Steve Horn Team Flourishing In Short Sale Market
Posted on September 3, 2010
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Steve Horn with Short Sales Done Easy brings you another episode of Mad figures Monday. If your short sale specialist doesn’t know his numbers, acquire a new specialist.
I’d like to cover all of the critical data that you need to recognize to keep you up to date with this troubled market that we are in at present. We are seeing a great amount of depreciation. The market continues to go down as we see greater and more foreclosures being released. It is not pretty, but it is the realism of the circumstances.
When I sit down with your comps, I will provide you the truth roughly what the facts are and what we are looking at in the future with any sign of appreciations. Right at the moment, there just isn’t any sign of that occuring.
at the moment that I have given you the awful information, lets look at the numbers. We are all in the identical state of affairs. So, if any of my clients are watching out there today, we will be doing a price cut on your listing today. If we do not have an offer on your property today, we need to get an offer to begin the process. Regrettably, that means that we need to lower prices.
It is very remarkable what we see when we glimpse at the current information. Active homes on the market are at about 37,000. A month ago, that number was roughly 33,000. We have seen a large increase in listings. The number of pending sales are currently at approximately 16,000. Compare that to last month with approximately 17,000 pending sales. So, the number of houses being sold is also declining. greater properties on the market with less property sales is not a good sign.
There are basically three different types of listings on the market today, the foreclosure, the short sale, and the regular listing. Current foreclosures on the market are about 7,000. Normal listings account for roughly 18,000 and short sale listings are numbered at approximately 10,000. So, we have seen an increase in foreclosures, an increase in short sales and a moderately unchanged number of regular listings.
When we look at the number of properties that have closed in the Phoenix market the numbers are down. Nonetheless, on the Steve Horn group we are keeping well above the regional average of closing sales in this distraught market. This is just one of the numerous reasons that we are Phoenix 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
GMAC Short Sale Process Improving
Posted on September 3, 2010
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Often times we chuckle during this show, but we have to keep a upbeat outlook because reflects on our firm and we need to keep that optimistic outlook to deal with the lender and get short sales completed rapidly. So, while we have to be hard with them, we try to keep a upbeat attitude.
This is accurate with GMAC, which is our latest beloved bank after venting yesterday about Wells Fargo. GMAC is using Equator which is a short sale file management system which helps dialogue between us and the lender. It is extremely effective. We are working on a folder that is moving as fast as we have ever seen. They did forward us a counter offer that was a speck high, but generally, GMAC has been awfully easy to deal with. We had the home listed at that price for close to a month. So, at the moment we do love GMAC. We merely want you to appreciate that there are optimistic things happening at the bank.
When we acquire an offer that nets them a good percentage of what they are losing we have a improved chance at closing the file. If you are an agent, one of the most vital things is to detect is what the BPO comes in at. They have been telling realtors the percentages that they are trying to net recently. So, if you identify the BPO and you know what percentage the bank is trying to recover, you will be in front of the game. You will also know whether you need to challenge the folder and get it completed in a timely way.
Thanks for tuning in to Short Sale Shift. If you have a residence that you would like to short sale in Minnesota, please don’t hesitate to e-mail us today.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Hot Tip For Short Sale Agents
Posted on September 2, 2010
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A very important topic that has come up in the last couple weeks is our focal point today. We’ve seen this dilemma pop up over the last few weeks and we want you to be able to steer clear of it.
Make certain that the bank you are dealing with on a short sale is not the lender where the home owner has a checking account. We have now had multiple people over the course of the last few weeks that have approached us on this subject. Both active 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 permission.
We believe that the note you signed for the mortgage is only secured to the property. It is not secured to the checking account. Nevertheless, we suppose that the lenders 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 seize the money from one account to apply it to a different account. They are thieving it without any permission.
We don’t know if this is appropriate or unethical, but it is occuring. So, there is a way around this. Ask your house owner up front where their checking and savings accounts are currently held. Make certain that if they are not held in the bank that you will be doing a short sale with. Immediately have them close those accounts and get the money out. It is extremely vital that you know this as short sale realtors and that you share this information with your clients.
Get the word out to other teams and your customers. Do not let this become a crisis for the people that you are attempting to help through the short sale method. Also, please comment below if you have seen this occur previously. Let us know what lenders are using this approach.
One more thing to note, we will be in Las Vegas on August 25th with our Crush It short sales seminar. So, acquire your ticket now!
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Patience Through The Short Sale Procedure
Posted on September 2, 2010
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We wanted to discuss the interesting market that we are in again today. Essentially, we would like to talk to you about a recent phone call that we had with a client. The client was wondering if it was better to wait it out. Because she is relocating to another state, she thought that she could perhaps rent the house for the next few years and then sell the property in the future.
We are not in the business of telling our clients what to do, in particular when it comes to their mortgage. Nonetheless, it is our job to tutor the customer as to the decisions that she can make. The conclusion that we came to was as follows.
