Today, we would like to talk about luxury short sales. In our market, with Minnesota short sales, we have been a tad behind the southern states. We did not see the flood of foreclosures until later. At this time we are seeing the luxury properties come to foreclosure.

One of the trends that we are seeing is luxury homes being listed by regular real estate agents. We think that it is incredibly important to list with a short sale expert. It is more imperative to list with somebody who can complete a short sale. The price of the property is not going to matter in the short sale process.

If you are in a luxury property, you need to search for a realtor that does short sales. The realtor that is going to list your short sale doesn't even have to see your house. It does not matter if your property is dazzling. This process is about how much the lender will take to complete the deal. The lender does not care if it is a luxury home. They are just looking at savings above foreclosure.

You will want to be represented by somebody who understands the short sale process. Luxury property realtors will be concerned with staging your property, and the granite countertops, or the seven car garage. Still, the banks just do not care.

There is a large difference in the success ratio between somebody who completes short sales and someone who lists luxury houses. Quite frankly, we have a better chance of completing your short sale than a luxury specialist. We complete higher than 90% of our short sales. The luxury short sale realtor completes between 25-40% of their short sales. You have to do your due diligence to find somebody that can help you close your short sale. Don't hesitate to call or send us an email.

Tune in tomorrow for another episode where we confront your short sale problems.

Minnesota Short Sale Shift can answer your questions. We are Minnesota's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Steve Horn here with Short Sales Done Easy, your Mesa Short Sale Specialist. I'm just back from break ready to get back to helping house owners in the Maricopa county area. The Steve Horn team was able to complete four short sales while I was gone. So, it's good to be able to help out distraught home owners even while I am away.

I went on a listing appointment today. The property owner is ready to list their house as a traditional sale. Yet, this may turn into a short sale. The seller does have the capacity to purchase another house. Yet,the house that they are in is $130,000 behind in an equity situation. The house owner is debating whether or not to pay the $130,000, making a business choice. Moreover, they are considering renting in this market because the house will not recover for at least seven years.

These are the identical questions that are going through the minds of thousands of people in the Paradise valley area. This specific home owner is considering foreclosure and buying another house. Keep in mind that foreclosure is always the worst case situation. If you don't want a foreclosure on your record, that is what a short sale is for.

You, as the property owner in the Scottsdale area, need to determine whether this is a business decision or an ethical decision. The lenders, not willing to modify loans, is forcing house owners to pick short sale, foreclosure, or other choices.

The best thing I can do as a short sale specialist is give her all of the details in the choices that she has. She was blown away by the knowledge that she gained in the disparity between a short sale and a foreclosure.

We are here to help you formulate these decisions. We have several seminars coming up in the Queen creek area. Contact us today to find out more.

Arizona Steve Horn Team can answer your questions. We are Arizona's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona

Welcome to another installment of Freaky Friday. The area of freakiness today is an email from Wells Fargo that has been capturing the notice of short sale realtors. We have received many phone calls and emails about this Wells Fargo letter. So, we would like to concentrate on that email today.

The email, which was sent out by numerous Wells Fargo people, basically said that Wells would not be postponing any foreclosures for any reason. This is a new procedure. There will be no exceptions. This produced a panic amid short sale agents and was further proof that nothing is ever what it seems.

We sent off a number of emails to several VP's at Wells Fargo and the immediate reply was that there have been talks about it, but this guidelines has not been officially altered. We now have a little clarity on what exactly is going on.

We had the occasion to speak with a Senior Vice President from Wells Fargo. She was conscious of the emails that went out and Wells has not countered the emails because in some situations, they may not put off foreclosure sale dates. These emails are no longer being sent out.

About 80% of the loans that they service are from other investors. Policy has been compelling them to do several things. There have been some pressures and rules that could cause them to get into trouble if they reschedule sale dates without particular criteria being met. In the last couple weeks, they have worked with Fannie Mae to put off foreclosure sales if particular criteria is met.

It sounds like if you have a decent offer and they can review and approve it, they will delay the foreclosure sale date at least one time. Moreover, lots of of the minor investors follow Fannie Mae procedure. So, it is highly possible that Fannie Mae changes have caused some concern within the banks.

Short sale FAQs and more.

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Hello and welcome to our blog. We are Kevin Kauffman and Fred Weaver, Arizona's leading short sale specialists. Thank you for taking time out of your day to check out our blog. We would just like to let you know that we have successfully completed hundreds of short sale transactions at a 90% achievement rate over the last few years. However, this website is not about us. It is about you, the property owner.

