Kat Geralis Home Team Wilmington DE Real Estate News Archives

Blog

Displaying blog entries 1-3 of 3

7 Tips for a Successful Short Sale in Delaware!

Thursday, February 21, 2013
by Katina Geralis

A recent article by Inman News predicts that short sales will be more numerous this year, due to streamlined rules and a recovering economy. This means lenders will be busy and organized short sale applications will have the best chance of success.

If you are a Wilmington or Newark homeowner who lacks equity and needs to sell, these short sale tips will help you get started! Also, please see my prior blog posts on September 6 and January 24 for more information!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know. 

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with a Certified Distressed Property Expert who has the professional experience to help you!

6. Share information about your home’s condition with me. Honestly is the best policy. Also, if you have made repairs or upgrades that should be considered, share that too!

7. Stay in contact so the process keeps moving. I will do everything possible to help you, and I will follow up with your lender regarding the short sale process. But there may be times when your lender needs additional documentation from you, or needs to ask you a question. Make sure your lender has your current phone number and mailing address, and pay attention to everything they send to you.

Short sales can be a good solution to a difficult problem. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be an emotional decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best choices.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

Faster Short Sale Process Helps Distressed Home Sellers in Delaware!

Thursday, January 24, 2013
by Katina Geralis

You may recall from a prior blog post that short sale changes were in the works for mortgage loans backed by Freddie Mac and Fannie Mae. Those rule changes became effective November 1, 2012, and Freddie Mac is calling the new short sale process a success!

While it hasn't been quite three months since the new processes became official, Freddie claims that short sale timelines are now faster by 50 to 75%!

This has many positive implications for Delaware real estate. A faster, more effective short sale process means that more deals will be successfully completed, instead of falling through due to delays. As a result, we will see fewer homes entering foreclosure, which is good news for property values.

Since the Mortgage Debt Relief Act has been extended, there is good incentive for distressed homeowners in Wilmington and Newark to pursue a short sale. All together, this news brightens the picture for Delaware home sales in 2013!

Here are highlights of the new short sale process for loans backed by Fannie and Freddie:

1. Homeowners who successfully complete a short sale can get up to $3,000 in relocation assistance.

2. The mortgage servicer on the "front lines" - namely the company that collects your mortgage payments - is authorized to approve short sales for qualifying situations. No more second-level reviews by Fannie/Freddie.

3. The mortgage servicer must acknowledge receipt of a short sale request within 3 days of its arrival.

4. If your home does not have any additional mortgages or liens that require third-party approval, the mortgage servicer needs to either approve or deny your short sale request within 30 days. If they need more time to make a decision for any reason, weekly status updates must be issued to the homeowner.

5. The short sale process should not exceed 60 days, even if another lien holder is involved.

There's just one catch to all this: in order for the above rules to apply, you must have a mortgage loan that is backed by Fannie Mae or Freddie Mac. You can use the loan look-up tool on their websites to determine this; just click on the links above.

If you are a homeowner in Wilmington or Newark with a personal hardship, and you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

First-time buyers who may be interested in purchasing a home through a short sale should attend a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

February 16, 2013 - 10:00am in Newark, Delaware
February 16, 2013 - 1:00pm in Newark, Delaware
 

Contact me for expert help with any of your real estate questions!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

 

 

Selling your Home as a Short Sale in Wilmington, DE

Thursday, June 28, 2012
by Katina Geralis

Let’s face it. The economy still isn’t in the best shape and many homeowners in Wilmington, DE are without a job. When it has become impossible to stay on top of your mortgage payments, the possibility of foreclosure becomes a frightening reality. However, if you face the fact that foreclosure is looming and you are proactive, it can be avoided with a short sale.

While it’s certainly a favorable alternative to a foreclosure, a short sale is still emotionally and financially daunting. Though it’s not ideal compared to a traditional home sale, you’ll be able to bounce back more quickly than if your lender decides to proceed with a foreclosure.

If you’re unfamiliar, a short sale occurs when a homeowner sells his or her home for a lower price than the amount due on the mortgage. All of the earnings made on the sale of the home go directly to the lender and the remaining balance of the mortgage is forgiven. Not all lenders will accept a short sale, so the first thing you should do is consult with your bank to see if a short sale is a possibility.

In the event that you’ve decided to proceed with a short sale on your Wilmington, DE home, I’ve assembled a few tips to help you navigate the short sale process with as little stress as possible.

  1. Talk to people

After you’ve determined your lender will cooperate with a short sale, the first thing you should do is talk to a CPA, a real estate attorney and a Wilmington, DE real estate agent. These three parties will be key allies throughout your short sale journey.

  1. Find a local real estate agent

Ideally, this will be me! I’m well versed in the Wilmington, DE real estate market and have extensive experience helping distressed homeowners avoid foreclosure with short sales. My team and I are ready and willing to help.

  1. Determine your home’s value and list it accordingly

Your lender is going to want to see your Wilmington, DE home listed as close to market value as possible. Work with an appraiser to determine the true value of your home and list it slightly above market value. The right price should attract homebuyers and satisfy your lender at the same time.

  1. Gather your documents

Once you’ve received an offer on your Wilmington, DE home the battle isn’t quite over. You now need to submit a letter of hardship, tax returns, pay stubs and various other documents to your lender for review. Make sure you have included everything that is required so the bank has no excuse to delay the short sale process.

  1. Negotiate

There will be a period of 30 – 45 days before you will hear anything from your lender regarding your short sale. If the homebuyer’s offer is within 5% of the price at which the home was appraised and all of your documents have been submitted, the short sale should be approved.

I hope these tips for listing your Wilmington, DE home as a short sale have been helpful. If you find yourself in a position where you fear your home might go into foreclosure, please contact me. My team and I will help you with your short sale every step of the way.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Kat Geralis Home Team Real Estate