Stop Foreclosure Part 1: 4 Simple Steps You Can Take Right Now to Stop The Sale Written by John Davis
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4. Sell your home. I know sometimes this can be a tough decision, because you may have raised your family in home or you may have inherited it. However, do not let emotional attachment limit your options. For example, many people are so emotional about their home, they don’t even consider selling until it is to late. I do not want you to have to sell or to find another place, however if you are running out of options, then consider this one. If you are not selling because you feel that you have a lot of equity, amount of equity that you truly have is getting lesser by day. Why? Because, it takes an average home buyer a minimum of 30 days to close their loan. The average home in United States will sit on market for an average of 120 days. Which means, on average, it will take you nearly 6 months to sell a home and then when you sell you will not get full amount. Then you have to pay attorney fees, realtor fees, title fees, taxes, and deed preparation fees, not to mention your regular monthly obligations that you have by having house such as insurance, taxes, and your regular payments. Finally, if you are trying to sell your property, let bank know that you have property on market to sell. If they know you are making an honest attempt to sell and get out from under debt, while paying them off, they will be more willing to work with you. Even if you are not able to receive enough funds to pay lien off, let bank know, occasionally they will work around it. If you need help with this, then feel free to vist my website www.48hourclose.com and receive our Free Report on "How To Win The War Against your Lender & Stop Foreclosure!"
Now you can stop your home foreclosure. Free Report Tells you "How to Win The War Against Your Lender and stop Foreclosure!" at http://www.48hourclose.com John Davis owns 48hourclose.com: a website devoted to helping families that are facing foreclosure.
| | "How To Never Overpay for A Home or Real Estate"Written by John Davis
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The bank can also forgive debt that you owe. You are thinking this would be great – right? Well there is a catch- if they do this they will send you a 1099 for difference for unearned income. I witnessed a seller get a 1099 for unearned income for remainder of debt that was owed for over $67K! Many of these scenarios would not happen if people would just not overpay for their property to begin with. What about Realtor? I hear you ask. The realtor’s job is to sell houses. That is what they are there for, they sell. They will rely on you and your inspector to look things over. When you go get a loan, loan officer’s job is to sell loan to you. When they call appraiser, their job is to see that appraisal comes in enough to support purchase price. In some States, Law requires for appraisers to even see contract. So, appraiser knows up front what house should appraise at and they will search for comparable home sales that will support your purchase price. This does not mean that your house is worth what they say. I have seen 2 appraisals on same house come back with a difference of over $90K! So how can you know? Here are steps that I would take: 1.Drive neighborhood that you are looking in. 2.Write down all names, addresses, and phone numbers of all properties that are for sale. 3.Find out following: ·The age of home ·The condition ·The price that they are asking ·How long it has been listed on market ·Feature of home 4.Go to courthouse and look at tax assessor’s value. This is usually a little low but will give you a ballpark figure. Look at other properties tax value and compare them all with amount of land, square footage, buildings, etc. 5.Compare homes to one you are looking at. 6.Go in and look at everyone of homes that are listed 7.Make note of everything that other homes have that yours don’t. 8.Look at how many days home has been listed. This part can be tricky. On all data sheets of homes that realtors list there is a section in top for DOM (days on market) that tells you how long it has been listed. Now, if seller only signed a 90-day contract with realtor to sell home, after 90 days this number is reset. Point blank ask realtor to find out how many TOTAL days has this house been listed. If you see that home has been listed for over 120 days, there may be a chance that they are asking a little too much for property. So keep this in mind when making an offer. 9.When making your offer, you want to figure in, if you were forced to sell in 6 months, what would you be able to get out of home? When you calculate this figure consider following expenses: a.4- 6 months of mortgage payments b.4-6 months Utility c.4-6 months of insurance d.6 % commission to a realtor e.Closing Fees f.Advertising Cost if you do not list with a Realtor g.5% - 10% discount. Rarely do people pay full asking price, so count on taking at least a 5% discount. 10.You can also hire another realtor to do a BPO. This stands for Brokers Price Opinion, very similar to an appraisal without expense. You typically can get a realtor to do a BPO for $50- $75. When you do this, get a realtor from a totally different organization. Usually Realty companies have 1-2 people allocated to do these BPO’s. 11.Now make your offer according to your research that would support you and your family. I once heard that when you make an offer if you are not embarrassed by offer, you may be offering too much. I don’t know if this is true, however it is something for you to consider and think about when you are constructing offers. The reason that I wrote this is because I felt obligated, compelled, and duty-bound to offer advice that I have learned from years of buying and selling homes. I have seen good markets and bad markets; these are same methods I use to make sure that I am not overpaying. After I met with lady that over-paid for her property that I mentioned earlier, I felt responsible to educate market on how anyone could easily get into this situation and how you can avoid it with a little bit of research.
Now you can stop your home foreclosure. Free Report Tells you "How to Win The War Against Your Lender and stop Foreclosure!" at http://www.48hourclose.com John Davis owns 48hourclose.com: a website devoted to helping families that are facing foreclosure.
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