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Do You Qualify?

Wed, 09 May 2012 00:00:00 GMT

Do You Qualify For Bank Of America Principal Reduction?

"Building on home-retention and payment-assistance programs already in place, we are meeting our obligation to deliver this additional relief to our customers following the completion of the recent global mortgage settlement," Ron Sturzenegger, a legacy asset servicing executive with B of A, said in a statement. "To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors, and communities."

B of A began offering principal reduction to borrowers under the settlement guidelines in March, according to company. The bank initially concentrated on homeowners with mortgages already under review for modification. Under this initiative, roughly 5,000 trial modification offers have been mailed, potentially adding up to more than $700 million in forgiven principal, B of A said.

Homeowners must make at least three timely payments before a modification can become permanent under B of A's offer. To be eligible for the program, homeowners must:

o Owe more on their mortgage than the home is currently home

o Be late on their mortgage payments; as of January 31, the borrower must have been at least 60 days behind on their loans

o Have a contractual monthly payment for principal, interest, property taxes, hazard insurance, and any applicable homeowner association fees that total more than 25 percent of gross household income

o Have a loan that is owned and serviced by B of A or serviced for another investor that has given the bank authority to modify home loans

The foreclosure settlement requires lenders to provide affordable payments to qualified underwater homeowners. To help borrowers reach their target payment, B of A says it will first reduce the principal balance for eligible borrowers to as low as 100 percent of a property's current value. The bank will also lower the interest rate and forebear additional principal, as necessary.

If you have questions, we may have the answer. Call Us.

Where Is All Of The Inventory?

Thu, 03 May 2012 00:00:00 GMT

Check out this video for information on Reno housing Inventory.

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Short Sales Improved in January as Lenders Change their Minds - Short Sales Getting Easier?

Mon, 23 Apr 2012 00:00:00 GMT

(TheNicheReport.com) — The term “short sale” used to be unmentionable in the loss mitigation and real estate-owned (REO) departments at major banks, but recent housing and financial reports indicate that bankers may be changing their mind when it comes to selling homes at a loss.

According to a report compiled and issued by Lender Processing Services, 23.9 percent of all homes purchased during January were short sales, while foreclosure sales accounted for 19.7 percent of real estate acquisitions.

Should this trend continue, the so-called “shadow inventory” -the significant number of distressed properties that have not yet been repossessed by the banks- will hopefully be reduced. The shadow inventory is a very worrisome factor that many real estate analysts think of as a major obstacle to the recovery of the American economy.

Why Short Sales Make More Sense than Foreclosures

A short sale is considered a strike against the lender whether a property is still owner-occupied or already on the REO portfolio of a financial institution. Short sales, in theory, only benefit the buyer -provided that the median prices of homes in the regional market of the short do not take a sudden drop. In some cases, selling a foreclosed home makes better financial sense to a bank since the property has already been recorded as a loss in the balance sheet.

Short sales are preferred by troubled borrowers who would rather lose title to their homes than go through the foreclosure process and suffer the negative strikes on their credit history, although this is not always the case. In today’s restrictive mortgage lending environment, a delinquency on a borrower’s record is damaging enough. If a lender files a lis pendens notice in court, that action can prove negative for someone who wishes to purchase a home in the future, regardless of the short sale.

The report from Lender Processing Services indicates that short sales are actually bringing more money to the banks than REO portfolio transactions where the properties have already been foreclosed upon. There are a few reasons for this trend: foreclosures are costly affairs, mostly for the lenders. Once a property goes into a bank’s REO portfolio, it must either be maintained or sold through a real estate agent, and it could take some time before it goes to the closing table.

In most short sales, the homeowners have an active interest in getting to the closing table quickly, and they can negotiate with the bank so that proper documentation relieving borrowers of liability and responsibility is produced. Such documentation can later be used by borrowers to clean up their credit records.

A Reversal of Attitudes

Now that banks are warming up to the idea of short sales as viable options, they may even take the initiative to offer higher cash incentives to borrowers who have decided to fight foreclosures in court. Bank of America, JP Morgan Chase and Wells Fargo are some of the major banks that have reversed their attitudes and now are offering considerable incentives for some borrowers to walk away from their properties and allow a short sale to take place.

