Ask Questions only a Cincinnati Short Sale Expert would know…

• How many short sale transactions do they handle a month?
  • The answer should be that they are working with several short sale transactions EACH month.  NOT that they did one or two last year, etc. 
• How long have they been working with clients in Foreclosure and handling short sales?
  • Hint: you don’t want to be the one the “learn” on.  If they have only been doing short sales for a few months or did some a few years ago they will just not have the contacts and experience necessary to help you as best possible.  Watch out for short sale scams…
• Can they explain the process and how their expertise successfully completes Cincinnati short sale transactions?
  • What training do they have?
  • What contacts and “back door” tools do they have and use?
  • What do they do to stand out from the literally thousands of other short sale packages?
• Do they submit a short sale package specific to a Cincinnati Ohio Short Sale?
  • Are they even from Ohio?
  • Can the tell you in DETAIL what goes into their package and how it will stand out from all the other Cincinnati Ohio short sale packages or even worse from all the other short sale packages all together?
• What training and experience do they have in COMPLETING Cincinnati area short sales? 
  • Are they a Certified Distressed Property Expert?  The gold standard in short sale training…
  • Any other designations or training?  I have 3 short sale designations and hours and hours of experience and additional training… they should too.
  • Have they or do they work with a coach / trainer to help them with staying on top of the ever changing short sale environment?
    • I have worked with several different coaches / trainers for the last 2 years to ensure we are on the cutting edge in terms of client service.
• Can they give you OTHER options to avoid foreclosure?  OR, is a Cincinnati Short Sale their ONLY recommendation to you?
  • Often a Cincinnati Short Sale is the best options… sometimes it is not.  You deserve to know and understand ALL the foreclosure avoidance options.
  • You MUST understand the options and pros and cons of each option. 
  • There is NO one perfect option for stopping foreclosure.  You are really picking the best of all the bad choices.
• Do they have a support team that works FOR them… not the front desk person or their inspector, etc. 
  • Cincinnati Short Sales, all really not just Cincinnati short Sale this post is just about Cincinnati…are just to difficult to handle effectively with just one person.  There is just too much to do if they are doing any volume of real estate business at all. 
  • Find someone that has the support staff to manage and SERVE you as you deserve.
• Will they even handle your Cincinnati Short Sale?
  • Often I am seeing Cincinnati short sale “experts” that farm out your transaction to outside companies that are out of state and as a whole have a very hit and miss record of performance.
  • The idea goes that they are experts and can better serve you.  The reality is that they pick the “easy” deals and leave the rest… They make enough money off the easy ones…
  • Will your home be the one to avoid foreclosure?  Or, will yours be a “hard” one that just adds to the number of Cincinnati Ohio foreclosures? 
  • Don’t leave your future to be outsourced…
• What literature, brochures, reports or books can they give you?
  • I offer many reports and actually co authored a book on the topic of short sales.

  • Can they give you anything?

This sounds like just bragging?  Why do I consider myself a Cincinnati area Short Sale expert?

This is sad but true, so many agents are now calling themselves Cincinnati Short Sale experts and they just simply are not.  They have little or no experience, little or no training, no support staff… really just looking to make a buck.  I have made it the mission of my real estate team to find and help as many Cincinnati area home owners that are in distress / foreclosure and offer our help as we can.  The Cincinnati area real estate market is really hurting and we want and need to do our part to help as many people as possible.  Please don’t fall for someone that just does not have the tools, training and experience necessary to really help you. 

I know, as you can tell from this web site…. My primary market area is Dayton.  Realize that I can be in most parts of the greater Cincinnati are in 20-45 minutes of leaving my office.  It is MUCH more important that you have a true professional working for you in a short sale transaction than it is how close the office is to your house.  I lived and worked in greater Cincinnati for years and know the area… more importantly I know how to save your house from foreclosure!

Call 513-235-9261 or 888-283-2648 with any questions or to set an appointment to discuss your options.

