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Sandra Nickel of The Hat Team presents:
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This month's edition covers Montgomery real estate market activity and then we'll uncover three unique factors that are benefiting buyers and sellers. Features special guest Terri Murphy of US Learning. Program length: approximately 8 minutes |
If you're thinking of selling your Montgomery home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your Montgomery home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:
When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.
A qualified real estate professional can:
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say:
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
If you ar someone you know is in financial distress, selling your Montgomery home through a short sale may be the right move for you. Give us a call for a private consultation.
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.
Reprinted from Realtor Magazine with permission of National Associatin of Realtors.
Montgomery AL real estate sales statistics for May show pending sales increased by 2% in 2009 compared to May 2008. The average sales price decreased by 25% to $112,384 while sold listings were down 13% from 2008. Market times showed a increase of 1 day or 1% from 2008.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
May 2009 |
42 |
33 |
87 |
$112,384 |
|
May 2008 |
41 |
38 |
86 |
$150,966 |
The decline in Midtown's average sales price reflects the continued absorption of many inexpensive foreclosure properties. Investors in our market have decided now is the time to buy, and they are grabbing up the low-priced houses and rehabbing them for resale.
For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit
HomesForSaleInMontgomeryAlabama.com.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
Many consumers today are understandably worried about their nest egg. For many of them, however, their "n
est" is the best investment they can make.
Not only does owning a Montgomery home help people build long-term wealth, but also it provides shelter and security for their families and fosters involvement in community life. In essence, homeownership is the cornerstone of a healthy community.
U.S. Census Bureau data shows that Montgomery homeowners move less frequently than renters. This stability is important in creating strong foundations for both families and communities.
A recent NAR research study shows that Montgomery homeowners are more likely to vote, volunteer time for civic events or participate in local crime prevention programs because they're invested in what happens in their neighborhoods.
If you are considering buying a Montgomery home to build your nest, visit HatTeam.com or give me a call. I'm glad to guide you through the process.
Search all Montgomery homes for sale.
Montgomery AL foreclosure homes continued to rise during the first quarter of 2009 with 211 new Montgomery AL foreclosure filings in April compared to 201 filings in March, according to RealtyTrac.com.
Montgomery AL Foreclosure Activity and Home Price Index
Montgomery AL foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Montgomery AL Foreclosure Geographical Comparison
The Montgomery AL foreclosure rate is .06% lower than the National rate, but .10% higher than the state of Alabama's rate.
Montgomery AL Foreclosure Rate Month-By-Month
Montgomery AL pre-foreclosure activity for March and April is an indication that the foreclosure crisis in Montgomery AL is not over with many more Montgomery families in distress situations.
Are you or someone you know behind on your mortgage payments and facing a Montgomery AL foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give us a call for a private consultation.
Get the value of your Montgomey AL home.
Montgomery Homes For Sale:
1754 Wentworth Drive, Montgomery AL 36106
MLS# 264754
If you'd rather take a beating than have to move often, you'll love the flexible floorplan of this custom-built home. Two extra bedrooms downstairs allow you to have your children on the first floor with you while they're little. And when they're older, give them the upstairs with its two additional bedrooms plus a computer area. An inground pool with diving board and slide provides a focal point for family fun and the surrounding decorative iron fence provides peace of mind. You can see from the street that this is a lovely, traditional Southern home. And the interior won't disappoint because it offers you a big family room plus a living room that will stay extra-nice for special occasions. What's more, you'll never run out of storage here. Everywhere you turn there's a closet, and a bevy of real wood cabinets fill both the spacious kitchen and the laundry room. And perhaps best of all, moving in will be easy as pie because of all the brand-new upgrades including all new paint, carpet, vinyl and pool liner. And the seller has already done most repairs indicated on the home inspection you may review by clicking on the photo. So check it out and then make it your own!
Learn more aobut 1754 Wentworth Drive and other Montgomery homes for sale by visiting HatTeam.com.
Search all Montgomery homes for sale.
Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®
Montgomery AL real estate sales statistics for April show pending sales increased by 12% in 2009 compared to April 2008, the average sales price increased by 1% to $124,291 while sold listings were up 6% from 2008. Market times showed a decrease of 2 days or 2% from 2008.
|
Midtown |
Pending |
Sold |
Average |
Average |
|
Apr 2009 |
59 |
34 |
94 |
$124,291 |
|
Apr 2008 |
52 |
32 |
96 |
$122,842 |
For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
The thought of buying a home can be overwhelming for many Montgomery home buyers and understandably so, as buying a home is one of the biggest decisions most of us make. Below are 10 steps to Montgomery home ownership that will make home buying a little less daunting:
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Give us a call. An experienced REALTOR® is the best person to guide you through the home buying process.
Learn more about buying a Montgomery home at HatTeam.com.
Montgomery Real Estate For Sale: Get the best of both worlds with this big beauty: a traditional living room plus a huge family room with vaulted ceiling and skylights, both with fireplaces. And because the dining room opens onto both family room and kitchen, you'll never get stuck off by yourself doing food prep or cleanup while everyone else is having fun! A stylishly updated kitchen plus new carpet and vinyl are just two more reasons to make sure you see (and buy) this one! For your other half there's a great workshop for all his "treasures" and a shady deck for the grill. And 3 full baths mean privacy for everyone when it counts the very most! Cloverdale-Idlewild is the perfect neighborhood for families who love activity. From the free spring concerts in the Cloverdale Bottom Park gazebo...to the 4th of July Parade...to the annual Christmas caroling festivities, there's something for every season and every taste. In between, you're just blocks from the Cloverdale entertainment district with its restaurants and night-spots, independent theater and quaint shops.
3230 Wellington Road, Montgomery AL 36106
MLS #264335
For more information about 3230 Wellington Road and other Montgomery real estate, visit HatTeam.com.
Montgomery Homes For Sale:
1302 S. Hull Street, Montgomery AL 36104
MLS# 264151
Queen Anne cottage totally renovated and a delight! Elegant living and dining rooms, great modern kitchen, high style bath with direct access to master bedroom. 3 handsome decorative fireplaces. Laundry room large enough for computer area or crafting. Extremely private rear patio plus sittable front porch for swinging and people-watching. Active neighborhood association, great little pocket park 2 blocks away with an unofficial "dogs and dog-lovers get together" weekly. Priced below market for quick sale.
For more information on 1302 S Hull Street and other Montgomery homes for sale, visit HatTeam.com or contact Sandra Nickel at 800-428-5239.
Displaying blog entries 1201-1210 of 1264
