Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time

June 10, 2011
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Sicklerville NJ – Many Americans are concerned about the housing market. If they housing market continues to decline, then it could drag the housing market with it. At least that’s what some economists are saying.

We want to be part of the solution, not part of the problem. So, we decided to propose a solution

Here Are 3 Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time.

Get my Free, Step By Step Loan Modification Guide by clicking here.

#1: Approve more Loan Modifications. Every loan modification is one less home that has to be sold as a distress sale. Distress sales are dragging down home prices.

In addition, many loan mods are rejected, only to see the lender lose even more money when the home sells. Here is an example. A homeowners offers to pay their lender an amount equal to a $300,000 mortgage.

That means the homeowner would pay the same as someone borrowing $300,000 to buy a home. The lender rejects their loan mod offer and forecloses on the home. It sells for $200,000.

Don’t kid yourself, this happens every single day. The loan owners lose millions as a result.

#2: Make short sales easier. Yes, short sales do close. But, many don’t. The ones that don’t are usually sold for less money as a foreclosure. An extreme example is a home that received a $380,000 offer as a short sale.

The lender rejected the short sale. The home was foreclosed upon and sold for $230,000. The reason that lenders usually lose more money on foreclosure compared to short sales.

First, most foreclosures are usually left empty for several months. Mold, mildew, and other things make the home undesirable.

Second, most foreclosures are taking 18 months or more. That is a lot of time that a home can sit empty. In addition, interest, attorney fees, unpaid property taxes and other costs are growing each day.

#3: Handle foreclosures better. We have seen many foreclosed homes sit empty for months and months. In one extreme example, a foreclosed home has been sitting empty for over 2 years.

(The picture above is the front of that home.)

In that time period local housing prices have dropped by 20-30%. Interest and property taxes have accrued over those two years.

Here is how banks could do a better job handling foreclosures.

First, put all foreclosures on the market within a week. There are a lot of hungry, aggressive real estate agents that would love to market these properties.

Put them to work getting the homes sold for top dollar as quickly as possible. The typical 2-3 month wait it not acceptable, especially with all the hard working agents available.

Second, maintain the vacant homes. The home pictured above is wide open. The doors are not locked. Anyone can walk right in and vandalize the place.

I have seen profanities spray painted on the walls of vacant, bank owned homes. Think that affects the sale price?

These are just a few ideas. The next time you hear your local banker tell you how they “care”, ask them how their bank is handling the recommendations in this blog post.

To us, a banker telling us about how they supposedly “care” just rings of hypocrisy. And it will ring of hypocrisy as long as these problems continue to hurt homeowners, the housing market, and the American Economy.

Thinking about a loan modification?Our Sicklerville loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at lsarlo@comcast.net to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Larry Sarlo.

Larry is a Real Estate Agent at RE/MAX Preferred. Sicklerville Short Sales Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

Know Your Options, I Can Help!

View My homes for sale at www.LarrySarlo.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Larry Sarlo, RE/MAX Preferred, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Sarlo's personal views and do not reflect the views of RE/MAX Preferred.

This information on Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time is provided as a courtesy to our viewers to help them make informed decisions.

How Long Do I Have To Wait After A Short Sale To Buy Another Home?

June 7, 2011
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How Long Do I Have To Wait After A Short Sale To Buy Another Home?

Sicklerville NJ – I get asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home. Here are the details on your options to buy another home after a short sale. Get my Free, Step By Step Loan Modification Guide by clicking here.

Owner Financing. You can buy a home with owner financing anytime after a short sale.

FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the seller to pay your closing costs, thereby reducing your down payment to 3.5% of the purchase price.) FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.

Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a Fannie Mae Loan in as little as 2 years after a short sale. But, you have to put 20% down. If you wait 4 years, then you have to put a minimum of 10% down. After 7 years, you can get a Fannie Mae Loan and put less than 10% down. The most attractive (and currently most popular) loan program in America is FHA. The reason is because it’s down payment requirements are much lower than anyone else. It looks like the best option to buy your next home after a short sale.

Thinking about a loan modification?Our Sicklerville loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at lsarlo@comcast.net to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Larry Sarlo. Larry is a Real Estate Agent at RE/MAX Preferred. Sicklerville Short Sales Realtor: Phone: 609-868-1171. lsarlo@comcast.net.

