Patrick Casey

Here are some common mistakes made by agents and buyers in dealing with short sales:

• Pitfall: Your Property is Priced Incorrectly
  This is the most common mistake made with all properties, and the most common reason a property doesn't sell.
  
• Solution: Agent Providing Understanding and Transparency Your real estate agent will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

2. Your Short Sale Proposal is Incomplete

• Pitfall: Your Short Sale Proposal is Incomplete
  This is one of the most frequently seen causes for the rejection of short sales proposals. Most agents do not understand the short sale process and what your lender will be looking for.
  
• Solution: Understand All Aspects of the Process
  Your agent should understand the short sale process in detail and be able to explain it clearly. The agent should also be able to communicate effectively with both you and lenders to produce a complete and cohesive proposal.

3. The Buyer's Offer is Too Low

• Pitfall: The Buyer's Offer is Too Low
  Many agents will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that is more attractive to the lender than a foreclosure.
  
• Solution: Proper Negotiation
  The right agent will work with you to properly negotiate any offer that you receive to get ‘highest and best' from each potential buyer. This ensures you are presenting the best possible solution to your lender.

4. The Buyer's Contract is Not Strong Enough

• Pitfall: The Buyer's Contract is Not Strong Enough
  Especially in our current economic climate, willingness to make an offer on a property does not mean that a buyer is truly qualified to purchase. The reality is that buyers need to be preapproved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.
  
• Solution: An Agent Familiar with Qualifying Buyers
  Your agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don't risk this process with an uneducated agent who does not appreciate this aspect of short sales.

In conclusion, While these pitfalls may seem troublesome, the right agent can help you navigate your way to a successful closing. Don't endanger your financial future and the potential sale of your home with an agent who does not fully understand the process. CDPE-designated agents have completed extensive training in the short sale process, and in assisting struggling homeowners who need real solutions. They understand what you are going through, and are here to serve and help save your family's interests.

For more information, please visit http://www.PeaceofMindinParadise.com

Patrick Casey, CDPE

MIAMI BEACH, FL.- November 3, 2009 - Local real estate agent and community advocate, PATRICK CASEY of MW & ASSOCIATES, REALTORS, today announced the creation of a new information Web site for MIAMI-area homeowners in distress. ~http://www.PeaceofMindinParadise.com~ contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.

"I developed this site with my community in mind," CASEY said. "When faced with the possibility of foreclosure, I've seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. These people didn't know the options available, or even how to find any information on their situation.

"I want more for the people of MIAMI, and more comes with making informed decisions."

~ http://www.PeaceofMindinParadise.com ~ acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

"Agents with the Certified Distressed Property Expert^® designation are helping distressed homeowners understand that there may be options available to them," Charfen said. "PATRICK CASEY has been trained to help homeowners avoid foreclosure, and this Web site resource to educate the community is a commendable public service."

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market. For more information about CDPE Designation, visit www.cdpe.com.

Did you know that:

Foreclosure: Foreclosure is the most challenging issue against a security clearance outside a serious misdemeanor or felony conviction. If a client has a foreclosure and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.

Short sale: On its own, a short sale does not challenge most security clearances.

Foreclosure: On any future application, a prospective borrower will have to answer YES to question C in SectionVIII of the standard 1003 form that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates.

Short sale: There is no similar declaration or question regarding a short sale.

Foreclosure: Score may be lowered anywhere from 250 to more than 300 points. Typically will affect a credit score for over 3 years.

Short sale: Only late payments on mortgage will show, and after sale, mortgage is normally reported as ‘paid as agreed', ‘paid as negotiated', or ‘settled'. This can lower the score as little as 50 points if all other payments are being made. A short sale's effect can be as brief as 12 to 18 months.

Foreclosure: Foreclosure will remain as a public record permanently, and on a person's credit history for 10 years or more.

Short sale: A short sale is not reported on a credit report. There is no specific reporting item history for ‘short sale'. The loan is typically reported ‘paid in full, settled'.

For more information, please visit: http://www.PeaceofMindinParadise.com

Patrick Casey, CDPE, Certified Distressed Property Expert

The Seven Myths of Short Sales:

1) The Bank Would Rather Foreclose Than Bother With A Short Sale.

2) You Must Be Behind On Your Mortgage To Negotiate A Short Sale.

3) There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure.

4) Listing My Home As A Short Sale Is An Embarrassment.

5) Short Sales Are Impossible And Never Get Approved.

6) Banks Are Waiting On A Bailout And Not Accepting Short Sales.

7) Buyers Are Not Interested In Short Sale Properties.

I have never before seen the amount of misinformation available to the public as I have seen recently. Foreclosure and short sales can be complex traansactions requiring a knowledgeable and professional team to assist you.

For more informaation, please visit my website at:

http://www.PeaceofMindinParadise.com

Patrick Casey, CDPE (Certified Distressed Property Expert)

Patrick Casey, MW & Associates, has earned the Certified Distressed Property Expert (CDPE) designation from the Distressed Property Institute, LLC.

What is a Certified Distressed Property Expert?

A Certified Distressed Property Expert is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPEs are able to provide real solutions for homeowners facing hardships in today's market.

For more information please visit:

http://www.PeaceofMindinParadise.com