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Why Choose Our Team For Your Short Sale?

• Our team has over 10 years of short sale experience in the Reno – Sparks real estate market.
• We are statistically one of the top performing short sale experts in the Reno-Sparks area.
• Our commitment to each homeowner is the same… We will evaluate each situation individually to help you determine which option is best for you.
• We will strive to make the Short Sale process as smooth, effortless and private as possible.
• We will communicate with you throughout the entire transaction, so you are never left wondering what is happening or if the transaction is going through.
• Our goal is not only to help you in this transaction, but hope to build a client for life by providing you with the outstanding service you deserve.
• We are not investors, we will not ask you to deed the property to us, we will not lie to you, we will not charge you up front fees and will not recommend you deed to a third party or give up your home. We serve as a neutral third party to the Short Sale transaction and are working for both buyer and seller as a third party negotiator.
• Our services our 100% free to you. Your mortgage lender will pay all real estate fees and commissions.
• We handle Short Sales in all areas of Reno, Sparks, Carson City, Minden, Incline Village, Fernley, Dayton and the Lake Tahoe areas on the Nevada side.  We can also refer you to our partners throughout California and the US if you property is located in another area.

Get Started On Your Short Sale

We have helped hundreds of Reno-Sparks homeowners just like you avoid foreclosure, navigate the short sale process, and move on to a better tomorrow!

Our 3 Promises To You

• We will save your credit
• We will stop the calls from creditors
• We will help you avoid foreclosure.

Who Are We

Welcome to the Heath Montgomery Real Estate Team Short Sale Website.  We are a local Real Estate Company serving Reno, Sparks, Carson Valley, and Incline Village.  We specialize in helping individuals that are heading into default on their current loans, or are already in the foreclosure process.  If you have questions, we have the answers to help you! We handle the listing and short sale negotiations throughout the entire short sale process.

We understand that defaulting on your mortgage can be a stressful and difficult situation.  We have counseled many individuals and families in similar situations.   Our team is here to help! We have discovered that many homeowners in this situation don’t realize that they have other options instead of foreclosure.  One of the best options to avoid foreclosure and save your credit is a short sale.

A short sale, is when the amount owed to the lenders is more than what the home can be sold for.  In a short sale, we list the property, and then negotiate with the bank to accept less than the full amount to satisfy the debt,  allowing it to be paid off “short”.

Just How Upside Down Is My Reno Home?

We truly care about people, and it has been a privilege for us to help many individuals and families throughout this economic downturn.  Our clients often refer to us as Honest, Dependable, Hardworking, and Trustworthy.  Many testimonials and reccomendations from our clients can be found on our testimonials page.

Why Choose Us?

Our team of Reno Sparks short sale professionals have consistently performed in the top 3% of all agents in Northern Nevada.  Our short sale success rate is among the highest in the industry, both nationally and locally.  We take pride in the fact that have successfully closed 95% of all short sale transactions that we have listed (the average agent closes less than 50% of their short sale transactions).  Our team has also won many top awards from Keller Williams Realty International as “top-producing” and “top performing”.

The Homeward Residential Short Sale that I listed, then got transferred to OCWEN has been quite straight forward.  OCWEN contacts responded to me when I informed them that I already had an offer with Homeward, and it only took about 2 weeks to get the offer uploaded into OCWEN. 

Took another 6 weeks or so to get final approval, but they did not counter at a hyper inflated price and my original offer/buyers stand.  We are in Escrow to close in 45 days or earlier.

This was my most recent OCWEN experience.  I have a new Short Sale Listing with OCWEN coming up in La Quinta in May.  I'm hopeful that it will generate the same smooth responses!

It’s a sign of the times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

What are your 10 Options to Avoid Foreclosure?

I haven't been listing nearly as many short sales this year. There are not as many upside down homeowners here in the Palm Springs Valley, and that's a good thing!  I have also become very saavy about which short sales have the highest percentage for a successful closing.

New La Quinta short sales coming up next week …

1.  North La Quinta single-family home in the highly desirable community of Bella Vista . One of the largest corner lots which also features a family pool and spa.  Seller is being relocated out-of-state for a job.  The note is with CITI mortgage.

2. PGA West champion for condominium on the Arnold Palmer course.  $307,000.   This condo has consistent rental history and has been well maintained.   Seller has moved out of the country and cannot continue with mortgage payments.   One note with OCWEN.

