Avondale, Arizona Short Sale

A short sale is a real estate transaction that takes place when a financially troubled home owner gets approval from their lender to sell their home for less than the payoff amount of the mortgage. The goal of a short sale is two fold. First, it helps the home owner keep a better credit score. Second, it keeps the house from going into foreclosure. In order to execute a short sale, a home owner is best served to find a short sale specialist.
With the faltering economic state of our country, there is a drastic rise in the number of home owners in Phoenix, Arizona seeking the help of a short sale specialist to avoid foreclosure. A short sale must be approved by the lender, but with the help of a short sale specialist, this can often times be done at a discounted rate. Savvy real estate investors often search out short sale specialist to help them find discounted properties. However, the home owner needs the short sale specialist to help facilitate and negotiate the sale. The short sale specialist has the opportunity to help a homeowner in financial trouble
When the home owner faces an impending foreclosure, the he or she is not the only person that wants to avoid foreclosure. The bank is also in the position that they do not want to foreclose on your home.
This is why a short sale specialist in Phoenix, AZ can be handy. Both the bank and the homeowner want to sell the home before foreclosure. However, because of the complexity and nuances of the short sale process, a short sale specialist is very helpful in working through the short sale transaction.
The value of a short sale specialist, is seen in every step of the process.
-A short sale specialist can give you guidance in speaking to the bank about the short sale process. Remember, the bank must approve of this type of sale.
-A short sale specialist knows the documentation and information that needs to be provided to the lender so that they can understand your financial situation. This includes a hardship letter
-A short sale specialist can get the house on the market at a price that will attract a buyer in a short period of time.
-A short sale specialist is better able to negotiate the sales terms of the home with the bank, with the ultimate goal being a judgment of payment in full.
With the short sale process, the home is often times sold at a price that doesn’t cover the existing mortgage pay off. So, the bank has two choices. They can choose to forgive the shortfall or they can force the home owner to pay for the difference. The short sale specialist can help you negotiate with the bank to get the forgiveness you need.
Contact a short sale specialist today to get the ball rolling on your own short sale.

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

We are setting out on day two with Trent Chapman and we’re staggered by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to speak about the Short Sale Genius Designation program. Everybody knows that we are not big fans of designations. We have contributed on our own designation in recent times, but we stole that from Trent. Still, Trent has decided to do a real designation. The designation is for agents who work with distressed houses.

The designation is different from other designations. With other designations, you go to a lecture and take a test and receive your designation. With the Short Sale Genius designation, there are different levels based on how many short sales you have closed.

If you take the class you will get a general designation, but it will also note how many short sales you have closed. Trent merely figured that taking a class and passing a test didn’t make anyone an expert. So, he decided to add a little bit of common sense and honesty into the procedure.

On another note, software is something that lots of other agents ask about. Trent offers software that is state of the art with features that assist the agent that is doing a couple transactions or hundreds. His system actually coaches you along in the short sale procedure. There are red flags that let you know if a folder is out of compliance or taking excessively long. There is also a characteristic that permits the property owner to log in and see the status of their folder. It was purposely built for short sales. Check out the theshortsalegenius.com

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 – Mortgage Short Sale Arizona

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

Foreclosure is something few of us like to think about; after all, no one wants to lose their home, much less suffer the serious damage to their credit rating which comes along with a foreclosure. There are methods which you can use to prevent a foreclosure. One of these ways to avoid foreclosure is a short sale. When your home is foreclosed on, the property reverts to the lender, who then has to maintain it.

In a short sale, you seek out willing buyers for your home, which you’ll offer at a reduced cost. During this process, you have to keep in contact with the lender to let them know that you are doing your utmost to sell the home. Even in the event that a foreclosure date has already been set, you have the option of selling your home at any point prior ‘ and with many homeowners facing foreclosure, this is a good time for real estate investors looking for deals on homes.

