Just Sold! 4136 N River Rd, Janesville WI 53545

We are happy to announce another home closing in Janesville, Wisconsin. This large home was on a riverfront lot on River Road in Janesville. Being that it was a short sale, the buyers got it at a great price. I'm sure they will enjoy the river amenities for years to come. Because of Rock Realty's aggressive online advertising campaign, we were able to locate and represent the buyer as well as the seller in this transaction. Congratulations to everyone involved!

If you are thinking of selling or buying a home in Wisconsin, we would be happy to assist you.

Give Rock Realty a call at 877-774-7625. We are a full service real estate brokerage.

 
Janesville, WI Real Estate for Sale

OTHER ARTICLES

• Getting Pre-Approved for a Mortgage Before Looking for a Home
• First Time Buyers: How To Wade Through Real Estate Lingo
• What’s Just as Important As Location When Choosing a Home?
• 10 Things that are Good to Know Before Buying a Home
• Tips for your first Home Inspection
• Tips for Purchasing a Foreclosure
• Tips for Picking the Right Wisconsin Home

Short Sale Real Estate Agents in Pleasant Springs, WI 53589  Are you looking for a Pleasant Springs Wisconsin Short Sale Realtor® or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Pleasant Springs WI area.   My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.

REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. 

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market. 

What is a Short Sale? A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Pleasant Springs property instead of letting it proceed to foreclosure. If you are considering the possibility of a short sale for your Pleasant Springs Wisconsin home and have further questions, feel free to visit the information page below. 

Wisconsin Short Sale Information

Additional Short Sale Information

• What is a short sale?
• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

Rock Realty SOLD Short Sale Listings

514 S Jackson St, Janesville WI | 900 King Street, Stoughton WI 105 W Main St, Brooklyn WI | 408 S Academy Street, Janesville WI 449 Farnham St #2, Marshall WI | 1117 Ontario Dr, Janesville WI 4602 N Katherine Dr, Janesville WI  

I have receive an approval letter from CitiMortgage that states the purchase price ($45K)and buyer as well as a substantial smaller pay off amount that they will take to settle the debt ($6K). Similarly to what a second mortgage letter would say... but the catch is that this property only has one lien.

What do I do?

Any advice will help at this point LOL

I have a short sale, my Seller, with Ocwen in first and 21st Mortgage in second position. We have a strong offer, all documents submitted, HAFA compliant, and we're waiting on the second (21st) to agree to it and release the Seller from all liability (part of HAFA guidelines). We got word yesterday that 21st Mortgage wants the same percentage of repayment to original debt that the first (Ocwen) is getting. Right now, they're getting about $6,000 against a debt of $45,000 but they want about $30,000 more. 

Have any of you encountered this with them? Have a strategy to suggest?

1916 Clover Ln, Janesville WI 53545
Contact info:
Michael Collins | Rock Realty | 608-921-8536

4 Bedroom Janesville Ranch for Sale

1916 Clover Ln, Janesville, WI 53545

$110,000

KEY FEATURES
Year Built: 1975
Sq Footage: 1260 sqft.
Bedrooms: 4 Beds
Bathrooms: 1 Bath
Parking: 2 Garage
Laundry: In Unit
Lot Size: 10019 Square Feet
Property Type: Single Family House

DESCRIPTION

Wonderful 4 bedroom east side ranch with 2 car garage. Finished basement with bedroom and extra office. Wood burning fireplace in living room. Fenced yard with large deck. Short Sale

ADDITIONAL LINKS

• Website: 1916 Clover Lane, Janesville, WI 53545
• Virtual Tour: 1916cloverln.bestpricedhouse.com

Contact info: 
Michael Collins
Rock Realty
608-921-8536

Brodhead, WI Homes for Sale

I just received an email from our Seterus negotiator asking for the seller to sign a promissory note for $27,000 and make payments of $450 for the next 60 months.  Is there any body who has received a fannie mae counter and been able to counter back at a lower amount and get approved?? 

I am wondering if anyone has ever done a short sale with Teachers Credit Union? It is not a huge branch but they are not small either.

I was told by the mortgage department (since they don't have a loss mitigation dept) that they will not accept an offer for less than $200,000 since their unpaid balance is $230,000. They are not going to entertain any lower value. They also never waive the deficiency.

I am looking for some good news from anyone who has dealt with this particular lender. Maybe even a success story..?

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

Has anyone had the situation where the short sale bank cancels the home owner's home insurance policy?

I have never had this happen... Please help.

So my question is why is it that agents individually, continue to have to defend their paycheck against investor’s efforts to reduce commissions below the customary 6% and the never ending interference with a contract of which they are not a legal party to? Why is there not some sort of class action lawsuit on behalf of many thousands of agents that would have a ligament claim? Why is there not some sort of collective representation for real estate agent?

I would like to know. Recently I had the 6% total real estate fees cut to 5% with the typical ultimatum and threat to comply or the short sale would be denied. This was after 5 months with a prior offer approved in writing with an approval letter and paying the 6%. This was a bank owned short sale with Chase and no outside investors or MIP. All done by Chase and they simple said oops, sorry we made a mistake agreeing to the 6% on the first offer. We are reducing your fee to 5%.

So where is the collective effort by real estate agents to defend themselves?

Seriously can we not do better then this.

Is there any current collective efforts being made by somebody somewhere?

