"Twas the Night Before Short Sale Christmas"
By TC McClenning for www.ShortSaleDailyNews.com
Twas the night before Christmas, and all through the short sale
Not a deal was closing, no matter how stale.
The families were packing, hoping to hear
Of an offer approval, by their agent so dear.
The Realtor was dealing, with the phone to her head,
While in her gut existed a growing sense of dread.
And distressed sellers ringing their hands,
Hoping for a miracle throughout these great lands.
When out of despair what should arise,
But a back-up offer, like a second place prize.
Surely a closing can’t be far behind
And the agent will see a reward from this grind.
With loss mitigation delaying the file,
The agent keeps working, with a well-pasted smile.
Promissory notes, deficiencies, liens and other such terms
Flying like snow between all the firms.
When up on the roof arose such a clatter,
Everyone involved stopped all their chatter.
The real estate office emptied with incredible speed
To see if perhaps it was a cash buyer in need.
To what great surprise did these salespeople view,
But Short Sale Santa and his entire furry crew.
Well aware of how hard they work at the negotiating game,
He reined in his gang, calling them by name.
“Now HAFA! Now Freddie! Now RESPA and Fannie!
On, HARP! On HAMP! On HUD and Ginnie!
Let’s grant a wish to these Realtors many
That to all in 2011, they meet their goals to the penny.”
As the agents embraced and danced with delight
Short Sale Santa prepared to take flight.
Their shining face they turned upward and waved,
Knowing with certainty their careers had been saved.
His set his sleigh in motion with a whistling sound,
Aware of the cheer he had given of impending rebound.
Short Sale Santa exclaimed as he flew out of sight,
“Merry Christmas to all and to all a good night!"
From Short Sale Daily News: http://shortsaledailynews.com/twas-the-night-before-short-sale-christmas/
This little ditty is certainly entertaining to read and seems fitting for the the season approaching the new year. 2011 will assuredly be a year where short sales take up an increasing share of the real estate industry and Short Sale ProLogic will be there. Happy Holidays to all and to all a good night!
Short Sales Made Simple. Finally.
Tuesday, December 21, 2010
Wednesday, December 15, 2010
Colorado Biz Magazine : "Small biz: Foreclosure crisis presents opportunities"
Small biz: Foreclosure crisis presents opportunities
By Mike Taylor
Not long ago houses were half-jokingly referred to as ATMs because the “homeowners” (how’s that for a misnomer?) could repeatedly take out home-equity loans or refinance on the assumption that property values would keep rising indefinitely.
My, how that’s changed. Now talk of real estate centers on auctions, foreclosures and short sales - cases when the bank agrees to accept less on a property than is owed.
When Denver Realtor Kelli Paddilla decided to start specializing in short sales in 2005, she had to fly to California to attend short-sale seminars because, she says, none were offered in Colorado.
Now she’s a recognized distressed-property and short-sale expert. Last year Paddilla, managing broker at real estate firm Key Concepts, sold 42 properties that were either bank-owned or short sales. This year her office is on track to sell 75 to 100 such properties.
“Short sales are always a better alternative than foreclosures for the bank and for the seller,“ Paddilla says, citing one rare exception she oversaw firsthand. “I had one listing recently where the tenant burned the house down. There’s no reason for that seller to continue the short-sale process.“
But according to Denver attorney Sara Mobley, who deals with many loan modifications and short sales, about eight out of nine short sales nationally fail because they don’t meet the guidelines that the lender must adhere to.
Paddilla also blames inexperienced Realtors for hampering the short-sale process by flooding banks with short-sale proposals that have no chance of being accepted. As an example she sites an agent in her own office whose short-sale packet Paddilla reviewed.
“The seller was a compulsive gambler,“ Paddilla says. “He’s gambling away his life savings and can’t pay his mortgage. He sends us a bank statement with everything blacked out on it. So my assistant, who’s also a private investigator, holds it up to the window, and it’s Blackhawk this, Blackhawk that…. So someone’s going to tell me that I should even hit the fax machine and send it over to Bank of America and waste their time? I don’t think so.“
The distressed real estate market demands different services, and Ryan Lantz, who is only 31 but has been in the real estate business about a dozen years, has tried to fill different needs as the economy and real estate markets have changed. He started out in commercial real estate in San Francisco, then came to Richmond American Homes where he worked his way up the ranks, becoming executive vice president of operations for the firm’s Denver operations.
Then the market started turning south. “The market was only going to absorb so many units, no matter how creative we wanted to get,“ Lantz says. “It was hard to sell houses.“
Lantz left Richmond American Homes in 2008. He and a partner formed a private equity firm with 17 investors to buy properties at auction and flip them. Out of their own efforts to identify suitable auction properties more efficiently, they developed the website ironscope.com to help auction-goers quickly identify properties that fit their investment criteria.
Later they decided marketing a similar product to Realtors would give them a bigger market than targeting the small number of auction-goers, so in late October they launched Short Sale ProLogic (ShortSaleProLogic.com) at a Colorado Association of Realtors event.
