‘Buy my house’ is the mantra of many borrowers frantically trying to obtain financial relief from home mortgage loans or to avoid foreclosure. Finding a buyer in an oversaturated market is a difficult task; particularly for borrowers whose house is worth less than is owed on the loan.
Today, multiple buy my house strategies are used. Many are derived out of desperation instead of strategic planning. Real estate agents are not interested in listing houses that earn them measly commissions. Mortgage lenders have placed constraints on lending regulations, making it difficult to locate qualified buyers.
The latest trend involves real estate bus tours. Realty agents and brokers charter a bus and travel to various neighborhoods hit hard by foreclosures and short sales. Buy my house bus tours have become extremely popular in Las Vegas and other Nevada suburbs, as well as Los Angeles and southern California.
Unfortunately, neighborhoods in these areas contain dozens of preforeclosure, foreclosed, and bank owned homes. Hopping on a bus to visit distressed neighborhoods gives potential buyers the ability to view multiple homes in a short period of time.
It is not uncommon for stressed out borrowers to take extreme measures to attract the attention of bus tour participants. As a real estate investor, I have ventured out on real estate bus tours and was shocked to discover the carnival-like atmosphere. Children manned lemonade stands and passed out homemade cookies. Homeowners marked their homes with colorful balloons and freshly painted “Buy My House” signs.
The party environment is nothing more than a facade to cover the pain and suffering that takes place behind closed doors. Anyone who has had their house repossessed by the bank will tell you there is nothing to celebrate. Foreclosure is emotionally draining, embarrassing and frightening.
Better options exist for people who are facing foreclosure but want to save their home. The first step involves contacting the bank. Most mortgage lenders have a loss mitigation division dedicated to helping homeowners struggling to pay home loan payments.
With the ongoing influx of foreclosure properties, bank loss mitigators are overwhelmed. Prerequisites to saving a home include patience and persistence. Be prepared to provide financial documents and develop a reasonable repayment plan before calling the bank. Realize it may take numerous phone calls before a resolution occurs.
Individuals who can no longer afford to stay in their home might qualify for a short sale. Some lenders will accept less than the full balance in order to avoid the foreclosure process. Most banks require borrowers to have a buyer in place before granting short sale approval. Others grant borrowers’ time to list their property with a realtor or as for sale by owner.
On average, short sales take six months to complete. Short selling is complex and oftentimes requires assistance from a real estate lawyer. Some lenders accept the short sale as payment in full, while others hold borrowers responsible for the deficiency between the sale price and loan balance. It is crucial to understand the lender’s short sale policies. Otherwise, borrowers could end up owing several thousand dollars on a house they no longer own.Immobilienmakler Heidelberg Makler Heidelberg
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Source by Simon Volkov