Glendale Short Sale

Archive for the ‘Short Sale’ Category

We are Group 4610, Arizona's Premier short sale group. Short Sales in Arizona are our concern. We frequently get questioned about why we are the best short sale agents in Arizona. Basically, what seperates us from other agents 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 ideas to pass on to her short sale realtor. Basically, if you are having troubles escalate to somebody higher up at the lender.

After getting off the telephone with her, something dawned on me. I should have told her something different. It is not about what we do. Do not get me wrong. We have great strategies and we have great relationships inside the lender. When we ask for something, they are aware of who we are and they respond to us. This happens because they recognize that we close short sales. We aren't there to squander anybody's time.

Basically, our success is a complete result of our mindset. Short sales are tricky transactions. They are not like the traditional real estate transactions. Finding solutions to problems, no matter the circumstances, is what we do best. Our deepest committment is our target and, in turn, your outcome.

If you choose 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 work completed and help you steer clear of foreclosure. There are troubles that arise in this procedure all the time. Yet, we choose to conquer those troubles.

If you have questions, get them answered here Fountain Hills - Short Sale Company

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

We are revisiting a subject matter that we discussed a month ago concerning BPO disputes and we hinted that the market may change a bit concerning BPOs. Ultimately, we thought that the number of active listings was going to go up and that sales were going to lessen. We united all of this conjecture into the thought that BPOs were going to get messed up in this development.

Particularly, the BPO challenges are coming from the bank valueing your home higher than it is really worth. When you have had a house on the market for quite a few months and had no showings, you recognize that the house is worth less but the bank doesn't always recognize that.

This seems to be occuring more often now. So, a few of the tips that we have given are to work hard to assist your BPO disputes to the bank. Use sold comps and active REO listings to do this. Take a look at tax records to obtain this information. As we all know, 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 while for the banks to catch up to this alteration in the market. In order to help you fight BPO values with the bank, we have another device that you should mull over.

There is a company out there that a lot of of you are familiar with and the banks are familiar with it as well, namely, Lender Processing Services. LPS does a lot of stuff but they have a device 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 information. That is a report that is resulting from tax figures. It gives 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 like this report is because it is completed by a third party. Essentially, you can not persuade 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 valuable device. We greatly suggest that you sign up for it 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 Phoenix - Short Sale Arizona

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

A fantastically essential issue that has come up in the last couple weeks is our focal point today. We've seen this quandary pop up over the last couple weeks and we want you to be able to steer clear of it.

Make sure 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 now had many people over the course of the previous couple weeks that have approached us on this matter. Both present clients and soon to be clients have been telling us that the have missed payments and the lender has taken the cash out of their savings account without their authorization.

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

We don't know if this is appropriate or unethical, but it is occuring. So, there is a path around this. Ask your house owner up front where their checking and savings accounts are currently held. Make sure that if they are not held in the lender that you will be doing a short sale with. Immediately have them close down those accounts and get the cash out. It is very crucial that you know this as short sale agents and that you share this information with your clients.

Get the word out to other teams and your clients. Don't let this become a difficulty for the people that you are attempting to assist through the short sale procedure. Also, please comment below if you have seen this occur already. Let us know what banks are utilizing this trick.

One more thing to note, we will be in Las Vegas on August 25th with our Crush It short sales class. So, obtain your ticket 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 Queen Creek - Arizona Short Sale Specialist

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

Another extraordinary guest graces the pages of Short Sale Power Hour. Derek Gilbert runs a business in the Phoenix locale 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 time now, but he jumped into short sales for a number of reasons. First, you can control your company much better with short sales than with REOs. There is a elevated profitability in short sales that comes with that handling. The average commission on REOs for Derek has only been roughly 1.5-2% with all of the overhead involved. Nonetheless, Derek enjoys making more funds earning 3% with short sales.

Derek is a go getter. He can close any deal and has demonstrated that over his time as a short sale realtor. There are so many different resources that you can use to fight your way through a short sale. A lot of banks will tell you that their guidelines is to not pay full commission to real estate agents. Nonetheless, those policies can always be adjusted.