These new developments are auspicious for the American economy, since they will reduce the number of foreclosures and signal the return of optimism to the housing market.

Reno Short Sale Negotiation Tip: Don't Get Insulted By Lowball Offers

Tue, 09 Aug 2011 10:52:00 GMT

Reno NV – Some buyers will think that since your house is a short sale, then they can make any lowball offer.

Many sellers get offended over their offers and turn them away. After going thru many short sales we have actually found that lowball offers are not necessarily a bad thing. Let me explain why.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

So you get the advantage of getting a good deal. Now, I am sure you are asking, “Why are short sales a bargain?”

After you accept the buyer’s offer you have to wait for your lender to approve the short sale. This process can take from thirty to ninety days.

That gives the buyers lots of time to sell themselves on the house. They drive their friends past it. They drive their parents past it.

“That is the house we are trying to buy”, they tell them. “That’s a nice house. I think you are making a great decision”, their friends and family tell them.

The short sale lender will order an appraisal of the house. They will come back and say that they will not accept a sales price much lower than the appraised value.

We tell the buyers that the short sale lender has ordered and appraisal. The appraisal came back at X, and the lender won’t allow the property to sell for less.

At that point most buyers agree to pay the price. We have seen buyers agree to pay 5-10% more than they had originally offered.

We feel that it is because they had time to “sell” themselves on the house. What do you think? Let me know by commenting below.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

John Graham, Keller Williams Group One Realty, 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 John's personal views and do not reflect the views of Keller Williams Group One Realty.

This information on Reno Short Sale Negotiation Tip: Don't Get Insulted By Lowball Offers is provided as a courtesy to our viewers to help them make informed decisions.

What You Should Know Before Buying A Reno Short Sale

Mon, 08 Aug 2011 07:00:00 GMT

Reno NV – If you are considering buying a short sale, then you should know what you are getting involved with.

First off congratulations! Buying a short sale is a great decision. Most short sales usually sell for 3-5% less than other comparable homes.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

So you get the advantage of getting a good deal. Now, I am sure you are asking, “Why are short sales a bargain?”

The reason is that a short sale takes longer than a normal real estate sale. You have to wait 30-60 days for the seller’s bank to approve your offer.

In addition, some agents do not understand short sales. They talk bad about them even though they have not educated themselves on how they work.

Here are a few things you should educate yourself on before making an offer on a short sale.

How experienced at short sales is the seller’s agent? If the seller’s agent has little short sale experience, then you should probably look at another house.

How many liens does the seller have? If the seller has three or more mortgages and/or liens, then you should pass. It’s hard to make a short sale work in these situations.

Remember the Aesop’s Fable about the monkeys with their hands in the jar? Well, all three lienholder’s hands are in the cookie jar. But, none will put down any cookies so they can pull their hand out.

The bottom line: One or two mortgages and/or liens is ok. Three or more is not.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

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

This information on What You Should Know Before Buying A Reno Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Should I Loan Mod or Short Sale My Reno Investment Property

Fri, 05 Aug 2011 06:47:00 GMT

Reno NV – The Stop Foreclosure Institute recently received a question from Kristine.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was Kristine’s Question. “I bought a condo in 2005 and have never been late on a payment. My husband and I have been renting out this property for less than we pay on it.

We had hoped that the market would turn around, which it hasn't. The current renter has fallen behind on rent in July and will be moving out at the end of the month.

In turn we are struggling to pay our own bills. We have done all we can to keep our finances afloat. But, it has gotten to the point that our savings are drained and we cannot afford this condo anymore.

I heard that doing a short sale may be in good interest for someone in my situation. The loan I have is a VA loan and I hope I will not mess my future VA loan privileges up by doing this.

However, we simply cannot afford to pay our current mortgage and all of our bills with this condo hanging over us. Please let me know what you recommend that we do. Kristine.”

Here was our recommendation to Kristine. A short sale would be beneficial to you. Let me explain why.

Currently you are losing money every month. In addition, the economy has caused you to use up all of your savings. But, this condo is still costing you money every month.

If you short sale it, then you will not have to repay VA or your lender any money for the loss. However, you will not be able to get another VA loan in the future until you repay VA for the loss.