Know Your Options, I Can Help!

When You want it person Fast

View homes for sale at Buy NJ Short Sales

View My homes for sale at www.LarrySarlo.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor. All Rights Reserved.

Important Notice Larry Sarlo, RE/MAX Preferred,are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Sarlo's personal views and do not reflect the views of RE/MAX Preferred.

This information on How Long Do I Have To Wait After A Sicklerville Short Sale To Buy Another Home? is provided as a courtesy to our viewers to help them make informed decisions.

Larry Sarlo is a Remax Preferred Certified Distressed Property Expert

Please contact me at 609-868-1171, Email: LSarlo@comcast.net, Fax:856-258-6040

Office:856-589-4848,

Sicklerville Short Sale: Can I Rent My Home If It Is In Foreclosure?

May 26, 2011
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Sicklerville NJ – A recently received question about renting a home in foreclosure.

Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage.

Is it legal to do this? Is there any liability that comes with it?

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here was our answer to them. We are not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision.

We do know that there are laws forbidding that practice in many states. For example, Florida recently passed a law that stated that you had to notify any potential renter whether or not the home was in foreclosure before renting.

From what we have heard about the law, if you lease a property in foreclosure and don't tell the tenants, then it is a criminal offense.

If it was a problem in Florida, then it was a problem in other states and they probably passed similar laws. We have seen cases in the past where a homeowner sold their home as “Owner Financing.

The home was in foreclosure and buyers filed a police report. The sheriff’s office investigated the homeowner for fraud. The people who thought they were buying the home paid the owner a large down payment.

They didn’t know the home was in foreclosure. He disappeared with their money and they were kicked out by the bank.

We don’t know what ended up happening. The bottom line is that anything fishy can have future repercussions. So check with a lawyer to make sure you won’t have any problems.

Thinking about a loan modification?Our Sicklerville loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at lsarlo@comcast.net to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Larry Sarlo.

Larry is a Real Estate Larry Sarlo at RE/MAX Preferred. Sicklerville Short Sales Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

When You want it person Fast

View My homes for sale at Buy NJ Short Sales.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Important Notice

Larry Sarlo, RE/MAX Preferred, are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Larry Sarlo's personal views and do not reflect the views of RE/MAX Preferred.

This information on Sicklerville Short Sale: Can I Rent My Home If It Is In Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.

Sicklerville Short Sales: The Most Effective Way To Stop Debt Collector Harassment

May 6, 2011
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Sicklerville NJ – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

"They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon", he told us.

This is the biggest complaint the Stop Foreclosure Institute has heard about debt collectors. People have told us, "No matter how many times I tell them to stop calling, they still call me."

Let me give you the inside story. The reason this happens is because most people don't do anything about it. They just learn to live with the harassing calls and go on with their lives.

Here is what the debt collectors don't want you to know. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

So when someone sticks up for themselves, it costs the debt collectors money. In fact, they are so scared of being sued that they all work together to track the people that have sued to collect the $1,000.

Here is the best technique that I have heard of to stop the calls. According to one guy it works great. When a debt collector calls you stop and ask for the person's name and the company name. Then, say the following.

"Bob, I have documented that you have called me today. I also have documented your company name and the phone number you have called from. Now, let me tell you this.

Under my right in the Fair Debt Collection Practices Act, I am requesting that you stop any and all calls to me. If I get another call from this phone number, then I will be contacting my attorney to help me get the statutory damages laid out in the Fair Debt Collection Practices Act.

In addition, I will call your manager and let them know that you could have saved the company $1,000, but chose not to. I will make sure that they understood who cost the company $1,000. So, don't call me again."

The reason this works so well is because you are holding that employee accountable. If they do call you again and have to pay you $1,000 as a result, then that manager will be angry. And it will hurt even more when you tell them that Bob could have saved them from paying it, but was incompetent.

Please try the script and let us know how it works out for you.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sicklerville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Larry Sarlo.

Larry is a Real Estate Lawrence Sarlo at Remax Preferred. Sicklerville Short Sales Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

When You want it Sold Fast

View Short Sale homes for sale at SearchNJForeclosures.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Sicklerville Loan Modification Help, Sicklerville Short Sales. Sicklerville NJ Short Sales. Sicklerville Realtor.

Important Notice

Larry Sarlo, Remax Preferred,  are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee.

