Archive for tag Short sale
June 09, 2010 at 12:00 AM · Posted under Karen Trepton
Headlines seem to change daily, so it is very difficult to sift through the deluge of information and discern the truth about what is happening in the real estate market. Distressed properties, “foreclosures and short sales”, seem to be increasing in numbers. This inventory is called “shadow inventory”, by the professionals. Estimating the shadow inventory, and tracking it, can assist in determining how the overall market will play out.
This morning, I pulled, from the MLS, a zip code within the lake country market, in Waukesha County. This area is filled with a mix of starter to luxury market properties. As of today, there are 422 active listings in this zip code. Then, I went to a leading website that lists distressed properties by zip code. It highlights Pre-Foreclosure, scheduled Sheriff Sale and Bank Owned properties. The same zip code had 101 properties in this category. Some of these homes may be represented in the “active” for sale market, but some are not. I did not go through each and every home to see if it was on the market, but it is safe to say, that as a percentage, there is potentially, up to an additional 25% market share of inventory that is “shadowing” the current inventory, and these properties are financially “distressed.”
How do you, as a seller, compete in a market that is impacted by these homes? To determine that, you need information that is accurate and timely. My favorite source, Steve Harney, outlines his explanation of how these properties will affect the overall market, in this timely article.
Knowledge is key. When navigating through these turbulent waters, take the time to get the information you need, as a seller, to be successful. As a “Certified Short Sale and Foreclosure Specialist,” I can assist you in this process. Remember, it’s not if the glass is half empty, or half full…but that there’s water in the glass! Drink up!
Karen Trepton…Certified Short Sale and Foreclosure Specialist
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Karen Trepton
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April 21, 2010 at 12:00 AM · Posted under Tim Wright
Considering to short sale a house can be a scary thought for many homeowners. For some, though, it is the best option to avoid financial disaster. If you have fallen behind on your mortgage payments or are struggling to make the payments, selling your house is a smart decision.
Afraid that you can’t get enough from a sale to pay off what you owe? That’s what a short sale is … the bank agrees to accept less than what is owed. If you have a hardship, such as loss of income, unemployment, divorce, illness, or job transfer, the bank is more likely to consider a short sale and get you out from under an oppressive mortgage.
If you put your house up for sale and a short sale is needed, the bank will have you fill out some paperwork. You will be asked to provide copies of financial statements, pay stubs, and tax forms. You will also be asked to write a hardship letter , explaining why your situation requires the short sale. If you have more than one mortgage, you will have to do this for each one.
Once an offer is made on the property, you must accept the offer and then the lender must accept it. Approval from the bank can come in various ways and might take months, depending on the situation and the lender.
If you think a short sale is needed to sell your house, use a Realtor who is educated in short sales. Work with an agent who has a Short Sale and Foreclosure Resource Certification from the National Association of Realtors.
Posted by: 
Tim Wright
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April 08, 2010 at 08:52 PM · Posted under Tim Wright
Looking to buy a home? Be wary of these “good deal” myths.
#1: Full price is too much
Homes are already listed at “discount” prices. Paying the full list price can still be a good deal. The large selection of homes in SE WI show adjusted prices on all listings.
#2: Short sale and foreclosures are bargains
Short sale and Foreclosures are the “hot topics” but not always the best deal. Short sale listings take a long time to get accepted. Foreclosures often require major repairs, which raise the end price above other listings.
#3: Cut out the middle man and reduce the cost Realtors®
charge commission because they work for you. T
hey are experts in the market. Take advantage of their knowledge. It is to the buyer’s advantage to work with a local Realtor®
.
#4: Shop around for the best rate
Every time your credit is pulled, it is also negatively affected. Also, the best rate often comes with the highest fees. Just partner with a mortgage broker that you trust and are comfortable with.
The BEST advice is to look for the home that is BEST for YOU!
Posted by:Tim Wright
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March 18, 2010 at 03:37 PM · Posted under Kelly Kuchta
Is your Mortgage upside down? or your Listing Expired?
Time is running out!
There are many reasons a homeowner gets into this situation, but avoiding the problem won’t make it go away. Do you need help to avoid a foreclosure?
Many agents don’t have the training and experience to help - but we do!!
Today, call The Kuchta’s Kelly and Colleen, SFR,ABR,CREN,CSRS Shorewest Realtors
Cell:(414) 651-1613
email: kkuchta@shorewest.com
Fax: 262-782-8260
“Families Helping Families”
You may qualify for a Short Sale!
