short-sale

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Nearly 30% of Roanoke, VA Homeowners are Underwater or Have Negative Equity in Their Home.  REsolutions Real Estate Services Can Help. In May 2012 I posted an article on the negative equity problem in our market.  Although the real estate activity has picked up since then prices have only increased slightly and only in certain areas.  Many Roanoke home owners and Sellers cannot sell their homes because they have no equity and cannot afford to pay REALTOR commissions or even to sell at market value. As you can see by the Zillow.com heat map and the summary table I’ve made below, some neighborhoods have been hit harder than others due to the high number of foreclosures and short sales in the market as a result of buying at the peak of the market and having a reduction in income, job loss or an increase in the mortgage payment that lead …

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Last week the New York Times featured an article “Speeding Up Short Sales”. In which they highlighted the positives of how expediting the short sale process will clear the glut of homes that are in default that will inevitably foreclose. “With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process. Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days.” Typically a short sale takes from 4 — 8 months with the vast majority of them falling apart after the buyer and the seller have invested a considerable amount of emotion and energy into the process.  Speeding up the process may force the lenders to become more efficient and process more which will result in more that actually close but I still don’t recommend …

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