Overland Park KS – The Stop Foreclosure Institute recently received a question from Aggie. Here was Aggie’s Question.
“We received a short sale approval on the 1st. They will only pay the second mortgage $3,000. The problem is that the second mortgage wants $5,500.
We are arguing back and forth with the second mortgage. The negotiator there said management decided they won't take less.
I told her the final decision should come from the investors not from management. Any help greatly appreciated. Aggie.
” Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to Aggie’s Question.
It sounds like the first is Fannie Mae or Freddie Mac. They will only pay $3,000 to the second.
To get the 2nd to take less money, you have to escalate the file. Contact the CEO, ask for a supervisor, etc. When you talk to the supervisor remind them they will get zero thru a foreclosure.
Now, you will need more bargaining power than a simple "reminder." How close is the first to foreclosing? If they are close, just play chicken.
Tell the negotiator that if the first forecloses and they lose everything, then you will be in contact with the CEO to let them know. Another tactic is to tell them the first is Fannie Mae and that is the most they will pay.
If you stay firm, refuse to take less, sell them on why they should approve the short sale on your terms, and threaten to contact the loan owner directly, then they will usually budge. We have gotten lenders to agree to lots of stuff by staying firm and refusing to back down.
But at the same time we stand firm we also go on the offensive. "If you don't approve this short sale and as a result you lose more money, then we will contact the loan owner, your stockholders, and the press", we tell them.
This business requires sales skills. Use your sales skills to sell the people at the lenders on approving the short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at ron@themowerygroup.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (913) 825-4025
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Overland Park loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Ron Mowery.
Ron is a Real Estate Agent at Keller Williams Realty Partners, Inc. Overland Park Short Sales Realtor: Phone: (913) 825-4025. ron@themowerygroup.com.
View My homes for sale at www.PropertiesInOverlandPark.com.
Ron Mowery specializes in loan modification assistance and short sales in Overland Park Kansas. Overland Park Loan Modification Help, Overland Park Short Sales. Overland Park Short Sale Realtor Overland Park KS Short Sales. Overland Park Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Ron Mowery, Keller Williams Realty Partners, Inc, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Ron's personal views and do not reflect the views of Keller Williams Realty Partners, Inc.
This information on Overland Park Short Sale Q & A: The Second Mortgage Wants More Than The First Mortgage Will Give Them is provided as a courtesy to our viewers to help them make informed decisions.
It's no secret. Rates are low right now. And, it's not just mortgage rates, either -- all types of rates are scraping rock-bottom. Borrowing rates, lending rates and savings rates are at or near their all-time lowest levels.
As a homeowner in Leawood , one way to take capitalize on today's low rates is to apply to refinance your home. But there are other ways to take advantage, too.
In this 5-minute piece from NBC's The Today Show, you'll learn of a half-dozen ways to exploit the current rate environment, including:
The interview's theme is to examine both where you're spending and saving your money, and make sure you're doing what's best for your budget.
Federal Reserve Chairman Ben Bernanke has pledged to hold the Fed Funds Rate near 0.000% until at least 2013. So long as the Fed Funds Rate is low, there will be places you can save.
Rental Vacancy Rate at 6-Year Low
According to recent article from Rismedia, rental vacancies are the lowest they have been since 2003 and expected to go lower.
I guess you could guess that if you drive down 135th street in South Overland Park. There are rental apartments everywhere and more on the way. Most of the newer complexes are over 99% percent full and have waiting lists.
This year has been the best year for The Ron Mowery Home Selling Team for selling investment properties. We have had great success representing buyers who are looking to diversify into real estate, especially in light of the turmoil in the stock market. According our investors they are averaging around 8 to 9% return on investment and getting very close to renting the single family homes for almost 1% of acquisition cost per month. For example, that would be $1500.00 per month on a home that cost $150,000.00 and they are able to get long term leases signed. This is not expected to end anytime soon according to the article.
In fact, real estate investors expect that return to greatly increase when they go to sell the properties in 5-10 years as the economy improves and renters become home owners. Most of these homes are being purchased at least 10% under current market value with the hope that that will increase in the future.
Home buyers have similar expectations. Since there are a lot of foreclosures and short sales in the market, they are able to purchase these at discounts almost unheard of. Recently we represented a buyer on a home in Prairie Village who bought a home for $177,900 when a home four doors down sold for $290,000. The home buyers estimate they will need to put about $40,000 into improvements, but that still leaves them with over $70,000 in equity. These deals are not prevalent, but buying homes 10-20% under value after improvements is not uncommon and if they plan to live in the home for awhile they should increase their returns through principle reduction payments and possible increased values.
