What do Real Estate Agents do to Sell a Home?

Outside of the legal and medical professions, most industries are filled with people that work their tails off without the general public understanding their line of work. This is quite common for people that work in the real estate industry. Here are some of the many things that an agent does to sell a home for a new listing.

Extensive Photos

As the old saying goes “a picture is worth a thousand words.” Real estate agents will take lots of pictures to show off the best aspects of the home. When prospective buyers have an opportunity to see multiple pictures of a place before they view the property it helps to get the buyers more familiar with the property. It also reduces the number of people who are certain they will not buy a home based on the presence, or lack of, certain features.

Social Media Announcement

With multiple pictures of the property in hand, an agent can post to the various social media sites and alert all their friends and connections that the home is now available. With the multiple interactions found on most of the social media sites this is a great way to spread the word and let potential buyers know about the home's availability and best selling points. Good agents post to multiple sites like Facebook, Google +, Twitter and even Pinterest.

Newsletters

Many real estate agents connect with their past clients and prospects by sending out a monthly or quarterly newsletter. The newsletter can be sent via email or the old fashioned way of postal mail. This gives the agent a chance to pass along helpful information, such as home maintenance tips, energy saving advice as well as all of their new home listings. This is an easy way to reach people that may not be active on social media and still give them a chance to see the home in pictures.

Emails

Some agents aggressively market their listings by sending out emails to their prospective buyer base. These email lists are built over time from a multitude of different sources like, previous clients, internet leads and people that have signed up via their website. Since some home buyers can spend many years searching for a home, this large database of previous contacts can be a key component to selling your home.

On top of that, most agents will present any new listings to their own personal buyer clients who might be interested. Since they have in-depth knowledge of the home, it's much easier to explain the benefits. They will also share the new listing with other agents in their office/company in hopes they promote it to their buyer clients.

MLS Listing

One of the most important things an agent can do is list a home with the MLS (Multiple Listing Service). This service is accessible by local real estate agents and to Realtors® across the country via certain home search websites. When a buyer comes to an agent and asks for a list of potential homes, the agent will use the MLS service to find all available homes in the area. Agents pay yearly to have access to this database in order to be ready when either a buyer or seller is in need.

Showings

When a potential buyer wishes to see a home the real estate agent is the one that meets them at the home and gives them a tour. This is where the real estate agent can show off the home and brag about the top features of the property. Agents often make themselves available day or night for showing to accommodate the schedules of both the buyers and the sellers.

Open Houses

Agents often hold open houses on the property. These typically occur on the weekends, most commonly on Sunday. Occasionally, open houses are held on weeknights as well. An open house provides a 'no pressure' forum for people to tour the home. Many times the attendees are not actively looking to purchase at that moment and many visitors will actually be neighbors. Either way, getting your home in front of the largest audience is key. Any open house visitor could know someone 'in the market' for a home who they may tell.

An experienced real estate agent will put together a complete marketing plan for any new listing to give their client the best chance of selling the property at the anticipated price. Click the following link to see how Rock Realty can successfully market and sell your house: Rock Realty Home Marketing Plan

I remember writing earlier this year that I had finally gotten to the point of only having very few Short Sales ...it wasn't but 30 days or so later...when out of nowhere...Came A Batch...not just 5 or 6...but over 10...WHAT? What had happened? Where are these coming from? And you know what? They are now Super Powered...what is that you say?

I mean ones that are so far advanced that they still blow me away...Now It seems Banks will wait for BK's to Discharge only to ask the Non-obligated Borrower if they would like to skip going to Foreclosure and participate in a Short Sale instead(WHAT???-YEP)...word to the wise...No matter what I have found that sending everything to the BK Depts. also helps in the Short Sale...

I am also getting the properties with Home Assistance tacked on or Emergency Funds that helped them stay in the house prior to...tracking folks down on these is a bit timely...for us it was almost all done through NC Housing or HUD for the emergency funds...

Those are just a few...Just when you thought we could sit back...Life smacks ya with opportunity(Regular agents still don't want to do Short Sales...so they toss these files over to The Short Sale Agents "known for getting our hands dirty"-so to say)...

Better watch what you say out loud...Just when you say "I wouldn't mind a few short sales again..."...a lot of folks will hear you...and then it will be a bunch; all at once...Just like the old days... 