To view all La Quinta and Palm Springs Valley homes, land, or you equestrian properties … 

Palm Springs and the desert cities in general are seeing declining short sale listings.  Not just the numbers in listings, but also the prices have begun to creep up to closer to FMV.  Why?  I suspect there are several things at work here...

1.  We are a resort town.  By that I mean, there are many buyers wishing to own in our winter wonderland and so very few propeties languish on the market. 

2.  The new inventory which was hardest hit..2003-2006 built..have been sold out.  These developments have mostly turned. 

Short Sales have been purchased, refurbished, moved into or resold and have new homeowners.  Equity sales or standard sales are increasingand our inventory is markedly low..all across the valley.  There are still great values to be had if you compare price/sf to what they were in the peak, but those smashing Short Sale values???  Not so much.

Rock Realty is proud to announce: Michael Collins has received his Certified Distressed Property Expert designation (CDPE).

This is Michael's second such designation in the distressed property and pre-foreclosure field. He also holds the Short Sales & Foreclosure Resource (SFR) certification. If you are looking for a short sale specialist in the greater Madison & Janesville Wisconsin areas, Michael Collins is the Realtor® for you!

In fact, in 2012 Michael was involved in more short sale single family home & condo closings than any other real estate agent in the South Central Wisconsin MLS! He has represented both buyers and seller clients in Dane, Rock & Green Counties. In 2012 alone, he closed 8 Short Sale homes where he was the listing agent. Click the link below to see those sold listings!

Michael's 2012 Short Sale Closings

This cute little house was listed, negotiated, and CLOSED in less than 90 days by your Palm Springs Short Sale Specialist!

Primary home and the Sellers were relocated.  One note with Chase, and the negotiator was good; meaning she responded relatively quickly.  The closer dropped the ball a couple times, but nothing awful.  No cost to Seller, all deficiencies forgiven, and they've moved on with their lives.  Buyer got a great little investment home.  All is well.

This lovely little home in the La Quinta Cove will get a facelift, and be available for a tenant within the next two weeks.

List Price:  $130,000   Closed at $135,000

Chase write down?  Approx. $50,000.  Not huge, and now the home can be occupied after it's freshening up. 

I list, work and CLOSE my short sales!  No third party negotiators used or needed.  FREE consultations!

Only TWO closes left to accomplish in 2012. 

One with GMAC who used to be so easy.  Single family home in a 55+ area of Desert Hot Springs, CA.  Then they hired a Negotiation company, who fouled up the deal and then the Investor, FNMAE pulled their usual, "If you can't get me this much money..forget it!"  OK..the buyers did forget it!  I presented them the Valuation argument with supporting comps.  Had an offer for $235,000...which was over comps, but the buyer had a friend there and liked the location.  Nope says FNMAE..so months later, I kept reducing and now I have ONE offer at $200,000.  Just left $35,000 on the table, and months in the bottleneck of Short Sales.

My second Short Sale is a riot of fun!  Wells Fargo is the servicer, but they pulled the "bait and switch" to a new servicer in the middle of my last offer and the buyer fatigued and walked..and it was for $137,500..way over market!  Now, this same Condo in Indio has one offer I had to beg to get at $115,000.  No back ups.  Value has dropped, HOA's are high, older unit and the neighboring unit closed as an REO at $90,000!  Again, FNMAE as the Investor came back at $154,500 and we won't take a penney less!  OK..don't, leave another $20,000+ on the floor..

They are both assigned negotiators and we'll see if they decide to proceed.  Our Mortgage Debt Relief Act here in California expires on Jan. 1, so Sellers don't really care if it shorts or forecloses unless it's closed before 12/31. 

The good news is that ALL my short sale listings (dozens this year) have closed, approval letters with correct verbage, relocation fees paid out, Sellers paid zero..all good.  Now if I can just get these two closed.....

Palm Lakes Short Sale CLOSED!

Another Short Sale Listed, negotiated and CLOSED by the Desert’s Short Sale specialist.  This cute condo at Palm Lakes in Palm Desert was a B of A COOP short sale.

What’s a COOP short sale?  Co-operative.  That means Seller was pre-approved for the Short Sale, the List Price was the pre-approved net number to the Investors, so once it was listed and I got an offer, the process was much more efficient.