Posted by:
Kelly Kuchta
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March 08, 2010 at 03:18 PM · Posted under Kelly Kuchta
Contact The Kuchta’s Kelly and Colleen with Shorewest Realtors for a free consultation on Short Sales in Milwaukee, Waukesha, Washington or Ozaukee counties. We specialize in Short sales and will perform a free evaluation to determine if conditions exist for a short sale, loan modification, forbearance or other acceptable workout solution.
The Kuchta’s will prepare a comprehensive short sale package containing the required documents to be delivered to the lender. We aggressively market the property to generate the best possible purchase offers.
When the lender approves the terms and conditions of the short sale, The Kuchta’s move forward with the closing of the sale between the owner and new buyer. We then negotiate the terms of the short sale with the lender. These terms may include the sale price, closing costs and more.
For more information or would like to set up an appointment, call or email The Kuchta’s Kelly & Colleen at 414-651-1613 or kkuchta@shorewest.com.
If your family is distressed, WE CAN HELP!!
Posted by:Kelly Kuchta
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February 26, 2010 at 08:28 PM · Posted under Kelly Kuchta
A short sale, also called short pay, is a regular sale transaction, other then that the lender agrees to receive a lower amount of a owned debt in exchanged for the sale of the property to a third party. Short sale is usually at no cost to the borrower and may help you prevent the downgrading of your credit score or providing you a fresh start.
Many lenders will agree to accept the proceeds of a short sale and forgive the rest of 
what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
Half of our Listings in the area over the past few months are short sales.
That’s how prominent short sales have become. If you want more information on Short Sales in Milwaukee, Waukesha, Washington 
or Ozaukee counties just call The Kuchta’s Kelly & Colleen at 414-651-1613 or 262-894-6512 if you prefer, email us with your questions kkuchta@shorewest.com. We are happy to help and the best thing is, our services are at no cost to you because the bank pays for the Commission!
Posted by:Kelly Kuchta
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November 06, 2009 at 05:05 PM · Posted under Fair Housing, Glenn Hanon
The current real estate market has created all sorts of opportunities for buyers and one of them is the short sale purchase. Simply stated a short sale is property in which the sales price will be “short” of the actual mortgage balance and the seller’s lender will have to approve the sale. Potential buyers can look at this opportunity as a gold mine. Before you count your money consider these tips.
- Lenders want to minimize the loss so a low ball offer may not even make it to the right department. Just because the property is in a short sale does not mean that the lender will rollover and take your offer.
- You better have all your ducks in a row, financing, earnest money, finish your home inspection—basically remove any concern on the lender that you will back out. That’s right. If your offer is full of wiggle room chances are the lender will not agree to the short sale.
- Give the lender plenty of time. If you demand in your offer to have an answer in an unrealistic amount of time they will not respond.
Here is something to think about with short sales if you are truly interested in purchasing a home. In most cases the price that the home is currently listed at is already a good deal. You may save a few extra bucks, but let’s not get greedy. That is what got us into this mess in the first place. Watch this blog for more tips on Short Sales or give me a call for a FREE GUIDE on the short sale process.
Posted by:
Glenn Hanon
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April 17, 2009 at 04:14 PM · Posted under Kelly Kuchta
Real estate acquired by a bank through foreclosure.
About Bank REO Properties
It happens often enough that real estate does not get sold during a Foreclosure Sale/Sherif Sale, because no bidder was willing to meet the minimum price requirements. When this happens, ownership of the property goes to the foreclosing lender and becomes real estate owned or REO. The new owner will quickly try to pay off all outstanding debts, such as taxes and association fees, remove any third party tax liens and evict anyone occupying the property. Also they sometimes make necessary repairs and cosmetic improvements may be carried out to 
prepare the bank REO properties for a quicker sale.
Tips and Advice
When your Realtor approaches a bank or financial institution, make sure they are aware of what motivates them in the sale of their REO Properties.
Most banks are looking for a quick sale because they do not want to manage real estate and they want to reduce carrying costs. In other words a delayed closing may be a deterrent. Avoiding future potential liabilities relating to title, environment and structural issues is a major concern. No bank wants to find itself in litigation after having sold a property. Achieving the best sale price considering market conditions is a motivating factor as well.
Dont be afraid to submit a low offer as you may be pleasantly surprised in the response you get. In any case, if the response is negative you can always resubmit at a higher price. Keep your offer simple and try to minimize conditions. Depending on the seller, you may also be able to request special financing such as a low interest home loan. Remember, if you dont try you wont know. Any questions or need help to find a home call The Kuchta’s at 414-651-1613 or email: kkuchta@shorewest.com or visit our
website: http://goshorewest.com.
Posted By:
Kelly Kuchta
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