Here is the bigger issue. A VA loan gets you a half a percent better interest rate. If you get another loan for $200,000, then that will save you $20,000 over the life of the loan

I do know that the area you bought your condo has experienced significant depreciation. Your condo has dropped in value by $120,000.

I would prefer to write down $120,000 in debt and take the temporary credit hit. Your alternative is to continue limping along losing money each month until you miss enough payments that the bank forecloses on your condo.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

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

This information on Should I Loan Mod or Short Sale My Reno Investment Property is provided as a courtesy to our viewers to help them make informed decisions.

Step Three In Fixing The Flawed Reno Short Sale Process: Accountability

Fri, 05 Aug 2011 06:44:00 GMT

Reno NV – Once the lenders have solid data in place to find and measure the problem, then solid decisions can be made to fix the problems. Our last blog post detailed how to get that data.

Once you have the data, then you can have accountability. Here are a few things we know should be held more accountable.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

#1: People that value the property for the lenders. Before approving a loan modification or short sale, the lenders compare that financial result with what they can expect from foreclosure.

What they will recoup on the short sale or loan modification is a relatively solid number. What they will recoup on foreclosure is not.

So, they ask an expert to tell them what the property is worth. This person evaluates the property and tells the lender what they think the property is worth.

In our opinion, these valuations are not always accurate. We see many people say a property is worth $240,000. The short sale offer is for $225,000 and is rejected because of the $15,000 difference.

However, when the property is foreclosed and the dust settles, the home ends up selling for $200,000. That is a big discrepancy and someone needs to be held accountable for it.

#2: The people processing these files. In some cases the people processing these files don’t answer calls or respond to e-mails. Because of this, many short sales fail and are foreclosed on later.

If a buyer offering to pay $225,000 walks after two months and the home sells for $200,000 as a foreclosure, then the person processing the short sale needs to be held accountable.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

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

This information on Step Three In Fixing The Flawed Reno Short Sale Process: Accountability is provided as a courtesy to our viewers to help them make informed decisions.

Agents Claim the Reno Short Sale Process Is Flawed. But, How Do We Fix It?

Fri, 05 Aug 2011 06:38:00 GMT

Reno NV – Many agents have been complaining that the short sale process is flawed. A recent survey of realtors showed that over half of them thought the short sale process was difficult.

Some of the agents complained that they are “struggling with a broken short sale process.” But, why is the short sale process flawed?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Because no one is checking the results. There is no stated goal for the process. Have you ever heard of the first step in overcoming alcoholism?

In Alcoholics Anonymous, the first thing a new member does is admit they are an alcoholic. The new member stands up and says, “Hi, I’m Tom and I am an alcoholic.”

At that point they have established the problem and acknowledged its existence. Now they have a clear goal to overcome. Back to short sales.

Have the bank’s established a problem?

Maybe the CEO could stand up says, “Hi, I’m Brian. The bank I head up is losing billions of dollars on bad loans.” In addition, the people invested in our loans are losing billions more.

Finally the American Homeowner is losing billions from a declining housing market caused by abandoned and unloved foreclosures being tossed on the market with no regard for preserving home values.”

Most of us know that this is the problem. If only the banks would acknowledge the problem. But, will they? Let me know if you think they will by posting a comment below.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

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

This information on Agents Claim the Reno Short Sale Process Is Flawed. But, How Do We Fix It? is provided as a courtesy to our viewers to help them make informed decisions.

The Second Step In Fixing The Flawed Reno Short Sale Process

Fri, 05 Aug 2011 00:00:00 GMT

Reno NV – In our last post, we agreed that the first step in fixing the flawed short sale process is to acknowledge what the problem is.

We agreed that the problem is that the lenders and investors are losing billions on defaulted loans.

In addition, American Homeowners are losing billions on declining home values caused by a housing market decline caused by foreclosures.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The next step is measuring the damage and finding ways to fix it. Here is how we suggest that by done.

To analyze the problem properly, someone will need to study the results. Lenders need to start tracking the results of their actions.

The projected outcome from each of the outcomes should be recorded. Each defaulted loan will have several stats.

First will be the expected outcome if they had agreed to a loan modification. They find that out by asking the homeowner what they are willing to pay monthly.

They plug that into an amortization calculator and find out the mortgage amount that payment equates to. For example a homeowner says that can pay $1,500 a month for the next 30 years.