There are so many home owners in financial distress in the Dayton and surrounding areas that it is just sad that this is even a problem…  Unfortunately as a short sale expert I have to see the effects of what being mislead can do to a seller in foreclosure.

What is a Short Sale Scam?

There are really two kinds of short sale scams in my opinion…

1. Short sale scams where the person taking advantage knows they are harming the home owner in distress or foreclosure.
2. Short sale scams where the person, usually a Realtor or real estate agent that is just in over their head.  They just don’t understand all that is involved in successfully completing a short sale transaction and all the steps necessary to get the bank/lender approval.
3. OK, I guess there are three kinds… short sale scam #3  The real estate agent (usually) has some experience and may be able to “fumble” their way through some short sale transactions but just don’t know enough to know when they are over their head OR even worse they KNOW but don’t tell the seller that they are in a short sale transaction that is beyond their expertise…

OK, Short Sale Scam #1

This can be the most harmful situation of all… taken to the extreme the home seller is cheated out of even more money and the home still ends up in foreclosure.  They home owner things they are paying to stop foreclosure and may just be being taken.   What are some of the scams I see…

• The pay up front and we will stop foreclosure scam.
• We have a lawyer and they can find a “problem” with the mortgage and get you out of this… just pay us now…
• We will take over your payments you just pay us rent… then they never pay anything…
• Sign over the deed to your property and we will negotiate with the bank… they have to have title if they are going to do all that work you know… yea right!  Well they don’t do anything and now the home owner is no longer the LEGAL owner… they can not do anything to stop the foreclosure and even if they do they don’t own the house any longer…
• There can be so many other scams… ASK A LOT OF QUESTIONS!!!

Short Sale Scam #2

This is one of the most frustrating for me as true real estate professional and someone that takes my profession and the necessary education very seriously.  I have spent thousands of dollars and weeks of time in education classes making sure I and my team have the knowledge necessary to take good care of our clients.

What happens when an agent tells a home owner in distress or foreclosure they can help when they really don’t know what they are doing it not only giving them false hope but they are also violating the Realtor code of ethics, if they are a Realtor.  The code of ethics says they we are Realtors should not practice in an area beyond our expertise.  Just as I will not sell a 40 story office building (while legally I am licensed to do so) they should not be doing short sales until they get the necessary training.  And, NO that does not mean taking a 3 hour class in their office or that they “did one” 3, 4 or 20 years ago… Things today are so dramatically different then they were even 3-4 years ago.  The mortgage crisis has banks utterly buried under mounds of short sale files…

Short Sale Scam #3

This is slightly different that #2 in that they may actually be able to handle some of the easier transactions.  Not that there are really ANY EASY transactions when it comes to short sales… but maybe then can do it if they only have a few listings and a lot of time to make mistakes.  This is not the agent I would want handling my serious financial problems.   Worse yet, since they “don’t know what they don’t know” they won’t really even know when they are in over their heads… What will they do with an FHA loan, what if the appraisal or BPO come in too high or too low… how about seller counseling?  Need to get a variance?  Can the buyer ask for closing costs, repairs, home warranty etc?  Do they have contact at banks and other institutions they can fall back on to answer questions and overcome problems???

How to avoid a Short Sale Scam…

My best advice is to call me directly or submit a form here on our site… If you are in the greater Dayton or Cincinnati area we may be able to help you directly.  If you are beyond our service area we will help locate a certified professional that can help you.

• The most impressive, ethical and through training would be the Certified Distressed Property Expert (CDPE).  Ask the person you are talking with if they have the certification.
• Ask them LOTS of questions…
• Ask them how may SHORT SALES they have CLOSED in the last 6 month.  Hint… if that number is 1 or 2 … keep looking.  A real specialist will be closing that many each month…
• Ask for references.
• Ask them what SPECIAL short sale specific forms they have had their attorney prepare to protect you and them as the process move along.
• Do they have a team to assist them?  If they work alone they will just not have the time to do all that is necessary to complete a short sale.

