Family sitting outside of their home at dusk

Consultation

Buying or selling a home is much more than a simple transaction involving contracts and exchange of money for property. In most cases, it is a life-changing experience or the result of a similar occurrence. It is no wonder then you should consider your options, including those that involve selecting a real estate professional who appreciates and truly understands the where, when and why you might be purchasing or selling your property...

Consulting is a matter of offering quality, transparent choices in services and compensation for those services. A professional consultant usually provides a thorough needs analysis and possible solutions to address those needs. However, less formal consultations can be tailored to address other concerns such as a homeowner’s desire to know whether to move, repair or improve their home. In other instances, a buyer who is interested in making a purchase may need some guidance on how to prepare for that event and where to start their home search. For those seeking a more traditional approach to understanding their potential gains or losses, such as banks or other financial institutions, an asset-based sales analysis can assist executive officers in their decision-making.

"I understand... I’ve been a buyer and a seller, a client and an agent. I’ve worked as a corporate banker, defending a bank’s interests during one of the worst economic crises our county has ever faced, and as an independent contractor/entrepreneur, fighting for my dreams to build a thriving business. I’ve experienced what it’s like to be a “first-time home buyer” in addition to managing the stress of being a newly wed. As a divorcee, I also know how it feels to sell a home you’ve shared with an ex-loved one. As an heir, I’ve had the unfortunate experience of managing the estate of a loved one who has gone too soon. I’ve owned, managed and sold investment properties, and I’ve downsized and upsized several times due to varying circumstances. So, you see, not only have I seen the market from many different angles, I also understand the complexity of these different types of transactions, both as a professional and as someone very much like you."

Often times, the best choice for a homeowner is not to sell at the present moment. In other cases, it may not be in the buyer’s best interest to pursue a purchase at that time. Because building relationships is my priority, I’m happy to provide you with the information and resources you may need to make decisions that are in line with your short and long-term goals.

Divorce

Two separated rings on a table.No matter how amicable, divorce is complicated.

And your marital home may be the single-most important asset in common, which means it’s also likely to be the biggest point of contention between two parties who place both a financial and emotional value on it. If you’re considering or anticipating a separation or divorce, please contact me as soon as possible before making a decision to move, accept a settlement or stop paying your mortgage. I cannot stress it enough: you will need to work with someone who is impartial, knowledgeable and experienced in handling these cases. You will want to work with someone who is an expert at determining accurate home values and someone who is able to save you from pitfalls and also highlight financial implications. Divorce is hard enough; you want to work with people who know how to help.

Things To Consider

  • Communication is key
  • You have options: keeping the house vs refinancing
  • Best to know the value of the home before making any decisions
  • Maintaining a common goal is priority when pricing the home for sale
  • There are ways to spare the children
  • There are tax implications on the gain of property (married or unmarried)
  • Failing to pay the mortgage can cause you more harm
  • Purchasing new isn’t always an option and does require some strategy

Short Sale

Close-up of text from a bookThe short sale process can be a bit tricky. First, the lender needs a very good reason why not to expect or pursue full repayment of your loan balance. In most cases, the borrower (homeowner) can demonstrate his/her inability to repay the debt due to a hardship. In an effort to avoid foreclosure, the owner may opt to sell the property and request an approval from the lender to release the mortgage held on the property in order to effect the sale. For a lender to agree to the short sale, it must verify the borrower’s hardship. Much like when you applied for the loan, the lender will take into account your income and expenses as well as any extraordinary circumstances. While there are several important factors to procuring a successful short sale, the most important thing for you to remember is that, as the borrower, you must prove your legitimate inability to repay the debt .

Below is a list of items most commonly requested by financial institutions:

  • Hardship letter
  • Detailed list of income and expenses
  • Complete copy of your most recent tax returns (signed)
  • Paystubs for the preceding 30 days
  • Signed authorization allowing your representative to communicate with the lender
  • Copy of any supporting documentation (i.e. bankruptcy docs, divorce settlement, etc.)
  • Copy of real estate property tax bill and insurance, if not escrowed

When it comes to short sales, there is plenty consumers don’t know. There are also many agents who don’t understand them or who prefer you hire another company to process the paperwork for you. Here is a list of short sale myths:

  • You need to hire an attorney or specialized company to help you with your short sale
  • A lender must approve your request for a short sale
  • You must be late on your mortgage payment to qualify for a short sale
  • Bankruptcy is the only hardship a lender will consider
  • You only need to get an approval from your primary lender
  • It is better to not make payments and simply let the bank foreclose
  • A foreclosure isn’t that bad
  • You can simply transfer the property over to a relative to prevent foreclosure
  • (Buyers) Short sales are great deals

REO

Large sign that says bank on front of buildingBank owned properties (also known as “other real estate owned” properties) refers to real estate that has already been foreclosed by a lender. These properties require another level of service that is specific to a bank’s needs. As an ex-REO manager, I’m intimately acquainted with the process of transferring, securing, insuring, maintaining and selling bank-owned assets.

If you’re a lender with a growing REO portfolio, I welcome the opportunity to meet with your Special Assets Department to identify any residential assets I may help you analyze and dispose of in an efficient and highly professional manner.