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“I’m in Foreclosure and Can’t Afford a Realtor Commission.” What to do? - 09/30/10 01:47 PM
Sellers who are in foreclosure cannot afford afford a Realtor commission. This is a common predicament playing out all over the country and definitely right here in Louisville Kentucky. Homeowners need to sell but don’t have money to pay a real estate agent. You Can Sell Your House and Your Lender Will Pay The Commission On Your Behalf Banks let you sell your house for whatever it brings, and your foreclosing lender will pay your Realtor commission so you won’t have to. This happens every day, all day long. It is called a “short sale” because the lender accepts an amount (3 comments)
In a Short Sale “Is it better that I move out?” - 09/30/10 07:56 AM
In a Short Sale “Is it better that I move out?” Sellers ask this all the time. The answer is the seller can stay in the house all the way up to the closing of the sale to the new buyer. There are actually many questions behind this question: Question: Will the bank be angry that I’m living in the house without paying? Answer: The bank realizes that many borrowers can’t pay. That’s why they have the short sale program. You didn't create this housing slump or job market crisis. ***** Question: Does the bank want me to move out because (4 comments)
I’m In Foreclosure and Need A Real Estate Agent to Sell My House In Louisville, KY - 09/29/10 11:09 PM
Selling a house to beat foreclosure means you need the best Realtor who can move fast! The Realtor must be: Compassionate and Caring Highly trained Highly organized and has systems in place Must have staff to quickly and efficiently handle all calls and tasks Experienced Track record of many pre foreclosure successes Local to Louisville, Kentucky In many cases a pre foreclosure sale needs to be a short sale. In a short sale the foreclosing lender accepts an amount SHORT of what is owed, and typically forgives the shortage. You must find a short sale expert Realtor. Time is of the (2 comments)
“I Can Finally Get a Good Night’s Sleep” - What a Pre Foreclosure Short Sale Can Do For You - 09/29/10 06:50 AM
"The short sale pulled me out of this housing hole.” “I’m glad I had someone on my side.” “People said it was too good to be true but now I owe not a thing.” “It restored my dignity.” There is hope and there are options. If you are behind on payments you are undoubtedly under tremendous stress. Imagine the future without this overwhelming debt in your life. Banks accept “short sales” all the time. In a short sale, the lender accepts an amount SHORT of what is owed. In most cases the shortfall is forgiven, in writing. Your lender pays the (1 comments)
Does the Short Sale Negotiation Stop the Foreclosure Process in Louisville, KY? - 09/28/10 03:54 PM
Does the Short Sale Negotiation Stop the Foreclosure Process? The short answer is “No, but there still are options to avoid foreclosure”. Now for the detail: Your Lender Does Not Want To Own Your Home Your lender is probably 1,000 miles away. They would rather settle and get a check rather than get the keys to your house. In general, the lender reduces their losses by doing a short sale because they don’t have to incur the losses involved in a long foreclosure process. However, even when a short sale is initiated, the lender still continues the foreclosure process. They run (1 comments)
Bruised But Unbroken – How a Short Sale Can Help You Avoid Foreclosure In Louisville - 09/27/10 02:46 PM
It is obviously extremely stressful when you just cannot make the mortgage payments any longer. There is also fear of the unknown. You Have Options You may be bruised but please don’t let this break you. There is help, even if you think your house is unsellable, and even if you think you cannot afford a Realtor. Your Lender Does Not Want Your House - They Want To Avoid Foreclosure, Too The foreclosing lender does not want to own your house. It’s too risky and too expensive for them to own, operate and sell your house from 1,000 miles away. The (0 comments)
Foreclosure and Loan Modification Notices to Borrowers = Scary and Incomprehensible Gibberish - 09/26/10 11:12 PM
As a short sale Realtor, I have many kitchen table conversations with borrowers in foreclosure. I often get handed a stack of letters and asked to decipher what the lender is saying. Although crystal clear to the professional, to the end consumer the verbiage is often confusing, cryptic, ambiguous and frankly incomprehensible. Why Not Use Simple English? Complex banking terminology is used instead of simple English. Borrowers get denial letters for requests they never made. The list goes on. Many borrowers get so scared and perplexed by the process they just don’t know who to turn to and who to believe. (0 comments)
This poster hangs in a hospital. Very nice of them to educate the public on how to recognize stroke and help stroke victims. I definitely wanted to get educated so I read the poster carefully. When I got to the "speech" section, I had to read it 5 times to make sure I wasn't imagining things. Stroke victims are often elderly and should be treated with the utmost respect. Out of all the sentences in the world, why would you ask a stroke victim to repeat "You can't teach an old dog new tricks"? Why emphasize old age and loss (5 comments)
The Most Important Questions To Ask A Seller In Foreclosure - 09/25/10 09:14 AM
