By Tom Branch, on November 21st, 2010 The Branch Team | Real Estate Broker 0547597 | RE/MAX Dallas Suburbs
 Copyright 2010 - Imaged2Sell 3 Bedrooms | 2 Baths | 2-Car Garage | 1816 SF/Tax
Plano TX Homes For Sale – Nice home located on a cul-de-sac lot with large shade trees. Open single-level floor plan. Wood laminate flooring in entryway and kitchen. Kitchen opens to dining room and family room with wood-burning fireplace. Lots of updates-all windows replaced with Sears Energy Efficient in 02, board-on-board fence in 06, dishwasher in 02, AC condenser in 04, HVAC inside in 06. Zoned to the new McMillan High School opening Fall 2011.
Click here for current status, pricing, photos, and a virtual tour.
Source: NTREIS
By Tom Branch, on November 10th, 2010 The Branch Team | Real Estate Broker 0547597 | RE/MAX Dallas Suburbs
 Copyright 2010 - Imaged2Sell 3 Bedrooms | 2 Baths | 2-Car Garage | 2097 SF/Tax
Frisco, TX Homes For Sale – Wonderful KB home located in the Heart of Frisco. Single-level open floor plan with split bedrooms and study. Second living area can be formal dining. Large island kitchen with lots of storage space, Corian counters, and a gas cook top. Family room with fireplace overlooks the generous covered patio and landscaped back yard. Master bath has separate shower and garden tub. Designer colors and plantation shutters. Walk to local Frisco ISD schools.
Click here for current status, pricing, photos, and a virtual tour.
Source: NTREIS
By Tom Branch, on October 20th, 2010 It doesn’t happen every day but every now and then someone will do, say, or write something that makes working Short Sales worth all the headache and extra work.
This morning a little package and note card were delivered to my office. When I picked it up I had no idea what it was, who delivered it, or the impact it would have on my day.
I opened the card and read the kind words. The card was attached to a small box with a necktie in it.
While I’ve saved 20 or more families from foreclosure this year alone, I’ve only received a thank-you card twice.
It’s the simple handwritten acknowledgement that the work I do is appreciated that renews my faith in working Short Sales. I saved another family from foreclosure and they realized the extra work that goes into it without any additional compensation.
Tomorrow is a fresh day and I have more families to help!
By Tom Branch, on October 2nd, 2010 
Another short sale closed! The sellers avoided foreclosure, the buyers purchased a nice home at a discount, and the lender did not have the losses involved with a foreclosure.
Many people feel that the nation’s economy rises and falls with the housing market. While this is often true, we believe the current housing crisis is a direct result of the economic downturn and massive job loss across the nation.
In the Short Sale community, the vast majority of homeowners did not get a bad loan or buy more house than they could afford; they’re just good, hardworking Americans who fell on bad times.
All indicators point to Short Sales being on the real estate horizon for the foreseeable future, at least through 2012, and maybe longer. Industry experts see another wave of distressed homeowners surfacing when the once popular Pay Option Adjustable Rate Mortgages (ARMs) begin to adjust in the coming months.
These mortgages allowed the borrower to essentially “pick a payment” that fit their budget in order to get into the house they wanted to purchase. These loans have the potential to negatively amortize and the rate will adjust upward – it’s just a matter of time. Pay Option ARMs were widely used in California and will begin adjusting soon.
We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.
Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.
By Tom Branch, on September 24th, 2010 
We completed our first short sale back in 2005 and five years later short sales have become 70-plus percent of our listing business. During that time we authored and published, “Avoiding Foreclosure – The Field Guide to Short Sales” which is the anchor of our marketing strategy for short sales. The book was not designed to educate real estate professionals. It was designed to help homeowners and homebuyers understand the short sale process.
While a few agents purchased the books for their own use, many were concerned that their clients would simply contact us. Those same agents asked us to produce a professional edition that they could use in their businesses. They asked for it and we delivered!
Now available – an unbranded version of “The Field Guide to Short Sales” book.
It has been re-titled “Avoiding Foreclosure – The Consumer Guide to Short Sales” and our contact information has been removed. Room has been left on the back of the book for you to label it with your contact information.
This is a great marketing tool to give to your potential short sale clients and almost always secures the listing!
Click here to visit our website.
By Tom Branch, on September 20th, 2010 
Once the Short Sale has been approved, the lender will furnish a formal approval letter, and the contract can move forward. Exactly how that contract moves forward varies from State to State as do the contracts themselves.
Based in Dallas, we can only speak to Texas contracts. In Texas, the transaction typically closes within 30 days of Short Sale approval.
However, in Texas, the contract execution date is amended to reflect the Short Sale approval date. That means the buyer usually does not have the property inspected or appraised until after the Short Sale has been approved by the lender. It would be senseless for the buyer to spend money for those services before even knowing if the Short Sale will be approved.
In Texas, the buyer often has an Option Period (usually 7 – 10 days) in which to have the house inspected. Regardless of what the inspection reveals, the buyer can terminate the contract during the Option Period at no cost other than a small Option Fee.
In regards to the inspection, homeowners in a Short Sale situation typically don’t have the money to make repairs. The lender is unlikely to pay for repairs either given the loss they’re already taking. The exception to this could be a major repair that the buyer’s lender requires in order to approve the loan – foundation, roof, heat and A/C for example.
It can be very disconcerting for the homeowner and all parties involved to endure this lengthy process only to have a potential buyer walk away at the last minute. This doesn’t happen often, but if it does, there is some good news. The Short Sale package (and sales price) has already been approved by the lender, so all that’s needed is a new buyer and a new purchase contract.
Most times, once Short Sale approval is received, both the seller and buyer are excited to move the process forward to a successful closing. Homeowners are so emotionally involved, and understandably so, with their particular situations; they’re often unaware that some of the major lenders are completely inundated with Short Sale and foreclosure files.
We were “enlightened” by one of the country’s largest lenders that their Short Sale negotiators regularly have 1,000 files to work at any given point in time. Hence, another reason why Short Sales are anything but short!
We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.
Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.
Based on The Field Guide to Short Sales. Copyright © 2010 by Tom Branch & Gina Branch.
By Tom Branch, on September 17th, 2010 
Another short sale closed! The sellers avoided foreclosure, the buyers purchased a nice home at a discount, and the lender did not have the losses involved with a foreclosure.
Many people feel that the nation’s economy rises and falls with the housing market. While this is often true, we believe the current housing crisis is a direct result of the economic downturn and massive job loss across the nation.
In the Short Sale community, the vast majority of homeowners did not get a bad loan or buy more house than they could afford; they’re just good, hardworking Americans who fell on bad times.
All indicators point to Short Sales being on the real estate horizon for the foreseeable future, at least through 2012, and maybe longer. Industry experts see another wave of distressed homeowners surfacing when the once popular Pay Option Adjustable Rate Mortgages (ARMs) begin to adjust in the coming months.
These mortgages allowed the borrower to essentially “pick a payment” that fit their budget in order to get into the house they wanted to purchase. These loans have the potential to negatively amortize and the rate will adjust upward – it’s just a matter of time. Pay Option ARMs were widely used in California and will begin adjusting soon.
We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.
Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.
|
|
Comments are closed 
You must be logged in to post a comment.