facing short sale and foreclosure

Transcription

1 Your options when facing short sale and foreclosure Joe Bourland REALTOR, ABR, CRS, QSC W. McDowell Rd, Ste B-2005 Avondale, AZ JOEARIZONA.com

2 Does it feel like you just can t handle anymore bills? Mortgage company constantly calling? Don t know what to do? You have options! The fact is banks DO NOT want your house. They are in the business of lending money not selling houses. They generally will do what ever they can to avoid a foreclosure. In the long run it is less expensive for them to not take back your home. And in today s market they certainly do not want to compete with the tens of thousands of listed homes. Most home owners do not understand the rules of a trustee sale or how to avoid it. The Bourland Group can help. We are not attorney s or investors looking to take your money. We want to help you make the best decision for yourself allowing you to move on with your life and get back on the road to financial stability. You may be better off than you think. We have years of experience just ready to help. Do not wait until it s too late. Call now! Call today for a truly FREE, truly NO OBLIGATION consultation

3 What You Can Do To Stop Foreclosure When a homeowner begins missing mortgage payments, the lender has the right to begin a foreclosure action to take the home and sell it at auction to recapture the money it lent. Before the lender can begin the action of foreclosure it must publish a Notice of Default (NOD) which states that the homeowner has X number of days to bring the loan payments current or they will seize the home. The minimum amount of time allowed in Arizona is 90 days from recorded notice. The period between the time the NOD is published and the date that the bank can take the home is referred to as pre-foreclosure. In Arizona, most banks utilize the trustees sale instead of the lengthy and costly formal foreclosure. During pre-foreclosure the homeowner may choose to take one of the following actions: Sell Property Net sales price exceeds debt. Normal home sale. Leaseback Sell home to investor and lease property from new owner Deed in Lieu of Foreclosure Give property back to the lender to avoid foreclosure Forbearance/deferment Lender allows more time to bring the loan up to date Short Sale Lender approval required

4 What is a Short Sale? During a short sale, the seller s lender(s) accepts a discounted payoff to release the existing mortgage, i.e. the home sales for less then what is owed. In a short sale the lender has the right of refusal on any offer, even if the seller accepts. Keys to a short sale: Confirm you qualify. Be aware that the seller will need to be in default (not making mortgage payments) before a lender will even consider a short sale option. Some lenders require a seller to be 60 days late with a payment prior to any review of a short sale packet. Make the decision. Know all of your options before making the decision to attempt a short sale. Lenders will want a full financial statement from the seller. Typically, a lender will attempt to tap cash assets prior to agreeing to take less then the loan amount to settle. If you have other options, consider what is best. Start early. With only 90 days to close a transaction from the trustee s sale notice, time is of the essence. Make the decision to cut your losses and put a plan of action in place. Know the process. This process is not for the faint of heart nor the inexperienced. It is paramount for homeowners to use a seasoned real estate team that knows the mind set of a lender and the process to get it done. These transactions often require a lot of hidden work that most agents are unaware.

5 1. How is the seller s credit affected? Common Questions According to Cindy Givens of Wells Fargo Home Mortgage in Goodyear, sellers will take a bigger hit on their credit report by going through foreclosure or giving the lender a deed-in-lieu of foreclosure. Points lost on a FICO score are as follows: Foreclosure or Deed-in-Lieu of Foreclosure Both of these solutions affect credit the same. Generally, sellers will take a hit of 250 to 280 points to their FICO credit score. Short Sale The affect of a short sale are not as severe. Credit reports typically show an 80 to 100 point decrease from pre-short sale FICO scores. 2. How long will seller s have to wait before buying another home? Though sellers may legally purchase a home immediately after the sale, lenders will not affordably loan money to anyone with recent heavy credit issues. Foreclosure or Deed-in-Lieu of Foreclosure A seller who wants to buy another home after foreclosure will typically need to wait about 36 months before a lender will offer any kind of interest rate that would be affordable. Short Sale The good news for short sale sellers is that the wait to buy another home is much shorter. Generally, short sale sellers may buy again in 18 to 24 months with no additional derogatory items on their credit report. 3. Why is Joe Bourland wanting to help you? What s the catch? Bottom line is we are the good guys. We take a lot of satisfaction in helping people in bad positions. The ONLY way we make any money is if you decided to sell your home with us. Even then we only earn a commission on what we sell. Our goal is to help you now, earn your trust and earn referrals for future business.

