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Short Sale Sooner Better Then later?

If you are reading this post than you are in one of a few buckets.

1. You are either curious about Short Sales

2. You either know someone, maybe yourself that owns a property that is over encumbered with debt.

3. You simply stumbled onto my blog

It is now Spring of 2010 and there is a storm brewing on the horizon that is so fierce that it will be felt for a very long time. We are now in the eye of the storm after having felt the effects of the 3 year fixed rate mortgages turned adjustable. We will soon see the 5/1 and 7/1 loans come up as their rates adjust. The massive tidal wave of these loans that will turn adjustable will dwarf what we have seen in the past few years. With the flood of more foreclosures looming they will undoubtedly have an effect on the valuation of current real estate. If you are one of these people holding on to one of these types of loans than now is the time to prepare.

We already know that a foreclosure will place a shadow on your credit report for 5-7 years, we already know the hit could be as much or more than a 200 point hit. With late payments mounted up a person with a 750 credit score could see their score plummet to below 500. A successful short sale, could be a fraction of that 200 point hit and in as little as 18 – 24 months the short sale will be gone. Folks in 18 – 24 months, a person that has completed a short sale will be ripe for purchasing a home at the bottom of the market and qualify as a first time home buyer. Have you ever seen a question on a credit application asking if you have gone through a Short sale in the last 2 years? Certainly not, but you bet that you will be asked if you have gone through a foreclosure in the last 7 years.

What I am saying is that if you happen to have a loan that is going to turn adjustable or if you already have a loan that is out of control and your home is over-encumbered, your home’s value is less than the loan amounts than now is the time to tackle the beast. You have four options, but one leaves you in a position to set yourself up to buy at the bottom of the market in 3 years as a first time home buyer.

1. Do Nothing – Pull the Ostrich Maneuver up until that last second when one is forcibly moved out of the house by the Sheriff’s Deputy. I did that in 1992 - I don’t recommend it.

2. Prolong the foreclosure by becoming a glorified litigating squatter with a Chapter 13, than file a Chapter 7 than the spouse can do a Chapter 13 and a chapter 7 prolong this as long as we can living in the home for free. You will absolutely ruin your credit for the next decade, that’s fine, after all this is America; you can have a foreclosure piled up on top of four bankruptcies. America is a free country and you can do what you want.

3. Take the position of I need to sell my house and I want to sell it for what it takes to pay it off. So I am going to list high and I am going to get on my knees and pray that someone will love my house for what I paid for it and they will pay too much money for this house.  Wishful thinking but a school of thought too many take with devastating results.

4. Choose to sell the house through a short sale, than you have two choices there.

A) non-investor short sale, I will list my house as a short sale, wait for an offer to come in as a short sale can not begin until a viable offer is on the table and I don’t want to see or hear or speak to any investors. Investors are greedy, mean people I don’t want to deal with them. Instead I want to deal with flaky whimsical buyers that this week they are in love with my house and next week they are impatiently waiting and two weeks later they are chasing another house. I want to deal with an end buyer that I have to pray will be there after we negotiate a short sale the months it takes to get it done. I am going to hope that end buyer will understand that if the second lien holder says “You know, we’re going to need a little more money to get this done” I am hoping that the end buyer will agree to pay more money out of pocket.

B) Investor Oriented Short Sale, Where they bring in an investor buyer that is committed to buying the property, and is committed to the short sale negotiations and will commit to getting it done and get it done right. When a second lien holder requires more money to complete the transaction, the investor will work with that lender to satisfy the needs.

Welcome to the world of negative equity, there is a way out.

If you have decided to go with 4B than click here to take the next step.

Wishing you only the best,

Dave

Should I hire an Agent or an Investor for my Short Sale?

Since licensed real estate agents and Realtors® handle the vast majority of real estate needs, one would assume that they are the obvious choice for homeowners to handle their short sale. Unfortunately for agents, investors are the far better choice for homeowners principally because agents have some massive disadvantages when it comes to short sales. This is NOT to say that Realtors® are less capable or less knowledgeable or anything of the sort…certainly not. It’s just that with short sales specifically, agents have their hands tied behind their backs and investors don’t. Let me explain.

