MJ PETERSON REAL ESTATE – Ask The Experts –
Selling Your Home or Property: The First Steps

http://www.mjpeterson.com

The fourth installment of “Ask The Experts” Video explains the first steps (and the most important) in buying a house or property!” MJ Peterson Associate Broker Tammy Capozzi is here to help!

MJ Peterson – The Housing Experts Since 1930!

For more information regarding this subject or any other questions you may have, visit our website at: http://www.MJPeterson.com or call (716) 688-1234 and speak with an Experienced and Licensed Real Estate Agent/Broker today!

As a Western New York native and a 20+ year veteran in real estate, Tammy Capozzi and the Capozzi Team can provide you with helpful insights about the area and can show you why Western New York living is truly something to be desired. With a friendly and professional approach she helps clients feel comfortable about their home buying and selling decisions.Tammy is a dedicated and knowledgeable Buffalo Area real estate agent who can provide you with the highly specialized information that will help you make the right decisions. It’s the combination of her unique market-knowledge and her excellent negotiating skills that enable Tammy to get you the optimal price for any property you plan to buy or sell.

Tammy Capozzi
Licensed Associate Real Estate Broker
The Capozzi Team the Top Producing Team in 2008, #1 in Amherst 2009, 2010.

501 John James Audubon Pkwy Amherst, NY 14228
Direct: 716-578-5444 or: 716-689-7800
Fax: 716-636-6808
Web: http://www.tammycapozzi.com
Email: info@tammycapozzi.com
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Video Filmed, Produced and Optimized by:
Starlite Productions
http://www.Starlite-Pro.com

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Using a Realtor not only gives you negotiating power, it saves you time and money. Learn the steps you need to take before you begin your home search and what to ask for in the negotiations.

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A.J. Plant, Ottawa’s most unknown celebrity – The Ajent talks about the six steps to buying your home. These steps are a must to know especially if you are a first time home buyer or have not bought in a while.

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Barbara tries to sell a house in New Jersey in just 5 days

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Struggling homeowners will soon have more options to keep their homes out of foreclosure. There’s a program aimed at making short sales easier and more attractive for both lenders and home owners.

A short sale is where the bank agrees to let a homeowner sell their house for less than what’s owed. It allows struggling homeowners to better protect their credit, which can be damaged for 7 to 10 years with a foreclosure. But until now, short sales have been a cumbersome process – one that’s turned many away from this viable option.

Philip Lueckenotto bought a home on Springfields west side as an investment opportunity, but then the real estate bubble burst and he started to sink. I was getting underwater, he said.

He knew selling the home wasn’t an option. There was no way I was going to get what I paid for 2 and half years earlier.

Faced with foreclosure, Philip called his lender to refinance but was denied. Instead, his lender suggested he talk to a real estate agent about a short sale. A short sale is when lender agrees to take less than amount owed as full satisfaction of debt, said loss mitigation expert Jan Cole, with Carol Jones Realtors.

Instead of negatively impacting his credit for 7 to 10 years like a foreclosure, a short sale only hurts his credit for about 2 years. The theory is that everyone is a winner. The home owner walks away without a deficiency, the lender loses less and the person who buys it buys below market value, said Cole.

But Cole says it’s a cumbersome process that can take as long as a year to complete, turning many potential buyers away. There’s only about a 40% closing rate on short sales, she said.

The Home Affordable Foreclosure Alternatives Program aims to help. Its a streamlined form, streamlined process, and less paperwork. It also sets a better stage of steps for lender to walk through, said Cole.

It also provides a $1000 financial incentive to banks willing to take a short sale. It doesn’t sound like much, but if you’re a lender with 100,000 loans, that’s better than foreclosure, said Cole.

And perhaps most importantly, to the homeowner at least, it will provide them with $1500 to help them get back on their feet. For person living there, instead of letting it sell on court house steps, it would be an incentive to make them stick it out a little longer, said Lueckenotto.

The Home Affordable Foreclosure Alternatives Program takes effect April 5 and right now only applies to government backed loans such as Fannie Mae and Freddy Mac, but most experts agree that conventional lenders will soon follow.

In addition, it requires homeowners to first try and refinance the home or get a loan modification. If those are not options, then the bank will consider a short sale.

If you have a question about this program, go to our Ask an Expert message board where you can post a question for our real estate expert.

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