There seems to be a lot of misinformation out there lately about Short Sales. While Short Sale transactions can be a bit of a complicated process, here are the three very uncomplicated things that lenders are looking for to see if you qualify:

1. Financial Hardship: This is simply defined as a verifiable reason that has or will cause you to miss a payment.  Some examples of these are a mortgage payment adjustment, loss or cut hours of employment, too much debt to cover outgoing bills or a business failure.
2. Monthly Shortfall: Mortgage lenders want to be able to see you cannot afford to pay your mortgage. With this comes the requirement for you to provide your real estate agent a financial worksheet that shows this.  The shortfall equation is very simple: Total Monthly Income – Total Monthly Expense = Monthly Shortfall.  Be prepared to provide this information to your real estate agent to negotiate on your behalf for a short sale approval.
   
3. Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.
   

We would like to stress that a hardship must be proven as to why you cannot pay your mortgage.  In the past we have seen confusion over this – just because you do not wish to own an investment property that is not producing the income you expected, does not (in itself) mean that you will be approved for a short sale.  Lenders are starting to get together their guidelines for streamlining the Short Sale process – different lenders require different types of information.  By contacting a real estate agent knowledgeable in Short Sales, they are able to help you through the process.

For more information about the Short Sale process go to www.TheShultzTeam.com for more information.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

California usually leads the way for the economic health of our nation. New research from the state with the biggest residential property market shows signs that the housing market could start to rebound very soon. View story here.

You can also review our last statistics update for Ocala Florida Real Estate for April 2009.

Having difficulty in these economic times?  Facing foreclosure? If you are in need of help of saving your home from the foreclosure process, please give us a call.  We are Short Sale Specialists and may be able to save your credit from the tarnish of a foreclosure.  Don’t wait – the sooner we can help you, the better!

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

The newest addition to the government’s housing-rescue plan may be able to help homeowners having financial difficulties and are in fear of losing their homes to foreclosure.  It includes initiating a standard process and incentives for a Short Sale in lieu of foreclosing. This will simplify their financial issues by starting a process for borrowers to transfer ownership of their home to the mortgage company through a “deed in lieu” of foreclosure. This will benefit the buyer because they avoid “foreclosure” and it will also benefit the lender because they will avoid the high foreclosure expenses and large amount of time it takes to complete the process. This year, Short Sales have increased to 20% of all home sales. Compared to foreclosure, a Short Sale is less costly to the lender, but for the buyer it must be approved and can take up to four months to complete. The government plans to pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for completed Short Sales and “deed in lieu” of foreclosure.  These incentives were created to help make this process go faster.

Are you facing foreclosure and need to sell your home for a short sale (selling the property for less than what the current mortgage amount is)?  The Shultz Team are experienced Short Sale Specialists and are more than happy to assist you in selling your property under stressful circumstances. With an aggressive marketing plan, great communication and fully staffed office, we are ready to help save your home and credit from foreclosure.  Feel free to contact Art & Brigitte Shultz to discuss your situation and start a plan to save your credit TODAY – the clock is ticking and sooner we are able to assist you, the more likely we are to have a successful closing.

For more detailed statistics or a free market analysis, please call or e-mail us.

Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

According to OMCAR (Ocala Marion County Board of Realtors) from the end of April of 2008 to April 30, 2009 the average sales price for residential homes fell from $178,462 to $128,129 for a decrease of 28%.

The average list price fell from $195,258 to 138,639 or a decline of 28% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $107 a year ago to $81 by the end of April 2009, for a decrease of 24%.

The median sales price fell from $143,900 to 108,000 fro the same 1 year period for a decline of 24%.

Our MLS has 5951 active residential listings as of the May 12th, 2009, which shows significant decrease in inventory. Inventory has been declining since December 2007. 183 homes sold through the Ocala Marion County MLS in April 09.

The good news is that the average sales price has increased 10% in the last month from $115,943 to $128,129.  As a matter of fact, the average list price and the median list and sales prices have all increased by 10-12%.

The Ocala/Marion County Real Estate Market is  still working hard on absorbing the many foreclosures and short sales. Sales volumes are up and prices are approximately 28% down from a year ago, but up about 10% from a month ago. With interest rates still at an all time low and the recent approval of the $8000 tax credit we expect to see inventory continue to move at these levels.

