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Articles by art lee

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14 articles by art lee · showing 14

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By art leeRecently published1 topic

Why Homeowners Need to Consider Short Sales

There have been so many news articles about homeowners walking away from the financial obligation to their mortgage. In response, there has been a lot of opinions about how these homeowners are not taking an ethical stance and avoiding their responsibilities. The result will be billions of dollars spent by the U.S. government to aid lenders and homeowners until the housing market stabilizes. Ultimately, this means the nation as a whole will be responsible to helping the housing market through higher taxes.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Top 10 Negotiation Strategies

Negotiating with the foreclosing lender is the best option to stop a foreclosure. Lenders are in the business of loaning money, not owning homes. Many Real Estate Agents shy away from working on Short Sale transactions because they get frustrated with their mediocre results. Instead of complaining about why negotiating with a lender is so difficult, it is more important to find a way that will make negotiations easier.

Primary topic: Real Estate

Real Estate

2,054 views2.7/5 (6)

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By art leeRecently published1 topic

2010 Short Sale Education Trends

If you are a Real Estate Professional, you are hurting yourself by not pursuing short sale opportunities. If you had a previous client in trouble, would you be able to serve them? Would you just walk away and hope you find another client who isn’t in trouble?

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Total Benefits to Buying a Foreclosure

With the number of foreclosures looming around each and every neighborhood, buying one can provide numerous benefits to the home buyer. Many investors find it advantageous to purchase a home via a lease to own agreement. The reason is because they don’t have to put much money down and it helps to leverage the number of properties they can purchase. But there are risks as there have been reports that payments made to the original homeowner never gets paid and the home is on its way to foreclosure.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

10 Truths about Loan Modifications

Loan modifications are still be a tough option to achieve. This is very true. There have been a lot of reports from the media that talk about the droves of scam artists that are taking advantage of homeowners in today’s ailing real estate market. We want to shed some light on loan modifications, and if in fact they can help you or your plan with your current situation. That is a really good question.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Always Get the Preliminary Title Report - Short Sale Education

The Preliminary Title Report provides us with a wealth of information as we prepare to list and market a short sale listing. This information helps us develop a strategy, find tools, and streamline our efforts with the short sale process. Upon the initial interview with a potential client, there may be many assumptions that we will initially make, and these assumptions can be clarified with examination of the preliminary title report. What are some of the nuggets of information that are available? Loans have been transferredrnr

Primary topic: Real Estate

Real Estate

2,259 views2/5 (5)

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By art leeRecently published1 topic

Document All Conversations and Transaction Details

For all of our short sale transactions, we log the date and details of every conversation, fax submission, and commitments made. Keeping meticulous records show the level of professionalism that you bring, and inspire the trust and cooperation with your bank representative.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Lenders asking for seller contribution for Short Sale Approval

We are starting to receive requests from lenders who ask for a seller contribution before a short sale can be approved. This trend is different from the days where a lender would be able to just review the seller’s financial documents to verify that they do not have funds available to contribute. Is it ever a good idea for the seller to make a contribution? In one of our short sales, Litton Loans, the junior lienholder proposed that the seller contribute to a promissory note of 5% of the principal balance, which amounted to $7,000.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Tips on Postponing a Trustee Sale for Short Sales

Do you have a Trustee Sale you need to postpone in order to complete your Short Sale deal? Do not trust the foreclosing lender to get it done. Trust us, we have lost deals when we counted on the lender to save our deal. Take action and put the power in your hands. First, it is important to note that the only one that can postpone a trustee sale is the Lienholder that has filed for foreclosure.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Short Sales Education - 21 Types of Property Liens

In any short sale transaction ALWAYS run a title report to view all the liens attached to a property. You must account for all liens on a property to qualify whether or not it is a short sale worth pursuing. Not understanding the different types of liens that can be attached to a property can cause issues when attempting to work short sale deals.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Follow through with your commitments

The timeline for the short sale process can be extremely long and will test your patience. Once a file is submitted to the lender, it is processed according to the bank timeline. While you may be limited in your ability to try and speed up the process, you do have the ability to avoid items or circumstances that cause delays in processing time. For example, it is critical that a complete file be submitted: all bank statements, tax returns, pay stubs, financial statements, hardship letters, purchase contract, buyer pre-approval letter, estimated HUD-1 statement.

Primary topic: Real Estate

Real Estate

1,486 views1.8/5 (5)

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By art leeRecently published1 topic

Sense of Urgency can Lead to Faster Lender Response Times

Today I’m going to talk about how creating a sense of urgency can produce faster lender response times with it comes to short sales. When a loss mitigation negotiator has 500 to 800 files to work on, almost every one of those files is seen as urgent to an agent. Foreclosure time lines may seem long, but getting an approval from the lender and then waiting another 30 to 45 days for the deal to close, there isn’t much time at all.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

Approved Short Sale Qualifications

The most important activity when deciding to pursue a short sale deal is to determine whether or not the homeowners situation would qualify for a short sale approval. If this task is not done, you could be working on a “dog” deal that has no chance of closing, therefore wasting your precious time you could be spending on a deal that has a high chance of closing.

Primary topic: Real Estate

Real Estate

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By art leeRecently published1 topic

The Terms of Foreclosure

The term Foreclosure describes the process of a lender who tries to recover monies owed on a loan in default by a borrower. The lender will try to sell the home via a short sale or take the home back as a REO (Real Estate Owned) property and put it up for sale.

Primary topic: Real Estate

Real Estate

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