6 Mission Statement Many agents think that their most important job is satisfying the customer. We don t think that s entirely true. We believe that satisfying the customer is simply the minimum requirement for staying in business. Our team works constantly to improve our systems, processes, and services to go well beyond the standard level of service provided by most agents. Simply put, our objectives are to get you the most money in the least amount of time, and with the fewest hassles. We want to provide the best service in the industry. Period. We want to make you so satisfied that you listed your home with us that you will gladly refer us to your friends and family. You don t build it for yourself. What you do is know what people want and build it for them. Walt Disney Personal Real Estate Advisors for Life Being your personal real estate advisor is not only our business philosophy but also a life-long commitment to providing you with exemplary personalized service beyond your expectations. It is also our intention to listen, hear, and truly understand your needs a quality of business conduct that seems to have been forgotten in today s highly automated society. As your personal real estate advisors, it is our job to not only understand your needs, but to respond to them promptly, professionally, and with integrity. It is our pledge to provide you with sound real estate advice, helping you understand the strategies of decision-making and the future implications of the decisions you make. As your personal REALTOR for Life, we feel it necessary to provide all of our clients with a relationship they have grown to trust and to provide value and service after the transaction so that the changing needs of each of our clients are addressed on a continuous basis. Joe Bourland Your Personal REALTOR for Life

7 Meet our Team! MOTIVATED INDIVIDUALS WHO HAVE COME TOGETHER FOR A COMMON GOAL YOU! Joe Bourland, ABR, CRS, QSC, REALTOR Listing Specialist Moving to the Valley in 1995, Joe was immediately drawn to real estate. His attention to the client s needs and market conditions have made clients satisfied for years. Joe heads one of the top teams in the area as well as serves as a director of the local Board of REALTORS. When not working, Joe enjoys coaching his two sons sports teams and attending local industry events. Courtney Bourland, REALTOR Director of Marketing Our Director of Marketing, Courtney Bourland spends her time developing new ideas to get your home sold. Her focus is to continually stay ahead of the curve and assist with introducing and implementing several different marketing plans. Courtney and Joe work closely together to ensure the highest level of customer support. Courtney has over 15 years of real estate marketing experience. In her free time, Courtney enjoys volunteering at her boys school and recently took up quilting. Janan Palmer, Realtor, CDPE Transaction Coordinator/Virtual Assistant Janan is the master of smooth! Whether you are buying or selling, Janan will make sure the transaction flows as smoothly as possible. From coordinating the inspection, working with the banks, to processing the paperwork you can rest assured that you will be constantly updated and informed of the process of your transaction. When Janan is not working, she is spending her time with her husband and their 3 sons.

8 Joe Bourland JoeArizona.com Affiliation RE/MAX Professionals joearizona.com W. McDowell Rd, Ste B Avondale, AZ Experience 2003 RE/MAX International President's Club 2003 Glendale Board of REALTORS President's Roundtable Bronze 2003 July Agent of the Month 2004 Quality Service Certified Platinum 2004 Glendale Board of REALTORS President's Roundtable Silver 2004 July Broker/Agent Magazine Professional Profile 2004 October Agent of the Month 2004 RE/MAX 100% Club 2005 Promoted to Century 21 Metro Alliance Branch Manager 2005 Glendale Board of REALTORS President's Roundtable Bronze 2005 Quality Service Certified Platinum 2005 Elected as Director of the Glendale Board of REALTORS 2005 October Quality Service Certified National Agent of the Month 2006 Elected Director of the West Maricopa County Regional Association of REALTORS 2006 Glendale Board of REALTORS President's Roundtable Bronze 2006 Quality Service Certified Platinum 2007 Century 21 International Master s Ruby Award 2007 Recognized in The Real Estate Professional Magazine as one of the Best in the Business 2007 Quality Service Certified Platinum 2007 RE/MAX 100% Club 2008 Quality Service Certified Platinum 2008 RE/MAX 100% Club 2009 Quality Service Certified Platinum 2009 Recognized in The Real Estate Professional Magazine as one of the Best in the Business 2009 RE/MAX 100% Club st Quarter Rank at Top 5% of Agents in the Southwest Valley 2010 WeMAR REALTORS President s Roundtable Bronze 2010 RE/MAX 100% Club 2010 Quality Service Certified Platinum 2010 Recognized in The Real Estate Professional Magazine as one of the Best in the Business 2011 RE/MAX Executive Club 2011 WeMAR Board of REALTORS President s Roundtable Bronze

9 Education 1997 Bachelor of Arts, Arizona State University 2002 Awarded Quality Service Certification 2002 Awarded Accredited Buyers Representative 2005 Awarded Certified Residential Specialist 2005 Century 21 Operation Orbit, Las Vegas 2006 Century 21 National Convention 2006 Attended Century 21 National Convention, Las Vegas 2006 Howard Brinton Star Power Conference, New York 2006 Century 21 Operation Orbit, Las Vegas 2007 Howard Brinton Star Power Conference, Scottsdale 2009 Certified Distressed Property Expert training 2009 Short Sale and Foreclosure Designation NAR 2011 RE/MAX International Convention Las Vegas, 2012 Tom Ferry Sales Power for RE/MAX 2012 RE/MAX International Convention Las Vegas Professional Associations Member of National Association of REALTORS Member of Arizona Association of REALTORS Member of Glendale Board of REALTORS Real Estate Buyer's Agent Council Certified Distressed property Expert Personal Information Born and raised in Northern California, graduated from ASU and have been a Maricopa County resident since Married for 13 years with two boys ages 11 and 8. In my free time I like to coach my boys sports teams, read and travel.

