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Making the best decisions with all of the facts!!!

Your home might possibly represent one of the largest investment decisions in your life. Asking the right questions helps in making the right decisions. Do you already know how much home you can afford? Have to interviewed loan officers and started the qualification process? Get pre-approved, and understand debt-to-income ratios. In order to make an educated decision you need to know all of your options.

Look for a local area specialist, one who’s extremely knowledgeable of the neighborhood and schools. The purchase of a home is a tremendous investment, fundamentally, emotionally and monetarily. The best way to make sure that you choose the right home is to properly prepare yourself, do extensive research online.

Pick the right agent: the right agent will be someone whose personality and experience make you feel like you have the most qualified person for the transaction. How important is it that I have the home inspected before I buy the home: save yourself a lot of time, money, frustration and possible future litigation by hiring an experienced and licensed home inspector before you buy. You always want a professional to sign off the home is in perfectly sound condition.

The ever changing market:  Introducing the Short Sale… 

A short sale is the selling of real estate property in which the remaining proceeds fall short of the balance owed on the homes loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than dealing with the home in foreclosure. All parties involved (buyer, seller and lender) consent to the short sale process, because it allows the seller and the bank to avoid foreclosure, which involves hefty fees for the lender (or lien holder) and saves them time and money.

Qualifications for a Short Sale: The seller has fallen on hard times, the mortgage is in or near default status, and the value of the home has depreciated and is now less than the loan amount. Comparable home sales in your neighborhood greatly affect the current value of your home. 

Hardships are the core of the lender making a decision to allow the home to pass through a short sale. Hardships examples are: Loss of job, divorce, medical emergency, sudden illness, a bankruptcy, death or something that causes the home owner not to be able to comply with the mortgage payment.

There are a large amount of items lenders will not accept as a hardship: pregnancy, downsizing or upsizing, buyer’s remorse, or if the home owner thinks the home isn’t worth as much as the home was bought for. Another unaccepted group of items is if the home owner doesn’t like the location, the neighbors, the neighborhood or the schools. The seller cannot in any way profit from the sale of the home in a short sale. The impact on the home owners credit can be an issue for a few years to come and will likely show up on a credit report as debt settled for less than amount owed.

A short sale is very much dependent on a buyer making a reasonable offer to purchase the home. If you do not have an offer, you do not qualify for a short sale. So even if all the other criteria have been met, it is very possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.



CA BRE #00870457
PHONE: 619-246-3434
EMAIL: timwalsh@cts.com

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