Only Offers Start the Short Sale Process

The short sale process with the lender does not begin until an offer is made on the property. Homeowners and agents may feel as if they are making progress by sending the bank their financials, a hardship letter or any other hardship package document, but the fact of the matter is that the lender will not recognize the file as a short sale until an actual offer is sent to them for review. For the homeowner who simply wants to get rid of their property prior to a foreclosure, what they need more than anything is an offer. Agents do not provide offers, investors do. Agents provide the service of trying to locate a buyer who can possibly make an offer by marketing the property on the MLS, on the web, in newspapers and in other publications. Those services are terrific in most situations, but as you are about to see, they are almost always useless when it comes to a short sale. Investors make offers and therefore provide the EXACT service a short sale homeowner needs.

The Phrase “Short Sale” on a Listing is the Kiss of Death

A story will best illustrate this extremely important point. I have some close friends who asked me to be their Realtor® and help them purchase their first home. Like most buyers, they have a time limit within which to buy this home. October 8th to be exact. The first home they fell in love with was the home next door to their friend’s house. It had all the characteristics of the perfect home. They asked me to help them put an offer on it. Just before starting the process of drawing up the offer, I noticed it was a short sale. I called them back and said, “N-E-X-T.” Puzzled, they asked, “why?” I told them it was a short sale and that they had to be in a home by Oct. 8th and that short sales take several months to complete, sometimes longer. Still not totally understanding, they took my word for it and moved on. A less experienced agent may have pressed forward and made an offer on that short sale, only to end up 5 months later with a houseless, devastated buyer who was unable to take advantage of the $8000 tax credit and further, a damaged, if not ruined, friendship. I’m sure many agents reading this either know of a story similar to this or have experienced it themselves.

Why would you recommend your clients not make an offer on a short sale listing?” My answer to that is, short sales are not for most homebuyers. Most buyers do not have the time, the flexibility or the patience to purchase a short sale. If i, would not embark on a short sale for my closefriends, can you imagine how most buyer’s agents out there feel about showing their clients to short sale listings? You guessed it…they don’t show them! Buyer’s agents in this country are not showing short sales to most of their buyers and for very good reason. It’s irresponsible! Buyers that need to purchase a home now should not have to wait 3 to 6 months or more before the closing. They shouldn’t have to be incredibly stressed by the fact that they will have no idea when the closing is, how to alert their landlord when they are moving out, and every other detail in transitioning to a new home. Smart and responsible buyers’ agents avoid short sale listings at all costs for the majority of the buyers they represent. In fact, in Las Vegas, there is an underground, unspoken rule amongst agents, that short sale listings are to be avoided.

That is why the phrase “short sale” on a listing is the kiss of death. Nothing will scare a buyer’s agent more than “short sale” on the listing description. So hiring a listing agent not only requires a buyer to bring forth an offer, they are also handicapped by the fact that buyers’ agents are not showing short sale listings.

Hopefully it is now clear why an investor is the best choice for a homeowner who needs to do a short sale. It’s not that agents are less qualified, it’s that they have two major disadvantages inherent in their role in the real estate industry which block them from being the best option:

# 1 –Listing Agents don’t make offers, investors do and short sales don’t start until an offer is made.

# 2 – Short Sale Listing Agents have a very hard time obtaining offers because buyer’s agents avoid bringing their clients to short sale listings.

For homeowners, I hope this helps you decipher between working with an agent versus using an investor. Now if you want to know which investor to work with, my obvious recommendation is going to be myself. If you have a home you need a short sale done on,
CALL ME AT 310-704-2955.

