And I sell homes 2…. Fighting for Short Sale Sellers is just part of the job.

Of  course representing Sellers in a short sale is only successful if  buyers can be found for the house that is being sold, and then Bank approves the transaction. We are finding  more and more the Banks are insisting that full advertising campaigns be put in place.   On this issue I happen to agree.  Videos, Virtual Tours, Open Houses and lots of photos in the MLS  have their place.   Cheap selling homes does no one any good.  I think (hope) the “equity vacuum” should comes to an end soon. Losing money on a home is no fun for anyone.   While other are staying on the same old advertising course  the Brokers Group is expanding their  influence by using state of the art marketing.   Here is just a little sample of what we are doing.

George Kenner, Broker Associate  – Keller Williams Realty, La Mesa  CA. 919142

g.kenner@yahoo.com  619-723-5714  Ca. Lic.# 01229951

Marketing Assistance provided by Kalabash Marketing, Good Night Mrs. Kalabash where ever you are.

Secret message to Mrs. Kalabash.

 

HAFA Gets Even Better $3000 dollars in Move Out Assistance

Just as the Brokers, Agents and the Banks get ready for the implementation of “HAFA” the Government sweetened the pot a little bit for everyone.  The move out assistance went from $1500.00 to $3000.00 dollars and for those people having second trust deeds the HAFA contribution to them went from $3000.00 to $6000.00.  Click here for the Government web link that details these changes. You will hear about this more soon but frankly the National News Media was to focused on the Goldman Sacks story to cover this jewel in the financial news.  But this story has leggs the housing crisis has not go away.

We believe these changes of course point to a real attempt by the Government to create “Win Win” situations for both the Banks, their investors and the public at the same time.    I personally hope this is a movement on the road forward.  The Banks seem to be moving in the “HAFA” processing direction but they are not fully on board.   If you are having a problem getting these Treasury Department benefits I strongly recommend that you call your Congressman and Senators.

There have also been some headway in the way the Government approaches the problem in General.  They are looking at more ways to help people who want to stay in their homes.  No struggling home owner trusts their Bank, and real estate agents only get paid for selling homes.  So what does this mean to the Public.  Let me tell you.  It places a great value on the HUD Housing Counselors like we have at the Urban League and the Housing Opportunity Collaborative here in San Diego.  There are Hud Counselors all over the United States and you can search for one at the HAMP site.

Short Sale Nurse continues to attract more very qualified Agents and Brokers to our team.

Chris Montgomery, Broker Associate

Chris Montgomery a Licence Ca. Broker has joined us bringing over 20 years of additional experience to our team. His Resume is impressive and we are lucky to have him.   Prior lending experience is very valuable when doing short sales,  it really pays to both know the strange language Banks use and what makes them in their own strange way happy.

This article was written by George Kenner, Broker Associate, Lic. 01229951 Please visit George and all the other team Members at http://www.ShortSaleNurse.com

All marketing done with the Assistance of Kalabash Marketing, Good night Mrs. Kalabash where ever you are!

619-723-5714

HAFA Letters, Notice to Intent to Accelerate

The Short Sale offers are starting to arrive from the banks.  In the last week I have seen documents from lenders where they are offering to “Short Sell” the property. For all intensive  purposes the letters or noctices  follow the mandated “Hafa Protocols”  which become official in a few days (April 05, 2010).

First lets talk about one of the things that are I am seeing,  a  “Notice of Intent to Accelerate”  this is what my attorney used to call a “Barking Dog Letter”    it falls short of any official action against the property which is required in law, but the letter if well written can open doors that may allow the parties to take  more formal actions.   This is not correspondence to be ignored but it is not  the “NOTICE OF DEFAULT” and appointment of a Trustee Sale Date.  If there is any confusion about this and you want to get this from someone that has not interest in any thing but telling you the truth , many times you can get advise  from HUD Approved Housing Counselors, like the HOC in San Diego.  

The interesting thing about the last “Notice of Intent to Accelerate” that I read was that on the second page it offers the client the opportunity to open up discussion to “Short Sell” the property or even deed the property back to the bank in lieu of foreclosure.  These are in fact the same basic steps that are laid out in “HAFA” and are sligghtly different  form letters than I have seen in my 20 years of industry experience.

I know this can sound complex and it even confuses many Real Estate professionals.  So if your shopping for a Broker you may want to make sure that they can answer the basic “HAFA” questions that are posted at www.HAFA.US.   Of course everyone at the Short Sale Nurse Team can answer all the questions.

This article was written by George Kenner, Broker Associate                  Lic. 01229951

All Marketing is done with the Assistance of Kalablash Marketing             “good night Mrs. Kalabash where ever you are.”         

Short Sales Going Digital to Accomidate HAFA

The industry is getting ramped up for the “HAFA” short sale rules and are going digital.  April 05, 2010 is coming at us very quickly “HAFA” and all demands the new rules are  going create will  be hard to accommodate all at one time.   Bank of America seems to have a jump on the HAFA by utilizing a system supported at www.Equator.com.   This is a digital information platform that will allow the Bank, Realtor and home seller to all look at the progress of the transaction at the same time.  (of course we at Short Sale Nurse are already using the system)

This should allow the banks to move more quickly through the work load.  Speaking of workload there does not seem to be any movement to the problem easing.  In fact some experts are saying that the shadow inventory and defaulting property program is growing.  The experts are saying that the real numbers may never come out of the data shadow.

