Date:
Tues, Mar 13, 2012 6:30 – 7:30 &
Saturday, Mar 17, 2012 10 – 11 AM
Location:
1106 Colonial Rd ,
Memphis, TN 38117
The Church of Christ
at White Station
Room G209/210 – 2nd floor of CLC Bldg
Finding the best Memphis home deals
Experience counts in short sales, and a little insanity!
There are more and more properties listed as short sale attempts that never sale. Now I understand that there is a shortage of qualified buyers to make a dent in the housing inventory but I am not talking about that reason. The reason that gets me on my soap box is the reason of lack of knowledge. Not every real estate agent is qualifed to help a homeowner through a short sale. Selling a traditional listing is a piece of cake compared to navigating the short sale world. Yet so many agents list a property as a short sale and then don’t think there is anything to do until an offer is received. That is doing a complete disservice to the homeowner. Many times I call a listing agent on a short sale to inquire if the homeowner qualifed for HAFA. When I get the response of “what is that” I know this is an agent who should have referred this listing to a qualified, experienced real estate agent who specializes in short sales.
If you know someone who is falling behind on the mortage, send them a lifeline and direct them to www.MemphisShortSaleTeam.com .
HAFA Short Sale – A win win for homeowners in Memphis!
Sellers sold their home and no longer have to pay an overwhelming mortage payment and new buyers got a great buy on a home. But wait, it gets better. The sellers were paid $3000.00 to sell their home thanks to the government program called HAFA. At closing, the sellers not only were relieved of the financial obligation on their mortage but walked out with $3000.00 in their pocket.
Although getting a homeowner qualified for a HAFA short sale takes extra time and energy from the real estate agent, we at Memphis Short Sale Team believe it is worth the extra effort. To know that we were able to save a homeowner from foreclosure and get them paid to do so encourages us to continue on trying to find other Memphis homeowners who need our help.
Don’t just walk away from your mortgage.
With more homeowners facing difficulties in keeping with the mortgage payment and loan modifiications not working out for many homeowners, a short sale should be the next best option. Yet so many homeowners still are not familiar with a short sale. The challenge in Memphis is getting the word out that homeowners do have options.
One option is applying for a HAFA short sale – Home Affordable Foreclosure Alternative. All of our potential short sale clients apply for a HAFA short sale. This creates a lot more work for us as real estate agents but it is in the best interest of our clients. I have noticed very few agents take this extra step for their clients. These are the reasons why every homeowner should apply for a HAFA short sale if trying the short sale route:
Earn up to $3000 for relocation expenses
Freeze on foreclosure for 120 days
Release from deficiency
End your mortgage committment on your terms.
A HAFA short sale can be just what you need.
Reaching distressed homeowners in Memphis
While going through my database last night I came across some homeowners who recently lost their home to foreclosure. Frustration immediately hits me and I question why did they not try to sell the home before this happened? How can I let people know there is a more dignified solution to a mortgage crisis than walking away and ultimately a foreclosure? But when you have your mortgage lender breathing down your neck, I have to understand sometimes it just seems easier to just walk away.
But that is a temporary solution. Depending upon the type of mortgage a homeowner has, that balance on the mortgage may follow you. The home is no longer yours but the note you promised to pay still is. And the foreclosure is a public record so this can show up on job applications or disqualify you from a security clearance if applying for a government job later in life. Of course, I am neither a tax accountant nor an attorney so check these matters out for yourself and the laws of your particular state.
When loan modifications fail (and they fail quite often) take advantage of programs offered, particularly a short sale. Why would you not? You can even quite possibly get PAID to sell your home. Yep, another program from the government pays homeowners up to $3000 for a successful short sale. Not all homeowners will qualify but that is really just the icing on the cake. Even without this “move money” the benefits of a short sale far outweigh any other option when facing a mortgage crisis.
Now how do I let more homeowners know about the options available? I guess I will just keep trying to spread the word one homeowner at a time.
Short Sales…the beginning!
Short sales are not for the faint of heart. But if you have a servant’s heart and truly want to help people as a real estate agent, this is your niche.
I started my training on short sales in the beginning of 2009 and spend pretty much all of my education budget and time learning about short sales. As a real estate professional, I wanted to find a way to help our community while we are all going through this economic tough time. A group of us starting brainstorming in the latter part of 2008 and starting researching short sales. This group started out as 6. There are 2 of us left. As I stated, short sales are not for all real estate agents. It takes a certain skill set, a lot of patience, and tenaciousness.
Since that brainstorming time of 2008, Karen Stephens and I formed the Memphis Short Sale Team (www.MemphisShortSaleTeam.com) We realized quickly this type of transaction takes more than just one agent to keep everything on track. Karen handles the marketing of the home and I handle the paperwork and negotiating with the banks. And some days it’s not fun to be me. I know from the beginning that my goal of getting my client’s home sold and out from a mortgage they can’t afford to make is adversarial to the bank’s representative I have to deal with. But I do like to win, so NO is not an option in my world.
In our town, the Memphis and midsouth area, the latest mortgage crisis is not a class thing, it’s a job thing for so many. And until jobs become more abundant there will be more homeowners who are being crushed underneath the weight of their mortgage. And that is where we can help. Don’t just walk away from your mortgage….let us try to sale your home and give you a dignified exit.
Why I love Memphis, and you should too!
Memphis in the fall is absolutely beautiful. The tree lined streets, beautiful leaves, and not too cold temperatures makes it pretty close to perfect in my opinion. Next time you are out driving around the city take time to notice the beautiful colors of the leaves and the homes with such personalities. Perhaps the high taxes are worth it…but then again, maybe that’s taking it too far! Enjoy the autumn days while they are here.
