We used to have to turn down lower priced homes for sales that were short sales. Short Sales are more than double the work and if the home sells for $30,000 then the bank on average would only pay a real estate agent roughly $900 for the same work it takes to sell a million dollar short sale. The good news is that we have CASH investors that want to buy these homes and are willing to do all sort of creatives things to get it done!
If you have a home that is lower priced, we can handle it!
If you are doing a short sale as a seller of a home in Atlanta, then you might have a Freddie Mac Loan. Freddie Mac short sales are different because Freddie Mac is different, but something just came up recently that shocked us. Not only did Freddie Mac decide that they were going to try to get more than market value but they flat out said their policy is to discriminate against an investor buyer. Their price for an “Owner Occupant” was $8,000 less than the price for an “investor.”
What’s this mean?
If you have a short sale with Freddie Mac you might have to show preferential treatment to owner occupant buyers over corporate buyers. This is counter intuitive since many times the investor is the more qualified of the buyers.
Have you gotten a Handwritten Letter To Buy Your House?
If you are a home owner and you live in an area that is severely distressed or perhaps have started to miss payments. Chances are pretty good that you will get a letter similar to the one in the above video. As the slime ball marketing scheme goes (you have to watch the webinar for around $500 bucks) your handwritten letter will cause the unsuspecting home owner to open it. Home owners often lose their home in these scams, but almost as sad is the people who pay the money for this scheme think they will get rich off short sales.
The plan is pretty simple, short sales are tough and people are scared. The investor can make untold millions by sticking it to the bank one home at a time, meanwhile they look like a hero for your home as well. Since most of these “investors” are more than likely desperate as well (disclaimer: they very well could just be using the technique though) the person selling this type of advertising usually has financing, negotiation and everything set up. It’s actually a great idea in theory. The only problem is that the closing ratio is less than 50% and they usually can’t ask the question, “What happens if the bank does not agree to your offer?”
It all works because the would be investor has your attention, after all they are claiming to be a legitimate buyer. It also works because if you are a short sale candidate, likely you are scared and who would want to offend this buyer. Here’s some tips to avoid being taken advantage of:
Disclaimer: There could be real estate agents or investors utilizing this technique that are completely legitimate. Our policy is that if it’s a tactic that’s used to deceive people we just want to stay away.
You might think this is an odd thing to think about, but a few of the big banks have short sale twitter accounts. Ok, so they don’t have “SHORT SALE” twitter accounts, but they do have accounts on twitter for help. In particular, Bank of America, Wells Fargo and Suntrust have very active “help” accounts. If you are running into roadblocks on your short sale then they should be able to help. It’s worth noting that you really need to be the seller (home owner) or an authorized party. Otherwise, the best they can do is refer you to their customer service line.
The key to utilizing these social networks with the banks is to wait until there has been enough time passed and there is a real reason to complain, so to speak. Then you may have to “blast” them a few times in order to get an answer. Don’t get discouraged, they’ll ask you to “follow them” and then DM (Direct Message). If you aren’t a twitter user, that’s OK, but you’ll need an account to use this technique.
The Bank of America Short Sale twitter Account is: @BofA_Help
The Wells Fargo Short Sale twitter Account is: @Ask_WellsFargo
The Suntrust Short Sale twitter Account is: @AskSuntrust
This is a pretty common question from home owners that are afraid to a do a short sale. They are afraid that the bank will ask for money to complete the short sale. Some are also afraid that the bank will ask for money in other situations. Let’s cover the basics of the short sale and try to dispel these fears.
The lender cannot “TAKE” your money – This means they can’t touch your retirement, your bank accounts or the cash in your account. The “addendum” to this statement is that they can not take this stuff in a short sale situation. So where do you hear about this? In rare, very rare circumstances, the lender could pursue the deficiency through legal means, and how they do that varies by state by state.
In a foreclosure you are letting the bank have control [Note: Most foreclosures can be prevented, in fact, almost all can be prevented if the homeowner seeks help.] This includes their right to pursue you after the sale.
In the case of our listing in the River Club, we were able to sell the home without any deficiency judgement whatsoever and had the debt waived! So what are you waiting for, contact us today!
Jarvis Team Realty is the premeire short sale specialist team in Gwinnett County and greater Atlanta. Unlike other teams, we work short sales from start to finish with our own team, including an attorney, title specialist and negotiators (along with real estate agents).