That equates a $264,182 mortgage at 5.5% interest. Measurement #1: Loan Modification: $264,000 could be realized by accepting that loan modification.

If the house is marketed as a short sale, then any and all offers should be recorded. Let’s say a buyer offers to buy the home for $249,000. That would give us Measurement #2: Short Sale Return: $249,000.

The short sale is rejected. The home is foreclosed and sold as a foreclosure. It is put on the market and ends up selling for $218,000. That gives us our final measurement.

Measurement #3: Foreclosure Return: $218,000.

Now we can all see solid numbers on the results. If that lender did reject the loan mod and short sale, then that process needs to be fixed.

With proper measurement there is no more guessing. Solid, pragmatic decisions can be made to fix the problem.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail attahoejg@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 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.

Important Notice

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

This information on The Second Step In Fixing The Flawed Reno Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

The Final Numbers On How A Reno Short Sale Reduces Losses

Mon, 01 Aug 2011 08:01:00 GMT

Reno NV – On our last blog post, we ran some numbers on why a short sale reduces a lender's losses by 20% compared to a foreclosure.

Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the short sale.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

I am using the real life example of a short sale that was listed for sale for $425,000. The lender turned down an offers for $385,000 and ended up selling the home for $230,000.

Let's add up the costs.

$155,000 in sales price loss. ($385,000 minus $230,000.)

$30,318.75 in lost interest income. ($385,000 lent at 4.5% interest over 21 months.)

$11,411.89 in property taxes that would have been paid by the short sale buyer, but instead were paid by the lender. ($6,521.08 annual property taxes over 21 months.)

$3,000 in estimated foreclosure costs. (This is to pay the foreclosure attorney and the court costs.)

$4,200 in Homeowner's Insurance. ($200 monthly times 21 months.)

$203,930.60 in total lost because they didn't accept the short sale offer. Ouch! I don't care how rich you are (or how many bailouts you received), that is a lot of money.

Yes, these numbers are correct. Real estate is an expensive business. It costs a lot of money to own and maintain a house.

Just look at how much you spend on your mortgage, property taxes, homeowner's insurance, maintaining your house, and mowing your yard. Now multiply that by 21 months. Make sense?

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 attahoejg@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 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.

Important Notice

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

This information on The Final Numbers On How A Reno Short Sale Reduces Losses is provided as a courtesy to our viewers to help them make informed decisions.

Why A Reno Short Sale Saves Your Lender Money

Mon, 01 Aug 2011 07:58:00 GMT

Reno NV – We throw around the statistic that a short sale reduces a lender's losses by 20% compared to a foreclosure.

However, I am sure that there are many people who find that hard to believe. So today I am going to give you a breakdown of exactly why it happens.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

I will use an real life example. A short sale was listed for sale for $425,000. After a few months, the sellers received an offer for $385,000.

They submitted the short sale package to the lender. The lender didn't accept the short sale. The home did not sell as a short sale.

The lender started foreclosure proceedings and foreclosed on the home 19 months later. They put it on the market as a bank owned property.

It sold for $230,000. This is a real life example. We have lots of other similar examples. Short sale offers are turned down only to have the home sell for much less after foreclosure.

Let's go thru the reasons this lender lost so much money.

First off, the real estate market was declining heavily at the time. Home values are still declining even today. So they lost $155,000 in home value decline. Probably half of that loss was because of the declining market.

The other half was because bank owned homes sell for less than owner occupied homes. Why? Because nothing is maintained. The yard isn't mowed, the house isn't kept clean, and no pride of ownership shows.

Besides, the sales process for bank owned homes also hurts what they sell for. Last of all, buyers know the home is bank owned and make lowball offers because of it.

They also lost interest income. The home would have sold for $385,000 twenty-one months earlier (17 months foreclosure time plus 2 months to put the home on the market and 2 months to sell.)

$385,000 lent at 4.5% interest earns $17,325 annually. Over 21 months that comes out to $30,318.75. Another big loss.

Plus they had to pay property taxes the entire time the home was on the market. Annual property taxes are $6,521.08. Over 21 months that comes out to $11,411.89.

As you can see, the costs just keep on adding up. I'm sure I am missing other costs. Do you see how a short sale benefits a 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 attahoejg@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 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.

