A lot of Realtors, buyers, and sellers stay away or cringe around the topic of short sales. However short sales are becoming more prevalent as home prices continue to decline. In Kansas City, there are a several opportunities for buyers and sellers to utilize short sales to help get a property sold.
A short sale is when a home is sold, not there is not enough money to pay all the liens and expenses associated with the sale.
In order for a short sale to work, all parties involved need to benefit. Seller, Buyer, and Lender
Here are some qualifications for a successful short sale:
1. Decrease in market value
2. Mortgage in default
3. Seller does not have the ability to pay or continue to pay mortgage payment
4. Lender will save money/time by approving the short sale over a foreclosure
5. Buyer has patience to get deal done
Documentation typically needed to submit file:
1. Sales contract showing property to be sold "as is" with quick close after approval
2. Listing agreement showing a reduced commission
3. Hardship letter explaining job loss, divorce, medical bills, death, or other fin. issue
4. Preliminary HUD-1
5. Seller tax returns
6. Buyer pre-qualification/proof of funds
7. Bank statements
Keep in mind that the bank has several files "on their desks" You need to be patient, but continue to be persistent to get an answer from the bank. Short sales are a great way to continue to move properties in a down market.
For more information about short sales in the Kansas City, Missouri market, feel free to call or email me at either 816-728-0214 or Nate@AmicGroup.net.
Wednesday, February 4, 2009
Thursday, January 15, 2009
Time to Buy Real Estate
The perception that the sky is falling has turned into reality for many investors and property owners. While it is changing real estate market, the media and others truly not connected in the real estate world would have you believe that there is no money to be made in real estate. In almost every type of business or investment, it is best to get in when everyone else is getting out.
No matter where you live, there are several properties available that can be acquired for much less than appraised values. Now is the time that experienced real estate investors make their money. Many people like to sit on the sidelines and research ideas and plan out their course of action, but they never actually do anything. I have not met many successful real estate investors who "waited" for long periods of time to purchase in a down market.
This is the time to acquire properties, when they are cheap and the competition is slim. By accumulating a portfolio of properties when the prices are low, you can be in position to generate good profit margins when the cycle returns. Warren Buffet has become the most successful investor of our time by applying these principals to stocks-buying undervalued companies at a discount, and then selling them when they become overvalued and everyone else is wanting to buy. This is exactly what you should be doing in the real estate market-buying low when no one else is, and selling high as everyone jumps back into the market.
Nathan Anderson is a real estate investor who has completed over 300 real estate transactions. He coaches several successful real estate investors, has appeared on NBC, and is the author of
Making Money in Real Estate Down Markets.
http://www.amazon.com/Making-Money-Real-Estate-Markets/dp/1434844447/ref=sr_1_14?ie=UTF8&s=books&qid=1232051826&sr=8-14
No matter where you live, there are several properties available that can be acquired for much less than appraised values. Now is the time that experienced real estate investors make their money. Many people like to sit on the sidelines and research ideas and plan out their course of action, but they never actually do anything. I have not met many successful real estate investors who "waited" for long periods of time to purchase in a down market.
This is the time to acquire properties, when they are cheap and the competition is slim. By accumulating a portfolio of properties when the prices are low, you can be in position to generate good profit margins when the cycle returns. Warren Buffet has become the most successful investor of our time by applying these principals to stocks-buying undervalued companies at a discount, and then selling them when they become overvalued and everyone else is wanting to buy. This is exactly what you should be doing in the real estate market-buying low when no one else is, and selling high as everyone jumps back into the market.
Nathan Anderson is a real estate investor who has completed over 300 real estate transactions. He coaches several successful real estate investors, has appeared on NBC, and is the author of
Making Money in Real Estate Down Markets.
http://www.amazon.com/Making-Money-Real-Estate-Markets/dp/1434844447/ref=sr_1_14?ie=UTF8&s=books&qid=1232051826&sr=8-14
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