Because she isn’t in a bad mortgage payment situation based on what she could get for rent, she would only observe about $200 in loss per month. She could simply write that loss off as depreciation. Yet, the key is, if she was just behind by $20,000, it could be a strong choice for her.
Looking at the statistics from a business viewpoint, what it would take for her to rent and then sell in a couple years makes no sense. The client is $100,000 behind in equity. The home is in an out-of-the-way locale of Phoenix, giving her a potential for more depreciation. Every occasion that she is negative on the rent to mortgage payment, she would be tacking on more mortgage to her loan remainder. Over twelve months, she is going to be $2400 in the negative every year. Multiple that on seven years and she will have a lengthy wait to recover the equity in her house. That is given the greatest case situation.
So, is it in her best interest to wait it out? After we gave her a cloudless picture of how long it will take to recoup that $100,000 her only option is short sale. She has tried the loan modification, but it did not work for her situation.
Because the bank is not prepared to diminish the principal. So the next best thing for her to perform is the short sale. These are genuine situations that happen every day. As a short sale specialist, it is my duty to help you appreciate the circumstances and ramifications of your decisions.
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
Short Sales That Involve A HELOC
Posted on September 1, 2010
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We would like to introduce a member of our team. This is our negotiator, Shawn. Shawn and I would like to discuss a few of the myths and answer some of the questions that many people have.
First of all, you may short sale a house with a HELOC. The distinction between a regular second purchased money loan and a HELOC. HELOC stands for a home equity line of credit. It’s different from a conventional second mortgage since the bank has the capability to go after the deficiency. It can be seen similar to a credit card.
There are a few challenges with a HELOC versus a standard second mortgage. Typically, with a normal second mortgage, since there is no power to come after the home owner, most second mortgage holders will just accept the $3,000. With a bank that holds your HELOC, they possess a little bit added power. They are usually planning to get ten to fifteen percent back. The home owner needs to understand that you may have to offer them $5,000 or more to settle the debt. This can be completed before or after the short sale is completed. Every bank is distinctive with how they conduct this process.
With a HELOC, a bank has the right to place a judgement against you and go to the court to collect on your deficiency by garnishing your wages. So, the HELOC is not something that you can just forget about. The benefit of doing a short sale with a HELOC is that the initial lien holder will provide the bank that holds the HELOC some money.
There are companies out there that you can go to if you own a HELOC. They will release the lien on the home, but they may not release the deficiency. Those are a few stipulations that you may attempt to work out a payment schedule with.
So, in summing up, in many cases it is smarter to do a short sale with a HELOC versus a foreclosure. Furthermore, each bank is singular in how they handle the HELOC.
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
The Results Of Mad Statistics Monday, Short Sale Statistics You Can Use
Posted on September 1, 2010
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Your Phoenix Short Sale specialist has researched some minor adjustments in the Phoenix Real Estate market. Since last weeks edition of Mad Statistic Monday on www.shortsalesdoneasy.com we have observed an boost in the total of foreclosures. Short Sales saw a slight boost on the quantity of new short sales to market.
*****In the MLS, there are now 34997 active listings… of those active listings 10003 are short sale but 6307 are foreclosures
****Homes under contract in the MLS—17800 incredibly high figure with 10500 short sales under contract and 3600 foreclosures under contract
*****Home sold within the most recent 30 days total 8069 with 2934 foreclosures sold and 2134 short sales sold.
Figures that stick out are the elevated amount of short sales listed and under contract vs sold. When we take a glance at short sale vs foreclosure, foreclosure purchases are continuing to beat the number of short sales sold because the failure of the bank to become more efficient with their short sale process. Stop at www.shortsalesdoneeasy.com for your free short sale survival guide.
Remember, at Short Sales Done Easy, we work diligently to make your short sale procedure go smoothly. There is no better benefit to a succesful short sale than having a experienced realtor working on your behalf. Steve Horn is one of the most successful short sale realtors in the Phoenix region. Contact him today to discuss the choices that are available to you. Don’t wait until it is too late to do something about your problems! Act now
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
A Look At Short Sale And Real Estate Figures
Posted on August 31, 2010
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Statistics are vital in the real estate industry because they can give you an accurate image of the present real estate market. Even with the negative material in the news day after day, it’s hard to recognize exactly what is occuring in your neighborhood.
The statistics are important so that we, as real estate specialists, can tell the buyers and sellers that we deal with what could potentialy ensue in the real estate market. Minneapolis statistics are essentially very comparable to nationwide numbers. As in most markets, the tax credit that recently expired has severely impacted the real estate market. The week that the tax credit expired, our local market saw around 1500 houses sold with the weeks prior to that averaging approximately 1200 houses sold. To put that figure into perspective, over time the average homes sold in the Minneapolis market per week is roughly 1000. Nevertheless, with the tax credit now expired, weekly numbers have dipped to about 650 properties sold per week.
