All of the listings were the similar [...]]]> Salt Lake City UT – First, it benefits the owner of the loan. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.

All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.

Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch!

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

The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a home from someone who is trying to squeeze out every penny.

You, the seller also benefit. You will be eligible to buy another home in 24 months. You have a better chance of getting a job, because many employers check that nowadays. A short sale is a win – win for everyone involved.

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 tom@spottedhome.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 801-403-9774.

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

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

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

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

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Discover how other sellers successfully did a short sale and request [...]]]> Salt Lake City UT – Yesterday’s post talked about how banks lose money when they turn down short sale offers. A recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure.

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

The reason is because short sales usually sell for more money than a foreclosure. A short sale is usually in good shape, while a foreclosure is usually in disrepair.

Most economic experts say housing is the biggest drag in today’s economy. Every single foreclosure that sells for less money drags the rest of the housing market down.

Homeowners often move out after they stop paying. The yard becomes overgrown. This drags the resale value down. In addition a foreclosure takes 18-24 months.

That means the banks loses money because of interest and property taxes on the house. This drags down the banks finances. They have less money to lend out, which causes another drag on the economy.

Here is an example of a rejected short sale that was foreclosed and resold. It illustrates that short sales sell for more money than a foreclosure.

A guy we knows listed a house for $130,000. Eventually an offer came in for $119,900. The agent attempted to negotiate a short sale with the lender. The lender turned it down.

The house was eventually foreclosed on 12 months later. It sold for $96,400. That is a $23,000 loss, before adding in the foreclosure costs, lost interest, property taxes, etc.

This is why you shouldn’t feel bad that you are short selling your home. In fact, I think you should get an award because of what you are doing to help the economy.

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 tom@spottedhome.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 801-403-9774.

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

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

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

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

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

This is a clip of the most interesting part of the Town Hall Put on By Rep Trisha Beck. Thanks You Trisha.  I really liked hearing the stories of home owners.  I couldn’t tape my self.  I said it was once said Greed is Good in a movie if that is true banks [...]]]>

This is a clip of the most interesting part of the Town Hall Put on By Rep Trisha Beck. Thanks You Trisha.  I really liked hearing the stories of home owners.  I couldn’t tape my self.  I said it was once said Greed is Good in a movie if that is true banks are great.  They are Greed incorporated!!!!!  I stand by that statements Banks are Greed Inc.

Discover how other sellers successfully did a short sale and [...]]]> Salt Lake City UT – Wells Fargo is one of the largest lenders in the US. They are the second biggest short sale lender we work with. The Wells Fargo Loss Mitigation Department is much better to work with than lender’s loss mitigation departments.

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

Wells Fargo has two loss mitigation departments. One is located in Fort Mill, South Carolina. The other is located in Milwaukee, Wisconsin.

Here is what we do to negotiate a short sale with Wells Fargo.

To start a short sale with Wells Fargo, we first call 1-877-216-8448. We ask the representative what the short sale fax number is. That is where we fax the entire short sale package.

In my experience, these phone and fax numbers are often changed with little notice. That is why I call to check. The current fax number to send paperwork to is 1-866-969-0103. That has been the correct number for a long time.

In addition I will need authorization from to speak to your lender on your behalf. You fill out and sign a form giving me that authorization. I will fax that to Wells Fargo’s Authorization Fax. That number is 1-866-917-1877.

Once the short sale is approved by the owner of the loan, then Wells Fargo will want all parties to sign Wells Fargo’s Specific Addendums. They are the following.

Arms Length Addendum. This simply states that there is no funny business going on and this is a normal “Arms Length” sale. In other words, you aren’t selling the home to your best friend for a low price, or anything similar to that.

Closing Date Extension Addendum. They want the buyer to sign this and agree to close within 30 days of the short sale approval.

Listing Addendum. This is an addendum they want the seller and the listing agent to sign. It gives Wells Fargo a little more protection on the short sale.

Contract Addendum. This is another addendum they want the buyer and the seller to sign. It simply lays out how a Wells Fargo Short Sale works for the buyer and the buyer agrees to those terms by signing the addendum.

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 tom@spottedhome.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 801-403-9774.

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

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

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

View My homes for sale at www.spottedhome.com.
Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City 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 Winand’s personal views and do not reflect the views of Spotted Home LLC. This information on How To Negotiate A Wells Fargo Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Discover how other sellers successfully did a short sale and request a free [...]]]> Salt Lake City UT – Some homeowners have watched the value of their home be cut by 30-50%. They paid 700k for a house that is now worth 400k. They want a principle reduction, but the lender won’t agree to it.

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

So they keep on insisting for one. Lenders will drop your interest rate to 2% for five years. But, they are very reluctant to grant principle reductions. Here is why.

They are forced to take huge write off on their books when they give you a principle reduction. No, this is not a “tax” write off.

If they give you a 300k principle reduction, they have to take that directly off that year’s earnings. That hurts earnings, which hurts the stock price, which hurts the likelihood of the people at the top getting bonuses.

This makes principle reductions so rare. Instead, they like to reduce your payment down to the equivalent of a 400k principle amount. How?

By dropping the interest rate to 2%. The lower interest reduces your payment down as much as a principle reductions would have done.

The banks hope that you can limp along for five years until the economy recovers. Hopefully by then housing prices will recover, or you will be able to afford the higher payment after the interest rate reset.

But, many experts do not think the housing market will recover in 5 years, much less 10 years. This is why I recommend a short sale and renting to anyone who is upside down by 30%.

Now, you may be saying, “Of course you do recommend that. You get more sales that way.” Sure, I like more sales.

But, if that was true, then why would I give away free loan modifications kits to homeowners in foreclosure? I would hope that they would be forced to short sale with me.

(Click here to request a copy of our Salt Lake City Loan Modification Kit that has the instructions you will need to get a loan modification approved with your bank.)

I believe that most loan modification are a temporary band-aid that doesn’t solve the underlying problem. Most people that short sale are already suffering and their credit has been hurt by a pending foreclosure.

What if they accept the loan mod offer and can’t afford the payment reset in 5 years? They may have to stop paying, hurt their credit again, and apply for another loan modification.

Why not wipe out the upside down debt while your credit is already damaged? Agree? Disagree? Please put your comments in the comments section below.

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 tom@spottedhome.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 801-403-9774.

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

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

Thanks for reading this, Tom Winand.

Tom is a Real Estate Broker at Spotted Home LLC.

Phone: 801-403-9774. tom@spottedhome.com.

We Believe in HOME

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

Tom Winand specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales, Salt Lake City Short Sale Realtor. Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City 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 Winand’s personal views and do not reflect the views of Spotted Home LLC. This information on What to do when your lender won’t reduce your principle on a loan modification is provided as a courtesy to our viewers to help them make informed decisions.

I hope they get mediation in the laws of Utah. I would expect it not to pass in Utah because were so conservative, but it has help in Nevada. I see the bank trying to get the home foreclosed at all cost even forging documents. I’m an expert [...]]]>

I hope they get mediation in the laws of Utah. I would expect it not to pass in Utah because were so conservative, but it has help in Nevada. I see the bank trying to get the home foreclosed at all cost even forging documents. I’m an expert witness and consultant on 2 RESPA violation Lawsuits where the homeowner rescinded there mortgages.

I know Doug Delquadro, he is a great guy and it’s not easy to go through what he did. There are options don’t wait until it too late we help you avoid foreclosure! Let me help you we’ll look at your paperwork and go over your options! I’m committed that you have power and freedom and a future of home ownership! I believe in Home!

Posted by me @ WWW.Salt Lake City Short Sale Realtor.com

This a new Listing of mine in Salt Lake City.  It on a great street that dead ends into a park.  The list price is  $80,000 and we’ll pay your closing cost.  If you use me as your listing agent I’ll pay [...]]]> 872 S CONCORD ST , Salt Lake City UT 84104

This a new Listing of mine in Salt Lake City.  It on a great street that dead ends into a park.  The list price is  $80,000 and we’ll pay your closing cost.  If you use me as your listing agent I’ll pay to put  closets in the bedrooms  to allow it qualify for a FHA.

Property Tour

Visit spottedhome.com for the complete home tour and thousands of other homes for sale.

We need a Offer ASAP. Use UAR SS addendum and include a per-approval letter that states auto-underwriting approval completed. $500 Ernest Money. Great affordable bungalow in a great neighborhood dead ends into a park. Bedroom do not have closets so for FHA you would have to get 203k streamline financing only we have a expert lender that can close one in 30 days. View the Complete Home Tour. View all Property Detail.

Price: $80,000.00 Beds: 3 Baths: 1 Sqft: 1,401 Lot: 0.15 acres

To see this home in person call..

Tom Winand, Broker

Spotted Home LLC

801-403-9774

For Maps, Street View, Tour, Dozens of Home Facts on thousands of UT homes please visit spottedhome.com

IndyMac, OneWest Bank, Taxpayers and the FDIC. Looking Into the Deal Between OneWest and The FDIC and Applying Math To The Resulting Shared Loss Agreement. – The Lim Team [...]]]> This is a great article on the How the FDIC really doesn’t want loans modified and they are putting our money up to prove it.

IndyMac, OneWest Bank, Taxpayers and the FDIC. Looking Into the Deal Between OneWest and The FDIC and Applying Math To The Resulting Shared Loss Agreement. – The Lim Team Real Estate

Video on the FDIC and West One Bank causing foreclosures FDIC spending your tax $ paying West One Bank formerly know as IndiMac Bank to Foreclose on there loans.

FDIC Paying for Foreclosure Click the Picture