Here is the logic of the experts.  Foreclosures can be tracked by public records but “short sales” can be hidden on bank balance sheets.  The distressed short sale will show in public records just like any other sale.  Maybe this is a good thing.  perception of our market needs to change.  The cloud over our economy is one of attitude, if we think nothing is getting better it will do just that , not get better.

The street market trend I am hearing from my clients is that they are just considering walking away even when they can afford their payments because they have no equity and can not see things coming back.   There it is again the “see” word,  its one of perception.

Nothing is going to be the end all, cure-all but “HAFA” in my opinion will bring some logic to the market.   It makes more sence to short sell than foreclosure.   I know my clients would all like one more view of a loan modification or some other work out plan.   Go to www.hafa.us to read the 10 most important client questions answered straight from text of the Treasury Department program.

 

All Marketing is done with the assistance of Kalabash Marketing             “good night Mrs. Kalabash were ever you are!”

Changes in the Short Sale Process , Obama Summons Bankers?

Based upon information in two articles the following facts have been established.  Assistant Treasury Secretary Michael Barr stated the Administration has summoned executives from the largest mortgage companies to Washington in the first week of December to explain the poor performance of Banks to do loan modifications.  This is of course not helping  families stay in their homes.  There seems to be a concern to how rising unemployment which is creating more foreclosures can be addressed.

There is some industry and Government discussion of how some loans are considered for principle reductions but others are not. This of course is creating a situation where clients do not feel they are being treated fairly according to the articles  being published in the news papers including the Wall Street Journal.

Also on Monday the Treasury Department laid out additional guidelines for the Foreclosure Alternative Program that established a short sale protocol.  This is very important as financial support to the banks and mortgage servicers is tied to this program.  The most important change is borrower must be FULLY RELEASED from future liability for the debt according to the guidelines.   This could soften the effect of losing your home and possible future legal demands for the debt that is short sold.   This could in fact be the very best  news to come out of Washington in the recent months for people who are behind on their mortgage.

Everyone at Short Sale Nurse stays as current on  changes in policies that can effect our clients.  Anyone can tell that our economy is still in a state of change,  and we highly agree with the position of the California Association of Realtors, that position is,  clients should consult an Attorneys and Tax Professionals before committing to a Short Sale, every situation is different.

Short Sale Nurse is a group of deticated Realtors serving the needs of clients in all of San Diego County and is capable of putting you in touch with Keller William Agents all over the United States to fill your Real Estate needs.  We are located at 4700 Spring Street La Mesa CA. 91942

HOW TO SELECT A SHORT SALE REALTOR

Being faced with selecting a professional in a less that positive situation can be stressful.  I strongly suggest that you consider several things, with “RESPECT” for your difficult situation being  the most important.  Leaving a home is never an easy thing and someone sensitive to your situation can make all the difference in the world.

 

In years past I had a friend who went thought some hard times that were not of his making.  He struggled as hard as he could to keep his home but he lost it in foreclosure.  He was not only able to get back on his feet he was able to buy a better home than the one he had  just a few years later. 

 

Today in this down economic cycle he is doing fine.  No one should judge you a failure in these hard times,  transitions happen in life there can be no highs with out the lows to compare them to.  Our human feeling for one another build hope and lead us to succeed once again.   I guess what I am trying to say is find someone with true compassion for your situation and it will be easier.

 

Communication is  important in a  short sale transaction,  there is an additional branch of communication so to speak, normally the bank is not involved,  but in a “Short Sale” the bank is very involved.  For that reason I would strongly suggest that if possible you find a Realtor with prior banking experience.  This is not mandatory but it is a real good idea.  Bankers use a special “Jargon”  they have their own language and they will test you to see if your up to speed.  If the Realtor you like does not have this experience I say go with your intuitive feelings, your gut will not lie to you.

 

In the market today you will find Realtors form teams to support each other.  The demands on a good agent can remove any private or family life and that is not good for the agent or the client.  If your going with a team, look at who the leader of the team is.  Ask about the team leaders level of professional experience,  that can be a good guide.  I for one am always happy to talk to or meet with a client if I could be called upon to help.

 

This is the same thing that is frequently done for me when I am talking to lender clients.  It is not unusual for the Corporate Vice President of our national company to come to a lender meeting with me.  This instills confidence and provides a link in the case of an emergency situation.  No one in real estate is better than the support that is provided to them. More frequently than not information about both the Realtor and his support staff can be found on their web sites. 

 

 

Know who to call if you have a problem.  Even thou I am a Broker with 19 years of experience I still tell my clients that there is someone else they can talk to if there is a communication problem.

 

Be cautious of anyone that is more focused on claiming they are an expert or specialist Chest pounding about how good they are and how worthless their competition is  will not help anyone.  Look for the person that has an understanding of your situation and takes the time to listen to you and your concerns.  No two short sales are the same, you want an expert,  an expert who will listen to you and try to accommodate your needs.

