proceedings, according to a national report released by RealtyTrac.

Florida edged out California for the second place spot, lagging behind only Nevada in the percentage of home mortgages in default. Florida’s November figure was 7.6 percent higher than November 2008 and 2.0 percent higher than October 2009.

Nationally, 306,627 homes, one out of every 447 homes, were in foreclosure, up 18.4 percent from November 2008. But the national rate represented the fourth straight month of national declines. James Saccacio, RealtyTrac chief executive, credited the drop to loan modification efforts and an extension of the federal first-time homebuyer program.

But long-term stability may be more elusive as the industry recovers from its worst slump in decades.

“A full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years,” Saccacio said in a statement.

With 52,935 Florida properties receiving foreclosure statements, reversing a two-month trend of fewer defaults than the previous month.

Two Florida cities were among the top 10 metro areas in the nation. Cape Coral/Fort Myers held the 4th spot with one out of every 96 homes in foreclosures while Orlando/Kissimmee ranked 8th with one in every 120 homes in default.

California, Florida, Illinois and Michigan – accounted for more than half of all foreclosures – about 52 percent – in November.

In terms of foreclosure rates, Nevada and Florida were followed by California, Arizona and Idaho, which all posted larger year-to-year increases in foreclosures when compared to Florida.

Filed Under: Stop Foreclosure
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