Certified Pre-Foreclosure Specialist Reports More Short Sale FAQ’s
To understand Short Sale Basic, you must first understand foreclosures, Read on for Sean O’tToole’s Foreclosure Truths Basics, and look Here for California Foreclosure Timelines.
Courtesy Foreclosureradar.com and Sean O’Toole
- 1 Foreclosures don’t drive price declines – price declines drive foreclosures.
- 2 It only takes a couple of distressed sales to lower prices in even the best neighborhoods.
- 3 Watching foreclosures offers you a front row seat into the real estate market ahead.
- 4 No matter how viscious the foreclosure cycle, a bottom will be found as affordability returns, and investors begin to scoop up rentals with positive cash flow.
- 5 Active, pending and sold data from the MLS no longer provides a complete view. Foreclosure comps fill the gap by showing the other half of today’s real estate market.
- 6 Foreclosure markets move faster than traditional real estate – what you believed to be true yesterday, may no longer prove true today.
- 7 For the homeowner, choosing to walk away never feels like a choice.
- 8 Foreclosures are public record, but they represent real people in distress. Nothing good can come from posting these records openly for every nosy neighbor to see.
- 9 For homeowners, a short sale is far better than foreclosure, which in turn is far better than bankruptcy.
- 10 Foreclosure happens to the rich, to the poor, to the famous and to the unknown. In good neighborhoods and in bad. Foreclosures happen in economic booms as well as busts.
- 11 Death, drugs, disease, divorce, and denial – the “Five D’s” ensure we will never eliminate the need for foreclosure.
- 12 The desire to be a homeowner is so strong that owners in foreclosure often say they’d rather die than lose their home. Those who understand this will realize that affordability is more important than appreciation.
- 13 No matter how long it has been since the homeowner in foreclosure made their last payment, they are invariably broke.
- 14 Sometimes the best foreclosure deal is the one you didn’t buy.
- 15 Buying at trustee sale auction is best left to the pros, but there is no good reason not to partner with one.
- 16 Buying foreclosures is not a get rich quick scheme, and even the best pros rarely “save 50%” as the hucksters claim.
- 17 Buyers want bargains, without exception. Despite Realtor protests, buyers believe foreclosures are bargains.
- 18 Speculators bet on profits from future appreciation. Foreclosure investors look for returns they can bank today.
- 19 Consumers should not buy foreclosures without the help of an experienced Realtor, or foreclosure professional. Period.
- 20 Foreclosure data is free. Services enabling you to use the data to successfully grow your business are invaluable.
- 21 Hucksterism permeates the foreclosure industry. Promises to get rich quick, or buy a fabulous deal with no money down are rampant and unrealistic.
- 22 Many foreclosure data sources send a clear message that consumers don’t need Realtors in the foreclosure market. Instead, they unrealistically promote saving 50% on the buyer’s next home.
- 23 Banks do not want to be homeowners. Despite their seeming unwillingness to approve short sales, loan modifications and REO offers, these things are all in their best interest and therefore will become easier over time.
- 24 Foreclosure enables homeownership at affordable rates. Without an efficient way to remove those who don’t pay, banks would have to pass on the costs of non-payment to other borrowers, thus raising rates for all.
- 25 Billions of dollars worth of property is going to foreclosure auction each month; while Realtors, title companies, and mortgage brokers sit on the sidelines.
WereHereToHelp.org’s presents more Sacramento Short Sale FAQ’s