I hope this helps, please call me with any questions.

If you are looking for a way to avoid foreclosure or stop
foreclosure a short sale my be the best option for you.  BEFORE you
consider a Dayton Ohio short sale you really need to talk over your options with a SHORT SALE EXPERT.  You see any agent can claim to be a Dayton Ohio Short Sale Expert and have nothing to really show for it…

Are you stressed out?  Need some help?  Just want answers to your
questions?  That is what we do and I hope this short list of questions
to ask about Dayton Ohio Short Sales helps…

Questions to ask the agent you are talking with about a short sale.

1. Are they a Realtor and how long have they been licensed?

2. How many short sales have they ACTUALLY closed in the last year?

3. What SHORT SALE SPECIFIC training have they had?  HINT… a one day short sale class is not enough…

4. Can they tell you about all your options, NOT JUST a short sale?  HINT… there are over 5…

5. Do they have a Dayton Ohio Short Sale package to protect you and make sure you understand EVERYTHING…  HINT… our Dayton Ohio Short Sale package is 16 pages long…

6. Do they have a team of real estate professionals working for them?  HINT…
   I mean REALLY working for them, NOT a list of office staff, office
   managers/brokers, mortgage reps, title reps, inspectors, etc. that they
   CALL their TEAM???

7. How many Dayton Ohio short sale listings do they currently have for sale?  HINT… YOU DO NOT WANT TO BE THE ONLY ONE…  Let someone else be their learning experience…

8. There
   are so many other questions that you should ask but this list will get
   you stated on the right path.  If you don’t like the answers you hear
   or want to interview our team of Dayton Ohio short sale experts please call us now to schedule an evaluation.  (always honest and no pressure)

Looking for a Dayton Ohio Short Sale home for sale?

Check out some of our Dayton Ohio area Short Sale listings
This is just a sample of all the homes that are available to you as a
buyer.  And having true short sale EXPERTS helping you purchase a short
sale home can save you thousands of dollars and months of wasted time…

We look forward to talk with you all soon.

I often am contacted by home owners / home sellers from all over Ohio asking for advice and help in stopping foreclosure or how to do a short sale in Ohio.  Sometimes other real estate agents contact me for help or to refer a home owner / seller to me for assistance.  We understand how this happens due to our reputation and experience, as well as, our fantastic web presence.  What we have struggled with is helping home owners avoid foreclosure or short sale their Ohio homes.  It is not always easy to find another real estate agent that has the training or experience necessary to complete a short sale in Ohio.  Want to know more about short sales or short payoffs

Can any real estate agent do a Short Sale in Ohio?

The easy answer is yes…  Now is it ethical for any real estate agent to do a short sale in Ohio… that is a different question.  You see Realtors hold themselves to a Code of Ethics and that code states in Article 11:

• Realtors^®
  shall not undertake to provide specialized professional services
  concerning a type of property or service that is outside their field
  of competence unless they engage the assistance of one who is
  competent on such types of property or service, or unless the facts
  are fully disclosed to the client. Any persons engaged to provide
  such assistance shall be so identified to the client and their
  contribution to the assignment should be set forth. (Amended
  1/95) see Code of Ethics
  

Preforming a Short Sale in Ohio is very much a specialized professional service.  So they can legally short sale your house but that does not mean they will be truly ABLE to complete the real estate transaction.

Is there help of Ohio Short Sale Needs?

Yes… We at the Mark Ryan Group have made the decision to expand our services outside the greater Dayton Ohio real estate area.   There is just too much need and not enough expertise available across Ohio to properly serve Ohio home owners in need of short sale assistance.  We will be able to assist many but not all Ohio short sale needs.  There area areas of the state that we simply will not able to service directly, in those cases we will still do our very best to find a qualified agent to assist with the evaluation and service you need.

So, what do we do to Short Sale our Ohio house?

