We are finding that a quick consultation clears the doubt of most home owners that are facing foreclosure.  The real question is "What are my options" and "What does it all mean to me"?

What if I not late on my payments?

How long can I stay in my house?

Will the bank want repayment for the amount they don't get paid?

Does the bank pay all my fees?

Can I make a little money from the sale?

The questions go on and an.  The most important thing for you to know is that time is your enemy.  The clock is ticking.  You MUST make a decision soon or run the risk of a 7 year foreclosure on your credit history.

Just contact us at shortsales@BePicky.com to set an appointment for our FREE ... NO obligation - NO hassle ... consultation.  We will look at the information you have received from your lender and explain the options that are open to you. 

You're new at real estate investing and want to get a great buy on a house.  Short sales seem to be the way to go, BUT ...  When is the best time to buy?  There are two things to keep in mind.

Do you know someone that is facing foreclosure?  Or maybe someone you think is in financial trouble but too embraced to talk about it.  Be a friend and let them know that with a foreclosure, it's not time to drag your feet.  Time is of the essence!

There are three distinct periods they are facing. 

First, when they know there is a problem and they're doing everything they can to solve it.  But, they know that they're in trouble. This is when the fear and embarrassment starts.  It's hard to talk about.

Second, is when they get the notice of default letting them know that they have 30 days to bring the account current or sign a forbearance agreement to repay the amount owed.  Neither option is usually realistic for them.  There isn't enough money to make the regular payment.  They can't pay more each month and probably can't get a large lump of cash to bring the account current.  Now it becomes more real.  "We are losing our home".  They need a friend.

The third begins when they get home and there is a foreclosure notice stapled on their garage.  Their heart drops.  "What are we going to do"?  During this whole time they may not tell a soul about what they're going through.  Some simply drag their feet thinking it will somehow be OK. They now have 90 days to cure the debt, sign a forbearance agreement, get the home SOLD or walk away.  Curing and forbearance are simply out of the question in most cases.  So, Selling the home in a short sale if the answer.  We can help them but it takes 90 days or more.  So let's get on it.

To find out more about foreclosures and short sales go to www.BePicky.com .  Scroll down to the foreclosure box and click ...  To discuss your options email Tom Perry at ShortSale@Bepicky.com

The bottom of the market: That specific time that the prices are the lowest so you can buy the most house for the money.  That's all fine ...

Last week the interest rates increased more than 3/4 of a point.  That's huge.  Do the math.  A $400,000 loan at 4.75% increases to 5.75% and it cost you $8,100 over 5 years.  The tough part is this;  If you qualified to the limit at 4.75% for the $400,000 ... with the increase to 5.50% you can only purchase about $365,000.

So the market may have come down but the increase in interest rates has more than washed that away.  The home you can buy may be of lesser quality that those you could buy 2 weeks ago.

I've been saying for the past 3 months, "It's Time".  To find out more about us and our services, go to www.BePicky.com.  Contact Tom Perry directly to schedule a meeting to discuss your options.

Face it.  This financial crisis is not just affecting the less fortunate or lower demographics in King County.  With the thousands of layoffs and business closures, most of us are finding struggles.  It's what you do with it that matters.  Some simply run or turn a cold shoulder.  Others abandon what they know to be right and make decisions that they are ashamed of.  But the majority, when given the opportunity, faces the struggle and come out ahead. 

If you know of someone facing foreclosure, encourage them to contact me.  My Team, The Real Estate Consulting Group (RECG), will help them understand their options and assist them through this frightening maze.  Go to www.BePicky.com for more information about the options open to those facing foreclosure.  Scroll down to the yellow Foreclosure box ... and click.

They're NOT! 

If the listing agent doesn't do their job the process WILL bog down and everyone gets frustrated and testy.  Be sure that you are dealing with an established Short Sale Agent.  There are now certification classes and ways to learn the process without putting buyers and sellers through the trials of agent mistakes.

Knowledge, communication with the right bank contact and a good poker player ... thats all you need!

For more information go to www.BePicky.com and scroll dwn to the YELLOW Foreclosure Box.  You can gat a report that explains the process. 

I talk to buyers and investers every day that say, "This looks like a good deal but, I'm waiting till we hit the bottom of the market".  What does that mean?  They think that they will be smart enough to choose just that right time to buy just the right property with just the right loan.  May the force be with you!

There are several factors to consider.  Three basic factors are

1. The Market Trends: Close analysis is needed to even be close to reality.  National, State, County, City and neighborhood statistics may all conflict. Recovery has seemed to start in many places acros the country.  What about the area that interests you? Be sure to pay close attention to Area, Size, Age, Condition, number of sales closed and prices. Agents MUST know these numbers ... Buyers will flock to you and refer you because you have value!

2. Interest Rates: Even more important and volitol are mortgage interest rates. While the buyer waits for the market to bottom the interst rates may go up. We saw 4.5% and it's likely that we will see 5.5% in the near future. What would that mean?  At a $300,000 loan amount, that 1% increase would cost an additional $183.00 a month which is $10,980 over five years.  They will also require $600 a month more income to qualify. If the additional income isn't a possibility then decrease the purchase amount by $35,000 ($265,000). 

3. The Inventory: The proprties that are available for sale today might be not be available when you've determined that the market has hit bottom. The best propertie priced right sell first in any market! Investors are simply looking at their balance sheet and buyers are buying a home, in any case they can outsmart themselves and miss a great opportunity.   

Bottom Line: Don't fool yourself.  No one will know when we hit the bottom untill we look back.  I know you know that but we all want to make great decisions and brag about the great deal we made.  There are more stories that start with "If I had only ... ".  Hindsite is 20/20.  Find an agent that knows the market, is an experienced negotiator and you will trust to guide you through the process.

For information about Tom Perry and Team BePicky go to www.BePicky.com

You will find some awesome tools to keep yourself current with the market.  Be brilliant.  Know more that most agents.  

1. MLS Market Snapshot: You will receive a FREE interactive report showing all the real estate activity in your area every month.

2. Forclosure Search:  Sign up for a FREE 7 day tril on RealtyTrac the #1 search engine for Pre-Forclosure, Bank-Owned, and auctions. 

3. Real Time Property Search updates: Simply put in your search perameters and receive instant results FREE with daily updates.

To take advantage of these FREE reports, go to www.BePicky.com

Are we there yet?  How 'bout now ...

Buy an investment house now.  What are you waiting for?  If your not in the process now ... your behind the curve.  Think about it.  When the market hits the bottom (we may be there already) the hundreds of people just waiting for the news will be in the way of your success.  Even if the market falls another couple percentage points over the next couple months, you still win over the long run.  What about interest rates???  Can you predict the market???  To find out more about Tom Perry and Team BePicky ... www.BePicky.com