The three most important questions to the seller are: What are your fears and concerns? What would you like to see happen? What questions do you have for me? Yes, these are very open ended questions. They will clear the way for the seller to ask us the questions that most concern them. The sellers have been tossing and turning and have many pent up questions and worries. Short Sales Are All About Providing A Solution For The Seller We are short sale Realtors, and the sellers bring us into their lives to help them with a solution to a major (0 comments)
Top 44 Reasons Sellers Don’t Do a Pre Foreclosure Short Sale Even If They Need To - 09/24/10 07:37 AM
If you are a homeowner with an “underwater” mortgage or an “upside” down house, please know that millions of Americans are experiencing the same confusing and stressful dilemma. Please be aware that under many circumstances there are solutions favorable to you. You have options and there are answers to each one of the concerns listed below. It is extremely important that you consult with a Louisville short sale Realtor who specializes in pre foreclosure situations. I have compiled this list of concerns as a result of hundreds of consultations and kitchen table conversations with sellers in need. Homeowners Lose Their House (6 comments)
45 Blog Posts in 30 Days – Important Lessons Learned - 09/23/10 09:12 AM
The AR "30 posts in 30 days" was a great challenge. I just completed 45 blogs posts in 30 days, at least one post per day. Most of the posts were insights about short sales. The biggest challenge was to roll out quality information for the consumer and not "blogs about nothing" just to meet the quota. This required a new type of time management – blog time management. I learned early on to get one or two days ahead of myself. Always have one or two fully developed posts in draft mode – ready to go for the next morning (9 comments)
Pre Foreclosure Myth: The Sheriff Can Show Up With No Notice And Throw My Family Out - 09/23/10 07:43 AM
Many families who are behind on payments live in fear that the Sheriff will come with no notice and throw their family out of the house. They are also afraid of every knock on the door. I help many families avoid foreclosure by negotiating a short sale with their lender. I speak with distressed sellers every day. I am acutely aware of these fears. Homeowners Are Afraid They'll Come Home To A Locked Up Vacant House Numerous times sellers have asked me or told me that they are afraid that they will come home from work and all of their possessions (5 comments)
A Picture is Worth a 1,000 Words. The Right Price is Worth a 1,000 Pictures. - 09/22/10 10:05 AM
It would be nice to always have professional pictures and videos of each listing. But frankly, what sells the house faster; pictures or price? I list the house at the right price. What impresses the next potential client; samples of beautiful pictures or low days on market until a buyer is procured? I often list houses that were previously listed for 6 months to 3 years with other agents. The sellers hand me gorgeous old listing packets rife with beautiful pictures. The seller probably chose their previous Realtors based on the beautiful marketing material. The problem is the seller then put (7 comments)
I wish I could give out 1,000 points to anyone who can identify what this is and where it is. Very cryptic hint: Like Drew Carey on "Who's Line Is It Anyway", any points I would give out would have no value. Another hint: It is not in my city of Louisville. Every day that goes by I will add to this post another photo of this beautiful subject until the identity will be clear. If you don't know where it is - jump in anyway and tell us what it is! 9/22/10 Hint #2 Drew Carey once said: "As (4 comments)
Will There Be a Housing Recovery or an Attitude Adjustment to a Market that Reset Itself? - 09/20/10 12:11 AM
Hundreds of housing predictions flow into the airwaves and the bandwidth every day. Government, universities and financial reporters all have their opinion of the day. The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) have their predictions, too. However, the market is now under the influence of many programs: HAMP and non-HAMP loan modifications HAFA Short Refi Fallout from the expired $8,000 tax credit program A variety of incentives and deterrents from FHA, FNMA and Freddie Mac These are just a sample of foreclosure avoidance experimental programs from the last 12 months. The government and the banks have (5 comments)
Do the sellers keep the $3,000 or do the creditors get it? Sellers are in Chapter 13 Bankruptcy. We are submitting their short sale as a HAFA short sale. If the HAFA short sale is approved, the lender will provide a $3,000 relocation assistance incentive to the seller. My question is: Will the sellers be able to keep the $3,000 now or will the bankruptcy court distribute it to the creditors? Note: There is a concept called Homestead Exemption, but since I’m not a lawyer I don’t know if it applies. Here's a link to bankruptcy exemptions I am always (1 comments)
Do I Have to Pay Taxes on a Short Sale? The 1099-C, H.R. 3648 and the Insolvency Rule - 09/19/10 12:07 AM
Three possible answers to the question: Yes, No, Maybe. Short sale listing agents should always disclose to their clients there is a possibility they will have to pay taxes on any forgiven debt. Sellers are strongly encouraged to consult with professional legal and tax advisers. Realtors who help clients avoid foreclosure should be knowledgeable of tax issues related to a short sale. The Realtor should disclose and direct the sellers to ask a CPA or tax attorney about the following issues: 1. What is a 1099-c (1099 income resulting from cancellation of debt) 2. What is the mortgage forgiveness act H.R. (3 comments)
