Have you ever wondered why banks accept a short sale rather than foreclosing. This video will explain WHY the Short Sale is more attractive to the lender and YOU, the borrower!! Learn how to Stop Foreclosure with a Short Sale.
www.denverstopforeclosureblog.com
Duration : 0:6:8
July 22 (Bloomberg) — Andy Graiser, co-president of DJM Realty, talks about the outlook for Borders Group Inc.’s retail properties as a result of the company’s liquidation and the state of the commercial real-estate market.
DJM Realty plans to auction 259 Borders leases in two separate sales, probably in August and September. Graiser speaks on Bloomberg Television’s “InBusiness with Margaret Brennan.” (Source: Bloomberg)
Duration : 0:4:14
http://realestatemarketingthisweek.com/short-sales/prices-are-back-to-2003-levels-a-short-sale-is-significantly-cheaper-for-a-bank-than-a-foreclosure/ – Prices are back to 2003 levels: A Short Sale is significantly cheaper for a bank than a foreclosure
Part 7 – Were in the studio today with Kalyn Roberts and Jeri League of the Dreamvesting Group, these two young ladies are experts in the short sale area, they are NOT going to tell you what you want to hear, they are going to tell you what you need to hear. There is a big difference between what you want and what you need in the case of getting out of a situation. We talked during the break about the different types of people; who qualifies, who doesn’t qualify, who this is good for, and who its not good for. I want you to talk about people who are upside down and how you’re here to help.
What we want to get across today if you just need to call someone if you’re upside down in your mortgage, if you have a listing next door and its a bank owned or Short Sale, there is a good chance you’re probably upside down in you mortgage if you bought anytime in the last, in the last 5 years were almost back to 2003 pricing now.
Just to jump in real quick, Jeri and Kalyn its not just the people who purchased, its the people who used their homes as ATMs which is a crude way for me to say it but lets be honest. You watch the television, and I am not going to name any names, but a company that rhymes with lie-tech though, they have a commercial where they are showing pictures of using your home to buy a big boat and everybody got sucked into that and now here were.
Yes, if you used your second mortgage to build that big beautiful pool in your backyard, maybe you need to call us. Yes, its unfortunate, we always tell everyone like you just said, everybody got sucked into it, it doesn’t mean you’re stupid, it doesn’t mean you necessarily made a really bad decision. Most people got caught up in the real estate market and good marketing ploys like that, and the bottom line is as we said earlier you dont have to be late on your mortgage payment, you don’t have to be facing a foreclosure, if you’re simply upside down because you refinanced your home or purchased too recently and the house next door is selling for $100,000 less than yours and you just need to get out of a bad financial situation, you’re a candidate for a short sale or even a loan modification.
One of the things about loan modifications that I hear all the time is, and I research other loan modification companies, and what I hear is they are telling people things that just aren’t real. For instance if your owe $400,000 and your house is worth $300,000 and you want your lender to forgive $100,000 on a loan modification, chances are that isnt going to happen, whereas with a short sale, when youre exiting the property because it just isnt going to work, they would in most cases consider doing that.
Absolutely if that is the market value of your home they are going to consider the bottom line, the banks dont want these properties back, it costs them so much money to go through a foreclosure process and as our prices are falling, monthly, weekly, daily, the likelihood of the value of the property being extremely lower by the time they get the property back is 100%.
In addition to the $60,000 in foreclosure cost, paying real estate commissions and a few other fees is significantly better, because the loss is going to be significantly less with a short sale. Heres a question and I hope that I am not putting either of you on the spot, but suppose the guy owes $400,000 on his house, lets just say its worth $300,000 and you get the listing and this guy is out at a cocktail party and his cousin shows up and says, Ill buy the house from you. Ill buy the house from you, we will make the bank pay the difference and Ill just let you stay in the house. Is that a realistic situation, is someone going to find out about it? Is it good to do that or not?
In real estate, real estate purchases and transactions have to be non-arms length. Now arms length is described as your parents and your children, other than that we pretty much stay out of it because theoretically, yes that could happen, however the banks want to see that the homeowner is not benefiting, so the homeowner would have to become a tenant and be paying rent to new owner at that point. So there are many legitimate situations where you could meet someone who would buy the home and allow you to stay in the home… http://realestatemarketingthisweek.com
Duration : 0:5:53
Rep. John Conyers, Jr. (D-MI) chair of the House Committee on the Judiciary and Congressman from Detroit, recently sponsored legislation to change the bankruptcy laws and help stop foreclosure. H.R. 200, the “Helping Families Save Their Homes in Bankruptcy Act of 2009,” includes several ideas similar to President Obama’s stimulus plan.
Have you been affected by the foreclosure crisis? We want to tell you story. Visit FightingForOurHomes.com. Produced by Brave New Foundation.
Duration : 0:6:32
http://realestatemarketingthisweek.com/short-sales/short-sale-and-loan-modification-make-sure-you-work-with-and-expert/ – Short Sale and Loan Modification; Make sure you Work with an Expert –
Part 2 – Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm?
Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.
So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly?
A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home.
And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill boards all over the place. Advertising on the radio about loan modifications and they have 100% success rate, all kinds of these different things. The same thing with short sales, you actually have a process and you have a lot of experience doing it, you know the ins and the outs and this isnt a part time job this is a fulltime job.
Absolutely is a fulltime more than fulltime job, the last three Sundays I have been on the phones with lenders when they are open, one of them has a call center in India. I have been on the phone from 10 oclock at night until Midnight and again at 6am with the same lender trying to stop foreclosure.
Well that is good that you have the time, Take the time to do that. I am sorry that you have to work that many hours but you know Kalyn, is it not true that the sooner we get through all of these Short Sales and loan modifications the better off were all going to be anyway right?
Absolutely, a lot of people ask, what does it take? Who should be considering a short sale? If youre late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford your monthly payment, if you foresee yourself not being able to afford your monthly payments, any of these instances plus several more, you should definitely be sitting down with someone and talking about your options which would be most likely a short sale or loan modification.
Yes the last thing anyone wants, and I mean anyone, is a foreclosure, that is the last resort. Nobody wants a foreclosure; you dont want it on your record, you dont want to have to deal with that. Its a very public event, a foreclosure is, the banks dont want you to foreclose and that is probably why they are so willing to work with you would you say? Absolutely the banks dont want the home back no matter what they tell you.
Exactly and on the loan modification side people try on their own to do this and its true that people can actually do a loan modification on their own but there are so many pitfalls and its just not something you want to try on your own. Surely you dont want to try a short sale on your own. So Jeri let me ask you this, what are some of the main objections?
The main objection that we hear from most of our clients is the cost to them, they already cant afford the payment on their mortgage or they wouldnt be in that particular situation 9 times out of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact that they are losing their home and they dont want to spend any more money on it.
The good news is in a short sale you dont have to spend anymore money, all of the costs are absorbed by the bank. They agree to lose more money basically, so there is no realtor fees and the majority of the time we can negotiate an as is contract so if there are repairs that need to be made they dont come to you and ask you to do it, its just factored into the cost. So its very effective for homeowners.
And again it keeps them from going into foreclosure. They get to stay in the house and they get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the second most common objection is?… http://realestatemarketingthisweek.com
Duration : 0:6:34