BuyLeaseMyHouse.com 818-582-6099 is a local group of real estate investors who can help you sell house fast, sell house cash, sell house quick and assist you when you say, sell my house quick. Not only are we fast house sale experts, we can also help you stop foreclosure fast and can be the stop foreclosure help you have been looking for. We educate homeowners on how to stop foreclosure and how to stop foreclosure now so that you can stop foreclosure now and modify your loan. JLR Management is locally recognized as a home, house, condo, commercial property, apartment complex, and real estate buyer and foreclosure
prevention specialist.

Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
We provide many solutions including a fast house sale, which will allow a person to sell my house quick when needing to move immediately since they can sell house fast or sell house quick to our team of home and house investors, or a cash offer so that the person can sell house cash. Seller’s often contact us in order to sell house fast, sell house cash, sell house quick, or sell my house quick when you need a fast house sale in Southern California: Los Angeles, Agoura Hills - Alhambra - Arcadia - Artesia - Avalon - Azusa - Baldwin Park - Bell - Bell Gardens - Bellflower - Beverly Hills - Bradbury - Brentwood - Burbank - Calabasas - Carson - Cerritos - Claremont - Commerce - Compton - Covina - Cudahy - Culver - Diamond Bar - Downey - Duarte - El Monte - El Segundo - Gardena - Glendale - Glendora - Hawaiian Gardens - Hawthorne - Hermosa Beach - Hidden Hills - Huntington Park - Industry - Inglewood - Irwindale - La Canada Flintridge - La Mirada - La Puente - La Verne - Lakewood - Lancaster - Lawndale - Lomita - Long Beach - Los Angeles - Lynwood - Malibu - Manhattan Beach - Maywood - Monrovia - Montebello - Monterey Park - Norwalk - Palmdale - Palos Verdes Estates - Paramount - Pasadena - Pico Rivera - Pomona - Rancho Palos Verdes - Redondo Beach - Rolling Hills - Rolling Hills Estates - Rosemead - San Dimas - San Fernando - San Gabriel - San Marino - Santa Clarita - Santa FE Springs - Santa Monica - Sierra Madre - Signal Hill - South El Monte - South Gate - South Pasadena - Temple - Thousand Oaks - Torrance - Vernon - Walnut - West Covina - West Hollywood - Westlake Village - Whittier - Acton - Agoura - Agua Dulce - Altadena - Arco Station - Arco-Plaza - Arleta - Baldwin Hills - Bar Code Term Annex - Barrington - Bassett - Bell Canyon -Belmont Shore - Bicentennial - Bixby Knolls - Bouquet Canyon - Box Canyon - Boyle Heights - Bradley International - Briggs - Broadway Manchester - Cabrillo - Calabasas Hills - Canoga Park - Canyon Country - Castaic - Catalina - Century City - Charter Oak - Chatsworth - Cimarron - City of Commerce - City of Industry - Cornell - Crenshaw - Crystalaire - Del Sur - Del Valle - Dockweiler - Dominguez - Eagle Rock - East Long Beach - East Los Angeles - East Rancho Dominguez - Echo Park - Edendale - El Sereno - Elizabeth Lake - Encino - Fairmont - Far - Farmers Market - Federal -Firestone Park - Flint - Flintridge - Fort Macarthur - Foy - Friendly Valley - Glassell - Glassell Park - Glendale Galleria - Granada Hills - Green - Green Valley - Greenmead - Griffith - Hacienda Heights - Hancock - Hansen Hills - Harbor City - Hazard - Hi Vista - Highland Park - Holly Park - Hollywood - Juniper Hills - Kagel Canyon - La Canada - La Crescenta - La Tijera - La Tuna Canyon - Lake Elizabeth - Lake Hughes - Lake Los Angeles - Lake View Terrace - Lane - Leimert Park - Lennox - Leona Valley - Lincoln Heights - Littlerock - Llano - Los Feliz - Los Nietos - Lugo - Marina Del Rey - Miracle Mile - Studio City - Mirada - Mission Hills - North Hills - North Hollywood - Northridge - Oak Park - Pacific Palisades - Pacoima - - Winnetka - Woodland Hills- Rancho Dominguez - Reseda - Sherman Oaks - Sherman Village - Van Nuys - Agoura - Thousand Oaks - Camarillo - Simi Valley - Oxnard - West Hills - Toluca Lake - Topanga - Tujunga - Universal City - Sun Valley - Sun Village - Sylmar - Tarzana.

Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
We also specialize in how to stop foreclosure if you find yourself in a position where you
must stop foreclosure. From the beginning to the week of a foreclosure auction when you
must stop foreclosure fast and stop foreclosure now and you aren’t sure what to do, we at
JLR Management can provide stop foreclosure help since we are foreclosure prevention
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Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
Our clients are always satisfied with our ability to answer their most pressing and
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for, Sell House Fast, Sell House Cash, and Sell House Quick, but didn’t know if those companies could provide a fast house sale. But after working with JLR Management he was a believer and was pleased he could sell house quick, sell house fast, and sell house cash when he needed to sell my house quick for a fast house sale. “The JLR Management team is comprised of expert investors at not only sell house cash, sell house fast, and sell house quick, but they helped me sell my house quick when I needed a fast house sale.”
And John hadn’t realized we can also stop foreclosure if you aren’t sure how to stop
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foreclosure now whether he was in Los Angeles, Agoura Hills - Alhambra - Arcadia - Artesia - Avalon - Azusa - Baldwin Park - Bell - Bell Gardens - Bellflower - Beverly Hills - Bradbury - Brentwood - Burbank - Calabasas - Carson - Cerritos - Claremont - Commerce - Compton - Covina - Cudahy - Culver - Diamond Bar - Downey - Duarte - El Monte - El Segundo - Gardena - Glendale - Glendora - Hawaiian Gardens - Hawthorne - Hermosa Beach - Hidden Hills - Huntington Park - Industry - Inglewood - Irwindale - La Canada Flintridge - La Mirada - La Puente - La Verne - Lakewood - Lancaster - Lawndale - Lomita - Long Beach - Los Angeles - Lynwood - Malibu - Manhattan Beach - Maywood - Monrovia - Montebello - Monterey Park - Norwalk - Palmdale - Palos Verdes Estates - Paramount - Pasadena - Pico Rivera - Pomona - Rancho Palos Verdes - Redondo Beach - Rolling Hills - Rolling Hills Estates - Rosemead - San Dimas - San Fernando - San Gabriel - San Marino - Santa Clarita - Santa FE Springs - Santa Monica - Sierra Madre - Signal Hill - South El Monte - South Gate - South Pasadena - Temple - Thousand Oaks - Torrance - Vernon - Walnut - West Covina - West Hollywood - Westlake Village - Whittier - Acton - Agoura - Agua Dulce - Altadena - Arco Station - Arco-Plaza - Arleta - Baldwin Hills - Bar Code Term Annex - Barrington - Bassett - Bell Canyon -Belmont Shore - Bicentennial - Bixby Knolls - Bouquet Canyon - Box Canyon - Boyle Heights - Bradley International - Briggs - Broadway Manchester - Cabrillo - Calabasas Hills - Canoga Park - Canyon Country - Castaic - Catalina - Century City - Charter Oak - Chatsworth - Cimarron - City of Commerce - City of Industry - Cornell - Crenshaw - Crystalaire - Del Sur - Del Valle - Dockweiler - Dominguez - Eagle Rock - East Long Beach - East Los Angeles - East Rancho Dominguez - Echo Park - Edendale - El Sereno - Elizabeth Lake - Encino - Fairmont - Far - Farmers Market - Federal -Firestone Park - Flint - Flintridge - Fort Macarthur - Foy - Friendly Valley - Glassell - Glassell Park - Glendale Galleria - Granada Hills - Green - Green Valley - Greenmead - Griffith - Hacienda Heights - Hancock - Hansen Hills - Harbor City - Hazard - Hi Vista - Highland Park - Holly Park - Hollywood - Juniper Hills - Kagel Canyon - La Canada - La Crescenta - La Tijera - La Tuna Canyon - Lake Elizabeth - Lake Hughes - Lake Los Angeles - Lake View Terrace - Lane - Leimert Park - Lennox - Leona Valley - Lincoln Heights - Littlerock - Llano - Los Feliz - Los Nietos - Lugo - Marina Del Rey - Miracle Mile - Studio City - Mirada - Mission Hills - North Hills - North Hollywood - Northridge - Oak Park - Pacific Palisades - Pacoima - - Winnetka - Woodland Hills- Rancho Dominguez - Reseda - Sherman Oaks - Sherman Village - Van Nuys - Agoura - Thousand Oaks - Camarillo - Simi Valley - Oxnard - West Hills - Toluca Lake - Topanga - Tujunga - Universal City - Sun Valley - Sun Village - Sylmar - Tarzana! The next time you need to “Stop Foreclosure” or “Sell House Fast” think of www.BuyLeaseMyHouse.com
Go to http://www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
If you are located in Southern California and specifically around Los Angeles, and you need stop foreclosure help to stop foreclosure now and stop foreclosure fast but don’t know how to stop foreclosure then we want to talk to you and you want to talk to us to stop foreclosure. You must act right away to stop foreclosure to receive stop foreclosure help.
If you aren’t sure how to stop foreclosure we can help and we may be able to stop
foreclosure fast and stop foreclosure now! If you are in any other situation like divorce,
bankruptcy, job loss, relocation, or two mortgage payments, that makes you exclaim, Sell
My House Quick because you need a fast house sale and you prefer to sell house cash,
sell house fast, and sell house quick, then we’re here to help.

Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
We’ve contributed volumes on how to stop foreclosure, and pieces on Stop Foreclosure
Now and Stop Foreclosure Fast for clients needing stop foreclosure help. But we are best
known for our past commentary on Sell House Quick, Sell House Cash and Sell House
Fast for a fast house sale – that’s when sellers turn to us to for quick solutions to their
problems. “Sell my house quick” is what Julie told us she needed to do, and we were
able to buy her house and stop foreclosure. She wasn’t sure how to stop foreclosure, but
she knew she needed to stop foreclosure now and stop foreclosure fast. We were able to
provide stop foreclosure help and she was elated that we were able to stop foreclosure
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to stop foreclosure!

Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.
In summary, when you need to stop foreclosure and stop foreclosure fast and stop
foreclosure now, and you don’t know how to stop foreclosure but you know you need
stop foreclosure help, JLR Management is where you should turn. Our team is here to help when you need a to sell house fast or sell house quick or want to sell house cash – we specialize in a fast house sale. No matter where you may find yourself throughout Southern California, if you say, “I must Sell My House Quick,” then JLR Management can help right away since we buy real estate – any home or house – whether you’re in Los Angeles, Agoura Hills - Alhambra - Arcadia - Artesia - Avalon - Azusa - Baldwin Park - Bell - Bell Gardens - Bellflower - Beverly Hills - Bradbury - Brentwood - Burbank - Calabasas - Carson - Cerritos - Claremont - Commerce - Compton - Covina - Cudahy - Culver - Diamond Bar - Downey - Duarte - El Monte - El Segundo - Gardena - Glendale - Glendora - Hawaiian Gardens - Hawthorne - Hermosa Beach - Hidden Hills - Huntington Park - Industry - Inglewood - Irwindale - La Canada Flintridge - La Mirada - La Puente - La Verne - Lakewood - Lancaster - Lawndale - Lomita - Long Beach - Los Angeles - Lynwood - Malibu - Manhattan Beach - Maywood - Monrovia - Montebello - Monterey Park - Norwalk - Palmdale - Palos Verdes Estates - Paramount - Pasadena - Pico Rivera - Pomona - Rancho Palos Verdes - Redondo Beach - Rolling Hills - Rolling Hills Estates - Rosemead - San Dimas - San Fernando - San Gabriel - San Marino - Santa Clarita - Santa FE Springs - Santa Monica - Sierra Madre - Signal Hill - South El Monte - South Gate - South Pasadena - Temple - Thousand Oaks - Torrance - Vernon - Walnut - West Covina - West Hollywood - Westlake Village - Whittier - Acton - Agoura - Agua Dulce - Altadena - Arco Station - Arco-Plaza - Arleta - Baldwin Hills - Bar Code Term Annex - Barrington - Bassett - Bell Canyon -Belmont Shore - Bicentennial - Bixby Knolls - Bouquet Canyon - Box Canyon - Boyle Heights - Bradley International - Briggs - Broadway Manchester - Cabrillo - Calabasas Hills - Canoga Park - Canyon Country - Castaic - Catalina - Century City - Charter Oak - Chatsworth - Cimarron - City of Commerce - City of Industry - Cornell - Crenshaw - Crystalaire - Del Sur - Del Valle - Dockweiler - Dominguez - Eagle Rock - East Long Beach - East Los Angeles - East Rancho Dominguez - Echo Park - Edendale - El Sereno - Elizabeth Lake - Encino - Fairmont - Far - Farmers Market - Federal -Firestone Park - Flint - Flintridge - Fort Macarthur - Foy - Friendly Valley - Glassell - Glassell Park - Glendale Galleria - Granada Hills - Green - Green Valley - Greenmead - Griffith - Hacienda Heights - Hancock - Hansen Hills - Harbor City - Hazard - Hi Vista - Highland Park - Holly Park - Hollywood - Juniper Hills - Kagel Canyon - La Canada - La Crescenta - La Tijera - La Tuna Canyon - Lake Elizabeth - Lake Hughes - Lake Los Angeles - Lake View Terrace - Lane - Leimert Park - Lennox - Leona Valley - Lincoln Heights - Littlerock - Llano - Los Feliz - Los Nietos - Lugo - Marina Del Rey - Miracle Mile - Studio City - Mirada - Mission Hills - North Hills - North Hollywood - Northridge - Oak Park - Pacific Palisades - Pacoima - - Winnetka - Woodland Hills- Rancho Dominguez - Reseda - Sherman Oaks - Sherman Village - Van Nuys - Agoura - Thousand Oaks - Camarillo - Simi Valley - Oxnard - West Hills - Toluca Lake - Topanga - Tujunga - Universal City - Sun Valley - Sun Village - Sylmar - Tarzana! The next time you need to “Stop Foreclosure” or “Sell House Fast” think of www.BuyLeaseMyHouse.com
JLR Management – Sell My House Fast – Los Angeles’s Most Trusted Home Buyer
JLR Management – Stop Foreclosure – Los Angeles’s Most Trusted Foreclosure
Prevention Experts
Go to www.BuyLeaseMyHouse.com for more information, or call 818-582-6099.

30 Year Mortgage Rates Hit Another Record Low

Rates of 30 Year Mortgages fell to the lowest level on record for the second consecutive week, Freddie Mac reported on its noationwide survey, which dates to 1971.

Average rates on 30 year fixed rate mortgages dropped to 4.78 percent this week from 4.85 percent last week. For 15 year fixed rate mortgage, rates  dropped to 4.52 percent from 4.58 percent. For five year adjustable-rate mortgages, rates fell to 4.92 percent from 4.96 percent. Rates on one year adjustable rate mortgages fell to 4.75 percent from 4.85 percent.

These rates do not include any add-on fees such as points.

30 Year Fixed rate Mortgage Fall to 38yr Low

Wow, rates on 30 year fixed rate mortgages dropped to 4.98percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.

In Freddie Mac’s survey, the rate on a 15 year fixed rate mortgage dropped to 4.58 percent from 4.61percent. Rates on 5 year, adjustable rate mortgages fell to 4.96percent from 4.98percent last week. Rates on one year, adjustable rate mortgages fell to 4.58percent, from 4.91percent.

The rates are very favorable to buying if one can qualify.