Important Notice

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

This information on Why A Reno Short Sale Saves Your Lender Money is provided as a courtesy to our viewers to help them make informed decisions.

Reno Short Sale: How To Find The Short Sale Negotiators E-mail Address

Mon, 01 Aug 2011 07:56:00 GMT

Reno NV – Many agents get frustrated because they know who the short sale negotiator is, but they don’t have any way to communicate with them.

Most short sale negotiators communicate by email. But, they usually wait until they are well into the transaction before they give you their e-mail.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

We try james.rush, jim.rush, jim.a.rush, james.a.rush, and run thru all the middle initials in the alphabet. The bad e-mails get get a notification that they couldn’t get thru. We know which e-mail is the correct one because it doesn’t come back.

This even works for finding the CEO’s e-mail. We sent an e-mail to ken.lewis @ bankofamerica.com and received a response soon thereafter.

No, I don’t think that e-mail ever reached Ken Lewis. But, someone is checking it and they responded.

I think the closest a Stop Foreclosure Institute Member has ever gotten to talking to a CEO is when one found the direct line to Sterling Edmunds, the CEO of Suntrust.

Reaching a CEO is exciting, but it isn’t the goal. Our goal is to get a competent person to review the short sale. They will approve it when we show how it makes financial sense to do so.

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 attahoejg@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 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.

Important Notice

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

This information on Reno Short Sale: How To Find The Short Sale Negotiators E-mail Address is provided as a courtesy to our viewers to help them make informed decisions.

How Long Does It Take For My Credit To Go Back To Normal After A Reno Short Sale?

Mon, 01 Aug 2011 07:53:00 GMT

Reno NV – The Stop Foreclosure Institute recently received a question from Sammy. Here was his question.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

"I like your blog post about how to get out of paying a deficiency. However, how long will it be on your credit report before your life goes back to normal? I would like to resolve the deficiency but the attorney/collector doesn't seem willing to budge from the full amount.

I've even had an attorney friend of mine contact them and try to negotiate something and they still wouldn't budge. Sammy.”

Here is the answer to his question. If you are dealing with a lawyer that is directly representing the lender, then you will have a tough time. They have to negotiate hard to justify being paid $150 an hour.

Be happy you have a short sale on your credit. That usually affects you for 2-3 years. A foreclosure will usually affect your credit for 5-7 years.

If your goal is to improve your credit, then you can often get the negative reports removed by disputing them. We have put together entire blog posts about how to fix your credit.

Scroll down this blog to read them. You have a good chance of disputing off any negative items on your credit report.

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 attahoejg@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 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.

Important Notice

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

This information on How Long Does It Take For My Credit To Go Back To Normal After A Reno Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Reno Short Sales: Why do some buyer’s offers get accepted while others are declined?

Tue, 26 Jul 2011 07:08:00 GMT

Reno NV – The Stop Foreclosure Institute recently received a question from Jonathan. Here was his question.

"I am looking to buy a short sale. The seller wouldn’t accept my offer. My agent told me it was because the short sale lender has told them they wouldn’t accept the offer.

I am a cash buyer and can’t understand why they wouldn’t take my offer. Why do some buyer’s offers get accepted while others are declined? Jonathan.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to his question. Usually the offer that is accepted is the one that is offering the highest sales price.

Sure banks and short sale lenders like cash offers. But, that is only everything else is the same. They won’t accept a cash offer when it is lower than other offers on the table.

Here is an example. A normal homeowner is selling their house. It is worth $400,000 and he is asking $400,000 for the home.

A buyer offers $350,000 cash. “You should accept my offer because it is cash”, the buyer says. Meanwhile another buyer offers $400,000 and they have already been approved for a loan.

If you were that seller, what would you do? Would you take a little risk to make an extra $50,000? Most people would. In fact, there isn’t much risk because the buyer has already been approved for a loan.

Yes, cash does matter. But, these banks want to reduce their losses as much as possible. They are already losing tens and hundreds of thousands on a short sale.

They own these homes cash. They don’t have to get their money out right away. They like cash offers, but they like to reduce their losses even more.

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 attahoejg@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 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.

Important Notice

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

This information on Reno Short Sales: Why do some buyer’s offers get accepted while others are declined? is provided as a courtesy to our viewers to help them make informed decisions.

