What is a Short Sale

Archive for the ‘Short Sale’ Category

Welcome back and thanks for visiting us today on our blog. This whole blog is devoted to the property owner who is exploring the choices on what you want to do with your property. Whether you are in a position where you can no longer pay for it or are merely no longer want to owe as much as you do against your mortgage and want to tactically default, this blog is for you. We hope that you find loads of fantastic subject matter here on our blog.

Today we want to center on a matter that has become very important in the last few months. It deals with your funds and the resources that you have in your bank account. There are banks out there that are going into property owner bank accounts and taking funds to satisfy deliquencies on their house.

Please realize that the mortgage you took out on your property is secured against your home and your home only. The exception to that rule is with the bank accounts that are with the same bank that has your mortgage. For illustration, if you have a checking account with Chase and your mortgage is also with Chase, Chase can take funds from your checking account to compensate your mortgage.

We have had numerous customers approach us regarding this precise issue. If you are taking into consideration a short sale or have missed a payment or two, we would recommend that you shift your checking account to another bank. Close up your accounts with a bank that has your mortgage.

Because of the checking and savings account agreements they have with you, they reserve the right to take funds from your checking account.

Give us a call if you would like more information on this matter or any other matter pertaining to short sales and your choices. We have fruitfully closed several hundred short sales over the previous few years and we would appreciate the opportunity to converse with you today.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Casa Grande – Avoid Foreclosure Arizona

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Hello once again and welcome to our blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale specialists. Completing greater than 300 short sale transactions in the last few years, we are simply the most successful short sale specialists in the Queen Creek region.

One of the questions that we are asked frequently is “what makes us different from other agents? Do we have links inside the lender?” A few years ago, we wouldn’t have said that our links within the lender were beneficial to us. Nonetheless, we have come to understand that our links have saved a number of transactions in the last few years. Our contact with people inside the lenders have helped us push back foreclosure sale dates and get transactions approved.

If we need something urgently, we seem to be getting some preferential treatment. Your short sale is not going to automatically be approved five times sooner than others. Nonetheless, you can rest assured that our group has those vital links and we recognize how to apply them.

No matter which lender you are working with, Chase, Citi, Wells Fargo, B of A, or any other lender, we’ve dealt with each of them. greater than 100 banks have dealt with us in some way, shape, or form. Each lender operates in a different way. And likewise, each lender has a vaguely different way of managing short sale folders. Nonetheless, with our knowledge closing greater than 300 short sales in the last few years, we are ready for each situation.

We would consider it a priviledge to talk with you soon. We look forward to helping you make a choice regarding your home.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Peoria – Foreclosure Short Sale Phoenix

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Hello and welcome to our blog. We are Fred Weaver and Kevin Kauffman, Arizona’s premier short sale specialists. We have closed hundreds of short sales and we would like for you to get in touch with us to find out more.

We wanted to speak to you at the moment about what is going on in the short sale business now. Specifically, can foreclosure sale dates be delayed and as a house owner when should you begin working with us in a short sale transaction.

Recently, some of the investors do not want to defer foreclosure sale dates as much as they have in the past. A year ago, if we were chatting, I would have told you that we can get your house on the market and acquire an offer in 60 days allowing your foreclosure sale date to be delayed. To be really honest, that isn’t occuring any longer.

If you are in a situation where you are 60 or fewer days from foreclosure, please call us. We aren’t saying that your house is going to go to foreclosure. Nevertheless, if you haven’t missed a payment thus far or you are merely a payment or two behind, please get in touch with us shortly. The earlier you act, the better off you will be. If we have more time, we have a better chance to make a positive result for you.

You should make certain that you are working with a skilled team that has contact within the bank and can successfully close your short sale. The lenders do want to help you out, but you have to get in touch with us sooner rather than later.

Thank you for joining us at the moment. Please fill out the form here on our blog so that we can be in contact with you quickly. Have a fantastic day!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Phoenix – Foreclosure Short Sale Phoenix

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Hello and welcome to the Group 4610 blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale Realtors. We have completed more than a few hundred short sale transactions since 2008. With a higher success rate and more experience than just about any other agent in the Arizona Short Sale world, we are the premier short sale agents in the district.

