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Looking for Distressed Properties? Search all the FORECLOSURES and SHORT SALES in NORTHERN COLORADO.
Tuesday, February 22, 2011
REAL ESTATE MARKET STATISTICS: Northern Colorado (January 2011)
Looking for to move in Northern Colorado at this time of the year? Check out the latest Market Statistics for the month of January, 2011 right here and let Rob Kittle & The Kittle Team help you, whether you are looking to buying or selling property in Northern Colorado – - – Give us a Call
What You Should Look For In A Buyer Of Your Fort Collins Short Sale Property?
Fort Collins CO – Short Sales can be tough.Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.
You, the seller set the rules. After all, you still own the property.
But, more importantly, you must set the rules for offers.
If you don't then you dramatically reduce your odds of successfully short selling your property.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is what you should think about before you take your home off of the market.
1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad. The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.
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Thursday, February 10, 2011
Fort Collins Short Sales: How To Get A Short Sale Lender To Waive Deficiency Clause
Fort Collins CO – The Stop Foreclosure Institute recently received a question from John. Here is John's Question.
"I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase.
How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.”
Discover how other sellers successfully d foreclosure by clicking here.
Here is the answer to John's Question: John, you need to read thru the short sale approval letter. See if is contains any language like “Payoff”, “Forgiven”, or “agrees to release the debt.”
Have an attorney read it over to make sure that it says the debt will be released. If it doesn’t say the debt will be released, then here is how you can re-negotiate for them to issue a complete release.
1. Request that the deficiency be waived. Tell the lender you will not short sale the property unless they give you a complete release.
2. Show proof that you cannot afford the deficiency payment. A debt from an absolutely broke person is worthless.
3. Show proof that the lender will net more money from the short sale compared to a foreclosure. This is your agent’s job to do. They will put together a calculation showing how much the lender is netting from the short sale, and project what they would net from a foreclosure.
If you cannot prove that you income doesn't cover your bills, then you may need to look into other avenues. You can look into getting a forensic loan audit to see if the lender broke any lending laws on the loan. 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 RobKittle@kw.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 (970) 690-4920
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Fort Collins 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, Rob Kittle.
Rob is a Real Estate Agent at Keller Williams Realty. Fort Collins Short Sales Realtor:
Phone: (970) 690-4920. RobKittle@kw.com.
We Specialize, You Benefit
View My homes for sale at www.RobKittle.com.
Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor , Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.
This information on Fort Collins Short Sales: How To Get A Short Sale Lender To Waive Deficiency Clause is provided as a courtesy to our viewers to help them make informed decisions.
Will I Still Have To Pay Property Taxes If I Do A Fort Collins Short Sale?
Fort Collins CO – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.
"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.
That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.
This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.
Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.
A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.
So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.
Every short sale the Stop Foreclosure Institute has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. 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 RobKittle@kw.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 (970) 690-4920
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Fort Collins 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, Rob Kittle.
Rob is a Real Estate The Kittle Team at Keller Williams Realty. Fort Collins Short Sales Realtor:
Phone: (970) 690-4920. RobKittle@kw.com.
We Specialize, You Benefit
View My homes for sale at www.RobKittle.com.
Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor , Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.
This information on Will I Still Have To Pay Property Taxes If I Do A Fort Collins Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
Wednesday, February 9, 2011
Fort Collins Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency?
Fort Collins CO – The Stop Foreclosure Institute recently received a question from Max. Here is Max's Question.
"If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer to Max's Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale.
There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can't pay on their claims.
In this situation your lender may or may not pursue you for the loss.
(I've written extensively on deficiencies on other blog posts. In 60-75% of all short sales, you won't owe a deficiency. E-mail me at RobKittle70@msn.com and I can research your specific situation.)
The other problem is that many Mortgage Insurance Companies have terms written into the mortgage that they can pursue you for the loss.
They are more aggressive with trying to be repaid. In the few short sales we have negotiated and the lender asked for a promissory note, the person requesting it usually was the Mortgage Insurance Company.
But, they only ask for a promissory note about half the time. In addition, the promissory notes are usually for an amount lower than the loss.
For example on one short sale, the loss was around $59,000. The seller agreed to a promissory note of $10,000 to be repaid over the next 10 years with Zero Interest. Their Monthly Payment was $83.33.
We won't know if they will ask for a promissory note until the short sale is in progress. If you know you have Mortgage Insurance, then you need to find and aggressive short sale agent.
They will work to get an promissory note or deficiency waived. 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 RobKittle@kw.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 (970) 690-4920
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Fort Collins 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, Rob Kittle.
Rob is a Real Estate Agent at Keller Williams Realty. Fort Collins Short Sales Realtor:
Phone: (970) 690-4920. RobKittle@kw.com.
We Specialize, You Benefit
View My homes for sale at www.RobKittle.com.
Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor , Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.
This information on Fort Collins Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency? is provided as a courtesy to our viewers to help them make informed decisions.
Tuesday, February 8, 2011
How Much Do You Charge For A Short Sale in Fort Collins?
Fort Collins CO – The Stop Foreclosure Institute recently received a question from Tawny. Here is Tawny's Question.
"I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tawny."
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer to Tawny's Question: A Short Sale doesn't cost the homeowner any money. All of the costs are paid for by the homeowner's lender.
Now, I'm sure you are asking, "The bank is losing money on the short sale. They wouldn't want to have to pay to sell the property."
Many people also think this. After all, it makes sense logically. But, it's actually not the case.
Banks have been lending money for centuries. They have learned from past experience that a short sale is a good way to cut their losses.
In fact, a recent study by the Boston Consulting Group actually showed that a short sale reduced a lender's losses by 20%, compared to a foreclosure.
After a lender forecloses on a property they put it up for sale. They have to hire and pay a real estate agent and all the other related costs.
Why not pay those costs on a short sale and cut their losses by 20%? It's a good business decision. And that's why a short sale doesn't cost the homeowner anything.
Your lender covers all the cost including the real estate agent, title fees, and other closing costs. 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 RobKittle@kw.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 (970) 690-4920
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Fort Collins 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, Rob Kittle.
Rob is a Real Estate The Kittle Team at Keller Williams Realty. Fort Collins Short Sales Realtor:
Phone: (970) 690-4920. RobKittle@kw.com.
We Specialize, You Benefit
View My homes for sale at www.RobKittle.com.
Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor , Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.
This information on How Much Do You Charge For A Short Sale in Fort Collins? is provided as a courtesy to our viewers to help them make informed decisions.
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