Want to get in on the great opportunities this buyer’s market has to offer?  Check out our article on Tips For Buying Distressed Properties for great comprehensive information on what to look for when buying a foreclosed or short sale home.

Are you facing foreclosure and need to sell your home for a short sale (selling the property for less than what the current mortgage amount is)?  The Shultz Team are experienced Short Sale Specialists and are more than happy to assist you in selling your property under stressful circumstances. With an aggressive marketing plan, great communication and fully staffed office, we are ready to help save your home and credit from foreclosure.  Feel free to contact Art & Brigitte Shultz to discuss your situation and start a plan to save your credit TODAY – the clock is ticking and sooner we are able to assist you, the more likely we are to have a successful closing.

You can also review our last statistics update for Ocala Florida Real Estate for January 2008

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

In December of 2007 Congress signed into law the Mortgage Forgiveness Debt Relief Act. Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, the forgiven amount is considered income and the borrower is liable to be taxed. This law offers relief to the homeowner in that it extends relief for three years, covering debts discharged through calendar year 2012. Amendments have been made to remove tax liability and allow the borrower and lender to work together to find a common and beneficial solution for both parties. This debt relief is limited to primary residences only and the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.

For more information about the Mortgage Forgiveness Debt Relief Act go to the I.R.S. website.

You can also review our last statistics update for Ocala Florida Real Estate for January 2008

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Short Sale Approval Requirements & Pre-Foreclosure Info
Information Provided by The Shultz Team, Short Sale Specialists in Ocala FL

In order for the Shultz Team to help you sell your pre-foreclosure property for less than what is owed on the mortgage, we will need the “Authorization to Release Information” form filled out completely with the name of the 1st mortgage company, phone, fax, account number, property address, your signature, printed name, and social security number for all parties on the loan. If there is a 2nd mortgage company involved, we will need their information as well.

If you are behind in payments and unable to meet the financial obligation to the mortgage lender, you should contact them directly and inform them that you have your home listed for sale with a Realtor who specializes in “short sales”.  Honest communication and an open dialog with your lender and Realtor will be very important in getting the best results possible. Your mortgage company may have the short sale package forms on their website that you can download or print out, detailing the exact items they require.

When an offer is received on your property, before we can submit the contract to your lender for approval, you will need to supply financial information proving your inability to make the mortgage payments. These items most likely will include but are not limited to the following:

1. Financial Statement signed and dated showing your gross income and all of your monthly expenses, i.e. rent, utilities, car payment, credit card payments, medical bills, home, auto, & health insurance, food, gasoline, etc.

2. Hardship letter detailing why you are unable to make the mortgage payments, i.e. divorce, loss of job, death in family, illness, medical bills, etc.

3. Two most recent pay check stubs for all parties on the loan. (If self-employed, provide the year to date Profit and Loss Statement.)

4. Two most recent bank statements for checking, savings, mutual funds, 401K, etc.

5. Statements of Disability/Unemployment, Retirement and/or Social Security benefits applied for or received. Include copies of any and all check stubs.

6. Income tax returns may be required.

Once you have assembled all of the above documentation, we can forward the listing agreement, fully signed purchase contract, Seller’s Net Sheet or Hud-1 settlement statement, and buyer’s loan approval letter to your lender’s loss mitigation department to begin the “short sale” approval process. Your mortgage company will order a “Broker Price Opinion” to determine the appraised value and market value of the property. They may make a counter offer if they find the buyer’s offer insufficient.

This may seem like a complicated and time consuming process, but all of it is necessary to achieve the goal of selling your home before it goes into foreclosure. Your prompt cooperation in supplying the documents will be vital for expediting the approval.  With a committed effort & patience on all of our parts, we can come to a successful conclusion without feeling overwhelmed.

If you feel you are in a position to attempt to save your home, please read our information on Loan Modification. To find out how The Shultz Team can help you sell your property, please feel free to fill out our Home Value Form for Marion County, FL.  You may also view our January 2009 Real Estate Statistics for Ocala, FL to get a feel for what direction the local market is heading in and what to expect if you decide to sell your home.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * – Contact for more details!