It was quite a run. How many times have we heard that one when we remember the “good old days” of Real Estate. Throughout America there exists a sector of Real Estate “players”. A group of individuals who highly profited from the Real Estate run up of the last decade. Sometimes, investing in any type of financial investment including Real Estate feels like a bit of a Poker Game. It’s a calculated risk. But you can’t win big unless you get in the game, right?
And so you did. Perhaps you began by looking to buy your first home in the early 2000’s. Maybe a condo the size of the apartment they had previously been renting. A little more expensive, but the tax benefits and the pride of ownership far outweighed the difference. As a bonus, you began to realize that there was something else happening…..equity gain. And, after a couple of years your little condo was now worth a lot more than you bought it for. As a matter of fact, you could sell it and move to a larger place using the equity gain as the down-payment and your payment was the same. You won that hand!
And the dealer keeps dealing. Next hand, another winner. And each hand, you sit a little taller, get a little more confident as you just can’t lose! Many people just kept buying every two years and were becoming “seemingly” millionaires in the process.
This is called a winning streak in Poker or Investing. But, as we know, what comes up must come down. When that stinker of a hand gets dealt, the eerie stillness sets in as you try to figure out how to keep acting like everything’s peachy when you know you are starring at a losing hand.
In investing and in poker this is the moment when you have a choice. You can fold, like our clients Josh and Hailey, who sold their home in 2008 by requesting a Short Sale from their lender. They had paid $610,000 in 2007, had a financial set back and saw nothing but trouble ahead. Instead of bluffing, they folding quickly and move on. They sold their home, rented an affordable home in the area, and today are shopping in the same community they previously bought in. With one massive difference. The homes that were $610,000 are now priced in the mid $300’s to low $400’s. Yes, the same homes on the same streets. And, the good news is that there is still time for you to have a similar success story.
Most people who purchased homes especially in 2005-2008 with Stated Income Loans are bluffing. Sitting on hundreds of thousands of useless debt, paying every penny they earn on interest on a loan that has most likely been sold for pennies on the dollars to a different bank who is making insane returns. If you are starring at this horrible reality, you are bluffing no one but yourself. If your lender qualified you for a loan that you couldn’t afford it is time to realize that the bank has already folded and moved on.
The Banks do not feel embarrassed or victimize by giving you that loan. They do not feel too proud to look at their situation objectively, decide what is best for them, and do what ever needs to be done to benefit the most from this situation.
If you are in too deep you’ve been bluffing long enough. For once, I am recommending you do what the banks are doing. Fold now, by walking away with dignity. This is called Short Sale. It’s like folding before you have to reveal your hand. No one will know the difference between you requesting a Short Sale and simply deciding to move. Know that “letting the home go” is NEVER a good idea for you as a Home Owner. The banks will never forget this and will find a way to profit from this decision.
Our mission is to help you with this very specialized transaction. Our processes are in place, we are well connected with the Banks, and we know how you feel right now. Please visit us sdhomeplan.com for more information about selling and planning your success story.
If you have dabbled at Day Trading you know sometimes you make good investments, and sometimes you make bad ones. There is a financial risk that takes place and you accept this when you invest. We know that, if we plan on retiring, we will need to invest in some form of Retirement Planning. We enlist the help of a Retirement Expert to do this by sitting down a couple of times a year and reviewing our position, tracking our returns and losses, and making adjustments as needed to ensure we reach our goals.
Sometimes investments pay off and sometimes they don’t. When they blow up we regroup and move on. We may spend a minute or two looking at what happened to become better investors, but we don’t make a Federal case of it. We don’t allow it to define us. And, most importantly, we don’t continue to invest or support something that is going to harm us.
What if we looked at our Real Estate in a similar way? How is it that we just make investment decisions involving hundreds of thousands of dollars without consulting with a Professional? How is it that can find ourselves in 2011 still upside down and struggling having NEVER spoken to anyone about it?
If you purchased a home or refinanced after 2005 and haven’t evaluated your Real Estate since, odds are you are well overdue for a Complimentary Home Evaluation.
