Who is the Seller when entering into a contract for the sale of a home as a “short sale”? Is it the homeowner? Is it the mortgage holder, the lender? This can be confusing.

I always discuss this issue, from the very beginning of meeting with our clients who have a home that they are or are considering, selling as a short sale. It is reasonable to think the Seller would be your lender-your mortgage holder because you are asking your lender to agree to a purchase price that will result in the lender taking less as a payoff of the mortgage than is owed. Right?

No. The Seller in a short sale contract, in most cases, will be the legal owner of the property and not the mortgage company or lender. Therefore, the legal owner will be agreeing to the terms of the contract to purchase with a contingency included of the existing lender(s) approval of the short sale. But, the Seller still remains you, the legal owner.

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.

Kansas and Missouri Short Sale real estate agent having successfully closed short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and more.

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome
Licensed in Kansas and Missouri

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

Image: David Castillo Dominici / FreeDigitalPhotos.net

Advertisements

This post is Part 2 of the series of: If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner’s in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The second that I want to discuss is the requirement that the home must be listed with a real estate agent that is not related to you.

Be careful when choosing your real estate agent that you choose not only an agent that is experienced with successfully selling short sales, familiar with your market area, but that is not your cousin, sister-in-law or other relation.  The goal is to reflect an “arm’s length” transaction every step of the way.

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home listed with a real estate agent that is not related to you. 

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz/FreeDigitalPhotos.net) 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner’s in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The first that I want to discuss is the requirement that the home must be owner-occupied with exceptions in certain cases for job transfer, death and divorce for example.

I recently sold a home for a homeowner that had a FHA insured loan.  He had previously vacated the home and had moved out of State.  At the time we requested to be approved for a short sale, the Seller provided evidence that his reason for vacating the property and therefore, the home being vacant, was due to the need to have to move out of State in order to be able to obtain another job in his field of employment.  We documented this through not only with his current income statements, but through a letter explaining the history and reason for his move.  We were able to obtain an exception to the requirement of the home being owner occupied. 

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home be owner occupied. 

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz/FreeDigitalPhotos.net) 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

I am currently assisting some Kansas homeowners with a request to Wells Fargo of an approval of a short sale of their home.  Their existing loan is FHA and we have requested a pre approval to participate in the short sale program.  While meeting to discuss the various possible options available, I learned that the homeowner that lived in the home was responsible for making the monthly mortgage payments.  Therefore, according to her, she would be the one to request the short sale approval from Wells Fargo.

BUT, what she did not realize is that because her parents had co-signed for the loan at the time of the initial FHA loan was taken out, they too would be included in the request for the short sale and a possible foreclosure.  Just because her cosigners did not live in the home and that she had agreed with her “parents” to make the monthly payment, does not mean that they are immune  to having to provide the required  information and meet the guidelines of the lender from whom a short sale is being requested.  They are also on the note to repay the lender back.

If you have a cosigner on your note, remember make sure that all parties on the note understand what their obligations and requirements are when applying for a short sale approval.
(Image courtesy photostock / FreeDigitalPhotos.net)

____________________________________________________________________

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz-FreeDigitalPhotos.net)

 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

I recently attended an online seminar regarding short selling and one of the speakers said something that really stuck with me.  He said that many times when a homeowner is faced with the possiblity of being unable to make their mortgage payment(s) for whatever reason, they are not interested in learning how to short sell their home.  What is important to them is how they can keep their home and not have to sell it.

While assisting Kansas City home owner’s sell their Kansas City home is how I make a living, I have learned how important it is to share with others my knowledge of what may help them even though I receive nothing in return.  Knowledge is Power!

So, let’s start talking about what things you as a Kansas City home owner may be able to do to avoid having to sell your Kansas City home.  As you may have heard, there is a government program called “Making Home Affordable“.  This program is also commonly known as “HAMP.”

  • HAMP is a program designed  to assist struggling homeowners to avoid foreclosure by modifying their existing loans to an amount that is financially manageable.  There are, however, certain guidelines that must be met before you consider applying for this program.  One of the requirements is that the home must be your principal residence.  There are eligibility requirements based on your finances as well.  However, this is a very good starting point if your goal is NOT to sell your home.

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz-FreeDigitalPhotos.net)

__________________________________________________________________

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyour kansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

March 2011 Metro Kansas City Home Report

Whatever area of the Kansas City Metro you live, on the Kansas or Missouri side of the state line, you will be interested in the monthly housing statistics.  The Kansas City Regional Association of Realtors along with Heartland Mulitiple Listing Service have submitted the March 2011 housing statistics.

The March 2011 Kansas City Metro housing statistics  provide some good news.  The results show that the sale of existing home inventory has increased from last month.  The report also provides that the supply of inventory, however, has increased.  There are some signs of home price appreciation in certain areas of the City.  (Image courtesy jscreationzs)

March 2011 Metro Kansas City Home Report.

 

 

 

Kansas City Homes for Sale  

What’s My Kansas City Home Worth In This Market?

  

  

About the Author:
“Metro Kansas City Homes Specialist”
Having assisted 100′s Metro Kansas City home buyers and sellers
Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Broker Associate
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Licensed in Kansas and Missouri
Phone: 816-520-0917
Email: shinton@remax.net
Search Metro Kansas City Homes for Sale

© 2011 Suzanne Hinton-Hinton Homes–Kansas City Realtor
Kansas City Home
New on the market is this Kansas City home with family room and finished lower level.
 
Located at 1315 NW 57th Terrace, this Kansas City home is  ONE OF A KIND…SHOW READY! PERFECT MOVE IN READY NEWER HOME WITH EQUAL OR GREATER FEATURES AS HIGHER PRICED HOMES*OPEN FLOOR PLAN
OFFERING BOTH LIVING RM & UNIQUELY SPACIOUS FAMILY RM PLUS NEWER FINISHED REC RM* 2 SEPERATE WALKOUTS TO DECK & NEWER FLAGSTONE PATIO & PARKLIKE BKYARD*PRIVATE MASTER W/PRIVATE LARGE BATH*EXCEPTIONAL KITCHEN WITH BEAUTIFUL CABINETRY*EAT-IN*HARDWOODS*VAULTED CEILING. 

YOU WON’T BE DISAPPOINTED with this wonderful home for sale in Kansas City priced in the low $220’s.

Full details for 1315 NW 57th Terrace and other homes for sale in Kansas City can be found at http://www.ourhomekc.com.
 

__________________________________________________________

Kansas City Homes for Sale  

What’s My Kansas City Home Worth In This Market?

About the Author:
“Metro Kansas City Homes Specialist”
Having assisted 100′s Metro Kansas City home buyers and sellers
Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Broker Associate
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Licensed in Kansas and Missouri
Phone: 816-520-0917
Email: shinton@remax.net
www.hintonhomes.com

 

 

 






© 2011 Suzanne Hinton-Hinton Homes–Kansas City Realtor
Kansas City Home

%d bloggers like this: