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SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez notre Politique de confidentialité et nos Conditions d’utilisation pour en savoir plus.
Graph shows the market trendsPoints to Note - Steady increase in short sales - Massive uptick and correction in lender sales - Lender owned sales are 53% of the total sales
Lender owned sales make up 53% of the sales each month, however only 21% of the homes for sale are lender owned. Indicates a very fast market for lender owned homes.
Example that market wide data is only good to a certain point. Queen Creek was hit particularly hard with investors and has always been on a fairly different path to recovery. Yet the media has never pointed it out.
This graphs shows the very consistent pricing between the different types of homes.
Data based on previous slide with 13 month average and 41,533 homes sampled.
The 95% rule, a home listed at a price that will attract an offer will almost always sell within 95% of the final list priceAlso, banks aren’t desperate to sell their listings and they won’t drop the price more than a traditional sale or a short sale
Graph shows the original list price compared to the final sales price and lets buyers know homes do not sell far from their original list price. This also points out banks don’t over price more than anyone else.
Research needed to understand the Auction process better
Short Sales - Phoenix - June 30, 2011
Short Sales – Start to FinishPresented by Marcus FlemingAnd Justin Toenjes
The Life of a Short Sale• How to grow a short sale• Getting a short sale listed• Picking your team• Searching for short sales• Market statistics• Negotiations and research• Sit and wait, finally explained• Getting a loan• Home inspections and warranties• Getting a clean title
How to Grow a Short Sale• Supply vs. Demand• 80/20 Loans• HELOCS (disappearing money) • Recourse in a Non-recourse state• Market crash • 50% drop in home values• Making the decision to short sale • Loan modifications • Bankruptcy • Credit Impact
# of Active Listings Number of Active Single Family Homes 60,000 Total Listings 50,000 40,000 30,000 20,000 10,000 0
Getting a Short Sale Listed• Seller’s mindset • Home maintenance • HOA dues• Bank’s attitude• Listing agent’s struggle• Pricing strategies • Some things are too good to be true• Approval Notice complications• Trustee’s sale date
Picking Your Team• Qualifying Your Realtor • Experience, education, designations • What does it mean to you?• Qualifying Your Lender • Rates are just the beginning • New lender pay compensation• Partner Lenders • A hidden value
Searching for Short Sales• Active, AWC and Pending • What do they really mean?• Accurate and reliable websites• AWC, Pending and Sold stats• Pre-foreclosure lists • What are they?
Inventory Solds Active Pending REO 3,792 4,052 4,086 Traditional 2,571 10,503 2,833 Short Sales 2,051 11,750 4,056
Percent of Homes For Sale by Listing Type REO 15%Short Sales 45% Traditional 40%
% of Homes Sold, Expired, Cancelled100%90%80%70%60% Expired50% Cancelled Sold40%30%20%10% 0% Short Sales Traditional Lender Owned
# of Homes Sold, Expired and Cancelled70,00060,00050,00040,000 Expired Cancelled30,000 Sold20,00010,000 - Short Sales Traditional Lender Owned
Avg $/SQFT for 3 Bedroom Homes By Listing Type$120 Traditional Lender Owned Short Sale$100 $80 $60 $40 $20 Source: ARMLS 41,533 Homes Sampled $- Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11
Negotiations and Research• Purpose: Looking for a reason…• The 40 Questions to Ask • Listing agent • Sellers • Banks • You’re agent• Contract need to know• Photos (documentation)• Meet the Sellers• 90 day non-refundable earnest
Negotiation Strategies - SS• What’s the true price? • Pull the comps • New listing • Old listing• What does it mean? • Pre-approved short sale • Approved once upon a time• Meet the sellers• Be realistic• % of Listings that don’t sell: 60%
Moving Forward…• Writing the Offer • Tips, tricks, pointers • Low and Low Method• Youre Under Contract, Now What? • Sit and wait… and wait… and wait… • Do an Early Home Inspection • Revisit the home, occasionally• Approval Process • What’s involved? • Approval Letters and Transferability• What If… • House gets trashed • Critical items are missing to qualify for the loan • What leverage do you have?
Sit and Wait, Finally Explained!• The short sale approval process (chart)• Parties involved (chart)• Types of liens• Getting updates • Frequency and quality• Approval Notice
Short Sale Parties Short Sale Bank #1 Title Customer Short Sale Litigation Care Center Department Escrow Officer BPO Mortgage Appraiser Insurer Escrow Assistant Mortgage Negotiator Investor #1Sellers Bank #2 Mortgage Investor #2 Customer Short Sale Attorney Litigation Care Center Department Closing Buyers Department BPO Mortgage Home Buyer’s Appraiser Insurer Appraiser Inspectors Lender Mortgage Negotiator Investor #1 Underwriter Mortgage Investor Investor #2 Guidelines Closing Department
Getting a Loan• #1 Question • Credit inquires and FICO scores• Pre-qualification vs pre-approval• Revised underwriting guidelines• When to lock your interest rate • Short sales• Loan Options • Conventional, FHA, Rehab, Homepath
Home Inspections• What to look for yourself• Missing components • Big ticket items (AC, cabinets, appliances) • Deliberate damage & safety (electrical)• Severe neglect• What an inspector won’t find and won’t test • Hidden defects • Untested system defects
Home Inspections• Most common concerns • Plumbing • AC • Maintenance • Termites • Fresh Paint
Home Warranties• What is a home warranty?• What is covered?• What is excluded from coverage?• Benefits of a home warranty
Home Warranties• Managing the risk of unexpected repairs• As-is, what can be covered?• Pre-existing conditions • Known • Unknown• Home inspections and warranty coverage
Title and Closing• Getting a clean title • Last minute liens • Title insurance• Mortgage Electronic Registration System• Recording Process• Keys!