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Short Sales Are Here To Stay

Posted on August 13, 2011 by admin

In 2010, one out of every four closings on homes (24%) were done with a
short sale, compared to 3% just two years ago. Real estate
professionals are predicting that percentage to rise in 2011 to an
estimated 33% or one in every 3 closings. These numbers are a drastic
representation of our economic status.

With homeowners losing jobs, taking pay cuts or losing a second income,
many homes are in jeopardy with the threat of foreclosure looming. A
short sale is a great way out for many who are experiencing financial
hardship, giving them the opportunity to sell their house and not owe
the bank more money, while the lenders save time and money that could
result from a foreclosure on that same property. A short sale allows
the homeowner to negotiate with the lender for a sale price on their
home, equal to its value on the market as well as its current
condition. The lender then forgives the rest of the loan.

So if the economy recovers, will short sales diminish? The percentages
may fluctuate, but with the public awareness of this option reaching
the masses, short sales will still be a solution to those who do find
themselves faced with foreclosure. There are many reasons why a person
or family may fall on hard times and it is not always the economy. A
death in the family, an injury, a company buy out, technology, etc.,
can all impact job security and the ability or inability to pay
mortgage payments. Back in 2005, not as many people were aware of the
existence of short sales and were foreclosed upon, losing everything
they put into their property, sometimes over twenty years of more.
Today and in the future, with the option to short sale, it gives people
hope and choices to help them start over.

Short Sales are here to stay as long as there are people who find
themselves in upside loans or struggling over their heads with mortgage
payments and other bills. Unfortunately, those situations will always
exist, but fortunately short sales is an option.
Posted in Short Sales | Tagged short sales continue | Leave a comment

The Top 10 Mistakes In Short Sales

Posted on August 12, 2011 by admin

1. Not Knowing the Foreclosure Process
There are two types of foreclosures, each with its own set of rules.
These rules are typically dependent on each state, so it best to read
up on the process for the state in which the property resides.

2. Not Knowing When to Hold `Em or when to Fold `Em
Know when to walk away. It can't be said in more simple terms than
that. If the deal is not working, too much money is going to be lost or
the timing is not working, walking away is the best option. Lingering
deals are a killer.

3. Poor Communication With Client
As important as location, location, location is property, so is
communication, communication, communication to short sale. Having a
complete package with no surprises, from financial statements to
property condition will yield the best results.

4. Ignorance of the Real Estate Laws
Not knowing the law when it comes to real estate will hugely impact the
success of a short sale. Breaking the laws without knowing it can
negate the entire deal.

5. Not Working As A Team
Don't go it alone. It takes a team to make a short sale happen.
Everyone from mortgage brokers, building inspectors, attorneys, title
companies and more are important to the process.

6. Not Qualifying the Client
Improper qualification of the client can nullify the deal. If you find
out that the client had bad spending habits resulting in not being able
to pay the mortgage or that they filed bankruptcy, will not qualify as
a hardship.

7. Not Qualifying the Property
To qualify for a short sale the property value must be equal to the
amount of the agreed upon deduction. A complete inspection must be
performed to acquire the precise condition of the home, including
neighborhood and the economic real estate climate at the time of the
sale.

8. Being Too Timid in the Process
Be aggressive, B - E aggressive - B-E-A-G-G-R-E-S-S-I-V-E! This is not
a time to be timid in negotiating, go for what you want.

9. Not Following Up
Keep abreast of what is happening at all times and follow up
consistently. Light a fire under whoever needs it to make the deal
happen.

10. Greed
Wanting to much profit out of a single short sale can put you right out
of the game.
Posted in Short Sales | Tagged top ten mistakes in short sales | Leave
a comment

Top 5 Negotiation Strategies in Short Sales

Posted on August 11, 2011 by admin

When a borrower falls into hardship and finds that they can no longer
make their mortgage payments, they face foreclosure. A foreclosure
results in a major loss to the Borrower who may have paid half or
three-quarters of their home off and now loses everything. It can also
be costly to the Lender, with foreclosures costing them an average of
$50,000.

A short sale can be beneficial to both the Borrower as well the Lender,
making it important for the Borrower to have a firm negotiation
strategy to shed light on the situation and make it clear why this is
the best option for BOTH.

The top 5 negotiation strategies that can get you on the fast track to
a short sales approval are. . .

