Real Estate Information Archive

The Kessler Real Estate Team in Eureka Holding Advanced Foreclosure Avoidance and Short Sale Online Seminar on April 30, 2009

Dean Kessler, a Realtor® with RMK Realty, Inc in Eureka is holding a free Advanced Foreclosure Avoidance and Short Sale Online Seminar on Thursday, April 30, 2009, 6:55PM.  This unique, hour long presentation is packed with the latest up to date information for financially distressed home owners. Sit back and listen to the presentation in front of your computer. Time is given at the end to submit your questions and hear the answers live.

According to the Mortgage Bankers Association, nearly 10 percent of Americans are in foreclosure or in default on their mortgage.

Seven out of 10 homeowners who go into foreclosure end up there without having received any professional help. A licensed Realtor like Kessler who has earned the prestigious Certified Distressed Property Expert (CDPE) designation is uniquely qualified to help homeowners in financial trouble.

This free seminar will address:

·         What is a short sale?

·         Why it is better than a foreclosure

·         Why would a lender accept a short sale?

·         The criteria for a short sale

·         Alternatives to foreclosure other than a short sale

Experienced foreclosure avoidance and short sale Realtors like Kessler are:

•         Familiar with local market conditions

•         Well-versed in the short sale process

•         Knowledgeable about how to drive the short sale process

•         Adept at talking to lenders

•         Great communicators

•         Problem solvers

•         Decision-makers

•         Educators

Registration is required. To register for the seminar, please call 441-1765 or email Katie@thekesslerteam.com by April 28, 2009.

The number of distressed properties facing foreclosure in the Eureka area continues to increase. Over the past 4 months, 164 homeowners received a Notice of Default, the first step in the pre-foreclosure process. Unfortunately, an additional 64 homeowners received a Notice of Sale, the final step before their property is sold at auction on the courthouse steps.  Finally, an additional 85 homes went to auction and where foreclosed on.  (Statistics retrieved from RealtyTrac.com)

Facing a foreclosure is a scary thing, but there are things you should do – and shouldn’t do – to avoid making the situation worse.

DO answer the phone and read your mail. Avoiding your lender won’t make the problem go away. In fact, it will only make the problem worse. Your lender may be able to help you, so be sure to answer the phone and read any mail they may have sent you.

DO realistically assess you situation. Are your financial problems temporary? If you are temporarily out of work and will be fine once you find a new job, call your lender. Lenders may be able to offer a forbearance or repayment plan.

DO consider your options. If you are not in position to keep your home, consider selling it before you face a foreclosure. If you have already missed a mortgage payment, call your lender. There may be purchase options, like a short payoff or assumption.

DO be aware of certain financial responsibilities. Even if your lender sells your property, you may still be responsible for the difference in the sale price and what you owe. It is important to realize that you may be responsible for certain taxes when a lender forecloses on your property. However, the IRS does provide tax relief in certain situations.

DO protect your wealth. Recognize that you may have significant equity in your property that must be preserved.

DON’T move out of your home. In order to qualify for assistance, homeowners are often required to be living in their home. Be sure to talk to your lender before you think about moving.

DON’T ignore the problem. It may be possible to keep your home, but if you wait to take action, fewer options will be available. You have certain rights and can take certain actions to help keep your home; however, you only have a limited amount of time.

DON’T convince yourself you can afford a home if you can’t. Most lenders will only lend what a borrower can afford, but some less scrupulous lenders will allow borrowers to get in over their heads. In some cases, a home that was affordable becomes unaffordable due to changes in your life circumstances. Call your mortgage company; they may be able to help you avoid foreclosure by agreeing to an assumption or a short payoff.

DON’T fall victim to a scheme. Some people want to profit by your misfortune by offering to contact and conduct all work-outs and negotiations with your lender on your behalf – for a fee.  

Reprinted from www.freddiemac.com

Q & A Forum

What will a Short Sale cost me?

Nothing! In a properly negotiated Short Sale, your lender agrees to pay any of your closing costs including the Realtor’s commission. In some situations, your lender may also agree to pay some of the buyer’s closing costs.  Very few real estate agents have obtained the training and skill for these unique negotiations. How does a distressed homeowner know whether a real estate agent is truly qualified to facilitate a short sale? Look for an agent with a CDPE designation.

How long does a Short Sale take?

