Real Estate Information Archive

Reno NV – The Stop Foreclosure Institute recently received a question from Steve. Here is his question.

“We are doing a short sale with one of the largest nationwide banks. I told them I wouldn’t do the short sale unless they specifically changed their short sale approval letter to completely release me from the deficiency.

The short sale negotiate told me that Fannie Mae would not allow them to release the deficiency. I read somewhere that Fannie Mae doesn’t pursue a homeowner after a short sale. I don’t know who to believe. What do you think? Steve.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Steve’s Question. Steve, in my opinion, you are being lied to by the people at the bank.

Fannie Mae and Freddie Mac do not pursue deficiencies in most cases. They have said they may pursue a deficiency when the property is an investment property, or they determine that the owners are strategically defaulting. They just write off the loss and move on.

I don’t know how they determine if you are “strategically defaulting.” Unless you are one of those two, then the people at the bank are not telling you the truth.

In fact, we recently sold a Fannie Mae short sale and the short sale approval letter gave the seller a complete release.

In another situation, there is a large nationwide lender that has short sale approval letter that do not offer anyone a release.

This lender has written their approval letters so that is leaves the collection rights with the loan owner after the short sale. The way the loan owner can pursue if they decide to do so.

This lender is infamous for not changing the clause of their approval letter. We had a short sale with them. The loan was a Freddie Mac Loan.

We were able to convince them to change the approval letter because we all knew the investor wouldn’t pursue the home seller for a deficiency. So, go back and tell the lender about your newfound knowledge.

If they still won’t budge, then threaten to contact Fannie Mae direct. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Reno Short Sales: Does Fannie Mae Pursue Deficiencies? is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – A potential home seller asked The Stop Foreclosure Institute how we get paid on a short sale transaction. So I decided to answer that question in today’s blog post.

Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Man sellers mistakenly think that since there is no equity in the property, then there is no way for the agent to be paid. In this situation the seller’s lender pays the commission. 

They are willing to pay a commission on a short sale because if the property is foreclosed upon, not only will the property sell for less money, but they will also have to pay a commission on the sale of the foreclosed property.

Here is an example. You owed $500,000 on your home. The home is now worth $400,000. After real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees, your lender will net $370,000.

Most people would be horrified at losing $130,000. However, lenders know there is risk in their business. They grant loans knowing that a certain percentage of them go bad.

After they have realized that a loan has gone bad, all they want to do is reduce their losses as much as possible. So they will sit down and calculate the losses on their different options.

We all know the short sale will net them $370,000.

How much will a foreclosure net them? Let’s run the numbers. If the house is worth $400,000, then it will probably sell for 10% less after a 12 month foreclosure process.

So they have a sales price of $360,000. Now, they have to add in real estate commissions, attorney fees, sales taxes, and all the other costs. They could end up netting around $310,000 after the foreclosure.

Accepting the $370,000 on the short sale and paying the realtor is a good alternative. Therefore they are glad to accept it and pay us to sell the property.

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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on How Does the Realtor Get Paid On A Reno Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra's Question.

"I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn't go thru, then I will still owe you money. My friend told me to check on that before I started.

It is true that I would owe you money if the short sale didn't go thru? Tamra."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Tamra's question.

Tamra, No, you will not have to pay anything if the short sale doesn't go thru. We only get paid when the short sale is approved and the home sells.

Until then, there is no cost to you. In addition, all the short sales we have sold don't require the seller to pay anything.

What usually happens is that we send your lender a sample closing statement. It has all the costs itemized including our commission.

If your lender is ok with the numbers, then they approve the short sale. If not, then they tell us what needs to be changed.

It is a back and forth process until we come to an agreement. The bottom line is that a short sale will not cost you anything.

The only time you would be paying money is if your lender demands a promissory note, or you live in a state where they have the right to collect after a short sale or foreclosure.

However, even in those states in most cases we are able to negotiate a complete release on the debt. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Reno Short Sale Question: What Do I Owe You If The Short Sales Isn't Successful? is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don't really like short sales and never pursued the option.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.

Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.

FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don't think they pay them anything extra to process a foreclosure.

The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.