The views expressed here are Larry Sarlo's personal views and do not reflect the views of Remax Preferred.

This information on Sicklerville Short Sales: The Most Effective Way To Stop Debt Collector Harassment is provided as a courtesy to our viewers to help them make informed decisions.

Related articles

Sicklerville NJ: Buyers Avoid Short Sale Problems

May 5, 2011
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BUYERS AVOID SHORT SALE PROBLEMS

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From Larry Sarlo  Sicklerville, NJ and Turnersville, NJ:

The #1 mindset is to be flexible...  Often times these sales take longer to close.  On a normal sale between only a buyer and seller you can have answers in hours or days.  When a bank is invloved it is likely your answer will take days, weeks and months. Take this into consideration when making offers on a short sale.  Plan on absences such a vacations or family trips.  When a bank says yes, they are ready now!

Here are some tips to follow when buying short sales in NJ

1. You will want to lock in on your mortgage rates.  Don't be so quick... and if you do lock understand yo may have to shell out some more money especially if rates are beginning to rise. Just because a bank accepts your offer, they will need signatures from many people... Supervisors, Investors, Trustees and more.  So be careful not to jump on locking rates so fast and if you do always be prepared to allow for additional time if needed.  Especially if rates are on the rise.

2. Buyers want to close often at the end of a month.  This means less money for interest rates and closing costs in general.  When a bank says they are ready, they are ready.  Be prepared.  Their urgency is not the same as yours. For them to recalculate the HUD settllement costs is a big deal.  The investors and supervisors are already signing off on the losses.  So if a bank is ready and it costs you a little more be ready to close.  Always allow for additional costs.

3. Postponements and cancellations are part of the short sale process.  If they happen, make sure you are flexible.  Especially with moving.  Many time buyers are also selling another home.  Make provisions to stay somewhere in between just in case.  Don't wait until the last minute.  Putting  Fido in the car is no fun when Fido has no where to go.  It happens!  If it can happen it will happen in a short sale.  So be prepared.

4.  Keep House Hunting...  Don;t get me wrong here, you love this house or wouldn't have made an offer, right?  But delays happen and can rejection.  Don;t pass up another deal because you were waiting for a decisoon fro the bank and when you finally got it 2 months down the line, you've passed up other homes.  Make sure you understand your time lines when you can back out of the contract.  Know your timelines and contract terms for escape clauses.  If need to get out, you will be able to because you had no choice.  You cannot control the banks.  You can only control you and your actions.

5. Home Inspections, Appraisals and Certificate of Occupancy inspections.  These all cost money.  The Home Inspection is often waited until a bank has acctped your offer.  However what if the home has issues and now you want to back out.  No problem right.  Only thing is you waiting 3 months to find this oput.  Get your home inspection right way.  It's $400 but better to find out now than later.  The appraisals can wait and so can the certificate of occpancy.  But remember you are buying the house "as is "  The bank will not do any repairs and neither with the seller.

6.  Low Offers is a no no.  Understand this a bank will order appraisals and BPO Valuations.  Tyipically appraisals are not wrong.  If your offer is 25-30% off the appraide value it is a crap shoot whether the bank will accept of reject your offer.  Most likely it will be rejected.  Banks will normally accept 10-20% off the appraide value but this is just a "rule of thumb".  Ask your agent to provide comps for the home.  Understand the value up front.  Also know this a bank will not generally make a counter offer.  So be flexible if you really want the house.  Yo will have to make the counter and be relaistic at this point.  A bank will have no problem walking away from your offer. Remember yo will be getting a good deal on that dream home.

7.  Communication is important with your agent and your agent and the sellers agent.  Nobody likes a nag, but once a week, at least, your buyers agent should be calling the sellers agent to keep on top of the events and processes of the short sale.  Your buyers agent should be then communicating this with you.

To sum it up be Flexible, understand time lines of the contract and the banks requests, and know the value of the home.  The short sale processes can be tiring and can wear down the best of us.  But if you go into it with a level head and experienced representation you will be fine.

What you need to know about short sales is important.   Click here for more info

Contact me at 609-868-1171 or email at email Larry

Larry Sarlo is a Remax Preferred Agent, Certified Distressed Property Expert

Please contact me at 609-868-1171, Email: LSarlo@comcast.net, Fax:856-258-6040

Office:856-589-4848,

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Sicklerville NJ: BUYING A SHORT SALE, What Should I Know Before I Buy?

