Buying in a Buyers Market

The Long and Short of Short Sales

A Short Sale has been referred to by more than one real estate professional as a dignified solution to a financial crisis. The reality is that many homeowners today owe more on their homes than they are worth and don’t know what to do. If you have exhausted other options like a mortgage modification or a refinance or simply can no longer afford your home due to the loss of a job or other hardship a short sale may be the solution for you.

Short Sale Qualifications

There are three simple qualifications almost every lender will want to see to qualify you for a short sale:
1. Financial Hardship - your mortgage company will want to see that you have a verifiable material hardship that is affecting your ability to pay your mortgage. Hardships can be issues such as a payment increase, job loss, income decrease, medical expenses and any other issue that is truly affecting your ability to pay.
2. Monthly Shortfall – your lender will want to see that on a monthly basis your hardship is causing you to have a monthly shortfall. This means that they want to see that your monthly income is less than your monthly expenses. This is a simple calculation that can be done by adding up all your expenses and comparing them to your total income. If your expenses are higher than your income you have a shortfall.
3. Insolvency – your lender or servicer will want to see that you are insolvent prior to approving a short sale. Simply translated this means they want to see that you do not have the ability to pay down the balance of your mortgage in liquid funds.

Short Sale Process – How do I get this done?
In order to successfully sell your property through a short sale you will need to fully cooperate with your real estate professional. Your assistance in this process will give you the highest likelihood of a successful outcome, a sale and most importantly a foreclosure avoided.

Here is a simple list of items you can take care of immediately:
· Prepare your property for sale, this includes: remove all clutter, make sure all lights work, clean out your property and make it as presentable as possible. Your agent will have additional suggestions for you however there is no reason not to get started now.
· Gather the required paperwork and documentation that your agent will need in your first meeting you have, see the list below.
· If you believe a short sale is the right option for you, list your property with the qualified CDPE professional that gave provided you with this information. They will help guide you through this process.


Paperwork Needed for a Short Sale
(Start Now)

In order to demonstrate to your lender that you qualify for a short sale your agent will need the following documentation:
· Two months most recent mortgage statements (all mortgages)
· Two months checking account statements (all borrowers if separate)
· Two months saving account statements (all borrowers if separate)
· Two months other account statements (all borrowers if separate)
· Last two paycheck stubs (all borrowers)
· Two years tax returns
· Hardship Letter (see samples)
· Financial Worksheet (provided)
· Any other documentation to help your agent prove your hardship
Monthly Income Shortfall Calculation

Total Monthly Income
-
Total Monthly Expenses
=
Total Monthly Shortfall
Don’t Delay
Each day is important when you are exploring options on your mortgage – don’t wait one day that could be spent working with your mortgage servicer or lender on finding a solution to your specific issue.
How will my retirement be treated in a short sale?
There is a common misconception that in order to qualify for a short sale you can’t have any assets or savings. This is not normally true; in fact in many cases banks are disregarding retirement accounts that would otherwise be protected in a bankruptcy. Don’t assume that you will have withdraw funds from these account to qualify.

Country Woods Offer Peace and Seclusion! -New Freedom, PA

Click Here to Search the ENTIRE York County MLS - Updated Hourly - Large Photos - Easy-to-read Maps

Larger than it Looks Cape Cod! - West York, PA

Click Here to Search the ENTIRE York County MLS - Updated Hourly - Large Photos - Easy-to-read Maps

Sunset Terrace, Dallastown- Roomy Ranch with curb appeal!

Home Buyers Seminar

York, Pa-- "The Pilgrim Team" at Professional Realty Associates is pleased to announce they are hosting a FREE informative Home Buyer Seminar. Anyone considering purchasing or investing in real estate should attend this special event. Learn about first time home buyer programs and the $8,000 tax credit. Take advantage of very low interest rates and how to buy short sales and foreclosures and save $1,000's of dollars!

Where: Tuesday May 19th at 7:00pm
at Perkins Family Restaurant (meeting room)
2500 E. Market St, York PA 17402

With Guest Speakers to include:
Maximum Realty Settlement Services will discuss the settlement process and how title insurance benefits you.
Steven Gohn of Credit Bureau of York will discuss how a person's credit score is an integral part of financing a home. He will suggest ways to improve their credit ratings, score and repair credit if necessary.
Tim Leiphart, V.P.National City Mortgage will inform us about new loan guidelines and taking advantage of the new First Time Home Buyer's Credit.
Jerry Pilgrim, Professional Realty Associates will speak to buyers interested in purchasing Homes for sale in york pa and what to expect when purchasing foreclosures and short sales.

