The Congress is close to passing a law to give homebuyers who were under contract on a home purchased by April 30 an additional three months to close on the home and still be able to claim the federal homebuyer tax credit.  The new deadline is going to be September 30th, 2010.

This will not extend the deadline for homebuyers to qualify for the tax credit.  To qualify for the credit you had to have purchased and had a fully executed contract by April 30th, 2010.

The reasoning given for the extension was that many homebuyers were not going to be able to close on their new homes in time for the June 30th deadline due to a backlog of loan applications that lenders were trying to handle.

The real issue here though, are the short sales.  Many of these sales were not going to able to be closed in time due to the long delays that occur in trying to complete a short, thus there was going to be a large number of  “fall-thru’s” (sales which do not close) and all of these properties were going to be coming back onto the market with a large number of them headed for foreclosure.

Looking for deals on short sales and foreclosures in West Chester & Liberty Township?  >>Get a free list here

Relocating To West Chester, Liberty Township Or Mason, Ohio??  Request Our Free Relocation Information Package By Clicking Here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

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.  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:

• Although many believe that a borrower must be in arrears on loan payments this is not necessarily true
• 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 and having received the CDPE designation will help me get the job accomplished in a more timely manner and help create a successful real estate transaction for my clients” said Eric Lowry.

Looking For Information on Avoiding Foreclosure or More Information On Short Sales?  Visit My New Website: WestChesterOhShortSales.com

ERIC LOWRY EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Eric Lowry of Keller Williams Realty, West Chester, Ohio has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Cincinnati, Ohio area, an increasing number of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Eric Lowry. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Eric with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.

Looking For Information on Avoiding Foreclosure or More Information On Short Sales?  Visit My New Website: WestChesterOhShortSales.com