For illustration, many banks will try to slice the commission if the realtors are from the same broker. Keep in mind that the banks are not in the real estate trade. So, they do not necessarily comprehend the real estate business. You, as an agent, need to help them understand the real estate trade sometimes to get the commission that you warrant.

With REOs, the bank will always pay six percent. They will pay for a multitude of fees with an REO. So, why would you as an agent allow them to pay a reduced commission with a short sale. Keep in mind that they can attempt to discount your commission by one percent or they can incur an additional 10-12% from taking a home to foreclosure.

Do not allow the bank to slice your commission. Escalate up the chain of command if you need to. Every so often you have to help the bank comprehend the real estate industry 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 Phoenix - Foreclosure Short Sale Phoenix

We have brought a very well-known man back to Short Sale Power Hour. Rick Geha has joined us another time today. For persons who don't know him, Rick had the privilege of being on SSPH in February. Rick has been in real estate for more than 30 years now. Rick is a national orator for Keller Williams. He is a master faculty member who flies all over the country. He has six Keller Williams offices.

Rick believes that the biggest part about lead generation is frame of mind. What is keeping you from lead generating? Each realtor knows that creating some sort of lead generation action on a daily basis will get you results. Still, there is such a large gap between the people that identify this and the people that accomplish this. That act, moving from what you understand to actually doing it, starts in your head.

It frustrates Rick since he has been seen the results of not doing lead generation frequently. Rick learned some interesting things. Initially, working on you becoming a better individual is the best way to assist your company. Surround yourself in life with citizens that see you as bigger than you see yourself. Surround yourself with citizens who will challenge you to be better than you already are.

Lead generation comes from you being so committed to what you want in life that nothing will impede you. Are you willing to do what it takes? Rick is constantly reminded about how exciting life can be if you are willing to do the boring basics and do things that are difficult.

When your total life is spent making sure that the group around you are taken care of, with no regard to what they will give you back, you will be a lead generation system. If you enjoyed today's installment with Rick, post a commentary below this and let him know that he should create a daily video blog of his own.

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 Scottsdale - Avoid Foreclosure Arizona

Let us get the announcements out of the way to start with. Friday, August 13th is the time for Kevin and Fred's Crush It Short Sales class. The price goes up to $99 after midnight August 10th. So, get signed up today. Additionally, please bear in mind that we wish for you to record your own Short Sale Power Hour video. We wish for you to reveal one of your most horrific, yet overcoming short sale stories. Put it into a record that is fewer than ten minutes. Post it on YouTube and submit it to us.

Without hesitation we are on to other topics, i.e., FreddieMac. The conversations that Kevin has been having with FreddieMac recently have been silly. They have asked for a $30,000 promissory note from one of our clients. The dilemma is that the home owner has a genuine hardship. The loan is a purchased money loan and the offer is for more than what they feel the home is worth. Additionally, they are the single lien holder and the PMI company by now signed off on the deal without asking for a promissory note.

This homeowner has a genuine hardship. He is in the education field and had to transfer forty miles away to rent a new home while they could not sell their old home. So, they have been making payments on 2 homes for a couple years now. There is no better example of an genuine hardship. The home owner has been advised by his lawyer that he ought to walk away from the home and let it go to foreclosure if he can't short sale the home.

FreddieMac has asked for 1.8 billion dollars in support from the gov't because they continue to run their business into the ground. If FreddieMac turns this short sale down, Kevin and Fred may have to go to the Mortgage Insurance company that is insuring the home right now. It will cost the MI company loads more money if the home goes to foreclosure.

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 - Avoid Foreclosure Arizona

A new Forgettable Friday is upon us. Today, we are joined by Trent Chapman, Short Sale Whiz kid. He has got a forgettable tale for us today.

Trent had a short sale package that went to foreclosure. This happened because Trent's office forgot to call the trustee to make certain that the foreclosure had been delayed. This did not occur. So the house went to foreclosure.

Nonetheless, Trent was able to overturn this foreclosure. merely to make certain that you heard correctly, the lender pulled the residence from foreclosure and gave it back to the residence owners. Trent had to go to the servicer and had a printed email in which the servicer had said that the lender delayed the foreclosure sale.