Anyone who attends will receive a buyer’s orientation book and prizes.
All Attendees who purchase a home with us will receive a Free 1 yr. Home Warranty.
For more information or to make reservations for the Free seminar call Professional Realty Associates at 717-757-5955 or visit our webpage at www.PilgrimTeam.com and click the link to register online. http://www.pilgrimteam.com/home-buyers-seminar.aspx

Stone Mill Estates

Looking for a new home? If you are looking for a single family detached home in Manheim Twp Lancaster County PA you have got to check out the exciting models with prices that begin at $249,900 that inclue a large homesite and 4 BR's, 2BTH & 2 car garage.

Buying a Short Sale?

Thinking about buying a short sale? If you are make sure your Agent is a CDPE (Certified Distressed Property Expert). They have the training that get s the job done through the tough negotiating process. A CDPE has an average of an 80& success rate. Wheras the typical agent has a 20% rate. Who do you want working for you? Go to: http://www.pilgrimteam.com/avoid-foreclosure.aspx

Buying Foreclosures and Short Sales

by Jerry
The York County PA home market for foreclosures and short sales has really been heating up with the weather. Buyers are looking for house deals and they are finding them. Buyers need to realize that when they are looking for a good deal on Homes for sale in york pa that they will need to wait up to 60 days or longer in some cases to get the Lender to come back with either the acceptance of the offer or a rejection. Don't be discouraged by a rejection! It is all part of the negotiation process with the lender. The Lender will accept a counter-offer and usually accept it with sales comparable to back the offer up. They are trying to save the bank as much as they can to keep the loss to a minimum. Let the Pilgrim Team do the work for you when you are looking to save possibly thousands of dollars. We have the expertise and the knowledge few other real estate agents have with regards to foreclosures and short sales. You may have to be patient and wait longer but the savings will make it worthwhile. Call Professional Realty Associates and we'll get you started.

Pets Available at the SPCA of York County

by Kathy Ward
Because of the downturn in the economy many families are losing their jobs & many times their Homes for sale in york pa due to not being able to afford their mortgage payment any longer. Not only does it affect the family but it also affects the pets in the family. Many times when people are losing their Homes for sale in york pa they have to move into an apartment & pets are not always welcomed or the security deposit & extra charge for pets is too much of a financial burden. It's such a sad situation for everyone.
I'm a HUGE pet lover! My husband & I have "fur kids". We have two Yorkies, Lucy & Lexi & two cats, Madison & Max. We also feed & give shelter (in our garage!) to stray cats that we have named, got a few of them spayed & neutered, so they're part of the family, too!
If you are thinking of adopting a pet, please visit the SPCA of York County located at 3159 Susquehanna Trail North York, PA 17406. Their number is 717-764-6109. They currently have 90 dogs & 430 cats for adoption. Please check out their website at www.ycspca.org to view their adoptable pets & check out lots of other information.
I work with "The Pilgrim Team" at Professional Realty Associates as a buyer's specialist. Our office is located at 3921 E. Market St. York, PA 17402. You can contact our office at 717-757-5955 if you are considering selling and/or buying a home.

Trout Season

Trout season is in full swing across York County. The season officially opened at 8AM on April 4th. York County is blessed with some very good trout streams and approved wild trout waters.
Yellow Breeches creek is a popular destination towards the nothern area of York.
Codorus Creek, Muddy Creek, Fishing Creek, Otter Creek and Bald Eagle creek are some others but by no means all of the creeks here in south central PA.
Trout must be 7 inches minimum in length to keep and the daily bag limit is 5. A Pennsylvania fishing license along with a trout stamp are required.
Some of the species you can expect to catch are rainbow trout and brown trout. You could catch a brook trout but that is a little more rare to do.
Some of the more popular baits are worms, Powerbait, spinners, and minnows.
There are also some sections of creeks that are fly fishing only but make sure to consult your rule book to see where these locations are.
The PA Fish & Boat Commission stocks most creeks and some lakes with hatchery raised trout a few times per year. Check out their website to see when your favorite creek gets stocked.