Contact us now to begin the evaluation and let us determine if a short sale is even right for you and if so the next step.  Click here to understand the steps of a short sale better… This is only an overview, we will go into much more depth for you when we talk in person.

I don’t know if you all saw the Dayton Daily News story today about the Dayton Ohio Real Estate foreclosure problems.  As we have discussed in the past they point out that Dayton Ohio has been hit very hard and in fact Montgomery County is second only to Cuyahoga co. for 2007.  The Mortgage Bankers Association found that Ohio was first in foreclosure inventory at the end of 2007.  Dayton Ohio is with out a doubt being hit very hard and has been for some time.  Lets look at some numbers for the greater Dayton area:

Dayton area Foreclosure Charts

]]> http://daytonohiorealestateandmortgages.com/2008/06/08/dayton-ohio-foreclosure-and-short-sale-problems/feed/ 2 http://daytonohiorealestateandmortgages.com/2008/03/05/dayton-ohio-real-estate-foreclosure-update/ http://daytonohiorealestateandmortgages.com/2008/03/05/dayton-ohio-real-estate-foreclosure-update/#comments Wed, 05 Mar 2008 10:22:30 +0000 markryan http://daytonohiorealestateandmortgages.realestatetomato.com/2008/03/05/dayton-ohio-real-estate-foreclosure-update/ We need to Stop Foreclosures…says Fed Chair.

Fed Chair Bernanke spoke today on the serious problems facing the national real estate market and his statements ring very true here for our Dayton Ohio Real Estate market.  You see the Dayton Ohio real estate market was 15th in the nation for 2007 to total percentage of households being foreclosed on.  The Dayton Ohio real estate market saw 14,285 foreclosure filings, up aver 145% over 2006.

Foreclosure impact on Dayton Ohio real estate:

According to Bernanke, the current mortgage delinquency rates have increased sharply and that is exacerbating the contraction in the housing sector.  So what can be done to reduce and stop foreclosure?

I am asked all the time by clients and homeowners facing foreclosure or are in pre foreclosure in the Dayton Ohio area several questions:

• How do I Stop Foreclosure in Dayton Ohio?
• How do I avoid Foreclosure in Dayton Ohio?
• What is a Short Sale and how can that stop foreclosure?
• I need Short Sale Help, where do I turn?
• What is the difference between pre foreclosure and foreclosure?
• Where can I find foreclosure help?
• If I sell as a Short Sale what happens to me with taxes?
• How do I know if my agent knows how to do a short sale?

For this article, lets focus on the tax issue with short sales.  I get that question from almost every client I meet with.  “How will a Short Sale Help and what about the taxes?”  Lets review that.

Short Sale Help and your Taxes…

With the The Mortgage Forgiveness Debt Relief Act of 2007 there is a good chance you will not owe taxes as a result of stopping foreclosure with a short sale.  Always check with your accountant on your specific situation.  The basics of the new law are:

1. Debt forgiven from 1/1/2007 to 12/31/2009
2. Must have been your principle residence
3. The principle balance of the loan must be less than $2,000,000 for a married couple…not a problem most Dayton Ohio real estate owners have to deal with.

Read here for recent news directly from the IRS on this topic: Mortgage Workouts, Now Tax-Free for Many Homeowners

Short Sale Help tips.

What is a Short Sale?

The short answer is when you sell your home or in our case, your Dayton Ohio real estate for less then you owe the bank.  Now you could own Dayton Ohio real estate AND sell it for less then you owe the bank… BUT you would have to pay the bank the difference.  If you can not pay the difference, ie: bring cash to the real estate closing… then you need a Short Sale.  As part of a short sale, the bank agrees to release the lien on your Dayton Ohio real estate so you can sell and accept as full pay off on your mortgage less then the balance.

ALSO READ: Short Sale Steps: How to Avoid Foreclosure

What is a Short Payoff?

