Spokane WA – The Stop Foreclosure Institute recently received a question from Steve. Here is his question.

“We are doing a short sale with one of the largest nationwide banks. I told them I wouldn’t do the short sale unless they specifically changed their short sale approval letter to completely release me from the deficiency.

The short sale negotiator told me that Fannie Mae would not allow them to release the deficiency. I read somewhere that Fannie Mae doesn’t pursue a homeowner after a short sale. I don’t know who to believe. What do you think? Steve.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Steve’s Question. Steve, in my opinion, you are being lied to by the people at the bank.

Fannie Mae and Freddie Mac do not pursue deficiencies unless the property is a short sale, or they determine that the owners are strategically defaulting. They just write off the loss and move on.

I don’t know how they determine if you are “strategically defaulting.” Unless you are one of those two, then the people at the bank are not telling you the truth.

In fact, we recently sold a Fannie Mae short sale and the short sale approval letter gave the seller a complete release.

In another situation, there is a large nationwide lender that has short sale approval letters that do not offer anyone a release.

This lender has written their approval letters so that is leaves the collection rights with the loan owner after the short sale. That way the loan owner can pursue if they decide to do so.

This lender is infamous for not changing the clause of their approval letter. We had a short sale with them and the loan was a Freddie Mac Loan. We were able to convince them to change the approval letter because we all knew the investor wouldn’t pursue the home seller for a deficiency. So, go back and tell the lender about your newfound knowledge.

If they still won’t budge, then threaten to contact Fannie Mae direct. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: Does Fannie Mae Pursue Deficiencies? is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – A potential home seller asked The Stop Foreclosure Institute how we get paid on a short sale transaction. So I decided to answer that question in today’s blog post.

Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Many sellers mistakenly think that since there is no equity in the property, then there is no way for the agent to be paid. In this situation the seller’s lender pays the commission.

They are willing to pay a commission on a short sale because if the property is foreclosed upon, not only will the property sell for less money, but they will also have to pay a commission on the sale of the foreclosed property.

Here is an example. You owed $500,000 on your home. The home is now worth $400,000. After real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees, your lender will net $370,000.

Most people would be horrified at losing $130,000. However, lenders know there is risk in their business. They grant loans knowing that a certain percentage of them go bad.

After they have realized that a loan has gone bad, all they want to do is reduce their losses as much as possible. So they will sit down and calculate the losses on their different options.

We all know the short sale will net them $370,000.

How much will a foreclosure net them? Let’s run the numbers. If the house is worth $400,000, then it will probably sell for 10% less after a 12 month foreclosure process.

So they have a sales price of $360,000. Now, they have to add in real estate commissions, attorney fees, sales taxes, and all the other costs. They could end up netting around $310,000 after the foreclosure.

Accepting the $370,000 on the short sale and paying the realtor is a good alternative. Therefore they are glad to accept it and pay us to sell the property.

Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker (in Washington all agents are now brokers) at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on How Does the Realtor Get Paid On A Spokane Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra’s Question.

“I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn’t go thru, then I will still owe you money. My friend told me to check on that before I started.

Is it true that I would owe you money if the short sale didn’t go thru? Tamra.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Tamra’s question.

Tamra, No, you will not have to pay anything if the short sale doesn’t go thru. We only get paid when the short sale is approved and the home sells.

Until then, there is no cost to you. In addition, all the short sales we have sold don’t require the seller to pay anything.

What usually happens is that we send your lender a sample closing statement. It has all the costs itemized including our commission.

If your lender is ok with the numbers, then they approve the short sale. If not, then they tell us what needs to be changed.

It is a back and forth process until we come to an agreement. The bottom line is that a short sale will not cost you anything.

The only time you would be paying money is if your lender demands a promissory note, or you live in a state where they have the right to collect after a short sale or foreclosure.

However, even in those states in most cases we are able to negotiate a complete release on the debt. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker (in Washington all agents are now brokers) at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sale Question: What Do I Owe You If The Short Sales Isn’t Successful? is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don’t really like short sales and never pursued the option.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.

Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.

FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don’t think they pay them anything extra to process a foreclosure.

The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.

The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker (in Washington all agents are now brokers) at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on A Common Myth About Spokane Short Sales: Banks don’t like short sales and prefer foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: How To Negotiate Away Promissory Notes is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.

Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.

The lender will take as gospel whatever value that person tells the bank the property is worth. If that value is more than the property is selling for, then the lender won’t accept the short sale.

Here are some common mistakes that you need to make sure that your short sale agent avoids.

One common mistake is to use comps outside the neighborhood when the bank is ordering an appraisal instead of an agent. Agents understand that buyers don’t buy only in a specific neighborhood.

Buyers look for the best deal they can find within a specific are. Because of this, an agent is more willing to use comps outside of the neighborhood.

But, when the bank is using an appraiser you must use the closest geographical comps, not the lowest priced comps.

The second mistake is not controlling the access to the property. The person evaluating the property should not be able to get access to the house without the agent knowing about it.

Your agent must have all showings go thru their office. A third mistake I see is not treating the people valuing the property with respect.

Short sale agents will be meeting the same people over and over. So, they must be punctual when they meet them.

They shouldn’t be forceful on the value. I recommend that they be convincing but not overbearing. Don’t argue over the value.

Most of the time, the agent or appraiser is going to determine the value on their own. They will look at the comps, and if it all makes sense, then they will use your agent’s comps.

