The phrase “Short-Sale” is getting quite a bit of face time. Just turn on the TV and you can hear reporters talking about the increasing number of short sales throughout the city…or pick up a local newspaper ( if your city is lucky enough to still have a daily newspaper) and read about short-sales and foreclosures. We keep hearing this term “short-sale”, but do we really know what it means?

What is a short sale?

The word itself is quite misleading; some assume that “short” means quick, which implies a quick closing. But what it really means is that the Homeowner is trying to sell his home for less than what he owes the Mortgage Lender. Let’s say that a Homeowner really needs to sell his home and owes $300,000 to his Lender, but that the current market says that his home is only worth $250,000. That is $50,000 less than what he owes…tack on additional monies to cover commissions that must be paid and closing costs, and the Homeowner is really in the red. Because a short sale results in the mortgage lender losing money on a property that is secured by a mortgage, these transactions must be done with full participation of the Lender. So…what does a Homeowner due if faced with a similar situation?

How to Get your Lender to Agree to a Short Sale

• Approach your Lender as soon as you think you might request a short sale. If you are struggling to make your monthly mortgage, immediately list your home with a qualified Realtor. If the Realtor suggests that your home will likely sell for less than what is owed on it, immediately contact your Lenders “short-sale” dept. and request a short-sale package.
• Authorize your Realtor – in writing – to work and to negotiate directly with your Lender.
• When your Realtor receives an offer on your home, make sure the Realtor includes a cover letter explaining the buyer’s qualifications, and amount of down payment. Disclose any other pertinent information to Lender to help them make a decision.
• Your Lender will require a hardship letter from you. Pour your heart out to lender. Present your finances in the worst possible light. If you lost your job, had a death in the family, or have any other circumstances, let the Lender know. Let them know that you are considering bankruptcy. Once you take the first step to bankruptcy, the foreclosure process is stopped and banks would rather resell your home at a loss than go through bankruptcy procedures and then try to sell it.
• Make sure your “short-sale” package is complete when you send it back to Lender. Short sales generally take a considerable amount of time so you want to make sure that you give the Lender ALL the information that they require in order for them to make an informed decision. At a minimum the Lender will want:

1. The offer to purchase your home, including the Buyer’s pre-approval letter
2. Your Hardship Letter
3. A balance sheet showing your monthly income and expenses
4. Copies of your Bank statements
5. A Net Sheet from your Realtor showing all the closing costs that must be paid for your short sale to close
6. Supporting documentation, including 2 months pay stubs
7. Your last 2 years income tax returns.

Having a “short-sale” on your credit report is considered a small blemish compared to a foreclosure, which can keep you from purchasing another home for up to 10 years. If you see that you are having difficulty in making your mortgage payments, take the initiative and contact your Lending institution or a Realtor. Don’t delay!!

Until next time….

Today we can participate in the making of history….It is Election Day in America…a day where either an African-American man will become the next President of the United States or a woman will be elected as Vice President.

“America is too great for small dreams”

Ronald Reagan ( 1911- 2004)

Both Obama and McCain have big dreams for our country’s future. Both men are committed to dedicating the next 4 years of their lives to securing our freedoms and our economy. Their words have inspired, comforted, persuaded and motivated us. It is with their words and their actions that we proceed to the polls to cast our votes. I do not know which man is right for the job, but I do know which one is wrong. (for me).

“In a moment of decision, the best thing you can do is the right thing. The worst thing you can do is nothing”

Theodore Roosevelt ( 1858-1919)

Voting is a right..it is a priviledge…it is your duty! Please get out and vote today. Make history. Have a voice. Do not let the long lines at the polls deter you. Be a part of history!

Until next time…

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My favorite time of year is Fall. I love the crisp mornings, the falling leaves and early evenings that make cozying up on the couch in front of the TV very appealing. But my most favorite thing about Fall is eating my Homemade Vegetable Beef Soup. I have shared this recipe with several of my clients and they can’t stop talking about it. So, in the spirit of sharing, I give you…

Homemade Vegetable Beef Soup

Sure to please even those who don’t like soup!

6 cups beef broth ( I use large container of Swanson Beef Broth)

1 can ( 15 oz) tomato sauce

1 can (14-16 oz) petite diced tomatoes

1-1/2 – 2 cups diced carrots

1-1/2 – 2 cups diced potatoes

½ cup diced onion

½ cup diced celery

½ cup diced bell pepper

2 ears fresh yellow corn, cut off cob ( If fresh corn not available, use frozen)

1-1/2 – 2 cups fresh green beans ( cut into bite size pieces).

1-1/2 lbs. stew meat or sirloin cut into bite size pieces.

Salt and Pepper to taste

1. In large saucepan or Dutch oven, combine ALL ingredients.

2. Bring to boil. Reduce heat, cover and simmer for 1-1/2 hours or until meat cooked and potatoes tender.

Serve with cornbread muffins.

I hope you take time to prepare this easy dish, sit around the table with family and friends, enjoying good food and good conversation!

Please leave me a comment below and let me know your thoughts!

Until next time…

At Halloween, ghosts and and their stories are plentiful and Music City is no exception. Nashville has a long history of hauntings, from the Tennessee State Capitol Building to the Grand Ole Opry and Ryman Auditoirum.

Employees at the Opry House contend that the late Roy Acuff has never really left the building and frequently refuses to allow the curtains to be drawn on his beloved Grand Ole Opry. After a performance, when the artists and fans have already headed home, employees report that they will sometimes turn off the lights and prepare to lock the doors, only to hear the sounds of the stage curtains opening. A quick check will reveal the curtains are indeed open and the lights are on, as if the King of Country Music himself were about to take the stage for another show.

Across town at the Opry’s former home, the Ryman Auditorium, are additional reports of unusual activity. The most famous ghost of the Ryman may also be country music’s busiest. Several Ryman employees report seeing white apparitions, but a few claim that they’ve come face to face with the actual ghost of Hank Williams Sr. Some say they have encountered Williams backstage, while one employee seems to think the white mist she saw onstage was Williams singing. A recent visitor is convinced that he ran into Williams in the alley between the Ryman and Tootsie’s Orchid Lounge, another of Williams’ haunts.

Music Row has its fair share of hauntings. Although the building that housed the old Gilley’s nightclub has been demolished, some Music Row veterans recall it as the site of a bizarre wrestling match between the club manager’s son and a spirit dressed as a Civil War soldier. The soldier disappeared, but the young man’s black eye was very real. At the offices of a prominent recored company, lights often turned on and off in empty offices, doors opened and closed unexpectedly, and locks changed themselves. All of the occurences so unnerved the employees that the label executives finally enlisted pyschics to cleanse the building of negative spirits.

Nashville offers a 90 minute walking ghost tour of our downtown streets. To find out more about the tour, visit www.NashvilleGhostTours.com. Have a safe and Happy Halloween!

Until next time….