Depends. Once a purchase offer has been submitted some lenders are responding quickly. In a recent negotiation the lender tendered acceptance within 4 days. Another lender had taken 90 days. All lenders are overwhelmed with the amount of Short Sale offers they’re processing. Each is unique. After we receive lender approval, escrow is opened and typically closes within 30 days.

I have a first and second loan and owe much more than what my house is worth. Can I avoid a foreclosure and participate in a Short Sale?

Yes! Many of the Short Sales we’ve negotiated included multiple lenders with loan amounts much larger than the property’s current value. Lenders understand that a property will only sell for today’s market value. As long as an offer is reasonable, lenders would rather enter into a short sale than take the property back at foreclosure and attempt their own REO sale in the same market.

Dean Kessler is The Broker/Owner of RMK Realty, Inc and The Kessler Real Estate Team in Eureka. He has earned the prestigious Certified Distressed Property Expert (CDPE) designation at the Distressed Property Institute in Florida and is uniquely qualified to help homeowners in financial distress.

For a limited time home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, the home purchase must be recorded between January 1 through December 1, 2009.

The full tax credit is offered to buyers with reported income up to $75,000, or $150,000 for married couples filing a joint return. Partial tax credits are available to for those with income levels up to $95,000, or $170,000 for those filing jointly. Contact us today for more details on this exciting program

All statistics courtesy HMLS. 

Chicago, IL-  Kristi Rohweder, a Realtor of The Kessler Team in Eureka, participated in an intensive two-day Buyer Specialization course, instructing a select group of REALTORS on how to dramatically improve the services they render to real estate buyers; thereby enabling buyers to find the home value they’re looking for in less time and with fewer hassles.

This program was presented as part of Star Power University, the real estate industry’s only University-level series of intensive, comprehensive training programs.  There are many events that address a broad spectrum of issues, but only Star Power offers a series of four sharply-focused programs for specific aspects of the real estate business, from team and systems development to listing specialization and leadership.

The course was taught by Star Power Systems’ cadre of Stars; all top producers, whose annual production averages $43 million.

Star Power Founder and CEO, Howard Brinton, claims it is rare in any industry, and certainly in real estate, to find this level of commitment to clients.  “Kristi and her team have demonstrated a deep commitment to better serve their clients.  Their dedication is evidenced in their investment in this course, and the substantial expense involved to be here.  Kristi and her peers are something special, and the clients who are served by them are fortunate indeed,” he said.

A key element emphasized in the program is exceptional client communication and service.  To that end, Rohweder would like to make available to Eureka area residents, FREE of charge, a special report on The Nine Steps to Successful Home Buying.  Those interested in obtaining a copy of the report should call Kristi Rohweder at (707) 441-1765, or email a request to kristi@thekesslerteam.com.  Or, stop by her office at 537 7^th Street, Suite 3 in Eureka.

(Eureka) Regardless of the reasons that are used to explain the current mortgage crisis in the United States, the reality that we are faced with is that more homeowners are in financial distress due to real estate than at any time in the history of real estate.

Eureka’s own Dean Kessler of The Kessler Real Estate Team at RMK Realty Inc., has earned the designation of a Certified Distressed Property Expert (CDPE) and is ready to help families in need of his services. “I will help homeowners find the best solution to whatever financial crisis they are facing,” says Dean Kessler. “I am fully informed of the issues and know the detailed processes and procedures for working with and through the banks. There are many options that homeowners can take to prevent a foreclosure. We help our clients identify the options that are best suited for their situation.”

Residential real estate has many specialized areas and many agents take specific courses to deepen their understanding of issues and build upon the foundations they learned when acquiring their real estate license. The Distressed Property certification is one of the most important certifications in today’s market; it gives agents a full understanding of the complexities of short sales, pre-foreclosure, and foreclosures.

One thing remains the same for the majority of homeowners: the best solution for an individual wanting to sell a property is to seek the guidance, counsel and services of an educated licensed Realtor.

Says Dean Kessler, “Sometimes the best solution can be a ‘Short Sale’ – when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing.” This should be one of the last options before foreclosure.

Owners in pre-foreclosure should seek out a Certified Distressed Property Expert as soon as possible. The foreclosure procedure timeline in California is only four (4) months from Notice of Default (NOD) until the foreclosure sale.

To find out all the benefits and options for preventing foreclosure, contact Dean Kessler, Broker, CDPE. His market includes Eureka, Fortuna, Arcata and McKinleyville. He can be reached at dean@TheKesslerTeam.com or 441-1765.