jump to navigation

Short Sales on Investment Properties October 31, 2010

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale investment property, short sale investor, short sale realtor, Stop foreclosure.
Tags: , , , , , , , , ,
1 comment so far

So here is the story, you have a rental property but you live out of state, out of country or just out of town. The Tenants stopped paying Rent so you had to go through the eviction process long distance. You finally get them evicted. However now after months of them not paying rent led to the financial strain on your Bank account. You’ve had to pay the mortgage and the HOA . Only to find out that the Tenants moved back in again. Brace yourself folks you have Squatters.

You’re asking yourself is this possible and the answer is “Oh it be Possible”. What happens is they leave a window or the garage door unlocked so they can get back in the home.
Here are some preventative measures you can take once the eviction process is complete.
1. Get the locks changed.
2. Call the utility companies to make sure the electric and water is turned off.
3. Contact your neighbors next to your investment property; ask them to keep an eye out for any activity.
4. Contact your Home Owners Association and let them know the Tenants have been evicted and the property is now vacant.

So let’s say the house is secure and squatter free, what are your options. The strain of no rental income has caused you financial hardship and it is becoming increasingly difficult to keep up with your own mortgage.
Here are some options to consider.
1. Find another Qualified Renter quick.
2. Loan Modification of your current mortgage or mortgages.
3. Sell as a Short sale.
4. Deed in Lieu of Foreclosure.
5. Foreclosure.

If you choose Short sale as your option, we would be happy to help you. There are no fees for our service all commissions are paid directly from your Lenders.
This is what you can expect from Asset One Realty, Inc.
1. We’ll help you get the locks changed and we’ll meet the locksmith out there or do it ourselves.
2. We’ll make contact with your neighbors to keep your property squatter free.
3. We’ll list and market your property to sell.
4. We’ll contact your lenders on your behalf and facilitate the Short sale. Our final goal is to complete the sale.

We have had this scenario on several of our listings. It’s very stressful when you have so much distance from you to your property. Let us help you.
When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at http://www.scottnwendy.com or paganorealtor@gmail.com

Wendy Golding/Asset One Realty, Inc. Licensed Real Estate Broker 407-299-1888

Advertisements

Short Sale and Divorce October 30, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, HAFA, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor, Stop foreclosure.
Tags: , , , , , , , ,
add a comment

Who gets what? Where will the kids stay? Will I have to have enough money to move? What about the house? These are all the questions that you’ll be asking yourself when going through a Divorce.
Short sales and Divorce can be trying times there is no way to sugar coat it. What may help you is to have an experienced Realtor handle the Short sale for both of you. My goal is to stay true to both parties and complete the task of the Short sale.
In my most recent Short sale the couple was going through an emotionally difficult divorce. It was very hard for them and I wanted to make sure that I handled as much as I was allowed during the process to release some of their burden.
In the beginning of our process there were late night calls of worry and unexpected twists and turns. I would find that one party would be reluctant to provide me with documentation or signatures while the other party was very anxious. After speaking with them both, I found that the reluctant party just needed to vent and the anxious party was just scared. I stayed true to each of them and just listened. Divorce is never easy for anyone, and then add the Short sale of your home into the mix and you have a lot of emotion.
As time went by the calls were fewer and my requests were filled quickly. This is when I realized they really did trust me and I would do everything I could to keep their trust and remain loyal to both of them.
When it came time to close it was seamless! No hic ups, no twists or turns, just complete cooperation from both parties.
I am happy to say that Mr. and Mrs. Are both moving on with their lives and have had a large portion of worry lifted from their shoulders due to their Short sale being completed.
Every situation is different and each person involved has needs that are different. If your in a similar situation but aren’t sure how to go about executing your Short sale while going through your divorce, call me. I’ll be happy to answer your questions and assist you during this tough time.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at http://www.scottnwendy.com or assetonebroker@gmail.com

scan to our web site

Sincerely,
Wendy Golding/Asset One Realty, Inc. Licensed Real Estate Broker 407-299-1888

Citibank Short sale June 16, 2010

Posted by orlandoshortsalefl in Citi short sale, Citibank short sale, Foreclosre, Foreclosure, Foreclosure in Orlando, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor.
Tags: , , , , , , , ,
add a comment

Short Sales with no deficiency Judgment for you.  

