Closing A Short Sale Takes A Specialist
Hello and welcome to our website. We are Kevin Kauffman and Fred Weaver of Group 46:10. We are the most successful short sale agents in Arizona and the Mesa locale. This website is devoted to giving home owners details about short sales so they can make an informed decision about what to do to steer clear of foreclosure.
Today, we would like to talk about a conversation that we had with a potential client the other day. We explained what a short sale was and how we get banks to approve short sales. It is very straightforward. The short sale makes more money for the lender than a foreclosure. So, this client noted that this easy principle could be completed by anybody.
Candidly, anybody ought to be able to complete a short sale because it is in the banks best interest. So, in theory, an agent just has to get the bank to agree to something that is in their best interest.
Nonetheless, it does not quite work like this. The proof is in national averages. Less than 40% of short sales are completed successfully when you look at the nationwide average. Group 46:10, led by Kevin and Fred, close more than 90% of their short sales. Thus, if you decide to do a short sale, it is essential that you locate someone who is successful at closing short sales. If not, your property will go to foreclosure.
There are many potential reasons why agents don’t successfully complete a high percentage of short sales. Lenders do not necessarily believe realtors and homeowners. So, they are very conservative in this process. That is why it takes an aggressive, determined individual to close a short sale. Most realtors don’t know how to get through this conservative process to get your short sale completed.
In summary, what actually matters when you are choosing a short sale realtor is outcome. Find a real estate specialist that has been successfully completing short sales. Without an experienced agent, your conclusion could be a disaster.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Short Sales Creating Disappearing Money
We are Kevin Kauffman and Fred Weaver, Arizona’s premier short sale team. Today is freaky Friday and we would like to talk about a matter that was talked about a couple weeks ago.
We chatted about banks in this business that are going into checking and savings accounts and taking money out of those accounts to satisfy deliquencies on other accounts. Basically, if your mortgage is at the same lender as your checking or savings accounts, the lender can take money from those accounts to pay off your past due balance.
The earlier episode in which we discussed this issue has been removed due to outside influences. So, we would like to reiterate how and why this occurs.
The bank does not do this because of the conditions of the note on your mortgage. Your mortgage is only secured to the deed of trust. So the security instrument is the property. If a property owner defaults on a loan, the lone repercussion a lender has is to foreclose on the house. Here’s the hitch. Within the account guidelines and regulations of your checking and savings account there is something referred to as a “set off” rule. This is referred to by other names at other banks. It is sometimes referred to as the “right to offset” or “right of offset” too. This rule says that the bank may set off money at any time to pay off debt that you have with the bank or any of its affiliates and any fees or service charges. Additionally, joint accounts can also be tapped. The agreement goes on to state that if the bank makes a set off against your account, the account holder agrees to release the bank from any legal responsibility for their actions.
You will find this policy with each major bank. So, it is important that you inform the home owners out there about this. home owners need to move their money. It is occuring and you have to protect your client’s welfare.
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Short Sale Team Just Got Stronger
Good afternoon, Steve Horn with ShortSalesDoneEasy.com, your Mesa short sale agent. I have recently returned from Keller Williams Mega Agent Camp in Austin, TX. It focuses on the best leaders of our industry and it gave us various excellent ideas as we look to help home owners in Ahwatukee steer clear of foreclosure.
I’ve decided to add two more negotiators to our short sale team to make certain we are completing files in a judicious manner. Each negotiator will be dealing with 20 folders a piece. Having these negotiators on my squad is one of the reasons why I am one of the best short sale agents in the Mesa area. If you are hiring a real estate agent that is outsourcing their negotiations, it is perhaps not the right choice. There are lots of negotiation companies out there and they are not liable to anyone. My negotiators are held accountable and that makes them very successful.
Check out shortsalesdoneeasy.com and click on the short sale survival guide. That will prompt me to call you personally and chat about where you are at in the short sale process. I like educating my clients as to the short sale route and the value of a short sale over foreclosure.
I won’t be giving you legal or tax suggestions, but I will educate you and let you make the decision. You can expect that i will be very straight forward with you, because each position is different. While I have had significant success in Scottsdale as a short sale specialist, I know that this choice is yours. I enjoy being able to educate customers and help them figure out which decision is right for them.
If you are a buyer or a seller you might want to check out our monthly short sale seminars. They are now being streamed live via our website. Thanks for checking us out now.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
Bankruptcy Option To Foreclosure
Hello and welcome. We are Kevin Kauffman and Fred Weaver, Arizona’s leading short sale team. We are following up on our options to foreclosure website series. We have been talking about a lot of of the options to duck foreclosure. We have earlier dicussed seven other options, but the alternative that we are going to focus on today is bankruptcy. We want to bring you some specifics about this issue and dispell a few rumors.