Good grief!  Two notes..ok, I know it's going to be difficult, but so what?  Shorts Sales are never a slam dunk, and I've done so many now that that just didn't deter me. 

The first is with OCWEN, who have become much easier to deal with.  It's the second that have caused me problems.  Real Time Solutions..aaargh!!  So vague, and so not interested in making things clear or following up.

Good news???  After 7 months, we are set to close 3/30/15!!  Whoopee!!

Short Sales do require tenacity and constant follow up, and even then...imagine a 7 month Escrow!  At least I've got a good buyers' Agent and her buyers never quit.  They are getting a nice property at a good value....FINALLY!!

Realtors in Beaumont

Beaumont, California Short Sale REALTORS - Helping People with the Short Sale Process

Are you under-water on your Beaumont, California home? Have you experienced a hardship that has made paying your mortgage difficult or impossible? We can help you. Whether you occupy the home, its vacant or a rental, we have helped many Beaumont homeowners and other Southern California residents short sale their homes and avoid foreclosure.

WE ARE BEAUMONT CA SHORT SALE REALTORS

Here's a quick summary of who we are:

• We have lived and worked in Beaumont, California since 2007/2008, and have been helping Beaumont homeowners sell their distressed homes since the market crash.

• We specialize in short sales! We've helped many homeowners negotiate with banks and lenders. We've worked with all the major banks, and most of the small ones too. WE KNOW THE SHORT SALE PROCESS AND WE KNOW WHAT WE ARE DOING.

• We are a husband and wife team, and we are full service short sale agents. We handle all aspects of the short sale process from beginning to closing. And we never, EVER charge you a dime for our short sale services.

As of this post its July 2016. Yes, the market has recovered, but not all Beaumont homes have regained their purchase value! If you're still struggling to maintain that under-water home, call us and let's discuss your options:

Todd & Devona Garrigus

Garrigus Real Estate Group/HomeSmart Professionals

(951) 490-3683

Check out our Short Sale Formula

Beaumont CA Short Sale REALTORS

Thanks for following my blog posts.  As you know, I do short sales in the Portland area.  This is about a lower end short sale property in Portland.

Back in May of last year (2013) a lady called me.  She and her mother wanted to sell a property on a short sale.  I usually don't take transactions under $200K.  It is not because I am above that.  It is because, I have calculated that I may take too much work and not make the hourly fee worthwhile.

For Portland, a property under $200K is for sure a lower end short sale.  Anyway, what maters the most in a short sale, is total cooperation.  They were willing to vacate the property, clean it and let me know as soon as they were good to go.  I totally forgot about the subject.  Suddenly, I got a call in September.  They were now ready to list the property and were ready sign the listing.

Sometimes things start easy.  The next day after listing the property, I went to place a lock box.  As I was driving out, a saw an evident Realtor type lady park in front of the house.  From my car window I asked her if she was a Realtor.  Of course she was.  Anyway, a few hours later I got the offer from her for this short sale, plus a back up short sale offer.

The short sale was with Ocwen.   I had just closed a transaction with Ocwen.  That was the only part I did not like about this short sale.  It seems Ocwen has two branches.  One that works out of Texas through Equator.  The other one is in India.  To my luck, this short sale was with the Texas group.

The only part that took a while, was waiting for a document the seller could not find and had to be re-issued.  Other than that this was a fast deal.   I am usually present at the appraisal or BPO.   The BPO came laughably high.  Some agent from Re/Max did it.  I don't even remember the name or want too.  He called to ask if there was access.  Anyway, I was able to prove that the offer was very good and the BPO so far off.

So I got my short sale approval in about three weeks after I actually sent the documents.  However, the buyer's inspection showed mold in part of the crawl space.  I presented the evidence to Ocwen.  They adjusted their net so it now worked again for the buyer.  The short sale was approved in about one month total. 

Time Summary:

From listing to paperwork submission (including getting the offer) took one month.  This is because of the missing document stated above. 

Short sale processing  took another month

Closing was same week as short sale approval because it was a cash deal

In this transaction I made around $175 per hour.  Better than expected.

 Here is a link to the property in my web site PDX Experts Short Sale 2

and

Understanding a short sale approval letter is a critical skill for a real estate agent, homeowner selling on a short sale, investor buying on a short sale, and anyone affected by a particular short sale transaction.