Michael

Corona Short Sale Agents

Are you considering short selling your Corona house or property? Are you unsure where to start? The first step to successfully short sale your Corona home is to find the right Corona short sale agent.

What is the right Corona short sale agent? The right Corona short sale agent is competent and experienced in the real estate short sale process. We can give you the best case scenario and advise you on how to avoid the many pitfalls of a Corona short sale.

So let's get started. Call us now at (888) 9-List-It. That's (888) 954-7848.

Together we can help you avoid foreclosure, get out from under that smothering mortgage, and get your family back on track!

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

That's (888) 954-7848.

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www.seattleshortsaleblog.com

Short sale lease back programs have been around for quite some time now. In an SSLB program, the homeowner short sells their home and subsequently rents from the new owner upon closing the sale. Most of these type of programs have been fraudulent by nature but now HAFA allows a leaseback program if the homeowner qualifies.

Is it a good idea to lease back to homeowners who were not able to pay the mortgage payments in the first place? At the same time, isn’t it much easier to rent your own home until you repurchase another home? Let’s review once and for all, the Short Sale Lease Back Program.

This pilot for this leaseback program started in California and is starting to gain attention. The most recent headline stated that Wells Fargo is now endorsing the notion of the SSLB. The way the program works is, treasury issued a supplement to HAFA guidelines allowing “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.”

In other words, if you or your agent is able to find a non-profit organization willing to purchase your home and lease it back to you, you may obtain a minimum 3 year lease to stay in the home while having the option to buy back your home at a set price. The rental rate will be based off the comparable market rental rates in your area.

What do you think about this program? Our experiences with these types of programs have been abysmal as we have seen cases of homeowners who joined the leaseback program but immediately struggled with an increase in rental rate forcing them to vacate due to non-payment. Many of these situations were fraudulent and those involved were penalized.

We are not claiming that this is what the non-profit companies would do but in our opinion, one of the mains reasons to short sale is to lower your monthly house payments by temporarily downgrading your living situation in order to rebuild credit and save up for your next home. If you decide to remain in your home, you will most likely have a small discrepancy between your previous & new payment amount.

Thoughts? Do you think the Short Sale Leaseback Program is a viable option for homeowners? Post your comments below!

www.seattleshortsaleblog.com

The mountain tops are white again. Temperatures are also predicted to drop making it seem like autumn is giving way to winter in the region. Is the myth that the real estate market goes dormant like our lawns until Spring true?

Just as the mountains can be more of a psychological than physical barrier to travel in adverse conditions of snow or heavy tourist traffic, so can the changes of the seasons be a psychological barrier to Seller's perception of Buyer activity. The old days of moving your family in the summer when school is out are long gone. Life moves too fast for that. If you have a job transfer opportunity it is usually available immediately, not next summer. You may choose to move your family later to finish a school year, but we see families renting, or moving in with friends or families rather than forestall the sale of their home and move of the primary income provider.

If you are thinking of selling start by assessing your situation: Why do you want to sell? Do you have to sell? Do you have to move? How soon do you want to be sold and closed? Do you have to be somewhere? Are you looking to move up in the market? Move down? Are you behind in payments or struggling to make your payments? Whatever your reason, if you want to sell there is no reason not to be offered for sale right now.  We are in a seller’s market.

Many business successes are achieved by going in the opposite direction of the majority. If most people are waiting until Spring to list their home and Buyers continue to want to buy houses, you are much better off being available when the Buyer wants to buy rather than when Sellers think Buyers want to buy. Another big advantage to being on the market in the "off season" is to achieve separation in the market. When the glut of Spring inventory hits there is a lot of competition. Achieve separation in the market by being on the market.

 If you don't want showings during the inclement weather to protect your floor covering consider having shoe covers available. If you don't want to move in the winter consider a lease back situation that will give you time to experience a break in the weather. There are many more circumstantial situations you can create, but be sure you are true to yourself in evaluating their relative importance to you. Do you want to be sold and moved with a little moving stress, or waiting for the perfect situation and not have a Buyer to help you affect it?

 My Advice: Just as extreme heat in the summer slows the impulse looker, so do snow flurries in the winter. It doesn't stop the serious Buyer, however, and many homes are sold through the course of a winter. I love showing property in the snow because I know the Buyer is serious. Casual Buyers don't usually forego their creature comforts to look at property in challenging weather circumstances. Buyers in Northern Nevada are active year round. We may have more "bodies" through in the summer months, but there are more true Buyers per prospect in the winter. Be available and let them in and be sold before your neighbor is even listed.

There is no perfect timing in our industry other than what happens when a Buyer and Seller come together, whenever that may be. Control your circumstances and make sure that you are correctly priced, looking good, and ready for that Buyer that is looking to buy your home. You can't catch a fish with your hook in the boat. You can't catch a Buyer if you aren't on the market.    When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless!   I offer a multi-media marketing plan with Television, Newspaper, and Internet.  Your referrals are appreciated!   

Kevin 775.813.2387

Rock Realty Client Testimonials

"Mike Collins was easy to talk to and very good at explaining in detail all aspects of the short sale of the property. With a lot of patience, he walked me through the process of a short sale. He was understanding of my plight and very sympathetic.
Mike was a pleasure to work with and he is a man of his word.
Thank you, Mike, and best of luck to you."

Tom D. (Oxford, WI)
Rock Realty Seller Client

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

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