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Did you know that Personal Judgments can affect your Short Sale? June 7, 2013

Posted by orlandoshortsalefl in Bank of America short sale, FHA short sale, Florida Foreclosure, Foreclosure in Orlando, judgments and short sales, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, orlando realtor, Orlando Short Sale, Orlando short sale Realtor, short sale, Wells Fargo short sale.
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My husband Scott who is also a Realtor works very hard and very smart. Our specialty….Short Sales of course. 

Recently Scott has been working diligently on a Short Sale due to the Pending Foreclosure Sale date. As you know when that date is set, the clock it is a ticking. By the way Scott works diligently for all of his sellers. Well the title work came back and there are personal judgments against the seller. Can these personal Judgments prevent this Short Sale from closing? The answer is:  Yes they can.

Let me explain. A personal Judgment goes against the Seller and although it’s not attached to the Home it’s attached to the person trying to sell their home which can prevent the sale unless satisfied. So let’s talk about what types of personal judgments there are.  You can have a small claims case in which it didn’t go in your favor. You may have a criminal traffic ticket that hasn’t been paid or you were sent to collections court in the Clerk of court for that ticket. You may even have a credit card you stopped paying on years ago and just never did anything about it. These are just a few examples.

Now here is what you need to know. These types of challenges can ultimately hurt your chances of selling a home, but like any challenge there is always a solution. Here are a few steps you can take to correcting a situation like this. First off, when your listing your home in a Short Sale be up front with your Realtor/Broker, tell them about these outstanding items. Remember we are trained to handle these types of challenges. You can also pay them to get them recorded and satisfied. And if this is your personal residence you can file what’s called a “Notice of Homestead”, which then has to be sent to all creditors and there’s a 45 day response period before they are no longer active.

If we know about these Judgments upfront, we can give you the information you need to make this a Successful Short Sale.  

One more thing…. We understand it may be difficult to tell us this personal information that you may feel uncomfortable but just remember we ALL have bumps in this road we call life and in the end we ALL put our pants on the same way. One leg at a time.

Hope this helps those that are reading my Blog today.

Wendy Golding

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. At Asset One Realty, Wendy and I have this knowledge and we have the documentation to back it up. Remember foreclosure is the last resort. Contact us at our Web Site or Short Sale Answers this site has videos of the 5 most asked questions regarding a short sale and video testimonials from our clients. Email us direct at paganorealtor@gmail.com or assetonebroker@gmail.com

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FHA Short Sale November 30, 2009

Posted by orlandoshortsalefl in FHA short sale, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure.
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Short sales and FHA, just how do they work? Part 1, the Value  

My husband and I get asked this question quite a bit. As you know FHA is a federally insured loan, so when it comes to FHA short sales you’re going to need an expert.  I am going to do the process in steps because the FHA Short Sale is very complex but completely doable. So make sure you check back tomorrow for Part 2.  

The first step would be to come up with a value for you home. This is a realistic price that will appraise and sell. This takes experience and skill. Here are things you shouldn’t do when seeking the value of your property. Don’t count on values from Zillow.com this doesn’t work nor will comparing a newly built home to your home.  Some home sellers ask a Realtor Relative or another Realtor they know for the value. The challenge with asking Realtors with little or no experience in short sales is they may not know how to arrive to the final value.  

Comparable’s are based on properties proximity, similarity, GLA (gross living area), bedroom count, age and amenities. As your Agents Scott and I prepare our own “BPO” Brokers Price Opinion Report before your property is listed. We work together, discuss and compare our values before we come to our final price.  Remember this price may have to be defended once the Lender has their individual Appraisal or BPO done.    Don’t worry we are ready willing and most capable of defending our values.

Scott and I have been completing these values for the Banks for over two years. Doesn’t it make sense to work with Realtors with this kind of experience?  Check back tomorrow for Part 2.

Remember Foreclosure is the last resort. Contact Scott and Wendy today at paganorealtor@gmail.com   and www.scottnwendy.com   or 24 hour recorded info line 1-866-647-8425 EXT 104