Understand that there are a couple different types of bankruptcy out there. We are not going to go through all of the diverse kinds, but comprehend that bankruptcies are for a diversity of diverse situations.
Bankruptcy may be a applicable option for you. It might be the quickest way to get rid of your accountability from your debts. We want to dispell one untruth however. Many homeowners think that filing bankruptcy means that they won’t have to deal with their home. However, after bankruptcy you still have to deal with your home. You still own the house because the bankruptcy doesn’t take the house away from you.
The reality is that you still have to come up with a strategy to deal with your home. Banruptcy may be the right decision for you. However, when there is homeownership involved, something has to be done with the house. So, if you are taking into consideration bankruptcy, we would encourage you to deal with your house by foreclosure or short sale prior to your move through bankruptcy.
Please speak to us today about a possible short sale. You can always file bankruptcy later and at least you will not own the home any more. The one advantage to bankruptcy is that the lender will discontinue foreclosure proceedings on your home. Nevertheless, when the bankruptcy is completed, you still have to find an alternative to deal with your property.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Foreclosures Will Recommence
Yesterday we discussed the foreclosure moratorium and how, in our opinion, it has virtually no influence on our industry. Let us persist with that conversation. There has been more information from BofA and GMAC in the preceding 48 hours. As early as next week, these banks are going to resume foreclosures. This is worthy of note because, in the 23 judicial foreclosure states, they will resume foreclosures. However, they will examine their procedure in the other states.
I think the media has blown this out of proportion along with a lot of real estate agents. That comes from not looking further into what the news truly is. Some real estate specialists are thinking that if lenders are not doing foreclosures, it is a wonderful time to get some short sales, assuming that they have longer time to deal with lenders.
However, here is an interesting stat from an employee at key lender. The average days of deliquency at foreclosure is a whopping 448 days!
448 DAYS!
That is roughly fifteen months. How much more time do you want to get out of your house? We are homeowner advocates, but if you are deliquent for about 15 months, you should lose your house.
Real estate agents, you have an average of 448 days to complete a short sale! That is plenty of time to list a house and complete a short sale. It is never the outside circumstances that control our business. Any specialist that believes this is a good opportunity to get into short sales must understand that the chance has always been there. The market is not getting better any time soon. You have the chance to assist homeowners.
Also, homeowners out there, take action sooner rather than later. agents need to help them do this. There are too many homeowners waiting on loan modifications, but loan modifications do not work for the huge majority of homeowners.
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Short Sale Department Has New Additions
Hello everyone. I am Steve Horn with Short Sales Done Easy, your Phoenix short sale agent. I wanted to let you know about a few changes that we have completed with our short sale unit. We have added a short sale administrator to run our in house negotiators to grow our short sale business and help Phoenix home owners duck foreclosure.
One thing I wanted to discuss today is regarding the specialists that watch our videos. Whether you are a seller or a realtor, you need to be focused on closing short sales and adding additional listings. Unfortunately, there are plenty of realtors out there that are attempting to negotiate their own short sales while they attempt to expand their business. The thought of a real estate specialist negotiating their own short sales is tricky because they are not leveraging their time efficiently. So, sellers need to be very careful about who they hire to handle their short sales. You will have very sluggish results working with a short sale realtor that is attempting to do all of the work.
We have created a coordination team. We have people that control everything from start to finish. There is somebody who is designated to handle everything that is coordinated with the bank.
For specialists that don’t have the option of a real estate group, you can become an affiliate of short sales done easy. You can become affiliated with our group and we can negotiate your short sales for you. We provide you with a listing presentation that covers the whole short sale process. As of right now, we have more than 65 short sales active and have closed more than 85 short sales. The presentation we show you is the exact same presentation that we employ for our own short sales.
So, real estate specialists negotiating their own short sales is not the finest option in my opinion. We will walk you through the process and show you what it looks like to be affiliated with our team.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
Delegated Authority In Short Sales
Today has been newly named throttle Thursday because the information we are sharing today will throttle you. It has to do with Fannie May and the theory of delegated power.
Firstly, it is crucial that you discover if there is mortgage insurance and who the investor is on the folder. Fred was working on a file with Wells Fargo with Fannie Mae as the investor and it had mortgage insurance. The file was sent to the negotiator and forwarded to Fannie Mae for approval. Fred nicely pointed out to the bank employee that there was mortgage insurance on the folder and in his understanding you need mortgage insurance agreement before you send it to the investor.
Here’s where it gets a tad interesting. He let Fred know that he had delegated authority for the mortgage insurance company. Essentially, they gave the bank the power to agree to the package on their behalf since it met specific criteria. The bank worker also went on to make clear that they did not have delegated power from Fannie Mae because the borrower’s FICO is greater than 620.
