Updated Short Sale Approval Letter Samples
August 10, 2010 by Matt Newman · Leave a Comment
Please visit the Short Sale Approval Sample Page to view recently updated short sale approval letters. We have added some recent approvals from CitiMortgage, SunTrust and Bank of America. We are in the process of adding additional letters from RBC, Chase, Regions and several other lenders.
If you are someone you know is facing a financial hardship, please call the Newman Property Group at 678-250-4500 right away!
August 2010 Short Sale Update
August 9, 2010 by Matt Newman · Leave a Comment
2010 has been a busy year for us with short sales really dominating the market. We have successfully closed short sales this year with most of the larger lenders such as CitiBank, Chase, Bank of America, SunTrust and many more. In addition, we have worked with several local banks and credit unions. Every situation is unique and no two short sales (even with the same lender) are every alike.
Many factors will dictate the outcome of a potential short sale. We are actively seeking new clients to assist through this process. If you are facing a financial hardship and owe more than the current value of your home, a short sale might be an option. Every call is completely confidential and totally free.
To make the best use of your initial consultation, you will want to have the following information readily available:
- Current lenders/mortgage holders. The bank/institution who you make your payments to every month.
- Total amount owed on each loan.
- Type of loan/loans (Conventional, FHA, VA, Interest-Only, Home Equity Line of Credit, and so on)
- Were these loans taken out when you first purchased the property? Or are they refinanced loans?
- Investor on the loan if available. (Fannie Mae, Freddie Mac, and so on.)
- Is there Mortgage Insurance on the loan? If so, who is the mortgage insurance company?
- Are you current with your payments?
- If you are not current, have you received a notice of foreclosure?
- Type of hardship? (Loss of job, illness, divorce, and so on)
Don’t worry if you are not able to answer all of these questions up front. We will be able to assist you in locating any required additional information.
What are you waiting for? Call 678-250-4500 now to get started. To learn more, visit: Short Sales
Short Sale Approvals!
April 14, 2010 by Matt Newman · Leave a Comment
Great news today on the short sale front. It seems that every short sale I am working on is making progress.
I am happy to announce several recent short sale success stories.
1.) Received an approval on a First Franklin mortgage in less than 20-days, yes calendar days! We were assigned a negotiator within 24-hours of faxing over the package. She quickly ordered an appraisal and here we are today with a written approval letter.
2.) Closed a CitiMortgage FHA short sale yesterday that also unfolded rather quickly. 16-Days from fax to approval!
3.) Have an appraisal on a SunTrust short sale tomorrow along with a BPO (Broker Price Opinion) for another file that is with Chase.
4.) Received an approval from IBM SE Credit Union in less than 30-days.
Changes for Buyers of Short Sales in Atlanta
January 28, 2010 by Matt Newman · Leave a Comment
One thing in real estate that is constant is change. Our primary MLS here in the Atlanta Metro, FMLS, has released a series of changes that will impact how buyers and real estate agents search for short sales. The new options that have been added to listings are:
1.) “possible short-sale” or 2.) “short-sale approved”
This issue is that most agents will not go back in to already listed properties to select one of the two available options. These changes, like most changes, will take time to become widely used by agents in the field. Previous to this change, the only way to find short sales in our MLS was through scrubbing the descriptions to look for the words “short sale”. This will remain the primary way to search for short sales for the next several months. Our site offers one of the few complete short sales searches currently available.
If you are in the market to purchase and are looking to take advantage of the current market, start your short sale search here: SEARCH ATLANTA AREA SHORT SALES.
Short Sales will dominate in 2010 and beyond across North Atlanta
January 26, 2010 by Matt Newman · Leave a Comment
Today’s release of the S & P Case-Shiller Index justifies that any recovery in the Atlanta housing market is only slight and that short sales will be the story for 2010 and beyond. The numbers released today show an equivalent home price value to what we last saw in June of 2001. Most homeowners that I come across in Roswell, Alpharetta, Cumming, Duluth and Johns Creek all purchased their homes well after 2001. Many during the peak of 2004-2006. What this translates to are many homeowners who will remain underwater (owe more than the home is worth) for many years to come. Even if a homeowner purchased well before 2001 and would have had equity in their home, the mortgage/refi-boom led to many to pull the equity out of their homes at those inflated 2004-2006 levels.
While over the course of 2009 there were signs of hope that the market had bottomed and a recovery was underway, it will take years of sustained significant appreciation to reach price levels where most homeowners are no longer underwater. While I am not all doom and gloom on the housing market, I do want to be realistic that short sales will continue to comprise a large percentage of sales for 2010 and most likely many years beyond.
The Mortgage Forgiveness Debt Relief Act covers short sales of primary residences through 2012. Unless the federal government extends this act, any forgiven debt after 2012 will be subject to income tax. My point is not to give tax advice (see your tax adviser for that) but to highlight the benefits of short selling your home now as opposed to waiting for the market to recover. The price levels of 2004-2006 in the Atlanta market are not likely to be seen again for many years.
