The fastest-growing foreclosure alternative

When a homeowner owes more than his house is worth and is in financial distress, the bank might allow the sale of the house even if they receive less money than what they are owed; this process is known as a short sale. This is attractive for homeowners because the impact on their credit is far less than in a foreclosure; a short sale stays on their credit reports for only two years, as opposed to seven years for a foreclosure, and often isn’t a barrier to purchasing another home. This is also attractive for lenders because they lose less money than in a foreclosure. Also, short sales generally take less time than foreclosures, so the banks don’t have to carry the properties on their books as liabilities for so long.

Short sales are paperwork-intensive, and there are many details involved. If you’re considering this option, it’s critical to work with a trained real estate agent who knows all the steps required to successfully complete a short sale.

As part of the short sale process, the homeowner must apply to the bank for the approval of the short sale; generally the bank will require financial information and a written statement about why they want to do a short sale. The bank will also require a copy of the listing agreement, and a Broker Price Opinion (BPO) to have an idea of how much the property might sell for. To prevent people from abusing short sales, most banks will require that the property is not sold to a family member, a personal friend, or the listing agent and his relatives.

More and more banks are finally becoming efficient at working with short sales, so short sales have become the fastest-growing alternative to foreclosure.

Time is of the essence when negotiating a short sale. Since it is generally a lengthy process, the homeowner in distress must start this process as soon as he sees that he will not be able to continue to make on time payments. Waiting until being too late on the payments might force a foreclosure and eliminate the possibilities of a short sale negotiation.

If you are struggling, I would like to help you avoid foreclosure and get a fresh start. Please contact me as soon as possible. Again, time is of the essence!

Tere Cardenas, IRES, MBA

Fully bilingual (English/Spanish)

Broker Associate

RE/MAX Alliance Central

www.BargainHomeHunter.net (English)

www.CasasDeGanga.com (Spanish)

2 MINUTE VIDEO — How to avoid foreclosure!!!

Do you owe more than what your house is worth?

Are you facing a financial crisis?

Have you lost your job?

Are you considering foreclosure?

A SHORT SALE can be much better than a foreclosure! Through a SHORT SALE process we will help you negotiate with the bank so they allow you to sell your house for less than what you owe; sometimes for much less! This option is much easier on your credit and it also puts less emotional distress on you and your family.

Watch this two-minute video to learn more about SHORT SALES.

You don’t have to go to foreclosure! Contact us today to find a way out.

Tere Cardenas

TereCardenas@yahoo.com (write in English or Spanish)

(303) 718-3632

www.BargainHomeHunter.net (English site)

www.CasasDeGanga.com (Spanish site)

Very clear 2 min. video explains home buyer tax credit

Click on picture to watch video. Margaret Kelly, CEO of RE/MAX.

This 2 minute video is a must for anyone buying a house today. If you want to take advantage of this incredible once-in-a-lifetime opportunity please visit our sites:

www.BargainHomeHunter.net – English

www.CasasDeGanga.com – Spanish

 

The home buyer tax credit in a nutshell

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a home between November 7, 2009 and April 30, 2010. The buyer must have used their current home as a principal residence for five consecutive years within the last eight. The purchaser must move into the newly purchased property, but he/she can keep the old property as a rental or as a second home.

To take advantage of this opportunity, contact Tere Cardenas today at TereCardenas@yahoo.com or visit her site www.BargainHomeHunter.net

How long does it take to sell a house?

The image above shows the four factors that determine how long it takes to sell a house. As you can see, there are many things that need to be handled well for a relatively quick and successful sale.

If you want to buy or sell a house in Denver, Highlands Ranch, or nearby areas, please visit www.BargainHomeHunter.net and fill out the Quick Information Request form.

Set price to get maximum amount of money

As the chart above illustrates, if the asking price is too high, typically what happens is that the price is dropped after a few weeks. Then it is dropped again after a few more weeks. By the time the price is dropped to the market value, buyers have lost their interest or will present low-ball offers because they think that by then the owner is desperate or that there is something wrong with the house.

Our advice is: to get the highest amount of money from the sale of your house, always set the price at market value from the beginning!

If you want to buy or sell a house in Denver, Highlands Ranch, or nearby areas, please visit www.BargainHomeHunter.net and fill out the Quick Information Request form.

Many real estate agents don’t want you to know this!!

Many agents don’t want you to know that not all real estate agents are the same; some offer better services than others and can get you better results. Whether you are buying or selling a house, when choosing an agent, you should ask these questions:

• What is their company’s market share? The bigger the market share, the more likely it is that they will have access to more buyers and sellers.
• Do they offer free e-mail updates of the houses that are coming up in the market?
• Do they have access to online training that allows them to stay on top of the latest real estate trends?
• Do they have a good website and internet strategy? In this competitive market, an agent that doesn’t have this is probably behind his/her competitors.
• Do they have an internet blog, or even better, several blogs? This gives your agent credibility and shows his/her commitment to their profession.
• Do they speak several languages? A bilingual agent has access to two different audiences and can increase your chances of getting a good deal.
• Do they have a personal assistant? The most professional agents have assistants that handle their technology needs and/or administrative paperwork.
• Can they provide a comprehensive Competitive Market Analysis (CMA) of the house that you are either buying or selling?
• Do they have a well equipped and well staffed office where they can meet with buyers and sellers?
• Will they do open houses, which is another tool that they can use to attract buyers?
• Will they communicate with you weekly? (Or as often as you would like).
• Do they have a formal college and/or graduate education?
• Does their company have a national TV campaign that drives buyers and sellers to their agents?
• How many years of experience do they have?
• And last, but not least, simply observe … how are they listening skills?

