It has become a fact of life for homeowners, lenders, and real estate professionals, staring us all in the face. It’s the short sale, and this year about 1 in ten home sales fell into this category.

While loan modifications benefit some, there are many homeowners who don’t have the income or debt levels to qualify under the Making Home Affordable program. So what comes next? In the past, foreclosure was the most likely option. However, that tide is turning as lenders are allowing more homeowners to opt for the short sale and sell the property at a price below the actual amount owed on the home. While the bank may still incur a loss, it certainly beats having to foreclose. After all, banks aren’t in the business of owning property if they can help it.

While there are benefits of a short sale over foreclosure, the process has typically been long and cumbersome for everyone involved. Add to that the length of time to actually close these transactions (some can take as long as 8 to 10 months, but the average is 3 to 6 months), and it’s no wonder most people cringe when they hear short sale.

However, there is hope on the horizon. Beginning April, 2010, the Home Affordable Foreclosure Alternatives Program and its recently issued guidelines should help to streamline this process and reduce the backlog that is plaguing lenders now. Not only should the process be shortened dramatically, it will also mean less vacant and vandalized properties, a common problem in neighborhoods everywhere. Closing more short sales will also help neighboring property values, as short sale prices are typically higher than homes that have already foreclosed.

So, without further ado, here’s the short list on the new short sale guidelines.

• Borrowers will now receive pre-approved short sale terms BEFORE listing the property. These terms will also include the minimum net proceeds that the lender will accept. A great time saver for both the seller and the real estate professional.
• The mortgage servicer will now have just 10 days to approve or disapprove a short sale request. Paperwork reduction will also end a lot of the current short sale headaches.
• The new guidelines will now prohibit loan servicers from requiring a reduction in the commission earned by real estate professionals that was agreed on in the listing agreement. Agents no longer have to take a commission cut for all of their hard work.
• For the homeowner, there will be a $1500 relocation assistance incentive. Helps take some of the sting out of losing a home.
• Also for the homeowner, the program requires that the borrower is fully released from future liability for the first mortgage debt. Again, a much better option than letting the house foreclose and having it haunt your credit for up to 10 years.
• Financial incentives will also be in place for the mortgage servicers – $1000 for every completed short sale transaction
• Qualifying properties must be the homeowner’s principal residence, and the homeowner must be either already delinquent on the mortgage, or show that default is imminent. There are also some other qualifiers regarding debt to income ratios; consult with a mortgage professional for the complete list.

Keep in mind that the Home Affordable Foreclosure Alternatives Program applies to loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. But, Fannie and Freddie, which currently cover over half of the mortgages in the US, are already working on a similar program. Details of their guidelines should be released in the coming weeks.

Will the new guidelines turn the tide for short sales overnight? Not likely. However, as we move into 2010, we will certainly see more short sales and foreclosures and this program will certainly help smooth out the process and move these homes much more quickly. And that is good news for everyone!

Home sales over the past year or so have caused a mixed bag of emotions for many people. Many people have suffered a great deal of stress and anxiety over losing their homes and falling into foreclosure while many others are delighted with having the ability to buy into a market full of discounted homes, foreclosures, and short sales. While it is true that the real estate market is the cause of a lot of heartache for many Americans, it is also the case that the home sales are also helping to prop up a flailing economy this quarter.

The number of home sales has substantially picked up this fall and in fact, October home sales have finished higher than they’ve been in over two years. This is, in a large part, due to the fact that home buyers were racing to beat the expiration of the first time home buyer’s tax credit. Now that this credit has been extended until the end of April, however, we are sure to see another rush to buy when this deadline approaches.

The low mortgage rates have really helped the current trends in home buying. Even with fewer funds to go around, the reduced prices of homes in combination with these lower lender’s rates have created some ideal opportunities for home buyers, particularly those who’re looking to purchase their first home.

If home prices continue to fall, particularly with the home buyer’s tax credit still in place, then the home sales over the fall may just continue to exceed expectations. However, the sales that occur in late in the year tend to drop off in frequency as the weather worsens.

The increase in home sales has certainly helped the economy somewhat, though experts say that it needs support from a wider range of industries before it really starts to recover. With fewer and fewer homes on the market hopefully this will impact the home building industry soon as it is still struggling with a lack of business due to the glut of homes on the market due to foreclosures and short sales.