Ron Mowery, Managing Partner of The Ron Mowery Home Selling Team has recently started representing clients who want to purchase distressed properties and have his team of contractors and sub-contractors do the improvements before they move in. “We have 2 different investment plans where we represent the clients, manage the repairs and sell the home and split the profits with the investors. We offer them the same guarantee as we do our home sellers, If We Don’t Sell Your Home In 59 Days, We Will Sell It For Free!” This gives the investors options to reduce their exposure and provide them with a comfort level knowing we have some skin in the game so we are sure to find properties that with the right improvements, can be flipped back into the market in a reasonably short period of time.
If you would like to find out how you might invest in real estate, give Ron a call at his office. 913.825.4025 or you can email him at info@propertiesinoverlandpark.com. You can search for homes on his website at www.propertiesinoverlandpark.com. Ron is a licensed Realtor with Keller Williams Realty Partners, Inc. in Overland Park, Kansas.
Dear Friends,
As an agent with Keller Williams Realty Partners, I spend my days working to help families find homes and build communities. That's why I am so passionate about giving where I live. There are so many ways we can make a difference and help those that may need it the most.
With that spirit in mind, I want to invite you to participate with me in the 3rd annual Keller Williams RED Days on May 10-12. In the past we celebrated on just the one day but we have decided to extend that to 3 days of giving back. On the 10th, we will be have the Shred truck to come and do the shredding of any papers you need to have destroyed. On Wed, the 11th, we be participating in a build day with habitat for humanity. (More details on these activities will be coming soon). And on the last day, the 12th, we will be heading up our Kolors 4 Kids campaign.
Many of you may be familiar with Kolor 4 Kids. From now thru Wed, May 11th, we're asking you - our clients, business partners, family and community for donations of new crayons, chalk, children's paints, coloring books or other art supplies. These items can be dropped off at our office or I'd be glad to stop by and pick up any donations. Once boxed up, we will load our wagons as we've done for the last 2 years and walk them down to Children's Mercy Hospital South - just down the road from our office. There are plenty of kids who need a little color in their day and we want to help provide that for them.
On Thurs, the "official" RED Day, Keller Williams agents across North America are partnering with our families, friends and business associates to volunteer in our community. Keller Williams is the second largest real estate franchise in the United States! Can you imagine what that many individuals working together on RED day can accomplish? The possibilities are endless!
Please join me and be a part of RED day. Together we can make a difference!"
Overland Park KS – This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask.
The following article is my personal opinion only. I recommend that you consult with a competent legal or tax professional before moving forward with a short sale.
In most cases the answer is that a short sale will usually not cause you to owe income tax.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
It used to be that you owed income tax on any forgiveness of debt. When a lender decides to forgive all or a portion of a borrower's debt, the forgiven amount is considered as income for the borrower and is liable to be taxed.
Here are the following ways you can qualify to short sale a property without any tax liability. Short Sale of a Primary Residence.
The Mortgage Forgiveness Debt Relief Act of 2007 (and it’s extension in the 2008 Federal Bailout) now allows you to short sale a primary residence without any tax liability. Today when a homeowner short sales a primary residence, they can file a simple form and the forgiven debt is no longer taxable. The amount of forgiven mortgage debt allowed to be excluded from income tax is limited to $2 million per year.
Short Sale of a Non-Primary Residence: If the property you are selling is not a primary residence, then you may be eligible for tax relief if you are considered insolvent. I don’t know the exact guidelines, but insolvent is usually considered when your total gross debts are more than your total gross assets. I’m sure a good tax professional can give you more information.
Click here to view the IRS’s website about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
Click here to view the article on the IRS’s Website: Mortgage Workouts Now Tax-Free for Many Homeowners.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ron@themowerygroup.com.
I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (913) 825-4025
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Overland Park loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Click here to request a copy. Thanks for reading this, ron mowery. Ron is a Real Estate Agent at Keller Williams Realty Partners, Inc. Overland Park Short Sales Realtor: Phone: (913) 825-4025. ron@themowerygroup.com.
View My homes for sale at www.JoCoHomesOnline.com.
