Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 11/24/2013

If foreclosure is looming you may feel helpless. It is possible to still sell your home and avoid foreclosure. You must sell it quickly and that is not always easy. Here are some tips to get aggressive, and get your home sold fast. Price it right! Don't try to squeak out the extra dollar price the home aggressively among the competition. This often means pricing the house low. You are trying to sell the home as fast as possible so every last dollar isn't worth it at this point. Make sure to get real about what your home is worth. A Comparative Market Analysis (CMA) will outline properties similar to yours that have that recently sold, are pending and are currently on the market. Some experts suggest going 10% below that last sold price in your neighborhood. Communicate with your lender. You will need to get the go ahead from your lender on how low you can go. If you owe more than your home is worth complete a short sale application with your lender. Ask your lender to give you some indication of how low a sale price they will accept. Selling your home quickly and avoiding the black mark of foreclosure on your credit report is the goal. It may be hard to accept thousands less than what you paid for your home but you will be better off in the long run.





Posted by Thomas Murphy on 8/12/2012

Unfortunately, many homeowners have gone through a foreclosure in recent years but that doesn't mean that future homeownership is out of the question. Hard work and discipline and these tips should have you on the road to homeownership again soon. 1. Keep a steady job Potential lenders will need to see stable employment before they’ll approve a mortgage loan after a foreclosure. 2. Build your savings Rebuild your savings account. You will want to establish a minimum of six months of living expenses in a liquid account. Mortgage companies will want to see you have a cushion to pay your bills. 3. Work on your credit score After foreclosure, your credit score probably dropped by about 150 points. Rebuilding your score will take time, hard work and perseverance. Pay all of your bills on time and make sure to keep your credit card balances below maximum levels. It is best to have the balance less than half of the available balance. If you stay disciplined and positive, the American dream—obtaining a mortgage and owning a home of your own—can, indeed, be yours again. Even after foreclosure.