We would like to talk about a delicate subject these days. Should you short sale your residence? The strategic default, or as we refer to it, the business decision, is a awfully hot subject lately. You may be a residence owner out there that is upside down on his mortgage. For illustration, you might owe $400,000 on your mortgage, but your residence is only worth $200,000. You may be in a position where you are getting ready to stop working or you are preparing to move. Possibly you have the capability to pay your mortgage, but you are doing this at the determent to your family. Essentially, you are throwing cash at a terrible asset or investment.

We have had many people come to us and say ‘What am i doing here? What should i do?’ The short sale, foreclosure, or keep paying the mortgage are all options that residence owners are taking into account. We won’t tell you what you ought to do, but you ought to make the correct choice for you and your family. Many people think that they have a ethical obligation to make their payments.

While that is a legitimate point, there are some things in your mortgage contract that give you the right to stop making payments. Also, the bank has the right to foreclose or accept a short sale. You have to evaluate what is most important to you. If that means that you have to walk away from your residence with a short sale, you ought to strongly ponder it.

There are a few things you must always bear in mind. This is a personal choice for you. Do not let anyone to tell you what is right or wrong. Your mortgage is a agreement that has options for you to think about. Look at what your residence is worth at the moment. How long will it take you to get your mortgage back to even? There are consequences to every alternative that you have. Contact us today and we can help you weigh those consequences.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Mortgage Short Sale Arizona

Welcome to Group 4610’s website. We are Kevin Kauffman and Fred Weaver, Arizona’s Premier Short Sale group. We have completed hundreds of short sales over the past couple years. Yet, this video is not about us, it’s about you!

One of the common discussions we have with house owners is about missing payments. Many of these house owners are even now current on their mortgage payment. Possibly they haven’t yet experienced the reduction in their income or they haven’t completely spent their full savings account so far. They often want to know whether they should or should not miss payments.

Understand a couple things about short sales. It is feasible to close a short sale without missing payments. Yet, with the regularity that short sales are being done, the lenders aren’t even allowing for a short sale until the house owner is missing payments. We believe that the lenders have made that change because they do not want the house owner to take benefit of a short sale and still dodge the harmful effects of missing payments. Additionally, it is certainly a way for the lenders to keep short sale numbers down. There is not a single lender in the state that has enough workers to handle the short sale files they already have.

We are never going to inform you to make or miss your payment. Yet, we can tell you that the lender will want to observe you miss some payments before they decide to even look at your short sale. Most of our customers are ok with the credit hit and knowing that they can get back into a house in a couple years. We will discuss the decisions that are facing house owners in a future episode.

Fill out the form on our website so a member of our group can have a brief discussion with you. Thank you for joining us now. We will talk with you again soon.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Glendale – Avoid Foreclosure Arizona

We are Group 4610, Arizona’s Best short sale team. Short Sales in Arizona are our trade. We repeatedly get questioned about why we are the best short sale realtors in Arizona. Essentially, what seperates us from other realtors in this Arizona short sale market?

I had a recent situation where a friend was going through a short sale and wanted a little advice as to what to do with a short sale at Bank of America. I coached her a little bit and gave her some thoughts to pass on to her short sale realtor. Essentially, if you are having problems escalate to someone higher up at the bank.

After getting off the phone with her, something dawned on me. I should have told her something else. It’s not about what we do. Do not get me wrong. We have great techniques and we have great relationships inside the bank. When we ask for something, they are conscious of who we are and they respond to us. This happens because they recognize that we complete short sales. We aren’t there to squander anybody’s time.

Essentially, our accomplishment is a unequivocal result of our mindset. Short sales are complicated transactions. They are not like the conventional real estate dealings. Finding solutions to problems, no matter the conditions, is what we do best. Our deepest committment is our intention and, in turn, your consequence.

If you decide to work with us, know that when you enter into a relationship with us we take that incredibly seriously. Our deepest committment is to get your short sale completed effectively. We have a mindset that we are going to get the deal completed and help you avoid foreclosure. There are problems that arise in this process all the time. Yet, we choose to overcome those problems.

If you have questions, get them answered here Paradise Valley – Short Sale Realtors

We are revisiting a matter that we discussed a month ago regarding BPO disputes and we implied that the market may transform a bit regarding BPOs. Essentially, we thought that the number of active listings was going to move up and that sales were going to fade. We joined all of this conjecture into the thought that BPOs were going to get messed up in this development.