Here’s what you get:
And, just like when you meet with a Professional Retirement Expert, what you won’t get is pressure to do make any decisions. We are simply here to share our knowledge and help you!
REQUEST YOUR HOME EVALUATION
Rebecca Austin is the Broker/President of New Team Realty in Carlsbad California. With 12 years experience, her team specializes in North San Diego County home buyers, Short Sale and REO transactions. Visit her VIP Buyer website at www.NewTeamRealty.com/vip.
The first thing we all do when we are considering practically anything is online. The world is at our fingertips now which makes finding answers to our questions incredibly easy. Combine that with the fact that there is an underlying belief that Real Estate Agents are simply a commodity that may or may not be necessary, begs the question, “can I buy a house without an agent’s help?”
Here are some things to consider:
Current Online Information. It’s interesting how many assume that what they are seeing online is accurate and up to date. Many online sites simply take information from the local Multiple Listing Service and post it on their website hoping to attract home shoppers. This information is manually inputted onto their website and is not always accurate and up to date. Our clients call us daily asking “why didn’t you show us this house?...”. After researching the address we find that it has been sold for months. Accurate Online Information and Analysis Paralysis. The adage “if it’s too good to be true, it probably isn’t true” certainly applies. Did you know that a strategy to get an offer on a Short Sale is to list it for sale at a ridiculously low price to generate a fast offer? This is a common practice. Did you know it takes months of negotiations for a Lender to counter the price and ultimately approve a sale? (It takes us 60 days and we have a team in place to negotiate. The national average time frame for negotiations is 148 days). What that means is, if a home is worth $300,000 and it is listed at $250,000 to generate a quick offer, you may see it listed “for sale” for 5 months at $250,000. Most would assume then that the home is probably worth less than $250,000 if it hasn’t sold, right? This is an example of how Home Shoppers get stuck in Analysis Paralysis and how you can spend hundreds of hours and years shopping for “a deal” and never buy a home. Forget About Home Values…How Much Are YOU worth? Another hour spent……click….click….click…getting nowhere in your home search. (At least your wasting your work’s time and not yours!). Then, “what’s this?” Could it be the home of your dreams! Its perfect! So much nicer than the others, price is right, it just feels like home!! Oh Boy! It’s finally time to do it….actually speak to a human being and proclaim that you are officially a Home Buyer. You call the phone number on the website or the online ad. Or perhaps you are still hoping that you can actual buy a home without ever needing to talk to anyone (We’re all guilty, its cool) and you email and request more information. You may assume that, within minutes, you will receive a call from the Listing Agent. Most likely NOT THE CASE.
REALITY CHECK – Highly Ranked Websites and most online ads are not Real Estate Company Websites. They’re LEAD GENERATION sites. When you do finally raise your hand as a potential home buyer, many times your information is taken down by the online company and then SOLD to a Real Estate Agent, not the Agent who listed the home for sale but rather a Real Estate Agent who buys “leads”.
Neither one has a clue about the house you’re calling about and frankly NEITHER CARE! (Your confidential info is worth about $30 in case you were wondering)
We’ve got Buyer Representation dialed in and super easy. All you do is hit the link below and complete the VIP Buyer Form. CLICK HERE
Our trade secrets are just that because no one else has worked as hard as us to build this process. One Realtor is not enough to find you your home if you want a deal in San Diego. It takes a team which is why there are 5 of us researching, sniffing around, and sitting at conference room tables and kitchen tables negotiating on your behalf. Remember, there is NO COST OR OBLIGATION to this program. Happy Home Shopping!
Rebecca Austin is the Broker/President of New Team Realty in Carlsbad California. With 12 years experience, her team specializes in North San Diego County home buyers, Short Sale and REO transactions. Visit her VIP Buyer website at www.NewTeamRealty.com/vip or email her at Rebecca@NewTeamRealty.com.
In the midst of negative criticism, the HAMP (Home Affordable Modification Program) approved 230,801 permanent Loan Modifications to date saving on average $500 per month per Home Owner. Although market observers still note that this pace is too slow to make a significant difference, most Americans feeling the pinch wouldn't sneeze at $500 less out of their pocket at the end of the month.
