When you see “motivated” seller in real estate listings, does that mean the seller really wants to sell and is open to negotiation? Sometimes yes, sometimes no. Sometimes, it might be the listing agent who could not talk the seller down in listing price, trying to get a buyer to submit a lower-than-asking price bid, and wake the seller up to the realistic price he should be at.
If the seller is motivated to sell his Mammoth Lakes home, this is what it could mean:
How to deal with motivated sellers:
Sometimes, “motivated seller” means nothing. With the right questions and just talking to the listing agent and seller, you will be able to determine this and move on to the right properties.
Owning a house is the American Dream. Figuring out if it’s worth the risk to buy at today’s prices is something each person needs to figure out for their situation.
When you are ready to find your Mammoth Lakes home, call me at 661-979-9000 or email me at Sonja@sonjabush.com to help you.
How to deal with motivated sellers
Closing costs can seem to be endless, annoying in nature and end up in a lot of cash. Closing costs are itemized in the closing statement, which can be referred to as a HUD-1, the settlement statement, and of course the closing statement. The net effect is that the seller ends up with less cash after paying all the closing costs on their [City] home.
A buyer’s closing costs typically range from 2%-7%, where the seller’s costs can be increased by 4%-7% just for the agent’s fees.
As a seller, here is what you can expect to pay in closing costs:
As you can see, the seller pays many fees from the proceeds of the sale of their Mammoth Lakes home. Most of these will apply no matter where you are, some will not. This list will also vary from state to state, city to city. Make sure you talk to your real estate agent or real estate attorney to find out what will have to be paid ahead of time.
When you are ready to put your Mammoth Lakes home up for sale, call me at 661-979-9000 or email me at Sonja@sonjabush.com to schedule an appointment to talk.
Seller closing costs
Broker’s processing fee
There are times when it pays (literally) to refinance a mortgage. Refinancing a mortgage means paying off the existing loan and replacing it with a new one. There are many reasons why homeowners refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching types of mortgage loan, to tapping into equity. Below are some of the reasons to consider refinancing:
Before refinancing your current mortgage, you must have a clear understanding of all financial objectives. Refinancing normally costs between 3 and 6% of the loan’s principal and it can take years to recoup that cost with any savings generated by a lower interest rate or shorter-term loan. A refinanced loan can go a long way to improving your financial situation, however if you are not planning on staying in the home or keeping it long term, then refinancing might not make sense. Be sure to talk to your investment manager and do what is right for your particular situation. Be sure to call Sonja at 661-979-9000 or email her at Sonja@sonjabush.com to discuss your refinancing options also.
Short sales have become more and more popular since the housing market began its struggle during the recession. Though the term is thrown around more loosely now, there are still a great deal of people who do not understand exactly what a short sale is.
What is a short sale?
A short sale is a carefully agreed upon sale of a property for less than the amount of the mortgage balance, executed as a means for both a homeowner and a mortgage lender to essentially cut their losses.
Typically, short sales are for extreme cases when the bank or lender decides that it is in their best interest to take an early loss instead of enduring costly foreclosure proceedings.
If you have missed multiple mortgage payments and are facing foreclosure, the bank or lender won’t automatically offer a short sale. You need to prove that your situation merits a short sale, which typically involves providing documentation that proves you are indeed in a crisis with no other viable options.
Submitting a letter of hardship.
To prove your case, you’ll need to spend some time on a cover letter explaining your hardship and provide full financial disclosure; the original purchase contract; a balance sheet of your income and expenses; asset statements, proof of income; bank statements; two years of tax returns; and a professional who knows the ropes.
Simply stating, ‘My house is worth less than the loan and I don’t want to pay any more,’ will not be acceptable.
Along with the required documentation, you stand the best chance of getting through the two- to seven-month short sale ordeal if:
Lenders prefer handwritten letters and are more apt to agree to a short sale for those who lost jobs or encountered significant medical bills, as opposed to careless spending.
Your best approach to a short sale is by contracting with a real estate professional familiar with the transaction. If your home’s value is significantly less than debt tied to the property, you are a candidate for a short sale. You are not selling a home on the open market so much as you are selling your case to the lender. Call Sonja today at 661-979-9000 or email her at Sonja@sonjabush.com to discuss this in more detail.
Letter of hardship
There are rumors that many owners do not have enough insurance to cover damages their properties may incur due to a natural disaster. Unfortunately, this is a scary fact that many homeowners are at fault of and most do not even know it. Many people just do not think about checking up on their policies until disaster strikes their Mammoth Lakes home — and then it is too late.
Purchasing the appropriate insurance is not a hard task. Just consult with your real estate agent about what disasters you should prepare for and then call a reputable insurance agent. If you have one, it might be time to revisit your policy, which can sometimes look confusing, so below are a few key words to look for in order to get you on track to having all your bases covered.
A little coverage goes a long way when it comes to unforeseen disasters. Be sure to give your insurance agent all the information you have. If something looks misleading, then your claim could be rejected. Please call me at 661-979-9000 or email me at Sonja@sonjabush.com for more information about insuring your home.
Mammoth….describes the size of our mountains, the number of our lakes and the expanse of our valleys, but also the number of possibilities for exploration, recreation and reuniting with your family.
Sonja Bush is your Mammoth Lakes Real Estate Expert for buying or selling Resort & Second-Home Properties.
Call her today to get a custom home valuation or to see your ideal property.
Or Text “SONJA” to 85377
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