A short payoff differs from a short sale in that you still sell your Dayton Ohio real estate for less then you owe the bank, but the bank does not just forgive the difference.  With a short payoff the bank will require you to sign an unsecured loan for the difference.  They will still release the lien on your Dayton Ohio real estate but they just don’t forgive the difference like they would in a short sale. 

So, the sale of your Dayton Ohio real estate can go through and you are really not harmed that much as you are just paying back what was rightful owed in the first place.  You win by being able to sell your Dayton Ohio real estate and the bank wins by not losing everything, they just get their money back more slowly.

This is not a great option for the “I WANT to sell my Home” seller in the Dayton Ohio real estate market… it is for the “I NEED to sell my home” seller in the Dayton Ohio real estate market.  When you MUST sell your home AND the value of your Dayton Ohio real estate is less then what you owe AND you have the ability to pay the difference just not the ability to come up with the cash today, a Short Payoff is a good option for you.

Tell me again…Short Sale or Short Payoff.

If you are behind or will be on your mortgage and can not make all the payments, then a short sale is most likely the best option for you and your Dayton Ohio real estate.  If you are current or behind on your mortgage but could make the payments the a short sale is most likely not an option, but a short payoff may be. There other options too… the clients we work with sit down together with us and carefully review the entire situation to determine the BEST action plan based on the specific Dayton Ohio real estate situation they are in.

The most important thing to keep in mind is that you NEED a Dayton Ohio real estate professional that is an EXPERT at assisting home sellers with short sales.  A short payoff could be handled by some real estate agents well enough… but a short sale is a whole different issue.  You need an EXPERT, someone who has been trained and has experience in working with and closing short sales in the Dayton Ohio real estate market.  Visit our other site to view a report on selecting the best agent. 

Just help me NOW!!!

How to save your Dayton Ohio Real Estate from foreclosure and what is a Short Sale?

Is your Dayton Ohio real estate in jeopardy?

• Are you behind on your bills?
• Are your mortgage payments behind?
• Did your interest rate just jump way up…or is about to?
• Did you or your spouse just loose their job?
• Facing a divorce?
• Death in the family?
• Serious illness?

These and other life altering events can have a major impact on your ability to stay current with your mortgage.  If you fall behind on your mortgage payments your are at risk of loosing the real estate you own.  In the Dayton Ohio real estate market there are a huge number of homeowners facing foreclosure, many more then most parts of the country.  Don’t be another Dayton Ohio real estate statistic.

What is a Short Sale???

While actually completing a short sale can be a difficult process for the untrained person the actual definition of a short sale is easy…  If you were to short sale your Dayton Ohio real estate you are selling your home for less then what is owed to the bank.  The bank must approve the short sale and agree to take less then the full amount owed as part of the “steps to a short sale” listed below.

Steps to a Short Sale:

1. Realize you are in trouble and that your Dayton Ohio real estate is in jeopardy.
2. Take action…  Don’t bury your head in the sand and hope the problem goes away…
3. Investigate your options
   1. Call your bank and ask what they can do to help.
   2. Is it short term?  Borrow the money to stay current.
   3. Find a professional Realtor in the Dayton Ohio real estate market to help.
   4. Interview your potential agent to ensure they are an EXPERT at Short Sales!
   5. Assemble the documents typically needed to complete a short sale.
      1. A listing agreement.
      2. Your authorization to share info with you short sale agent.
      3. A detailed summary of your financial position.
      4. A hardship letter to the bank.
      5. Supporting hardship information.
      6. Bank information.
      7. The last two pay-stubs for everyone on the loan.
      8. The last two most recent bank statements.
      9. Usually some more information depending on your situation, your Short Sale Expert will be able to help you with that.
   6. List your home for sale with a Short Sale Expert.
      1. I can not stress how important it is to have an expert handle the marketing and negotiation on a short sale of your Dayton Ohio real estate. 
         
   7. Take any calls from you mortgage lender, you need to show you are working WITH them.  They do not HAVE to do a short sale for you…
   8. Maintain your home as best you can and allow all reasonable showing of your property.

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