With the slow down in the housing market and with many homeowners facing possible foreclosure, it is unspeakable that there are many rip-off artist taking advantage of these struggling home owners.
We are Certified Foreclosure Prevention Specialists and work with many lenders to get a loan modification or a forbearance agreement for their clients facing foreclosure. Lenders do not want to foreclose on a property because of the expense to the lender. For this work, the lender pays us less than 150 dollars. It costs the client nothing. The reward is in seeing the expression on the client's face when they find out they may not lose their home.
So where is the rip-off? One of many cases just occurred. We went to a client's home at the request of the lender. The homeowner at first did not think he needed our assistance. Prior to our arrival, the homeowner had gone to the internet to find a company that could assist him with his problems. After doing his due diligences, he met with one company and signed a contract for 1500 dollars to do the same work we were going to do, but we were working for his lender and our work would not cost him anything. The home owner said many of the companies he called wanted as much as 3500 dollars. These charges are a rip-off for 2 to 3 hours of work. In fact, the homeowner can do the same work themselves for free, if they know what information their lender requires to start the loan modification process.
As a side light, after we worked with this particular client and called the lender (about 2 hours of work), he decided to stop payment on his check to the rip-off company.
The Piedmont Regional Association of Realtors, MLS for the counties surrounding York County, SC has just reported that residential, sold homes in 2008 thru August is as follows:
Price Range Number Sold %
$100,000 to $300,000 2141 80%
$300,000 to $500,000 386 14%
$500,000+ 169 6%
Total Sold 2694
The result's begs to ask "Where are the buyers with money?" Apparently they are not purchasing expensive homes.
With many builders sitting on inventory of home over 300,000 dollars, will they be in business next year? Why are home owners deciding to keep their present home instead of moving up? Is everyone waiting until after the election, or the housing market to hit bottom, or for the economy to improve?
Realtors are going to have to analyze these, and many other questions to adjust their methods, and change their marketing strategies, or get out of real estate. There are great opportunities for those who can make the change.
The housing market is not getting any better in the Charlotte area. The Charlotte Regional Realtors Association reported that for July 2008 the average days on the market for homes was 121+ days for 39% of the homes, and only 26% closed in less than 60 days. The closings were down 29.8% from the same period last year, and average closing price was down 3.8%. Out of the 30,907 home on the market only 2721 closed. The majority of those homes (1927) were under 250,000.
If you are considering selling your home there are three things that determine how fast it sells; Price, Location, and Condition, with Price being the most critical.
In real estate, it is very satisfying to us to have a client home buyer find their dream home, or a seller client sell their home to move up or move on. The resulting commission of course is quite satisfying because it pays the bills.
In the current slow down in the real estate market, we have put more emphasis on assisting home owners who are facing foreclosure. Many of these home owners are in denial and/or do not know where to start, but the fact remains, if they do nothing, they lose their home.
We have been able to help many of these home owners, facing foreclosure, to work with their lender on different home loan modification programs. We help them prepare a financial statement, prepare a hardship letter explaining their current problems that prevent them from making a home payment, and putting them in contact with the proper person(s) who represent their lender. Our efforts pay anywhere from nothing to 100 dollars. We do not charge the home owner and only get paid up to 100 dollars by their lender if they ask us to help their client. This DOES NOT pay the bills. However, you can not put a price on the GREAT satisfaction we receive knowing that we have helped a home owner face their problems and save their home.
If you live around Lake Wylie, SC, consider joining the River Hills Yacht Club. The Club was formed several years ago to meet people, party, and have fun on the lake.
The initiation fee is only 50 dollars, and, no, you do not have to own a boat or live in River Hills.
There are usually 6 to 7 parties each year where you can eat and drink all that you want for usually 20 dollars to cover expenses. At each party there is entertainment in the form of a DJ, games, and boating. The year starts with Casino Night at the Lake Wylie Marina, and ends with the Commodores Ball at the River Hills Country Club.
We have had the Labor Day party at our home for the last several years. This year it was a football theme party where everyone promoted their favorite College or Pro team. There were many games like kicking field goals, passing accuracy, and the favorite, chipping golf balls on to a floating green in Lake Wylie. All games had cash prizes.
Most of the 142 members who attended the party, arrived by boat. Ten boats left River Hills Marina all decorated to promote their favorite team. The boats were paraded up on Lake Wylie to our home. The food, ribs and chicken, was catered by the Sticky Fingers Restaurant. We had a Karaoke DJ, and fun was had by all.
Contact us if you would like to join the River Hills Yacht Club. The only requirement is to have FUN.
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We want to provide an uncompromising level of information & services to those few individuals who want to make intelligent REAL ESTATE buying & selling decisions in the Lake Wylie area of SC & NC.
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