For Sale By Owners House, Home For Sale By Owner

Can I short sale my house in the Phoenix market if my house is worth less than my mortgage balance? As a phoenix short sale specialist, I will accurately answer that inquiry. Remember, at all costs the bank doesn’t want to foreclose on the property. At hand are some unique scenarios that we need to establish to the bank in order for a triumphant Phoenix Short Sale.

***does the consumer have indication of hardship, the hardship may be created by loss of income, loss of occupation, divorce, employment relocation etc…

****short sale vs foreclosure, the bank in most cases is going to want the home to sell as a short sale vs foreclosure.

****Is there a foreclosure date set. If there is a foreclosure date set bank may be much more agreeable to do a short sale.

Please keep in mind, we have closed more than 100+ short sale properties. We have had individuals who are suffering severe hardship some individuals have not been as severe. Bottom line is there is a much higher success rate on the short sale, than there is on a loan modification. As a phoenix short sale real estate agent, I will advise you properly on what your smartest options can be.

Remember, at Short Sales Done Easy, we work diligently to make your short sale process go smoothly. There is no greater benefit to a succesful short sale than having a experienced real estate agent working on your side. Steve Horn is one of the most skilled short sale agents in the Phoenix area. Get a hold of him now to discuss the options that are available to you.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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Your Phoenix short sale specialist believes that there are better alternatives then foreclosure, but loan modification has a very small percantage of success.  The loan modification is an attempt to lower you payments in order to retain the borrower in the residence.  There are numerous risks involved with the completion of a loan modification.

****most figures maintain the nationwide average for a successful loan modification is near to 10%

****Some banks will tender a tryout period but in most cases will not make known upfront that your credit may be affected while doing a trial period loan modification.

*****90% of my clients that I have talked to have been issued rejection letters from the banks when attempting to perform a loan modification.

Banks understand that a large percantage of borrowers that attempt loan modification will in time short sale or foreclose.  The banks duty is to collect mortgage payments, and when the bank can get the borrower to consent to a trial period they have achieved their task as the bank.  In the Phoenix market, with the high rate of foreclosure, the bank may not postpone auction dates even as the borrower is attempting a  loan modification.  As a short sale specialist, the Steve Horn Team can counsel you on all options.

Remember, at Short Sales Done Easy, we work hard to make your short sale process go smoothly. There is no greater benefit to a succesful short sale than having a experienced realtor working on your behalf. Steve Horn is one of the most skilled short sale agents in the Phoenix region. Get a hold of him now to discuss the options that are available to you.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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We wanted to talk to you today regarding something that is very genuine. We all have deep rooted fears in life. When I go on listing presentations I speak to people regarding their concerns in the short sale world. At hand are lots of fears that individuals have with a short sale. They include worries regarding what a short sale may do to their credit. They fear what individuals might think of them for doing a short sale. The neighbors may consider that they are taking the easy way out. They additionally have fears from the bank. What will the bank do to them? Will the bank sue me for the deficiency or decided to foreclose. One thing I like to remind my clients of is that the fear will get to you if you let it.

In this market, we have witnessed a 55% depreciation rate. What is staggering about this is that home owners are nevertheless making their payments to the bank on a higher loan amount than what their home is really valued at now.

I would like to take your fear away from you by letting you know that the bank is making money still. We sit in a lovely home in Gilbert with a loan at $450,000. The current value is just $225,000. If someone was to buy my home now, their mortgage payment would be approximately $1700. Our existing mortgage payment is about $2800. Subsequently, rest assured that the banks are still making their money.

The government as well as all of these commercials are talking about how they are helping home owners revise loans. I am still making my payments, but I have a bitter taste in my mouth about it. How many people have you talked to that have actually had a loan modification go through.

The banks could do something about this. They could reduce the loan amounts to what the real value is worth and we would not have a short sale market. The distressed marketplace in Phoenix ranks among the highest in the country. Do not be fearful of the short sale. This is the bank’s only resolution to the problem.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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We got a little bit off theme yesterday. Nonetheless, we wanted to stay off topic for a little bit longer because minnesota short sales and foreclosures have been growing. They have caused several interesting things to occur in the real estate market.

