We are finding that a quick consultation clears the doubt of most home owners that are facing foreclosure. The real question is "What are my options" and "What does it all mean to me"?
What if I not late on my payments?
How long can I stay in my house?
Will the bank want repayment for the amount they don't get paid?
Does the bank pay all my fees?
Can I make a little money from the sale?
The questions go on and an. The most important thing for you to know is that time is your enemy. The clock is ticking. You MUST make a decision soon or run the risk of a 7 year foreclosure on your credit history.
Just contact us at shortsales@BePicky.com to set an appointment for our FREE ... NO obligation - NO hassle ... consultation. We will look at the information you have received from your lender and explain the options that are open to you.
You're new at real estate investing and want to get a great buy on a house. Short sales seem to be the way to go, BUT ... When is the best time to buy? There are two things to keep in mind. First is timing. There are plenty of "Investors" waiting for the market to hit bottom. This is important if you're flipping houses but not so critical if you going to hold on to the property for 5 years or more. As we've discussed in an earlier posting, you won't know when we hit bottom until we already have. We will keep an eye on the trends and make sure that you're ready to go at a moments notice. Timing the market is tough enough. Another timing issue is mortgage rates. You could lose all the benefit of a low purchase price with a rise in the interest rate. Read "Did you miss the bottom of the market" dated 6/1/09. Second is crucial. "At what phase in the foreclosure process do I buy"? In the pre-forclosure and foreclosure phases, the bank will have formulas that govern how much they can accept for the property. They are a percentage of the Perceived Market Value of the home. At the end of the foreclosure phase is the auction. The amount the bank will accept is based on what is owed to the 1st mortgage holder plus any fees. Sometimes the condition of the property is a factor. When the property doesn't sell at the auction it becomes "Bank Owned". About 20% of all foreclosure properties end up as Bank Owned. This is the time to get the best DEAL on a home. The lender does NOT want to own a property. So "Let's Make A Deal". For more information about winning negotiations on short sales and to get access to lists of BANK OWNED properties go to www.BePicky.com scroll down to the yellow Foreclosure Box and click. To contact Tom Perry directly ShortSale@BePicky.com
Do you know someone that is facing foreclosure? Or maybe someone you think is in financial trouble but too embraced to talk about it. Be a friend and let them know that with a foreclosure, it's not time to drag your feet. Time is of the essence!
There are three distinct periods they are facing.
First, when they know there is a problem and they're doing everything they can to solve it. But, they know that they're in trouble. This is when the fear and embarrassment starts. It's hard to talk about.
Second, is when they get the notice of default letting them know that they have 30 days to bring the account current or sign a forbearance agreement to repay the amount owed. Neither option is usually realistic for them. There isn't enough money to make the regular payment. They can't pay more each month and probably can't get a large lump of cash to bring the account current. Now it becomes more real. "We are losing our home". They need a friend.
The third begins when they get home and there is a foreclosure notice stapled on their garage. Their heart drops. "What are we going to do"? During this whole time they may not tell a soul about what they're going through. Some simply drag their feet thinking it will somehow be OK. They now have 90 days to cure the debt, sign a forbearance agreement, get the home SOLD or walk away. Curing and forbearance are simply out of the question in most cases. So, Selling the home in a short sale if the answer. We can help them but it takes 90 days or more. So let's get on it.
To find out more about foreclosures and short sales go to www.BePicky.com . Scroll down to the foreclosure box and click ... To discuss your options email Tom Perry at ShortSale@Bepicky.com
The bottom of the market: That specific time that the prices are the lowest so you can buy the most house for the money. That's all fine ...
Last week the interest rates increased more than 3/4 of a point. That's huge. Do the math. A $400,000 loan at 4.75% increases to 5.75% and it cost you $8,100 over 5 years. The tough part is this; If you qualified to the limit at 4.75% for the $400,000 ... with the increase to 5.50% you can only purchase about $365,000.
So the market may have come down but the increase in interest rates has more than washed that away. The home you can buy may be of lesser quality that those you could buy 2 weeks ago.
I've been saying for the past 3 months, "It's Time". To find out more about us and our services, go to www.BePicky.com. Contact Tom Perry directly to schedule a meeting to discuss your options.
Face it. This financial crisis is not just affecting the less fortunate or lower demographics in King County. With the thousands of layoffs and business closures, most of us are finding struggles. It's what you do with it that matters. Some simply run or turn a cold shoulder. Others abandon what they know to be right and make decisions that they are ashamed of. But the majority, when given the opportunity, faces the struggle and come out ahead.
If you know of someone facing foreclosure, encourage them to contact me. My Team, The Real Estate Consulting Group (RECG), will help them understand their options and assist them through this frightening maze. Go to www.BePicky.com for more information about the options open to those facing foreclosure. Scroll down to the yellow Foreclosure box ... and click.
130th Ave NE and NE 25th St. Righ at the entrance to Cherry Crest and Bridle Trails
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
