April Bi-Monthly News-Part 1
5 pages
Published by
aamundson
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Bi-Monthly News
Simple Things to Know When
Working with Distressed Sellers
Part 1 | April 2009
In this
Issue:
page 2
Cover Story Continued
$250 Transaction Fee Credit
Helpful Tips
page 3
April Birthdays
April RE/MAX®
Anniversaries
page...
[More]
Bi-Monthly News
Simple Things to Know When
Working with Distressed Sellers
Part 1 | April 2009
In this
Issue:
page 2
Cover Story Continued
$250 Transaction Fee Credit
Helpful Tips
page 3
April Birthdays
April RE/MAX®
Anniversaries
page 4
Legal Corner
page 5
Up-Coming Events
by Marylyn B.
Schwartz
Here are just a few tips and techniques to help
agents navigate the challenges we face when our
market is replete with sellers who are in various
stages of distress.
What you are not going to get
in this article is a certification or designation.
I am saddened to see how many so called
“experts” are out there offering classes, of a
few hours or a few days, and when participants
are done, they are “certified” as short sale or
foreclosure experts.
They are no such thing.
What these agents are learning is what would
be contained in the Cliff Notes of the Cliff Notes
were they available on the topic! What we need
to do is to help sellers understand their options
and where to go for the right help.
As my friend
and colleague, Allan Dalton, Top5inrealestate.
com (former president of Realtor.
com) would say,
“… agents and brokers are air traffic controllers
and not pilots…” in the process! And, keep in
mind that it is the sellers who are distressed and
not the properties! In most instances, we help
distressed sellers to move their perfectly fine
properties.
Keep the following in mind:
We got into this mess because: bad lending1.
decisions were made, people were greedy,
we used our houses as piggy-banks, we
spent more than we made and there was
the perfect-storm brewing elsewhere in the
world.
5M foreclosures 2008 and perhaps 3M2.
2009
Short Sale: Outstanding lien(s) on the3.
property equals more than the sale value
of the home.
REO or Asset Recovery: A
property taken back by the lien holder(s)
through a foreclosure and owned by bank.
Sheriff’s Sale: Bank sells property at a public4.
sale (auction).
Cash for Keys: Paying owner or tenant to5.
vacate and leave the home in good order.
Deed-in-Lieu: Rather than foreclosing on6.
the owner(s), the bank takes back the deed,
and the sellers are out of the home with no
other liabilities: Not a popular solution at this
time as banks don’t need nor do they want
more inventory.
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