Most banks approving short sales are national.  This means they have loans in most states.  However, they often have legal council for the states they have loans in.  Because of this, often they will adjust their short sale approvals based on what works on the state were the property collateral to the loan is located.

This subject can get real technical.  That would be outside the scope of this blog post.  Lets focus on what the person selling on a short sale (homeowner) really want as first choice.  That is to not owe after the short sale. 

Just to not miss any components, there are three important concepts to understand.  Here I am simplifying to the maximum.

• Short Payoff:  The bank gets paid less than the total present value of the loan balance and releases its interest on the property.  So the property is no longer collateral.
• Release of Lien:  A type of short payoff in which, the shortfall between what is owed to the bank and obtained from the sale, is still owed by the homeowner.   Basically the homeowner still owes to the bank
• Short Sale:  A type of short payoff in which the homeowner does not owe anything to the bank after the property is sold. 

Needless to say, all homeowners want a short sale.  The question now is to know what is that the short sale letter actually means behind all that legalese wording.

How to Distinguish a Short Sale Approval Letter:

A short sale approval will always clearly state that the loan will be satisfied in full for less than the amount owed or very similar wording.  See sample below.

How to Distinguish a Release of Lien:

A release of lien letter will always indicate that the lien will be released but the debt will not be satisfied in full.  In addition, most likely, the homeowner will have to sign a promissory note at closing.

Oscar Morante
Ph:  971-222-3734
Fax: 866-844-7009
PDX Experts Real Estate, LLC
www.PDXExperts.com
534 SW 3rd Avenue
Suite 305
Portland, OR 97204

Real Estate Agent
Realtor

We would like to introduce you to our home buyer specialist, Bethany Alexander, Realtor® serving the Oregon, Wisconsin area!

Rock Realty Client Testimonials

"Mike & Matt,

Thank you so much for helping us find our dream home! We love it! Thank you for the many hours spent in research, travel, phone calls, and emails. Thank you for being open & honest with us every step of the way! We felt we could trust you 100%. We really enjoyed working with you and highly recommend you to others.

Thanks!"

Kevin & Abby G. (Madison, WI)
Rock Realty Home Buyer Client

Thanks for the compliments, and Congratulations on your new home Kevin & Abby!

Looking to purchase a home in Wisconsin?? Contact Rock Realty! We would love to help!!

https://www.youtube.com/user/toporlandorealtors

Rock Realty Client Testimonials

"I found Rock Realty on the internet while looking for someone to help us sell our house .. I called and talked to Mike, we set up an appt and he got the ball rolling... and wow did he get the ball rolling..he stepped up in every aspect.. the house was all over the net and we had people looking at the house right away .. he was right there every time we had questions and made us feel as if we were his only client.. he worked thru any difficulties we had without any negativities...our house sold Very quickly and Mike really stepped up through the whole process... Our thanks to Mike and Rock Realty"

Scott H. (Janesville, WI)
Rock Realty Seller Client

Thanks for the compliments, and Congratulations on your closing Scott!

Looking to sell your home at a great price!? Check out what Rock Realty can do for you!

Rock Realty Online Marketing Plan

Unfortunately, not all Short Sale properties that are listed for sale in the Los Angeles area will close escrow. First, what is a Short Sale? If a home's current market value is less than the mortgage balance owed and the homeowner (borrower) cannot afford to make the mortgage payments, they will ask their lender(s) to take an offer from a buyer and approve a Short Sale. This a very different type of sale compared to the traditional real estate transaction. Not all real estate agents will have the training, knowledge and experience that is required with a Short Sale. So, choosing a professional Short Sale Realtor is important. The homeowner is already having a difficult time and does not need to become the agent's first short sale experience. 

If a trustee sale date has been set or the foreclosure date is soon approaching, that could put the Short Sale at risk. The Short Sale Agent and seller would have to work on getting the short sale package to the lender quickly and then, the agent must insist that the lender postpone the foreclosure sale so that there is time for a Short Sale. So, it is better not to wait if you are planning on a Short Sale. 

Sometimes, a lien or judgment will show up that affects the title of the property besides the mortgage loans. These liens or judgments must be cleared before a sale can close. Liens may include past due homeowner association (HOA) fees and state or income taxes. Judgments may be as a result of unpaid credit card bills, for example. 

