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About Teresa
Teresa Turner, Realtor & Broker, with The Teresa Turner Realty Group at Keller Williams Town & Country Realty, is one of the most established and respected names in NW Florida Real Estate with 25+ years of experience in Residential Real Estate. Over that time, she has developed a superior pipeline of connections and is the go-to person for getting results in Residential Real Estate. She understands and cares for people and is excellent at coming up with unique marketing strategies to solve complex problems and get homes sold. She keeps your personal information confidential and considers discretion to be her duty in dealing with your real estate situation. Teresa maintains a strong work ethic and is committed to building relationships based on trust and integrity. She is a Real Person with Real Solutions to your real estate needs.
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Formula for Successful Short Sale
Everyone has heard a Short Sale horror story or two. However, the reality is that Short Sales are here to stay and we are experiencing more success for both buyers and sellers than failure. The banks have gotten much more streamlined with their Short Sale processes and the length of time to close them has decreased as well.
What you need to know most is for your transaction to be successful there’s a formula…2 good & knowledgeable agents (Buyer’s Agent and Listing Agent) + a cooperative bank with a good process in place + very patient buyers = Short Sale Success!
Bank of America Short Sale Agent Update
Process Refined for Valuation Disputes
Bank of America has refined the process for settling valuation disputes during a short sale.
The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a Listing Agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.
Process Steps
1. Tell your Short Sale Specialist that you would like a reconsideration of the value.
2. Receive an investor-specific, easy-to-complete form from your Short Sale Specialist that specifies all requirements for a successful value dispute.
3. Fill out the form and attach specified evidence.
4. Stay in touch with your Short Sale Specialist for results.
5. Expect a value dispute review within 10-12 business days once all required information has been received.
Learn about the evidence needed to dispute a value.
Your Short Sale Specialist can provide additional guidance.
Has Housing Hit Bottom…Crash Officially Over?
What is the current state of the US Housing Markets according to the US Secretary of Housing Shaun Donovan?
Lets start with the good news…
“We’ve just been through the best winter of home sales in five years, really since the crisis began. The number of folks in distress, the number of people who are delinquent in their mortgages, falling into foreclosure, is down dramatically. The number of new foreclosures is down by more than 50 percent since 2009.”
Now, the not so good news…
“The one place where we continue to see struggles is looking for a consistent strong recovery in house prices,” Donovan continued. “We’re seeing that in a lot of markets. But in the most distressed markets … it’s these foreclosures that are still coming on the market — what we call the shadow inventory — that are dragging down prices in a lot of places.”
“A full recovery is really going to depend upon moving this shadow inventory,”
Post courtesy of Tim & Julie Harris, Harris Real Estate University
How to Avoid 2 Possible Deal Killers
Use these Strategies to help get everyone to the closing table!
33% of real estate professionals reported that a contract fell through in December 2011- up from 9% in December 2010, according to National Association of REALTORS® survey data.
1. HOME INSPECTIONS
Problem: When home inspectors spot problems, buyers may want to back out if the seller isn’t willing to fix every single item surfaced on the list.
“Say a buyer notices some missing caulk around a vent and wants it fixed,” Dean Moss of Keller Williams Realty Partners told the Chicago Tribune. “In a stronger market, a seller would say, ‘Caulk your own vent.’”
Solutions: Try to not let buyers haggle over minor items and encourage give-and-take between parties. Do buyers really want to risk losing out on an already good deal over something minor? Sellers may need to be willing to compromise, too. Sellers might consider having a home inspection done prior to placing the home on the market to make sure their price reflects any defects with the property, the Chicago Tribune article notes.
2. TIGHTER FINANCING
Problem: Banks have tightened their underwriting standards making it more difficult for some buyers to qualify for financing.
Solutions: Encouraging your buyers to get pre-approved for a loan prior to searching for a home is a good idea, but don’t let your buyers assume that means they have final approval for a loan. A Pre-Approval letter can help buyers gauge how much they can afford, but the final eligibility for a loan doesn’t occur prior to closing. As such, your buyers need to be careful about not doing anything that could potentially harm their credit prior to closing, such as running up existing credit cards, taking out new ones, or making big purchases on credit like for new furniture or appliances.
3. APPRAISALS: Read more about how to handle another possible deal killer–low appraisals that threaten real estate transactions.
Source: “When Good Deals go Bad,” Chicago Tribune (March 16, 2012)
