foreclosure

It’s true! The big czar of the Treasury Secretary. The home he bought in Westchester County New York in 2004 for $1.602mm won’t sell for that same amount. He’s dropped the price to $1.575 million and still no buyers. He’s renting.

The answer when you can’t sell. Rent. And hope for almost enough money to cover the mortgage and not kill yourself coming out of pocket for the rest.

He owes $1.25million with 2 loans and is renting the house for $7500 per month.

finance.yahoo.com/news/Geithner-faces-sluggish-apf-15419661.html?.v=6

According to my handy dandy payment calculator, an interest rate as low as 6% ON BOTH LOANS will cover the mortgage payment. You know the 2nd mortgage interest rate is never that low. Unless he got a special deal. And of course there is taxes and insurance on a $1PLUS million dollar house.

I think he might be hurting…or looking for another way, ethical of course, to get his mortgage paid.

Maybe I’ll send him one of my marketing letters to get him to do a short sale.  Maybe we should all send him letters. 

Read the article.  It’s a shame actually.  Maybe he can find a solution…like taking offers from people – whether they are too low – and sell the house for what people want to pay.  We could get more short sales accepted.

Are your Guru packages missing something real important that you need to close your short sales?

It’s the end of the process, you’ve got your pre foreclosure short sale accepted.  And you’ve always planned on selling to an investor or an owner occupant, not keeping the house yourself.

And now, buyers are scarce.  You have a great house.  Brick – 4 bedrooms, 2 baths - and no buyers.

You look through your pre foreclosure and foreclosure packages from the guru’s you’ve spent hundreds and thousands of dollars on.  There is no discussion on how to find buyers of your short sales.  How can this important piece of information be missed?

Isn’t that what real estate investing is all about?  Reselling at some point to make your profit?

Now Discover 30+ ways to sell
Then tomorrow night Tuesday, December 9 at 9:00 pm EST you need to be on the first of a 3 part series Experts Talk – How to Find Buyers in Today’s Tough Buyer’s Market.

You’ll learn over 30 ways to find buyers.  If one won’t work you’ve got plenty more to choose from!

Finding Buyers in Today’s Tough Market

Sign up here at this link.  You’ll get the phone number and password to get on the call.  You’ll hear how to get money out of your short sales before the end of the year!  YOU CAN’T MISS THIS CALL!

Deb McMillan
The Short Sale Queen

PreForeclosures and The Government. Help or Hinder?
or
Is the Bail-Out Really going to Bail Us Out?

We certainly hope it will make a difference. There are lots of doubts. And whose to say that with the same people overseeing the new money that was overseeing the money before (which is why we got into this problem) the same thing won’t happen.

Money would go to congressional, legislative and presidential candidates for their campaign fund. Bad governmental policy is what got us here.

• allowing anybody to get a loan whether their credit qualified or not
• allowing the banks to give their reserves to congress in the form of campaign contributions (Obama was #3on the list for receiving the most in money from Fannie Mae)

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
More Buyers, More Lending

It could give banks the money they need, clear off the bad debt and let there be buyers. People who can get a loan and buy our houses after we get “shorter” short sale. (I have to say I didn’t create that phrase. Nathan Embry did. But I really like it and I’m using it. I think it describes exactly what we can do in this market. And it will only get better or shorter )

And we should be able to get a shorter short sale. The banks want these houses off their books. The government will feel the same when they get them. They will be overwhelmed.

I believe the same banks will service them. They can’t afford to train thousands of new loss mitigators to re-work loans and short sales. There will just be new guidelines. And, like always, and the way business is in Corporate America, if the new guidelines don’t provide the desired results, they will change the guidelines.

How do I know this? What I do know is Fannie Mae called Countrywide on Friday September 26th. They said and I repeat “if a rebuttal BPO comes in, split the difference and accept the price” Is that something good to know?

Did you hear what they said? Submit a rebuttal BPO!!!!!!Usually submitting a lower bpo that the realtor isn’t difficult. I’m not saying lie. I’m saying don’t lie! The property values today are decreasing (depreciating) just about everywhere. You will 99% of the time be able to find lower value properties.
Easy! Think outside of the box!

Use houses that are distressed…have already gone to foreclosure sale. Let the bank know. The bank is looking for something in writing to confirm their sale price. They don’t want to be seen as only giving friends good prices. (The loss mitigators don’t want to make the news headlines like the CEO’s etc. are) They must have data. And now they will accept it. Stay tuned right here. The www.shortsalequeen.com to get monthly coaching and all the updates you’ll need to get your deals closed in these new “shorter” short sale times!

Deb McMillan
Believe in Your Own Success!

Well here we are 3 months later.  We’ve been promised money to bail people out of foreclosure.  We’ve been promised more people won’t go to foreclosure.  We’ve been promised to buy stocks at the failing banks not the properties that are in default.  And we are still waiting for something. 

A few counties are reporting a decrease in foreclosure filings but I’ve not seen it in my county yet.  Get the government involved and you guessed it, wait.