Facing Foreclosure? If time and equity isn't a factor, List your home with a Realtor

If you are behind on your mortgage payments or are facing foreclosure in San Antonio, you may be able to list your home with a realtor to avoid foreclosure. Listing withi a real estate agent can at times be a great option for people who have time on their side and a house in a great location in Bexar County in excellent condition. This choice is a good alternative and may result in a homeowner getting " market value" for his or her home while foreclosure is being stopped. This is all assuming the homeowner wants to move out and sell the property.

However, there are som downsides of listing with a realtor. If the homeowner does decide to try to list the home on the market the realtor's commission must be paid out from the sale. Remember that the seller pays BOTH the listing and buyer's agents' commissions. In Bexar County, this can cost 6% or more. Fore instance, lets say that you sell a $300, 000 property- that is $18,000 in commissions alone!!! Furthermore, as a seller, the homeowner must first make the house look presentable, deal with buyers and be willing to show the home at all times with no guarantee that anyone will buy the home in time to stop foreclosure. Is the risk worth it?

If the homeowner is lucky enough to get an offer before the foreclosure auction date, remember that buyers are picky people, and will make an offer subject to a home inspection. The inspector will spend 3 to 4 hours gonig through the homeowner's hoem with a fine-toothed comb. If they find anything wrong with the property, the homeowner must be prepared to fix it, and to have the funds available to do the repairs ( or hire a professional to do them such as a contractor). If the homeowner is already behind on mortgage payments, he or she may not have to list with an agent.

Sometimes if an owner realizes that they're going on a path towards foreclosure and begins to mitigate this problem right away there will be time to list with a realtor and maybe even walk away with some of the equity from the property. If a homeowner has the time and ability to list the house with a realtor then this should be done with someone who knows the San Antonio, Bexar County area enough to get top dollar for the home. Do NOT forget that in Bexar County you only have 21 days from the Notice of Default date. It's important to find the right company to help the homeowner list his or her home and sell it in the shortest time possible with the highest return possible.

I am a loss mitigation expert and know how the banks work. If you are facing foreclosure or know anyone facing foreclosure, visit my http://www.SellPreforeclosureHouse.com and /or email me at sushimellow@gmail.com for a free 30 minute consultation on your current situation. Remember ,we exhaust every option available. If you would like to keep your home, we examine your current situation then we advise you on what your options are.

http://www.SellPreforeclosureHouse.com

210-625-0835

Sample Hardship Letter

Every short sale must be submitted with a hardship letter.
Here are some points to highlight on the letter:
1. Always have the home owner sign and date the letter
2. Never refer to yourself as an investor, use the words " buyer" .
3. Make the letter a personal, emotional letter. You almost want someone to cry after reading it.
4. I prefer that the homeowner hand write the letter however, if their writing sucks, typing the letter is a great alternative.

Sample Letter

John Doe
12345 Lakeside Dr
San Antonio, TX 78000
December 25, 2008

HSBC Mortgage Services
P.O. BOX 60139
City of Industry, CA 91716

Dear Sir or Madam,

I am writing this letter to explain my current financial and life situation in which I am in currently. It is rather embarrassing, frustrating and at times completely hopeless. I hope you can help me.
Recently, I ( John Doe) was approached by my employer to accept less hours at work starting in January, 2009 and this has really put the pressure on me. Also, I let a friend of mine use my name to get the mortgage for the property on 12345 Lakeside because he is , or was now, a close friend. Now, he’s missed a few payments and I simply cannot afford to pay this from my current earnings.
Also, I own six duplexes located on 12345 Backside St. I’ve been having many problems with renters not paying rent and I’ve had to do a loan modification on that property. I’m also one month behind because of renters not playing rent. One of my renters recently moved out and didn’t even tell me. When I went to go see the unit he was living in, I found out that he totally trashed that place. I had to spend the remaining money of what I had to try and fix this. I did a lot of the work myself however this put me back financially big time. The financial stress has really put my relationship with my wife at a cross roads right now. We are currently not very happy and may end up filing for divorce.
With my duplexes not rented, my income has basically decreased by over $2000 / month and with the advent of my hours being cut at work, I will have a very hard time making subsequent payments. My friend really screwed me on this deal. I let him use my name and now I can’t even find him. I went to go talk to his parents and they don’t even know where he is.
Currently, our credit cards are over leveraged and we are having a hard time making ends meet. Sometimes, just the day to day expenses are tough to pay. Given the current situation, my wife and I are possibly thinking about filing bankruptcy. I think this may help our situation, however, we are not sure yet. We are still seeking legal advice.
As a last resort, I am trying to sell this house to get out of this situation. We tried selling it on our own for many months now however no one wants to buy this property because it needs about $18,000 worth of work according to one of the buyers. I also had one of my friends, who is a contractor, look at the property and he says it might need even more work than that. I now realize that I owe more on this property than it’s worth.
Finally, I please ask that you accept this offer from this buyer because we really need to get out of an ugly situation that will get even worse given the fact that my hours at work will be cut in 2009 and that I have had a hard time getting renters in my property. Please, I pray to God that you will have a soft spot in your heart to help me out. This might actually end up saving my marriage.
Right now, this is not the ideal lifestyle or situation for me. My credit is at an all time low. My morale is shattered. I basically have no savings and am living paycheck to paycheck. As I mentioned before, there’s a lot of mental stress building up right now and sometimes I do not know what to do. I have even had suicidal thoughts, however, I know I have to be strong and keep moving forward knowing that a miracle will come soon. With this happening and with all the hardships I am facing, I ask that you please consider my situation.
Your consideration is greatly appreciated.
Sincerely,