Listed to Close in just under 60 days.

One Note, Primary Residence.  No cost to Seller and Seller received $5,000 in Relocation fees from B of A at the Close of Escrow!

Looking for an experienced Short Sale List Agent?  Give me a call for your free property consultation…760-285-3578   kjkpolo@gmail.com

Here in the Palm Springs Valley of California, the past 4 years have seen a pile of Short Sales listed and closed.  Unfortunately, there have also been some questionable methods to this short sale madness.  This article sums up some of the Short Sale fraudulent practices that are showing up more and more frequently.  If you are considering a Short Sale, be sure to use a list Agent that is experienced in your area and bone up on the Short Sale Law in your state.

Don’t let your Short Sale turn into a Lemon..

Short Sales are here to stay for another couple of years.  The Deficiency protections afforded to Sellers of Short Sales in California is ecpiring 12/31/2012.  Will it be extended?  Nobody knows for sure.  It would be the smart thing to do  in our non-recourse state to avoide a slew of Foreclosures..but Lenders are not know for their “smarts”..rather their bottom lines on their books.

There is alot of Short Sale fraud happening.  Be careful about your List Agents and document everything!

.  Orange County Register

Short sale fraud “heating up,” expert says A panel of short sale experts presenting at CALIFORNIA REALTOR® EXPO 2012 in Anaheim last week said that “fraud is heating up like a wildfire right now …” and “we’ve got to be aware that this fraud is changing directions, jumping containment lines.”

• Short sales involve the selling of a home for less than is owed on its mortgage.
• Among the most common forms of fraud are: Flopping, non-arm’s length transaction, side agreements, and false information.
• Flopping: Scammers arrange to buy a home at an artificially deflated price intending to flip it immediately at its actual value.
• Non-arm’s length transactions: The buyer in a short sale is related to the seller by blood, marriage, or some type of business or personal affiliation.  This istypically arranged by an underwater borrower to regain ownership of the property free from the mortgage debt.
• Side agreements: In addition to payments included in a lender’s “approval letter,” the buyer and seller have side agreements to pay off junior liens, short sale negotiators’ fees, or other third-party fees.
• False information: The transaction includes phony details in the closing settlement statement, or HUD-1, to hide buried costs and fees.

I will do NOTHING that is not disclosed on the HUD.  Sellers and Buyers may not have ANY knowledge of each other.  Short Sales must be taken very seriously..

Short Sales are listed to be APPROVED, and that's just what has happened...again here in La Quinta, California.

5255 Avenida Obregon, La Quinta, CA. 

Primary Residence with one note with Chase.  Sellers were relocated for work. 

Listed and approved in approx. 90 days. 

Approx. Note value: $165,000

Approved at $135,000.  Not a huge write down for the Lenders, and they were relatively quick to respond.

Remember that if you want your Short Sale to be APPROVED, choose an experienced and certified Short Sale expert in your area.  It DOES make a difference.

Beautifully maintained 3bd/2ba Condo in Indian Palms Country Club; Just Listed.  $138,000.  This home is on an end parcel so common areas surround it, making it very private and quiet.  Plus..the Eastern porch is right on the Fairway!  3bd/2ba, built in 1981, with vaulted ceilings and a remodeled kitchen..even includes a single enclosed garage + a covered carport..what a deal!  The kitchen has stainless appliances, including a anew double sink and gorgeous slab granite.  There is a seperate dining room with a wet bar, a family room with sliders to the fairway porch, a large master bedroom with walk in closet and another porch and 2 additional bedrooms for guests.

Indian Palms CC, is off of Monroe Ave. in West Indio, and about 5 minutes from the Polo fields which is why so many equestrians have seasonal homes here.  A public golf course that is  "pay as you play, plus an onsite restaurant, clubhouse and gym if you choose to pay the very low gym membership, and lots of community pools.  One of the best deals in the desert with HOA's of approx. $250/month depending on where your home is.  This covers landscape, trash, insurance and exterior maintenance.

The borrower has only one note with Wells Fargo and was relocated for work, so should be relatively quick.

I list, negotiate and CLOSE my short sales, so there is no third party to deal with in my transactions. 

Just one more home loan adjusted, wiped off the books and a new buyer in place here in La Quinta.  This 3 bdrm/2ba courtyard POOL home was built in 1993 and approximately 1550 sf.  Currently has a tenant in place that has signed a lease with the new Buyers. 

