A Short Sale is an option for a seller who must sell their home when the value of the property is just not sufficient to cover the balance owed to the existing lender. To "sell short," their existing lender(s), and any other existing lien holders, must approve the sales price, the sale terms, and payoff of their loan to be at a reduced amount.
The Short Sale process is as follows:
*The owner or their agent/negotiator must contact the existing lender.
*The lender will direct them to their website, or will advise how, to obtain specific forms, instructions and lender requirements.
*This group of documents, along with the lender’s financial forms (Short Sale Package*) is then sent to the lender as per the lender’s instructions.
*After the lender receives the package, it is assigned to a contact person in the lender’s Loss Mitigation Department. This process can take anywhere from two weeks to two months and sometimes longer.
*At this point the Loss Mitigation Dept then reviews the package and will contact the homeowner to request any additional items that may be required by the lender. This request is usually made verbally to the homeowner or negotiator but can sometimes be found via the lender’s website.
*The lender will then request a Broker’s Price Opinion (BPO) from an agent chosen by the lender.
*Once the lender has received the BPO as well as the Short Sale Package, they submit it for final review. When the lender has completed their final review, they may give approval "as is" or their approval may be subject to changes, such as sales price or terms. Or the lender at this time may decide that the seller did not have ample reason for the short sale, and therefore deny the request.
*Short Sale Package can consist of 100 to 200 pages including, but not limited to, the following items:
1. Listing Agreement
2. Short Sale Addendum
3. Offer to Purchase
4. Proof of Buyer’s funds
5. Owner’s Tax returns
6. Paystubs
7. Owner’s Bank Statements
8. Hardship letter from owner (explaining why the short sale is needed)
Remember that every lender and every situation is a different story. You need a Realtor proficient and experienced in short sales, who will stay in touch with the lender constantly throughout their process.
I have special training and education, plus experience, in Ormond Beach short sales. Contact me with your questions. Don't wait until your only choice is foreclosure.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Sunday, June 27, 2010
Ormond Beach Homeowners get more Federal Funding
State Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada can begin to use $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding under plans approved recently by the Obama Administration. This aid will support innovative local initiatives to assist struggling homeowners in those states, as part of the first round of funding available under this new program.
“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”
President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid as part of the first round of funding provided through this program each experienced a 20% or greater decline in average housing prices.
Here are Florida's hardest-hit proposals ($418 million):
*Florida will offer mortgage payment assistance to the unemployed and under-employed while they seek re-employment.
*The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.
If you are having problems paying the mortgage on your Ormond Beach home, contact me NOW. You have options. I have received special training in Ormond Beach distressed real estate problems, and can help you.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”
President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid as part of the first round of funding provided through this program each experienced a 20% or greater decline in average housing prices.
Here are Florida's hardest-hit proposals ($418 million):
*Florida will offer mortgage payment assistance to the unemployed and under-employed while they seek re-employment.
*The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.
If you are having problems paying the mortgage on your Ormond Beach home, contact me NOW. You have options. I have received special training in Ormond Beach distressed real estate problems, and can help you.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Struggling Ormond Beach Homeowners Have Options
More borrowers dropped out of the Obama administration’s foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to recently released data.
According to a post on RisMedia.com, "The number of mortgages with permanently reduced payments under the Home Affordable Modification Program (HAMP) increased 15% in May 2010 to 340,459. The pace of temporary three-month modifications started in May slowed, with an increase of just 2.5% to 1,244,184.
"But cancellations of mortgage modifications continued to grow. Cancelled trial modifications rose 55% in May from April. More than a third of all trial modifications started since the program began last year—429,696—now have been canceled. Cancellations of permanent modifications also were up sharply, rising 70% to 6,357 in May from April.
"But overall, homeowners with permanently reduced mortgage payments have fared better in the program. The cancellations amount to just 1.8% of all the permanent modifications offered since it began last year.
"The administration’s report said that at the eight largest mortgage servicers, including Bank of America, CitiMortgage and JPMorgan Chase, nearly half of homeowners whose temporary government modifications were cancelled received an alternative modification.
"Of the 194,056 total cancellations for those servicers under the Obama administration’s plan, just 7% resulted in foreclosure actions. An additional 2% resulted in a short sale."
If you are an Ormond Beach homeowner having financial troubles, and finding it hard to make your mortgage payments, contact me NOW. You have options! I have special training in helping distressed homeowners and can help you.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
According to a post on RisMedia.com, "The number of mortgages with permanently reduced payments under the Home Affordable Modification Program (HAMP) increased 15% in May 2010 to 340,459. The pace of temporary three-month modifications started in May slowed, with an increase of just 2.5% to 1,244,184.
