October 29, 2010 in Blog by admin

Short Sales: How Short Sales help the economy

IL – Yesterday’s post talked about how banks lose money when they turn down short sale offers. A recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The reason is because short sales usually sell for more money than a foreclosure. A short sale is usually in good shape, while a foreclosure is usually in disrepair.

Most economic experts say housing is the biggest drag in today’s economy. Every single foreclosure that sells for less money drags the rest of the housing market down.

Homeowners often move out after they stop paying. The yard becomes overgrown. This drags the resale value down. In addition a foreclosure takes 18-24 months.

That means the banks loses money because of interest and property taxes on the house. This drags down the banks finances. They have less money to lend out, which causes another drag on the economy.

Here is an example of a rejected short sale that was foreclosed and resold. It illustrates that short sales sell for more money than a foreclosure.

A guy we knows listed a house for $130,000. Eventually an offer came in for $119,900. The agent attempted to negotiate a short sale with the lender. The lender turned it down.

The house was eventually foreclosed on 12 months later. It sold for $96,400. That is a $23,000 loss, before adding in the foreclosure costs, lost interest, property taxes, etc.

This is why you shouldn’t feel bad that you are short selling your home. In fact, I think you should get an award because of what you are doing to help the economy.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Short Sales: How Short Sales help the economy is provided as a courtesy to our viewers to help them make informed decisions.

October 28, 2010 in Blog by Dynamic Real Estate Network, Inc.

It’s Raining Short Sales – Do you Have Your Umbrella?

I think that we can all agree that short sales are here to stay.  You may not like them and perhaps you have been avoiding them but no matter how hard you try eventually you will be dragged into one either by a buyer that absolutely loves a house that is a short sale or a former client that needs your assistance.

So jump on the bandwagon and learn everything you can about how they work.  Some agents scare other agents and talk about liability and how hard they are, etc.  But the truth is that like anything new its how motivated you are in learning it.

To help my clients I have launched 2 blogs which talk about short sales in a variety of ways:

http://oswegoshortsalerealtor.com/ and http://stopforeclosureoswego.info/

 I will also continue blogging about them here on Active Rain.  Whether you go and get a certification or designation or just go and "do it" you will have to eventually get your hands dirty and go through the whole process.

I personally like being the listing agent so I have more control over the process.  Currently I have been negotiating my own short sales but will by trying out a "short sale attorney" to see how that works.  I have tried one before and was disappointed but I will test this one out to see how he performs.  If he passes then I will continue but if he doesn't then I will get back in the trenches and do my own.

So don't be afraid...just like your first listing its just a matter of doing your homework and taking the plunge!  They are not going away any time soon so stop ignoring sometimes 50% of the market and get a piece of the action.

Join some short sale groups like shortsalesuperstars or Harris University or classes at your local Association but don't sit the sidelines and be left behind!

 If you have a home that is in pre-foreclosure and have decided you need to do a short sale, give me a call and let me assist you so you can move on with your life.  Visit my short sale blog or company website and start the process now! 

October 28, 2010 in Blog by Dynamic Real Estate Network, Inc.

End of Month Closings….Holding Your Breath….and Exhale!

When I first started in the business I used to lose sleep the night before a closing...tossing and turning I thought about all the things that could go wrong.  I look back on those days and smile with nostalgia.

Now I don't lose any sleep because I know that the chances of actually closing are about 50/50...so why lose sleep!  I go into the closing with a positive attitude and hold my breath because I have been through enough closings where I thought it would be a breeze and they have turned into nightmares.

I have so little control over what can go wrong that I have given it up to the Almighty Closer in the Sky!  With lenders getting more and more cautious and government bodies adding more paperwork in silly attempts to avoid "predatory lending" way after the fact, I just go and roll with the punches.

I prepare my clients for the worse case scenario whether they are sellers or buyers whether  regular transactions or short sales.  With more and more of my transactions becoming short sales and the added risk involved in getting the right paperwork to the right party in time to beat the funding deadline, the level of anxiety has been increased for everyone at the closing table.