Other reasons that a Short Sale might not be successful: 

All Short Sale lenders will require an appraisal on their behalf to obtain an estimate of the fair market value of the property before they approve an offer. Sometimes, the appraiser's value will come in "high" and the lender might want more than a buyer is willing to pay for the home. The Short Sale Realtor should be able to work with the lender to dispute the value (if that's the situation). 

If there is more than one mortgage loan involved, then a second lender will need to approve a certain amount of money for their settlement as part of the Short Sale. The first mortgage company dictates how much of the Short Sale proceeds they are willing to allow to the junior loans. If the junior liens want more money, there are ways that it can be satisfied. 

It is also important that the buyer that is purchasing the home be serious and qualified. The buyer should be able to obtain financing (unless they are paying cash) to complete the purchase of the short sale home. If the buyer cancels, another buyer has to be ready to go.

However, there is good news-- my Short Sales have been successful. So, Short Sales do close!

Note: While I was in the process of writing this article, I received a phone call from a short seller that had a trustee sale date within a couple of days. The homeowner was upset because they had hired a real estate agent to work with their lender on a Short Sale and the realtor did not properly communicate with the lender so the bank was not postponing the foreclosure sale. Seller was NOT happy. 

Google+ Sara Mehrpouyan CDPE is an Experienced, Knowledgable, & Trusted Short Sale Realtor Agent in Los Angeles area

los angeles short sale realtor agent

source: http://activerain.com/blogsview/3765671/are-all-short-sales-in-los-angeles-always-a-success-

Glendale Short Sale Help

Glendale, California – Is your loan with a large Bank/Lender, for instance Chase, Well Fargo, Bank of America or Citibank? In contrast, these Banks/Lenders usually do not make the FINAL decision on your Glendale Short Sale.

Here are the reasons why:

The vast majority of the time, the banks/lenders are working as a just the servicing company. They’re handling the loan for an “Investor” or third party.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The third party owner will most likely be a corporation, a pension fund, a Wall Street firm, or split up amongst sometimes thousands of individuals in what’s called MBS (Mortgaged Backed Securities)

The owner, or Investor, can also be a government backed or sponsored entities…for instance, Fannie Mae & Freddie Mac. These entities are called GSEs (Government Sponsored Entities).  This is essential, in most cases, because you can contact these entities if your servicer refuses your short sale.

What to find out if Fannie Mae or Freddie Mac own your mortgage loan? Click here! We have ways to find out who the Investor is on your mortgage loan if your home is NOT owned by Fannie Mae & Freddie Mac. Click Here, and fill out the short form to the right of the page and one of my team members will give you a call…we have multiple ways of figuring out who the investors are and how to get a hold of them. Usually, they will reassess your short sale…all you have to do is present your case and make sure that they are aware of your concerns and let them know absolutely why they should accept the short sale offer.

I’ve noticed that the Investor will generally do a much better job of assessing the short sale offer…especially, because it’s their money. Once their review is complete, they will usually approve the short sale offer and make sure that the servicing company is well aware of the acceptance. This has been especially helpful when the servicing company has asked for a contribution from the buyer and/or seller, when they want to issue the seller a promissory note or a deficiency judgment.

There has been many times where the negotiator at the servicing company will just reject the short sale for no good reason. There have been other times where the negotiator has asked for irrational demands…like an offer on the home for above fair market value.

You may ask why in the world someone would do this. Well? It could be multiple reasons…for instance; they may get compensated with a bonus for obtaining an offer and successfully closing the short sale for a higher price than what the property is worth.

Do to this, they might turn down a short sale offer that otherwise might have been approved. When this happens and the property forecloses, the Investor usually nets a much lower amount back, once the home is sold as a REO.  It becomes a lose, lose situation for all parties involved including the investor. The servicing company is the only one that usually wins regardless of the property foreclosing or closing through a short sale. Their servicing agreement allows them to collect everything that’s owed to them by the investor on the property; which puts a lot less money into the investor’s pockets.

This might be a surprise to many of you, but this does happen quite often. If you feel like this is happening to you, find out who the investor is and make sure they are aware of what’s happening with the servicing company. I’ve personally been able to get multiple short sales approved by bypassing the servicing company and going directly to the investor when the servicing company does not cooperate.

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at CMe4Homes@JenniferEscobar.com will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (818) 335-7078

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Want more information about a California Free Loan Modification? Our FREE Loan Modification Services will help you get a loan modification approved with your lender.