"But cancellations of mortgage modifications continued to grow. Cancelled trial modifications rose 55% in May from April. More than a third of all trial modifications started since the program began last year—429,696—now have been canceled. Cancellations of permanent modifications also were up sharply, rising 70% to 6,357 in May from April.
"But overall, homeowners with permanently reduced mortgage payments have fared better in the program. The cancellations amount to just 1.8% of all the permanent modifications offered since it began last year.
"The administration’s report said that at the eight largest mortgage servicers, including Bank of America, CitiMortgage and JPMorgan Chase, nearly half of homeowners whose temporary government modifications were cancelled received an alternative modification.
"Of the 194,056 total cancellations for those servicers under the Obama administration’s plan, just 7% resulted in foreclosure actions. An additional 2% resulted in a short sale."
If you are an Ormond Beach homeowner having financial troubles, and finding it hard to make your mortgage payments, contact me NOW. You have options! I have special training in helping distressed homeowners and can help you.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Saturday, June 19, 2010
Overpricing your Ormond Beach Home won't Help it Sell
In this market of falling prices and high inventory, it is a common mistake for sellers to price their property over the competition to try and get a little more. Especially if you are not a "short sale" seller, in other words don't have to sell, you think you should price your Ormond Beach home above those distressed properties.
Wrong.
Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market research. There is a smaller pool of highly motivated buyers, and today's Ormond Beach buyers tend to be well educated about the market. Without the assumption of price appreciation, few buyers are willing to gamble and overpay for a home. In addition, credit tightening has reduced both the number of buyers who can qualify for a mortgage as well as the size of the mortgages available.
Here are just a few of the reasons you should never expect to get more than the market (or overprice your home):
1. Fewer buyers looking. There are many ways online now for buyers to find values in your neighborhood. They won't waste their time looking at a home obviously priced above sales.
2. You will help your competition. Your higher price will drive buyers to the homes in your community which are priced aggressively.
3. You risk stagnation. The effects of #1 and #2 will be to leave your property "sitting on the sidelines." You will have a longer market time, and realtors won't watch your home for a price reduction - they will show their buyers the new listings that are priced right.
4. You brand yourself as an unrealistic seller. This means tougher negotiation. With so many houses on the market, buyers won't work any harder than they have to for a home, or their agent spend any more time than needed.
5. Appraisals - if your price is above the market, it won't appraise for the buyer's mortgage. Who will make up the difference - you?
First, you need to contact a Realtor knowledgeable about sales prices in your community of Ormond Beach (me). Together, we'll create a pricing plan. When pricing your home, the best strategy is to remain objective and compare your home closely to similar properties on the market. Take the opportunity to visit open houses and pay attention to recent sales in your area.
Together we'll review recent Ormond Beach sales and discuss market trends. Then we will decide on a marketing plan to get you the best price you can in today's market. Call or email to discuss your Ormond Beach real estate options.
Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
yourkeytothebeach@gmail.com
www.daytonabeachscene.com
Wrong.
Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market research. There is a smaller pool of highly motivated buyers, and today's Ormond Beach buyers tend to be well educated about the market. Without the assumption of price appreciation, few buyers are willing to gamble and overpay for a home. In addition, credit tightening has reduced both the number of buyers who can qualify for a mortgage as well as the size of the mortgages available.
Here are just a few of the reasons you should never expect to get more than the market (or overprice your home):
1. Fewer buyers looking. There are many ways online now for buyers to find values in your neighborhood. They won't waste their time looking at a home obviously priced above sales.
2. You will help your competition. Your higher price will drive buyers to the homes in your community which are priced aggressively.
3. You risk stagnation. The effects of #1 and #2 will be to leave your property "sitting on the sidelines." You will have a longer market time, and realtors won't watch your home for a price reduction - they will show their buyers the new listings that are priced right.
4. You brand yourself as an unrealistic seller. This means tougher negotiation. With so many houses on the market, buyers won't work any harder than they have to for a home, or their agent spend any more time than needed.
5. Appraisals - if your price is above the market, it won't appraise for the buyer's mortgage. Who will make up the difference - you?
First, you need to contact a Realtor knowledgeable about sales prices in your community of Ormond Beach (me). Together, we'll create a pricing plan. When pricing your home, the best strategy is to remain objective and compare your home closely to similar properties on the market. Take the opportunity to visit open houses and pay attention to recent sales in your area.
Together we'll review recent Ormond Beach sales and discuss market trends. Then we will decide on a marketing plan to get you the best price you can in today's market. Call or email to discuss your Ormond Beach real estate options.
Sherry Armstrong, Realtor
386-679-3191
www.sherryarmstrong.com
yourkeytothebeach@gmail.com
www.daytonabeachscene.com
Wednesday, June 16, 2010
Ormond Beach Seafood Fest June 19-20
The 1st Annual Ormond Beach Seafood Festival will be held this weekend, from 10 a.m. to 9 p.m. Saturday and 10 a.m. to 4 p.m. Sunday at Rockefeller Gardens, 25 Riverside Drive (southeast corner of the Granada Bridge), Ormond Beach.Area restaurants will serve up seafood favorites, more than 20 musical groups will perform and there will be children's activities including bounce houses and face painting.
