A Short Sale is significantly cheaper than a foreclosure

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Part 7

Michael: Welcome back to the Velocity of Money, this is Michael J Barnes and you are listening to KFNX 1100 AM Arizona’s News Talk Leader. Don’t forget you can also listen online at www.1100kfnx.com. We are in the studio today with Kalyn Roberts and Jeri League of the Dreamvesting Group, these two young ladies are experts in the short sale area they are NOT going to tell you what you want to hear, they are going to tell you what you need to hear. There is a big difference between what you want and what you need in the case of getting out of a situation. We talked during the break about the different types of people; who qualifies, who doesn’t qualify, who this is good for, and who it is not good for. Kalyn give the phone number out again and then I want you to talk about people who are upside down and how you are here to help.

Kayln: You can reach us at 480-363-6752 and what we want to get across today if you just need to call someone if you are upside down in your mortgage if you have a listing next door and it is a bank owned or short sale there is a good chance you are probably upside down in you mortgage if you bought anytime in the last…what would you say


Jeri: In the last 5 years we are almost back to 2003 pricing now.

Michael: Just to jump in real quick, Jeri and Kalyn it is not jus the people who purchased it is the people who used their homes as ATMs which is a crude way for me to say it but let’s be honest. You watch the television and I am not going to name any names but a company that rhymes with lietech though and they have a commercial where they are showing pictures of use your home to buy a big boat and everybody got sucked into that and now here we are.

Kalyn: Yes, if you used your second mortgage to build that big beautiful pool in your backyard, maybe you need to call us.

Jeri: Yes, it is unfortunate we always tell everyone like you just said, everybody got sucked into it, it doesn’t mean you are stupid, it doesn’t mean you necessarily made a really bad decision. Everybody, not everybody my parents in Nebraska didn’t but..

Michael: Ha, Ha, Ha

Jeri: Most people got caught up in the real estate market and good marketing ploys like that and the bottom line is as we said earlier you do not have to be late on your mortgage payment, you do not have to be facing a foreclosure if you are simply upside down because you refinanced your home or purchased too recently and the house next door selling for $100,000 less than yours and you just need to get out of a bad financial situation you are a candidate for a short sale or even a loan modification.

Michael: One of the things about loan modifications that I hear all the time is and I research other loan modification companies and what I hear is they are telling people things that just aren’t real. For instance if your owe $400,000 and your house is worth $300,000 and you want your lender to forgive $100,000 on a loan modification chances are that isn’t going to happen whereas with a short sale when you are exiting the property because it just isn’t going to work they would in most cases consider doing that.

Jeri: Absolutely if that is the market value of your home they are going to consider the bottom line is the banks do not want these properties back, it cost them so much money to go through a foreclosure process and as our prices are falling, monthly, weekly, daily, the likelihood of the value of the property being extremely lower by the time they get the property back is 100%.

Michael: In addition to the $60,000 in foreclosure cost. That paying real estate commissions and a few other fees is significantly better because the loss is going to be significantly less with a short sale. Here’s a question and I hope that I am not putting either of you on the spot but suppose the guy owes $400,000 on his house the reality of it is, let’s just say it is worth $300,000 and you get the listing and this guy is out at a cocktail party and his cousin shows up and says, “I’ll buy the house from you”. “I’ll buy the house from you we will make the bank pay the difference and I’ll just let you stay in the house”. Is that a realistic situation is someone going to find out about it? Is it good to do that or not?

Jeri: In real estate, real estate purchases and transactions have to be arms length. Now arm’s length is described as your parents and your children other than that we pretty much stay out of it because theoretically, yes that could happen however the banks want to see that the homeowner is not benefiting so the homeowner would have to become a tenant and be paying rent to new owner at that point.

Michael: So there are many legitimate situations where you could meet someone who would buy the home and allow you to stay in the home.

Jeri: Yes

Riley\’s Tip Of The Day

http://www.youtube.com/watch?v=Hx64aMS7NdY Join Real Estate Marketing This Week as we discuss the world of Real Estate and Mortgage Marketing. We shot this video of our Radio Show as an example of how you can use one piece of content in many different ways. If You Don’t See The Video, Click Here => Real Estate Marketing Video [...]

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