Click Here for more information regarding my FREE LOAN MODIFICATION SERVICES!

Thanks for reading my blog post, Jennifer Escobar.

The Jennifer Escobar Team @ Qwest Real Estate

Phone: 818-335-7078              Email: CMe4Homes@JenniferEscobar.com

Website: www.TheJenniferEscobarTeam.com

Glendale California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modification Los Angeles Short Sale Specialist | Los Angeles Short Sale | When to short sale in Los Angeles | Los Angeles Short Sale Taxes | Why Short Sale in Los Angeles | Los Angeles Short Sale Requirements | Los Angeles Short Sale Guidelines | How does short sale work in Los Angeles | Los Angeles Mortgage Short Sale

Jennifer Escobar Specializes in FREE California Loan Modification Help to Southern California distressed homeowner’s who are seeking FREE CA Loan Modification assistance in their pursuit of a Loan Modification in Southern California. Furthermore, Jennifer Escobar also Specializes in Short Sales and has successfully listed, marketed and successfully negotiated hundreds of short sales in Southern California. Jennifer Escobar is a Short Sale Specialist successfully negotiating short sales in Glendale, Burbank, Granada Hills, North Hollywood, Sunland, Tujunga, Sylmar, Van Nuys, Valley Village and Lake Balboa. Glendale Loan Modification Help, Glendale Short Sales, Glendale Short Sale Realtor, Short Sale Realtor. Glendale CA Short Sales. Glendale Realtor. North Hollywood Loan Modification Help, North Hollywood Short Sales, North Hollywood Short Sale Realtor, North Hollywood Realtor. Granada Hills Loan Modification Help, Granada Hills Short Sales, Granada Hills Short Sale Realtor, Granada Hills Realtor. Burbank Loan Modification Help, Burbank Short Sales, Burbank Short Sale Realtor, Burbank Realtor. Van Nuys Loan Modification Help, Van Nuys Short Sales, Van Nuys Short Sale Realtor, Van Nuys Realtor.

FIND A NORCO CA REAL ESTATE AGENT - FIND A NORCO CA REALTOR ®

Whether you're planning on buying or selling a Norco CA home, choosing the right Real Estate Agent is one of the most important decisions you'll make.

When selling Your Norco CA home:

When selling your Norco CA home, a professional real estate agent can be an indispensable resource. We can give you up-to-date information regarding prices, financing, terms and conditions of competing properties, and information about the Norco CA housing market in general. We will market your property to other real estate agents via the MLS (Multiple Listing Service), as well as to the public, including extensive on-line exposure. As professional and successful Norco CA real estate agents/REALTORS®, we can also help you objectively evaluate buyer proposals, and then, finally, help you close the sale.

When buying a Norco CA home:

When buying a Norco CA home, having the assistance of a real estate agent/REALTOR® can be equally as important. Real estate agents have access to resources for assisting you in your home search not available elsewhere. A real estate agent can also provide you with objective information about each property, and give you advice based on years of experience. Our Norco CA real estate agents/REALTORS® will help you negotiate - and also steer you through - the closing process to make sure everything goes smoothly.

About Us:

We understand how difficult it can be to buy a home for your family or to sell your home on today's real estate market. We list and sell real estate standard sales, short sales and foreclosure sales. We also assist buyers in finding their next home or property.

Call Us Now: (888) 9-List-It.

That's (888) 954-7848.

In Santa Clara from Jan 1, 2012 until June 30, 2012 there were:

97 closed short sales

47 closed bank owned homes

Total sales during this time period were 491

Total % Short Sales: 19.8%

Total % REO Sales: 9.6%

Total Percentage  Santa Clara Distressed Properties: 29.4%

29.4% of all Santa Clara sales being distressed is enough to have an effect on the overall market. However, as inventory is still so low, unless these homes are truly physically distressed, which is more common with bank owned homes at this level, most homes will not sell for much less than fair market value. There are twice as many short sales as foreclosures in this time period which is what we are seeing in many other cities. 

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In 2007 the Sunnyvale market was very competitive for buyers, especially for homes in the Cupertino School District. Many homes were getting multiple offers (like today) and nerves were often frayed (like today). I was working with a very nice couple who were looking for a single family home with Cupertino schools. They made several offers before one of their offers was finally accepted. 

