B of A Short Sale Time Lines Shortened...Fingers Crossed

Most of us have been through or heard of the old B of A paper short sale system where short sales could take 6-9 months, files disappear and homes just seem to go to auctions that have been "postponed". Then the great Equator happened and honestly it has been fabulous. I know there are those out there who would disagree with me, but personally I find it a great tool and it has made short sales so much faster with B of A. Well, guess what? It is being improved again and B of A is claiming that shortsales will be approved in 20 days. REALLY? I am extremely excited about this, but am also a realist and will wait and see. For more info click below.


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At the coffee house the other day I over heard part of a conversation.


The first one said "I want to buy a house again. It's been three years since the short sale of my home, I have a new job, a new wife and I'm ready to quit renting. What do I need to do to become a home owner again?"

They walked away before I heard the answer so I thought for a moment and came up with the:

Five steps you need to take to buy a home if you have had a short sale or foreclosure.

1. Interview several real estate professionals - Choose the one that gives you alist of lenders that will review your history and tell you what needs to be repaired if anything. They should also be able to give you a list of credit repair experts.

2. If there are still a large number of items that need to be repaired or removed from your credit, then interview your credit repair experts - Choose the one that reviews your lenders list and informs you of what it will take to "fix" these items that you need to be able to buy your next home.

3. Commit to your goal - buying a new boat because your credit score is up won't help you buy a home


4. Take your pre-approval letter to your Real Estate Agent and dream out your new home - If you look at more then 5 houses one of you is unclear of what the home should be.


5. Make your offer - Your agent will be able to guide you smoothly into your new home



Everyone is different so this process could take a day, a week, a month, or over a year. By choosing the right professionals you'll get the job done correctly and quickly.



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Leigh Wilson is a licensed real estate professional with over 7 years experience and 530 closings. She has offices in Boise, ID and Spokane, WA and close personal contacts in almost every major market in the US

URGENT SHORT SALE TIME LINE

We know that all of you have heard more about short sales than any of us ever wanted to. Unfortunately, they have become an everyday part of our Real Estate world. However, something that we are realizing is that not everyone realizes that in order to get THE MOST HELP FROM A SHORTSALE you need to react soon.

Bush's Debt Relief Act that was put into effect to help homeowners who have to shortsale or end up losing their homes in foreclosure. It provides tax relief on the deficiency amount to those who find themselves in this situation as long as it is their primary residence. However...THIS ACT EXPIRES ON DECEMBER OF 2012. That means that a short sale or foreclosure must BE COMPLETED by this deadline in order to realize the benefits.

If you or someone you know needs information about a shortsale please pass this information on, as time is running out. We must get started soon in order to have time to compile info, review options, market the property and negotiate with the banks. Please don't be one of the ones who waits and misses out. There has to be something positive about all of this. You can get more info at www.spokaneshortsaleinfo.com

We are not tax accountants and can not give tax advice. Please consult your accountant to see how this may individually affect you and your tax situation.