Realtors: Don't Short Sales Stink?

SHORT SALES SUCK!!

We here at BlackDog Properties of Central Florida love our real estate agents. Why is there the stigma of the Real Estate Investor being a bad guy? Some real estate agents think that there is an unwritten rule against Investors and them working together. When it comes right down to it, if in harmony, we complement each other.

An average short sale takes 8-months to complete and all in all takes 30-hours. If you're a real estate agent and have attempted to work a short sale, you know this is generous. How often are you stuck on HOLD for at least 45-minutes at a time while your life is on pause? When the pre-screener on the other end answers, how often are they nice and courteous? NEVER!

When they begin speaking to you, they often start the conversation condesendingly, insulting your intelligence and laughing at your incomplete short sale package. Then you ask the homeowner to dig up the missing documents. As time goes by, you are now ready to resubmit the package. Then on HOLD again. And again. And again.

Then you find a buyer. Great news! Now, if only I could get the negotiator on the phone, then we could close this case out. Wait, you still haven't passed the prescreen part! 30 days go by, 60 days go by and you have yet to speak to the negotiator of your case. Then... you lose your buyer.

Short Sales Suck! Just check out the graphic to the right and you will find our tip for you to help get these things closed quickly! Allow us to free up those 45-minute to 1-hour blocks of your daily life. We do not charge you. You can be more attentive to your clients and work on client retention and referrals. You always get your commission, anywhere from 2.5% to 4%.

You can get more short sale deals closed; wash, rinse and repeat! Let us do all of the dirty work. We work with a team of real estate agents who funnel their short sales to us and they just focus on finding the buyers. On average, our deals are ready to close within 90-days!! All you have to worry about are getting the contracts signed!!

Call us today!!

BlackDog Properties of Central Florida

(407) 610-9975 Office Phone

blackdogproperties@gmail.com EMAIL

www.blackdogpropertiesfl.com Website

(800) 364-8905 Fax

Orlando Loan Modifications

HOPE for Homeowners (Help 4 Homeowners) and Hope Now

On a daily basis we are asked about orlando loan modifications and how the government programs can help, such as HOPE 4 Homeowners and Hope Now. Sure, we have no issues with modifying your loan as we have a great team of professionals that do nothing but loan mods, but there are many details and particulars that really need to be fine-tuned prior to proceeding with loan modifications.

It’s not that we want you to short sale with us… period… because it is definitely not that way. We purchase and sell homes in probate and bankruptcy, wholesale properties to investors, lease-option purchases… but the reality of the foreclosure cannot be ignored.

Last July, then-President Bush signed into law the $320-Billion homeowner bailout program aimed at modifying 1 to 2 million “at-risk” mortgages. I bet all you were probably thinking, wow, finally! A bailout for me!!! … WRONG! A bailout for ONE!

THE SKINNY: When the program was officially designed the intent was to help at-risk borrowers refinance into cheaper government-guaranteed loans. This was 1 to 2 million… but when the bill was officially enacted, the number was revised to 400,000. As of April 8, 2009, H4H had received 865 applications and modified only ONE mortgage!!! It's becoming something of a pattern: The government announces a program designed to stabilize financial markets or kickstart lending, but after weeks or months of delay, the goal is shifted or the program simply doesn't work as expected.

I explained this concept to a group of homeowners a few months back and I think I will provide a blog for it detailing why the program will not/did not work. Long story short, one of the main requirements was that you couldn’t be underwater by more than 5%. Do the math…… not exactly in touch with reality, is it?

Well, through all of this mess, to the rescue came… the Hope Now program. The problem with Hope Now has always been the percentage of re-defaults. You know, people who get their mortgage modified, but then six months later end up in default again. Remember, Hope Now is an alliance of lenders, which I endearingly call the alliance of evil (with all respect to Marvel Comics!!!) This alliance is nothing more than a group of banks! What are they trying to do??? Help the homeowner? They stated they were on course to double the number of loan modifications it completes in 2009, however, the group could not estimate how many of the homeowners it had helped fall back into delinquency.

The HOPE NOW February 2009 data shows that modifications were more than half of all solutions provided to homeowners. Yet, the number of foreclosures started in February increased from 217,000 in January to 243,000. Yes, foreclosures are still rising. The banks are still doing something fishy…

GET EDUCATED! With 53% of the loan modification defaulting within the first six months of modification and the banks knowing this, what are they really doing? The lender works with the troubled borrower, trying the entire time to GET AS MUCH MONEY AS POSSIBLE OUT OF THE TROUBLED BORROWER’S POCKET!

IN OTHER NEWS: The wall street journal reported last week that banks are getting ready to ramp up foreclosures since they are so far behind they are losing too much revenue. Do not be the next.


DO NOT FALL INTO THE MOUSETRAP: Call us RIGHT NOW, we are here to serve you.


Marilyn is standing by: (407) 610-9975 and at blackdogproperties@gmail.com