One house came on the market in the Birdland neighborhood and the agent said we could submit an offer right away and she would present it to the seller. So my buyers wrote a very good offer which was submitted on a Friday evening, but the agent said she could not get a hold of her clients and would get back to me. There was an open house on Saturday and my clients went to the open house but did not tell the listing agent who they were. They stood there as the listing agent told the visitors to the open house that she had an offer, exactly how much it was, and what they would have to do to make a better offer.

I was shocked, and my clients not happy, escpecially when they did not get the home. But they said at the time, they felt the agent was trying to get the best deal for the seller. 

When my clients finally got an offer accepted and closed escrow on a great home I helped them find some contractors to update the kitchen and baths. When this was done, they were ready to put their town home on the market. Much to my amazement they asked the agent who told other potential buyers what their offer was to list their home. Their reasoning was they felt that agent was going to get them a better offer even if it was not done fairly to the buyers.

Wait, it gets better. Right before the home went on the market the client called me to tell me the home was listed and please feel free to bring in a buyer. I said, while trying very hard not to laugh, "After what this agent did to you, I would never subject another buyer to their unethical treatment. It would be totally unfair to my buyer." Their town home did eventually sell, but for 5% less and in 6 times as long a time period as most other homes at that time. The old client was shocked. 

So the point to all this is that a Sunnyvale Short Sale Agent must have an impeccable reputation with other agents. It is not enough to have a well priced home to sell. If you hire an agent who does not play well with other children (or other Sunnyvale short sale realtors) you will make a complicated transaction even more complicated. Short sales, even more than traditional sales, need everyone to work together, sort of like a synchronized swim team. If one of the team members is trying to drown the other team members no one wins.

So do your self a favor, when looking for a realtor for your Sunnyvale Short Sale find someone who is experienced, well educated in the process, and has a great reputation with other agents.

If you have any questions about buying or selling a short sale in San Mateo or Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away.

Perhaps you have heard about it???

 On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but you can't avoid seeing the many Short Sales and Foreclosures in Phoenix, Arizona.  Many people are being led to believe that walking away from their home is a good (or even the best!) option.

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a RELIEF. The REALITY, however, is that choosing Strategic Default has serious repercussions on your credit.

THERE ARE BETTER OPTIONS AVAILABLE!

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Click here ...

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.  

Facing your problems head-on is always the best solution. Let me help.

Arthur Wainio

www.shortsalewitharthur.com

Most times when agents or homeowners know I have a listing down the street...they can safely say "This chic is about to destroy the values in my neighborhood"...OK, mostly true because of my Short Sales, really...I am just bringing the neighborhood down to it's true Market Value, none the less, I have been called The Grimm Reaper....

But what bites my behind is when I go to bat to get a Short Sale approved, show comps and get a bank to lower their BPO/Appraisal pricing to what clearly is a fabulous deal and then....wait for it...I hear....CRICKETS from the Buyer's side...the buyer agent frantically trying to pin down their buyer, wondering if that buyer has possibly gone on a crusie to a third world country and cannot be reached to take The Deal of The Century....

BofA countered at $216K, and since I felt that it was still too high, and the buyer's offer was still lower...  we were able to "Convince" the bank to "come to the light" and see the true value is at $200K....which the buyer wanted...then...and stil NOTHIN', good news here is at  10am this puppy goes back onto the market as an Approved Short Sale, but we all know what happens...I WILL NEED TO RE-ENTER ALL THIS INFO AGAIN ONCE WE HAVE ANOTHER OFFER & BUYER...

Dear Buyer, If you don't surface by 10am, Good Luck, Hope I dont eventually come to  neighborhood where you end up buying...because I know you have heard of That Chic That Does Short Sales.... .

If you’ve found this blog just by searching on the internet, there’s a good chance you’ve read the advantages a Short Sale can have over simply “walking” from the property and letting your lender foreclose.

In case you haven’t heard the reasons, let’s list some of them:

1. No Deficiency – if you have a “recourse” loan in California, you can be subject to further collections and a deficiency judgment after foreclosure. On the other hand, California Civil Code 580

e prohibits lenders of 1st and junior mortgages from seeking the shortage after completion of a short sale.

