On any given Monday there are approximately 400-450 homes scheduled for Friday’s foreclosure auction on the King County Courthouse steps. On the 2nd Friday of September there are over 1100 scheduled! There will not be enough investors and some of the homes will sell for $1.00 over minimum bid. Not to say this is the last time we will see this volume but it is certainly worth sitting up and taking notice. The banks are finally cutting some of these properties loose. If you are looking to build up your rental portfolio, this is an excellent opportunity. If you need help financing a property at the auction, we have some resources. Give us a call.
We have been on both sides of short sale transactions over the years. Even in 2005 we sold a short sale property in the midst of a hot market. Home owner’s situations are always subject to change. This doesn’t mean that they are liars or bad people because they cannot pay their mortgage. It’s nothing to feel bad about. It is simply a problem that needs to be solved with some professional guidance.
In the interest of being able to better serve our clients, I have obtained my Certified Short-sale Professional designation. With this education, I feel that our chances of successfully closing a short sale has been further increased. In the past, the ones we have done have been successful but this education further helps with the organization and presentation of cases for our clients to their lenders.
Along with this designation and certification, we are also launching a new plan for pre-foreclosure properties that will reduce market times of short sales and ultimately generate less hassle for short sale sellers. Feel free to contact us for more details.
Perhaps you’ve seen some of the recent advertising from companies who claim they can help you modify your loan if you are not current or expect to not be current soon with your payments. Desperate times call for desperate measures and when times are tough, people will do or try almost anything to maintain status quo. This is understandable but be wary of unscrupulous companies out there charging anywhere from $1,000-$3,000+ to modify your loan. Yes, many of these companies have successfully helped borrowers modify their loans but how do you weed out the scams from the real deal? What if you don’t have any money to pay to one of these companies?
If your loan is on a property in Washington State, there is free help available at homeownership.wa.gov. On their website, there is TONS of free information on the foreclosure process in general. Furthermore, there is invaluable information on loan modification scams. You really need to read this page if you are in trouble with your payments. Most importantly, they have a phone number you can call to get help. The people on the other end of the phone are counselors trained by HUD to help you through your situation whatever it may be. These people have nothing to gain from the advice they give you. They are there to help you stay in your home if that is your desire.