1. A Complete and Comprehensive Package
The easier you can make it for the Lender to understand and to have
access to all the details that they need to make a decision, the better
the outcome will be. Having a complete file with all necessary
documents that includes financial statements, tax returns, condition of
the home (with photos), etc. as well as a net sheet that compares their
profit if the home went into foreclosure versus the short sale.

2. Promptness and Availability
Be prompt in your responses to calls, letters and emails. If the Lender
knows they can reach you easily and can get the answers they need in a
timely fashion, your short sale request will remain at the top of their
priority list.

3. An Effective Hardship Letter
A hardship letter should be included in your package, but do not make
the letter a sob story. Chances are the Lender has heard it all before.
You want to bullet point out precise reasons why you have fallen on
hard times and your plan of action to rectify your situation in the
future.

4. Speak the Same Language
Learn the proper terms when negotiating and speaking to your Lender.
The more well versed you appear, as well as having done your homework,
the more the Lender will respond favorably to you. Know your files
inside and out, use the proper terminology and have everything in front
of you when you are on a call.

5. Follow Up
Do not rely on the Lender, the court, the real estate agent, etc.
Follow up on every step and make sure everything is being done. Do not
be afraid to call the court or whoever is in the process, to make sure
they are getting done what they have to in order for the next step to
happen.
Posted in Short Sales | Tagged comprehensive package for short sales,
effective hardship letter, follow up in short sales, negotiation
strategies | Leave a comment

The Truth About Short Sale Pricing

Posted on August 10, 2011 by admin

When considering a short sale for your home, there are many aspects to
ensure the sale goes through quickly and smoothly. Price point is an
important piece of the puzzle.

There are 4 factors to that come into play when pricing your home for a
short sale.

Brokers Price Opinion
A lender will asses the value of your property in its current
condition. The BPO is based on three current active listings of
properties comparable to yours as well as three comparable recent
closes. Local marketing conditions are also factored in. There are two
types of BPO's - an interior and a drive-by. The interior BPO gives a
much more accurate picture of home, with the real estate agent
assessing the condition of the property inside and out.

An Appraisal
An appraisal is typically conducted, which gives a more indepth
assessment of the homes infrastructure - checking pipes, heating
elements, mold, support beams, cracks in foundation, etc. The appraisal
is more costly than a BPO, but gives a clearer picture of the
property's worth.

Lender's Approval Percentage
Each Lender has their own approval percentage, that fluctuates. The
approval percentage is the number of short sale approvals that a given
lender puts through in any given month or year. Knowing that number, in
addition to how many approvals have already gone through, can be
important in the timing of your short sale.

Lender's In-House Valuation
Most lenders have a special assets department who are adept at
analyzing appraisals and BPO reports. They review and make their own
valuation of the property's worth to be reported to the Lender along
with the other appraisal numbers and BPO.

To get the best BPO for your home, consider making some easy
improvements that can greatly increase your numbers. Cleaning,
de-cluttering and tidying can make a huge difference. Have a garage
sale, clean out bedrooms, clear off counters, and throw out worn or
dilapidated furniture. Add room fresheners and try to create an
ambiance that will make your home look better and more appealing.
Posted in Short Sales | Tagged short sale pricing | Leave a comment

Keeping An Eye On Everyone Involved In Short Sales

Posted on August 9, 2011 by admin

The expression, "if you want something done right, do it yourself,"
cannot be more true than in the short sale process. While there are
some things you cannot actually do on your own, keeping an eye on and
keeping the pressure on, those involved in the process can ensure
success.

Do not rely on those in the chain to be as diligent as you are. You are
the one being foreclosed on, you are the one who has the most to lose.
Every day that goes by is a day lost. Keep in mind that professionals
who are part of the short sale process are also working on other cases.
You may not be at the top of their stack.

Calling and keeping in CONSTANT contact with each person is the best
route. Learn the process and keep track of its progress. If you know
that person A is waiting on a signature from person B before they can
do their piece, make a phone call to person B, inquire on their status,
then follow up later that day or the next day with person A to see if
they received the signature. If not, call person B again. If they did
receive it, ask what the next step and follow up with person C.

