Scott Ferguson Your House-SOLD Name in Real Estate

Reasons To Consider a Short Sale Versus Letting Your House Go Into Foreclosure

- Short sale sellers are widely seen as less risky than foreclose sellers. Fannie Mae recently adjusted their guidelines to dictate only a two year waiting period for a short sale seller to buy another primary residence, while they extended the waiting period for foreclosures to 5 years

- For the Seller, a short sale provides the opportunity to avoid foreclosure and the dreaded implications that a foreclosure brings, in addition to being able to return to home ownership sooner; alternately, the lender receives most of the value of the loan sooner, and avoids incurring additional legal or carrying costs while the foreclosure process plays out, which can sometimes even take years.

- Short Sales have a far less damaging affect on a seller’s credit report. Credit scores typically lose between 80-100 points. Without a doubt sellers will incur more damage on their credit report by going through foreclosure. Typically your credit score will take a plunge of 300 points.

- In a foreclosure the lender can get a judgment against you for the arrearage you owe plus the costs for the foreclosure action.

- Insurance premiums, for the home, car, health care can be increased, as well as more difficult to obtain due to negative credit due to a foreclosure.

- Credit cards, car loans, installment and revolving credit lines will be more difficult to obtain as well as come with higher interest rates due to bruised credit/lower credit scores from foreclosure

- The Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the short sale to be taxable as income despite the fact that the debtor never saw a dime of it. The Mortgage Forgiveness Debt Relief Act of 2007 that just went into effect on January 1^st 2008, essentially eliminates this problem.

- Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sales effect can be as brief as 12-18 months.

- Foreclosure stays on credit history for more than 10 years.

- Current and future employment may be affected as many employers now require credit checks, particularly for employees in financial or sensitive positions.

- Outside of conviction of a crime, foreclosure is the most serious issue affecting a security clearance. For those employed by a police force, military, a security company, the CIA or other governmental agency, a foreclosure could mean the immediate loss of the security clearance and the position.

We would love the opportunity to be able to help you! Please call Ferguson and Associates Real Estate Group @ 248-739-6362

So I’m at the gym this morning. Long ago are the days of ‘heavy lifting’ I’ve downsized to circuit training and implementing the HIIT System (High Intensity Interval Training). Things have been going grand. I’m a person that likes to take a look around and really ‘take in’ the atmosphere. Whether it’s at the gym, mall, airport etc.

One thing I did notice is the gym has about 1/3 of the people working out than it had a month ago. Most of the ‘resolutionists’ are gone. In a way I’m glad as I’m able to get my workout in and not have to wait on machines or weights. But another part of me that really likes to see thru someone else’s eyes and wonder what the people who gave up were thinking now. I’m sure in the 30 days or so they had been coming to the gym they saw results and I’m wondering what kind of self talk is happening to stop them from coming in.

I saw Rod Hairston speak a couple years ago and he put it this way. The conscious mind can only do so much until the subconscious mind (the gate keeper) steps in and says ‘this is not the way we do things’. So the gatekeeper will let you do things until things get uncomfortable then he steps in and sabotages you. So to keep the gatekeeper at bay you must constantly instill creativity into your life.

As an agent I am a prospecting maniac. I have timely follow up, network and not a day goes by that business is not coming in; this is all due to having a system in place and constantly feeding the mind ‘curveball’s to keep it off balance. I was not always that way; I would always find excuses to not call on prospects that needed my services. I got around this obstacle by becoming creative with all aspects of my field.

Some things that I did:

a. Get up early and get all the tedious items on your agenda done.

b. I got an accountability partner to ‘hold my feet to the fire’

c. I ‘shadowed’ other agents to see what they are doing and see if I can pick up a step (still do this)

d. Cold call 3 hours a week. (this really stinks, but has to be done)

e. Joined networking groups from different fields of business to see what I can implement

There are many other things as well, but I think you get the gist.

I know the people that want to transform themselves really want to, but get railroaded by negative self-talk. The only way to achieve a new identity is be creative and hold themselves accountable.

I would like to hear some creative things you do to keep progressing………………..

Fellow Real Estate Investors

Detroit Properties!!

This is only a sample of what we have available for sale. We have over 600 Available, all Zip Codes and in all different Conditions.

Bulk pricing at $2700 per home (a reduced price per can be negotiated if a large bulk buy). All can be purchased with a Quit Claim.

Individual pricing to be determined per home.

Buyer will be responsible for any back taxes/liens – Document Preparation and Deed Recording. I do have a general idea of what is owed for back taxes.

FOR A COMPLETE LIST, CALL US!

Contact Scott 248-402-8870 or Email Us ask4ferguson@gmail.com

CLICK HERE!: http://bit.ly/HotSheets-02-09-11

Disclaimer:

The numbers on this document are only approximations. They have been prepared based on information furnished by sources deemed reliable; however, none of the information has been verified, and no representation or warranty, either expressed or implied, is made to the accuracy thereof. All information contained herein is further subject to correction, modification, or withdrawal without further notice. This data should not be construed as a guarantee of future results. Consult your own legal and financial advisors to assess your individual situation and to assist you in deciding whether this investment is suitable or appropriate.