So, along with the agent that I called to set up a showing while waiting for funding...I say "Congratulations!" to all those agents that are at the closing table at the end of month and walk out with their commission check in hand! Warriors in this "once in a lifetime" market deserve "kudos" for a job well done!  Take your bows!

Take the time to thank all those involved in the transaction, from the sellers to the attorneys and yes, even the negotiator at the bank...it's a team effort even when some of the team members don't seem like they want to play ball.

October 28, 2010 in Blog by admin

Short Sales: Will your short sale be killed by bureaucracy?

IL – “I can’t process this short sale without the TPS form filled out with the seller’s full name”, the short sale negotiator told him. “But, based on my calculations, this short sale will help your company avoid a $17,000 loss”, he replied.

“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?”

“Yes, you are right”, she replied. “But $17,000 is a lot of money. Don’t you agree?”, he replied back. “I don’t care about the money. The TPG form is company procedure”, she said.

The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. The reason is because many banks turn down short sales only to lose more money thru a foreclosure.

As an example, the house in question sold for $117,000 about 12 months ago. Today, comparable homes are selling for $90,000 (not a typo.)

In that 12 months, the home’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.

That means the value would have dropped by a minimum of three quarters of $27,000. That mean the lender would have lost $20,000 because they turned down the short sale offer.

Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”

Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else.

The bottom line: A large, nationally know lender was willing to risk losing $20,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.

That’s what short sale bureaucracy does. It hurts the economy. It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Gainesville Short Sales: Will your short sale be killed by bureaucracy is provided as a courtesy to our viewers to help them make informed decisions.

October 28, 2010 in Blog by admin

Short Sales: Will your short sale be killed by bureaucracy?

IL – “I can’t process this short sale without the TPS form filled out with the seller’s full name”, the short sale negotiator told him. “But, based on my calculations, this short sale will help your company avoid a $17,000 loss”, he replied.

“So, you’re telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,?”

“Yes, you are right”, she replied. “But $17,000 is a lot of money. Don’t you agree?”, he replied back. “I don’t care about the money. The TPG form is company procedure”, she said.

The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. The reason is because many banks turn down short sales only to lose more money thru a foreclosure.

As an example, the house in question sold for $117,000 about 12 months ago. Today, comparable homes are selling for $90,000 (not a typo.)

In that 12 months, the home’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.

That means the value would have dropped by a minimum of three quarters of $27,000. That mean the lender would have lost $20,000 because they turned down the short sale offer.

Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”

Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else.

The bottom line: A large, nationally know lender was willing to risk losing $20,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.

That’s what short sale bureaucracy does. It hurts the economy. It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Gainesville Short Sales: Will your short sale be killed by bureaucracy is provided as a courtesy to our viewers to help them make informed decisions.

October 28, 2010 in Blog by admin

Short Sales: A technique to make short sales easier

IL – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful. He told a story about phoning a call center.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The first person he talked to told him that he couldn’t buy something in bulk for a certain price. Rather than argue with her, he instead hung up and called back in.

The next person he talked to agreed to sell him the product in bulk for the price he wanted. He got what he wanted a lot faster and easier than if he had spent time arguing with the first person.

He gave another example of trying to change his account info with a phone company. The first person tells him he needs to print and sign a form. Then, he must have it notarized and mailed to the company.

The company will then change the account information. Does he willingly go along with her? No.

Instead, he hung up the phone, called in again, and talked to another rep. In just a few minutes that rep had changed the information in the computer system. Goal accomplished.

So what does this have to do with short sales?

We will use this same strategy when we negotiate your short sale. If the first person won’t give us what we want, then we will ask someone else. Now, this can’t be use in all stages of the short sale.

