Patricia Paul Properties

Recently a number of homeowners are finding it increasingly difficult to pay their mortgages.  Call it a sign of the times.   It's really a combination of different factors:  Some people have unfortunately lost their jobs, or accepted big cuts in pay just to keep their jobs, some have had their mortgage interest rates adjust and find their monthly payment now much higher, some businesses are barely holding on, and others have had to close their doors, and nearly everyone has felt the effects of our troubled economy.
 
At some point you may come to the realization that you can no longer afford to live in your home.  What are your options?  First you might want to consult with an real estate attorney, a personal bankruptcy attorney, an accountant and more to determine the best course of action.  
 
Sometimes the best solution will be to sell your home.  Don't be surprised to find out your home has more than likely seriously declined in value over the last few years.  In fact, in most cases, sellers may find that they owe significantly more on their mortgage than their home is worth.  This is commonly referred to as being "upside down" or  "under water" with their mortgage.  
 
But hope is not lost, because a lot of lenders will approve the sale of the home in spite of it being short of the amount of the loan.  This is called a "short sale", and though the banks are not happy about them, they still prefer short sales to having to go through the foreclosure procedures and take back the property.  
 
If you'd like a free consultation to discuss your mortgage and whether or not you might be able to sell your home, please call me.  I've successfully coordinated a good number of short sale and REO's (bank owned properties) and know the steps involved and how to negotiate with the banks.   The short sale solution might just be the best one for you.
 
Patricia Paul, GRI ** www.PatriciaPaulProperties.com ** (520) 548-2078

 

For the past couple of years the real estate market has been dominated by REO's (Real Estate Owned); or in other words, bank-owned properties that were acquired through foreclosures.

Banks were neither equipped nor knowledgeable about suddenly becoming Property Managers.  In many cases, by the time they took back the homes, the properties were in poor condition.  Sometimes appliances, cabinets and fixtures were removed.  Unattended swimming pools were green with mold and yards were covered with weeds.  They had homeowner's association rules they had to abide by.  The carrying costs were huge.  Plus, in order to sell these homes, the banks had to price them well below the market value of privately owned homes.

But the banks have come to the realization that they can cut their losses by about 25% if they agree to accept a short sale, rather than to foreclose on a property.   So in the future expect to see more short sales on the market, and fewer REO's.  This could be good news for both buyers and sellers.  Plus, new government regulations are attempting to standardize the short sale process.  It is a bit easier and quicker to accomplish now than those first few shorts sales when this whole mortgage mess began.

If you find yourself in the position of needing to sell your home to be rid of a  mortgage you can no longer afford, please contact me.  I can explain the short sale process, and help you work with your lender to get your house sold.

If you can afford your mortgage or don't have one, but still want to sell your home either to move up, downsize, or relocate, I can help you, too.  You may even qualify for a federal homebuyer tax credit.  Please call me today for your free no obligation consultation.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078