Well it’s official I am a Rock Star! 

So here is how the story goes….. I have this seller that no other Realtor we’ll call them musicians  would take due to it’s size, by the way it is my most humble of sales/scores. As a matter of fact 4 other Realtors/musicians turned it down because it was so low.  After the sellers we’ll call them the promoters, sang me their song I took the listing and started my short sale tour.

This particular Short Sale was with Citi, so we’ll call this my Citi Tour. On my Citi Tour I encountered several Roadies who were grumpy, tired and possibly hung over. It took me forever to set the stage for a very low budget concert. My lead Guitarist, we’ll call her the negotiator wouldn’t talk to me….ever, she would only email me.

Now I understand it’s hard to get a lead guitarist but we have to communicate…right?  Anyway I had to go to her Manager, we’ll call him the Boss to get things moving. Funny how the Boss can always make things happen.  One of our biggest challenges was the value from the appraisal. This came in much too high. The appraiser we’ll call him the Ticket Master apparently got his values from sales from 2005.   Naturally I had to fight this. It’s really hard to orchestrate my Citi tour when so many of my Band Members are not on the bus.  

Needless to say I had to do my own BPO, we’ll call this my Ballad. My Ballad had everything from heartache to distress but ended very Happy.  My Ballad was so good even My lead guitarist agreed. In fact she decided to record it with her seal of approval. The best part was there was no deficiency judgment or Promissory note from my Citi Tour, just satisfied promoters and dedicated groupies.

Long live Rock! Wendy The Rock Star

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104. Also check out this site I created for a report on the top 10 scams for homeowners facing Foreclosure. www.stopthephonecallsorlando.com

Short Sales and PMI June 9, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, Mortgage insurance and short sales, Orlando pre foreclosure, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, PMI, PMI and promissory note, Promissory note, short sale PMI.
Tags: , , , , , , , , ,
add a comment

Do you ever wonder if the person on the other end of the phone or email has a heart? Are these negotiators vampires just trying to suck more blood out the distressed home seller and Realtors. The answer is…Yeah sometimes they are.  I consider myself a fighter or in this case a Vampire slayer but when fighting doesn’t work I have to find other avenues to make these impossible short sales go through.

This was the case on my latest Short Sale. The sellers really have had a hard time and the Negotiator was tough. First I couldn’t get her to communicate with me so I had to go over her head to get a call. Hence the beginning of the “Fight”.  Well that just pissed her off and she was even more ravenous for her ounce of blood.   She told me, “We’re not paying that, we won’t do that, you’ll have to take that out, change your commission, we’re going to need a promissory note.. yada yada yada. 

Ok, so I was starting to get the picture that she was in it to win it.  What she didn’t know was So was I. I knew I had to move quick if I was going to get my stake into her heart.  So the next time she called me I kept her on the phone for at least 30 minutes. We talked about her, where she lives and her family. Then we chatted about the documents she needed from my clients. I kept mentioning key facts that were relevant to the file, values, depreciation….. all the time getting her to respond and engage in a solution.  At the end of the conversation she said she was going to make sure the PMI company knew what we were discussing. The outcome was favorable, we received our approval today with no promissory note and favorable conditions. It turns out that my Negotiator wasn’t a Vampire at all, just a tired, overworked and nice lady.  

My point is if we start to engage in the Human Touch we will find that there may be a Real Person on the other end of the phone and not just another Nosferatu. Wendy the Vampire Slayer.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104. Also check out this site I created for a report on the top 10 scams for homeowners facing Foreclosure. www.stopthephonecallsorlando.com

Military Armed Forces forclosure assistance May 30, 2010

Posted by orlandoshortsalefl in Armed forces short sale, Foreclosre, Foreclosure, Military Foreclosure assistance, military short sale, Orlando Short Sale, Orlando short sale Realtor, veterans foreclosure help.
Tags: , , , , , , , , , , , , , , , , , ,
add a comment

First of all my wife and I want to Thank You all for protecting our country and keeping our freedom alive and well. You are all the best. I am sure you do not hear this enough but all of us owe you a debt of gratitude. On this Memorial day weekend I wanted to blog about how Wendy and I can help you and your family. We specialize in Short Sales and preventing foreclosure. Serving your country does not mean losing your home to foreclosure. 

