Honest Realestate Agent

Posts Tagged ‘short sale’

More tips from Alex Speak: One of the biggest mistakes you can make after getting served with foreclosure papers is to do nothing, figuring you’ll ‘just let the house go’. Not only do you lose your home, but your bank will probably get a deficiency judgment against you; that is, a judgment awarding the bank money for the difference between what you owe on the loan, and what the house sells for after foreclosure.

Do you owe a lot more than your house is worth? If so, you’re looking at a big deficiency judgment. Did you know that in many states adeficiency judgment is good up to 20 years? The bank’s going to be in your life for a long time. It can claim money from your bank accounts, take your income tax refunds, and dip into future assets you accumulate.

What should you do? Either hire a lawyer, or represent yourself by filing an answer. (‘hardship letter’ isn’t the same as an answer!) When answering a complaint, the lawyers may admit that the borrower (you) owns the property, but deny the rest of allegations of the complaint. In their answer, lawyers also typically raise certain defenses, such as, since the original note has been lost, and the plaintiff (the company suing you) doesn’t have a complete copy of the original note, the plaintiff cannot maintain the foreclosure action.

With adjustable rate mortgages with interest-only payment periods, and/or the option of making a variety of payments such as a minimum payment, interest only, or interest and principal, or have a prepayment penalty, many lawyers say in their answer that the loan violated state unfair and deceptive trade practices laws because the originating lender didn’t explain to the borrower that negative amortization and payment shock would result from the structure of the loan.

Those same lawyers also file a written request for the court to refer the case to mediation. One huge advantage of mediation is getting to sit down with the lender’s representative, who has the authority to settle the case without a foreclosure. Before going to mediation, you should know exactly which solutions are available to you. Find those solutions by making sure you do your homework and research all the options available.

Short sales are sold as is. Get the home inspected to assess the condition and extent of repair needs before making an offer. Short sales riches turbocharged is a must have system for investors that want to have a competitive advantage in this market.

Getting the homeowner to sign the option contract is one of the most important steps in the process of buying a short sale. Short sales riches turbocharged educate the real estate investor on how to discount the loan from the lender. Every investor must know if this system if he wants to maximize his competitive advantage.

Short sales riches turbocharged not only helps the investor, but also helps the homeowner sell quickly and the end buyer purchase a house at a great price. However, short sales can also be tricky, so understanding how they work is essential.

Short sales are an ideal alternative for sellers who are facing foreclosure. It’s critical that realtors take time to understand the human element behind short sales, in that there are real people being impacted. Short sales are a growing part of the declining real estate market, which means its imperative for investors and realtors to understand how the short sales riches turbocharged works.

Short sales riches turbocharged provides a unique and the detailed process to purchase and immediately resell the property to an end buyer. Unfortunately, very few systems are offered to agents who want to specialize in short sales in their market. Short sales are given away by their prices, when they seem far too low for the value of the property. It may be hard to determine in today’s declining values, but you need only compare the values of a subject property to others in the neighborhood to determine if it’s a good candidate for short sale. Short sales can be difficult because of the many variables involved and success is not guaranteed. Banks are under no obligation to approve short sales and a lot of times the process will be time consuming, which requires a lot of patience. Which, again, makes it that much more important for the real estate professional to understand the short sales riches turbocharged system.

If you’ve ever attempted a short sale, you’ll know it’s a complicated process much like REOs. Understand that short sales take a lot of hard work, time, cooperation, and a well coordinated effort among all parties. The short sales riches turbocharged system walks you through step-by-step how to profit in short sales.