In Louisville there is a sizable number of houses that are priced under $10,000. Not a typo – that is under ten thousand dollars. The banks make it extremely hard to perform a short sale in this price range. Massive Amounts of Devalued Properties According to the MLS, two hundred and thirty three (233) Louisville properties are either ACTIVE, PENDING or SOLD under $10,000 in the last 12 months. This does not include expired or cancelled listings. When you raise the upper price limit to $20,000, the number of listings goes up to 521. Lenders are Reluctant to Approve Short (0 comments)
A high-volume REO agent told me this week that the banks often wait 6 to 12 months after the foreclosure sale before they list the house. Lenders Rack Up Great Losses With A Full Foreclosure What are the lender’s holding costs during that period? What are the direct and incidental costs? What about the blight and devaluation of the neighborhood prices caused by vacant houses? Devaluation causes more houses to sell for less, causing the cycle of foreclosures to intensify, causing the banks even more losses on future foreclosures. Lenders Turn Down Short Sales On the other hand, during the (7 comments)
Short Sales: Banks Drag Their Feet Then Close the File For Inactivity - 09/17/10 07:47 AM
Common Occurrence 1: Problem: Bank’s loss mitigation department tells Realtor the file will take 3 weeks to be assigned to the next person. They instruct the Realtor not to call until then. Realtor calls three weeks later and is told the file is closed for inactivity. Remedy: Call at least once a week anyway. Tell the loss mit person to notate the file that you called. Keep the file alive even if the lender is trigger happy to close it.
Common Occurrence 2: Problem: Bank drags their feet for months then claims the seller’s financials are outdated. Duhh! (6 comments)
Medical Bills, Foreclosure and Short Sales in Louisville - 09/16/10 08:20 AM
Health problems and medical bills are a major cause of foreclosure. As a short sale Realtor in Louisville, I help many homeowners avoid foreclosure. In many cases, the hardship that caused the payments to fall behind is directly related to health issues. Health issues often cause job loss or job reduction. Homeowners are faced with a choice; pay the medical bills or pay the mortgage. In the past, homeowners could sell their house at a profit. The sale would simultaneously get rid of the mortgage payment and put cash in their pocket. Can't Sell the House In today’s market that is (0 comments)
“Every month is a struggle.” “There’s no end in sight.” “I can’t pay this mortgage and feed my kids. It’s one or the other.” “The loan modification was a joke.” “I’ve tried everything. I can’t handle this anymore. I need out” These are direct quotes. Sellers are hurting. But sellers are still trying to do the right thing. They struggle until they can’t struggle any more. Incurring debt elsewhere to keep the mortgage payments propped up. Working extra jobs to keep the mortgage payment propped up. Owners can’t sell because house values have declined way below loan balance. So, what’s (2 comments)
It is our choice to focus on the positive or dwell on the negative. The positive is that we are helping families avoid the financial and emotional strain of foreclosure. The negative is the hassle and the difficulty of jumping through the bank’s flaming hoops. I choose to focus on the positive. The smiles, the hugs and the tears of relief at the real estate closings overshadow any difficulty we encounter on the way. We lift a tremendous burden from the seller's shoulders. We help people preserve their dignity. When friends and family ask them “whatever happened to that house?” (3 comments)
As short sale Realtors, we are problem solvers. We help homeowners avoid foreclosure, and we help lenders reduce their losses. Lenders Are Slow Sometimes the lender drags out the short sale processing for 6 to 18 months. They turn down valid short sale offers and send 3 to 4 appraisers out. Lenders fish for a price and it seems like they’re willing to wait a year so they can report that they got their price, even if they net many tens of thousands of dollars less because of holding costs, legal fees and lost income. Mold Doesn’t Wait For The (3 comments)
Sellers Need To Leave The House Broom Clean. If Not, A Messy Real Estate Closing May Occur - 09/12/10 12:46 PM
Sellers have the monumental task of packing up and moving a household, often on a tight budget. However, the buyer expects to get a house clear of leftover and unwanted personal possessions. It could cost the buyers hundreds of dollars or thousands of dollars to clear out furniture and debris. Many items require special disposal such as tires and paint cans. Large items such as furniture can fill up dumpsters that are expensive to rent. The articles left behind don’t throw themselves out, they require expensive labor. Bad Scenario A bad scenario is when the buyer does their walk through prior (3 comments)
Rick Reid Is Flying His Dream at Bowman Field - Louisville, Kentucky - 09/10/10 10:21 PM
Rick Reid spent his whole life building houses and helping people, then one day he caught the flying bug. It is about a man and his passion to fly. Not only is it a way for Rick to reward himself for all his hard work, but in the future there is potential to rent the plane out to a local flight school and have his cool hobby actually pay for itself.
