Category Archives: Avoiding Foreclosure

How to Navigate the 2023 Short Sales and Pre-Foreclosure Market

13 Thursday Apr 2023

Posted by in Avoiding Foreclosure, Buying Myths

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Tips for Homebuyers

The real estate market can be complex, and navigating the 2023 short sales and pre-foreclosure market can be especially challenging. Short sales and pre-foreclosures are often an attractive option for homebuyers seeking to purchase a property at a discounted price, but they come with their own unique set of challenges. In this article, we will provide tips and advice to help you successfully navigate the 2023 short sales and pre-foreclosure market.

ShortSales, #PreForeclosures, #RealEstateMarket, #Homebuyers, #RealEstateTips, SCShortsale, #ColumbiaForeclosureRelief, #ColumbiaForeclosureRelease.

Understanding Short Sales and Pre-Foreclosures

Before we dive into the tips for navigating the short sales and pre-foreclosure market, it’s important to understand what these terms mean. A short sale occurs when a homeowner is unable to pay their mortgage and sells their property for less than what they owe on their mortgage. Pre-foreclosure refers to the period of time before a property is foreclosed upon, during which the homeowner may be willing to sell the property to avoid foreclosure.

Tip #1: Work with a Real Estate Agent who Specializes in Short Sales and Pre-Foreclosures

When buying a property that is being sold as a short sale or pre-foreclosure, it’s essential to work with a real estate agent who has experience in these types of transactions. A specialized agent can guide you through the process, help you navigate any challenges, and ensure that you are making an informed decision.

Tip #2: Get Pre-Approved for a Mortgage

If you’re planning to purchase a property through a short sale or pre-foreclosure, it’s crucial to get pre-approved for a mortgage. Pre-approval will give you an idea of how much you can afford to spend and will make the buying process smoother and more efficient.

Tip #3: Do Your Due Diligence

When purchasing a property through a short sale or pre-foreclosure, it’s important to do your due diligence. This includes researching the property’s history, condition, and any liens or encumbrances. You may also want to consider hiring a home inspector to assess the property’s condition.

Tip #4: Be Prepared for a Lengthy Process

Buying a property through a short sale or pre-foreclosure can be a lengthy process. It can take several months or even years for the transaction to be completed, so it’s important to be patient and prepared for a potentially long process.

Tip #5: Be Flexible

When purchasing a property through a short sale or pre-foreclosure, it’s important to be flexible. The seller may be motivated to sell quickly, but there may be delays and unforeseen circumstances that can slow down the process. Being flexible and willing to work with the seller can help make the process smoother and less stressful.

In conclusion, navigating the 2023 short sales and pre-foreclosure market can be challenging, but with the right approach and guidance, it’s possible to successfully purchase a property at a discounted price. Working with a specialized real estate agent, getting pre-approved for a mortgage, doing your due diligence, being prepared for a lengthy process, and being flexible are all important factors to consider when buying a property through a short sale or pre-foreclosure.

Don’t Wait To Sell Your House

22 Tuesday Jun 2021

Posted by in Avoiding Foreclosure, Columbia tell me what you think?, Just Listed, SC Home Sellers, Selling your Columbia Home

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Don’t Wait To Sell Your House | MyKCM

We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.

High Buyer Demand

Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.

Low Inventory of Houses for Sale

Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, explains:

“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

Don’t Wait To Sell Your House | MyKCM

NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the existing inventory of single-family homes for sale:At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

What Does This Mean for You? 

If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

Bottom Line

As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.

Buying a Home at South Carolina County Auction Post-Foreclosure

07 Tuesday May 2019

Posted by in Avoiding Foreclosure, Home buying, Post-Foreclosure

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How a Home Ends Up On the Auction Block

When it comes to a buying a home at South Carolina County Auction Post-foreclosure. Many wonder how the house may have ended up here. There’s really just one way that a property ends up on the block: someone doesn’t make their payments and the bank seizes the real estate securing their mortgage. For most mortgages, this means the former owners were more than 90 days past due. This could be because they couldn’t afford the house anymore due to some major life change, or maybe they just sent their bank “jingle mail”.