Specifically, the BPO challenges are coming from the lender valueing your house higher than it is really worth. When you have had a home on the market for numerous months and had no showings, you understand that the home is worth less but the bank doesn’t always understand that.

This seems to be happening more frequently now. So, some of the tips that we have given are to work intensely to back your BPO disputes to the bank. Use sold comps and active REO listings to do this. Take a glance at tax records to get this information. As we all recognize, the price of the active listings tells us where the market is going. If the price of homes on the active market are low, the market is going downward.

The problem is that it takes a bit for the lenders to catch up to this modification in the market. In order to help you contest BPO values with the bank, we have one more instrument that you should contemplate.

There is a company out there that lots of of you are familiar with and the lenders are familiar with it also, specifically, Lender Processing Services. LPS does a lot of stuff but they have a instrument that we, as realtors can really use. Here’s how it works.

Sign up for an account with LPS and then you have the privilege to pull REO market analysis reports. That is a report that is resultant from tax figures. It provides many precious pieces of information. This REO market analysis can give you a report that says what the AVM value is and what the REO value is.

The reason we love this report is because it is prepared by a third party. In effect, you can not manipulate it and we believe that it holds much more weight with the bank. We have had great success utilizing it over the last few months. This is a useful instrument. We greatly suggest that you sign up for it now.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at What Is A Short Sale – Arizona Short Sale Specialist

A fantastically critical issue that has come up in the last few weeks is our focus today. We’ve seen this difficulty pop up over the last few weeks and we want you to be able to get around it.

Make sure that the bank you are working with on a short sale is not the bank where the house owner has a checking account. We have now had multiple people over the course of the previous few weeks that have approached us on this subject. Both current customers and soon to be customers have been telling us that the have missed payments and the bank has taken the cash out of their bank account without their permission.

We think that the note you signed for the mortgage is only secured to the property. It is not secured to the checking account. Still, we think that the banks have revised or applied their checking account terms of service to get their cash. Basically, they are saying that if you are deliquent on other accounts they can procure the cash from one account to apply it to another account. They are thieving it without any approval.

We do not know if this is respectable or illegal, but it is happening. So, there is a method around this. Ask your house owner up front where their checking and savings accounts are presently held. Make sure that if they are not held in the bank that you will be doing a short sale with. Immediately have them shut down those accounts and get the cash out. It is exceedingly vital that you know this as short sale realtors and that you share this information with your customers.

Get the word out to other teams and your customers. Do not let this become a dilemma for the people that you are trying to help through the short sale process. Also, please remark below if you have seen this occur already. Let us know what banks are utilizing this scheme.

One extra thing to note, we will be in Las Vegas on August 25th with our Crush It short sales lecture. So, acquire your ticket today!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Glendale – Avoid Foreclosure Arizona

Another unique guest graces the pages of Short Sale Power Hour. Derek Gilbert runs a business in the Phoenix area as well as in Colorado. Derek has been with Keller Williams for about six years now. Last year, Derek and his family relocated to Colorado and joined Keller Williams doing REO and Short sale in both Arizona and Colorado.

Derek has been doing REO for a while now, but he jumped into short sales for a number of reasons. Firstly, you can manage your business much better with short sales than with REOs. There is a elevated profitability in short sales that comes with that management. The standard commission on REOs for Derek has only been about 1.5-2% with all of the overhead involved. However, Derek enjoys making more capital earning 3% with short sales.

Derek is a go getter. He can complete any deal and has proven that over his time as a short sale specialist. There are so many unique resources that you can use to fight your way through a short sale. Many banks will tell you that their procedure is to not pay full commission to real estate agents. However, those rules can always be adjusted.

For example, many banks will try to slash the commission if the agents are from the same broker. Bear in mind that the banks are not in the real estate trade. So, they don’t necessarily comprehend the real estate business. You, as an agent, need to help them recognize the real estate trade now and then to get the commission that you deserve.

With REOs, the bank will always disburse six percent. They will disburse for a multitude of fees with an REO. So, why would you as an agent allow them to pay a discounted commission with a short sale. Remember that they can try to lower your commission by one percent or they can incur an additional 10-12% from taking a property to foreclosure.

Do not allow the bank to slash your commission. Escalate up the chain of authority if you need to. Now and again you have to help the bank comprehend the real estate business and the banking business.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Short Sale Arizona