2. Less credit impact – while it’s true that in many cases a Short Sale is treated equally as foreclosure in loan applications, keep in mind that a human (as opposed to a computer) will view a person’s attempt to settle a debt vs. simply walking from it reflects better character.

3. Less Stress / Guilt – most homeowners that are facing foreclosure say that their biggest source of stress is uncertainty. The thought of a sheriff eviction or their home being listed as  a “Bank Owned” home shatters confidence. In a short sale, the sale of the home at least adds some certainty and timeline when to move on thehomeowner’s terms as opposed to the bank’s.

We’ll cover the biggest advantage of a Short Sale over Foreclosure in a minute.

In most cases, at least 2 of those 3 reasons are worth taking the time to hire a Short Sale Specialist and cooperating with showings of your home.

On the other hand, when does Foreclosure become the better option over a seeking a Short Sale Settlement?

1. When you have a non-recourse loan and your lender is requiring a significant cash contribution or promissory note. This is on a case-by-case basis and everyone’s situation will be different. You’ll need to put a dollar amount on how much the credit damage will cost you in terms of higher interest rates on credit and your ability to re-enter the Real Estate market while prices are low. If the lender’s amount exceeds this amount you estimated, then it’s not worth it. Of course, you’ll want an attorney to review your loan to see if it’s truly a non-recourse situation.

2. Short Sale becomes Counterproductive - The biggest advantage to seeking a short sale is maintaining the mindset of person who wants to move on from this “transitional” period in their life. Staying in “limbo” adds to a homeowner’s stress and doesn’t focus on recovery. When a short sale negotiation doesn’t go right, it can conflict this goal of recovery. Even after you hire a Short Sale Specialist Realtor to reduce your workload, there’s still time and decision making required on your side. If you have a foreclosure auction scheduled and the lender is unwilling to mutually postpone, attorney and court fees can pile up. When certain lenders or their investors get too difficult to deal with, it may be better to cut your losses and just let the lender foreclose after giving the short sale settlement a “reasonable” attempt.

Of course, you can offset some of the possible frustration with a sound gameplan. A seasoned Short Sale Specialist will know which scenarios are usually toughest to deal with: Mortgage Insurance (also known as “MI”), non-delegated servicing agreements, investors who usually don’t cooperate with short sales, homes with auction notices, notoriously difficult 2nd lenders (Chase, Greentree, Cal HFA, Bank of America, etc). You can read some of the horror stories here on this website. The key to any short sale negotiation is anticipation. You can be pre-emptive in determining possible payoffs, cash contributions from other parties, etc. 

3. The home is vacant and the cost of maintenance will be too high. A vacant home is a liability. If your home has significant costs outside of the mortgage (Homeowner’s Association Dues, utilities, insurance, upkeep of the pool, grass, etc) you have to compare which option will be faster. Put a dollar amount on these costs and see if it outweighs your estimate of how much credit damage a foreclosure will cost you. Regardless of which option you choose, a home gathering code violations from the city and delinquent HOA dues can come back to haunt you even after the sale is completed. Again, a good Short Sale Realtor will have other options including having your lender subtract the balance from the payoff amount or settling the costs.

4. Lienholders who won’t cooperate – These are usual private individuals (people you know) who have placed a lien on your home.  Yes, there’s a motto that “everyone has a price,” but my experience tells me that disgruntled parties may want only to make your life miserable. I’ve had ex-spouses of some of my clients demand full payoff or “substitute collateral.” I’ve had contractors who placed contractor liens and simply laughed when they were approached on a settlement. Again, a short sale is only worth so much money and your dignity.

Again, none of those above scenarios are no-brainers. At the very least, you’ll want an experienced Short Sale Realtor to review your situation. Be careful — there’s always someone desperate to take any listing to simply get a sign in your yard. A good agent actually turns down a good portion of short sales for the benefit of both parties.

The Second Largest Settlement in History: How it saves you from foreclosure!

The news has been a buzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. The settlement raises lots of questions, but for homeowners who are in danger of losing their home here is Phoenix Arizona, there is only one:

 Can this settlement help me stay in my home?

 The answer: Possibly!  But regardless of whether you meet the specific eligibility requirements for this settlement, it is important to remember one thing:

YOU DO HAVE OPTIONS!

  If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Click here ...

It CAN be done! And it would be my privilege to help.

As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.

Arthur Wainio

www.shortsalewitharthur.com