Hope for Owners of "Unsellable Houses" and Buyers Who Have Been Deemed "Unloanable"
Many homeowners find the need to sell their homes quickly for various reasons. With the state of our economy, many find that their payments are harder to make, some find that they need to relocate in order to stay employed, others are facing divorce or health issues. Whatever reason they have to sell, most want to sell quickly. However, the economy has also affected our real estate home values. Home values have drastically been reduced over the last three years. For many homeowners, this means that homeowners now owe more than what their home is worth. It is difficult to sell a house with no equity or negative equity in a good real estate market, but in a falling market, it is virtually impossible.
Up to now, options for homeowners in this position have been limited and may include the following: mortgage loan modifications; short sales; bankruptcy; and foreclosure. Loan modifications are difficult and hard to get approved (only about 4% of loan modification requests actually get approved) and, in many cases, require a specialist to file the necessary documents. These specialists can be very expensive, making it even more difficult for the financially strapped home owner. There is also no guarantee that the bank will approve a loan modification. Real Estate Agents can be helpful in approaching the bank about a short sale; however, short sales are also not guaranteed and have a negative impact on credit scores. Often times, a short sale will still end up going into a foreclosure if a buyer cannot be found or the bank does not approve the short sale. Bankruptcy also affects the home owners' credit scores for 7 years. Foreclosures are the atomic bombs to credit scores. It is the worst option out there for homeowners, affecting credit scores up to 10 years or more and can have a negative impact on employment. (Many employers are now requiring a credit check prior to hiring.)
With limited options, many homeowners have been finding themselves with no choice but to end up in foreclosure, not only losing their homes but their credit, pride and dignity. For most of these homeowners, they did not choose this option and did everything in their power to prevent it. However, the effects on our economy were more than they could handle.
A new company called Lil Luv's Home Solutions, LLC now offers homeowners who need to sell their homes quickly new hope. Lil Luvs Home Solutions, LLC is a company made up of real estate investors. Because the company is made up of investors instead of realtors, they are able to offer nontraditional methods and strategies to get the home sold fast without waiting for the traditional MLS Listing system of selling a home. They can also help preserve the homeowners' credit.
There is also hope for home buyers. The company realizes that home buyers are having a difficult time buying with new restrictions on banks and the tightening down of the mortgage industry. For this reason, the company also has various programs available to help home buyers buy a home using non-traditional methods. With these strategies and methods, home buyers are able to achieve the American Dream of buying a home without bank qualifying.
Lil Luv's Home Solutions believes that their programs and strategies are a win-win solution for both home sellers and home buyers. The company recognizes that each person's situation is different and unique. For this reason, a company representative will meet with each home owner or home buyer on a one-on-one basis to learn about the situation and then comes up with not one but many options to help solve the situations and problems involved. It is then up to the individual to choose the option that is best for them.
Both home sellers and home buyers who want to learn how Lil Luvs Home Solutions can help them should visit their website at http://lil-luvs-home-solutions.com or can call 865-223-8075. The company is located in Sevier County, Tennessee but can assist anyone in the Tennessee, Western North Carolina or Southern Kentucky regions.
Published March 2, 2011