As a member of the US military including our Coast Guard you qualify for a short sale from your lender. The DOD, also has a program called HAP. You may qualify for this as well. You will contact the HAP field office in your area. HAP provides assistance in four ways. For eligible applicants, the Government may: 

  1. Reimburse you for part of your loss from selling your home.
  2. Assist you, if you don’t have funds from the sale of your home to pay-off your mortgage.
  3. Purchase your home by paying off the mortgage.
  4. Help, if you default on your mortgage.

If we can not get you qualified through HAP we can still get the short sale approved by your lender. We will always try to get you approved through the HAP program first as these benefits are for you for serving your country. 

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104. Also check out this site I created for a report on the top 10 scams for homeowners facing Foreclosure. www.stopthephonecallsorlando.com

Home Affordable Foreclosure Alternatives Program (HAFA) April 10, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, HAFA, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, short sale, short sale PMI, short sale realtor, Stop foreclosure.
Tags: , , , , , , , , , ,
add a comment

This is my take on the HAFA or Home affordable Foreclosure Alternatives Program. I have read the 45 page document and there have been some changes already since the December announcement. 

To qualify for HAFA the home must be your primary residence, not a second home or investment property. Also your first mortgage must be under $729,750 and you must be in default or be close to default. Also your monthly mortgage payment must exceed 31% of your income. Lastly the loan must have originated before January 2009. 

Now the big thing everyone is talking about is the banks have to approve the short sale in 10 days. Good luck with that. The banks have 10 days to accept or decline the offer that is reality. The banks will set a minimum offer they will take up front. I will guarantee this will be above Fair Market Value. Then they will go back and forth until they get the offer they want. This will take 30 to 60 days or more with all the counter offers. 

What do the banks get out of this. Well it is a voluntary program the banks do not have to do HAFA. The first lender can give up to 6% of the seconds loan balance or $6,000 total. The first lender will get $1,500 from the Government for doing HAFA and an additional 1$ for every 3$ they pay to the second lien. 

The homeowner gets $3,000 moving expenses and a full release from the first, second and PMI/MI companies. This means no deficiency judgement, no promissory note and no cash contribution. A full release of liability for the debt. Wow that sounds great, hunh? To the homeowner yes to the banks HELL NO. This means on a S200,000 mortgage lets say the short sale is $100,000. The bank is going to eat $100,000. Yea I’m sure the banks are going to line up for this. This is going to be the tough part of HAFA. 

Also don’t forget all lenders 1st, second and MI/PMI companies have to sign off on this. The bank can also require the homeowner to pay 31% of his or her income as a mortgage payment to the bank while the short sale is being negotiated. 

So I would like to know what you all think. Down here in Florida its Y’all think. Are the banks going to be able to handle this additional loss? Do you think they want to give up their right to a deficiency judgement? What about the PMI/MI company no more prom notes? It will be interesting to see how this plays out. 

One last thing if the banks won’t do HAFA don’t worry a short sale is still better for them than a foreclosure any day of the week. Just make sure when you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Bank of America Equator Short sale April 3, 2010

Posted by orlandoshortsalefl in Bank of America, Bank of America short sale, Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, Orlando pre foreclosure, Orlando Short Sale, Orlando short sales.
Tags: , , , , , , , ,
add a comment

Well Bank of America is finally closing out the old way of doing short sales. From what I have been told the fax machine to send the documents will no longer be available to agents or homeowners. 

The bank will only accept offers from Owners and Realtors. No more For Sale By Owners, FSBO. They want to make sure the offer is listed in MLS now. I have not had to use this system.  I have heard good and bad about it. The buyers and sellers must be told upfront what is expected from them. 