A subscription to the site costs $50 per month. The service and technology filter properties that have gone into default or are bank-owned, based on the requested criteria. Subscribers receive updates on properties via text message or e-mail.
Lantz should have plenty of time to put his product to the test in the distressed market. Mobley, the attorney, figures it will be eight to 10 years before some normalcy returns to the housing market. Lantz’s outlook is slightly less grim.
“I’m hearing these alarming statistics,“ he says. “The most recent one that really raised my eyebrows is that there are 11 million homes in America in danger of going into foreclosure. I hope that’s not the case, but I think we’ve got certainly a three- to five- or six-year runway with this thing.“
To read full article in Colorado Biz Magazine online, visit: http://www.cobizmag.com/articles/small-biz-foreclosure-crisis-presents-opportunities/
By Mike Taylor
Not long ago houses were half-jokingly referred to as ATMs because the “homeowners” (how’s that for a misnomer?) could repeatedly take out home-equity loans or refinance on the assumption that property values would keep rising indefinitely.
My, how that’s changed. Now talk of real estate centers on auctions, foreclosures and short sales - cases when the bank agrees to accept less on a property than is owed.
When Denver Realtor Kelli Paddilla decided to start specializing in short sales in 2005, she had to fly to California to attend short-sale seminars because, she says, none were offered in Colorado.
Now she’s a recognized distressed-property and short-sale expert. Last year Paddilla, managing broker at real estate firm Key Concepts, sold 42 properties that were either bank-owned or short sales. This year her office is on track to sell 75 to 100 such properties.
“Short sales are always a better alternative than foreclosures for the bank and for the seller,“ Paddilla says, citing one rare exception she oversaw firsthand. “I had one listing recently where the tenant burned the house down. There’s no reason for that seller to continue the short-sale process.“
But according to Denver attorney Sara Mobley, who deals with many loan modifications and short sales, about eight out of nine short sales nationally fail because they don’t meet the guidelines that the lender must adhere to.
Paddilla also blames inexperienced Realtors for hampering the short-sale process by flooding banks with short-sale proposals that have no chance of being accepted. As an example she sites an agent in her own office whose short-sale packet Paddilla reviewed.
“The seller was a compulsive gambler,“ Paddilla says. “He’s gambling away his life savings and can’t pay his mortgage. He sends us a bank statement with everything blacked out on it. So my assistant, who’s also a private investigator, holds it up to the window, and it’s Blackhawk this, Blackhawk that…. So someone’s going to tell me that I should even hit the fax machine and send it over to Bank of America and waste their time? I don’t think so.“
The distressed real estate market demands different services, and Ryan Lantz, who is only 31 but has been in the real estate business about a dozen years, has tried to fill different needs as the economy and real estate markets have changed. He started out in commercial real estate in San Francisco, then came to Richmond American Homes where he worked his way up the ranks, becoming executive vice president of operations for the firm’s Denver operations.
Then the market started turning south. “The market was only going to absorb so many units, no matter how creative we wanted to get,“ Lantz says. “It was hard to sell houses.“
Lantz left Richmond American Homes in 2008. He and a partner formed a private equity firm with 17 investors to buy properties at auction and flip them. Out of their own efforts to identify suitable auction properties more efficiently, they developed the website ironscope.com to help auction-goers quickly identify properties that fit their investment criteria.
Later they decided marketing a similar product to Realtors would give them a bigger market than targeting the small number of auction-goers, so in late October they launched Short Sale ProLogic (ShortSaleProLogic.com) at a Colorado Association of Realtors event.
A subscription to the site costs $50 per month. The service and technology filter properties that have gone into default or are bank-owned, based on the requested criteria. Subscribers receive updates on properties via text message or e-mail.
Lantz should have plenty of time to put his product to the test in the distressed market. Mobley, the attorney, figures it will be eight to 10 years before some normalcy returns to the housing market. Lantz’s outlook is slightly less grim.
“I’m hearing these alarming statistics,“ he says. “The most recent one that really raised my eyebrows is that there are 11 million homes in America in danger of going into foreclosure. I hope that’s not the case, but I think we’ve got certainly a three- to five- or six-year runway with this thing.“
To read full article in Colorado Biz Magazine online, visit: http://www.cobizmag.com/articles/small-biz-foreclosure-crisis-presents-opportunities/
Welcome to Short Sale ProLogic
Short Sale ProLogic puts Real Estate professionals in up-to-the-minute touch with the most powerful information available on distressed property. Know immediately when specific properties enter foreclosure. Know immediately when foreclosure sales information is published. Know immediately when a property becomes an unlisted REO. And know that you’re way ahead of your competition.
Short Sale ProLogic with ActiveTrack™ technology: Simplifying the Short Sales Process For Greater Market Share and Greater Profit. BE PREPARED TO SUCCEED.
For more information, visit: www.shortsaleprologic.com
Subscribe to:
Posts (Atom)