Is it helpful to have your money sitting in a bank account making one percent? That is a very bad return, but it is safe and sound. Nevertheless, how safe is it with the rate of inflation. There are opportunities to be getting 10-20% on your money right now with real estate. I recall working in 2005 when investors were merely happy to break even. Still, now with prices so low and rates so low there are opportunities everywhere. You might potentially earn $300-$500 a month with 20% down by way of a rental home.

We are talking about that today because with all of the short sales and foreclosures we are working with there are tons of buyers that are investing in real estate. When everyone is getting out of the marketplace and having a difficult time, this is the instance to invest. Rich Dad, Poor Dad is a famous book that goes hand in hand with the times of today. It talks a great deal on the subject of being smart with your funds.

Just today, we called Aurora and got an computerized reply that said they got our folder on July 29th and that we should allow until December 15th for folder review. Can you imagine the typical real estate agent waiting until December to call and check on their package? We will actually call tomorrow and check on the file. At the Josh Pomerleau Group we know that daily dedication to your short sale will get it closed in a judicious manner.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

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We wanted to talk to you regarding short sale consultations. When you call us or register for a short sale survival guide via our website you will receive a follow up phone call from me directly. On the Steve Horn Team, I am the only one who will answer your questions in relation to the short sale route. In the initial phone conversation we will chat about where you are at in the short sale method.

When we have discussed your current circumstances and I think that there is a sufficient motive for you to do a short sale, I will plan an appointment with you. At that moment, I will arrive at your residence to do a seller consultation. We will talk about your circumstances face to face. That way, I know where you are coming from and you can hear on the subject of all of the choices that are out there for you. I want you to be conscious of all of the options out there like short sales, loan modifications, or deed in lieu of foreclosure.

Then, we will discuss the short sale method. This is the best way for you to know the five diverse steps in the short sale route to get to closing. We will also speak concerning the risks involved when we get approval on the short sale.

I will also talk about our marketing plan with you. Our marketing plan is setup for a 30-day plan. When it comes to short sales, price is one of the key factors. Nevertheless, the marketing that takes place is vitally important. Some realtors just don’t have marketing plans.

Lastly, I will also break down the appraisal of your home and go through the paperwork. property appraisal is something that I hang my hat on. I know the appraisal method as well or better than the lenders.

We will do all of this things with a short sale consultation to help make the short sale route easier for you to deal through.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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Steve Horn with Short Sales Done Easy brings you another installment of Mad data Monday. If your short sale specialist doesn’t know his facts, obtain a new specialist.

I’d like to cover all of the critical statistics that you need to recognize to keep you up to date with this distraught market that we are in at the moment. We are seeing a huge amount of depreciation. The market continues to go down as we see more and more foreclosures being released. It is not appealing, but it is the reality of the circumstances.

When I sit down with your comps, I will present you the reality about what the numbers are and what we are looking at in the future with any signal of appreciations. Right at present, there merely isn’t any sign of that happening.

currently that I have given you the bad information, lets look at the statistics. We are all in the same state of affairs. So, if any of my clients are watching out there today, we will be doing a price drop on your listing today. If we don’t have an offer on your house today, we need to get an offer to begin the procedure. Unfortunately, that means that we have to lower prices.

It is very remarkable what we see when we peek at the current statistics. Active homes on the market are at approximately 37,000. A month ago, that number was approximately 33,000. We have seen a huge increase in listings. The figure of pending sales are currently at roughly 16,000. Compare that to last month with roughly 17,000 pending sales. So, the figure of properties being sold is also decreasing. greater houses on the market with less house sales is not a good sign.

There are essentially three diverse types of listings on the market today, the foreclosure, the short sale, and the regular listing. Current foreclosures on the market are roughly 7,000. Regular listings account for about 18,000 and short sale listings are numbered at about 10,000. So, we have seen an increase in foreclosures, an increase in short sales and a moderately unchanged figure of regular listings.

When we look at the number of houses that have closed in the Phoenix market the statistics are down. Yet, on the Steve Horn squad we are keeping well above the regional average of completing sales in this distraught market. This is merely one of the countless reasons that we are Phoenix Short Sale Specialists.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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We are revisiting a subject that we talked about a month ago concerning BPO disputes and we hinted that the market may change a bit regarding BPOs. Basically, we thought that the number of current listings was going to go up and that sales were going to reduce. We coupled all of this theory into the thought that BPOs were going to get messed up in this development.

