AboutJim Root Expertise How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
Question I met with someone that runs a short sale business who offers to handle the short sale process and find a buyer for my property for me. I'm upside down in my mortgage (owe more than it's worth) and I'm struggling with it. Taxes and insurance aren't even escrowed.
I have never been late on a payment, and I know usually you have to have at least one late payment in order for the lender to consider doing a short sale. However, I've yet to afford to pay the second half of the summer property taxes from 2007.
The short sale guy says they have a system for finding buyers for my property to go back to my lender with. He said that he's heard of people getting short sales to go through in instances where the person has never been late on a payment, however, he was honest enough to tell me that their company has yet to get one to go through on someone who's never been late, but he's heard of instances where it's happened with others in the industry. They charge $1900 for their "service."
My questions are, (1) is being delinquent on property taxes enough to get the lender to consider a short sale if I've never been late on a payment but can show that my net worth is seriously negative(I know it kind of depends upon the lender, but...)?, (2) aren't their other services out like this that I can get done for free or for a cheaper price, and (3) isn't it somewhat silly to spend $1900 for a CHANCE that the lender will accept the short sale?
Answer ALVIN--
You didn't send this inquiry to me--but I found it in the Question Pool & thought that someone should answer you. So here goes!
(1) Is delinquency on property taxes enough to get the Lender to consider a Short Sale? IT"S DOUBTFUL! Lenders typically shy away from Short Sales unless the Homeowner is way "Upside Down" (ie,Owes a lot more for the property than it's worth) and is delinquent on monthly payments (ie,nearing Foreclosure)!
Your OVERALL financial situation may be one that "predicts" serious problems that could result in delinquency & foreclosure, and as you said yourself "It depends on the Lender!" IF I WERE YOU, I'D CONTACT THE LENDER THAT SERVICES/HOLDS MY MORTGAGE AND DISCUSS THIS MATTER WITH SOMEONE IN AUTHORITY!
(2)Other services that will,help with Short Sales? Sure, most Realtors will handle working with a Lender to get a Short Sale approved. Some of them may charge a small fee, while others will do it "pro bono" but expect to get a Commission when selling the home for you! MAYBE YOU CAN GET A LOCAL REALTOR TO HELP YOU DISCUSS THIS MATTER WITH YOUR LENDER AT NO COST TO YOU.
(3)Silly to spend $1900...? Oh yeah, not only silly but dangerous. With the current problem s in the Real Estate "world," Companies that claim they will assist with Short Sales, will help stop Foreclosures, etc, "come out of the woodwork!" MOST of them are SCAM ARTISTS who take your money and "disappear." Others just take your money and can't do what they said they could do.OF COURSE, I DON'T KNOW ANYTHING ABOUT THE "SHORT SALE GUY" YOU MET. HE MAY BE "ON THE UP-AND-UP! But I wouldn't pay anyone $1900 to get me a Short Sale!
