Tempe, Arizona Short Sale

Archive for the ‘Short Sale’ Category

We are Group 4610, Arizona’s Premier short sale team. Short Sales in Arizona are our business. We often get questioned about why we are the best short sale realtors in Arizona. Ultimately, what seperates us from other realtors in this Arizona short sale market?

I had a recent situation where a buddy was going through a short sale and wanted some advice as to what to do with a short sale at Bank of America. I coached her a little bit and gave her some ideas to pass on to her short sale agent. Ultimately, if you are having troubles escalate to somebody higher up at the lender.

After getting off the phone with her, something dawned on me. I should have told her something different. It’s not about what we do. Do not get me wrong. We have magnificent techniques and we have great associations inside the lender. When we ask for something, they are conscious of who we are and they act in response to us. This occurs because they understand that we close short sales. We are not there to waste anybody’s time.

Ultimately, our accomplishment is a unequivocal result of our mindset. Short sales are hard transactions. They are not like the traditional real estate dealings. Finding answers to problems, no matter the conditions, is what we do best. Our deepest committment is our target and, in turn, your result.

If you decide to work with us, know that when you enter into a relationship with us we take that very seriously. Our deepest committment is to get your short sale completed effectively. We have a mindset that we are going to get the transaction completed and help you avoid foreclosure. There are troubles that arise in this procedure all the time. Yet, we choose to defeat those troubles.

If you have questions, get them answered here Chandler – Short Sale Advice

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

We are revisiting a topic that we discussed a month ago regarding BPO disputes and we hinted that the market may change a bit regarding BPOs. Basically, we believed that the number of current listings was going to move up and that sales were going to shrink. We joined all of this conjecture into the thought that BPOs were going to get messed up in this process.

Particularly, the BPO challenges are coming from the bank valueing your property higher than it is really worth. When you have had a house on the market for several months and had no showings, you understand that the house is worth less but the lender does not always understand that.

This seems to be happening more frequently now. So, some of the tips that we have given are to work vigorously to champion your BPO disputes to the lender. Use sold comps and current REO listings to do this. Take a glance at tax records to obtain this information. As we all know, the price of the current listings tells us where the market is going. If the price of houses on the current market are low, the market is going downhill.

The difficulty is that it takes a little for the banks to catch up to this alteration in the market. In order to help you fight BPO values with the lender, we have one more instrument that you ought to ponder.

There is a company out there that lots of of you are familiar with and the banks are familiar with it too, namely, Lender Processing Services. LPS does lots of things but they have a instrument that we, as realtors can really use. Here’s how it works.

Sign up for an account with LPS and then you have the privilege to pull REO market analysis information. That is a report that is resultant from tax figures. It gives many precious pieces of information. This REO market analysis can give you a report that says what the AVM value is and what the REO value is.

The reason we like this report is because it is prepared by a third party. Essentially, you can not persuade it and we believe that it holds much more weight with the lender. We have had huge success utilizing it over the last few months. This is a useful instrument. We highly suggest that you sign up for it today.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Chandler – Avoid Foreclosure Arizona

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

A vastly principal subject that has come up in the last few weeks is our spotlight today. We’ve seen this quandary pop up over the last few weeks and we want you to be able to steer clear of it.

Make certain that the bank you are dealing with on a short sale is not the bank where the home owner has a checking account. We have now had numerous people over the course of the last few weeks that have approached us on this topic. Both present clients and soon to be clients have been telling us that the have missed payments and the bank has taken the cash out of their savings account without their authorization.

We think that the note you signed for the mortgage is only secured to the house. It is not secured to the checking account. Nonetheless, we think that the lenders have revised or applied their checking account terms of service to obtain their cash. Basically, they are saying that if you are deliquent on other accounts they can obtain the cash from one account to apply it to another account. They are stealing it without any authorization.

We do not know if this is appropriate or immoral, but it is happening. So, there is a path around this. Ask your home owner up front where their checking and savings accounts are presently held. Make certain that if they are not held in the bank that you will be doing a short sale with. Immediately have them close down those accounts and get the cash out. It is extremely crucial that you know this as short sale realtors and that you share this information with your clients.

Get the word out to other agents and your clients. Do not let this become a crisis for the people that you are trying to aid through the short sale process. Also, please remark below if you have seen this occur previously. Let us know what lenders are using this policy.