If you find a qualified buyer, let your lender know immediately so that the process of selling the home can get underway. You won’t be making a profit on a short sale, since all of the proceeds of the sale will go to the lender. You will be able to avoid damage to your credit history by reporting the transaction as a payoff instead of as a foreclosure. If the bank handling the mortgage is the bank you use for your personal or business banking, this can keep your other accounts in good standing.

However, while a short sale will prevent you from having to pay mortgage payments, it’s not something you can do overnight. You’ll have to do some work in order to get your property sold – many buyers assume that a home in pre-foreclosure will be poorly maintained or even abandoned.

The best way to get your home out of foreclosure and into a short sale is to use a real estate agent, since they will have a large number of contacts and get the word out quickly that your home is for sale at a great price. Agents generally work on commission, so you’ll need to seek them out – try to appeal to their expertise; a little flattery can get you everywhere, at least when it comes to short selling your home.

A short sale also allows you the chance to buy another home much more quickly than if you had been foreclosed on. Those looking to buy a home at a good price, whether as an investment or to live in also gain an opportunity from short sales. You should talk to your lender to find out what is the lowest price they will accept for your home – for your short sale t go smoothly, everyone will need to be communicating and on the same page.

You should work to restore your credit rating as soon as possible after a short sale or a foreclosure. A foreclosure can cause your credit score to drop by as much as 300 points. A short sale is much less damaging to your credit and while you probably won’t be buying another home in the very near future, you should take the opportunity to rebuild your credit during this time. Pay down other bills while you are no longer paying a mortgage and start saving up money.

If you or someone you know is looking at an imminent foreclosure, consider or urge them to consider the short sale option. A lot of those facing foreclosure are unaware that there are other options open to them. Offer your help and try to find people who are looking to buy a home. If you are proactive, you can prevent a foreclosure.

Learn more about foreclosures and short sales and learn the steps you need to take in order to stop foreclosure at DebtReductionLessons.com.

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

Short Sale Power Hour is thrilled to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has spent a large amount of time educating agents how to escalate. He offers a form letter on his website, theshortsalegenius.com, to give people an exemplar of how to convey the escalation idea to the bank. In essence, it gives a general script as to how you can clarify that the short sale is better than foreclosure.

Unfortunately, since too many people have simply copied and pasted the file, Matt Vernon may have a problem with it. For those that do not know, Matt Vernon is a bigwig at Bank of America. So, Trent will be contacting Matt Vernon to chat about the escalation letter.

The inspiration behind the letter is that Trent wants to help agents in knowing how to escalate. When you are addressing somebody that is higher up in the bank, you need to make the story as short as feasible. We suggest that you tell them the following. This is the home. It has been on the market for ‘x’ days. We have a bid. It’s full market value. Here is the fair market value based on these comps. Then you give them the numbers. With a short sale, you will obtain this much funds and if this forecloses, you will obtain this much funds. That is the general picture of the email.

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 Apache Junction – Mortgage Short Sale Arizona

A short sale transaction is when a financially distressed home owner facing foreclosure gets approval from the bank to sell off their property for less than what is the owed on the mortgage note. Short sales are used for two reasons primarily. The help the home owner to keep from damaging their credit score and it ensures that the house they are living in won’t get foreclosed and they will be thrown into the street. If you want to short sale you should find yourself a short sale specialist.
With america’s economy and real estate market in Phoenix, Arizona in the toilet, many more people are using the short sale to avoid that dreaded foreclosure. So, there are many people searching for a short sale specialist. The execution of a short sale must be ok’ed by the bank or mortgage company that holds your loan. With the a short sale specialist on your side, he can help you get the approval, and many times at a discount. Lots of real estate investors that I know look for short sale specialist to help them find real estate bargains. But for you, the home owner in trouble, you need the short sale specialist to help you sell your home before foreclosure. The short sale specialist can help any home owner that needs to short sell their home quickly.
It is important to note now in this article that the bank in Phoenix, AZ wants you to sell your home too. This is so that they won’t have to foreclose and take a loss on your property.
If the bank wants you to sell and you need to sell this is why a short sale specialist is good for you. The bank and you, the home owner, both have the need to sell the home before you get a foreclosure notice and the sheriff throws you out of the house. Because of all of the tricky processes in the short sale process, a short sale specialist can be very helpful to work with.
A short sale specialist can help you in lots of ways that we will mention now. A short sale specialist will go with you to the bank to ask for their approval to short sell home because they know what to say. A short sale specialist has knowledge of all of the paperwork that needs to be filed and information that the bank needs to see why you are short selling your home. These short sales, as we said, are a tricky process. A short sale specialist will put the house out on the real estate market and find a buyer. A short sale specialist can relieve your stressful days and nights by negotiating with the bank to get your sale price accepted as payment in full. Payment in full is VERY IMPORTANT.
In a short sale, the home is almost always sold at a lower price. So, the your mortgage loan will not be paid of in full. However, the bank can either issue one of two different decisions. They can say that they accept the payment as a payment in full and forgive you the rest of the money owed or they can come after you in court with a legal process and make you repay. That is why a short sale specialist is important. There are not many real estate agents that are short sale specialists. So, you should start trying to find one right away. Find a short sale specialist in your area today!