Why Do Reno Short Sales Fail?

Mon, 25 Jul 2011 08:21:00 GMT

Reno NV – The Stop Foreclosure Institute recently received a question from James. Here was his question.

"I’ve heard that there is a 70% failure rate on short sales. Is that true? If so, then why do so many short sales fail? James”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to his question. Yes, a lot of short sales do fail. However, those statistics are for individual short sale offers submitted to lenders. If the first offer on a short sale is turned down, then another offer is usually submitted.

On each individual house being sold, the failure rate is much lower. Here are the reasons that many short sales do fail.

Reason #1: The sales price is lower than the lender wants. The lender thinks the house is worth X, but the sales price is $30,000 lower than X.

The lenders are not always getting good information on the property values. In my opinion, their valuation method is flawed.

There is a serious conflict of interest in the way lenders obtain their property value. But, the lenders don’t really care to fix it.

Reason #2: The tenant doesn’t want the home to be showed. Many short sales are rental properties. However, the tenant doesn’t want the home to be shown to buyers.

Why not? Well, if the house sells then they will have to move out and find another place. They are comfortable where they are at and they don’t want to move.

This is why a home that is rented is much harder to short sell than a vacant 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 attahoejg@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 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.

Important Notice

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

This information on Why Do Reno Short Sales Fail? is provided as a courtesy to our viewers to help them make informed decisions.

Another Reno Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A Bailout

Fri, 22 Jul 2011 06:43:00 GMT

Reno NV – The Stop Foreclosure Institute recently received a question from Josh. Here was his question.

"I heard that a short sale reduces a lender's losses by 20% compared to a foreclosure. You would think that would make them excited to work on my short sale. But, they are dragging their feet.

My lender isn't that excited to work on my short sale. I think they are waiting for another bailout. Do you think that is true? Josh."

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to his question and some insight into what is really happening at the lenders. I think at the beginning of the recession the lenders were waiting for a bailout.

But, after that the real slowdown was that they are simply understaffed. In 2007 very few people were short selling their house.

The lenders didn't need a lot of people to process the few short sales. Fast forward 2 years. Short sale volume probably multiplied by ten times or more.

But, it takes time to hire and train more staff. Short sales aren't simple. There are lots of guidelines and laws regulating them. A new staff person can't just show up and start processing files tomorrow.

More than anything else this has slowed down the short sale process. So, do the lenders like short sales? The CEO does because it cuts the lender's losses.

But, the employee who has watched his file law quadruple probably doesn't like short sales. He is having a hard time coping with the extra workload.

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 attahoejg@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 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.

Important Notice

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

This information on Another Reno Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A Bailout is provided as a courtesy to our viewers to help them make informed decisions.

A Common Reno Short Sale Myth: Short Sales Are Adversarial

Thu, 21 Jul 2011 13:22:00 GMT

Reno NV – Many people mistakenly think that a short sale is adversarial. "I will fight that banker and convince them to let me short sale and walk away from the upside down debt", they think to themselves.

That is not how short sales actually work. Most negotiations are not adversarial. In fact, most short sale negotiators are just normal people.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

They go to work each day and go thru their files. There is a lot of paperwork and reports that have to be filed. Most of them don't get out of bed looking forward to a tough negotiation.

They simply have to process their file in accordance with the guidelines. The banks have budgeted money to write down mortgages on short sales.

The CEO (or someone similar) at the bank sits down and talks about the loans in default. We have X number of loans in default and we can expect to lose X percentage on each loan.

That means that I have to set aside 10 Million Dollars to cover the projected losses on those loans. He will then give the person managing the short sales guidelines.

Those guidelines will be used to keep the losses at 10 Million Dollars or less. This is why short sale negotiations are no adversarial. They banks already know they are losing money.

They have resigned themselves to losing it. Now they just have to go thru the process and minimize the losses as much as possible.

They know that a short sale reduces losses by an average of 20% compared to a foreclosure. That makes them eager to negotiate a short sale with 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 attahoejg@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 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.

Important Notice

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

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

Common Reno Short Sale Myth: Selling My House As A Short Sale Is An Embarrassment

Wed, 20 Jul 2011 11:00:00 GMT

Reno NV – You might think it is an embarrassment to sell your home as a short sale. "My friends will laugh at me when they realize that I owe more on my house than it is worth", some people think.