April 1, 2011
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Call Now for Help! Confidential and Discrete

Sicklerville NJ:

What Should I know about a Short Sale

before I buy?

What Questions should I ask before I make my offer?

Photobucket First an experienced real estate agent is the key to a successful short sale. Experience means working hard to get your deal closed, not just waiting for answers.

Short Sales are not a normal sale. Although the word short sale has recently become a house hold word, the fundamentals of a short sale need to be known before ever making an offer or taking a listing. They are work and need constant attention from both Seller and buyer agents, or they will fail costing everyone money and precious time. This why experience is important and the key to get a deal to closing. You don’t list a short sale and wait for it to go to closing…

If you are thinking of buying a short sale, you must have heard of the failure rate or the long wait times until an answer from the bank was received either accepting or rejecting an offer. So many short sales never make it to closing. Reading my past blog posts you will find so many circumstances where banks take long periods of time to get things done or never respond or reject offers disappointing sellers and buyers. Banks will make decisions based upon information that is in their hands. If the information is wrong or not proven, a bank will not approve a short sale. There is nothing worse than waiting 2-3 or even up to 6 months and longer for an offer to be either accepted or rejected. So what can you do about this? Use an experienced agent. Ask questions…

Most of failure begins with the listing agent… The sellers agent… Inexperienced agents with limited knowledge in the processes of a short sale is detrimental to a successful sale. The success of the sale could be the difference between selling or even a seller being foreclosed upon while waiting for a decision from the bank. Yes although you are selling and have an offer, there is a chance a home can still be foreclosed upon. Bank Foreclosure is continuing forward and the sheriff will be knocking on the door, before an offer is accepted if any steps are skipped or not followed up on by a real estate agent.

The Buyers agent… represents the buyer, needs to be actively involved in the entire process from beginning to end. A buyer’s agent should be asking specific questions from the seller’s agent to find out if the short sale you are about to make an offer on is ready and likely to be accepted. There are no guarantees, but asking the right questions will give our success rate a much higher likely hood of closing the deal.

Her are some questions that need to be asked and not overlooked.

Who is the lender or lenders servicing the loan? This may be looked up in tax records but it needs to be confirmed, since many lenders sell the loans off to other servicing companies. It is a basic question but very important. Knowing what bank you are dealing with gives a good idea approx wait times and difficulty of getting a short sale completed and sold. Each bank has it’s own set of packages to be submitted. Some banks require the package to be submitted in steps rather than all at once. This could take and extra 2-3 weeks. Before the contract is even looked at.

How Many Loans are on the property? Sometime you have 2 or even 3 loans of a property. Sometimes 1 lender has 2 loans on the property. The sellers agent’s negotiating skills are tested here since they must artfully negotiate with each lender. If one of the lenders decides not accept an offer the deal is off. You may not find out for 3 months or longer. The lenders know they will only received a certain amount of money but a buyers agent must ask the right questions so the buyers wait is not in vain.

Who is negotiating the short sale? Will the sellers agent be negotiating the short sale with the banks. Do they have experience? If not, you may be in for a long disappointing wait. Sometimes sellers agents hire special short sale negotiators or attorneys. They have the experience but they are back up in their processes sometimes. Always know where the package is and get proof the package was sent to the lender. If the sellers agent will not provide the proof, then you may need to make a decision to continue with a chance or forget it and move on to another. This is easy information and should not be denied but it takes extra work, sometimes not welcomed.

How are offers going to be handled? Is the sellers agent collecting many offers? Is he waiting a specific period of time? Is the seller’s agent sending all offers to the bank? The answer here is, the seller at this point owns the home. Once an offer is made the seller should sign a contract with your offer. Anything else is likely to be a problem. The seller is not obligated to pay any costs here so it doesn’t really matter if the property sells for a penny . With that said a bank will not accept just any offer either. It must be fair market value. The bank is going to send an appraiser out to verify the value. They only see the numbers and the appraiser is the eyes. The offer must make sense, if priced under market there has to be a reason. ie; repairs, maintenance etc.

