Archive for 'foreclosure'

Short Sale versus Foreclosure – Seller sells Kissimmee Florida Home

Monday, October 17th, 2011 at 7:44 pm  
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Short Sale versus Foreclosure.  Seller sells Kissimmee Florida Home after leaving the home vacant with the help of Sell Fast Realty listing and negotiating the short sale.

Ken had been trying to sell his home prior to listing with Evelyn Good at Sell Fast Realty for sometime on his own. He went to www.SellFastRealty.com and clicked on Sell My House Florida.  It was easy for Sell Fast Realty to obtain a buyer on this property within 2 weeks.  However, the house had been vacate for sometime so once we received the short sale approval on the property, the buyer needed to have an inspection.

Our contracts that are signed by the Sellers and Buyers always have the following language to protect our Sellers 1)This offer is subject to the Mortgage Companies taking a discount acceptable to the Sellers and waiving the deficiency judgment and 2)Buyer will be responsible to turn on the utilities for inspection.

The Buyer went to have the water turned on and found out that there was a water usage bill do in the amount of $42.00 which the Seller agreed to pay.  The Buyer had their inspection on the property and found several things wrong with the property.  Since the Buyer was obtaining FHA financing, the Buyer was required to make the repairs pursuant to the verbage that I included on the contract.

After all the repairs where made we were getting ready to go to closing then BAM! – 3 other liens showed up on title.  Two liens were for mowing the grass($550.00) and the other lien was a Target Visa Judgment that was against the Seller in the amount of $4,200.  I contacted the Mortgage Company’s Mitigator(Negotiator) and was informed that the Mortgage Company would not pay for the liens.  I didn’t take no for an answer. (Go www.SellFastRealty.com and click on Using a Realtor to Sell a House Fast Tab)

The Buyer was upset that they spent money on a house and now there were 3 more liens that needed to get cleared up prior to closing.  The Mortgage Broker and the other realtor was willing to contribute money towards the liens to sell the property but I didn’t want them to do that when I knew I could get the the Mortgage Company to pay these liens in order to sell the property.

First, I needed to call the Attorney for the Target Visa Judgment and negotiate a settlement.  The loan had been transferred to another attorney who said “the entire amount needs to be paid off”.  I laughed and said I wish they could but you see, the first mortgage is taking a discount, the second mortgage is taking $3,000 and the first Mortgage Company will not allow you to get paid 100% on this Judgment.  I informed them that this was a HAFA program and the most they could get was 6% which equals $252.00.  The Attorney said “NO”.  I then called Target Visa department and got a hold of their legal department who gave me a supervisor.  The supervisor and I did a conference call to the Senior Attorney handling the collection of the Visa Judgment and he agreed to accept the $252.00.  I told him about the conversation I had with the other attorney in his firm and he said because I knew someone at Target Visa was the only reason that I got this approved.  In other words, because I knew what I am doing I got my short sale approved.

The Seller and the Buyer closed with the Realtors and the Mortgage Broker receiving full payment for services rendered.  We have in-house negotiation which allows our Sellers to relax and let us do all the short sale negotiating for them without having all the worries.

I teach short sale negotiating and I have a 9 CD series available at www.ShortSaleNegotiating.com with examples of how to get your deals done.  I have saved Sellers over 37 Million Dollars and counting.

Below is the Video of the Seller – Ken who was excited to say good-bye to his home before the 2012 Deadline of not having pay taxes on the short fall amount.

www.youtube.com/watch?v=w8S76QJ0zr8

Let’s all work together as a team and help Sellers, Buyers, Realtors and Mortgage Brokers when it comes to selling and buying houses.  We all need to help sellers conduct a short sale versus foreclosure.

Saving Sellers $37 Million and Counting!!!

Kimberlee Frank

www.SellFastRealty.com

www.ShortSaleNegotiating.com

(407) 888-3433

 

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Foreclosure mistakes by banks allowed these Sellers to win with a short sale

Tuesday, September 20th, 2011 at 12:56 pm  
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Have you heard that the Banks make foreclosure mistakes when they foreclose on Sellers?  Well, they do!  On Monday, September 19, 2011, Sell Fast Realty assisted Sellers who thought that the bank had taken their property to foreclosure and they didn’t own it any more by selling the property on a short sale.  Let me tell you what happened.

The Sellers had their property for sale with Sell Fast Realty for over a year during the time when 60 minutes announced all the Banks foreclosure mistakes.  We had a buyer and were working the short sale, however; the bank did not want to do the short sale and took it to foreclosure.  At least, that is what they thought.  After several months from the time of the foreclosure, the house was then listed with an REO (real estate owned) Agent to sell.  The REO Agent spent money to repair the property because the agreement with the bank is that the agent would receive payment back for all repairs done to the property when the property was sold.  As to how much the agent spent, I am not sure but I sure would have hated to be that agent.  A Selling Agent found the Buyer and made an offer to the Bank and they accepted.  The Buyer spent money on inspection and appraisal to get a mortgage and later found out from the title company that the Bank did not have clear title due to their foreclosure mistakes.  The foreclosure action was then rescinded which meant that the Sellers were still the legal owners.