The reality is that many Americans are in your same position. In fact, some experts think that over a quarter of all homeowners are upside down.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

In fact, this statistic is even worse in areas where the housing market has taken a big drop. You have nothing to be embarrassed of. On the contrary, you should be proud that you are handling your affairs in a responsible manner.

Short Sales usually reduce your lender's losses by 20%. This means you are actually doing your part to help the housing market and economy.

You are doing your part to stop the decline in the housing market. Your neighbor who opts to let their bank foreclose is hurting the housing market.

This is because bank owned properties usually sell for less than a short sale. We have seen this first hand. A Short Sale sells for $400,000 and then a similar bank owned home sells for $300,000.

This is because banks don't maintain the homes they sell and buyers know they can get a bargain.

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 attahoejg@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 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.

Important Notice

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

This information on Common Reno Short Sale Myth: Selling My House As A Short Sale Is An Embarrassment is provided as a courtesy to our viewers to help them make informed decisions.

A Common Reno Short Sale Case Mistake: Waiting To Long To Submit The Contract To The Short Sale Lender

Tue, 19 Jul 2011 11:58:00 GMT

Reno NV – Short sales have a reputation for taking a long time. But, they can drag on even longer if the paperwork isn't submitted to the lender in a timely manner.

When the Stop Foreclosure Institute first started doing short sales, we were hesitant to submit anything to the lender until we had a 100% complete package.

http://stopforeclosurereno.info/short-sale.html">Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

That caused the short sales to drag out a lot longer. After a little while, we learned to submit the paperwork as quickly as possible to the lender.

It usually takes 30 to 60 days for the lender to assign a negotiator to the file. That gives us plenty of time to track down any missing paperwork.

We realized that we were wasting time if we waited 30 days until everything was perfect and then submitted the file. There is a common myth that you shouldn't submit short sale paperwork until it is 100% complete.

Let me explain why that myth just isn't true. A lot of lender have different special forms they wanted filled out specifically for them.

"Oh, you need the buyer and seller to sign the ABC Bank Contract Addendum", the short sale negotiator tells us. Besides, most short sale negotiators want things done certain a way.

Because of this it is almost impossible to put together a 100% perfect short sale file that will have exactly the way the lender wants it. So make sure your agent submits your file quickly and follows up with the short sale negotiator to see if anything is needed.

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 mailto:tahoejg@netzero.com">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 http://stopforeclosurereno.info/short-sale.html">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. http://stopforeclosurereno.info/loan-modification-secrets.html">Click here to request a copy.

Thanks for reading this, John Graham.

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

Phone: 775-530-1728. mailto:tahoejg@netzero.com">tahoejg@netzero.com>.

High Touch - High Tech

View My homes for sale at http://www.RealEstateByGraham.com">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.

Important Notice

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

This information on A Common Reno Short Sale Case Mistake: Waiting To Long To Submit The Contract To The Short Sale Lender is provided as a courtesy to our viewers to help them make informed decisions.

A Common Reno Short Sale Case Mistake: Hiring An Agent With Little Short Sale Experience

Tue, 19 Jul 2011 11:56:00 GMT

Reno NV – A few years ago most agents didn’t understand short sales. They didn’t want to get involved on them because of the extra work required.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Short sales take two to three times as much work. The extra effort can be draining at times. Some agents openly admit that they hate short sales.

Is that the type of person you want working for you? Others believe it is wrong for a seller to walk away without a deficiency judgment. “I have heard some agents say that people should be able to walk away from their “obligations.”

Do you think that type of agent is going to push hard for the bank to waive a deficiency?

(By the way, that is one of our missions at the Stop Foreclosure Institute. We want every seller we help to walk away with no deficiency. We have seen firsthand the stress the banks put on people in foreclosure.)

If your agent has no experience with short sales, then they may give up halfway into the process. So make sure you hire an experienced short sale agent that has successfully closed short sales.

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 attahoejg@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 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.

Important Notice

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

This information on A Common Reno Short Sale Case Mistake: Hiring An Agent With Little Short Sale Experience is provided as a courtesy to our viewers to help them make informed decisions.