Bion Grady's Blog (52)

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Why Do Some People Worship Perfect Credit?

It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating.







A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking… Continue

Added by Bion Grady on March 23, 2011 at 2:49am — No Comments

Powder Springs Short Sales: Why Lenders Back Off When Threatened With Bankruptcy

Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they… Continue

Added by Bion Grady on March 21, 2011 at 3:01am — No Comments

Another Example Of Lenders Attempting To Abuse Their Power

The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question.







"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.







This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.…







Continue

Added by Bion Grady on March 14, 2011 at 3:12am — 1 Comment

I can't afford my home. What should I do?









The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question.







"I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home.







Since it wasn't selling, we refinanced and split the equity. She used… Continue

Added by Bion Grady on March 12, 2011 at 4:24am — No Comments

A Little Known Fact About Short Sale Negotiators

A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac… Continue

Added by Bion Grady on March 10, 2011 at 4:05am — No Comments

Lenders Loses 50k Turning Down Short Sale

This bank's stockholders are probably unhappy after losing $50,000 over incompetence.






I have a good story today about another bank losing their shirt because their short sale process is so… Continue

Added by Bion Grady on March 9, 2011 at 7:57am — No Comments

Why Short Sales Sell For A Higher Price Than A Foreclosure

People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.







They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.







Discover how other sellers successfully… Continue

Added by Bion Grady on March 8, 2011 at 7:00am — No Comments

This Short Sale Negotiator Isn't Doing His Job











Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.







The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary… Continue

Added by Bion Grady on March 7, 2011 at 8:00am — No Comments

How to strong arm your lender on a short sale

Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.







After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.







How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their… Continue

Added by Bion Grady on March 4, 2011 at 4:07am — No Comments

Why it is cheaper to short sell and rent versus staying









Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.







They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.…







Continue

Added by Bion Grady on March 3, 2011 at 3:35am — 1 Comment

What can go bad on a short sale when you hire an agent that doesn't understand short sales









It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners.







"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.…







Continue

Added by Bion Grady on February 25, 2011 at 8:43am — No Comments

Homeowner Takes On Lender And Wins!

According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan… Continue

Added by Bion Grady on February 24, 2011 at 3:14am — No Comments

The Average Homeowner Can Live 492 Days Rent Free





According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.



That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free? …



Continue

Added by Bion Grady on February 23, 2011 at 4:58am — No Comments

If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home?









Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)







Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than… Continue

Added by Bion Grady on February 22, 2011 at 4:33am — No Comments

One Upside To The Horrible Housing Market

If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a… Continue

Added by Bion Grady on February 21, 2011 at 4:44am — No Comments

How To Avoid Any Surprises When Selling A Short Sale

"What? I Didnt Know We Had To Pay That Fee?!!"







Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller.







Before I start negotiations with your lender, I will order a complete title search. Here is why I do that. I want to know all the costs upfront,… Continue

Added by Bion Grady on February 20, 2011 at 1:25pm — No Comments

Why Is My Agent Trying To Talk Me Out Of Buying A Short Sale?

The Stop Foreclosure Institute recently received a question from Tamra. She is buying a home and her agent is trying to talk her out of short sales.







Here is Tamra’s question. “I am looking to buy a home. Some of the best priced properties are short sales. However, my agent won’t show me these homes.







She keeps on telling me the prices are lower than the lender will accept and that short sale never close. What should I do? I am really… Continue

Added by Bion Grady on February 19, 2011 at 4:42am — No Comments

What You Should Look For In A Buyer Of Your Short Sale Property









Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.







You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of… Continue

Added by Bion Grady on February 18, 2011 at 5:14am — No Comments

Is this a reasonable offer from a buyer of a short sale proeprty?









Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their lowball offer.







Here is an example of a recent story where this happened. A buyer makes an offer on a short sale.…







Continue

Added by Bion Grady on February 17, 2011 at 12:58pm — No Comments

What Is A BPO?









If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.







BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.







That value is what the lenders use to process the short… Continue

Added by Bion Grady on February 16, 2011 at 10:49am — No Comments

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