Leading the pack of servicers on it are is GMAC, converting 48% or 17,102 of their trial modifications to permanent. Next is CitiMortgage with 47% or 22,455. But when you look at sheer numbers Bank Of America is the clear winner, completing 32,900 permanent Loan Modifications with 38,074 approved and awaiting acceptance by the borrowers.
Sometimes, receiving a Trial Program (sometimes referred to as Special Forbearances, or just plain or Forbearance usually lasting three months) doesn't guarantee that this payments going to stay after the trial ends. Many Americans are excited to see a comfortable payment during the trial period, pay on time, and then on the fourth month find themselves having to go back to the higher previous payment.
The reason? Because your bank needs a "reminder". Loan Modifications don't just happen automatically. There are 4 million struggling homeowners and 1.1 started HAMP trials.
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If you on currently approved for a HAMP trial and are making your lower payments, get ready to get back on the phone again and make this lower trial permanent! If you need help or have questions, visit http://www.WorkItOutAmerica.com/
There you can ask for a 15 minute Strategy Session at no cost and learn the tips and tricks to make your trial payment permanent and enlist the help of Attorney if you prefer.
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Rebecca Austin is the President and Broker of New Team Realty, Inc in Carlsbad California and is the Author of Work It Out, a Tactical Guide To Negotiating with Your Creditors. Not an Attorney, Rebecca works with Home Owners throughout California in person, through workshops, radio and television, and answers Home Owners questions regarding Loan Modification, Short Sale, Credit Improvement, Bankruptcy and Debt Consolidation.
Visit www.WorkItOutAmerica.com for more information on your specific financial situation and get started today! The sooner you start, the more options are available to you.
Sometimes unfortunate things happen to good people. Millions of good people are currently in SIGNIFICANT financial trouble, or will soon be. The current housing situation afflicts homeowners all over the country, from the inner cities to luxurious gated communities. For informational tools including an on-line qualifier, visit www.WorkItOutAmerica.com.
Your options include the following:
Special forbearance: Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
Mortgage modification: You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). To find out more information about loan modifications, visit www.WorkItOutAmerica.com
Pre-foreclosure sale: This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.
Short Sale: This will allow you to sell your property if you owe more than its worth and have your lender forgive the balance owed.
Deed-in-lieu of foreclosure: As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it will help your chances of getting another mortgage loan in the future.
Rebecca Austin is the Author of "Work It Out, a Tactical Guide To More Affordable Home Payments". Rebecca works with Home Owners throughout America and counsels in Loan Modification, Short Sale, Credit Improvement, and Debt Consolidation. Visit http://www.workitoutamerica.com/
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New Team Realty, Broker, President New Market, New Approach, New Team
When you build a business in service to your clients you will never have to worry about sleepless nights. With that in mind, we built New Team Realty, a small office of professionals dedicated to providing North County San Diegans with the services they really needed today. Having sold hundreds of millions in Real Estate we have many clients who rely on our integrity and dedication and each day we meet new buyers and sellers who experience the difference.
For our Sellers we specialize in Foreclosure prevention and Short Sales predominately. Short Sale listings are unique and very different from traditional listings and we found that not only was there a great need for this service, that it was in the best interest to us and our clients that we build a team specialized in these types of sales and negotiations. Our respect and commitment to solutions lifts us above the norm.
For Banks and Lenders, we are regularly referred and assigned as Short Sale Specialists to homeowners unable to successfully modify their loans. And, our success rate of 100% proves our knowledge and experience.
For our Buyers we specialize in distressed deals for 1st time home buyers and Investors. We believe that pre-foreclosure, pre-REO, and Short Sales are winning better ROI's than buying REO's off the MLS.
"After losing my job with Verizon, we had no choice but to Short Sale our home. Rebecca went WAY beyond to sell our home. She helped us with our transition to our new place, counselled us on our next steps with improving our credit, and really just took the burden off of us. We had no idea what we were going to do and she helped us make a plan for the future including buying a home sooner than we realized. Linda and I consider Rebecca a friend because she never gave up on us." Jack Freemon, San Diego
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.
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