Sacramento Expert Short Sale Real Estate Agent

Archive for November, 2009

Well another happy seller and buyer on this one.  Buyers happy to get their new home right before the holidays. I wanted  to mention that when working short sales on the buyer or seller side how important it is to know what you are doing.  This situation could of been a problem from the beginning as there were tenants on in the property. 

 Making sure the tenants were going to be prior to closing the deal is very important to a buyer, as they will then become the landlord to these tenants after recording the sale. This could be a deal breaker to the buyers especially if they wanted to occupy the property. The lien holder on a short sale does not care about tenants on the property, they only care about closing the deal according to their acceptance of the short sale. 

I have heard from so many people that Realtors here in Sacramento do not, or are not willing to show a short sale or even list one.  Their loss was my gain on this one.  Realtors better change with the times or their business will not get any better for them.

So when your trying to sell or buy a short sale with tenants on the property make sure that the seller has given proper notice to the tenants to vacate the property, or worked out a settlement prior to closing in writing and have a back up plan in place.

Make sure the buyers are in complete understanding of what could happen in a worse case scenario which affects their ability to buy or delay moving into their new home.

In this case everything worked out great for both sides, although there were some rough area’s of concerns.  It did come down to a legal document being drawn up to get the tenants out prior to closing.  The tenants moved out 2 days prior to closing. Too close for comfort. Every Realtor needs to protect their clients best interest. Know all the facts and present this information upfront.

Terri Wisecarver

Sacramento Real Estate

twre.info@gmail.com

www.twre.info

After being asked about FHA refinancing from numerous friends,  I decided to do some research on my own.   Here is some great information that I can bet many people do not know.

Everyone at this time is under the impression that you need equity in your home to refinance into another lower interest rate loan.  Yes this is true for the most part, except for FHA Loans.  Homeowners with existing FHA financing on their current home are able to refinance their current mortgage without having equity.  This is a different program called FHA Streamlined Refinancing.

 The new loan would not require to have the home appraised.  This is great news. A normal refinance without FHA, would require a new appraisal and would show the true value of the property which would not entitle them to refinance.

 Of course there are a couple draw backs to this situation, but if the rate will save you a considerable monthly amount, then I advise you to check it out at the link above for more information.

• To refinance a current FHA Mortgage into another one, the homeowner can not take out more of a loan than what is currently owed on the property.
• The homeowner also may not refinance the current loan if they have been delinquent in any mortgage payments in the last year.

 Terri Wisecarver

Sacramento Real Estate