Last week we started discussing the benefits of short sale versus foreclosure. If you are still undecided about which is the better option for your home and your unique situation, take a moment to review these next points showing the benefits of short sale versus foreclosure.

Loan Applications - Whether you are buying your next home or a car, the majority of loan applications will ask if you have ever had a foreclosure. Previous foreclosures can make getting any type of loan more difficult. Loan applications do not ask applicants if they have had a short sale, and short sales will not appear on a credit history report.

Deficiency Amount and Judgement - The deficiency amount is the difference in the amount of the loan and the amount the lender was able to acquire in the selling of your home. In the majority of cases, a short sale generates a higher sales price and leaves less of a deficiency amount on the home. Due to the lesser amount of the deficiency, many mortgage companies forgive the debt and do not require repayment.

Increased Home Values - Many people are unaware that foreclosure reduces the home value of homes in the neighborhood. Selecting to sell your home through a short sale not only benefits you as the seller, but benefits your neighborhood as well.

Less Stress and More Control - Once a foreclosure begins, the home owner has limited control over the foreclosure, and this makes the stressful situation feel even worse. Although a short sale is not stress or risk free, it does provide the home owner with a sense of control by providing the home owner with more options.   

The decision to sell your home as a short sale or foreclose on your home is a big decision. I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

The time may come when you have to make the tough decision to sell your home as a short sale or foreclose on your home. Selecting the option of a short sale provides benefits that many people are not aware of. Take a moment to review the benefits of a short sale versus a foreclosure on your home.

Credit Score-Opting for a short sale provides benefits to your credit score and future home purchases. A short sale will show as paid or negotiated on a credit report. A short sale can decrease your credit score by as little as 50 points, and you are able to purchase another home 12-18 months after your short sale. Foreclosures can reduce your credit score by 250-300 points and postpone another home purchase for 2-3 years.

Employment Opportunities-Many job applications require a credit check as part of their background check for certain positions or specifically ask if you have had a foreclosure. A short sale will not appear on your credit history report or this type of background check.

Renting-For many, after a short sale or foreclosure, there is a period of time where you are required to rent a home or apartment. Many properties have restrictions against people who have gone through foreclosures, or the foreclosure prevents the person from having the minimum credit score required to rent a home. A short sale does not appear on the credit history report. A person will still have the ability to maintain the minimum credit score to rent a home. This is extremely beneficial in helping you to move forward with your life and your next home.

The decision to sell your home as a short sale or foreclose on your home is a big decision. I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin, at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures, visit my website.

Many going through or just completing foreclosure on a home think the worst is over, but in many cases people find it hard to regain a sense of control or normal after their home is foreclosed. Planning, preparing, and understanding how life may be different is essential to picking up and moving forward after a foreclosure.

Where to live--One of the items to start thinking about early in the foreclosure process is where will I live after the foreclosure is final. It is true that a recent foreclosure may hinder you from renting a home and for most people blocks a new mortgage for a minimum of two years. Start reviewing your housing options early in the foreclosure process and understand your new home possibilities and limitations. Landlords may require higher deposits or other items such as a co-signer due to your recent foreclosure. Review your home options and select your next home before you turn over your property to help reduce stress, provide time to pack, and give you something to look forward to during the foreclosure process.

Credit Fallout--Once your foreclosure is final and other creditors become aware, be prepared for possible changes from your other creditors. Any loan that has a variable interest rate may increase as much as thirty percent. Applying for new loans may be difficult and receive higher interest rates for the first two years. Try to have other debt payments up-to-date at the time of your foreclosure to minimize the level of upfront changes from creditors.

Taxes--Even though you foreclosed on the home, you may be responsible for a portion of the taxes owed on the property. This typically occurs when the amount the lender recovers is less than the amount owed, and the lender is not able to completely pay the amount of taxes owed. Work with an accountant to ensure that you make arrangements for any taxes that you are required to pay.  

