So what is a Short Sale and why are you hearing so much about them? Buyers pursue short sales to get a good deal. So when we send you a listing with a price for a home that looks too good to be true, it usually means that the home is either a short sale or a foreclosure. You might want to think twice about making an offer on a pre-foreclosure, short sale or foreclosure home. It's not as simple as you may believe, and we’re seeing some offers take up to 9 months to close. In fact on average … [Read more...]
Many people feel we need to toss much of 2009 in the trash can! It was a bad year for many people. The loss of jobs throughout the United States has meant the loss of homes for thousands of people! As Louisville Real Estate agents helping people facing foreclosure and short sales, we know the problems and we think about people in need daily. As our team got together this holiday season we took time to remember those in need and pledged to help them in 2010! … [Read more...]
Did you know that 7 out of 10 people facing a foreclosure never call a realtor or their bank to stop a foreclosure! They simply let the bank take their home and leave a 5-7 year mark on their credit that will follow them for a long time and prevent them from buyer a home for at least 5 years. There is an alternative; it’s called a short sale. It means a 2 year blip on your credit report but it’s far better than a foreclosure! Only a handful of realtors have actually been trained to handle … [Read more...]
Good credit, a down payment and patience all needed as of June 1, 2008 to buy a home in the Louisville Kentucky area.
Blame it on the number of short sales in Kentucky! The Mortgage Guaranty Insurance Corporation (MGIC) has just announced that as of June 1, 2008 the entire state of KY will become a restricted market. What does this mean to you as a buyer? You can no longer take advantage of a 3% down payment loan with Lender Paid Mortgage Insurance. According to the MGIX website “In determining whether to place a market on the restricted markets list, MGIC uses both external and internal information … [Read more...]