The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on A Common Myth About Reno Short Sales: Banks don't like short sales and prefer foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – The Stop Foreclosure Institute recently received a question from Christina. Here is her question.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

"I just read your article Frequently Asked Questions about Short Sales. You mention that you can obtain another home loan two years after a short sale.

Who are these lenders and how can I contact them? I have been looking but so far no luck. Everyone is insisting we must wait three years. I'd appreciate any information you can provide. Christina."

We just heard back from our mortgage broker on this issue. Fannie Mae recently changed their guidelines for a loan after a short sale.

(Since most lenders and loan programs follow Fannie Mae's Guidelines, that means that almost every single lender changed their policies as well.)

When we wrote the article their guidelines had said that you had to wait two years after a short sale. Now those guidelines have been changed to 3 years.

The good news is that you can still buy a house after a short sale. Life does go on and will go back to normal. No matter how bad things may seem, they will get better.

Before you know it the 3 years will pass and you can buy another home. The housing market is still flat and will probably be flat over the next 3 years.

So you will be able to buy the next house for substantially less than what you paid for your current home. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

 The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Reno Short Sales: The Wait To Buy Another Home After A Short Sale Was Recently Changed to 3 Years is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.

But, in today's tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.

(That alone should convince you that their losses will be larger after a foreclosure.)

Use this to your benefit when negotiating a loan modification. Hire a real estate agent to tell you what your house is worth. Then, show your lender that value.

Now, add in all the costs that you can think they will incur if they foreclose on your home. Below are some examples costs.

Current Market Value: $300,000.

Lost Interest income at 5% over two years. $30,000.

Property Taxes over two years: $6,000.

Home Insurance costs for two years: $3,000.

Projected Net from a foreclosure: $261,000.

Because the lender can clearly see how much money they will use, it make it much easier to negotiate a reasonable loan modification.

If you want a realtor to give you the value of your home, then please send me an e-mail. I can put together a Broker's Price Opinion and tell you what I think your home's value is.

You can use that to negotiate with your lender. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

 The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Another strategy to use when negotiating a Reno Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Reno Short Sales: How To Negotiate Away Promissory Notes is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.

Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.

The lender will take as gospel whatever value that person tells the bank the property is worth. If that value is more than the property is selling for, then the lender won’t accept the short sale.

Here are some common mistakes that you need to make sure that your short sale agent avoids.

One common mistake is to use comps outside the neighborhood when the bank is ordering an appraisal instead of an agent. Agents understand that buyers don't buy only in a specific neighborhood.

Buyers look for the best deal they can find within a specific are. Because of this, an agent is more willing to use comps outside of the neighborhood.

But, when the bank is using an appraiser you must use the closest geographical comps, not the lowest priced comps.

The second mistake is not controlling the access to the property. The person evaluating the property should not be able to get access to the house without the agent knowing about it.

Your agent must have all showings go thru their office. A third mistake I see is not treating the people valuing the property with respect.

Short sale agents will be meeting the same people over and over. So, they must be punctual when they meet them.

They shouldn’t be forceful on the value. I recommend that they be convincing but not overbearing. Don't argue over the value.

Most of the time, the agent or appraiser is going to determine the value on their own. They will look at the comps, and if it all makes sense, then they will use your agent’s comps.

However, if they think that those comps are inaccurate, then they will get their own. I always show up 15 minutes early to familiarize myself with any potential repairs.

I look around and notice nicked drywall, peeled up flooring, cracked tiles, and other issues. When I go thru the house with the agent I note those items and write them on my clipboard.

Once I’ve prepped your Comparable Market Analysis, then I go ahead and send a copy to the short sale negotiator. I tell them that I put my own property valuation together for them to review.

Following these tips can mean the difference between failure and success on your short sale. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

 The views expressed here are John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on A Common Short Sale Mistake Being Made On Reno Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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.

Reno NV – We see a lot of agent's going about escalating a file the wrong way. It reminds me of the appeals process game in death row.

Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don't want to see short sale escalation turn into a "game."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Treat the Short Sale Escalation Process like a sales process. Don't treat it like just another technical process that you do for no reason.

Don't just escalate the file "because you felt like it." The reason you escalate a file is because the lender is making a bad decision turning down the offer.

