Archive for the ‘Bottom Line’ Category

Why Do Lenders Approve Short Sales?

Sunday, April 22nd, 2012

Welcome this is Kevin Kauffman, co-owner of Group 46:10, one of the leading real estate teams in the Phoenix area that specializes in short sales. In fact, we’re the number one short sale group, not only in Phoenix, but in the entire country. Our team has closed over 500 short sales in the past four years and we have over a 90% success rate.

On a daily basis we get several questions regarding short sales and one of the questions we get frequently is, “Why do lenders even approve short sales?” Simply put, it’s a financial decision for them. Many individuals think that banks are out to assist homeowners, but the truth is that if you have ever attempted to do a loan modification or worked with your lender, you have more than likely experienced something completely opposite.

At the end of the day, the lienholders do not actually care about people, they care about their bottom line. The reason they allow homeowners to short sell their houses is because it saves them money over doing a foreclosure. If you’re curious about your situation and questioning if you are eligible for a short sale, even if you don’t reside in the Phoenix area, please call us at 602.492.4610 or fill out the form on our website. We’d love to talk with you about your situation and let you know how we can assist you by getting your property approved for a short sale.

I also wanted to urge you to take a look at our Short or Stay Calculator. By entering in some basic information about your property and your mortgage, the calculator will tell you when your home will become an asset again and if it is best to stay or short sell. Again, if you have any additional questions about short sales and the short sale process, Group 46:10 is the team to ask. We anticipate talking to you in the near future.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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What’s A House For Short Sale?

Sunday, February 26th, 2012

What’s a House for Short Sale?

How is this beneficial to you?

In simple terms a house for short sale is sold at an amount that’s lower than its remaining loan balance.

A house for short sale offers a treble benefit:

  • The existing owner avoids lots of the damaging effects of foreclosure, including lasting impact to their credit reports, and future Problems on government funded loan programs.
  • The bank avoids the exorbitant costs and substantial legwork concerned in foreclosing and acceptably getting rid of a foreclosed home.
  • The home buyer benefits financially, obtaining a quality home at a discount. This is a unique opportunity in the current real-estate market.

Are you a buyer?

Substantial savings might be in store with a house for short sale, as the lender is willing to allow the home to be sold at less than its current loan balance. To explain, buy your dream home for less!

Are you a borrower?

A house for short sale will impact a house owner’s credit far less than a foreclosed home. Repossessions remain on official record permanently and can have an effect on borrower credit so long as 10 years or longer. Also, the foreclosure must be disclosed when applying for certain funds like Fannie Mae, mortgage or investment mortgages for up to 7 years!

Once the sale is over, delinquent payments will show on your credit score. However , a home for short sale usually shows as ‘paid as agreed ‘, ‘paid as negotiated ‘, or ‘settled’. Therefore , a short sale is the ultimate option if loan modification is not available. The impact to your credit will be a lot less serious.

What about lenders?

The bank is often glad to unload the house for short sale because this allows them to minimize costs involved with foreclosure.

It truly does come down to the bottom line!

Kendra Chui is a expert helping homeowners .

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