REO Management and Disposition Services



I'm dedicated to my clients recovering the highest returns on their REO inventory. I can handle the entire process from beginning to end, just act as your agent, or anything in between. I provide regular reporting through my website, accessible 24 hours a day, or I can update you on status using your own reporting system.... Let me show you what we can do for you.
Services
Pre-foreclosure/workout assistance
Broker's Price Opinion - includes photos and a detailed description of the subject property, neighborhood, current market trends, comparables and marketing strategy, outlining how the maximum sale price will be obtained
Recommendation of marketing in "As-Is" vs. "Repaired Condition”
Coordination of Eviction Process including negotiating cash for keys
Thorough inspection followed by written report with photos detailing condition of property
Proper handling of abandoned personal property issues
Handle rekey process, winterization/maintenance, and securing property to preventing vandalism
Obtain repair estimates and oversee work to ensure successful completion
Perform all property management duties including coordination of utilities and maintenance
Contract negotiation and coordination until closing


Short Sales, what are they and what are the pro's/con's?
It seems the theme of the day has moved from "FORECLOSURES" to "SHORT SALES". So what exactly are these "SHORT SALES"? Well, simply put, its when the value of the home is lower than the amount owed to the mortgage company. You sell the house for less than is owed and the bank accepts that payment and removes the mortgage (the security that attaches to the properties title). So what are some of the pro's to selling your home as a short sale:
1. If you have fallen behind on your mortgage, you can sell your home and keep from having to go through the foreclosure process.
2. By selling the home vs losing it to foreclosure you will help keep your credit in tact. Yes, your credit will be negatively effected by the late payments, but this is much better than having a foreclosure show up on your credit report.
3. Saves you any embarrassment of having your home auctioned off and the sherriff's dept. remove you from the home.
Now the cons:
1. They take much longer than the typical real estate transaction. Short Sales can take up to 6 months to complete.
2. There's no guarantee after you find a buyer that the bank will accept the sale. The bank doesn't have to accept less then they are owed. Its important to work with someone that can explain to the banks loss mitigation department why it's in their best interest to accept the sale.
3. Just because the bank accepts the terms, doesn't mean your off the hook. For example, if you owed $300K to the bank and sold your house for $275k, the bank didn't receive $25,000 (the difference in what was owed vs the sales price).As a Real Estate Agent we may be able to negotiate this amount for you but don't be surprised that the bank will require you to sign a personal note for that amount. You could find yourself receiving an IRS Form 1099 in the mail come tax time. This could be considered taxable income. There is an IRS form 982 that may allow you to get around this. President Bush also passed a bill that allows you to write this off without paying taxes, but there are certain criteria you must meet. You should speak with a Tax Professional to make sure you qualify and don't get hit with a huge tax bill.
4. The process can be very frustrating. If you don't know what your doing, I recommend working with an experienced agent or even an attorney. You will need to provide certain documentation in order to get your short sale approved, such as a net sheet, hardship letter, financials, etc.... Much like when you applied for your mortgage you had to provide documentation to show you could qualify for the loan, now you're doing the opposite, you showing documentation to show you no longer qualify.
I hope this quick description helps you better understand the latest buzz word. Remember, if you've fallen behind on your mortgage, you don't have to lose your house to foreclosure. You have options, the key is not to procrastinate. The earlier you deal with the issue, the more solutions you will have available (such as a forbearance, loan modification, short sale, dead in lieu of foreclosure just to name a few).