St. Louis Real Estate and Community News » Foreclosure

St. Louis investing: Real Property, Real Returns – Winterizing Your Portfolio 2009 – Special Report – CNBC.com

nolting — Thu, 05 Nov 2009 12:00:50 +0000

Government spending is up. Inflation will follow. Where should you invest your money today?

CNBC.com reports that real estate is an excellent investment in this economic climate. Values are down, inventory is high, deals are out there.

Inflation will make your investment appreciate faster! That coupled with historically low interest rates points to a pretty safe investment. Real Property, Real Returns – Winterizing Your Portfolio 2009 – Special Report – CNBC.com.

If you are considering an investment property in St. Louis, check out my St. Louis Home Buyer’s Search site. There you will find everything on the market in the area.

If you’re interested in buying a St. Louis foreclosure property, give me a call and I’ll email you an updated list of available properties.

Anatomy of a Short Sale in St. Louis

lheraty — Sat, 26 Sep 2009 16:38:54 +0000

A short sale can be time consuming and complex

A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it. Short sales are becoming more and more popular in the St. Louis, MO, real estate market. 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. There are few CDPEs in St. Louis county. Nolting Real Estate has 2 on staff. 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.

If you’d like more assistance, please call me at 314-267-2636. And if you’re searching for a home, please check my St. Louis Real Estate Listings resource.

Myths about short sales in St. Louis.

nolting — Fri, 24 Jul 2009 10:38:15 +0000

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:

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.
Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
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.
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.
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!
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.
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. Also, search for short sales on my free St. Louis home listing resource. I can be reached at 314-267-2636.

Need to sell your distressed St. Louis home (Short Sale)?

nolting — Tue, 07 Jul 2009 02:52:05 +0000

Nolting Real Estate broker, Russell Nolting, is a Certified Distressed Property Expert® (CDPE). One of only a handful of Realtors in St Louis with this designation, a CDPE is a real estate professional with specific understanding of the complex issues now confronting the real estate industry. Through comprehensive training and experience, we are able to provide solutions for homeowners facing hardships in today’s real estate market.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. I believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional who has the CDPE designation. We have the tools needed to help homeowners find the best solution for their situation.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. If you would like to discuss your situation, please call Russell at 314 267 2636. Consultations are free of charge and your privacy will be protected.

I want to buy a home in St. Louis, but I declared bankruptcy a few years ago. What can I do?

nolting — Fri, 15 May 2009 02:44:54 +0000

The following is copied from FHA’s Mortgage Credit Analysis handbook. This handbook helps underwriters approve mortgage loans. An FHA loan can be obtained one year after the discharge of a bankruptcy provided that the bankruptcy was caused by extenuating circumstances beyond the borrowers control. Even if the bankruptcy was not caused by extenuating circumstances, a loan can be obtained after 2 years of good credit from the discharge date.

Many lenders are unwilling to work with challenging credit situations. But a lender who is willing to put forth a little extra energy to explain to FHA why the bankruptcy occurred can help someone buy a home who otherwise would be trapped in an apartment. If you need a lender, call me. Russ 314-267-2636 (24/7)

And if you’d like to start searching for a St. Louis home, click here.

From the Mortgage Credit Analysis handbook for FHA 4.C.2.

g. Chapter 7 Bankruptcy

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage, if at least two years have elapsed since the date of the discharge of the bankruptcy. During this time, the borrower must

have reestablished good credit, or
chosen not to incur new credit obligations.

An elapsed period of less than two years, but not less than 12 months may be acceptable for an FHA-insured mortgage, if the borrower

can show that the bankruptcy was caused by extenuating circumstances beyond his/her control, and
has since exhibited a documented ability to manage his/her financial affairs in a responsible manner.

Note: The lender must document that the borrower’s current situation indicates that the events that led to the bankruptcy are not likely to recur.

Key Points Of Interest On Obama’s Foreclosure-Prevention Plan

lheraty — Mon, 09 Mar 2009 18:00:20 +0000

Some key points on Obama’s foreclosure-prevention plan:

Loan terms may be modified by reducing payments for distressed borrowers
Refinancing for those current on payments, but have little or no equity in their home
Plan starts right away and is strictly for primary residences that are not vacant or condemned
Call your loan servicer for help to see if you qualify
There are no fees for this type of loan modification
To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
Modification plan ends on December 31st of 2012
Loans can be modified one time only

More information is available at financialstability.gov You can also visit my St. Louis Real Estate Listings resource, or call me at 314 267 2636. Russell

St. Louis Homeowners…If You Are Facing Foreclosure: Beware of Scam Artists!

lheraty — Sat, 31 Jan 2009 11:00:38 +0000

For anyone facing a foreclosure life can become extremely stressful, as there are so many new issues that you will be faced with. In this time of change and uncertainty, there are actually people out there that are preying on others going into foreclosure. Scam artists are coming out of the woodwork and are offering homeowners facing foreclosure a “deal” to renegotiate their loans for a fee. What people need to know is that in many states it is illegal for a person to ask homeowners for an upfront payment to renegotiate a mortgage - unless the Department of Real Estate holds record of them meeting license and registration requirements. You can verify this information and also check to make sure that your real estate broker and attorneys have valid licenses at www.dre.ca.gov. Always be skeptical and remember to never give anyone money in advance of any services they are offering. There are many non-profit groups that offer legal aid for free of charge to homeowners that are having trouble making their monthly payments. See more information at this avoiding mortgage foreclosure website. For more information, check out your Home Guide St. Louis. Or call Russ at 314-267-2636.