These are tips on Short Sales from some of the top pre-foreclosure investors in the nation, who also happen to be the first people who invested in RealEstateInvestor.com.
Duration : 0:14:47
This Month in Real Estate looks at the decrease in foreclosure filings, and how an increase in Short Sales might be playing a role in the number of Foreclosures filed.
Duration : 0:3:43
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
http://RealEstateMarketingThisWeek.com/short-sales-great-alternatives-to-foreclosure/ – Short Sale and Loan Modifications; great alternative to Foreclosure –
Part 1 – Kalyn Roberts and Jeri league, welcome to the program. Jeri and Kalyn are short sale experts and have graciously decided to come to the program to discuss some of the short sale important things that people do need to know, and were going to get to all of this short sale information, but a couple of things important to mortgage interest rates. Today is a fantastic day in the mortgage rate world. Leslie and Staci at Velocity Financial were kind enough to put together a scenario for us so listen to this folks.
This is not the teaser, this is not the loss leader, this is the real deal as of today, a $417,000 loan amount, the interest rate is 4.875%, thats 4.875% that is below 5% obviously, the APR is 4.948% and that is for a no cash out loan, and that is a special rate and we have a certain allotment of loans that were allowed to do at that special rate. If youre interested in talking to a member of my staff or myself or anyone else about that program you would call. There are people there standing by to take your phone call.
Were a local licensed firm and one of the only 15% of the mortgage companies in the state of Arizona that is licensed to do FHA loans as well. Any mortgage related needs that you have were here to help but for the next hour were going to be talking about Short Sales.
Now over the last several months we have been talking about loan modifications on the show a lot, Velocity Financial was one of the first companies to work with a national network of attorneys, a 16 year old firm that were working with. They have done thousands of these loan modifications, and the loan modification industry in Arizona is for the most part unregulated, but you want to make sure youre working with a licensed firm, and you want to make sure youre utilizing an attorney.
You dont want to be giving money to anybody that says they can get you a loan modification, the only money you give is to an attorney, dont be giving money to people who come by and say they can help you out. Youre going to have to be very careful on how you handle that, but interestingly enough the loan modification is for the mortgage side, essentially the loan modification is to the loan officer what a short sale would be to a realtor.
Now the short sale part of real estate is not something you want to trust to somebody starting out doing Short Sales, unless they are being supervised by a pro, you dont want to mess around with it. This is not a time to be trying it out, this is not a time for people to be using you as their guinea pig, not a good idea at all.
That is why we brought Jeri and Kalyn in and were going to talk about some of the specifics. You definitely want to make sure that if you need to do a loan modification, if youre facing foreclosure or you want to do a short sale, whatever scenario is the better decision for you and your family, you have got to work with a professional, Jeri and Kalyn have extensive experience, they have an unbelievably great success rate.
It doesnt have to take six months to get this done they can execute this for you and they are the pros so were going to go through some questions over the next hour, there is just one more thing I want to talk about and that is if a loan modification is something you think you need call the office and we have put together a video for you that you can watch, its very short, it explains the process and we will then get together with you and answer any questions that you have… http://realestatemarketingthisweek.com
Duration : 0:5:36
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Listen to RealtyTrac analysis of foreclosure tsunami January 26th, 2009, 5:45 pm
Interview with foreclosure tracker Rick Sharga of RealtyTrac on whats the chance that what he calls a tsunami of missed mortgage payments will abate anytime soon. I had to cut the first 4 minutes due to the time limit. But, please listen closely at 2:18, Mr. Sharga talks about Shadow Inventory. It’s shocking~!
What I learned today will have devastating ramification for the real estate marketing and in turn the entire financial and stock market and the broader economy as a whole.
If true…our real estate fate is seal. There will be more housing and real estate foreclosure carnage ahead. The road is long.
Prepare yourself and protect your family from this coming economic catastrophe.
PLEASE RATE, LINK, SHARE and SPREAD the word so others can learn about the real nature of our real estate and economic crisis. Don’t be a sponge to the talking heads that spew only that which benefits them and their bosses. Wake up!
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From L.A Times:
Bulk of bank-owned homes aren’t even on the market yet
“Banks to unleash flood of REOs” at Inman News looks at the effect of foreclosures on the housing market this year:
Inventories of unsold homes are likely to swell in coming months as lenders begin to push a growing backlog of repossessed homes up for sale — often in communities already awash in distressed properties….
Because it can take weeks or months for lenders to put repossessed homes on the market, the impact of real estate-owned (REO) properties on inventories lags behind Foreclosures. Government efforts to recapitalize banks through the Troubled Asset Relief Program (TARP) and other bailout measures may also have taken some of the heat off of lenders to unload REO properties at fire-sale prices.
But with the emphasis of TARP and other government relief efforts now expected to shift to creating jobs, helping troubled borrowers avoid foreclosure and providing incentives for home buyers, lenders could soon unleash a torrent of real-estate owned, or “REO” properties — even in markets already flooded with an oversupply of homes for sale.
“It’s almost like a tsunami — you can see it coming and you know it’s going to hit but you can’t get out of the way,” said Ann Stickel, vice president of affiliated services with Sarasota, Fla.-based brokerage Michael Saunders & Co.
So how many bank-owned properties aren’t even on the Multiple Listing Service yet? RealtyTrac senior vice president Rick Sharga puts the number at 75%. That’s a lot of houses.
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Tags: “The dollar collapse” “housing crisis” “financial crisis” subprime hyperinflation inflation economy “economic collapse” “stock market” “stock market collapse” “real estate” fed “federal reserve” money “fiat money” gold silver commodities housing bubble 2009 2008 downfall investing for sale training agent agency selling subprime Peter Schiff Jim Rogers Gerald Celente Alex Jones Ben Bernanke
Duration : 0:10:3