How far away before Foreclosure happens? Every state has a certain period of time before foreclosure can be completed. However since many homeowners have been living in their homes without paying any mortgage for 1,2 or even 3 years foreclosure is obviously just a matter of time. You must Know this time frame before spending any more money such as inspections, appraisals,. Title reports, mortgage costs etc. Whoever is representing the seller must make sure foreclosure proceedings are put on hold.

Has title work been ordered? Knowing about the liens on a property is very important. Not only is there or are there mortgage liens, but homeowner association liens, judgments, taxes, IRS, Water, Sewer, Contractor liens and more. A tile report will give a clear picture. If the sellers agent never ordered a title report than this is a big risk. It’s likely the sellers gent did not want to spend money for the report since the reports can cost $150-$250. You have to know what you are up against. It could make or break any deal upfront. If the homes has lots of judgments or liens, then you need to know what is being done about them and prove it. These liens must be released. If they are not released, the short sale is not ready. The sellers agent should have an idea what is happening with the liens. If they don’t, then walk away. Save yourself a lot of heart ache and time, find another home.

These are just a few important questions a buyer agent, must ask before committing his buyer to a short sale. Knowing these questions will give a good picture whether a short sale will be approved. Use an experienced short sale agent to buy and or sell a home. Armed with this information will give you a start while you interview for an experienced short sale agent. Then make sure this information is received and proven.

There is a difference...

Keep in mind buyers must also be qualified. But that’s another Blog post for a later time.

Good luck.

If you are looking to short sale a home or buy a short sale contact me. Larry Sarlo is a Remax Preferred Agent experienced in short sales and the entire process. Larry is a Certified Distressed Property Expert ((CDPE) and updated daily of the ever changing processes  of foreclosure and short sales. Contact me at 609-868-1171 or Email

FOR A LIST OF SHORT SALES AND FORECLOSURES complete the information below.  If you see something you like contact me.  My information will be there also when you are ready.

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Please contact me at 609-868-1171

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Sicklerville NJ: Need Mortgage Help, Never Stop Paying Your Mortgage To Get Help…

March 23, 2011
Comments 0

Sicklerville NJ,

NEED HELP WITH MORTGAGE, SHOULD I STOP PAYING MY MORTGAGE

TO QUALIFY FOR HELP?

Don't let anyone tell you need to stop paying your mortgage to get help. always pay your mortgage for as long as you can. Communicate with your bank. Tell them your situation.

To qualify for help you need to be able to establish any of the following Hardships

  1. Divorce,
  2. Unemplyment,
  3. Curtailment of income,
  4. Illness or Death in the Family

WATCH THIS VIDEO FOR MORE INFORMATION ABOUT LOAN MODIFICATIONS

Larry Sarlo is a Certified distressed Property Expert in Washington Twp NJ, Helping people with Short Sales and Loan modifications. Never pay an upfront fee for loan modification help or a short sale. MY certification is updated to educate me with the new laws and mandates daily. Don't leave your home or your life to chance with inexperience or deceptive practices. My services extend around Turnersville, Sicklerville, Williamstown, Pine Hill, Clementon, Lindenwold, Deptford, all of Camden county, Gloucester County, and Cape May County.

Please contact me at 609-868-1171, Email Larry NowAll information is kept confidential and discrete

Mortgage Assistance Relief Services Disclosure

The following disclosure is made pursuant to the Federal Trade Commission’s MARS Rule (16 C.F.R. §322 et seq.)

IMPORTANT NOTICE

You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us.
Lawrence Sarlo and Weichert Realtors is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
If you stop paying your mortgage, you could lose your home and damage your credit rating.

Real Foreclosure and Eviction: Very Emotional!

March 21, 2011
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WHY GO THRU THIS?

No one is immune, Whether you live in Cherry Hill NJ, Voorhees NJ, Lindenwold NJ, Clementon NJ Sicklerville NJ, Turnersville NJ, Williamstown NJ, Washington Twp NJ, you must know your rights and options to avoid foreclosure. This is a stressful situation, but it can be a fresh start.

Call Larry Sarlo today for a discrete and confidential interview. 609-868-1171 lsarlo@comcast.net

NJStopForeclosureHelp.com

How To Get Your Loan Mod Approved When Negotiating With A Local, Turnersville Lender

March 18, 2011
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Half million dollar house in Salinas, Californ...

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Turnersville NJ – In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number.

