Peoria, Arizona Short Sale

A Look at SHORT SALE HOMES From Three Perspectives

webmaster — Thu, 09 Sep 2010 09:41:48 +0000

Short sale homes are becoming quite popular in Phoenix, Arizona in this day and age. With a troubled economy and an incredibly weak housing market, short sale homes have flooded the real estate market. Let's examine short sale homes from the perspective of all three parties involved, the home owner, the buyer, and the lender that holds the mortgage note.
First and foremost, what are short sale homes?
Short sale homes are better understood if you know what a short sale is. A short sale is when a home owner sells their house for less than the amount needed to pay off the existing mortgage. Short sale homes usually have an "upside down" mortgage, meaning that the house is worth less than the mortgage. As an example, consider Home Owner A in Phoenix, AZ. Home owner G, bought a $150k home for $150k. He took out a mortgage for $125k. However, because of the poor housing market, the home is not worth only $85k. Home Owner A doesn't like the fact that his mortgage is upside down and he is paying for on a $125k mortgage for a house that only has a value of $85k, so he decides to short sell his house. This situation has created the niche market full of short sale homes.
Short sale homes let the owners sell the property at its current market value and get away from it avoiding foreclosure. It is not to good to be true, although it may sound that way. Truthfully, it can benefit to all parties involved.
-The owner of the home has the opportunity to sell his home that is not worth as much as his mortgage anymore. With short sale homes, the bank might forgive the remainder of the debt (you're asking why would they do that? Right?) Also, by selling the home and staying out of foreclosure with short sale homes, the home owners can keep restore good credit in a short time and buy a new house in a few years or sooner.
-For lenders that approve of short sale homes, it is not the best situation, but, it is a better situation than if they had to go to foreclose with all of the homes that have defaulting mortgages. So, lenders, in the majority of cases, approve short sale homes. Sometimes they will forgive the remaining debt on the mortgage to avoid taking the home over and having to foreclosure sale it. Remember that banks are in the money business. They do not want to own real estate EVER. Every home foreclose costs them thousands of dollars in legal fees and processing. Also important to consider, the foreclosed home will get a smaller offer price at a foreclosure auction than it would when they allow short sale homes.
-For the buyer, short sale homes are a great opportunity to get a property that is in relatively good condition for a steal of a price. Keep in mind that the home owner has not abandoned the home in poor condition as they may in foreclosure.
Short sale homes give all parties, the buyer, the seller, and the lender the best outcome from a bad situation.

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

Preserve Your Funds In A Short Sale

webmaster — Thu, 09 Sep 2010 15:59:11 +0000

Welcome back and thank you for visiting us today on our blog. This whole blog is devoted to the home owner who is exploring the options on what you want to do with your home. Whether you are in a position where you can no longer afford it or are simply no longer want to owe as much as you do against your house and want to strategically default, this blog is for you. We hope that you discover loads of great subject matter here on our blog.

Today we want to center on a matter that has become very significant in the last couple months. It deals with your funds and the funds that you have in your bank account. There are lenders out there that are going into home owner bank accounts and taking funds to satisfy deliquencies on their mortgage.

Please know that the mortgage you took out on your home is secured against your house and your house only. The exception to that regulation is with the bank accounts that are with the same lender that has your mortgage. For instance, if you have a checking account with Chase and your mortgage is additionally with Chase, Chase can take funds from your checking account to pay your mortgage.

We have had numerous clients approach us concerning this specific topic. If you are taking into consideration a short sale or have missed a payment or two, we would propose that you shift your checking account to another lender. Close up your accounts with a lender that has your mortgage.

Because of the checking and savings account agreements they have with you, they keep the permission to take funds from your checking account.

Give us a call if you would like more information on this matter or any other matter pertaining to short sales and your options. We have fruitfully completed several hundred short sales over the previous couple years and we would value the opportunity to converse with you 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 My First Short Sale

Also, follow Group 46:10 on their blog at Pre Foreclosure - Foreclosure Short Sale Phoenix

What in the world are short sales?

webmaster — Wed, 08 Sep 2010 22:24:08 +0000

Do you hear murmurs at the office or the gym in Mesa, AZ about short sales and question what in the world they are talking about? Short sales are a handy little term that refer to the sales of homes. The term itself kind of explains it all if you understand what 'short' refers to in short sales. Cleary, because short sales refer to homes, refer to real estate transactions. Short sales are simply selling a property when the purchasing price is short of the amount that the home owner needs to pay off the mortgage loan.
Short sales in Mesa, Arizona occur when the owner of the property owes more than the house could be possibly be sold for. The owner will need to get approval from the bank that gave him his mortgage to see if short sales can be used to sell the house for less than what he owes the bank.
To explain a little better, short sales are when the bank lets the home owner sell the home for less money. Investors especially love to buy short sales because they are a bargain. Short sales are a good investment for anyone, usually.
Anyone can purchase short sales and it is a good deal for all of the parties involved. Sometimes people think that short sales are a bad thing to get involved with, but they don't know what they are talking about. People who sell there home using short sales are doing it on purpose. It is their plan to use short sales of their home to avoid having foreclosure from the bank. If they have their house foreclosed on, the bank will take it back and the home owner will be kicked out, probably by the sheriff.
With short sales, it is a good deal for everyone. As we said earlier, the buyer gets short sales at a discounted price. So they will get a nice home for cheap and they can live in it. For the person that owns the home and wants to use short sales to get rid of it, they have benefits too. Short sales are usually for home dwellers that can not afford to pay for their home any more. So, they go to the bank and say that they want to use short sales to sell their home. If the bank agrees, the home owner can sell his home for less than they need to pay off the mortgage. This is good because they don't have any money.
The bank comes out of this well too. If the bank allows short sales, they will not have to go get a home with foreclosure and they can get their money when the short sales are completed.

Short Sale Knowledge And Bank contacts Are Imperative

webmaster — Thu, 09 Sep 2010 03:06:44 +0000

Hello once more and welcome to our blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale agents. Completing more than 300 short sale deals in the last couple years, we are simply the most successful short sale agents in the Phoenix locale.

One of the questions that we are asked often is "what makes us different from other agents? Do we have contacts within the lender?" A couple years ago, we wouldn't have said that our contacts within the lender were useful to us. Nonetheless, we have come to acknowledge that our contacts have saved a number of deals in the last couple years. Our contact with people within the banks have helped us postpone foreclosure sale dates and get deals approved.

If we require something urgently, we seem to be receiving some preferential treatment. Your short sale isn't going to automatically be approved five times sooner than others. Nonetheless, you can rest assured that our team has those critical contacts and we know how to apply them.

No matter which lender you are working with, Chase, Citi, Wells Fargo, B of A, or any other lender, we've worked with each of them. more than 100 banks have worked with us in some way, shape, or form. Each lender operates differently. And likewise, each lender has a somewhat different way of handling short sale packages. Nonetheless, with our knowledge completing more than 300 short sales in the last couple years, we are prepared for each situation.

We would consider it a priviledge to speak with you soon. We look forward to helping you make a decision regarding your house.

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 My First Short Sale

Also, follow Group 46:10 on their blog at Tempe - Arizona Short Sale Specialist

Foreclosure Sale Dates And Home Owners

webmaster — Tue, 07 Sep 2010 16:02:53 +0000

Hello and welcome to our website. We are Fred Weaver and Kevin Kauffman, Arizona's leading short sale specialists. We have completed hundreds of short sales and we would love for you to contact us to find out more.

We wanted to talk to you at the moment concerning what is going on in the short sale business now. Specifically, can foreclosure sale days be deferred and as a house owner when should you begin working with us in a short sale deal.

Recently, some of the investors do not want to push back foreclosure sale days as much as they have in the past. A year ago, if we were chatting, I would have told you that we can get your house on the market and receive an offer in 60 days allowing your foreclosure sale date to be deferred. To be really honest, that isn't occuring anymore.

If you are in a spot where you are 60 or less days from foreclosure, please call us. We aren't saying that your house is going to go to foreclosure. However, if you have not missed a payment yet or you are merely a payment or two behind, please contact us quickly. The sooner you act, the better off you will be. If we have more time, we have a greater likelihood to make a positive result for you.

You must make sure that you are working with a proficient group that has relations within the lender and can successfully close your short sale. The lenders do want to help you out, but you need to contact us sooner rather than later.

Thank you for joining us now. Please fill out the form here on our website so that we can be in contact with you soon. Have a wonderful day!

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 My First Short Sale

Also, follow Group 46:10 on their blog at Phoenix - Arizona Short Sale Specialist

FORECLOSURE PREVENTION Part III; The Best Way to Keep Your Home

webmaster — Tue, 07 Sep 2010 06:48:51 +0000

To keep your home from foreclosure as long as possible, we are a proponent of a fairly unknown foreclosure prevention method to the uninformed public in Chandler, Arizona. This method of foreclosure prevention has been brought to the forefront with the abundance of people seeking foreclosure prevention in an economy that just keeps sinking. With home owners losing their jobs left and right of you and property values shrinking today and shrinking tomorrow, one foreclosure prevention tactic has been very successful for the American people.
Allow us to introduce to you the short sale as a method of foreclosure prevention. While the details are better explained by a real estate expert in Chandler, AZ that is familiar with the short sale process, we will do our best to give you some insight as to the nuances of the short sale as a foreclosure prevention method.
The short sale as a method of foreclosure prevention takes in to account that you can not pay your mortgage any longer or you do not want to pay your mortgage as it is worth far more than the value of your home. Foreclosure prevention with the use of a short sale is open to virtually anyone and can apply to businesses, residencies, rental properties, investment properties and even vacant land. This foreclosure prevention method is called a short sale because you are offering your house on the market even though the offer you receive will, more than likely, be short of covering the payoff of your existing mortgage.
So how do you win with a short sale as a method of foreclosure prevention? Because the banks only want to recoup as much money as they can, the short sale leverages the banks against their bargaining chip, the foreclosure. That is why we consider it foreclosure prevention to use a short sale.
Basically (bear in mind that we are speaking in general terms, all of this should be verified with a real estate expert), you will put your home on the market as a tool of foreclosure prevention. When you receive an offer, which will more than likely be less than the value of the loan, you tell the bank that they should accept the offer in lieu of foreclosure on your home because it is far more than they will get if they have to sell the home at foreclosure. For this fact, the bank will allow this method of foreclosure prevention to minimize their losses. In many instances, they will be willing to forgive the remaining balance of the mortgage that the offer price didn't cover. The bank wins because they do not incur the fees and legal proceedings that go along with a foreclosure and you get out from your mortgage.
You can wait around for the newest foreclosure prevention act from congress and hope that it will apply to you or use the newest tool in foreclosure prevention, the short sale. Given how Congress handled the last foreclosure prevention act, which would you prefer?

Should I Short Sale My Residence

webmaster — Tue, 07 Sep 2010 03:55:22 +0000

Hello and welcome to the Group 4610 blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale Agents. We have closed more than a few hundred short sale transactions since 2008. With a greater success rate and more practice than just about any other realtor in the Arizona Short Sale world, we are the best short sale realtors in the region.

We would like to speak about a delicate subject these days. Should you short sale your home? The strategic default, or as we refer to it, the business decision, is a very hot subject recently. You may be a home owner out there that is upside down on his mortgage. For illustration, you may owe $400,000 on your mortgage, but your home is only worth $200,000. You may be in a situation where you are getting ready to retire or you are preparing to relocate. Perhaps you have the ability to pay your mortgage, but you are doing this at the determent to your family. Essentially, you are throwing money at a terrible asset or investment.

We have had many people come to us and say 'What am i doing here? What should i do?' The short sale, foreclosure, or keep paying the mortgage are all options that home owners are taking into account. We won't tell you what you should do, but you should make the correct choice for you and your family. A lot of people think that they have a moral obligation to make their payments.

While that is a legitimate line of reasoning, there are some things in your mortgage contract that give you the right to stop making payments. Likewise, the bank has the right to foreclose or accept a short sale. You have to evaluate what is most important to you. If that means that you have to walk away from your home with a short sale, you should strongly ponder it.

There are a few things you should always keep in mind. This is a personal choice for you. Do not let anyone to tell you what is right or wrong. Your mortgage is a agreement that has options for you to mull over. Look at what your home is worth at the moment. How long will it take you to get your mortgage back to level? There are consequences to every alternative that you have. Make contact with us today and we can help you think about those consequences.

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 My First Short Sale

Also, follow Group 46:10 on their blog at Pre Foreclosure - Avoid Foreclosure Arizona

Short Sales And Missing House Payments

webmaster — Tue, 07 Sep 2010 03:20:40 +0000

Welcome to Group 4610's blog. We are Kevin Kauffman and Fred Weaver, Arizona's Leading Short Sale team. We have completed hundreds of short sales over the past few years. Nevertheless, this video is not about us, it is about you!

One of the regular discussions we have with property owners is about missing payments. Many of these property owners are still current on their mortgage payment. Perhaps they have not yet experienced the cut in their income or they have not completely used up their entire savings account so far. They often want to know whether they ought to or ought to not miss payments.

Realize a few things about short sales. It is possible to close a short sale without missing payments. Nevertheless, with the regularity that short sales are being completed, the lenders aren't even allowing for a short sale until the property owner is missing payments. We suppose that the lenders have made that change since they do not want the property owner to take advantage of a short sale and still elude the harmful effects of missing payments. In addition, it is definitely a way for the lenders to keep short sale numbers down. There is not a single lender in the nation that has enough staff to deal with the short sale packages they already have.

We are never going to tell you to make or miss your payment. Nevertheless, we can tell you that the lender will want to observe you miss some payments before they resolve to even look at your short sale. Most of our customers are okay with the credit hit and knowing that they can get back into a property in a few years. We will discuss the decisions that are in front of property owners in a future episode.

Fill out the document on our website so a member of our team can have a short discussion with you. Thank you for joining us today. We will speak with you again shortly.

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 My First Short Sale

Also, follow Group 46:10 on their blog at Avondale - Short Sale Arizona

Can Bankruptcy Stop Foreclosure? In-Depth Answers That Can REALLY Help You to Save Your Home

webmaster — Mon, 06 Sep 2010 18:59:11 +0000

I know how hard it might be for you at this point of your life, but it's not difficult as many think to stop foreclosure. It's mostly about having access to the right information at the right time. I know that you might have been told lots of tales about what to do and how to go about stopping the process, but this article shows you simple ways that will surely prove helpful in saving your home.

The answer is of course - YES, declaring bankruptcy can indeed stop foreclosure. People may want to think of it as some kind of impoverishment to declare that they are bankrupt, but really, who cares? The fact remains that you no longer have the funds or means to pay what you owe on the mortgage. There's no point to keep kidding yourself or lying to yourself.

If you don't want to do this, then think of what I am about to say - it is only a question of time before the foreclosure papers get served, and then you will bite your nails wondering how you could have been so slow on the uptake.

So what, you are going to have to take some credit counseling classes in the process? That isn't a lot to ask for if it stops you from being thrown out on your behind. In any case, the counseling will open you to other options that you may want to pay particular attention to. If you like them, you can go ahead with them too.

For info on Foreclosure Need Refinance Modify Account or Government Programs to Stop Foreclosure

In any or both of the immediate clickable links above you will learn TOP SECRET tips that only a privileged few know on not only exactly how to stop foreclosure with refinance, but how to get government programs in stopping foreclosure. You will also learn how foreclosure can be easily stopped. Go ahead and click any of the above links to learn insider secrets that lots of people with foreclosure problem need... but most don't know about.

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The Short Sell Secret Part 3

webmaster — Mon, 06 Sep 2010 08:52:05 +0000

The advantages of a short sell are abundantly clear when you study the process and the people in Gilbert, Arizona that have been through it already. The short sell is commonly used by people who have little are no equity in their home. So, without equity, the property holds little value for you other than a roof over your head, and couldn't you find that for a price that is more affordable?
So, how and why does a short sell work? Let's look at an example first.
Al Mostbroke in Gilbert, AZ purchased a home four years ago that was valued at $250,000. He took out a $200,000 mortgage to purchase it. Now, because of an economy in the toilet and spiraling home prices, his house only has a value of $170,000, but he is still paying the $200,000 mortgage. So, why would Al want to keep pouring money into the mortgage payments when he will have nothing to show for it in the way of equity for decades to come? Plainly stated, he doesn't want to do that!
Enter into the picture a fairly unknown process called the short sell. With a short sell of his home, Al can basically get out of his mortgage and his home to find a new home with a new mortgage that he can start gaining equity in almost immediately.
So, Al, realizing this fact, hops on the internet and tracks down a local real estate agent that has an abundance of experience with the short sell process. Together with this agent, Al starts the short sell process of the home. It goes as follows...
Al and his agent start with one of two options. (1) they can find a buyer for the home and then go to the lender announcing that they wish to short sell the home and they have a buyer offer in hand or (2) they can go to the bank and request the approval of the lender to short sell the home. Assuming that the bank gives its approval (and they almost always do...will explain why in part 4) Al and his agent begin to compile the paperwork that the lender requires to start the short sell process. This includes financial data like pay stubs, bank statements, and the all important hardship letter (a letter that explains why or how you came to the financial situation that causes you to require a short sell)
The home is put on the market and offers are received. Your agent, the lender, and the potential buyer negotiate the terms of the sale. You just sit at home, not paying your mortgage, and wait for the process to be completed. When the lender accepts the offer, you walk away from your mortgage and your home to begin anew.