Hopefully we will see a slow but steady increase in not only home sales, but also a variety of other industries over this winter. The more confidence that we can put in the economy, the more we will benefit from the increased productivity that our dollars stimulate in it. Only time will tell how the economy will withstand the eventual withdrawal of government stimulus though.

A short sale occurs when the owner of a home is no longer able to make their mortgage payments, and the mortgage payoff is higher than the market value of the home. In this case, it is imperative to hire an experienced Realtor that will represent your best interest. A foreclosure occurs when the owner of a home stops making their mortgage payment, and does not hire a Realtor. In this case, the bank will re-possess the home and either auction the property off, or they will hire a Realtor to see it for them.

You can view all short sales and foreclosures by clicking on the website associated with this article in Scottsdale, Arizona. Free Arizona MLS access is offered to the public by clicking on the website associated with this article. If you, or anyone you know is thinking about buying or selling property in the Scottsdale area, your referral is greatly appreciated. Experience goes a very long way in Real Estate.

The responsible thing to do is to hire an experienced Realtor. This may benefit the owner by being able to stay in the property while not making mortgage payments. Every case is situational, but banks would rather have someone in the property maintaining the home rather than leaving it vacant. When the property is vacant, the yard usually becomes very unattractive, and the property will become dirty making it less desirable to prospective buyers.

You can not conduct a short sale if you have not stopped making your payments. Once you have stopped making your payments on your mortgage, that is the time to contact a Realtor to help you. Once your home is on the market for sale as a short sale, it will be much like selling your home as if it were a normal transaction. Most people that have to put their home up for sale as a short sale do not like being inconvenienced by showing it every day, so the best way to do it is to set up showing times for one hour a week during the weekend. This way, the owner can still live in peace. While the short sale is being negotiated by the bank and the Realtor, contracts on the property should be coming in.

Experienced short sale Realtors should be able to back up the auction date by requesting the bank to submit an extension on the auction date. Some short sales take 6 months, others 3 months, and others up to a year. It might be a good idea to ride the short sale wave as long as possible, if you can stay in your home for up to a year with out making a mortgage payment that may allow you to come up with money to re-negotiate your loan, or make arrangements with the bank to get the property out of short sale position. No body wants to be foreclosed on, and no body wants to put their home on the market as a short sale. We understand that. We make the process as easy as humanly possible and take on all of the work on your behalf. Helping people buy, sell, and lease property in Scottsdale, Arizona every single day. Click the website associated with this article to get more information.

A short sale is an option that is available to sellers that will prevent foreclosure. This specific type of real estate sale is becoming more popular as many people are becoming unable to meet their mortgage payments because of the tough economic times. If you’re trying to sell a home in this crowded real estate market, a short sale will allow you to competitively price your home and it may save you from foreclosure.

As a seller, you need to know that completing a short sale will leave you without a profit on your home. The home will be sold for less than the balance of your mortgage and you’ll need to qualify for this type of sale before being able to use it. For this reason, its best to work with a licensed real estate agent who has experience with short sales in order to get the best results with process. Look for a Certified Default Resolution Specialist (CDTS) to handle your short sale. These are special real estate agents who have been trained to handle short sales and other similar real estate transactions. Since they’ve received special training and certification you can be sure that they’ll be able to guide you through this somewhat complicated process.

In order to qualify for a short sale, you’ll have to show the bank that you are under financial hardship. You will also need to show that the value of your home won’t cover the balance of the loans against it. Typically, you’ll need to show income verification and bank statements to a lender to prove that you required a short sale. In addition, you’ll need to turn in a statement that explains your financial hardship. These documents in and of themselves can be hundreds of pages long, which is why having an expert real estate agent is a good idea. The bank or lender will be responsible for the closing costs and the real estate agents’ fees.

Under a short sale, your home will be sold as-is, so you won’t have to make any improvements to the home in order to make it more saleable. You may have to put down some out of pocket money depending on the offer you receive, the deficit of the loan and the lender’s preferences. Your bank or lender will not allow a family member to purchase your home in a short sale.

