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Why Would A Lender Accept A Short Sale? For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lender agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, moreover, not all sellers nor all properties qualify for short sales. • Obtain legal advice from a competent real estate lawyer • Call an accountant to discuss short sale tax ramifications Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect. • Call the Lender You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision. • Submit Letter of Authorization Lenders typically do not want to disclose any of your personal information without written authorization to do so. • Preliminary Net Sheet This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. • Hardship Letter The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. • Proof of Income and Assets It is best to be truthful and honest about your financial situation and disclose assets. • Copies of Bank Statements If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. • Comparative Market Analysis Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA).
RE/MAX BAYSIDE WINS REGIONAL RISING STAR AWARD
Meredith, NH March 17, 2010 – RE/MAX Bayside, has been presented with the RE/MAX Rising Star Award. The Rising Star Award is given to a Broker/Owner who has been in with RE/MAX for less than two years, but exemplifies the qualities seen in Broker/Owners who have been with RE/MAX for much longer. Rob Wichland and Chris Kelly opened RE/MAX Bayside in June 2008 and since that time has already proven to be great leaders, and business owners, expanding the presence of RE/MAX throughout the Lakes Region area. “Rob Wichland and Chris Kelly are valued and trusted members of the RE/MAX network and demonstrate daily why they deserve this distinguished recognition,” said Jay Hummer, Executive Vice President and Regional Director of RE/MAX of New England. “We’re proud to have Rob and Chris as members of our region and we look forward to the future of RE/MAX Bayside. RE/MAX has nearly 100,000 agents worldwide and continues to lead the industry in top markets with cutting-edge technologies like the comprehensive property search engine on www.remax.com and the RE/MAX Satellite Network, that provides associates with award-winning programming, coaching and training in the convenience of their offices or homes.
First Time Home Buyer Credit Ends April 30th
WASHINGTON — A new law that went into effect Nov 6th extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase. The maximum credit amount remains at $8,000 for a first-time homebuyer – that is, a buyer who has not owned a primary residence during the three years up to the date of purchase. But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence. For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.
Winnipesaukee “ICE OUT”
"ICE OUT" on Lake Winnipesaukee occurred at 2:00pm on Wednesday, March 24th, 2010. The official "ICE OUT" was declared by Dave Emerson of Emerson Aviation of Gilford. Observers have been watching the ice disintegrate quickly with the warm weather this month and officials have been urging sportsmen to remove bob-houses since the beginning of the month. "ICE OUT" becomes official when the route of the MS Mount Washington is clear and navigable. That is, the ship must be able to cruise among its five ports: Alton Bay, Center Harbor, Meredith, Weirs Beach, and Wolfeboro. Records of "Ice Out" date back into the 1800's. The earliest "Ice Out" reported was on March 28, 1921 making this year's the very earliest on record. On average Ice Out appears in mid-April with the latest being on May 12th. The event serves as one of the annual omens of warmer weather, creating much speculation locally. More importantly, the occurrence signals the advent of another tourist season.
208 Daniel Webster Highway Meredith, NH (603)279.0079 www.baysidenh.net