Rick rents a hangar at Bowman Field in Louisville, KY. Camaraderie There is phenomenal camaraderie among the pilots and the plane owners. They help each other out, share tools (5 comments)
I am reblogging Bob Hayward's blog on how to get reblogged! Bob offers great encouragement to Realtors who have writer's block and are concerned about their writing style or afraid of boring their readers. I applaud Bob's compassion for blogging newbies. Blogging newbies still possess a wealth of knowledge. Sharing that knowledge can help the Realtor's clients and help the Realtor obtain new clients. What may seem mundane to the Realtor may be information the end consumer is desperately seeking. Any time a Realtor gives a good answer to a client's question - that's an interesting blog. Even if it's (0 comments)
Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage - 09/10/10 09:56 AM
When the divorce agreement awards the house to one spouse and the mortgage obligation to another, this could spell great peril. The spouse in the house often doesn’t know if the "mortgage spouse" stopped making the payments. The billing address usually gets changed to the mortgage spouse's new address. The spouse in the house does not get any late notices about non-payments until it’s too late. Even though house spouse can claim that the mortgage spouse is in contempt of the agreement, the damage is already done. The back payments and legal fees often make it too hard to catch up (2 comments)
Mother Nature Works on Houses in Foreclosure - Louisville Short Sales - 09/09/10 09:32 AM
Mother Nature doesn’t stop working on a house just because it’s for sale and the seller is trying to beat foreclosure. Short Sales Take Time In a traditional sale, the seller and buyer agree to price and terms and 3 to 5 weeks later the transaction is complete and the new owner moves in. In a short sale, the foreclosing lender approves the release of the mortgage for an amount short of what is owed. That process can take many months. Sun, Heat, Cold, Wind, Water, Wind, and Fire While the short sale Realtor is working on the short sale, so (0 comments)
Louisville Seller Loses House To Foreclosure Without Trying To Short Sell It First. Why? - 09/08/10 09:33 PM
“Frozen.” “Paralyzed.” “I was a deer in the headlights.” “There isn’t sufficient information readily available.” These were the sad statements the owner made. A woman called me a week AFTER her house was lost at foreclosure auction to ask me what her options are. I asked her why she didn’t call me prior to the auction. She hadn’t even sought out a Realtor prior to the auction. She continued; “Spoke to five people got five different answers which contributed to my paralysis.” She had spoken to: Her divorce attorney The Louisville Jefferson County Clerk because their office sends out the notices (2 comments)
Top 5 Challenges for a Short Sale Buyer - 09/08/10 10:13 AM
Originally published by Dan Rochom, Operating Principal of Keller Williams Realty in Viginia and Maryland. Dan has written this excellent summary of top 5 challenges for a short sale buyer. Each one of the 5 challenges happen everyday and cause buyers and their agents to lose patience and lose the transaction. One of the key takeaways is for sellers and buyers to always use Realtors who are skilled and experienced in navigating the turbulent waters of short sales. Via Virginia Short Sale Specialist - Md Short Sale Specialist - Dan Rochon (Dan and Traci & Consultants - Keller Williams Realty): Buying a home (3 comments)
Came across this bird house while taking pictures of a new listing. The color was right. The sun was right. The setting was right. The Android smartphone camera was in ready mode. Snap! It was a little oasis where one can watch nature and escape the ups and downs of the outside world. The picture was taken on Goddard Ave in the The Highlands, Louisville, KY.