In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

No, common sense does not apply in these situations! The good news is that common sense does apply when you are dealing with a small, local lender.

I remember hearing a credit union in my town run ads about how they didn’t treat you like a number.

The ads said something like, “When you bank with X Credit Union you aren’t a number. We talk to you on a first name basis.” I didn’t see the benefit then, but I do see it now.

I talked with a recent homeowner about how he negotiated a loan modification with a small, local lender. At first the lender played total hardball with him.

“Either pay us in full or we will foreclose”, they told him. They were firm on being paid in full. The said if he didn’t pay they would file foreclosure right away.

He was pretty and paid in full for a while. Six months later he grew tired of being dead broke (which is how his finances were after giving his lender most of his earnings every month.)

So he decided to “play chicken” with his lender. He stopped paying. His lender continued to play hardball. Finally, he consulted a bankruptcy attorney and had them take over the negotiations with his lender.

The lender backed off. They total changed their tune. No longer were they playing hardball. Now, they wanted to “work something out with him.”

Wow! What a difference that one simple thing made. Notice he didn’t have to file bankruptcy or anything.

But, the threat caused them to change their tune. In my next blog post I’ll explain why. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Turnersville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Larry Sarlo.

Larry is a Real Estate Lawrence Sarlo at Weichert Realtors. Short Sale Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

When You want it Sold Fast

View Foreclosed homes for sale at SearchNJForeclosures.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Turnersville NJ, Pine Hill NJ, Clementon NJ, Blackwood NJ, Collingswood NJ, Short Sales. Loan modification help, Short Sale Homes for sale, Stop Foreclosure Help.

Turnersville NJ :Four Specific Examples of Big Bank Negligence

March 16, 2011
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Turnersville NJ – Here are four specific examples of big bank’s negligence causing a loan owner to lose money and Buying Short Sales difficult.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don’t like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less.

Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they make the short sale approval process as quick as possible.

They could start the property valuation process when the property is put on the market and determine a certain price they would accept.

More buyers would be willing to purchase the property because they know they wouldn’t have to wait 3-6 months for an answer on the short sale.

Example #2: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain a little better. A lender negotiates a loan mod with a borrower with a new monthly payment of $1,000.

The borrower has a stable income and agrees to pay $1,000 a month for the next 30 years. $1,000 a month for 30 years, at a 6.5% interest rate will repay a $158,210 mortgage.

The servicer turns down the loan mod and forecloses. The house sells for $125,000 as an REO and the servicer nets $115,000. Did the owner of the loan lose money?

I think most people would agree yes. Obviously there are other factors involved, but I think on an actuarial basis they will do better with the loan mod.

Example #3: Not following up on foreclosures properly. I have seen countless examples of servicers hiring an attorney to foreclose on a house. The attorney files the paperwork.

Then, the foreclosure case goes into purgatory. Nothing happen for 6 months, 12 months, 18 months, and even up to 2 years.

I have seen this happen on more than one property. And no, there are not other factors involved. In fact, on two short sales I've handled, the sellers had moved out of the house before the foreclosure was even filed.

Example #4: Not listing REO properties quickly enough. I have witnessed several examples of banks foreclosing on a house and then taking 6 months to a year to put it up for sale.

An example is a house that was foreclosed on September 9th, 2009. It wasn’t listed for sale until May 2010. Say what you want, but waiting 8 months is pathetic.

If the mortgage holder had been a wealthy individual who lived in town, do you think they would have put the home on the market a little sooner?

These are the clearest examples I can think of right now. When you multiply these examples of negligence across hundreds of thousands of defaulted mortgages, you can easily see how this is costing lenders billions of dollars. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at lsarlo@comcast.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 609-868-1171  As always the information w share is confidential.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Sicklerville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, larry sarlo.

larry is a Real Estate Lawrence Sarlo at Weichert Realtors. Sicklerville Short Sales Realtor:

Phone: 609-868-1171. lsarlo@comcast.net.

When You want it person Fast

View Foreclosed homes for sale at SearchNJForeclosures.com.

Larry Sarlo specializes in loan modification assistance and short sales in Sicklerville New Jersey. Turnersville New Jersey, Turnersville Short Sales. Sicklerville NJ Short Sales. Turnersville Realtor, Camden County Home sales and Gloucester County home sales.

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