Jingle mail was really common during the Great Recession and the steep decline in real estate values that resulted. Homeowners would realize they couldn’t afford their adjustable rate mortgage when its interest rate reset and since they couldn’t refinance, they’d end up there sooner or later. Others just knew how far underwater they were and weren’t willing or able to hang on until they were righted.

The point of all of that was to demonstrate that just because a house goes to foreclosure auction doesn’t mean that it’s going to be a total nightmare. There are lots of nice properties that have been thoughtfully and strategically abandoned. The trick is figuring out how to tell them apart from those that are basically ready to be pushed over with a bulldozer (and a real estate or appraisal expert can help you with this in a big way).

Getting the Most Out of a Foreclosure Auction

There’s a lot to learn about buying houses at post-foreclosure auctions, but if there were just three pieces of advice to offer, these are probably the most important:

  • Bring cash or a cash equivalent. You can’t walk into an auction like this and expect to be able to spend a month arranging financing. Most will require at least five percent down on the day of the sale with the balance due soon after. Anywhere from a day to a week is pretty normal. This is why investors are generally the only people at these auctions. They often have credit lines that make it easy to buy on the fly.
  • Base your top bid on the value of the home minus any repairs you anticipate. If this is your first home auction, find out long ahead of time if you will be allowed to inspect the property prior to the big day. If no, keep that bid low because you never know what may crop up. If yes, take a licensed home inspector with you and let them do their job on the day the house will be open. They’ll be able to estimate what the visible, necessary repairs will cost so you’re not going into the auction blind.
  • Remember that the owner can still redeem that home within a set period. It’s a common misconception that when you buy a home at a county auction, either for non-payment of taxes or foreclosure, that it’s yours. Said and done. It’s not. Most states allow a redemption period for the former owner. Should they be able to get enough money together to solve the financial issue that landed their home in this state to begin with, within the provided window, your rights to the property will be terminated. So, whatever you do, hold off on any work or spending on the property until that window has expired.

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95 Smokewood Dr, Elgin, SC

14 Thursday Feb 2019

Posted by in Area Homes For Sale, Avoiding Foreclosure, Home buying

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95 Smokewood Dr, Elgin, SC
                                        
                                
                                                                
$ Click for current price 
3 BEDROOMS | 3 Baths (2 full, 1 half )  BATHROOMS | 
                                        
Beautiful 3 bed, 2.5 bath in family friendly neighborhood of Wedgewood, easy access to Columbia, and Camden A real  must see
                        
                    
                        
                
Presented By:
                                    
                                
                                                                                                   
Rozalyn Franklin
                    
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                    Keller Williams Realty
                        803-318-6412
                                                Licensed In: South Carolina
                        License #: 39084
                    
                                                                                
                                                                        
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Columbia SC Homeowners I Ask Is Your Home An Asset or A Liability?

07 Sunday Sep 2014

Posted by in Avoiding Foreclosure, Short Sale

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Information  Should you “Short Sale” your home or stay put? Many Columbia homeowners are asking themselves a very Serious question, Should I Short Sale my home or stay and tough it out. Columbia homeowners want to make the right decisions for themselves, their families, and their future so it’s important to have all the right information, because the consequences of this decision are very often unknown. Check out this tool created to give a glimpse  at the potential future based on your decision to Short Sale or Stay and tough it out. Check out our Short or Stay Calculator 

ss mortgage calaculator You can view our calculator at: Columbiaforeclosurerelief.com/short_ sale_decisions_calculator

It is a Short, easy process that will give you and insight as to when your home will be a asset again. Simply enter the following information:

1-Your property address

2-Your mortgage information

3-Your email address

The results are emailed to you instantly! It’s that simple!

It’s such a relief to see the current market value of your home. Plus, being able to project when the investment will break-even to become an asset again-is invaluable to your decision-making process. If the basic information is leading you to consider a Short Sale, Please contact me today. We can discuss all of your options. I can even refer you to other resources, if necessary

Short Sale or Walk Away?

