Short Sale Power Hour

Last week we chatted about the waning house sales in America. They fell 30% from May to June. Those videos were filmed on Monday, July 5th and ever since that time there have been tons of articles supporting what we are saying.

Firstly, if you took our episodes last week to think that you ought to run and hide from this situation, you are entirely wrong. We share this information with you so that you can stand facing this market head on. We’re merely trying to be realists and move our approach as the market changes.

Short Sale Shift

Every once in a while, we want to voice our frustrations to maintain our sanity in the difficult short sale business. It also helps us keep fueling the fire to fight the banks because certain days are more difficult than others.

We don’t loathe Wells Fargo. Nonetheless, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that might be part of the problem holding things up. We will have to escalate with this folder. Here is the account.

Short Sale Shift

Many times we giggle during this show, but we have to keep a positive approach because reflects on our business and we want to keep that encouraging outlook to deal with the bank and get short sales completed rapidly. So, whereas we have to be hard with them, we attempt to keep a upbeat approach.

Short Sale Shift

Welcome to shortsaleshift.com. Minnesota’s foremost short sale agents, Josh Pomerleau and Sarah Willman are going to discuss why a bank would want to complete a short sale.

One of the first queries we get from home owners that are going through foreclosure or beginning to skip their payments is “Why would a lender choose to do a short sale?”. Often times the house owners think that it just sounds to good to be true. But, there are a lot of reasons why a bank would favor a short sale over foreclosure. At the end of the day, it saves the lender lots more money to progress through a short sale than to progress through a foreclosure.

A short sale occurs when a lien holder for the property agrees to a reduction in the property lien or loan to progress a real estate sale. A potential buyer of this property has the opportunity to purchase the property at a reduced sum. A short sale of a property is an alternative to allowing a homeowners property to be foreclosed.

How Does a Short Sale Work?

Short Sale Power Hour

Kevin Kauffman is united for forgettable Friday by the forever dapper, Coach Collard. We’ve got a small scenario to share with you today about a listing that Fred and Kevin took in November of 2008.

So, a year and a half ago, Kevin and Fred took a listing in the Scottsdale, AZ area listed at $330,000. That is what the property was worth in November of 2008. Remember that the market was still plunging progressively at that time. They received an offer at $330,000 and took it to lender. Utilizing the same short sale practice, they kept getting rejected. There was a disagreement on the value of the house and were repetitively rejected through January of 2009.

Short Sale Power Hour

Kevin and Fred have a unique message today. In talking about what the subject of today’s episode would be, they decided that it was time to address the things that occur in a short sale deal that don’t make any sense. Reason and logic can be thrown out the window in a short sale. Countless times Kevin and Fred find themselves saying “why is the lender doing that?” There are so many examples of positions that cause you to ask that exact question.

Short Sale Shift

Today we did need to cover a few important things about purchasing a short sale and how to go about that process. If you are purchasing a short sale you might want to do a little research or have your broker do it for you. We would ardently advise getting a real estate broker to deal with it. They will probably know a little bit about the short sale practice and be able to act for your best interest.

Short Sale Power Hour

Today is once again Mindset Monday. We make out that there are some home owners and short sale realtors out there watching today. So, we would like to talk about the outback mindset today. We also have some magnificent prior episodes on shortsalepowerhour.com about the outback mentality.

Are you falling behind on your mortgage and desire to avoid foreclosure through a mortgage short sale? The five steps below to execute a mortgage short sale.

The foundation of a mortgage short sale in Gilbert, Arizona is as follows…a mortgage short sale is when you come across a buyer for your house and the bank agrees to take the offer even though it will not pay off the mortgage entirely. In the mortgage short sale method, the bank forgives the rest of the mortgage balance. Step 1:Begin the mortgage short sale in one of two ways.