Good Things Happen When ActiveRain and Twitter Meet - 09/07/10 07:42 AM
Next time you're on twitter, check out what AR staff or Rainers are tweeting about ActiveRain. Sometimes AR staff makes announcements. Sometimes members will ask each each other questions about AR features. Sometimes members will be tweeting to their followers about their AR posts, as yet another way to get their expertise out to their sphere of influence. Sometimes it seems like the Rainers who had just satisfied their daily dose of Activerain activity needed to get another last 140 characters of AR microblogging ! So how do you tweet about ActiveRain on Twitter? Make sure to use #activerain when you (30 comments)
In a Pre Foreclosure Short Sale “Do I Need To Leave The Appliances?” - 09/06/10 08:03 AM
Most appliances are not part of the house and are the seller’s personal property. The sellers can take the appliances or sell them. The buyers are buying the house, and are not automatically entitled to free appliances. This excludes appliances that are built-in or attached to the property, such as most dishwashers. If you are in a short sale situation you are probably in financial survival mode. If you can't afford new appliances or if you need the money, you should take the appliances with you or sell them. The appliances are your personal property just like your furniture and your (4 comments)
The phrase SHORT SALE makes no intuitive sense to the typical home seller. Now they hear there’s a new program: HALF A SHORT SALE The initial phone conversation goes like this:
SELLER: I owe more than the house is worth. I want a quick sale. REALTOR: You mean a short sale? SELLER: As long as it’s quick. REALTOR: A short sale isn’t short. It takes a long time. SELLER: Huh? REALTOR: But, you may qualify for a HAFA short sale. SELLER: I don’t want half a short sale. I want a full short sale. REALTOR: Huh? For further illumination (5 comments)
Since 1871, as a natural history collection, the Louisville Science Center has grown into Kentucky’s “largest hands-on science center, serving more than 550,000 people annually. Over the years, they have created a comprehensive exhibit on a world-based theme: from 1997 when The World We Create exhibit was opened, to 2001’s The World Within Us, to the latest addition, The World Around Us which debuted in September 2005. The World Around Us exhibit is a $4.3 million permanent addition to the Louisville Science Center and includes three major areas: Atmosphere, Terrasphere, and Aquasphere to (0 comments)
“They Can Take This House and Shove It!” - 09/04/10 07:05 PM
Actual quotes from frustrated short sale sellers about their lender: “They’re taking too long and I’m fed up.” “They can take this house and shove it!” “Why can’t they just make a decision already?” I am helping a retired couple short sale their house in Louisville. I got the above earful from them when I picked up some additional documents that the bank suddenly asked for five months into the process. They're grateful for all the activity and communication with my office, but they're frustrated with the confusing and conflicting correspondence and demands from their lender. The couple is in their (9 comments)
Another Short Sale Crisis Avoidance Tip: Actual Buyer Must Match Exact Buyer's Name On The Purchase Contract - 09/03/10 07:38 AM
In a Short Sale The Buyer’s Name on the Deed and Settlement Statement Must Match Exactly The Name on the Purchase and Sales Contract. Foreclosing lenders in a short sale transaction have a lot of power and control, even though they are neither the seller nor the buyer and have not signed the purchase and sales agreement. Lenders strictly insist that the names on the deed and on the HUD1 settlement statement match the sales contract. The lenders have their internal reasons for this rule. Whatever the rationale, a rule is a rule is a rule. Buyers, their Realtors and their (35 comments)
“Loan Balance” and “Loan Payoff” both mean “How Much Do I Owe”. However, there is a huge difference between them, especially if the borrower is behind on payments. Let’s say your loan balance is $135,000 and your monthly payment is $1,000. Let’s also say you’re like millions of hard working Americans who fell behind on payments, and the last payment you made was 5 months ago. 5 months times $1,000 per monthly payment means you’re $5,000 behind. If you ask your lender how much you owe them to pay off the loan, they will tell you $140,000, not $135,000. When (0 comments)
Why It’s Getting Harder To Short Sale Condos In Louisville, KY - 09/01/10 07:34 AM
A subtle chain of events that is impacting the sale of condos. FHA is removing many condo developments from its approved list of condo complexes. If the condos are in a price range that buyers will typically rely on FHA financing, removal of FHA approval will also remove many of the buyers. FHA has put controls in place so not to concentrate too much risk in any condo development. One of their controls pertains to limiting the number of FHA loans allowed in the development. As soon as the limit is reached the development can be pulled from the approved list. (0 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.