From the negotiators I have spoken to, they believe it will make the short sale process go much faster. The last negotiator I spoke with on Thursday told me 60 days start to finish. If this is the case then we are in for a treat. 

The system assigns tasks to the Realtor, the homeowner and the negotiator. All parties are only given a certain time to complete each task. One problem if you miss this deadline they close your file. Also if the buyer backs out you have to start from the beginning. Ouch!! 

I hope they come up with a way to fix those last two issues. Only time will tell if this will work. Once I have an Equator file I will post on the results from start to finish. My three files I have with Bank of America are all in the final stage of negotiation. I am sure I will have another file to start soon. 50% of my clients have had Bank of America loans. Equator here we come whether we like it or not. When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

SFR certified Realtor March 20, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor.
Tags: , , , , , , , ,
add a comment

OK so your thinking what the heck is an SFR REALTOR®.

Well there are many designations out there on the internet for people who are supposed to be certified to help distressed homeowners. The certified distressed property expert, the certified short sale specialist, the Awesome short sellers etc.

However none of these designations except for SFR is acknolwedged or accepted by the National association of Realtors (NAR).  SFR is a short sale and foreclosure specialist REALTOR®. Now first of all NAR does not just hand out this designation, you have to pass an online course on short sales and Bank owned properties. Once the process is complete it takes 2 weeks to process your application and certify you for SFR.

But why is this designation so important? Because to truly help people in this market you must be aware of all the new trends taking place in this industry. The banks make up new rules daily to suit themselves. The only way we can combat this is with an orginization as large as the National association of Realtors. NAR is on the side of the consumer and so am I.

I am very proud to be a SFR REALTOR® there are only 9,748 of us as of today throughout the USA. This is a small number out of the 100,000+ Realtors in the USA. The next time you speak to a REALTOR® about selling your home as a short sale ask them if they carry this elite designation of SFR.

  You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Regions Bank Mortgage Short Sale March 12, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sale taxes, Orlando short sales, Regions bank mortgage short sale, short sale, Stop foreclosure.
Tags: , , , , , , , , ,
3 comments

I wanted to update everyone on my latest dealing with Regions Bank. They are awesome to work with. Regions and Wells Fargo should teach the rest of the industry how to do short sales effectively. 

First of all with Regions bank you must show you have a hardship. The hardship letter must be written and signed and we must send the bank the listing agreement, financials and authorization letter. This is the same for all lenders except for one thing. With Regions bank you get a real live person to speak to. The faxes are imaged within 24 hours. This blows away the rest of the banks by far. 

Next you will get a negotiator assigned in less than 30 days. This is my second time with Regions and the negotiator was assigned in less than 30 days. WOW! This is unheard of for a short sale. Regions has it down when it comes to getting the file closed. 

I also want to add the negotiator will actually answer their phone. This is also not a normal thing with these banks. If you have a Regions Mortgage consider yourself one of the lucky few. If you are in Florida we can list your house and get you started with this process. One last very important thing, do not wait until it is too late, because regions bank does foreclose if they have no other option. 

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Florida Foreclosure information March 10, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, short sale.
Tags: , , , , , ,
add a comment

Since I am on a roll with my blog, I wanted to give you some info on an article I just read in the Orlando Regional Realtor Association market statistics.

RealtyTrac’s® U.S. Foreclosure Market Report™ for January 2010, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

The above is the nation as a whole and RealtyTrac’s® system is very good at this. California, Florida, and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44 percent of the national total.                 

For a closer look here at home again from RealtyTrac’s® system. Orlando-Kissimmee had the nation’s 10th highest foreclosure rate in January, with one foreclosure in every 143 homes (no increase from December 2009).

One home in every 143, Wow this problem is not going away any time soon. This is the time for all homeowners to exercise their right to a short sale on their property. The banks are willing to work with you. The first step is tough asking for help. I understand this, but the alternative to do nothing and get your home foreclosed on is not a solution.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104