It is exceedingly important that you have an specialist on your side that is dealing with your bank who doesn't just agree with the lender and everything they say. The short sale can be a little bit traumatic to you as a home owner, so we want to provide you some perspective as to why you want a good short sale specialist on your side.

Here is a simple illustration. We have a short sale that has an offer for $50,500 and the lender has a value on the property of $49,500. Observe that the value of the home is in fact less than the offer. So, this transaction should very easily be accepted. The value of the residence comes from a BPO, a brokers price opinion. When you work a short sale, the lender hires an private business to acquire a value for the residence. The lender uses this value to decide whether or not they should employ the short sale or foreclose on the property.

In this specific instance, the bank declined the proposal because the offer was not sufficient. Basically, the bank worker making this choice does not understand the idea of loss mitigation.

Unless you have a real estate specialist on your side that is willing to aggressively pursue the agreement, you may have trouble closing a short sale. In the end, if we did not keep fighting, this residence would have gone to foreclosure.

In general, 20-40% of short sales close successfully. With a 90% achievement rate, we feel like we can be your greatest friend in this situation. We obtain better results than the majority.

We encourage you to come back to the website and contact us. We look forward to dealing with you soon.

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Hello, Steve Horn, Phoenix short sale realtor, coming to you live with some information concerning 2 factors that are significant to you when you are listing your home. Those 2 factors are price and condition. There is a difference between placing your home on the market to sell and being in the market or placing your home on the market and just attempting to acquire an offer.

Figures don't lie. It doesn't matter how magnificent your house is, if you are priced above the market you will not get showings. If your house is in meager condition the same idea holds true. You will not receive showings if your house is in poor condition. The ideal blend to sell a home in the Phoenix market is to have a price that is priced at what other homes are selling for and have a property in good condition.

It doesn't matter if you have a scenic pool or granite countertops, or a great lot. You need to have a home that is priced well and in respectable condition. As far as showings go, you will know if you priced your property well if you have numerous showings in the initial couple weeks.

If you get a lot of showings and get no offers, odds are that your property in not in good condition. Otherwise you drop into no mans land. That ought to imply that there is something wrong with your property. Possibly you can clean up your home or reprice the property.

If you have been in the market for more than 2 weeks and have not had a showing, you have probably priced yourself out of the market. If there are no showings, the purchasers do not even know the state of your house. This means that the price needs to be adjusted.

This is a very good breakdown of how to sell your home and what you need to mull over when you resolve to list your house. Be aware of these 2 key factors and you will be victorious.

Continue to check out our website and contact us today. I am the top Phoenix Short Sale Specialist for your needs.

Arizona Steve Horn Team can answer your questions. We are Arizona's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona

Statistics are essential in the real estate industry because they can give you an accurate picture of the present real estate market. Even with the negative things in the news daily, it's hard to recognize precisely what is happening in your area.

The data are critical so that we, as real estate specialists, can tell the purchasers and sellers that we deal with what could potentialy occur in the real estate market. Minneapolis statistics are actually very similar to nationwide figures. As in most markets, the tax credit that just expired has radically impacted the real estate market. The week that the tax credit expired, our local market saw around 1500 houses sold with the weeks prior to that averaging around 1200 homes sold. To put that number into perspective, over time the average properties sold in the Minneapolis market per week is approximately 1000. Yet, with the tax credit now expired, weekly numbers have dipped to approximately 650 properties sold per week.

As the purchasers are lessening each week and fresh listings continue to come on the market, things will almost certainly get tougher for sellers. We think that it is a excellent time to acquire a property. While there are a lot of worries with the market right now, interest rates are at an all-time low and house prices are lower than they have been in decades. The affordability index in the Minneapolis vicinity is currently at 200%. That means, based on the median income in the Minneapolis neighborhood and current property prices, most people can afford to acquire two houses!

We are very much in support of buying in this market. The homes per buyer last year at this time was 5 to 1. Basically, for each buyer looking for a house, there were five homes on the market. This year, currently, that ration is 8 to 1.

Regardless of your position, be proactive approximately this process. Waiting to sell your home will only extend the problem and waiting to buy a house could cost you more money in the future.

Minnesota Short Sale Shift can answer your questions. We are Minnesota's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

Banks are overwhelmed by foreclosures. Foreclosures are a problem for Redlands California Homes to Redmond Washington Real Estate. Some areas have so many foreclosures banks don’t want any more. They have threatened moratoriums on foreclosures. This is causing lots of shadow inventory. In a best case scenario banks will avoid foreclosure, there are several alternatives that can provide a better end result for both bank and borrower.