Avenida Alvarado in the La Quinta Cove.

Original note value of $386,000.  Purchased in 2007.  Chase was the lienholder.  This home was purchased as an investment property.  No negotiation company used, needed or paid.  I like to have my hands and mind in on every trick for each of my Short Sales.  I love a challenge!

Closed at $141,000.  Seller paid zero, buyer paid zero. 

Listed to Close in Escrow in less than 90 days.   Lender had to have a couple extensions, but a pretty quick close nonetheless. 

La Quinta property values are actually increasing.  The entry level homes ($250,000 or less) have gone up approx. $10/sf since the bottom in the last Q of 2011.  There are multiple offers on almost every entry level home. 

There are still good deals to be had in La Quinta, just not quite as low as 2011.

Questions on your property value?  Give me a call at 760-285-3578 or www.kimberleyjoykelly.com should help..

Bank of America has a couple of new and updated news releases they just sent out..

1.  Bank of America Second Lien Release Guidelines: New and enhanced guidelines for Agents handling prperties with second liens on them.

• The Short Sale must be initiated on or after June 1, 2012.
• The Second must be attached to the First lien mortgage owned by B of A.

This Waiver Enhancement is based on the Department of Justice settlement and went into effect June 1, 2012.

2.  HAFA short sale update:  These enhanced HAFA guidelines went into effect 6/1/2012 and apply to current HAFA Short Sales.  The program has been extended to 12/31/2013.  If you write a contract 12/31/2013, it must close no later than September 30/2014.

• Second lien release amount raised from $6,000 to $8,500
• Relocation fee ($3,000) is paid ONLY to primary Residents
• Home can now be occupied by Tenants or relatives and still qualify for HAFA.  Tenants or occupants must vacate by Close of Escrow.

Great additions to Bank of America Short Sale programs.  For more information, give me a call at 760-285-3578 or go to www.kimberleyjoykelly.com 

My reservations about B of A's COOP short sale program may be easing here in Palm Springs Valley of California.  The only drawback I could see was that the appraisals kept coming in over market, and that dragged out the Listing time.  However, there are reductions scheduled for every 21 days so with this Short Sale without an offer, it seemed a perfect fit.

It took about 3 weeks for B of A to do their BPO, and assign a Listing Number to the property.  I had a number in my head that I knew would generate activity, and the number I got last week was actually approx. $3,000 LOWER than my number!  Great..off to a solid start.

I listed the Condo at Palm Lake in Palm Desert at 5:30 a.m., and had a cash offer by 5 pm..and the cash offer is about $2,000 OVER their List Price.  So, in this case, it was the correct number.

I have uploaded everything to Equator and my contact tells me they will review it early next week and let me know if we are golden to open Escrow and proceed to close.

The lower price points seem to be easier for the Investors to assign numbers to.  As you move up in values, their suggesst list prices get a little skewed, but that's to be expected I guess because not as many are SOLD!

Oh..best part?  The Condo is selling for approx. $52,000 and B of A is allowing $5,000 relocation fees to the Seller!  She's thrilled since she has lost a ton of money from what she paid in 2007. 

Choose an experienced Short Sale List Agent.  Certified, and experienced with lots of different Lenders..references provided upon request.  FREE consultations on your many options..760-285-3578.

Two spectacular short sales coming up next week here in the Palm Springs Valley, California..

1.  Indian Palms CC, Indio, CA.:  This 3bd/3ba Condo is located on the Fairway and in great condition.  Appliances included other than washer/dryer.  Granite eat counter was added off the kitchen and there is a lovely, gated porch on the Fairway side of the home and also on the off-fairway side.  I will list it at approx. $120,000.  One note with Wells Fargo.  HOA's are $225/month and include use of the community pools, clubhouse, restaurant, and common areas.  The course is public and very reasonable..pay as you play. 

2.  Indian Springs CC, Indio, CA:  Lovely 3bd/2ba approx. 1800 sf single family home at beautiful Indian Springs.  Great condition, although this one is not on the fairway.  It will list at approx. $170,000.  One note with Citibank.

I list, negotiate and CLOSE my own Short Sales.  No third party negotiation company used or needed.  I do not list Short Sales that I don't feel very confident about and consequently closed all of my Short Sales that I listed in 2011 and will do the same in 2012!

