Short sale frustrations could easily be the reason so many Daphne, Fairhope and Mobile, Al homes are headed to foreclosure. The lengthy time frame to complete a short sale, combined with hanging in the balance waiting for the mercy of the lender is wearing to say the least. A short sale can be a great way to avoid foreclosure and save a credit rating but it often takes thick skin and a whole lot of patience. If you owe more than your Daphne, Fairhope and Mobile, Alabama home would appraise for and have a financial hardship short sale is one of the options you may consider.

One of the most frustrating things about a short sale is the fact that if the Daphne, Fairhope and Mobile, Al home was already foreclosed upon it could be sold immediately, possibly for less than it would sell for a short sale price, so why won’t the bank simply agree to a short sale? Either way the bank is losing money, why go through the foreclosure process if the home could be sold as a short sale? Be prepared. Have proof of what your home is worth in today’s real estate market and demonstrate that accepting the short sale is in the lender’s best interest.

A short sale has a much better chance of occurring when an experienced REALTOR is involved. When connections exist the short sale process tends to run more smoothly. The key to a successful short sale is preparation and determination with an experienced REALTOR.

Click here for access to short sale help, and find answers to the most common short sale questions.

Sourced from: Kinetic Content Library

Showing properties 1 - 15 of 206. See more Daphne/Montrose/Spfort community real estate.
(all data current as of 2/4/2012)

1. $229,000 : 25139 Jernigan Ln, Daphne
   
   4 beds, 2 full baths

   Home size: 2,568 sq ft

   Lot size: 19,964 sq ft

   Year built: 2008

   Days on market: 0
2. $699,500 : 24 Danner Cir, Spanish Fort
   
   4 beds, 2 full, 1 part baths

   Home size: 4,459 sq ft

   Lot size: 2.71 ac

   Days on market: 1

   Walk Score®: 26
3. $288,500 : 720 Oak Bluff Dr, Daphne
   
   3 beds, 2 full baths

   Home size: 2,328 sq ft

   Lot size: 3.47 ac

   Year built: 1989

   Days on market: 1

   Walk Score®: 29
4. $675,000 : 6490 Haley's Ln, Daphne
   
   4 beds, 3 full, 1 part baths

   Home size: 2,958 sq ft

   Lot size: 2.49 ac

   Year built: 1965

   Days on market: 2

   Walk Score®: 49
5. $400,000 : 10270 Plantation Dr, Daphne
   
   6 beds, 4 full, 2 part baths

   Home size: 6,025 sq ft

   Lot size: 36,600 sq ft

   Year built: 1990

   Days on market: 2

   Walk Score®: 8
6. $288,000 : 31153 Buckingham Blvd, Spanish Fort
   
   4 beds, 3 full, 1 part baths

   Home size: 3,134 sq ft

   Lot size: 12,040 sq ft

   Year built: 2012

   Parking spots: 2

   Days on market: 3
7. $545,000 : MLS # 235085 in Spanish Fort
   
   3 beds, 3 full, 1 part baths

   Home size: 3,920 sq ft

   Lot size: 19,000 sq ft

   Year built: 2003

   Parking spots: 2

   Days on market: 4

   Walk Score®: 9
8. $310,000 : 9569 Bella Dr, Daphne
   
   3 beds, 2 full, 2 part baths

   Home size: 3,100 sq ft

   Lot size: 19,037 sq ft

   Year built: 2009

   Days on market: 7

   Walk Score®: 3
9. $410,000 : 7932 Pine Run, Daphne
   
   4 beds, 3 full, 1 part baths

   Home size: 3,262 sq ft

   Lot size: 22,040 sq ft

   Year built: 2004

   Days on market: 7

   Walk Score®: 14
10. $248,640 : 8821 Bainbridge Ct, Daphne
    
    4 beds, 3 full baths

    Home size: 2,368 sq ft

    Lot size: 12,000 sq ft

    Year built: 2011

    Days on market: 8

    Walk Score®: 18
11. $278,770 : 8796 Bainbridge Ct, Daphne
    
    3 beds, 2 full, 1 part baths

    Home size: 2,655 sq ft

    Lot size: 10,400 sq ft

    Year built: 2012

    Days on market: 8

    Walk Score®: 18
12. $243,200 : 8800 Bainbridge Ct, Daphne
    
    3 beds, 2 full, 1 part baths

    Home size: 2,317 sq ft

    Lot size: 16,250 sq ft

    Year built: 2012

    Days on market: 8

    Walk Score®: 18
13. $339,000 : 9494 Aspen Cir, Spanish Fort
    
    4 beds, 2 full, 1 part baths

    Home size: 2,878 sq ft

    Lot size: 28,314 sq ft

    Year built: 1999

    Days on market: 9

    Walk Score®: 34
14. $499,900 : 33971 Farrington Ln, Spanish Fort
    
    5 beds, 3 full, 1 part baths

    Home size: 4,057 sq ft

    Lot size: 19,000 sq ft

    Year built: 2007

    Days on market: 9

    Walk Score®: 0
15. $208,900 : 31025 Oakleigh Dr, Spanish Fort
    
    4 beds, 3 full baths

    Home size: 2,571 sq ft

    Lot size: 17,250 sq ft

    Year built: 2003

    Parking spots: 2

    Days on market: 10

    Walk Score®: 29

Listing information deemed reliable but not guaranteed. Read full disclaimer.

A short sale can be time consuming and complex

A short sale is the selling of Mobile, Alabama Metro area property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.