But, it can be used to increase our odds of success. Remember, our goal is to help you wipe out the upside down debt, get rid of any tax liability, and keep your credit intact. We might even be able to get you a $3,000 short sale incentive from your lender.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Gainesville Short Sales: Deed-In-Lieu of Foreclosure or Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

October 28, 2010 in Blog by admin

Short Sales: A technique to make short sales easier

IL – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful. He told a story about phoning a call center.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The first person he talked to told him that he couldn’t buy something in bulk for a certain price. Rather than argue with her, he instead hung up and called back in.

The next person he talked to agreed to sell him the product in bulk for the price he wanted. He got what he wanted a lot faster and easier than if he had spent time arguing with the first person.

He gave another example of trying to change his account info with a phone company. The first person tells him he needs to print and sign a form. Then, he must have it notarized and mailed to the company.

The company will then change the account information. Does he willingly go along with her? No.

Instead, he hung up the phone, called in again, and talked to another rep. In just a few minutes that rep had changed the information in the computer system. Goal accomplished.

So what does this have to do with short sales?

We will use this same strategy when we negotiate your short sale. If the first person won’t give us what we want, then we will ask someone else. Now, this can’t be use in all stages of the short sale.

But, it can be used to increase our odds of success. Remember, our goal is to help you wipe out the upside down debt, get rid of any tax liability, and keep your credit intact. We might even be able to get you a $3,000 short sale incentive from your lender.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Gainesville Short Sales: Deed-In-Lieu of Foreclosure or Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

October 27, 2010 in Blog by Dynamic Real Estate Network, Inc.

EValuation Solutions – Why Won’t You Pay Me for Those BPO’s???

During last year's slow down I signed up to do BPO's with a few different vendors.  It provided some gas money and gave me additional experience in doing valuations in my local area.   I did a couple of BPO's for a company names EValuation Solutions early this spring and again in the summer and am still waiting for payment.

I get emails from them to do BPO's and send a response that I would be happy to do them but only after I get paid for the one's that I have already done.  No response! Zip...Nada!  The phone number that I have has a directory where you must know the name of the person you are trying to contact and it seems no matter who I pick it goes to voice mail.

With no response to either emails or voice messages the only choice they have left me is to blog about it and to warn fellow realtors to not do BPO's with this company!  The amount is not huge but it's money that is owed me and I should be able to get it without having to go chasing it.  The BPO's passed their quality control and I am sure they got paid for them by the lender's that requested them so why can't you pay the Realtor that did them?

 eValuation Solutions LLC
9838 Old Baymeadows Rd Ste. 298
Jacksonville, FL 32256

If any of my fellow Active Rain collegues know of a way to get to their accounting department drop me a line.  Sometimes it's just the principle involved and nothing else!  I guess I am not the only one that has been ripped off by this company - click here!

In one of my emails I told them that if I did not hear from them I would blog about it...so here it is - doubt if they care!

October 26, 2010 in Blog by admin

Short Sales: Deed-In-Lieu of Foreclosure or Short Sale?

IL – Many people ask if they should do a deed-in-lieu of foreclosure and give their house back to their lender. A deed-in-lieu does have its benefits. Lenders like them because they speed up the foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A deed-in-lieu is the equivalent to a “No Contest” plea in a criminal trial. You just give up on the foreclosure. If there is a foreclosure court case, the judge will still have to schedule a foreclosure sale.

Contrary to popular opinion, a deed-in-lieu does not automatically release you from the debt. This means that your lender could be pursuing you five years later, after you get back on your feet.

There is an application process. You will have to spend between 5 and 10 hours submitting paperwork to your lender before they will approve the deed-in-lieu. Yes, I think it’s crazy!

Why should you have to submit paperwork to make it easier for your lender to foreclose on your house? Doesn’t make any sense. That is why I recommend a short sale instead of a deed-in-lieu.

You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 630-896-9999.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc..

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Oswego Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Naperville Loan Modification Help, Naperville Short Sales, Naperville Short Sale Realtor. Aurora Loan Modification Help, Aurora Short Sales, Aurora Short Sale Realtor. Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc.. This information on Gainesville Short Sales: Deed-In-Lieu of Foreclosure or Short Sale is provided as a courtesy to our viewers to help them make informed decisions.