As the buyers are diminishing every week and fresh listings continue to come on the market, things will probably get tougher for sellers. We believe that it is a good time to buy a home. While there are a lot of worries with the market right now, interest rates are at an all-time low and property prices are lower than they have been in decades. The affordability index in the Minneapolis vicinity is currently at 200%. That means, based on the mean income in the Minneapolis locale and current home prices, most people can afford to purchase two homes!
We are very much in support of purchasing in this market. The homes per buyer last year at this time was 5 to 1. Basically, for each buyer looking for a house, there were five properties on the market. This year, currently, that ration is 8 to 1.
Regardless of your position, be proactive approximately this process. Waiting to sell your home will only extend the problem and waiting to acquire a property could cost you more money in the future.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
How To Close A Short Sale
Posted on August 31, 2010
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Closing a short sale is not an easy job. Mindset is the most significant thing when trying to close a short sale. We see all of the designations that other agents have. Nevertheless, some of these agents have never completed a short sale. They call themselves an authority in short sales and other real estate specialties but they have no workable practice. Receiving a designation is a fantastic start, but actually closing short sales is so priceless.
Short sales are the largest grey area of the real estate industry. The lenders want you to believe that it is all black and white. When you learn something from the lender, you could give a call back tomorrow and you might get an answer that is completely contradictory. Try calling the lender ten times and see how many times you get the same reply.
As a matter of fact, sometimes we don’t even get the lender to answer the phone. It seems that the power goes out at lenders on a regular basis. There have been so many times that we have come to a spot that has never happened before. But we merely say that it doesn’t matter. Our frame of mind is to close the short sale despite of the situations. The lender has procedure and policy, but if you can show the lender that they are saving money with a short sale over foreclosure you can complete a short sale.
It is astonishing that the bank does not notify their employees that this process is basically about savings over foreclosure. don’t believe everything that you see and hear. do not allow your property to go to foreclosure. Do something about this situation. Even if you aren’t in the Minnesota region, contact us. We can help you locate the right real estate agent. We can also help you verify if your home is a good candidate for a short sale.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Rick Geha Talks On The Subject Of
Posted on August 31, 2010
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We have brought a very famous man back to Short Sale Power Hour. Rick Geha has joined us once more today. For those who don’t know him, Rick had the privilege of being on SSPH in February. Rick has been in real estate for longer than 30 years now. Rick is a nationwide orator for Keller Williams. He is a master faculty member who flies all over the country. He has six Keller Williams groups.
Rick thinks that the biggest part on lead generation is frame of mind. What is keeping you from lead generating? Each agent knows that creating some sort of lead generation activity on a daily basis will get you results. Nonetheless, there is such a big gap between the people that recognize this and the people that carry out this. That action, moving from what you know to actually doing it, starts in your head.
It frustrates Rick since he has been seen the outcome of not doing lead generation regularly. Rick learned some interesting things. Firstly, working on you becoming a better human being is the best way to help your company. Surround yourself in life with citizens that see you as bigger than you see yourself. Encircle yourself with people who will defy you to be better than you already are.
Lead generation comes from you being so dedicated to what you want in life that nobody will impede you. Are you willing to do what it takes? Rick is continuously reminded on how thrilling life can be if you are willing to do the dull basics and do things that are difficult.
When your whole life is spent making sure that the citizens around you are taken care of, without regard to what they will give you back, you will be a lead generation system. If you enjoyed today’s episode with Rick, post a comment below this and let him know that he ought to begin a daily video blog of his own.
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Principal Reductions And Loan Mods Not Bank Friendly
Posted on August 29, 2010
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Today’s topic is about Loan Modifications. We speak on the subject of them briefly on occasion, but we do not generally chat a lot regarding them. Fred got a telephone call from some acquaintances that were merely wondering what their choices were in the current economic times. They are essentially spending every dollar they make every month. They aren’t behind on payments, but they are just keeping up. One of their acquaintances suggested that they just walk away from the home and another friend suggested that they attempt a loan modification with a loan reduction. There is a possibility that the bank would reduce the principal balance.
Fred would like to know what everybody else has experienced with loan modifications. He’s just wondering if anyone has truly seen evidence of a successful change to a principal balance. There are thousands of spectators that watch Shortsalepowerhour.com, but Kevin and Fred have still not met anybody that has done a principal loan reduction.
We can presuppose that there are some good reasons that lenders do not do principal reductions on a normal basis. If the lenders did this for a couple property owners, everybody would be doing it. There wouldn’t be any motivation for home owners to pay their existing mortgage.
Yet, if the banks agree to a short sale, they get their money right away. Then they can lend out that capital yet again with a new loan. The short sale is clearly the best selection for the bank and for the property owners. As further evidence from HAMP itself, the government sponsored loan modification program, 25% of all HAMP modifications are at least thirty days late. The short sale is obviously the finest option for the bank and for the house owners.
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