Contrary to its name, a short sale does not happen extremely quickly. It can take up to four months or as little as two in order to get the short sale complete. This timeframe starts after an offer for the home has been received. Knowing the length of time that these sales normally take is helpful in order to prepare yourself for the process. If you are on the brink of foreclosure, your certified real estate agent may be able to delay the foreclosure sale if there has been a reasonable offer for your home.

Even with these drawbacks, a short sale may still be the best way for you to get out of your current mortgage. Speak with a reputable real estate agent to get started with the process.

Today, everyone is trying to find the best and easiest way to make money in the real estate industry. With so many foreclosures in every state across the US, most people believe this is a dream come true as they can purchase a home that is bank owed for a fraction of the cost, however, there is another way to make huge amounts of money in the real estate business without bidding on foreclosed properties. The answer is through short sales.

The steps involved in short sales are finding real estate that may be a possibility for a short sale. If you know of a house that you are interested in purchasing, but are not sure if the owners would consider selling their home, you need to do some research. A short sale is one that is done shortly after the lending company sends a default loan notice to the homeowners. You can truly find many great deals and purchasing property with a short sale and turn it around and resell the home for a profit, however, you must know the process. The best way to learn about the entire process is by talking with a real estate agent that has experience with short sales.

The things you need to do once you find a property you are interested in buying with a short sale is to first check out the property. Look at the condition of the property and the home; you do not want to purchase a home that needs major expenses such as a new roof. Once you have expected the property, you should then learn if there are liens on the property, how much is owed on the mortgages, and what financing options might be available. You should contact the lending company and fill out a short sale application. Once all of this is completed, you will have to negotiate with the lending company and the homeowner. This is where a real estate agent and even an attorney will come in handy.

A real estate agent will be able to give you a wealth of information so you will know where to look to learn about the property. You should learn the value of the home, what other homes are worth in the area with the same amenities, and more. You should never fill out an application prior to learning what you are getting into with the home. Negotiating of course will be the hardest part after you have done all the legwork, however, if you have an experienced real estate agent by your side, you will soon have the keys to your new property in your hand and be ready to move in or fix up and put on the market for sale.

For anyone that knows that a foreclosure is just around the corner, a short sale should at least be considered. A short sale can protect you in a few ways that might just help your credit, as with a short sale, a foreclosure will not be placed on your credit report. A short sale does not always wipe the slate clean, though, you may still owe the lending company money. The reason is that the lending company will be accepting less than what is owed on the home and in some cases will expect you pay the difference. This is where negotiations come into play.

You may be confused when it comes to talking with your lending company; however, you should know that every type of lending company has a department that works directly with their customers to negotiate short sales. The department is usually known as loss mitigation. Talking with department before you receive a foreclosure notice may not be your best option, as they will more than likely turn a blinds eye to your problem. The reason this is true is that all lending companies would like to receive the money that you borrowed including all the interest, this is the way they make money.

After you have received a notice of default, you should then make an appointment with the loss mitigation department of your lending company. In some cases, you may wish to bring with you an attorney to ensure your rights are not violated. In most cases, the process is easy as the lending company normally has a predetermined criteria for short sale negotiations. A lending company, by law, has a right to deny a short sale, this is where you will need your negotiating skills to kick in. this is one reason having an attorney by your side will do wonders. The lending company will of course want to receive as much money as they possible can, however, most will take reasonable offers.

If you have found a person that wishes to purchase your home at a lower amount than what you owe, you may be able to negotiate with the lending company, but if the amount of money is quite a bit lower than the amount you owe on the existing loan, you may have a hard time convincing the lending company that this is a good deal. If you cannot afford to pay your mortgage payments, you are headed toward foreclosure, then you must do something or the foreclosure will be on your credit report and you will have a hard time buying a home for a very long time. On the other hand, the lending company does not wish to lose money. If they can sell your home at auction, or put it up for sale and gain more money than you are offering, they will more than likely deny your short sale offer. Be prepared to negotiate and provide the lending company with a reasonable offer.

Real Estate SEO Pros have assisted Real Estate Agents with learning how to do critical SEO on their sites for many years. At the moment we have come forward with our services for the general Real Estate Agent and are offering 6 free videos to assist you with Search Engine Optimization for your sites.