However, if they think that those comps are inaccurate, then they will get their own. I always show up 15 minutes early to familiarize myself with any potential repairs.

I look around and notice nicked drywall, peeled up flooring, cracked tiles, and other issues. When I go thru the house with the agent I note those items and write them on my clipboard.

Once I’ve prepped your Comparable Market Analysis, then I go ahead and send a copy to the short sale negotiator. I tell them that I put my own property valuation together for them to review.

Following these tips can mean the difference between failure and success on your short sale. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on A Common Short Sale Mistake Being Made On Spokane Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – We see a lot of agent’s going about escalating a file the wrong way. It reminds me of the appeals process game in death row.

Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don’t want to see short sale escalation turn into a “game.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Treat the Short Sale Escalation Process like a sales process. Don’t treat it like just another technical process that you do for no reason.

Don’t just escalate the file “because you felt like it.” The reason you escalate a file is because the lender is making a bad decision turning down the offer.

You feel, based on your superior knowledge of the property and the local housing market, that they will lose more money thru foreclosure.

And you are moving the file up the chain to make sure they don’t lose even more money. When you escalate a file, make sure you tell everyone that they are going to lose money if they don’t accept the offer.

Tell them, “Based on my projections, you will net 180k with this offer and 163k after foreclosure.” Give them documentation to back that up.

Here are a few examples of documentation we send to them.

1. Comparable Sales.

2. Other similar homes for sale that are competing for the same buyers.

3. Active, competing bank owned comps.

4. Other bank owned sales that were rejected as short sales and the lenders lost money as a result.

5. MLS History.

6. Bank owned comps that may not have been allowed in the Property Valuation or appraisal.

This documentation is designed to help your case. It will help convince them that you are escalating a file for a legitimate reason. It’s not just a game to you. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Ryan S. Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: The Short Sale Process from beginning to end is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a “hardship letter,” which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

To get the lenders approval, first of all write a letter to him about your hardships, backing it up with substantial proof of your financial situation. The next step would be to place the offer.

It would help your case if you get your real estate agent to convince the lender that the price of the property has not been ridiculously lowered.

The last step would be to have detailed pictures and a map of the house, showing details of any repair work if required to be done.

Once the lender approves the short sale, the transaction is ready to be closed.

At closing, your standard Washington State seller closing costs are paid, and any short sale fees for the negotiation are paid if there is an attorney or short sale company involved. The remainder of the funds are then diverted to paying off your mortgage. In case you are a buyer and are interested in buying a short sale property then you might get enticed at the low prices for a property in a high priced neighborhood.

However, it is better to take caution and not jump at the opportunity. First of all it would be advisable to suggest to your real estate agent to make enquiries with the listing agent and ensure that the property is a short sale.

Before taking the leap, hire an agent who has experience in short sales. Next, it is essential that your agent find out how much the seller owes the lender, who is in the title and whether a foreclosure notice has been filed.

Although the seller might have approved your offer, no deal can be made until the lender has approved.

Have a copy of your earnest money deposit sent to the lender and additionally the lender also might want to know if you are pre-approved and have your own loan available.

Most likely the lender will directly negotiate the commission with your listing broker since he is losing money. The deal will be finalized at this point. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 509-868-5800

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ryan Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group. Spokane Short Sales Realtor:

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Ryan Bishop, Windermere Real Estate City Group, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Ryan S. Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group.

This information on Spokane Short Sales: The Short Sale Process from beginning to end is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – If you are looking to short sale your home, then I have some good news for you. Thanks to a new government program, HAFA, you can get paid to participate in a short sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs.

Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency and no promissory note. Now you don’t have to worry about paying all that money back.

Here are a few other advantages HAFA has over a normal short sale.

1. The lender must process the short sale within 30 days.

2. Lenders are no longer required to check your financial information and confirm that your debt to income ratio is higher than 31%.

3. The short sale can often be pre-approved when it is put on the market. This is good news because it makes your home more attractive to home buyers.

As an incentive to help lenders process HAFA short sales, your lender can get a check for up to $1,500 for helping you. Contact me to see if you qualify for a HAFA short sale.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 509-868-5800. I will also refer you to a super Real Estate attorney who can answer all of your legal questions for no charge to you!

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Many Blessings,

Ryan S. Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group.

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan S. Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ryan S. Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group. This information on Spokane Short Sales: The Banker’s Bill of Rights is provided as a courtesy to our viewers to help them make informed decisions.

Spokane WA – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

First off, we are not saying that all agents are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ryanb@gotmoved.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 509-868-5800. I will also refer you to a super Real Estate attorney who can answer all of your legal questions for no charge to you!

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Spokane Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Many Blessings,

Ryan S. Bishop.

Ryan is a Real Estate Broker at Windermere Real Estate City Group.

Phone: 509-868-5800. ryanb@gotmoved.com.

Your Real Estate Consultant For Life

View My homes for sale at www.gotmoved.com.

Ryan S. Bishop specializes in loan modification assistance and short sales in Spokane Washington. Spokane Loan Modification Help, Spokane Short Sales. Spokane Short Sale Realtor. Short Sale Realtor. Spokane WA Short Sales. Spokane Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ryan S. Bishop’s personal views and do not reflect the views of Windermere Real Estate City Group. This information on Spokane Short Sales: The Banker’s Bill of Rights is provided as a courtesy to our viewers to help them make informed decisions.