Life after a foreclosure is challenging, and you may have multiple questions. I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin, at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

Are you one of the many people that had to foreclose on a home in the last 10 years? If yes, you may be wondering is it possible to purchase a home after foreclosure. Yes, purchasing a home is possible after foreclosure and it can occur sooner than many think. To help succeed at purchasing homes after foreclosure, please review the following tips and information.

Rebuilding Credit - One of the first steps after a foreclosure is to start building your credit once again. A foreclosure does negatively impact your credit, but with the right steps you can repair the damage to your credit. Ensure that each of your bills such as car loans, credit cards and utilities are being paid on time each month. If you are renting, strive to pay the rent each month on time and have a good relationship with your landlord. When applying for a home loan, lenders will review this information and it helps to determine whether you will quality for a mortgage.

Savings - A new home loan will require a down payment ranging 3.5-25% of the price of the home. Placing a set amount in your savings each month allows you to build the amount required for your down payment and teaches you responsibility over your finances. The discipline required to place money in savings each month shows your potential lender that you have improved your financial situation and are dedicated to continuing to strengthen your finances.

Do Not Max Out Credit Cards - Large amounts of credit card debit are warning signs to lenders and mortgage companies that you have not fully recovered your finances. The higher the amount of unsecure debt that you maintain reduces the available amount of income that you have to pay for a home loan in the eyes of a lender. Before starting your home search, take time to reduce your unsecure debit by paying off smaller loans.   

The decision to purchase a home after foreclosure is a big decision and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

When you fall behind on your payments on your home, it may feel that foreclosure is the only option, but understanding your options may help you to remain in your home. Many people find that there are available options to help you remain in the home and provide the time to help get your finances back on track.

One of these available options is a Claim Advance. This is simply when a mortgage holder provides you with a cash advance to bring your payment up to date. With this option, the amount is established as a second loan with a flexible payment start date. Many mortgage holders provide this option with little to no interest charges to the amount advanced. In cases where you have available equity in the home, you can use this to help you regain balance of finances.

Another option to consider is Re-Amortization. This option allows you to add the amount that you are behind to the original home loan. Keep in mind that with this option, adding to the amount of the loan will increase your payments unless the lender extends the length or term of your mortgage. Re-amortization is a great option for those who had an unexpected event result in the missed payments and the fresh start balances the finances. 

Research the options that your mortgage holder offers before the foreclosure process begins to determine what the best solution is for you. One step that many people forget or fear is speaking with the mortgage holder about your late payments. The lack of communication hurts your potential for staying in your home. Be honest and upfront with the mortgage holder and work with the lender to determine the best solution for you.

The decision for a claim advance or re-amortization to remain in your home is a big decision, and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin, at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

With all the TV shows about buying foreclosed property, a lot of people are receiving incorrect information about the process for buying foreclosed homes. Before you start scheduling appointments to view foreclosed properties, please review the information listed below to ensure you have accurate information about purchasing a foreclosed home.

Select a Real Estate Agent or Broker--First, select a real estate agent that specializes in foreclosures and is a CDPE--Certified Distressed Property Expert. I understand the entire foreclosure process, and I have the ability to ensure that your best interests are first. My expertise and understanding will provide you with an edge on the market, and I will be available each step of the process to answer any questions that you may have.

Lender Approval Letter--Sit down with the mortgage holder or bank, and obtain an approval letter for your loan. This will give you the ability to submit the approval letter with your sales offer on a property. A bank is more likely to approve a sale of a bank-owned property when they are aware your loan is already approved. This will reduce your time waiting at closing and help you to move into your home sooner.

Sold as Is--It is important to understand that the majority of foreclosed homes or bank-owned properties sell as is. As the buyer, you will be responsible for any repairs that the home will require and will need to take this into consideration when deciding on the amount to offer on a home. It is important to keep an open mind when looking at homes, and walk away from the home if the required repairs are more than you are able to handle or have resources for.