My Sell Fast Realty Agent, Evelyn Good, was following the property as it was her listing and she immediately noticed that something seemed wrong.  She checked the court records and found out that the Bank who made a huge foreclosure mistake had rescinded the sale and immediately contacted me.  After reviewing the information, I informed Evelyn Good to go get the listing and let’s sell it fast as we always do.  She went back to the Sellers, immediately got the listing and we placed it on the market.  Within 2 weeks we had several buyers.  The Sellers signed a contract with the same buyer who was trying to buy it from the bank for less than what she was willing to pay before.

Minor repairs were needed in the property in order for the buyer to obtain FHA financing on a mortgage.  The buyer agreed that she would pay for all the repairs which totalled up to a $1,000 or less.  The buyer asked that the Sellers do the repairs, however, Sell Fast Realty does not have the Sellers do the repairs unless they have the money and these Sellers didn’t!  When it came time to have the utilities turned on, there was an outstanding water bill due to someone tampering with the water.  The Buyer paid the $240.00 in order to get the utilities turned on.  Again, the Sellers are in foreclosure and they have no money.

The closing was on Monday, September 19th after two short sale approvals extension due to the fact that the buyer’s new mortgage company couldn’t close on time.  The Sellers received no money on the property, as they did not qualify for the HAFA program which could have given them $3,000 because they vacated the property for over 1 year.  However, Kimberlee Frank of Sell Fast Realty did get them a full satisfaction on the loan from what the bank agreed to take as a short sale from what was owed on the property and the bank waived the deficiency judgment.  In spite of the bank’s foreclosure mistakes, it turned into a win-win!

Here is the testimonial from the seller: http://www.youtube.com/watch?v=d2yG5OZY6AE

If you are a Seller and your property has gone to foreclosure, I ask that you check the court records and see who owns it?  Did your Bank do the same thing to you and make a foreclosure mistake?  Did the Bank rescind the foreclosure sale?  If you need help to find out if you still own the property, feel free to contact www.SellFastRealty.com or call 407-888-3433.

Know all your options about Short Sale versus Foreclosure, go to www.FreeFactsAboutForeclosure.com and download your Free Special Report.  This report always discusses how you can Save your Home!

In conclusions, Banks foreclosure mistakes allow Sellers to have a fresh start. If it wasn’t for Evelyn Good’s knowledge, experience and kind heart, these Sellers would have never known until the bank started to sue them for what was owed on the property in the future.  They don’t have to worry whether the bank can come back after them on a deficiency judgment for 25 years.  As a Broker, this is the knowledge and experience that I teach all of my agents when working for Sell Fast Realty Our #1 Focus is YOU!

Kimberlee Frank – Licensed Real Estate Broker and Expert Negotiator

www.SellFastRealty.com

(407) 888-3433

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Seller Sold Florida Short Sale house with Full Satisfaction

Sunday, September 11th, 2011 at 11:07 pm  
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Tony was so excited on Friday, September 2, when Sell Fast Realty sold his house without being responsible for large difference owed to Citimortgage on his home loan.  He started off last year using an in experienced Realtor to sell his house on a short sale.  After months and months working with that Real Estate Agent, he was referred to Kimberlee Frank at Sell Fast Realty.  I have done over 500 short sales and teaches realtors how to do short sales.   After receiving the file we had found out that the listing agent didn’t even meet the appraiser from the bank which ended up with a very high value on the property.  We couldn’t sell the property until we provided proof to the bank that the value they had was INCORRECT.

After a couple of months of working with Sell Fast Realty, we finally got the bank to agree to the purchase price of $130,000 allowing the Seller to sell the property.  There were two mortgages on the property and the Seller received a no deficiency judgment which is a full satisfaction of the loan.  The first realtor made a major mistake by not meeting with the realtor/appraisal from the bank.  The value of the property came back too high.  The buyer who had been waiting now for several months was able to purchase the property and close using our services.

How does a Buyer buy a short sale house?

Make sure that the listing agent is experienced in the short sale field.  Ask them if they have every done any short sales before?  Ask them if they negotiate their own short sales or they have someone else handle it.

Both Sellers and Buyers were happy that they used Sell Fast Realty and highly recommends us to anyone interested in selling on a short sale or buying a florida property.  You can see their testimonials at www.SellFastRealty.com/testimonials

Look forward to sharing more information me you all in the future.

Kimberlee Frank

www.SellFastRealty.com

407-888-3433

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