How to treat our Clients

I was recently asked by a fellow agent how to approach a client who has had a “notice of default” file against their home as the first step of foreclosures. There was not a nano second that passed in my thought process until my one word answer was formulated, the word was respect. Approach your clients with respect.

Our unemployment rate in California is at or approaching 10 percent, in many communities . There are rumors and threats that even our State Employees are at risk of losing their jobs. Teachers, fire fighters and other public employees are worried. The point here is that good people who want to work and pay their bills on time, just can not do it in this economy. Think of those in the automotive business, that have been down sized or removed. These were hard working people that kept our communities moving.

My peers and I are exposed daily to just this type of situation. It is not unusual to hear a story where someone has not made their house payment for several months and then finally the “Notice of Default” arrives and they are informed of the legal rights and the terms in the “Trust Deed” that allow for foreclosure.

The good news is our demands to our Government are being listened to at least in some regards. They are trying to slow the process of a falling economy. There efforts coupled with industry will pull us out of this spiraling whirlpool into a depression.

The idea of short sales as presented by the Treasury I believe is a good idea. This Foreclosure Alternative Plan, allows for a smoother transition for families that can no longer meet the same level of financial obligation that they had previously. It treats people with more respect and understanding and in some cases my allow people another opportunity to catch up on their mortgage.

One or the reasons residential construction is down to the levels it is because it is less expensive to buy a home an existing home than it is to build new. As soon as the demand rises we will be back on the path to a more solid economy. Short Sales and Foreclosure will be a thing of the past. I will tell you this Real Estate Broker / Realtor is looking forward to the day that my clients more secure in their homes.

The answer to the question is still treat your clients with respect, aid them with their needs and point them in the direction that the best information points. Today without more changes in the law “Short Sale” looks like it could be the best direction.

Were is the Real Estate Market Going

We have all heard it said, “we never promised you a rose garden”.  Well who would have thought that real estate would fall in value in some areas by close to half its value.  The simple answer to that question is,  no one who was buying a home in the last 4 years.

 But the facts are the facts and values have fallen.  In some areas of the United States people are saying we are at the bottom of the market and prices are going up, as up is the only place price have  to go.  Others are losing their homes and looking a working on a “Short Sale” with their lender.

 The media announce with some frequency   stories of the shadow inventory of foreclosures that are sitting in the wings waiting to come to market.  What does this mean to all of us.  Well, I am hear to tell you that trying to predict the future is no easier now than it was for most home buyers  when they purchased at the peak of the market.

 I think the number one rule for all home buyers is to look at any purchase as their home not an investment.   A home is a place where you  are happy to lay your head on a pillow and go to sleep after a hard days work.  A home is a place where you take pride in bringing your friends and family. 

 It is true we have historically high foreclosure and default rates.   The Government has come up with plan after plan to try and slow this process.  I recently hear an economist  speak in San Diego to a large “Investment Club” and he said that these Government efforts to slow  foreclosures presents a difficult problem in tracking the problem from a historic standpoint.  The problem being this is all new and the plan may just be working.  There is however still no way to predict the outcome of the plans, just like it is impossible to read the future.

 President Obama’s Foreclosure Alternative Program may be some help as it attempts to save some homes in a loan modification program and still others may be aided by the Pre Approved Short Sales.   This Program may aid the bank avoid the properties being destroyed by angry homeowners that are losing their homes.

 In my opinion no one more than experienced Realtors would like to see the market stabilize.  We see the sadness in people’s eyes as they lose part of the “America Dream”.   But we are Americans,  we will come out of this and we will help our fellow man as we can.  Soon the anger will subside and we will be back at work, because we are Americans and we have seen worse things and overcome.  It is not part of our character to give up on anything.   Our homes are part of our dreams and we do not give up on our dreams.

The President’s New Short Sale Program

Not only are homeowners scrambling to figure out how to fix their financial position so is the Treasury and the FDIC. President Obama has announced a new program to help people in mortgage distress, it is called the “Foreclosure Alternative Program”. The entire details can be seen at the United States Treasury web site.

My summation of the program is that the President would like to see lenders attempt loan modifications and if that process fails to aid the homeowner short sell their home. To do this the lender or homeowner will select a local area short sale Realtor to assist in the process. It is my understanding some lenders will have preferred or approved Realtors who are experienced in the short sale process.

If this process “short sale process” fails the lender will take possession of the property under terms less forceful that a full foreclosure called a “deed in lieu”. In some case it even appears that the lender may provide funds to the homeowner to make arrangements to leave the property provided it is still in good condition.

This program on its face appears to be a good move in the right direction. It is relatively new and even some of the Real Estate community is not yet aware of it. Like all Government Programs it has the details to be worked out.

This will not change the advise that I give to my clients. That advise being consult with an attorney and a tax professional to see how a short sale could effect your own situation. This is the same advise the California Association of Realtors provides in their Short Sale form.

As a team we at shortsalenurse.com and Prudential California Realty work hard to stay on the cutting edge of how our San Diego County clients are effected by changes in the law. In the coming days as the Foreclosure Alternative Plan develops we will continue posting on this blog.