You feel, based on your superior knowledge of the property and the local housing market, that they will lose more money thru foreclosure.

And you are moving the file up the chain to make sure they don't lose even more money. When you escalate a file, make sure you tell everyone that they are going to lose money if they don't accept the offer.

Tell them, "Based on my projections, you will net 180k with this offer and 163k after foreclosure." Give them documentation to back that up.

Here are a few examples of documentation we send to them.

1. Comparable Sales.

2. Other similar homes for sale that are competing for the same buyers.

3. Active, competing bank owned comps.

4. Other bank owned sales that were rejected as short sales and the lenders lost money as a result.

5. MLS History.

6. Bank owned comps that may not have been allowed in the Property Valuation or appraisal.

This documentation is designed to help your case. It will help convince them that you are escalating a file for a legitimate reason. It's not just a game to you. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Keller Williams Group One. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Keller Williams Group One Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 John Graham's personal views and do not reflect the views of Keller Williams Group One.

This information on Reno Short Sales: A Common Myth On Escalating A Short Sale File is provided as a courtesy to our viewers to help them make informed decisions.

Reno NV – If you are doing short sales, then you must learn how to escalate a file. Here's why.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure.

Ouch! Why not escalate the file and get it approved? Here's an example of how it worked for the Stop Foreclosure Institute.

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000.

The lender thought the house was worth $195,000. We knew that they wouldn't accept the offer because it was less than their value.

We knew this investor's guidelines and that the current offer at $159,000 didn't have a shot at getting accepted.

In order to get this file approved, we had two things to do.

1. Convince the lender to get a new, more accurate valuation.

2. Escalate the file.

To handle Part 1, we sent the short sale negotiator our own Comparable Market Analysis. We included the Pending homes for sale and the Competing homes for sale.

We explained that their valuation was inaccurate and that they need to order another one. (If your data is good, then most of the time they will order a new valuation.)

Then, we asked for their supervisor's contact info. (Remember, most short sale communications are thru e-mail.)

Two-thirds of the time they will e-mail back the supervisor's info. The other one-third of the time they will just start doing a better job on the file. Either way we have accomplished our goal.

In this case they started doing a much better job on the file. The negotiator ordered a new valuation.

If the new valuation comes back within range, then they will approve the file and we can close. On the subject house, the new valuation came back with the proper value.

We received a short sale approval and closed the sale a month later.

Now, there are a few problems you may run into trying to escalate a file. Sometimes the negotiator won't give you their supervisor's.

And they still won't order a new valuation or help you out. So, you're at a dead end. Here is how to get their supervisor's info.

Call the normal short sale 800 number at the lender. Tell the person answering that you are working on a file with X negotiator and you need to talk to that person's supervisor.

Say something like, "We've talked to the buyers. They will not raise their offer. We've had this house listed for 94 days and this is the best offer we've received. The buyers asked me to call and plead their case."

Most of the time, they will give you that person's name and e-mail address. Always ask for the fax and phone number as well. Most of the time you won't get that, but sometimes you can.

Before I escalated a file, we were was scared to do it. What if the negotiator got mad at us? This held us back.

The reality is that the negotiators don't get mad at all. If you're at a logjam with a file, and you have a good case on why they should accept the offer, then do the logical thing and escalate the file. 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 tahoejg@netzero.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 775-530-1728

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Reno 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, John Graham.

John is a Real Estate Agent at Dickson Realty. Reno Short Sales Realtor:

Phone: 775-530-1728. tahoejg@netzero.com.

High Touch - High Tech

View My homes for sale at www.RealEstateByGraham.com.

John Graham specializes in loan modification assistance and short sales in Reno Nevada. Reno Loan Modification Help, Reno Short Sales, Reno Short Sale Realtor Reno NV Short Sales. Reno Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

John Graham, Dickson Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

 

If you stop paying your mortgage, then you could lose your home and damage your credit. 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 John Graham's personal views and do not reflect the views of Keller Williams Group One.

 

This information on Reno Short Sales: The Lender Won't Approve The Short Sale. Now What? is provided as a courtesy to our viewers to help them make informed decisions.