As soon as you have cleared the first hurdle with the negotiator headache, the second major concern in a bank short sale needs to be addressed. Buyer impatience and their general lack of knowledge in the bank short sale process can lead to much undue stress. This problem can be compounded if the buyer is a first timer that is eager to get into a new home. The purchaser can quickly be turned off if they are not on good communication terms with the real estate agent regarding a bank short sale. Often times, even though the Real Estate agent in Tempe, AZ has completed all of the bank short sale paperwork and sent it to the bank, the transactions will still take as many as two additional weeks to complete. Then the bank short sale paperwork will need to be passed on to those pesky negotiators.
Asking for an excited buyer to be patience is a troublesome thing to do. This is especially challenging in current times as the number of bank short sale properties on the market today is ever increasing. Additionally, today’s society takes a “grass is greener” approach to most things. So, they will always consider a better deal may wait around the corner or better service can be had from another agent in a bank short sale. The patience of a potential buyer is a huge hurdle in the bank short sale and should be handled before the buyers even view the properties.
Just for frame of reference, here is an example. Last month, I was in the midst of working through a bank short sale in Tempe, Arizona that involved a property which was potentially going to sell for eighty thousand dollars less than comparable homes in the area. However, because it was a bank short sale, there was going to be a waiting period of as long as three weeks. The buyer was excited about the potential of the home for her and was overjoyed that is was in a condition that it could be immediately moved into without any changes or renovations. However, the buyer was under the impression that they should not have to wait for more than two days for a response, completely ignorant of the bank short sale process.
I decided to take a gamble and tell the buyer that this bank short sale process wasn’t necessarily for her because the bank does not care if you NEED a response in two days. The bank could care less about your dream home. However, if she was wiling to understand the bank short sale process and allow me to devote the time and energy to it, she would eventually get the home she desired. After some normal waiting in the bank short sale process, she was able to purchase the home and will close on it in a few weeks. Using a honest and direct approach to the buyer regarding the bank short sale process helped her understand the need for patience in completing a bank short sale.

Today, Kevin and Fred have decided to cover a topic that they have never covered in the past. Additionally, they haven’t ever discussed it in one of their Crush It lessons. The topic is post short sale approval troubles. In essence, you previously have an approval from the bank and troubles come up. How do you deal with them? What is really occuring out there?

With a transaction that closed yesterday, our escrow representative was looking to get the closing HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD despite the fact that all of the terms were met. The worst part was that the negotiator wasn’t willing to articulate in plain english to make clear that the HUD had to look a specific way. It is essential to note that just because the transaction is approved, it does not mean it is completed.

Realize that your approval note at most banks says that they have to approve of the final HUD. Because the approval letters do not specify what they are paying and what they are not paying, you may not know if they will approve it.

We had another post approval problem recently, with an approval from the coordinator. We planned the closing. About a week into the closing, we got a telephone call from a new negotiator that introduced themselves as the the new negotiator for this folder. She asked for a number of papers so that she could get the folder accepted. When we informed her that we previously had the folder accepted, she let us know that that approval was no longer applicable because they never got the folder accepted from the backer.