10 Welcome to the Team! Success in Real Estate Is as Easy as 1-2-3! 1. ENERGY One of The Bourland Group s most important attributes is the energy we bring to your home sale. This energy is the direct result of a true passion for real estate. Few real estate professionals can match The Bourland Group s passion for helping home buyers and sellers like you make the most of your move. 2. EXPERTISE The Bourland Group is one of the most respected and knowledgeable REALTOR Teams in the area and has enjoyed a phenomenal rise to the top of the real estate field. When you re facing critical surgery, you go to the best surgeon. When it s time to buy or sell your home, trust the expertise of The Bourland Group. 3. CARING There is a saying: People don t care how much you know until they know how much you care. For Joe Bourland, this is crystal clear. Clients know that The Bourland Group is truly connected with the successful outcome of each real estate transaction, has a genuine concern for your best interests, and is always prepared to go the extra mile. For Your Information: You may contact Joe Bourland at With questions regarding showings on your property When you are going out of town If you need flyers of brochures If you have any questions once your home is under contract When you are ready to schedule your move

11 Before Selling Your Home Seller s Homework Before Your Appointment: In order to make sure that we have not missed any important information about your home, please fill out the following two pages before our appointment. We have found that if there are several pieces of information in our files, it allows us to respond to lenders questions quickly and efficiently. 1. Any letters sent to you by your lender(s). 2. Contact information for lender(s). 3. Estimated payoff amount including late fees, interest, attorneys fees, etc. Marketing: This is an important part of our marketing plan and it helps us to show potential buyers the quality and value that your home offers. Buyers appreciate this information as they make the decision to buy your home. Your home CANNOT be put on the market until all of the attached forms are complete, and we have received the following* from you: 1. An extra door key. 2. Current loan information 4. If this is for an investment property: A profit/loss statement, tenant and lease information. 5. If this is for a condo or town home: A condominium document/copy of current budget. * If you do not have these items available or know what they are or where they are, please have available the documents from when you purchased your home.

12 The A through Z of Selling Your Home GETTING TO KNOW YOU! You are one of our VIPs: Very Important People. So that we may serve you better, please complete the following and return it to us. Thanks. And please remember, we appreciate you! About You Your name: Spouse/significant other s (SO) name: Children s names and ages: Mailing address: Property address (if different than mailing address): Phone numbers: Home: You: Work: Spouse/SO: Work: Fax: Mobile: Fax: Mobile: Special Dates Your birthday: Child #1 birthday: Wedding anniversary: Spouse/SO birthday: Child #2 birthday: I will feel adequately communicated with if I hear from Joe Bourland (please state frequency that is important to you): Daily Weekly Bi-Monthly As Needed

13 Loan Information First Mortgage Mortgage company: Address: Phone number: Loan number: Interest rate: Balance (approximate): Type (circle one): Conventional VA FHA Don t know Second Mortgage/Equity Line Mortgage company: Address: Phone number: Loan number: Balance (approximate): Interest rate: Other Liens Company: Amount: Contact: Tax Liens: Amount: HOA Liens: Amount: Contact: Additional information we should know:

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15 Our Clients Say It Best From our first meeting I felt confident in your abilities and was impressed by your knowledge and organizational skills. The pamphlets explaining each step of the process was a huge help too. Nothing came as a surprise because of the preparedness and communication shown by you and your staff... Margot Holland Thanks for the great work you and your team provided in the sale of our home. Your personal attention, area knowledge and experience continue to make you our REALTOR of choice. Matt Wallace Having never lived in Arizona we were a little overwhelmed at all the possibilities to live. But Joe helped us narrow down the best place to fit our needs. Joe and his team made this entire process enjoyable. Norm Shelstad and Judy Predmore After going through the pitfalls of buying a home on our own, we made the right choice by using Joe. He guided us through the entire home selling and buying process. What a difference. Gary and Angie Iserhott Joe and his staff are wonderful. We were very pleased with the care Joe gave us throughout our home buying and selling experience. Sylvester and Damaris Crowe We appreciate all you did. Thank you just isn t enough. Sam and Jeanette Embry

16 Our Clients Say It Best Joe s advice about how to handle multiple offers on our home really paid off. His expertise concerning current market trends was invaluable. We definitely recommend Joe to anyone looking to buy or sell a home. Marty Derig and Carolyn Angel Excellent sales associate, would recommend him without hesitation. Extremely dedicated to his job, and puts customer first. Very knowledgeable of all facets regarding real estate. Gary and Karen Barton Very courteous and caring agent! He will be highly recommended. Mike and Karla Jones Joe was absolutely wonderful. We wish he was here in Jersey to help us! He is one of a kind! John and Amy Adler We would recommend Joe. He is professional, yet honest and works very hard for his clients. We will be using him again for our next Real Estate Sale. Joe does go the extra mile and we appreciate him greatly. Bill and Linda Centner This was the 3rd time I worked with Joe Bourland. He is by far the best agent. Joe is very caring and honest. Lana Rabenberg Joe was excellent to work with. We were very happy through the whole process. James and Mia Courtney

17 You could be another satisfied client! Call now! We can t help unless you call us The longer you wait the less that can be done.