Musical performances include headliner Terry Sylvester formerly with "The Hollies," zydeco, jazz, Florida folk, bluegrass, Bahamian group Junkanoo Near You and more.
Visit the OrmondBeachSeafoodFestival.com for information, or call 386-451-2138. Admission is $3; children younger than 12 free. Want to volunteer? Call 386-299-8544.
Sounds like it will be a fun weekend event. Come join us in Ormond Beach!
with Your Key to the Beach,
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Sounds like it will be a fun weekend event. Come join us in Ormond Beach!
with Your Key to the Beach,
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Saturday, June 12, 2010
Halifax Plantation of Ormond Beach - Golf Course Home for Sale
Enjoy golf course living in this Shadow Woods Ceadar model on the 18th fairway of Halifax Plantation.This 3 bedroom/2 bath home includes a fireplace, big kitchen with ample storage, den, front and back porches, central air, a beautiful view of the golf course, 1900 SF living area, and a 6240 SF lot.
Included are appliances, window treatments and ceiling fans. Community amenities include 18 hole golf course, Jr Olympic pool, exercise room, and tennis.
Priced at $209,000, the Halifax Plantation golf course home is a great buy. This is not my listing, but I can help you preview any golf course home for sale in Ormond Beach. Call or email and take advantage of these low prices for golf course living.
Sherry Armstrong
386-679-3191
yourkeytothebeach@gmail.com
Sunday, June 6, 2010
Using Outdoor Spaces to Expand your Ormond Beach Home
We have the weather and lifestyle to use our outdoor living spaces in Ormond Beach for entertaining, relaxation, and to expand the square footage of our homes. Here are some ideas from Lowe's to help blend your indoor and outdoor areas, and create a space to welcome guests and residents alike.
1. If you have room, add a gazebo, or covered structure separate from a patio. This can provide a contemporary feel, and using a rust-free aluminum frame and water-repellent canopy make it durable enough for year-round use.
2. Move your dining table and chairs outside. This will give you a more modern look, and free up indoor space.
3. If you are limited on space, consider a patio set, just a small table and chairs you can use both as a gathering space and for casual eating.
4. Outdoor lighting can set off your outdoor spaces and make them special, as will outdoor landscaping. Use tiki lamps, hanging bulbs, chains around plants - there are many ways to make the outdoors more inviting after the sun sets.
If you'd like to find an Ormond Beach home where you can use the outdoors as a living space, call or email. There are plenty to choose from at low prices, and I will help you find what you want.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
1. If you have room, add a gazebo, or covered structure separate from a patio. This can provide a contemporary feel, and using a rust-free aluminum frame and water-repellent canopy make it durable enough for year-round use.
2. Move your dining table and chairs outside. This will give you a more modern look, and free up indoor space.
3. If you are limited on space, consider a patio set, just a small table and chairs you can use both as a gathering space and for casual eating.
4. Outdoor lighting can set off your outdoor spaces and make them special, as will outdoor landscaping. Use tiki lamps, hanging bulbs, chains around plants - there are many ways to make the outdoors more inviting after the sun sets.
If you'd like to find an Ormond Beach home where you can use the outdoors as a living space, call or email. There are plenty to choose from at low prices, and I will help you find what you want.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com
Wednesday, June 2, 2010
Ormond Beach - Private Compound for Sale - So Old Kings Rd
Experience the serenity of privacy while living in the heart of Ormond Beach. This exclusive family compound consists of: Custom built gorgeous 3 Bd/2 Ba main home with 2-Car Garage, 4 Bay Garage is 2900 sq ft for RV, Boats, Cars, and toys. 14 ft ceilings: 1door-12.5’ X 12’, 3 doors are 12.5’X10ft’. Heated and cooled, 7 ton lift, 200amp service, 2 offices and full bath. Guest House is 2 Bd/2.5 Ba with office and 1-Car Garage, intimate pool area with media room/bath house. Guest house is perfect for multi-generational families or for guests. Main House is beautifully appointed with saltillo tiles, volume ceilings and French doors, a gourmet chef's kitchen with a 6-burner gas stove and custom cabinetry. Spacious master suite overlooks pool and spa. Master bath has custom cabinets, dual sinks, soaking tub and large shower. Beautiful details, fixtures and finishes throughout. .Large lot is approx 211 X 215 and completely fenced for privacy and security. All sizes approximate.
Contact Sherry Armstrong, Realtor, 386-679-3191, for a private showing.
Contact Sherry Armstrong, Realtor, 386-679-3191, for a private showing.
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