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Displaying blog entries 1781-1790 of 1998

Ins And Outs Of Montgomery Short Sales

by The Hat Team
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a Montgomery short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A Montgomery short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
 
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:
 
·          Refinancing your loan at a lower interest rate
·          Providing a different payment plan to help you get caught up
·          Providing a forbearance period if your situation is temporary
 
When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if
 
·          Your property is worth less than the total mortgage you owe on it.
·          You have a financial hardship, such as a job loss or major medical bills.
·          You have contacted your lender and it is willing to entertain a short sale.
 
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.
 
A qualified real estate professional can:
 
·          Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
·          Help you set an appropriate listing price for your home, market the home, and get it sold.
·          Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
·          Ease the process of working with your lender or lenders.
·          Negotiate the contract with the buyers.
·          Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
 
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include
 
·          A hardship letter detailing your financial situation and why you need the short sale
·          A copy of the purchase contract and listing agreement
·          Proof of your income and assets
·          Copies of your federal income tax returns for the past two years
 
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
 
·          If you have only one mortgage, the review can take about two months.
·          With a first and second mortgage with the same lender, the review can take about three months.
·          With two or more mortgages with different lenders, it can take four months or longer.
 
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
 
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
 
·          You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
 
·          Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
 
·          Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.
Have additional questions concerning Montgomery short sales? Give us a call for a private consultation, 334-834-1500.
 
 
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 
Article reprinted from Realtor Magazine with permission of the National Association of Realtors. Copyright 2008. All rights reserved.

Montgomery Real Estate Appreciation Ranks 8th

by The Hat Team

The Office of Federal Housing Enterprise Oversight has ranked Montgomery among the top ten cities for median home price appreciation when compare to 300 metropolitan areas in a fourth-quarter home price appreciation index. Montgomery ranks 8th with 4.06 percent appreciation for the year, 3.25 percent appreciation for the quarter and 29.01 percent appreciation over the past 5 years.

Montgomery real estate is definitely holding its own compared to other parts of the country. These statistics along with the $8000 first time home buyer tax credit, an abundance of inventory and record low interest rates, make NOW a great time to buy Montgomery real estate. You can learn more at HatTeam.com.

Search all Montgomery real estate and homes for sale.

Montgomery Real Estate Sales Statistics - January 2009

by The Hat Team
The following is a statement by National Association of Realtors® President Charles McMillan:
 
"An economic recovery is not possible without a housing recovery, and the stimulus legislation being signed today by President Obama contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation.  In addition, the credit availability has been extended until December 1. 
 
“These important provisions will help bring first-time home buyers to the market and reduce housing inventory,” said McMillan. NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from being “underwater” on their mortgage, which can often lead to foreclosure.
 
The bill also reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac. “These higher loan limits are important to make mortgages affordable regardless of where you live. This will also help reduce inventory and improve liquidity in the overall mortgage market,” McMillan said.  
 
Let’s take a look at the January sales statistics to see how the Montgomery real estate market looks:
 
Montgomery real estate sales statistics for January show pending sales decreased by 33% in 2009 compared to January 2008.  The average sales price dropped 75% to $57,026 while sold listings were down 18% from 2008.  Market times showed a decrease by 35 days or 33% from 2008.
 
Note that 16 of the January 2009 closed sales were foreclosures.  With these distress sales extracted from the data, the average price was $132,269 and the average market time 116 days.  Clearly, Montgomery is being badly battered by foreclosures and the consequential deleterious effect on values.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
 Jan 2009
30
23
72
$57,026
Jan 2008
45
28
107
$226,345

For the latest Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
 
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

Low Cost Energy Saving Tips For Montgomery Homeowners

by The Hat Team
I found a great website, Energy Savers, with low cost energy saving tips for Montgomery homeowners. This site provides homeowners with tips for saving energy and money at home and on the road.
 
By following just a few of the simple tips found on this Energy Savers Web site, you can make your home more comfortable and easier to heat and cool—while you save money. The site also helps you beat the high cost of fuel, with driving and car maintenance tips to save you money on the road.

Some easy low-cost and no-cost ways to save energy include: 

  • Install a programmable thermostat to keep your house comfortably warm in the winter and comfortably cool in the summer.
  • Use compact fluorescent light bulbs with the ENERGY STAR® label.
  • Air dry dishes instead of using your dishwasher's drying cycle.
  • Turn off your computer and monitor when not in use.
  • Plug home electronics, such as TVs and DVD players, into power strips; turn the power strips off when the equipment is not in use (TVs and DVDs in standby mode still use several watts of power).
  • Lower the thermostat on your hot water heater to 120°F.
  • Take short showers instead of baths.
  • Wash only full loads of dishes and clothes.
  • Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gasoline.
  • Look for the ENERGY STAR label on home appliances and products. ENERGY STAR products meet strict efficiency guidelines set by the U.S. Department of Energy and the Environmental Protection Agency. 
The information on this Web site is also available in PDF format (PDF 2.7 MB).
 
If you are a Montgomery homeowner, I encourage you to check out Energy Savers. Following a few of their suggestions will not only put more money in your pocket, but make our planet healthier and greener.
 
If you are thinking about buying a Montgomery home, visit HatTeam.com. It’s a great place to learn about Buying a Montgomery home and viewing Montgomery homes for sale.

Should I Be Movin' On Up To A Larger Montgomery Home?

by The Hat Team
Should I Be Movin' On Up To A Larger Montgomery Home? 
 