Price--Many people think a foreclosed home means you will have the ability to purchase the home for an amazing deal. This is not always the case in every home. As your real estate agent, I will perform the required comparisons to provide you with accurate information on the value of the home, so you can make your determination of what amount to offer on the home. The offer should be a fair price for the property or the bank will reject the offer to have the ability to accept a better offer from another person.

The decision to buy a foreclosed home is a big decision, and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or

(936)321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures, visit my website.

You have made the decision to sell your home as a short sale, but now what? Many people do not fully understand short sales or the short sale process and this creates stress, worry and miscommunication about how to move through the short sale process. Review these easy to follow tips to make sure that your short sale is effective and meets your home needs.

Mortgage Balance - The very first step of the short sale process for you as the seller is to accurately know what the balance of your mortgage is. If you have multiple loans on the property, each mortgage or loan holder has to approve the short sale. Understand that the mortgage holder or lender will set the price for the home, because they are the one that will be taking a loss on the sale of the property.

Hire Professionals - For the short sale process you will need a real estate attorney, tax consultant and a real estate agent that specializes in short sales. As an agent that specializes in short sales, I fully understand the short sale process and will ensure your best interests are placed first. Selecting qualified professionals to represent you in the beginning reduces the risks of errors and ensures your short sale is accurately monitored through each step of the process.

Prepare your Documents - A short sale of a home is not a guarantee and you as the seller must provide documents to detail your financial reason for the short sale. You are required to gather the requested documents and then the professionals you select will take the information to draw up your proposal. The proposal along with requested documents is submitted to the mortgage holder or lender. After the documents and proposal are reviewed by the lender, a decision to accept or decline the proposal will be sent to you. The more efficient you are at providing the documents lessen the amount of time waiting for an acceptance or denial of the proposal.

Requests and Demands - Considering a short sale is not like a traditional sale; expect and be prepared for multiple communications back and forth with the lender to finalize the deal. With each request from the lender, review the information with your real estate attorney, tax consultant and me, your real estate agent, to ensure that each request is in your best interest. Try not to delay in your responses to the lender as this will only lengthen the amount of time you will be waiting for the sale to be approved.

The decision to sell a home as a short sale is a big decision and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or 936-321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

As you look at potential homes in the Conroe area, one of the homes may be listed as a short sale. In many cases, buyers tend to shy away from these types of sales largely due to the lack of understanding of the short sale process. The tips listed below will give you the edge when considering purchasing a short sale home.

Lower offers receive slower response: Potential buyers see “short sale” and make an offer tremendously lower than the value of the home, hoping to purchase the home at a steal. This process can flood the bank or mortgage holder with numerous lowball offers, and cause longer response time from the bank. The potential buyer may spend months waiting to hear on an extremely low offer, just to have the bank reject the offer. When deciding on the price to offer, consider the home’s value and what is realistic.

Continue looking at properties: The short sale process is not a guaranteed sale, so potential buyers should not focus on just one property. With the appropriate contingencies in the sales offer, it is legal to look and make offers on numerous properties. Before making an offer on a short sale home, speak with your agent to ensure your offer is written correctly and does not limit you to waiting months for a response on one home.

Approved Short Sale: An approved short sale is where the price of the home is approved by the bank. The approved short sale tends to be the quickest form of short sale since you are not waiting for the bank to approve the offer. This type of sale lets the potential buyer know from the start what offer the bank will accept, and can use this information to determine if the price meets their budget and needs of the home.

Must close on time: Short sales differ from traditional sales during the closing process. In traditional sales, an extension on the closing is typically granted, but for short sales, many banks will not grant an extension. As a buyer of a short sale property, you should set a goal to have the paperwork and your portion of closing completed a few days before the actual closing of the home. This extra time acts as a safeguard, helps to reduce your stress during closing, and allows time for unexpected items.