Consider yourself the project manager. Just like the old trains needed
coal to keep running, make sure everyone is throwing that coal in the
fire to keep your short sale on track. The short sales process can be a
daunting and long process. It can be difficult at times and most people
will want to take the easy road. But your short sale is personal to
you, so YOU are the one that needs to ensure that it gets done, gets
approved and that your house is sold.
Posted in Short Sales | Tagged keeping an eye on short sales | Leave a
comment

5 Must-Have Character Traits To Be A Realtor In Short Sales

Posted on August 8, 2011 by admin

Not every real estate agent is successful in short sales. With short
sales becoming more and more popular, up 30% in just two years, real
estate agents who were once afraid of the process are jumping on board.

The 5 must have character traits a real estate should have to be
successful in short sales are being detail oriented, being a strong
negotiator, being persistent, meeting deadlines and being up on
technology.

Follow Up On The Details
Short sales is a process and the best real estate agents pay attention
to the details. Set calendar reminds, organize paperwork, make
follow-up calls to make sure every step is being completed. Don't
depend on other's in the chain to do what they say.

Negotiate, Negotiate
Know the property and know your market. Learn about the neighborhood,
last three sales of comparable properties in that area, current
listings in that area, etc. Turn the data into a picture - the more you
know the better.

Persistence
Be persistent and don't give up. Go through your checklist and make
sure everything is being done. If it takes 10 calls, make the calls. If
you need to respond to emails at midnight, do it. Get your point
across.

Meet Your Deadlines
Know the end date or the sale date. Mark it on your PDA, set alerts for
weeks and days ahead. Get status updates every day and make sure
other's know the deadline. And remember reputation is everything.
Chances are you will be working with the same people over and over
again on other short sales, do what you say, when you say you will and
get the results you want.

Tech Savvy
Use the web, email, and smart phones to stay on top. Those who are tech
savvy, can use the internet to do research, uses email, text and
alerts, are better organized and more in the know than those who do
not.
Posted in Short Sales | Tagged chracter traits for realtors | Leave a
comment

Why Are Real Estate Agents Afraid of Short Sales?

Posted on August 6, 2011 by admin

Short sales offer a great benefit to the Lender and the Borrower, but
some Real Estate Agents are not sure about the benefit to them. The
process of a short sale is a negotiation between the Borrower and the
Lender, but a good Real Estate Agent can help this process along and
make a profit as well.

Most agents are afraid due to the fact that statistically only 8%
actually close escrow and these deals can go on for long periods of
time. There is also a lot of homework involved to make the process go
smoothly. The agent must work with the Homeowner to assess the
property, the Borrowers reason for inability to pay and the willingness
of the Lender to accept the offer on the home.

There is a lot more involved than just selling a house outright, which
scares off many real estate agents, however, short sales are becoming
more and more popular in today's economy. The agents who take courses
or read up on the process are those that are adapting to the landscape
of real estate, giving themselves job security and making more money.

To make a short sale work involves some sort of investigating and
ensuring that there are no surprises down the road. While these types
of sales may not be as straight forward and dependable as a typical
sale, they do work and may become a large part of an agent's
commission. As unfortunate as it is, many people are finding themselves
in upside down loans and their only way out may come in the form of a
short sale. Stepping in and helping the process work, not only helps
the become upright but also helps the Lender save money and puts money
in the real estate agent's pocket as well. It's a win-win!
Posted in Short Sales | Tagged afraid of short sales | Leave a comment

From Homeowner To Renter

Posted on August 6, 2011 by admin

You are not alone. Millions of Americans have become renters again
after losing their homes. You may have had close to a 2000 square-foot
home with a garage and backyard and now you live in a cramped 500
square apartment with one bedroom and one bathroom.. Why such a
dramatic shift in living arrangements? You had bills, debts amassed
from the business, and practically zero income coming in. You chose to
do a short sale knowing it won't affect our credit rating as badly as a
foreclosure would. You wanted to have a chance to breathe again and
stay current with our bills.

When it becomes clear that a homeowner is about to lose his home, he
steels himself to think of the house only as an object. Yes, a home has
memories and so many other intangibles attached to it but these are
things you carry within you. They can't be taken away. You can cry
everyday over losing it or just move on and dream again of a brighter
future. While packing everything away you will realize that you can't
bring everything with you so you end up donating or selling a lot of
stuff.