Should I move up to a larger home is a question many Montgomery homeowners are asking. The questions below will help you decide whether you’re ready for a home that’s larger or in a more desirable location.
 
1. Have you built substantial equity in your current home?
 
If you have owned your Montgomery home for a number of years you might have built up some equity. Look at your annual mortgage statement or call your lender to determine your loan balance. Then give me a call to determine your home’s market value. The difference between your loan amount and market value is your equity. You can also get your market value for your Montgomery home by clicking here.
 
2. Has your income or financial situation improved?
 
If your income has increased, you may be able to afford a higher mortgage payment. 
 
3. Have you outgrown your neighborhood?
 
Often, the neighborhood or location you buy your first home in may no longer suit your needs. You may want to be closer to work, be in a better school district or have a home on a lake rather than close to it.
 
4. Are there reasons why you can’t remodel or add on?
 
Sometimes adding on to your current home is the answer. If you will end over-improving for the neighborhood, moving may be a better option.
 
5. Are you comfortable moving in the current housing market?
 
In the current Montgomery real estate market, your home may not sell quickly for what it would have a few years ago, but the home you buy also less expensive expensive.
 
6. Are interest rates attractive?
A low rate not only helps you buy a larger home, but also makes it easier to find a buyer and interest rates are currently at record lows.
 
If you answer yes to most of the questions, it’s a sign that you may be ready to move. If so, please visit HatTeam.com to learn more about buying a Montgomery home or give me a call. I’m glad to help!
 

Montgomery Real Estate For Sale: 3349 Montezuma Road

by The Hat Team

Montgomery Real Estate For Sale:


 
 
Gorgeously restored & renovated 1930's French Provincial brick home in the Cloverdale-Idlewild Historic District of Montgomery. Hardwood & custom tile/stone floors throughout. Plaster walls, crown moulding, & high architectural ceilings, Italian marble fireplace surround & butler pantry. Entire second story master suite: large bedroom, walk-in closet, master bath, office and den/playroom. Office has large built-in desk & built-in filing cabinet. Good closet space. Mature landscaping, wooden play equipment, large deck with built-in benches around the perimeter. Large landscaped back yard, fully fenced. Sunroom has french doors & arched french windows. Brand new architectural roof, new exterior paint, Both HVAC units are 1 year old, & storm windows. All electrical updated. Detached two story, 2-car garage converted to workshop with built-in worktable & storage room with built-in shelves. Entire second story of garage for storage. Only short walk to Capri Theater, parks, great restaurants and quaint local boutiques. This neighborhood featured in Southern Living 3 times in the last 4 years. 

Learn more about 3349 Montezuma Road and other Montgomery real estate by visiting HatTeam.com.

Montgomery Real Estate For Sale: 8440 Water Oak Court

by The Hat Team

Montgomery Real Estate For Sale:

 
 
Have allergies...hate carpet? Then this custom built Halcyon Oaks patio home is just right for you! Oak hardwood flooring in living, dining, and master bedroom, and ceramic tile flooring in kitchen, hallway, and guest bedrooms. Large master with vaulted trey ceiling and french door to rear patio. Private back yard perfect for entertaining. This one owner home is pristine and ready to move into!

 

For more about 8440 Water Oak Court and other Montgomery real estate visit HatTeam.com.

Montgomery Real Estate and Homes For Sale: 912-914 E Edgemont

by The Hat Team
Montgomery Real Estate and Homes For Sale:
912 - 914 E Edgemont Avenue, Montgomery AL 36111
MLS# 261632

Traditional style and popular Cloverdale Idlewild location make this an investment you won't want to miss. Fully leased and many upgrades to keep your tenants happy. Hardwood, parquet and hard tile floors. Fully equipped kitchens with washer-dryer connections. Unit 914 has living room plus den and was occupied by previous owner. Unit 912 has a sweet little rear courtyard and exterior porch--the goodies old house tenants really appreciate. Paved rear parking for 4 or more cars. Each unit has an outside storage area in the crawl space. L-shaped lot with side street alley access makes maintenance a breeze. 

For more about 912-914 E Edgemont Avenue and other Montgomery real estate visit HatTeam.com.

Montgomery Real Estate and Homes For Sale: 2804 Windsor Avenue

by The Hat Team

Montgomery Real Estate and Homes For Sale:  

2804 Windsor Avenue, Montgomery AL 36109

MLS# 261630

Great starter home or investment property. This rock solid Morningview house in Montgomery has hardwood floors and good sized rooms. Tons of charm, and what a beautiful yard! Mature trees, heirloom shrubs, carport, detached garage, large patio, and brick fire pit make backyard entertaining fun!

Learn more about 2804 Windsor Avenue and other Montgomery real estate by visiting HatTeam.com.

Montgomery Real Estate: 1513 S Court Street For Sale

by The Hat Team

Montgomery Real Estate:

1513 S. Court Street Montgomery AL 36104
4 units, each unit has 1 Br/1 Ba
MLS# 261511
 

New Multi-Family Fourplex

Looking for a chance to acquire and upgrade a multifamily? Look no further than this potential-packed 4plex about midway between Maxwell AFB and Hyundai. Nice size rooms with good storage and closet space, private porches and parking in the rear. Garden District is a locally designated historic district and property values have been going up faster than the market as a whole.
Learn more about 1513 S Court Street and other Montgomery real estate by visiting HatTeam.com.

Displaying blog entries 1781-1790 of 1998

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