Home Buyers in York PA

York PA home buying
Wednesday, April 15, 2009
by Jerry Pilgrim
Springtime has finally arrived here in York PA! With the arrival of spring house hunters are out and about looking for bargains. Buyers in particular have been looking to buy a "foreclosure" or "short sale" where they believe they can get a home for much less than market value. Buyers need to realize that the benefit of saving thousands of dollars come with it's own price. Lenders are nearly as negotiable on the price if buyers want to have home inspections performed on the property. Lenders are much more willing to negotiate if the home is bought "as is".
Now is the time to buy a home in York County with mortgage interest rates at or near historic lows, house prices have fallen to the extent that home buyers can get a lot of house for the money. Some neighborhoods that have seen drastic price reductions are; Logans Reserve, Heritage Hills, Brittany, The Outdoor Country Club, Wyndham Hills, Sage Hill, Wallingford, Regents Glen. There are many more. Southern York County has seen home prices drop substantially in Shrewsbury, New Freedom, Stewartstown. For more information can provide neighborhood information on recent sales and demographics by providing a market snaphot.

$8,000 Tax Credit For First Time Home Buyers

A tax credit of up to $8,000 is now available for first time home buyers who are buying a principle residence on or after January 1, 2009. This tax credit doesn not have to be repaid. First time home buyers need to act quickly because this perk will be discontinued on 12-1-09. Now is the time to buy Homes for sale in york pa here in the York County area. Interests rates are good, prices are low and if you are a first time home buyer you will receive a 8,000 tax credit!! Call The Pilgrim Team and Start Packing!!

Local Realtor Helps Families Dodge Foreclosure Bullet.

Local Realtor, Jerry Pilgrim, earns Harris Real Estate University Diploma as a Certified REO Specialist, making him an expert at selling forclosed properties. He has also earned the Certified Distressed Property Expert Designation (CDPE) through the Distresssed Property Institute. As a CDPE agent I have the tools and information homeowners need to avoid foreclosure and move forward with their lives.

A national epidemic is looming. Are you ready? We are in the most challenging real estate market since the Great Depression with no end in site for the immediate future. The government can only do so much to help victums of this situation. That is where specially educated and trained Real Estate Brokers like Jerry Pilgrim are here to help. The key is to take the corrective measures as soon as a mortgage payment can not be made on time. Our Goal is to help homeowners in distress avoid foreclosure and sell their properties. Jerry is a PA broker/owner
and York County Native serving customers since 1984.


Jerry Pilgrim
Professional Realty Associates
"The Pilgrim Team"
717-757-5955
www.PilgrimTeam.com
jpilgrim@pilgrimteam.com

Toys for Tots

Community Involvement as Toys For Tots Drop off Location

Professional Realty Associates
3921 E. Market Street York, PA 17402
is Sponsoring the U.S. Marine Corps Reserves
Toys For Tots Program again this year!
Help us support them by bringing new unwrapped toys.
Monday thru Friday 9am - 5pm till Dec 15th at the above location.
Make a child Smile This Holiday Season!
http://www.PilgrimTeam.com/

A Happy Thanksgiving of Gratitude

A Happy Thanksgiving of Gratitude!

Do you wait until Thanksgiving Day or Christmas to thank those that you love and those that have helped you? It is important to spend time during these special holidays to be thankful. However, it shouldn't be the only time you demonstrate your love and appreciation to others.

You should have no problem thinking of ones to thank on a daily or weekly basis. If you need some ideas, here are some to get you thinking:

* Your appreciation may have more of an impact when it is done at an unexpected time. Giving thanks during the holidays can be somewhat expected. Surprise someone by showing your gratitude when it is least expected and it will be remembered for a long time.

* It can be done immediately after an event you are most thankful for. That is when it will encourage others the most.

* Your notes and thoughtful comments won't get diluted by those from others trying to catch up for the past year on their thanks.

* You can give more time and personalized attention when showing your gratitude. You will not have to do something for a large list of people in a short period of time.

* True gratitude involves action. Lend a hand, Pitch in, Make a gift, Give your time, or just listen. Give back as often as you can.

Giving thanks doesn't just benefit the other person. You will receive benefits from doing it as well. You will begin to feel happier and more relaxed. In fact, it has been proven in studies that being grateful can have a positive effect on your health. It can reduce your stress and boost your immune system.

Christmas is important. Easter is important. Halloween is important for the kids. But for our own personal happiness, there is nothing like a truly heartfelt Thanksgiving. Why wouldn't you look for every opportunity to show your thankfulness to others? Don't wait for a holiday before you look for opportunities to show your gratitude. Give thanks on a regular basis throughout the year.

Make every day Thanksgiving Day in 2009!