Search Engine Optimization, or SEO for short is part of any modern day Real Estate Agents marketing toolkit and is critical for success on the Internet. Over 80% of buyers and sellers (USA Today 2007) investigate their market prior to approaching a Real Estate Agent, and so the lucky Agent that captures these hungry prospects is a top seller indeed.

There are two types of SEO to be concerned about when you are looking at moving forward on an on line campaign. There is onsite and then there is offsite optimization. The search engines look at your site from a number of angels so in order to achieve good placement on their pages you must learn to master both sides of the SEO equation.

To have long term success on the Internet you need to use these concepts in concert with each other.. Our Real Estate Agent Free SEO Training videos will show you aspects of both of these. Lets chat about our onsite Optimization video at this moment.

Our onsite optimization video will be by and large primarily concerned with showing you what are the focal factors to your onsite optimization. Our free videos offer anyone with a simple level of website understanding with a way to manipulate and enhance your site so that you can improve your sites standings in the search engines and show that your site is worth visiting.

The number one step to onsite or On page optimization is applied to your sites, page titles. This is an often disregarded but important onsite factor in search engine algorithms. Folks frequently have the identical titles on each page but page titles are seen by search engines as a over view to a pages subject. A good quality title should be key phrase rich and be specific to the content of the page. This is the foundation of good information architecture (a sites layout). It is best for every topic within your website to have its own page.

If you market beach front acreage, have a page for that. If you promote in Miami have a page for that, if you sell Lofts have a page for that. This enables you to optimize a page for a very precise set of key phrases. The Search engines primary job is to deliver web pages to users that are directly related to the terms that they are typing in to hunt for. This means that the more specific your web pages are to a search term, the more likely you will achieve good rankings. More importantly, Real Estate is local, so don’t just use the term “real estate’ as a keyword. use “Miami Beach Front Property Real Estate” in the title and content of your page and you will get way more hungry buyers that are specifically seeking just that information out.

After that comes the core page content and this should also be defined and clarified by the adjacent subject matter. Writing good quality and unique content is a ability and as with anything it takes training to get good at it. You know your subject better than most, so you can really communicate your insights in a unique way that can draw prospects to you. It is essential that you remain professional and be sure that your content reads well. It really is important that you don’t do what is known as keyword stuffing by repeating your phrase over and over, just use it a few times naturally through out the article.Keyword stuffing is a trick that search engines pick up as they look at your pages keyword density This ploy will only lead to dropping the quality of your website visitors experience and therefore the search engines will likely penalize your website with a lower quality score. It will also most likely lead to a high bounce rate.

Picking your sites name by buying a keyword specific Uniform Resource Locater (URL) is a good way to rank highly for your term. But if you have a site name by now don’t worry as your content and page headers should make up for this over time. If you decide to develop a number of sites, as many top sellers do then next go round bring in key phrases relating to page content. It is helpful if your site names can be both short and memorable. Have your main phrase at the beginning of your site URL, MiamiBeachFrontRealty.com means you will show up for prospects that are searching for Miami beach front property not San Diego beach front property.

One powerful tool often overlooked for onsite optimization is using alt text for your images. As the search engines come to your site they index your images along with the text on the page, so it is worth using keyword phrases in alt text on your images. They are also used by the visually impaired to aid navigation and are therefore read out loud by accessabiliy programs as people search. Once again, more is not better so do not go the path of ALT tag stuffing, which would not only hamper usability for the visually impaired but would hurt your rank in the search engines as much as keyword stuffing does.

The top area of your site behind the scenes are your important tags called header tags. These are called Meta Tags and should consist of key phrase variations such as pluralizations along with a keyword rich explanation of your site that people will read on the search engine page results. Given that these specify the subject of your page it is viewed by search engines as an over view to the key phrases being targeted for that page and that page only.

It is valuable to grasp that each of these onsite SEO factors are important. So as you construct your page, or have your web master attend to it, or the kid down the block, start at the top with the URL purchase then move to your header tags and the page titles. These are weighted the most by the search engine algorithms. Then focus on your content as in the end all factors need to be considered if top rankings on the search engines are to be achieved for the most competitive key phrases.

Want to learn about SEO? Visit our free training at Real Estate SEO Training blog.