One more thing to note, we will be in Las Vegas on August 25th with our Crush It short sales seminar. So, get your ticket today!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Apache Junction – Arizona Short Sale Specialist

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Another unique guest graces the pages of Short Sale Power Hour. Derek Gilbert runs a business in the Phoenix region as well as in Colorado. Derek has been with Keller Williams for about six years now. Last year, Derek and his family relocated to Colorado and joined Keller Williams doing REO and Short sale in both Arizona and Colorado.

Derek has been doing REO for a while now, but he jumped into short sales for a number of reasons. First, you can manage your business much better with short sales than with REOs. There is a higher profitability in short sales that comes with that management. The standard commission on REOs for Derek has only been about 1.5-2% with all of the overhead involved. However, Derek enjoys making more capital earning 3% with short sales.

Derek is a go getter. He can close any deal and has proven that over his time as a short sale agent. There are so many different resources that you can use to fight your way through a short sale. Lots of lenders will tell you that their guidelines is to not pay full commission to real estate agents. However, those policies can always be adjusted.

For example, many lenders will try to cut the commission if the realtors are from the same broker. Remember that the lenders are not in the real estate industry. So, they do not necessarily realize the real estate business. You, as an agent, need to help them comprehend the real estate industry from time to time to get the commission that you merit.

With REOs, the lender will always disburse six percent. They will disburse for a multitude of fees with an REO. So, why would you as an agent permit them to pay a discounted commission with a short sale. Bear in mind that they can attempt to lower your commission by one percent or they can incur an extra 10-12% from taking a house to foreclosure.

Don’t permit the bank to cut your commission. Escalate up the chain of command if you need to. Now and again you have to help the lender realize the real estate trade and the banking business.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Casa Grande – Avoid Foreclosure Arizona

We have brought a very well-known man back to Short Sale Power Hour. Rick Geha has joined us another time today. For folks who do not know him, Rick had the honor of being on SSPH in February. Rick has been in real estate for longer than 30 years now. Rick is a national presenter for Keller Williams. He is a master faculty member who travels all over the country. He has six Keller Williams offices.

Rick believes that the main part on the subject of lead generation is frame of mind. What is keeping you from lead generating? Every agent knows that creating some sort of lead generation action on a daily basis will get you results. Nevertheless, there is such a large gap between the people that know this and the people that carry out this. That act, moving from what you identify to actually doing it, starts in your head.

It frustrates Rick since he has been seen the results of not doing lead generation regularly. Rick learned some interesting things. First, working on you becoming a better human being is the best way to help your company. Surround yourself in life with people that see you as bigger than you see yourself. Encircle yourself with people who will challenge you to be better than you already are.

Lead generation comes from you being so dedicated to what you want in life that nobody will impede you. Are you ready to do what it takes? Rick is constantly reminded on the subject of how exciting life can be if you are willing to do the tedious basics and do things that are uncomfortable.

When your whole life is spent making sure that the group around you are taken care of, without regard to what they will give you back, you will be a lead generation system. If you enjoyed today’s episode with Rick, post a note below this and let him know that he should create a daily video blog of his own.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Mortgage Short Sale Arizona

Let us get the announcements out of the way in the beginning. Friday, August 13th is the date for Kevin and Fred’s Crush It Short Sales lecture. The price goes up to $99 after midnight August 10th. So, get signed up today. Additionally, please keep in mind that we want you to shoot your own Short Sale Power Hour video. We want you to communicate one of your most horrific, yet overcoming short sale tales. Put it into a shoot that is less than ten minutes. Post it on YouTube and present it to us.

Now we are on to further topics, that is, FreddieMac. The conversations that Kevin has been having with FreddieMac lately have been unreasonable. They have asked for a $30,000 promissory note from one of our clients. The difficulty is that the home owner has a actual hardship. The loan is a purchased money loan and the bid is for more than what they believe the home is worth. Additionally, they are the only lien holder and the PMI company previously signed off on the transaction without asking for a promissory note.

This homeowner has a actual hardship. He is in the education field and had to transfer forty miles away to rent a new home while they could not sell their old home. So, they have been making payments on 2 homes for a few years now. There is no better example of an genuine hardship. The home owner has been advised by his attorney that he must walk away from the home and let it go to foreclosure if he can not short sale the home.