Signature Goes Here

John Doe

To download a free report on how to stop foreclosure, visit http://www.SellPreforeclosureHouse.com

How to influence the BPO

In a short sale, the most important part of the process is influencing the BPO. BPO stands for brokers price opinion. When you submit a short sale to the bank, the bank will order a BPO to make sure the offer is within reason. The BPO will tell the bank how much they think the house is worth. So, how do you influence the BPO?

First, when the bank calls you to set up the time for the interior inspection of the home, get the BPOs contact information. Fax the BPO the 3 lowest active, pending and sold comps. Also, explain what's going on with the home owner.

Another trick I use is tell the BPO that within the comps, there were concessions so the actual cash price is 6% lower since my deals are all cash deals. Always do some research and find out how many sex offenders there are within 2 miles of the property because that can decrease the value of the home. Also, find out if the foreclosure rate is high. Since this is a declining market, you can tell the BPO agent that when the short sale is finalized, the home value will have decreased another 3%. I always check to see if small things are damaged such as sprinklers. It costs almost $2000 to get those things fixed.

Finally, find out if the home is in a flood zone. You can get great discounts on the property on this alone. If the home needs work, find the highest repair estimates available and show that to the BPO. You have to tell get the BPO to tell you a low price without actually telling them the price. Play jedi mind tricks with them. Remember, this is someone's opinion so you will not get the BPO to come out in your favor 100 % of the times.

If you know someone facing foreclosure in the San Antonio, Texas, and needs to get out of the situation, email me at sushimellow@gmail.com or go to my website at http://www.foreclosurequickstop.com/ and fill out a form for a free 30 minute consultation.

I am the best in Bexar County when it comes to getting short sales done.

Elevator speech sample

This is a sample of my elevator speech I try to give to at least 3 new people daily to hopefully get more short sale leads.

Elevator Speech

I specialize in buying and selling houses from people behind in their payments with no equity, they can’t sell their house. For example, you have a house worth $150k and they owe well over $200k. Well, those people are everywhere right? Those people come to me and I make an agreement with them that basically says that I’m going get them to accept a settlement on their account and resell their house. I don’t charge them anything. I make my money on whatever the difference what I buy it from them for and what I sell for. If the person I'm speaking to asks me if I'm talking about a short sale, then I say " yeah, it's a short sale" . However, I treat the situation as if they know nothing about short sales. This should help you increase your short sale leads. At the end of the conversation, give them your business card.

I am the ultimate authority when it comes to pre foreclosure investing. If you know anyone facing foreclosure or if you are facing foreclosure in San Antonio, Texas, go to my website at http://www.SellPreforeclosureHouse.com and fill out your information for a free 30 minute consultation on how you can stop foreclosure.

Top 5 Obstacles for Realtors to earning commissions through short sales

1. Commissions are discounted by the lenders
2. Realtors need a written offer to send to banks and there are no current offers
3. Realtors send the short sale package to the foreclosing lender without an offer and the lender rejects it
4. Realtors find a buyer to close on the deal but the short sale negotiation ( loss mitigation) process takes too long for the buyer " walks" .
5. The agent wastes time negotiating with lenders when they should be promoting their properties and /or themselves in the mean time.

I will next write about how an investor can come in and help the realtor in each of these situations.

I am the ultimate authority when it comes to investing in short sales in San Antonio, Texas. If you are facing or know someone facing foreclosure, have them call me or email me. My phone number is 210-625-0835. My email is sushimellow@gmail.com . Again, for a free 30 minute personal analysis on how you can stop foreclosure, fill out your information at http://www.SellPreforeclosureHouse.com , and I will personally contact you. We will analyze your situation and get together a game plan on how to stop foreclosure.

