Did You Know That You Still Have Time To Sell
There Was And Still Is A Stigma On
Real Estate Auctions.
I hope to clear that up for you in this article.
There Was And Still Is A Stigma On
Real Estate Auctions.
I hope to clear that up for you in this article.
I have been in Real Estate for longer than I would like to admit. I have never see a market as bad as it is now. You can not find qualified buyers and the banks are not lending unless you have a credit score that is above 700 and they still have not brought the interest rate down to a point that folks can afford the payments.
Well first I would like to tell you what this Service is not.
This is not an auction that is selling 100 properties a once
This is not selling Bank Owned Properties.
This is not the type of Auction that will sell your property under Fair Market Value.
This is not selling a property on the Court House Steps.
If you have listed your property with a Realtor This Will work as well. The Auction reprehensive will contact your Realtor and make an agreement that they will split the commission with the reprehensive that puts the auction together.
The Art of Real Estate Auctions Have Become Refined To Work Every Time.
In All Most All Cases In Just 26 Days Start To Finish.
They put in 10 times the effort to get your property out to Qualified Prospective Buyers. The Auctioneer will start the auction amount at the Fair Market Value and go up from there.
As you Know, the Fair Market Value is the amount that the property Appraiser Tells the Mortgage company that the property is worth.
These people are trained professionals. How the Appraiser gets his Fair Market Value Number is this. He will look on the MLS (Multiple Listing Service) and find at least 3 comparable properties that have sold recently. They must be with in just 2 to 3 miles of the property that is being appraised.
Next he will add all three selling prices together and divide them by three to get an average. This is what he will declare your property to be worth. He will take into consideration if your property has been well maintained. He will also take the same consideration if the property has fallen in disrepair.
The properties must have the same amount of rooms and same type of garage etc.
Once you have the FMV established then we go to work and find out if your mortgage is more than the FMV, they will have to approach the bank and ask their permission to sell the property for the FMV that the appraiser just gave you.
This will technically turn this into a short sale if your property is worth less than the mortgage against it. With the economy in the shape it is in today the banks have been very cooperative in this area. This really saves the bank money in the long run.
I saw the bank repo a property after the owner had filed bankruptcy to stop the foreclose and the bank got the property in the end. Unknown to the property owner the house was full of dry-rote. And the bank ended up having to fix the house before they could resell it.
They didn’t find it out until a buyer had the house inspected and found the dry-rote.
The owner offered to purchase the property back after the foreclosure and the bank refused. The owner offered the bank more than the property was worth and they still turned him down. Well Look At What The Bank Has Paid In Repairs.
The property had 400K against it and the value after the economy crash was only worth 179.K. The repairs cost the bank 102K. So you tell me who came out ahead in this one.
That little scenario should give you an idea of why the banks are glad that we come in and help get these properties sold. They don’t want these properties back on their REO lists. They would rather take the loss of the value, rather than having to fix the property before they can sell it.
You see mortgage companies will not loan on a property that has no appliances in them and they will not loan on a house that has a bad roof or dry-rote of any kind. And if it has black mold that is even worse. They have to rip out all the sheet rock and replace it and find out where the mold is coming from. Now you have to know that is going to cost an-arm-an-a-leg.
So You See The Banks Want Us To Come In And Help The Home Owner That’s In Trouble. They Are Glad That We Help Them Sell Before The Bank Has To Take Action.
So If you are in trouble with your mortgage and want to sell that property before it goes back to the bank then give us a call and we will get on it right away. We do not waste time.
We will need certain information to get started so if you wish to go forward with this you must have all mortgage documents in hand when you call me. I can be reached
Monday thru Friday at 707-265-6451 from 10am to 4pm.
If I do not answer the phone I am either on another line or out with some one that needs our help. Please be patient and leave me a detailed message, Name, Number, Date and Time and I will call you Back.
Paulette