27 Friday Sep 2013

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Over the past few years a lot of information has been written about short sales, foreclosures, strategic defaults, deed-in-lieu and other forms of getting out from under an underwater property. South Carolina Homeowner’s often asked why they should attempt a difficult short sale when they could just stay until the bank finally forecloses, years in some cases. The main reason “Deficiency” (the amount of loss the bank incurs) this does not go away in the case of foreclosure. The bank can come after the homeowners for years after the foreclosure. The deficiency accrues interest in the interim. The bank has five years to file the deficiency action and then has years to pursue the debt even if the homeowner moves to another state. They may be able to garnish wages, attach bank accounts and even seize property. Great article on the subject here.

In a short sale, there is the chance of either having the deficiency waived or replacing the original promissory note secured by the property with an unsecured and likely smaller note. I read a great article from attorney Richard Zaretsky on the differences in foreclosures, short sales, and deeds-in-lieu a link to a great article of explanation 

If you’re a South Carolina homeowner in a situation where you can’t or don’t want to continue making your payments, don’t just sit there waiting for the bank to knock on the door. The consequences of inaction could haunt you for a very long time.

If you have questions or are looking for answers please visit Columbia Foreclosure Relief

Coumbia Homeowner’s Mortgage Debt Relif Act Continues.

02 Wednesday Jan 2013

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On Jan. 1, Congress passed a Bill with the purpose of helping the U.S. economy avoid what has been termed the “Fiscal Cliff.” 

Over the past several months, I as a Columbia real estate professionals (and Certified Distress Property Expert in particular) have been particularly interested in the fate of the Mortgage Forgiveness Debt Relief Act of 2007, which has saved distressed Columbia homeowners millions of dollars in tax liability since its passage.

The Act, which expired Dec. 31, has been retroactively extended through 2013.

I take very seriously the obligation I have to you, Columbia Homeowners, to keep you up-to-date with the most important news and changes that affect the distressed property market.

How Columbia Agents are Changing the Market

21 Friday Dec 2012

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Columbia a new report released by CoreLogic recently stated that foreclosure in the United States has dropped 24% since last year.; including a dramatic drop in Columbia foreclosures. This is amazing news, but there is more to it than meets the eye.

Columbia; Today, there are 1.4 million homes currently in the foreclosure process. Last year, there were 1.5 million homes in the process. So in a year’s time, there’s only been a 100,000—only 7%—difference in the amount of homes going through some sort of foreclosure activity. How do we reconcile the 24% drop in foreclosures to a 7% drop in homes currently in foreclosure? In a word: Agents.

More and more Columbia agents are helping their distressed clients take advantage of short sales and mortgage modification programs that are available to them from the government or their lender. So even though the total number of homes in the foreclosure process hasn’t dropped significantly, the number of Columbia homes actually being foreclosed upon has! The tide is definitely turning in the Columbia real estate market, and it’s Columbia agents   who are leading the way.

It’s a sign of the times!

30 Friday Nov 2012

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Columbia It’s a sign of the times!

Most of us here in Columbia SC  grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll on Columbia residences.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, some Columbia financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a Columbia SC real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

Certified Distressed property Expert

Certified Distressed property Expert

 

Struggling to make your mortgage payments? Do you know someone who is? Help is available.

12 Thursday Apr 2012

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A Short Sale is a complex transaction in itself, but there is always one thing that is constant in a qualified Short Sale transaction.

The house must be valued at less than the homeowner owes on their mortgage debt. In other words, the home must be “underwater”.

In most cases there should be a “Hardship”. The simple fact that you owe more than your house is worth may not constitute a hardship. A Short Selling bank will entertain a short sale when and only when there is a hardship that will, now or in the future, affect the borrower’s ability to pay their mortgage.

Below is a list of some acceptable “Hardships”:

  • Mortgage Rate Adjustments
  • Loss of Employment or Reduction in Wages
  • Business Failure
  • Medical Hardship
  • Death in the Family
  • Divorce/Separation
  • Military Service
  • Overwhelming Debt Obligations
  • Job Relocation

As always, If you have questions as to the acceptability of a hardship scenario, you should seek advice from an expert that has been trained in the short sale field.

www.columbiaforeclosurerelief.com