Why Investors should partner up with Real Estate Agents in Short Sales

If you're investing in pre foreclosures there are certain things you must do to guarantee success. One of the most critical things you can do to guarantee success is to partner up with realtors. Realtors need investors to submit offers on short sale leads and investors needs realtors to list the pending short sale leads in the MLS. Easy enough?

Working with realtors benefits the investor in two important ways. First, they are a great source of leads to proplem properties, including short sales. Next, they can benefit you as a source for buyers.
Lenders are now requiring that homeowners facing foreclosure to list the property with an agent. As a result, 75% of houes in default are under the control of the realtor. Why not take a short cut to success and go to where the deals are? Investors can continue to cold call, door knock and send direct mailing pieces to gain access to the other 25% on the deals out there that are not listed, but why? This would actually cost more money.
I am an expert when it comes to investing in short sales in San Antonio, Texas, so if anyone has any questions, please email me at sushimellow@gmail.com . Also, if you are facing foreclosure, you can go to my website at http://www.SellPreforeclosureHouse.com, fill out your infomation to recieve a free personalized consultation on how you can stop foreclosure. We analyze your situation and develop a custom game plan to stop foreclosure.

A Few Facts and Fallacies About Foreclosure

There are many misunderstandings concerning the issue of foreclosure in Bexar County. Unfortunately these misconceptions have lead many homeowners in San Antonio to take all the wrong actions in trying to stop the Texas State foreclosure process, which ultimately caused them to lose their homes. Below are a few of the myths that seem to persist regarding bank foreclosures.

The bank wants your Bexar County home so they can resell it.
Nothing could be further from the truth. The bank almost never wants your house; they want the money you owe along with interest. Typically banks usually hate going through the foreclosure process and will bend over backwards to work with homeowners in avoiding a foreclosure.

The bank won't modify my payments. I'm all out of options.
The bank wants you to bring your payments current. Period. Remember they are in the money business. The interest on your loan is their lifeblood. All is not lost however. If this isn't practical for you then a mortgage negotiation professional can set up a plan for you to pay just a portion of the arrears, set a plan to pay future current payments and catch up on the remaining arrears over time.

The foreclosure notice was delivered today; I have to start packing
Depending on your lender, you may have a very long foreclosure process. This may give you several months, if not longer to move. Remember that you have to find a new place to live because eventually you will be physically removed.

I'm in foreclosure, no bank will refinance me out of this foreclosure
This depends on the amount of equity in the home and its Loan To Value (LTV) ratio. If that ratio is right there are specialty lenders who will pay off your current lender and hold the note. Ideally, the LTV has to be under 60% to be able to refinance in today’s market.


I'll just file bankruptcy and save the house
For starters this isn't as easy as it once was. Bankruptcy laws are getting tighter and deliberately more difficult. A chapter 7 bankruptcy will stop the home foreclosure only temporarily. The caveat is you need to do something else to keep the house in the long run if you are facing foreclosure in Bexar County.

The bank has our house so we can wash our hands of the whole affair.
This assumption has come back to haunt many people. If there is a deficiency you may still owe the difference plus any interest even though you no longer own the home.

I pulled off a minor miracle and got all the money I owe the bank to bring me current, but I'm afraid it's too late to stop the foreclosure process.
Wrong. In Texas if you have all of the money you owe the bank they have to take it and stop the foreclosure. It is the law, and besides the bank doesn't really want the house back in the first place.

The Bank get to keep all my stuff once they take my home
The rule of thumb here is if you can carry it away it's yours. You keep your personal property, but permanent attachments to the house should stay. Don’t turn it into an issue by taking everything from floor to ceiling. That will just insure trouble.

The bank started this process. They can't expect me to pay legal fees.
They do and you will if you want to keep the house. The amount will vary depending on what is contained in your mortgage agreement.

There's nobody in San Antonio to help me stop my home foreclosure
In this you have more help at your fingertips than you might imagine. There are many professionals who can help you avoid foreclosure in Bexar County. I have access to many

These are a few of the rumors out there involving foreclosure. The best advice is to contact a foreclosure prevention specialist in Bexar County and allow them to handle the process.

The best person any home owner in Bexar County, San Antonio, Texas can turn to is Emilio Kim. He is an expert when it comes to foreclosures. He knows the laws and has the right people and systems in place to help you avoid foreclosure. If you truly want choices, Emilio is the only person you should be calling. He will assess your situation and advise you on the options you will have. If you want to keep your home, he’ll show you ways you can do that if your circumstances allow. If not, he has other options to help stop foreclosure.

Please contact Emilio Kim as soon as possible because time is not something a home owner has if foreclosure is pending. Also, if you are facing foreclosure, you can go to my website at http://www.SellPreforeclosureHouse.com, fill out your infomation to recieve a free personalized consultation on how you can stop foreclosure. We analyze your situation and develop a custom game plan to stop foreclosure.