To get the best results, you should always have a professional agent on your side.

If you want to buy or sell a house in Denver, Highlands Ranch, or nearby areas, please visit www.BargainHomeHunter.net and fill out the Quick Information Request form.

Advantages of Buying a Distressed Property

Denver, Highlands Ranch, Littleton, Lakewood real estate

First, you’ll be dealing with a highly motivated seller – either a bank in the case of a foreclosure, or in a short sale, sellers who are in financial trouble and very interested in getting out of a mortgage they can no longer afford.

These types of sales take much of the emotion out of the process. You won’t be insulting anybody, for instance, if you make an offer that’s lower than the asking price. (That’s not to say that the low offer will necessarily be accepted, of course.)

Lenders are very interested in getting these homes sold and off the liability side of their balance sheets. Many foreclosed properties can be purchased for only a percentage of what they would have commanded five years ago. (This situation is beginning to change, though; bidding wars are breaking out on some foreclosed properties these days, especially those that are moderately priced.

If you’re looking at a short sale, you’re not likely to get quite as good a deal as on a foreclosure. But there are definite advantages to purchasing one of these homes. For one thing, since the homeowners want to get the home sold quickly, they are likely to keep it well-maintained and in good move-in condition.

Visit www.BargainHomeHunter.net to see houses/real estate for sale in Highlands Ranch, Denver, and surrounding areas.

$10,000 lots, short walk to the beach!!!

Ecuador is a small country in South America, located right on the Ecuador, with beautiful beaches on the Pacific Ocean.

Do you wish you had bought a lot in Costa Rica 10-15 years ago? Don’t miss the opportunity in Ecuador this time! Ecuador is a small country in South America, located right on the Ecuador, with beautiful beaches on the Pacific Ocean. It has one of the best climates year-long, and is sheltered from hurricanes and tornadoes.

 

The population of Ecuador is friendly and welcoming of foreigners that decide to invest in or move to their country. The affordable gastronomy of seafood, vegetables, and fruits is another one of its biggest attractions.

 

A group of Canadian investors owns the RE/MAX Costa franchise in this beautiful country, and has developed Mirador San José, that has 1,000 lots with prices from $10,000 to $60,000 depending on size and proximity to the beach. Lot sizes go from 1,500 to 2,500 sq. ft. This is one of the most modern developments in South America – it complies with environmental requirements, has underground electrical system, walking and cycling paths, waste and recycling services. The developers even offer turn-key building solutions if you want to build your house right away!

 

To receive information in Colorado, please send an e-mail to Tere Cardenas, Marketing Consultant, of RE/MAX Alliance in Denver, at LatinAmericaHomes@yahoo.com or visit www.LatinAmericaHomes.net

What to do when a house doesn’t sell?

Many people are going through the frustration of listing their house for sale just to see the weeks and months go by without any offers, and of course, without any sale. This blog post describes the 4 possible reasons why a house doesn’t sell, and what to do about it.

 

The first possible reason is bad condition. Does your house stand out from the immense competition that there is out there? We recommend that you do everything within your budget and within reason to make your home very appealing to a broad range of buyers. Make sure the curb appeal draws people in, and once they are in, they stay. Your home should be clean and uncluttered, with all the minor and major repairs taken care of. Repairs that only will cost you a few hundred dollars will certainly cost thousands of dollars in the mind of your buyer.

 

Then, there is bad communication with your agent. Hire an agent that will tell it like it is. Respectfully, of course, but he or she must give you their sincere opinion. Your agent must sometimes tell you what you don’t want to hear. A good agent will keep you informed of market changes and give you feedback on your home; this is important information that will help you make the decisions that you need to make.

 

The third possible reason is bad marketing practices. The role of a good agent is very different today than it was 20 years ago; it has changed from salesperson to marketing and technology expert. Your agent must expose your property to as many people as possible with a heavy emphasis on Internet and network marketing.

 

The final reason for an expired listing is a high price. The correct selling price is the highest price the market will bear, not how much the seller needs or what the relatives and neighbors have told him. A good agent will help you set the price at the highest possible level, based on a comprehensive Comparative Market Analysis that will include the sale price of what similar homes have sold for in the last months.

 

If your house has expired in this market and you are serious about selling it, send an e-mail to TereCardenas@yahoo.com and we will contact you as soon as possible.

 

Thanks for reading.