Ron Mowery specializes in loan modification assistance and short sales in Overland Park Kansas. Overland Park Loan Modification Help, Overland Park Short Sales. Overland Park Short Sale Realtor Short Sale Realtor. Overland Park KS Short Sales. Overland Park Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are ron mowery's personal views and do not reflect the views of Keller Williams Realty Partners, Inc. This information on Overland Park Short Sales: Will I Owe Income Tax After A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
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Real Estate Professional servicing Overland Park, Leawood, Olathe, Lenexa, Shawnee and other Johnson County Kansas cities.
Prior to becoming a REALTOR® in 2001, Ron was a mortgage professional in Omaha and Kansas City for 16 years. During that time he assisted over 1,700 people with the financing of their homes.
"Ninety eight percent of homebuyers finance their home. I feel I have a huge competitive advantage in assisting buyers and sellers with not only putting the transaction together but keeping it together."
Born in Orange County, CA and raised in Auburn, NE he went to college at the University of Nebraska. After working in Omaha for 10 years, he was transferred to Kansas City as the National Sales Manager for a regional mortgage company. "I understand what it's like to move. I will do my best to see that every detail is taken care of so that your move can be hassle free".
When you work with Ron Mowery you can be certain that you're in good hands. Drawing from over 20 years in the real estate and mortgage business, he can offer you guidance and advice along the way to make sure you get the most out of your real estate investment dollar.
Whether you are buying or selling, Ron Mowery is here to look out for your best interests. You deserve to work with an agent who is fully involved and fully committed to your success.
"Life is more rewarding when you become fully committed to pursue your true passions. This is the approach I take to helping my clients reach their goals."
As a full-time real estate professional, I take my fiduciary responsibility to represent my clients very seriously. In order for me to represent buyers and sellers, it is imperative that I be "tuned in" to what is going on in the communities in which I work. Unfortunately about 5 years ago, I learned this the hard way. After representing a client on the purchase of a new construction home approximately 30 miles from my office, he called me to sell his home about 3 years after purchasing. I eagerly went up and did some research while preparing my Comprehensive Market Analysis (CMA). Shockingly, during a time of high value increases, his home was not going to be worth much more than what he paid for it. Luckily he was able to sell it and realize just a few thousand dollars profit. But from then on, I realized I didn't do him a favor by representing him and that in retrospect, he would have been better represented by someone in this location. From that day on, I vowed to represent buyers and sellers "only" in the area where I am knowledgeable. To continue to support my clients who move to different parts of the metro, I created partnerships with like minded individuals who felt the same way I do.
Now, I only represent home buyers and home sellers in Overland Park, Leawood, Lenexa, Olathe, Shawnee and surrounding cities in Johnson County, Kansas.
“I have worked with Ron on transactions for three houses over the last six years. The first one sold the first day with multiple offers and I received above asking price. More impressive, in this economy, we sold our house in just 31 days and allowed us to move into our dream home.”
-Myles, Melanie and Morgan Wassenberg
"My mother in law and now my mom, both love the homes you helped them purchase. Tracy and I would like to THANK YOU for the outstanding services you have provided us over the past 15 years. Your knowledge of the mortgage market combined with your passion for the Real Estate business is truly an asset to anyone looking to navigate the sometimes turbulent waters of this industry".
-Mark and Tracy Martinez
Ron I can’t thank you enough for helping my friend Kathy sell her home. As you know she thought selling her home with one of the discount companies was the way to go. After 6 months and no luck, she finally took my advice and called you. Not only did you sell her home in less than 30 days, your open house prompted 3 competitive bids which ultimately netted her another 10k in price. I will continue to recommend you to all my family and friends!
-Shane Boos
“Ron your recommendation’s for getting the most for my dad’s house was spot on. Having Tim repaint and Charles put in new carpet definitely added value to the home and made the difference in getting the home sold the first week on the market for FULL Price. You went above and beyond meeting all the contractors and making arrangements for items to get removed from the house. My dad is enjoying his new house at the lake and we are forever thankful.
-Dorothy Overbey
We were fortunate to have had Ron’s assistance as both home-sellers and home-buyers. Both times, we were exceptionally pleased with Ron’s advice and service. On both the buy and sell side, he has great insight on the current market and does an excellent job educating his clients on those dynamics. As a seller, he helped us understand how to showcase and price our home to effect a quick sale on the best possible terms. As a buyer, he took the time to understand exactly what features were important to us, and promptly informed us when new homes came on the market, eventually leading to us finding our dream home. Ron has our highest recommendation and we hope to have the good fortune to work with him again in the future and have wholeheartedly recommended him to all our friends.
-Bryan and Jeremy Didier
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