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November 20, 2012

New Fannie And Freddie Guidelines Good News For Short Sale Candidates

Hello everyone Kelly Cook here with the Kelly Cook Real Estate Group, your :k1: short sale specialist, thank you for joining me today. My team of short sale experts work with :k1: homeowners every day to help them avoid foreclosure through the means of a short sale. If your mortgage is currently underwater or if you have seen the value of your home greatly diminished please browse through my website or give me a call to discuss your real estate options.

For my blog topic today I wanted to talk with :k1: homeowners about some new rules for doing a short sale with Freddie Mac and Fannie Mae. Both investors have recently come out with new rules and guidelines in hopes of speeding up their short sale process. Now both parties have done this in the past with very little results to show but I have reason to believe these new guidelines can be a big help. First, borrowers will no longer have to be delinquent on their mortgage in order to complete a short sale if they can prove a valid hardship. Second, Fannie and Freddie will now help expedite the pay off of any second liens on your :k1: home. And third, Fannie and Freddie will eliminate the ability for your lender to seek a deficiency judgment against the borrower during a short sale. The big take away from these new guidelines is that Fannie and Freddie will be more consistent with their short sale process and hopefully be able to help more homeowners.

If you have questions about your distressed property please fill out a contact form on my website or call me today to chat with an expert about your options. On my website you can also find our Short Or Stay Calculator that may help you determine if a short sale is right for your :k1: property. Thank you for your time today and I look forward to helping you in the future with all of your real estate needs.

What Does It Take To Get Started With A Short Sale?

Hello everyone, this is Kelly Cook again with the Kelly Cook Real Estate Group, your real estate and short sale specialist in :k1:. You can find us online at KellyCookHomes.com. We’re part of the Keller Williams Real Estate Network, one of the largest real estate brokers in the entire country and we specialize in helping homeowners find alternatives to foreclosure through the means of a short sale. The topic we’re discussing today is a question that we frequently get and that’s, “What does it take to get started with a short sale?”

A lot of people aren’t too sure about the process and think it’s a big cumbersome thing to get started so they put it off. This isn’t what you want to do because the short sale process is pretty painless.

The first thing you want to do is contact a short sale expert in your area; Phoenix, AZ and Columbus, OH, we are your short sale specialists. We’ve done over 400 short sales and have about a 95% success rate. Once you contact a short sale specialist, someone like ourselves, already has pre-filled out forms that we know the bank wants to see as part of your short sale package. We’ll give these to you to fill out and sign, as well as a checklist of items that you need to gather that the bank will want to see. We’ll also send you the state appropriate real estate documents which authorizes us to market your home on your behalf. All of these things will get sent to the bank along with an offer; once we have a buyer, we start negotiating with the bank. This process can take some time, however, the entire time we’re negotiating the short sale we handle everything. All you have to do is gather the required documents for the bank at the beginning of the short sale process. It’s pretty painless.

Give us a call if you have any questions; we’d love to chat with you and make sure you understand the entire short sale process. You can email us at info@kellycookhomes.com, call us at our AZ office at 480.442.9868, our OH office at 614.600.2028 or check out our short sale calculator site at MyHomeValueCalculator.com. You can find out the instantaneous value of your home in today’s market.