I think that we can safely say that lenders do not want to foreclose on houses. If they are rescinding foreclosures, obviously they don't want to foreclose on a residence. The average foreclosure takes ten months to complete. Bear in mind that the lender always gets more money with a short sale than with a foreclosure sale. Kevin and Fred have also had a foreclosure rescinded. This is merely one more reason that the lenders don't want to foreclose.

In addition, we have a new idea for all of our viewers. We would like YOU to be on short sale power hour. We want you to reveal your stories of weird short sale troubles and deals. The lone criteria is that you have to do the opening and you have to do the closing. If you don't do the clapping and chanting, we just can't use your video. So, get those video submissions in to us today! This is your chance to be on the world famous Short Sale Power Hour program! Everybody has a weird tale. We want you to share your weird tale with us!

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 Casa Grande - Short Sale Arizona

Today's installment is on site in front of a present listing in Mesa. It seems like a fine time to talk about the talk that we have with the home owner upfront. That is probably a 30 minute topic that we won't be able to deal with fully today. Still, you can get the entire talk information if you attend one of our future Crush It courses.

One of the things that we listen to from agents recurrently is that the seller does not want to sign the approval that says they may be pursued for the shortage. Or the seller was upset when they discovered that the mortgage insurance company asked for a promissory note.

As an agent, you have to be able to talk with your home owner and let them know what to expect at the end of this transaction. The agent needs to explain to the home owner that there is not a single bank in the country that accept the short sale and not take other financial aspects of the transaction into consideration.

When a home owner sees that they will receive a 1099, they become anxious. It is crucial that you coach your customers so that they know what to expect. To avoid troubles in the end, you must do the talk upfront. Spend more time upfront and you will make the ending much smoother.

Most of these fine points are available in our Financial package on our website. The packet contains all of the little facts that you need to keep in mind and some that you always overlook.

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 Queen Creek - Arizona Short Sale Specialist

Kevin Kuaffman and Fred Weaver are standing out on the asphalt in Tempe marketplace to speak about today's subject. It is about 108 degrees and there may be a lender behind them. The theme today is one that has been talked about previously, but today it is more focused on short sales. Nothing is ever as it seems.

We hear tons of speak about if you do certain things with one lender they may black list your folders. It just isn't true. A further illustration, Fred called Chase this morning and he had to phone seven distinct departments, being transferred all over their corporation. One person says that the folder isn't set up. They have the papers and it is in line for a short sale. Then Fred is transferred to one more location and the file is categorized as a loan modification.

Many times a realtor is told one portion of information that is conflicting to what they want to hear and then they think that information is accurate and do not go any further. We teach in our short sale procedure that you can ask the exact same query ten times and get ten different answers. If you ask the query enough times you will be able to figure out the truth because some of those answers will come up several times. Then you can put the truth of the circumstances together.

So, message number one is that nothing is ever what it seems. Nonetheless, message two is that you ought to never stop after just one answer. Continue to phone and ask the identical questions over and over.

The truth is that the lender needs to work with you. Keep annotations on your conversations. Stay on the right path and do not accept as true everything you hear.

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 Short Sale - Avoid Foreclosure Arizona

Today's theme is concerning Loan Modifications. We chat concerning them briefly on occasion, but we don't usually chat lots concerning them. Fred got a telephone call from some acquaintances that were just wondering what their options were in the present economic times. They are basically spending every dollar they make every month. They aren't behind on payments, but they are just keeping up. One of their associates recommended that they merely walk away from the house and another friend recommended that they seek a loan modification with a loan reduction. There is a prospect that the lender would reduce the loan balance.

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

We can presume that there are a few good reasons that lenders don't do loan reductions on a regular basis. If the lenders did this for a few house owners, everyone would be doing it. There wouldn't be any motivation for house owners to pay their current mortgage.

Still, if the lenders consent to a short sale, they get their cash right away. Then they can lend out that capital once more with a new loan. The short sale is obviously the best option for the lender and for the house owners. As further testimony from HAMP itself, the government sponsored loan modification program, 25% of all HAMP modifications are at least thirty days delinquent. The short sale is obviously the best option for the lender and for the house owners.

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 Avondale - Short Sale Arizona