Archive for the ‘Break’ Category

What Are Some Totally Different Methods To Qualify For A Short Sale?

Sunday, May 27th, 2012

Hello, I am Josh and this is Sarah and we run Minnesota’s prime short sale group within the area and we are called the Pomerleau Team at Keller Williams. A couple of years ago we made a promise to reach out to as many people as possible. We have made more than 800 videos and are Kaplan instructors where we get to teach different realtors about short sales.

I wanted to inform you a couple of new software we’ve on our web site, shortsaleshift.com. It is a short sale decision calculator and you type in a bit of little bit of your information corresponding to property information and loan balance. It would send you a free report telling you about your situation. How long is it going to take for you to break even and how much money would you’ll want to bring to closing in the event you were to sell the home with out doing a short sale. It is a great device and it offers you a very good perspective in your situation.

Right now we are going to discuss methods to qualify for a short sale. As soon as the mortgage is late, the financial institution becomes extra motivated and plus it becomes their hardship. There’s a unhealthy asset on the book and they need to get it removed. The choice for the bank is to either foreclose, which costs them more money, or complete a short sale. So, why are banks doing short sales a lot right now, well it’s because it is costing them less money. They are not doing it because they love homeowners and try to assist them. They’re doing it as a result of it costs them less money. We even have householders who make a lot of money and we get their short sale accredited and closed. It’s as a result of once it will get so late, the banks simply need to get it off the books.

One of the largest things like we mentioned is missing a payment. Once you miss a payment, your short sale possibilities go up significantly. Second, banks really like to see a negative cash flow. Take a look at your entire expenses and you could be surprised. Lastly, one other solution to get a short sale approved is you probably have some type of a hardship equivalent to relocation, or job loss. Again, with a hardship, missed payment, and negative cash flow, and especially all three of those collectively can virtually assure your short sale might be approved. In case you are lacking a kind of things we would be completely satisfied to speak to you about what your choices are.

Again, we’re with the Pomerleau team, Minnesota’s number one short sale team and we’re here to help. So when you’ve got any questions, please give us a call, email us or fill out a contact form on the website. Thanks and have an incredible day.

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

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Is It Potential To Accomplish A Short Sale In A Tenant Occupied Property?

Sunday, February 5th, 2012

Hello, this is Kerri from the Bay Area Short Sale Angels, northern California’s primary short sale team. So lots of people ask us how we take care of tenant occupied properties. Many of our clients have investment properties that they need to short sale and even their primary residence that they moved tenants in with the intention to try to continue to make those payments and it is not working out. Each state has totally different laws, but within the state of California, the tenant is required by regulation to comply and not get in the way of the sale of a house. It does not matter that it’s a short sale or that the house is underwater, they need to participate. All that is required is 24 hour notice with the intention to show the property.

What we do as a team is try and get the tenant to work with us and have the least amount of disruption to their life. We promise them only two Sunday open houses from 2-4:30. We don’t put a lock box on the home so there will not be agents simply barging in all the time. In exchange, we often recommend that our landlords offer a break on rent throughout the promoting process. That is not something that is a legal obligation, its’ just a courtesy.

In addition to that, a number of tenants get frightened about their deposit and if the property sells, what occurs to their deposit? The deposit is transferred to the new proprietor and whether or not the owner goes to be one other landlord of the tenant or if they’ll wish to move in. That deposit sticks with the property and can return to the tenant minus any damages that have to be taken care of.

So, tenant occupied properties are somewhat bit harder to take care of but positively not impossible and we try and make it as friendly as we will to keep everyone happy. This is Kerri from the Bay Area Short Sale Angels where we believe there’s nothing worse than doing nothing. We’re northern California’s number one short sale crew and we look ahead to talking with you soon.

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

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