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

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

The difficulty is that it takes a little for the banks to catch up to this variation in the market. In order to help you contest BPO values with the bank, we have an additional tool that you ought to consider.

There is a company out there that many of you are familiar with and the banks are familiar with it also, namely, Lender Processing Services. LPS does lots of stuff but they have a device that we, as realtors can truly use. Here’s how it works.

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

The reason we love this report is because it is completed by a third party. In effect, you can not influence it and we believe that it holds much more weight with the bank. We have had great success using it over the last couple months. This is a beneficial means. We greatly recommend that you sign up for it today.

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Yesterday we discussed how essential it is to possess an in house negotiator versus outsourcing it to a third party negotiator that you have no control over. Today, we will discuss negotiating the short sale.

What is a day in the life of a negotiator like and why is it so critical to have them in house as you negotiate a short sale? When you obtain a purchase contract and submit it to the bank, it takes around thirty days to have your file assigned to a negotiator plus an extra thirty days to get an appraisal ordered. With negotiators working in house, they call on your file each day. This helps us to slice the appraisal time down from sixty days to 30 days. We do this because we don’t want your home to go to foreclosure and your debt to increase. We furthermore don’t want you to continue to skip payments because that may hurt your credit score even more. As a result, we have a vested interest in you as our client to have this finished as quickly as feasible.

Our negotiator will get your file over to the bank as promptly as possible. Then he calls the bank each day to make certain that the appraisal gets ordered as quickly as possible. When we have the negotiator and the appraisal ordered, we let you know that we are on the right track. That is what amazes me with Phoenix real estate brokers that profess they are short sale specialists. Anyone can list a short sale. However, as a listing agent, I couldn’t possible go to listing appointments plus negotiate dozens of short sales at the same time. This is why we have hired somebody who specializes in negotiating with the banks.

No matter whether you hold a listing in Avondale, North Phoenix, Gilbert, Maricopa, or a host of other locations we take your listing.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

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

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Today’s theme is in relation to Loan Modifications. We speak in relation to them briefly on occasion, but we don’t usually talk a lot in relation to them. Fred got a call from some acquaintances that were basically wondering what their choices were in the existing economic era. They are basically spending every dollar they make every month. They are not behind on payments, but they are just keeping up. One of their acquaintances suggested that they merely walk away from the house and another friend recommended that they try a loan modification with a principal reduction. There is a prospect that the lender would reduce the principal balance.

Fred would like to identify what everybody else has experienced with loan modifications. He’s merely wondering if anyone has actually seen evidence of a successful alteration to a loan balance. There are thousands of spectators that watch Shortsalepowerhour.com, but Kevin and Fred have still not met anyone that has done a loan loan reduction.

We can presuppose that there are a few good reasons that banks do not do principal reductions on a normal basis. If the lenders did this for a few home owners, everyone would be doing it. There wouldn’t be any motivation for house owners to pay their current mortgage.

Nonetheless, if the lenders agree to a short sale, they get their money right away. Then they can lend out that money again with a new loan. The short sale is obviously the best choice for the bank and for the house owners. As further testimony from HAMP itself, the gov’t sponsored loan modification program, 25% of all HAMP modifications are at least thirty days delinquent. The short sale is visibly the greatest selection for the lender and for the property owners.

Short sale FAQs and more.

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

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

We assume that the note you signed for the mortgage is only secured to the house. It is not secured to the checking account. Still, we believe that the banks have revised or applied their checking account terms of service to acquire their cash. Basically, they are saying that if you are deliquent on other accounts they can seize the money from one account to apply it to a different account. They are thieving it without any authorization.

We do not know if this is appropriate or criminal, but it is occuring. So, there is a road around this. Ask your home owner up front where their checking and savings accounts are currently held. Make sure that if they are not held in the bank that you will be doing a short sale with. Without delay have them close down those accounts and get the money out. It is exceedingly critical that you know this as short sale realtors and that you share this information with your customers.

Get the word out to other agents and your clients. Do not let this become a dilemma for the people that you are attempting to assist through the short sale procedure. Also, please comment below if you have seen this happen already. Let us know what banks are using this trick.

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

Short sale FAQs and more.

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