Millions of Americans have become renters again after foreclosure.
Though the transition from owner to renter can be difficult, real
estate experts and financial consultants say it also can be an
opportunity to change some things for the better, and they offer
suggestions on how to make the most of renting after owning.
First, decide whether you want to rent an apartment, condo or house.
Consider: People who have gone through a foreclosure may have an easier
time renting directly from property owners than from apartment
complexes, which tend to place more emphasis on credit history, says
LaToya Irby, who offers financial advice on the Web site About

Use your time as a renter to save money and repair your credit now that
rent is often lower than a mortgage payment for comparable dwellings,
says Ralph Roberts, who wrote "Foreclosure Self-Defense for Dummies."
Renters should stay current with bills and reduce credit card debt, he
suggests, to improve their credit scores.

"That's the plan," agrees Mr. Bennett, 56, who hopes to be a homeowner
again someday. He and his wife bought their home in August 2007 but
then racked up medical expenses after he lost his job and health
insurance. They fell behind on mortgage payments.

While some families may choose to stay in the same school district,
others might use renting as an opportunity to move to a better one or
get closer to work or cultural attractions. Neighborhoods that were too
pricey when they were buying a home or paying taxes may be affordable
when they're renting, says Larry Cotter, general manager of the Web
site Apartmenthomeliving

"Living in a cultural center becomes a reality when you get rid of the
notion that living in a home is the American dream," he says.

The foreclosure crisis and accompanying real estate slump have created
more rental homes, but there also are more reasons than ever for
potential renters to be careful. Before renting a property, verify with
the local tax collection agency that property taxes have been paid and
see whether any paperwork related to the mortgage has been filed in
civil court. Unpaid taxes or court filings could indicate the property
owner is headed toward foreclosure.

"A lot of landlords are in trouble," says Mr. Roberts, a real-estate
agent in Sterling Heights, Mich. "Make sure the landlord you're dealing
with is current."
Posted in Short Sales | Tagged homeowner to renter | Leave a comment

Is Owning A Home No Longer The American Dream?

Posted on August 5, 2011 by admin

Owning a home is a great investment - this is the myth that has been
perpetrated on the public. The reality is that if you track the
increase in value of homes from 1890 to 2004, housing went up only a
minimal 0.4%, compared to 8% for the stock market.

It seems that the so-called American dream has only been a ploy by
banks and Wall Street to keep people in debt. Of course, many can argue
that a community with homeowners is more stable and secure. The problem
is, there seems to be a huge downside to ownership, namely:
Property Taxes
Insurance Premium
Maintenance and Remodeling Expenses
Utilities
Downpayment and Closing costs

You may add to the list any cost that involves "keeping up with the
Joneses." The neighbor has a huge snowman for Christmas? Well, Santa's
sleigh laden with gifts would be great on our lawn.
Don't get me wrong. There is great pride in home ownership. But, let's
not kid ourselves. We should want to own a home for the simple reason
that we want to have something we can call our own - a property where
the family can create special memories. Buying a home is not about
profiting from an investment. That way of thinking no longer applies
now that the bubble has burst.
Posted in Real Estate News | Tagged american dream, owning a home |
Leave a comment

Horror Scam Stories

Posted on August 4, 2011 by admin

I have had a couple of clients tell me horror stories of being taken
for a ride by scam artists. One of the most prevalent methods being
used by so-called "foreclosure professionals" is a sales pitch for
forensic mortgage loan audits.

Typically, they charge anywhere from $500 to a thousand dollars for
loan auditors or attorneys to review a homeowner's mortgage loan
documents in order to find out if the lender is in compliance with all
the mandatory lending laws. They usually claim that, normally, a lender
will make several mistakes in the documents and these can be used as
leverage to ask for a reduction in principal or a loan modification.

While it is true that the law does give the homeowner a chance to sue
on the basis of errors in loan documents, a lawsuit may not necessarily
result in a modification or lesser mortgage payment. Going through a
forensic loan audit is not a guarantee you will get relief from
foreclosure. In fact, it may be an unwanted expense at this point in
time.

As you know, there are many ways a scam can be perpetrated on a
distressed homeowner. The Federal Trade Commission urges you to be
cautious when dealing with anyone who promises foreclosure prevention,
especially those who collect fees before even providing any service or
those who recommend that you pay mortgage fees directly to them. A
forensic loan audit may not prove to be helpful at all. It may even
result in the loss of valuable time and money.

Beware of deceptive business practices and help the FTC by providing
them with information on these scam artists. Call toll-free
1-877-FTC-HELP.
Posted in Real Estate News | Tagged scam stories | Leave a comment
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