If you are active duty military, have a Fannie Mae or Freddie Mac loan and are interested in a short sale, you may want to pay attention and talk to a Denver short sale expert today. Fannie Mae and Freddie Mac have recently come out with new short sale guidelines that apply only to active duty members of the military.
If you have received orders for a Permanent Change of Station (PCS), meaning you are required to move, it is now possible for you to complete a short sale on your home without ever missing a payment. A PCS, while essentially the same thing as a job relocation or transfer, is usually viewed as a legitimate hardship by most lenders, but with Fannie Mae and Freddie Mac establishing new guidelines, this makes it possible for military members in the Denver area to complete a short sale on their home even faster than before. This will allow military members to get out of their underwater homes as soon as possible and focus on relocating to their new home while they continue to serve their country.
With Fannie Mae and Freddie Mac being the two largest home loan investors in the country, other mortgage investors may follow suit and change their short sale guidelines for active duty military as well. To find out if you have a Freddie Mac or Fannie Mae home loan, contact a Denver short sale expert as soon as possible. PCSing can be a very stressful time, not only for the active duty member, but for their families as well. If you have an upcoming PCS or know someone that does and you need to get out of your home, now is the time to take advantage of the many benefits of a short sale. There are many short sale experts in the Denver area that are experienced in working with military families, so don’t hesitate to get help or more information today.
Many times when beginning to work with a short sale specialist or when learning about the short sale process, what happens at the end of the process and at closing doesn’t always come up right away, even though it’s one of the most important steps in a short sale. There are many questions that both buyers and sellers have regarding the closing of a short sale, such as who is responsible for the closing costs, commissions and fees related to the transaction.
A short sale contract is different from a traditional real estate contract in that there is a sheet listing who is paying what in regards to escrow fees, transfer fees, inspections, commissions, etc. Often times the contract states that the seller is paying these, however this is typically not the case, if you’ve hired a knowledgeable short sale specialist. In a short sale, any fees (including realtor commissions) have to be approved by the lender before the short sale is closed because the lender is actually the one that will be paying these fees out of the proceeds from the sale of your home. This is all part of the negotiation process between the short sale specialist and the lender, and is also often times why a short sale can take a few months to get worked out.
If you are working with an experienced short sale specialist in the Denver area, one of their main goals should be to ensure that you come to the closing table without bringing any cash out of pocket. There are times when this is hard to do, especially if there are multiple liens on the home, however working with a short sale specialist that doesn’t take ‘no’ for an answer is important if you want to walk away from your home without have to bring any cash to closing.
One reason some distressed property owners are hesitant to do a short sale is because they are aware the process can sometimes take months and that this will scare away potential buyers. If this is a fear that has kept you from doing a short sale on your Denver home, then you need to contact a short sale realtor right away. It is true that, yes, some individuals looking to purchase a home will steer clear of a short sale simply because it can take so long to close, however this shouldn’t keep you from taking advantage of the benefits of a short sale and getting out of your home when you need to.
By working with an experienced short sale realtor in the Denver area, they will be able to tell you that there are certain individuals that make great candidates for purchasing a short sale property. Also, if you choose to work with an experienced short sale realtor, barring any unforeseen obstacles or mitigating circumstances, the short sale process shouldn’t take that much longer than a traditional real estate transaction.
Two different types of people that are good candidates for purchasing a short sale are first-time home buyers and individuals that don’t need to close on the property right away because they are moving at a certain period of time, such as active duty military that are PCSing to a new base. These are two different types of buyers that are able to make an offer on your home but still wait out the process while your short sale realtor negotiates the transaction with your lender.
Don’t let misinformation or fear keep you from short selling your property. There are many people out there that are looking for a good deal on a home and will wait the duration of the short sale process in order to take advantage of that good deal. If you’re still concerned that this could be an issue, contact a Denver short sale realtor. They can help give you tips on what you can do to expedite the short sale process from your end and ensure that the transaction goes smoothly.
There are many myths that constantly circulate through the short sale world and today we’re going to dispel one of them. There’s one thing to keep in mind though and that is if you ever have questions about short sales or are unsure if the information you are hearing about short sales is true or not, it’s always best to contact a Denver area short sale expert to clear things up.
One of the most common short sale myths is that you have to be unemployed and have a low income in order to do a short sale. This couldn’t be further from the truth. One of the most common questions short sale experts in the Denver area get asked is whether or not an individual can short sale if they are employed and earning a decent income. There are homeowners throughout the country that short sale their properties every single day that are employed and make good money. Yes, a vast majority of the time you do have to have some type of hardship in order for the bank to approve your short sale, however it doesn’t always have to be a financial hardship or loss of your job.
Some of the various hardships other than job loss are divorce, job relocation, increase in expenses or illness in the family. If you aren’t having trouble paying your mortgage but still need to get out of your home for one reason or another, contact a Denver short sale expert for more information on getting your short sale started. There are many different reasons as to why a homeowner needs to short sale their property; being unemployed isn’t the only reason. If it were, short selling your home wouldn’t be a very successful alternative to foreclosure; thankfully, this isn’t the case.
According to Denver short sale experts, the Federal Housing Financing Agency has recently announced some changes in short sales that involve active duty military personnel. The Federal Housing Financing Agency has decided that if you are active duty in the military and receive orders for a permanent change of station (PCS), meaning that you are required by the government to move to a new location, this qualifies as a hardship and makes you eligible to short sale your home. Even if you are current on your mortgage, you are still eligible.
The Federal Housing Financing Agency has quite a bit of control over Freddie Mac and Fannie Mae, who in the past may not have been the most cooperative in approving short sales for active duty military personnel. Obviously, this is now going to be different. Not only do Freddie Mac and Fannie Mae have to approve the short sale, they also have to waive all deficiency rights and relieve you of all debt associated with the mortgage.
If have an upcoming PCS and aren’t sure what to do about our home, see the help and guidance of a Denver short sale expert today. They can help you determine if Fannie Mae or Freddie Mac is your investor and if you qualify for this program. Again, even if you’re not underwater on your home or behind on your mortgage payments, if you are active duty military and have orders to PCS, this does entitle you to short sale your home.
If you have any further questions about this or want to know whether or not this applies to all investors, or just Fannie Mae and Freddie Mac, please contact a Denver short sale expert today. They will be able to answer all of your questions and should you decide to take advantage of this, help you get started on successfully short selling your home.