This is the sort of stuff that is occuring out there that you will not here in a ordinary short sale teaching lecture. The point is that there are post approval troubles and you are going to have to deal with them if you desire to be successful in this industry

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

We are going to chat about mindset again today. We have noticed a trend on our favorite social media website, facebook. Coincidentally, facebook recently surpassed 500 million users. So, that is a magnificent lead generation method on mindset Monday. Simply ask the 23 clients that we got through facebook and closed on.

The theory that we would like to chat about is that we have noticed a lot of realtors on facebook that are complaining. We aren’t mad at them because several of them are our associates. Nonetheless, we see a lot of the status updates about which lender you loathe. Also, there are loads of status updates asking if anyone has a good contact at this specific lender or that specific lender. In light of these facebook postings, we would like to transport people back to the January 2nd installment.

The theory that was discussed on that installment was to do something distinctive. This is not an installment to get mad at realtors. The aim is to not get stuck in a rut doing the same thing all of the time and hoping for distinctive results. You will have to do something distinctive.

One of the things that we recommend to realtors is to chat to somebody distinctive at the lender. If you are wondering how to achieve that, try jigsaw.com. We get emails all day for contact information. It is important to note that we will never reply with contact information, but we will regularly reply with a recommendation to try jigsaw.com

Just one example of doing something distinctive, Fred couldn’t get a lender worker to stop talking today so he just started pushing buttons on the phone. It probably wasn’t the most adult thing to do. However, he was doing something distinctive. If what you have been doing is not getting you the results you desire, try something distinctive. The worst thing that can come about is you will still not get the results you desire.

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

Although it is tougher to qualify for a home loan in Phoenix, Arizona these days, now is a great time to buy with the troubled housing market. You can find a great home for a low price.
If you are looking at purchasing short sale homes in Phoenix, AZ, you are not the only one. These short sale homes are a direct results of the crumbling housing market
Short sale homes are exactly as they sound. They are homes that are sold as short sales. The owners of short sale homes have not made their mortgage payments and they want to avoid foreclosure. So this creates short sale homes. Basically, with short sale homes, the home buyer borrowed a pile of money and now the home is not worth that much anymore. For example, Joe Smith borrowed $500,000 to buy a $500,000 home. However, because the housing market is in disarray, his home is now only worth $275,000. So Joe Smith is paying the $500,000 mortgage on a home that is only worth about half as much. And quite frankly, Joe Smith doesn’t like that. So, he, like many others have decided, is going to short sell his house. Hence, the term short sale homes.
Short sale homes allow the home owner to sell the property at its current value and walk away from it without facing foreclosure. It seems like it is too good to be true, these short sale homes. But in fact, it has benefits to all parties concerned.
-The home owner gets to sell his home that is not valued the same as his mortgage anymore. With short sale homes, the bank often forgives the remainder of the debt (why would they do that? Keep reading!) Also, by selling the home and avoiding foreclosure with short sale homes, the previous home owners can keep their credit in relatively good standing and purchase a new home in a few short years OR LESS!
-For the lenders that allow short sale homes, it is not an ideal situation. However, it is a better outcome for them, approving short sale homes, than if they had to foreclose on all of the homes that have defaulting mortgages. So, lenders, in many cases, will forgive the remaining debt on the mortgage in order to avoid taking the home over in foreclosure. Remember that ultimately, the bank only wants money. They have no interest in collecting real estate. Every home that they foreclose on costs them thousands of dollars in legal fees. Furthermore, the foreclosed home will get a much smaller selling price at a foreclosure sale than it does if they allow short sale homes.
-For the buyer, short sale homes are the perfect opportunity to get a home that is good condition for a bargain price. Remember, the home owner has not just walked away from the home abandoning it in meager condition as they may in foreclosure.
Short sale homes give all parties, the buyer, the seller, and the lender the best outcome from a bad situation.