The decision to buy a home as a short sale is a big decision. I am qualified and here to help answer any questions that you may have. We can review your options together so you can make the best decision for you and your home. You can contact me, Laura Austin at (281) 789-2911 or (936) 321-2977, or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

Whether you are buying or selling your Conroe home with a traditional sale or a short sale, a home inspection is a top concern for both buyers and sellers. In the traditional sale, the home inspection is typically performed at the beginning of the sales contract, but this is not always true for short sales.

As a seller who has selected to sell their home through short sale, you can request to not perform the home inspection until the bank or mortgage holder approves the sales offer. This way if the offer is rejected by the bank or mortgage holder, the buyer has not lost any money on the cost of the home inspection. Keep in mind with this option the length of time to close on the home is extended waiting on the home inspection, and the buyer still has the option to walk away if they do not like the results of the home inspection.

Performing the home inspection at the beginning of closing provides the seller and buyer with vital information about the home to help with preparing the final offer given to the lender. In short sales, the seller typically does not have the income to make the repairs and the buyer uses the home inspection results with the lender to settle on a purchase price. When the home inspection is present at the beginning of closing, the buyer knows the information up front and makes the decision to still purchase the home before sending the offer to the lender, which reduces the amount of time waiting in the closing process.

The last option for sellers of short sale homes is to up-front state the home is selling as-is. This option is preferred if the seller knows there are repairs such as a new roof and the seller cannot afford to make the repair. Selling the home as-is shortens the closing process even more by not having to schedule or wait on the home inspection. In cases where the seller is approaching foreclosure, this is the preferred option. Selling the home as-is reduces the number of unsure buyers as the buyer is aware upfront they will be responsible for all repairs on the home.

The decision to sell your home as a short sale is a big decision, and I am here to help and answer any questions that you may have. We can review your options together, so you can make the best decision for you and your home. You can contact me, Laura Austin at (281)789-2911 or (936)321-2977 or email Laura@RealtyTx.net. To find out more information on short sales and avoiding foreclosures visit my website.

Conroe – The Stop Foreclosure Institute recently received a question from another agent. Here was her question.

"I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you've already submitted one to the lender, does it reset your timeline to the beginning?

Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval?

Do you allow them to match the higher offer? You guys have so much experience, how do you handle this? Thanks! Diane."

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer. It all depends. We like to stay with the original offer if possible. But, we don't always do that. It all depends on what the seller wants to do.

If the bank is asking for a deficiency or promissory note, then the seller may want to submit the higher backup offers. We run this for the sellers and not the buyers benefit. We feel that it is our job is to represent the seller.

If the short sale lender does not like the first offer, then we will submit the next offer. But, if they accept the first offer, then we recommend that the seller go with that one to honor the first buyer.

That buyer has waited the longest and deserves to be rewarded for their patience. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 936-321-2977

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Conroe loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Laura Austin.

Laura is a Real Estate Agent at Keller Williams Realty.

Phone: 936-321-2977. .

View My homes for sale at .

Laura Bolieu Austin specializes in loan modification assistance and short sales in Conroe Texas. Conroe Loan Modification Help, Conroe Short Sales. Conroe Short Sale Realtor. Conroe Short Sales. Conroe Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Laura Austin, Keller Williams Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax adviser before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go through with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Laura's personal views and do not reflect the views of Keller Williams Realty.

This information on Conroe Short Sales: How Do You Handle Multiple Offers? is provided as a courtesy to our viewers to help them make informed decisions.

Laura Bolieu Austin
ABR, CDPE, CDRS, CSSBR, CHMS,
CSP, GRI, SFR, SRES, TAHS,
Certified New Home Buyers Representative
REALTOR®
Keller Williams Realty - Conroe
936-321-2977 Direct
281-798-2911 Cell
866-347-2911 Fax
Laura@RealtyTx.net
www.RealtyTx.net
www.StopForeclosuresInTX.com
www.AvoidForeclosureInConroe.com