The basic process of a short sale is:

• Borrower must be in arrears on loan payments
• Borrower or broker contacts lender to discuss the possibility of a short sale
• Potential buyer makes offer, knowing what is owed by borrower/owner of property
• Lender reviews loan and offer
• Borrower has to show/prove financial hardship
• Lender and broker discuss value and condition of property and examine any offers
• Lender makes final call

The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won’t make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  Being in financial stress is not easy on anyone and using an expert will help you get the job accomplished in a more timely manner and help create a successful real estate transaction. This process is not for a buyer needing to occupy a home in a short time frame.

Call Barbara Reeves 888-489-8001 if you would like to discuss your situation.

If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding the reality is a way to help yourself. Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
4. Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.

For more information about short sales go to About website.

There is so much misinformation out there these days about Short Sales. While this transaction may be a somewhat complicated process, here are the three very uncomplicated things lenders are looking for to see if you qualify:

1. Financial Hardship: This is defined as a verifiable reason that has or will cause you to miss a payment, such as a mortgage payment adjustment, a job loss, too much debt or a business failure.
2. Monthly Shortfall: Lenders want to see that you cannot afford to pay your mortgage. You will be required to provide your agent a financial worksheet that demonstrates this. The shortfall equation is simple: Total Monthly Income – Total Monthly Expense = Monthly Shortfall.
3. Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.

For more information about the Short sale process go to Homebuying.com.

Homeowners having financial difficulties and in fear of losing their homes to foreclosure could be helped by the newest addition to the government’s housing-rescue plan. It entails a standard process and incentives for a short sale. It will simplify the process for borrowers to transfer ownership of their home to the mortgage company through a “deed in lieu” of foreclosure. This will benefit the buyer because they avoid “foreclosure” and it will benefit the lender because they will avoid the high foreclosure expenses and large amount of time it takes to complete the process. This year, short sales have increased to 20% of all home sales. Compared to foreclosure, a short sale is less costly to the lender, but for the buyer it must be approved and can take up to four months to complete. The government plans to pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for completed short sales and “deed in lieu” of foreclosure.  These incentives will help make the process go faster.

For more information on the government housing-rescue plan see USA Today for common questions.

Considering a short sale can be a daunting task if you are not armed with all of the necessary information regarding this type of transaction. Following are additional mistakes or problems that can be avoided if you know what to look for.

• Time: There never seems to be enough of it when conducting a short sale. Your agent needs to understand the local foreclosure laws so that you have an estimated timeline. Also, be sure that your agent can communicate effectively with your lender so you can stall a foreclosure by getting more time to negotiate a short sale. Always provide your agent with accurate information as to how many payments you may have missed and any correspondence you have from your lender.
• You must submit the deal properly: Following the directions that you receive for submission is imperative. If you are asked to fax your file, then fax the file and send a hard copy in the mail. If they ask for two copies, send two, and so on. If you have a contract and have gathered all of your information, the last thing you want is for no one to see it and the deal falls apart.
• The buyer’s offer is too low: A short sale is not a fire sale! A lender still will only approve a deal that is more attractive to them than a foreclosure. Make sure you present only the most properly negotiated offers.
• The buyer’s contract is not strong enough: You may find yourself with offers from unqualified buyers. Don’t forget to ask for verification from a buyer that they have been pre approved for financing.

Considering a short sale can be a daunting task because it is a bit more complicated than a traditional home sale. Knowing what some of the common short sale mistakes are and their solutions can be very helpful for a successful outcome. Here are some of the most common mistakes made with this type of transaction, and their solutions:

• The property is not priced correctly: Be sure that your agent takes you through a detailed listing price strategy so you know exactly where your home should be priced due to its current condition, the other current sales in your area, and how much time you have left to sell.

• The short sale Proposal is not fully completed: Be sure that you fully understand the short sale process and exactly what your lender is looking for, so that you can present a complete and cohesive Proposal to your lender.

• Not Enough Follow Up and Communication: Make sure that your agent is following up with everyone involved during each step of your short sale, so that you know right away if your file has been delayed.

If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help yourself. Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
4. Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.

Today many people are interested in Short Sales as a way to avoid Foreclosure. If you are interested in knowing more about a somewhat complicated transaction, here are the three very uncomplicated things lenders look for when qualifying a short sale:

• Financial Hardship:  This is defined as a verifiable reason that has or will cause you to miss a payment. Examples that qualify are mortgage payment adjustment, a job loss, too much debt or a business failure.
• Monthly Shortfall: Lenders want to see that you cannot afford to pay your mortgage. You will be required to provide your agent a financial worksheet that demonstrates this. The shortfall equation is simple. Total Monthly Income – Total Monthly Expense = Monthly Shortfall.
• Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.

For more information about Short Sales see About.com.

Other descriptions for short sale listings might be described with the phrases ”subject to bank approval” or “subject to lien-holder approval” or “as-is”. Rarely will you see “short sale”, so it’s best to be armed with some crucial information about short sales before considering buying one.

• In this type of transaction there is an additional party involved besides the buyer and the seller; the bank. The bank must approve the sale, and this can make the time to close much longer than usual. Expect it to take anywhere from four to six weeks. And once the bank’s approval is granted, they will expect you to be ready to close as soon as possible.
• You will need to pay for your own inspection, and since the sale is “as-is”, this means that no repairs will be done and there will be no closing cost credits for repairs.
• You will also need to pay for your own appraisal. The bank will do their own as well, and have been known to reject the sale based on their appraisal. Also, they may ask the buyer to raise their offer before approving the sale.
• These things are obvious risks to the potential buyer, as you could end up out of your inspection costs.
• Deferred maintenance on the home is a potential risk for the buyer. Consider that since the mortgage payments were not being made, it’s highly likely that the homeowner was not able to afford regular home maintenance.

Fore more information about short sales go to About.com.