Free property consultations and short sale information..

PGA West, the 6 course golf community in La Quinta, California is where my latest approval came through.  This gorgeous single family residence with our most desireable orientation (South for most sun!), had two notes against it.  The owner had tried to sell it for almost 3 years..always chasing the market and not succeeding.

81-375 National Dr.  Listed on 5/27 and approved on July 18, 2012.  Less than 60 days for BOTH Lienholders approval. 

PML:  Bank of America   Note Value of approx. $1,400,000

HELOC:  Chase    Note Value of approx. $250,000

Negotiated amounts:

Bank of America:  $925,000 Sales Price with an $8500 payout to Chase.  Very much a fair market value for this property. Chase was first with their approval..but only by a couple days. 

I list, negotiate and CLOSE my Short Sales.  Certified and experienced with plenty of references, I enjoy my Short Sale work!  Equity Sales are also picking up tremendously in my Palm Springs Valley, as prices have pretty much stabilized in all price points..it's a good time to be a Buyer! 

Specifically...Lender names when talking about experiences with them with regards to Short Sales??? 

I have mixed feelings here.  Yes, I have posted blogs about my own experiences with particular Lenders.  They DO get responses..both from other Short Sale Agents which I find most helpful and even in some cases, the Lenders themselves.  I have had several stalled Short Sales resolved due to the interraction between my posts and the Lenders.  A good thing.

On the other hand, I am told by Agents that the Lenders monitor the blog sites and you don't want to be considered one of the "problem agents."  Hmmm....I think to be a good Short Sale List Agent, we SHOULD be creating "problems" for the Lenders by NOT giving up, going away, hiding our heads, apologizing, or simply accepting lame excuses for not processing our files. 

I have posted blogs on Bank of America, that were scathing, dripping with frustration and wondering why I could not get something resolved.  I have also posted blogs on Bank of America that are high in praise for a specific negotiator or the speed and efficiency that they handled a file.  It DOES happen.  Perhaps because I know it does happen, I find it appalling when there is an example of a REALLY bad Short Sale file.

I appreciate the volumes of files the Lenders have.  I appreciate that Bank of America in particular, due to their numbers of bad notes purchased from Countrywide and otherwise, CANNOT be on top of all their files.  I also read and file with care and believe each of the Agent e-mail updates.  They don't normally happen quickly, but they do show me that someone at Bank of America is trying to expedite the Short Sale process..and that is always good news.

I will continue to post blogs on both the good and the bad.  I think it's equally good for the Lenders to read about their short comings as it is to read about their successes..that's how things get changed.  I suspect that the Lenders DO monitor the blogs and they may put a black mark by my name as a "problem", but I'll take that chance to make it easier and faster for the next Short Sale List Agent that is working a file with them.

Generally speaking, short sales are so much better to handle in 2012 than they were in 2007, 2008 and 2009, that I have extremely optimistic feelings about short sales in 2013-2015.  Maybe they'll be done by then???

So I got a call to go meet some potential clients to list their home short.  Set the time, got my Short Sale info together along with the development info and off I went.

Lovely, older couple that were so scared and confused and very sad about losing their home.  He's 80, she's not much younger and they did NOT want to give it up yet.

So..I did my job as a Short Sale List Agent with integrity.  I educated them.  Spent almost 2 hours with them sharing the ins and outs of a Short Sale with them.  The timeline they are looking at since they are still current on their payments.  The other options available to them at this time..refinance?  Loan mod? 

They decided to contact their Lender and see what else was available.

As I was leaving, he said, "Thank you so much Kimberley.  What do we owe you?"

I laughed.  "Nothing.  I'm just doing my job.  I hope you will give me a call if you do decide to sell your home." 

They both said that was a sure thing.

Sometimes, our job is to share what we know about the market and short sales..not walk away with a listing.

Another successful short sale - this one on Stratton Major in Centreville, VA. Our clients bought in 2006 for $642,000 and we sold it days ago for $450,000. We went back and forth quite a bit with the lender, Chase Mortgage, but they agreed to work with us and they granted our sellers a deficiency waiver on the unpaid balance. Below are pages of the approval letter:

Stratton%20Major%20Chase%20Approval%20Pg%201.jpg 

Stratton%20Major%20Chase%20Approval%20Pg%202.jpg