Selling Your Home (Usually as a Short Sale).  Home owners who have equity, can simply sell their homes as a method to prevent foreclosure. But, in the current market, most distressed borrowers don't have equity. Some estimates show that 25% of American borrowers owe more than their homes are worth. It is possible to sell underwater homes if you can get a short sale approved.

Loan Modification - With the encouragement of federal programs, many banks are willing to consider loan modifications.In some cases, the law might require fradulaent loans to modify terms.

Deed in Lieu of Foreclosure -- With this foreclosure alternative the default borrower simply quit claims their deed to the bank. It's rare that Deeds in Lieu of Foreclosure actually happen. Experts advise banks to accept short sales and deeds in lieu of foreclosure, this decision is usually financially best for the banks. Banks have trouble nailing down the criteria they will require for a short sale on an individual, unique property.

Deeds in lieu of foreclosures have some other issues that can make them a big more complicated. With foreclosures, the junior liens get nothing and are wiped off the record. They receive nothing. Their lien is removed from their property and they get nothing. It takes these debts off of the title. However, the banks can still judicially try and collect the debts. Banks do still have statutory rights to try and collect their unpaid debts. With deeds in lieu of foreclosures, when there are junior liens, the lender is responsible for these debts.

Forebearance -- With a forebearance agreement the lender delays his right to exercise foreclosure to give the borrower a chance to catch up on their payments. The success rate for forebearance is only about 5%. Most people have no idea what things are required to qualify. A good source of information for Salt Lake Utah Real Estate, regarding foreclosure alternatives is from HUD non profit organizations. Advise from these organizations is FREE. People can't legally charge for loan modification help, unless they are licenced mortgage lenders. Beware of scams when seeking foreclosure alternatives.

We wanted to discuss the interesting market that we are in once more today. Ultimately, we would like to talk to you about a recent phone call that we had with a client. The client was wondering if it was better to wait it out. Since she is relocating to another state, she thought that she could maybe rent the home for the next few years and then sell the home in the future.

We are not in the business of telling our clients what to do, particularly when it comes to their mortgage. However, it is our job to educate the client as to the decisions that she can make. The deduction that we came to was as follows.

Since she is not in a bad mortgage payment situation based on what she could receive for rent, she would only see about $200 in deficiency per month. She could simply write that loss off as depreciation. However, the key is, if she was simply behind by $20,000, it could be a solid decision for her.

Looking at the statistics from a business perspective, what it would take for her to rent and then sell in a few years makes no sense. The client is $100,000 behind in equity. The house is in an outlying region of Phoenix, giving her a prospective for more depreciation. Every occasion that she is negative on the rent to mortgage payment, she would be tacking on added mortgage to her loan remainder. Over twelve months, she is going to be $2400 in the negative every year. Multiple that over seven years and she will have a extended wait to recover the equity in her home. That is given the top case situation.

Therefore, is it in her best interest to wait it out? After we gave her a cloudless image of how long it will take to regain that $100,000 her only alternative is short sale. She has tried the loan modification, but it didn't work for her circumstances.

Because the bank is not agreeable to diminish the principal. So the next best thing for her to do is the short sale. These are actual situations that happen every day. As a short sale agent, it is my duty to help you recognize the circumstances and ramifications of your decisions.

Arizona Steve Horn Team can answer your questions. We are Arizona's Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona

With a week dedicated to Title procedure and padding the HUD, today's spotlight is on working with a good Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the image. Recognize that the reason you need to have this type of Title agent is because they need to appreciate that sometimes you may need to pad a HUD a little more than other real estate dealings because you are dealing with a unique situation called a short sale.

A great deal like the differences in real estate specialists, there are differences with title agents that deal with short sales. Bear in mind that if you are working with an escrow representative that has been in the business for 30 years and has always done things in one precise way, you will most likely get a little resistance. You may want to mull over the mindset of the person that you are working with that will not have to work outside of their comfort zone.

Other vital factors include the Title agents work ethic and urgency level. There will be times that you want a HUD ASAP to put off a sale date or close a buyer before they walk away. Lenders sometimes catch you off guard and you require a HUD in a few hours. Make sure that you have a title agent that can deal with these demands.

Kevin and Fred have a normal procedure that permits them to get their HUD back in four business hours or less. Their escrow officer realizes that when a HUD needs to be revised there is a transaction coming up very soon. Also, the escrow officers are constantly careful to evaluate the approval letters and keep the client informed and educated all through the procedure. They also present the final HUD to the bank for final approval. You must be on the same side working toward the same objective with your escrow agent.

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