Bion Grady's Blog – February 2011 Archive (19)

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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.…







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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? …



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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.…







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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

Would Dave Ramsey Love A Short Sale?









You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.







Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his… Continue

Added by Bion Grady on February 15, 2011 at 5:19am — No Comments

Could The Realtor You Hire Kill Your Short Sale?











The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon.







If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several… Continue

Added by Bion Grady on February 14, 2011 at 8:57am — No Comments

Why Do Lenders Pretend To Care About Their Customers?

Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers.







Somehow these banks think we will believe it. They must think that, or they wouldn't be running ads that say: "Come to ABC Bank. We answer you by your first name. You're not a number. We care about you."







What a bunch of garbage. Anyone who has attempted to negotiate a loan… Continue

Added by Bion Grady on February 11, 2011 at 10:46am — No Comments

How To Get A Short Sale Lender To Waive Deficiency Clause









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







"I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase.







How… Continue

Added by Bion Grady on February 10, 2011 at 9:26am — 1 Comment

Will I Still Have To Pay Property Taxes If I Do A Short Sale?









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







"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."…







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Added by Bion Grady on February 9, 2011 at 6:21am — No Comments

I Have Mortgage Insurance. Won't That Cover the Deficiency?









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







"If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max."







Discover how other sellers successfully did a short sale… Continue

Added by Bion Grady on February 8, 2011 at 6:08am — No Comments

How much Do you Charge for a Short Sale?











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







"I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much… Continue

Added by Bion Grady on February 7, 2011 at 4:45am — No Comments

What to expect during and after the Short Sale process

Here are a few things you should not be surprised to see crop up during the short sale process.







Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of… Continue

Added by Bion Grady on February 4, 2011 at 4:34am — No Comments

Don't Sweat it if the First Time Buyer gets impatient and walks off







Short Sales can be frustrating. It can take a long time for the lender to process everything and finally give the buyer an answer on their offer.







Oftentimes, by the time the lender makes a decision, the buyer has gotten impatient and moved on to another property.







Most lender short sale departments are overworked. That is why it… Continue

Added by Bion Grady on February 1, 2011 at 9:07am — No Comments

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