Typically these folders and the delegated authority that comes with them is based on the sum of money that the investor is losing or a comparison of the net proceeds versus fair market value. So, this novel idea of FICO scores was surprising to us. So, we learned something brand new.
The more we understand about this game, the easier this gets. In addition, it becomes easier for you to service your client’s needs. That is why we raise all of these questions. We can not depend on the bank to get stuff done. We can’t depend on the investor to get things done. So, many times you have to do other people’s jobs for them.
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Jeff Payne Talks About Short Sales
We are joined today by Jeff Payne, a short sale specialist in Florida, to talk regarding short sales, lead generation and other short sale associated topics. Jeff has been a real estate specialist for four years. He has just finished up talking at Mega Agent camp to thousands of agents. So, that ought to give you some idea about how important Jeff is.
Jeff mentioned during the seminar that he receives many of his leads via word of mouth. By helping out home owners, friends, and relatives in closing short sales, word got out. He got a lot of people who came directly to him for assistance.
Also, a financial advisor in his community has sent Jeff many leads. A lot of of the folks that are sent to Jeff have been informed that they have to liquidate and sell their properties. That has been a wonderful supply of leads for Jeff.
Depending on the market that you are in, potential short sales are all around you. The vital thing to grasp is that if you are in a smaller market, you have an chance to take the market over if you are ready for it.
The thing that sets Jeff apart from others and getting short sales accepted is that he is stubborn and can’t stand to lose. That competitive nature and mindset is significant to closing short sales. The national averages show that 20-40% of all short sales close. However, guys like Jeff, Fred, and Kevin understand that is not accectable.
If you take a short sale and are not sure you can close it, you just should not take it. If you hope to complete short sales, simply do not take them. Let someone who has the right approach acquire the short sale listings.
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Declining Market Makes It Necessary To Reprice Homes
Today we would like to speak to you about pricing homes. Truthfully, we have struggled to get offers on our listings recently. We found ourselves with two thirds of our listings live a couple weeks ago. On average, 25-35% of our listings are live, but because of the shifting Paradise valley market we found ourselves with several live listings and not much to negotiate. The good thing about this is that we were able to get various approvals in fewer than 60 days because we were focused on the files we did have. Nevertheless, the bad news was that we had a full heap of folders that we weren’t doing anything with.
This all relates back to the weakening in the market and the battling BPOs as we talked about in preceding webisodes. We have had to take a little added care in repricing our homes. We have customarily repriced our listings every two weeks by recomping them. We do not advocate simply dropping the price by a specific percentage because you just are not helping the seller or yourself. Because we have seen fewer offers lately, we made the decision to do something different by repricing homes every week. It has made a difference and is undeniably starting to work out.
We are seeing an increase in REO listings and the sold comps tend to be higher priced per square foot than the active comps. This means that the market is dilapidated because the lower priced properties are not selling. We have taken our game to a new level by looking at the lowest actives in a subdivision. When we see that an REO is the lowest active home in a subdivision we match our listing to that REO listing. If the lender owned REO is priced lower than all other live houses, the lender understands where the market is.
One of the benefits of pricing homes every week is a more detailed pricing history. You can not wait on the market to recover in hopes of obtaining an offer. Price your properties aggressively if you want them to sell.
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Safeguard Your Money In A Short Sale
Welcome back and thank you for visiting us today on our blog. This entire website is devoted to the house owner who is exploring the choices on what you would like to do with your property. Whether you are in a position where you can no longer come up with the money for it or are just no longer want to owe as much as you do against your residence and want to tactically default, this blog is for you. We hope that you find plenty of fantastic subject matter here on our blog.
Today we want to center on a topic that has become extremely crucial in the last couple months. It deals with your funds and the cash that you have in your bank account. There are lenders out there that are going into house owner bank accounts and taking money to satisfy deliquencies on their house.
Please realize that the mortgage you took out on your property is secured against your house and your residence only. The exception to that rule is with the bank accounts that are with the same bank that has your mortgage. For example, if you have a checking account with Chase and your mortgage is additionally with Chase, Chase can take money from your checking account to compensate your mortgage.
We have had several clients approach us about this specific topic. If you are taking into consideration a short sale or have missed a payment or two, we would advise that you shift your checking account to another lender. Close your accounts with a bank that has your mortgage.
Because of the checking and savings account agreements they have with you, they reserve the permission to take cash from your account.
Give us a call if you would like more information on this subject or any other matter pertaining to short sales and your choices. We have effectively completed more than a few hundred short sales over the previous couple years and we would appreciate the chance to speak with you today.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona