Maricopa, AZ

Archive for the ‘Short Sale’ Category

Hello and welcome to the Group 4610 website. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale Realtors. We have completed more than a couple hundred short sale deals since 2008. With a higher success rate and more familiarity than just about any other realtor in the Arizona Short Sale world, we are the leading short sale agents in the state.

We would like to chat about a delicate topic these days. Should you short sale your property? The strategic default, or as we refer to it, the business decision, is a very hot topic recently. You may be a property owner out there that is upside down on his mortgage. For illustration, you might owe $400,000 on your mortgage, but your property is only valued at $200,000. You may be in a place where you are getting ready to stop working or you are preparing to relocate. Possibly you have the capability to pay your mortgage, but you are doing this at the determent to your family. Basically, you are throwing money at a terrible asset or investment.

We have had lots of 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 choices that property owners are taking into account. We won't tell you what you ought to do, but you ought to make the correct choice for you and your family. Many people believe that they have a moral obligation to make their payments.

While that is a legitimate point, there are some things in your mortgage agreement that give you the justification to stop making payments. Similarly, the bank has the right to foreclose or accept a short sale. You need to evaluate what is most important to you. If that means that you need to walk away from your property with a short sale, you ought to strongly ponder it.

There are a couple things you should always keep in mind. This is a private choice for you. Don't allow anybody to tell you what is right or wrong. Your mortgage is a contract that has choices for you to consider. Look at what your property is worth today. 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 weigh 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 Maricopa - Avoid Foreclosure Arizona

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

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

One of the common discussions we have with home owners is about missing payments. Many of these home owners are even now current on their mortgage payment. Possibly they haven't yet experienced the cut in their salary or they haven't completely exhausted their entire savings account thus far. They frequently want to know whether they ought to or ought to not miss payments.

Realize a couple things about short sales. It is possible to complete a short sale without missing payments. However, with the regularity that short sales are being completed, the lenders aren't even allowing for a short sale until the home owner is missing payments. We believe that the lenders have made that change since they do not want the home owner to take benefit of a short sale and still evade the harmful effects of missing payments. Furthermore, it is definitely a way for the lenders to keep short sale numbers down. There isn't a single bank in the land that has enough employees to handle the short sale folders they already have.

We are never going to inform you to make or miss your payment. However, we can tell you that the bank will want to observe you miss some payments before they decide to even look at your short sale. Most of our clients are okay with the credit hit and knowing that they can get back into a home in a couple years. We will talk about the decisions that are in front of home owners in a future episode.

Fill out the document on our website so a member of our team can have a short consultation with you. Thank you for joining us now. We will talk with you again soon.

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 Short Sale Arizona

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

We are Group 4610, Arizona's Leading short sale team. Short Sales in Arizona are our thing. We frequently get questioned about why we are the best short sale realtors in Arizona. Basically, what seperates us from other realtors in this Arizona short sale market?

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

After getting off the telephone with her, something dawned on me. I should have told her something else. It's not about what we do. Don't get me wrong. We have excellent strategies and we have great associations inside the lender. When we ask for something, they are conscious of who we are and they react to us. This occurs because they understand that we close short sales. We are not there to squander anybody's time.

Basically, our accomplishment is a complete product of our mindset. Short sales are intricate transactions. They are not like the conventional real estate transactions. Finding answers to problems, no matter the situation, is what we do best. Our deepest committment is our goal and, in turn, your consequence.

If you choose 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 done effectively. We have a mindset that we are going to get the transaction done and help you avoid foreclosure. There are troubles that arise in this procedure all the time. Still, we choose to overcome those troubles.

If you have questions, get them answered here Paradise Valley - Short Sale Realtors

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

We are revisiting a matter that we discussed a month ago regarding BPO disputes and we implied that the market may transform a bit regarding BPOs. Basically, we thought that the number of current listings was going to go up and that sales were going to fade. We coupled all of this theory into the thought that BPOs were going to get messed up in this progression.

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

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

The difficulty is that it takes a while for the lenders to catch up to this modification in the market. In order to help you fight BPO values with the bank, we have one more instrument that you ought to contemplate.

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

Sign up for an account with LPS and then you have the permission to pull REO market analysis reports. That is a report that is derived from tax information. It gives many valuable pieces of information. This REO market analysis can give you a report that states what the AVM value is and what the REO value is.

The reason we like this report is because it is completed by a third party. In essence, you can not persuade it and we think that it holds much more weight with the bank. We have had huge success utilizing it over the last few months. This is a valuable instrument. We greatly suggest that you sign up for it now.

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 Glendale - Arizona Short Sale Specialist

A very important matter that has come up in the last couple weeks is our spotlight today. We've seen this crisis pop up over the last couple weeks and we want you to be able to get around it.

Make certain that the bank you are working with on a short sale is not the bank where the property owner has a checking account. We have currently had multiple people over the course of the previous couple weeks that have approached us on this matter. Both current clients and soon to be clients have been telling us that the have missed payments and the bank has taken the money out of their savings account without their consent.

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

We do not know if this is appropriate or illegal, but it is happening. So, there is a road around this. Ask your property 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 shut down those accounts and get the money out. It is awfully important that you know this as short sale agents and that you share this information with your clients.

Get the word out to other teams and your clients. Do not let this become a crisis for the people that you are trying to assist through the short sale procedure. Also, please remark below if you have seen this take place previously. Let us know what lenders are utilizing this approach.

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

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 - Mortgage Short Sale Arizona

Another exceptional 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 at the moment. Last year, Derek and his family moved to Colorado and joined Keller Williams doing REO and Short sale in both Arizona and Colorado.

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

Derek is a go getter. He can close any deal and has demonstrated that over his time as a short sale specialist. There are so many diverse resources that you can use to fight your way through a short sale. A lot 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 agents are from the same broker. Remember that the lenders are not in the real estate industry. So, they do not necessarily comprehend 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 deserve.

With REOs, the lender will always pay six percent. They will pay for a whole host of fees with an REO. So, why would you as an agent let them to pay a cut-rate commission with a short sale. Bear in mind that they can try to lower your commission by one percent or they can incur an extra 10-12% from taking a home to foreclosure.

Do not let the bank to cut your commission. Escalate up the chain of authority if you need to. Every so often you have to help the lender comprehend the real estate business 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 Gilbert - Arizona Short Sale Specialist

We have brought a very well-known man back to Short Sale Power Hour. Rick Geha has joined us once more today. For those who do not know him, Rick had the honor of being on SSPH in February. Rick has been in real estate for greater than 30 years now. Rick is a national orator for Keller Williams. He is a master faculty member who goes all over the nation. He has six Keller Williams teams.

Rick thinks that the biggest part on lead generation is frame of mind. What is keeping you from lead generating? Each agent knows that creating some sort of lead generation action each day will get you results. Nonetheless, there is such a large gap between the people that identify this and the people that achieve this. That act, moving from what you identify to actually doing it, starts in your head.

It frustrates Rick because he has been seen the outcome of not doing lead generation frequently. Rick learned some interesting things. Initially, working on you becoming a better self is the best way to help your business. Surround yourself in life with people that see you as bigger than you see yourself. Encircle yourself with people who will confront you to be better than you already are.

Lead generation comes from you being so committed to what you want in life that nobody will stop you. Are you ready to do what it takes? Rick is continuously reminded on how thrilling life can be if you are ready to do the dull fundamentals and do things that are uncomfortable.

When your complete life is spent making sure that the group around you are taken care of, with no regard to what they will give you back, you will be a lead generation machine. If you enjoyed today's installment with Rick, post a commentary 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 Paradise Valley - Avoid Foreclosure Arizona

Let us get the announcements out of the way to begin with. Friday, August 13th is the time for Kevin and Fred's Crush It Short Sales seminar. The fee goes up to $99 after midnight August 10th. So, get signed up today. In addition, please remember that we wish for you to film your own Short Sale Power Hour video. We wish for you to disclose one of your most awful, yet overcoming short sale tales. Put it into a film that is less than ten minutes. Place it on YouTube and offer it to us.

Without hesitation we are on to further topics, that is, FreddieMac. The conversations that Kevin has been having with FreddieMac lately have been absurd. They have requested a $30,000 promissory note from one of our clients. The problem is that the house owner has a actual hardship. The loan is a purchased money loan and the proposal is for more than what they feel the house is worth. In addition, they are the lone lien holder and the PMI company already signed off on the transaction without asking for a promissory note.

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

FreddieMac has asked for 1.8 billion dollars in support from the gov't because they continue to run their corporation 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 house right now. It will cost the MI business loads more money if the house 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 Short Sale - Mortgage Short Sale Arizona

A new Forgettable Friday is upon us. At present, we are joined by Trent Chapman, Short Sale Mastermind. He has got a forgettable anecdote for us today.

Trent had a short sale folder that went to foreclosure. This happened because Trent's office forgot to call the trustee to make certain that the foreclosure had been deferred. This didn't occur. So the home went to foreclosure.

Nonetheless, Trent was able to overturn this foreclosure. just to make certain that you heard correctly, the bank pulled the residence from foreclosure and gave it back to the residence owners. Trent had to go to the servicer and had a printed email in which the servicer had said that the bank deferred 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 residence. The normal foreclosure takes ten months to complete. Bear in mind that the bank always gets more cash with a short sale than with a foreclosure sale. Kevin and Fred have also had a foreclosure cancelled. This is just one more reason that the lenders do not want to foreclose.

Also, we have a new idea for all of our listeners. We would like YOU to be on short sale power hour. We wish for you to reveal your stories of bizarre short sale problems and deals. The only criteria is that you need to do the opening and you need 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 chance to be on the world famous Short Sale Power Hour program! Everybody has a bizarre anecdote. We want you to share your bizarre anecdote 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 Pre Foreclosure - Avoid Foreclosure Arizona

Today's installment is on scene in front of a active listing in Mesa. It seems like a fine time to talk about the meeting that we have with the property owner upfront. That is possibly a 30 minute topic that we won't be able to include entirely today. Yet, you can get the complete meeting information if you attend one of our forthcoming Crush It courses.

One of the things that we listen to from agents 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 taken aback when they found that the mortgage insurance group asked for a promissory note.

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

When a property owner sees that they will get a 1099, they become worried. It is vital that you coach your customers so that they know what to expect. To stay away from problems in the end, you must do the meeting upfront. Spend more time upfront and you will make the ending a great deal smoother.

Most of these fine points are accessible in our Financial package on our website. The packet contains all of the tiny details that you need to remember and some that you always overlook.

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 - Avoid Foreclosure Arizona