FreddieMac has asked for 1.8 billion dollars in support from the government since they continue to run their business into the ground. If FreddieMac turns this short sale down, Kevin and Fred may have to go to the Mortgage Insurance business that is insuring the home right now. It will cost the MI business a lot more money if the home goes to foreclosure.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Gilbert – Arizona Short Sale Specialist

One more Forgettable Friday is upon us. At present, we are joined by Trent Chapman, Short Sale Genius. He’s got a forgettable story for us today.

Trent had a short sale package that went to foreclosure. This happened because Trent’s office forgot to call up the trustee to make sure that the foreclosure had been delayed. This didn’t happen. So the home went to foreclosure.

Yet, Trent was able to overturn this foreclosure. simply to make sure that you heard correctly, the bank pulled the property from foreclosure and gave it back to the property owners. Trent had to go to the servicer and had a written email in which the servicer had said that the bank delayed the foreclosure sale.

I believe that we can safely say that lenders do not want to foreclose on houses. If they are rescinding foreclosures, obviously they do not want to foreclose on a property. The regular foreclosure takes ten months to close. Bear in mind that the bank always gets more capital with a short sale than with a foreclosure sale. Kevin and Fred have also had a foreclosure cancelled. This is simply one more reason that the lenders do not want to foreclose.

Also, we have a innovative idea for all of our viewers. We would like YOU to be on short sale power hour. We want you to share your stories of crazy short sale problems and deals. The only criteria is that you have to do the opening and you have to do the closing. If you do not do the clapping and chanting, we just can’t make use of your video. So, get those video submissions in to us today! This is your opportunity to be on the world famous Short Sale Power Hour program! Everyone has a crazy story. We want you to communicate your crazy story with us!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Foreclosure Help – Avoid Foreclosure Arizona

Today’s installment is on site in front of a active listing in Mesa. It seems like a fine time to chat about the consultation that we have with the property owner upfront. That is probably a 30 minute subject that we won’t be able to deal with entirely today. Nevertheless, you can get the entire consultation information if you attend one of our approaching Crush It classes.

One of the things that we listen to from realtors recurrently is that the seller doesn’t want to sign the approval that says they may be pursued for the shortage. Or the seller was surprised when they discovered that the mortgage insurance group asked for a promissory note.

As an realtor, you have to be able to talk with your property owner and let them know what to expect at the end of this transaction. The realtor needs to explain to the property owner that there is not a single lender in the nation that accept the short sale and not take other monetary aspects of the transaction into consideration.

When a property owner sees that they will get a 1099, they become anxious. It is crucial that you coach your clients so that they know what to expect. To steer clear of troubles in the end, you must do the consultation upfront. Spend more time upfront and you will make the ending a great deal smoother.

Most of these details are offered in our Financial package on our website. The packet contains all of the tiny information that you need to remember and some that you always forget.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Chandler – Arizona Short Sale Specialist

Kevin Kuaffman and Fred Weaver are standing out on the blacktop in Tempe marketplace to talk roughly today’s topic. It is roughly 108 degrees and there might be a lender behind them. The focus today is one that has been talked about in the past, but today it is more focused on short sales. Nothing is ever as it seems.

We hear plenty of talk roughly if you do certain things with one lender they may black list your folders. It just is not true. One more example, Fred called Chase this morning and he had to telephone seven separate departments, being transferred all over their corporation. One person says that the folder is not set up. They have the documents and it is in line for a short sale. Then Fred is transferred to an additional place and the folder is categorized as a loan modification.

A lot of times a realtor is told one piece of information that is opposing to what they want to hear and then they think that information is true and don’t go any further. We teach in our short sale procedure that you can ask the exact same question ten times and get ten different answers. If you ask the question enough times you will be able to figure out the truth because some of those answers will come up numerous times. Then you can put the truth of the situation together.

So, message number one is that nothing is ever what it seems. However, message two is that you ought to never stop after just one answer. Continue to telephone and ask the identical questions over and over.

The truth is that the lender needs to work with you. Keep annotations on your conversations. Stay on the correct track and do not accept as true all you hear.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Fountain Hills – Arizona Short Sale Specialist