Liz Novotny, CDPE
This resource now contains eligibility surveys for government programs offering help to distressed homeowners, including the Home Affordable Foreclosure Alternatives Program, or HAFA, which increases the likelihood of a short sale or deed-in-lieu of foreclosure.
These surveys will let homeowners quickly discover new options made available by the government. When faced with the possibility of foreclosure, I’ve seen too many homeowners make mistakes because they hadn’t been advised by a qualified professional. These people didn’t know the options available, or even how to find any information on their situation. My website helps to solve this problem.
Liz Novotny, CDPE acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. With the addition of these new eligibility surveys, the site lets homeowners make educated decisions about their future.
Seven out of 10 homes that have gone into foreclosure did so without even being listed on the market, said Alex Charfen, co-founder and CEO of the Distressed Property Institute. Agents like myself, with the CDPE designation are helping distressed homeowners understand that there may be options available to avoid foreclosure.
The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing financial hardship in today’s market.
For more information about the CDPE Designation, visit www.cdpe.com.
Tuesday, May 25, 2010
Monday, May 17, 2010
Sticking it to the bank or the community?
Recently I sent out a mailing to homeowners whose homes had recently sold at a sheriff's sale. The intent of the mailing was to gauge interest of these homeowners in trying to save their credit by pursuing a short sale offer to negotiate with their lender before the end of the redemption period.
I received a return call from one homeowner who stated that he was 'not interested in helping out the bank' as they did nothing to help him out when he needed it. He was also not interested in inconveniencing his family for showings over the next few months trying to sell if he didn't have to. While I can certainly empathize with folks that have initiated conversations with their lender, trying to get help with their mortgage situation before it comes to default, I have a hard time understanding why a person would want to purposefully jeopardize their credit situation just to 'stick it to the bank'.
Foreclosures certainly do affect a bank's bottom line and will not improve the business' standing. However, foreclosures also hurt the surrounding community the home resides in and harms them more in the long run than the foreclosure hurts the bank. A bank has ways of dealing with the repossessions in the form of tax write offs, depreciation of the asset, etc. With foreclosures at an all time high, neighborhoods across the country are losing their stability due to an increasing number of vacant and vandalized homes. The community pays the price with the loss of neighbors, increased vandalism and homes that are left in disrepair. In the end, it's our neighbors and communities that suffer from a foreclosure, not the bank.
When you're trying to decide how to move forward with your mortgage stress do keep in mind that there really isn't a way to 'stick it to the bank' without hurting your community at the same time.
Wednesday, May 5, 2010
Tuesday, May 4, 2010
Now that the tax credit has expired, are the buyers gone?
Not at all folks, not at all.
It is very true that the tax credit pushed buyers that were on the fence about purchasing a home, giving them an extra $ incentive to 'take the plunge', so to speak. These buyers knew there was $8,000 available to them if they could find ‘the one’ in time to execute a contract by the 4/30/2010 deadline. Some of those buyers worked frantically at finding their best choice during the month of April. However, the past few weeks of real estate has taught me that money isn't everything! Not only in real estate, but many other aspects of life as well.
Buyers today want to get the best house for their money. This means looking at more homes, taking longer to decide the pros & cons of their favorite(s) and/or realizing that a home purchase is not something to settle on. This has become the mentality we real estate agents are finding in most buyers today. They may have said to their agent “I’ll jump at writing an offer, so long as it’s the perfect house in the perfect location” before the tax credit expired. However, if they didn’t find that perfect house, in its perfect location then they will continue to take their time but in the end still make the purchase.
Sellers have become weary that the buyer pool has been eliminated by the expiration of the tax credit. Do not fret, I say to my sellers and all others with homes on the market currently. There are still plenty of buyers out looking at homes, who may have ‘missed the boat’ on the tax credit, yet are serious about a home purchase. There will be more buyers added to the pool each month due to their recent employment changes as well. These buyers may have just gotten a promotion, a raise or are hitting their two year history of employment over the summer. Any of those circumstances will bring new buyers each week and in turn hundreds of buyers added to the pool each month.
When deciding whether or not to pull your home off the market, because the buyer pool may have potentially shrunk, one must be sure to focus on your long term goals in addition to the short term ones. I've heard sellers say that they'll pull their home off the market and try again in a few years. Except, no one can guarantee that the market will indeed turn two years from now. While we enter the next ‘wave’ of foreclosures; i.e. folks that were laid off, injured or had a decrease in pay/hours, it will be tough to truly estimate what year the market will turn again. Many numbers have been thrown around by economists over the last few months, most landing in the 8-10 year range, on when home prices will show consistent value increases year over year. The difference between two years and 8-10 is huge, when it comes to the necessity of selling your home. Deciding whether or not now is the time to sell will significantly depend on the latest estimates of when the market truly will turn around.
As always, keep me in mind if you would like to sit down and discuss your situation in an effort to help determine whether or not you should continue pursuing a buyer. I am happy to help counsel on your options, no matter what the outcome of the discussion is.
It is very true that the tax credit pushed buyers that were on the fence about purchasing a home, giving them an extra $ incentive to 'take the plunge', so to speak. These buyers knew there was $8,000 available to them if they could find ‘the one’ in time to execute a contract by the 4/30/2010 deadline. Some of those buyers worked frantically at finding their best choice during the month of April. However, the past few weeks of real estate has taught me that money isn't everything! Not only in real estate, but many other aspects of life as well.
Buyers today want to get the best house for their money. This means looking at more homes, taking longer to decide the pros & cons of their favorite(s) and/or realizing that a home purchase is not something to settle on. This has become the mentality we real estate agents are finding in most buyers today. They may have said to their agent “I’ll jump at writing an offer, so long as it’s the perfect house in the perfect location” before the tax credit expired. However, if they didn’t find that perfect house, in its perfect location then they will continue to take their time but in the end still make the purchase.
Sellers have become weary that the buyer pool has been eliminated by the expiration of the tax credit. Do not fret, I say to my sellers and all others with homes on the market currently. There are still plenty of buyers out looking at homes, who may have ‘missed the boat’ on the tax credit, yet are serious about a home purchase. There will be more buyers added to the pool each month due to their recent employment changes as well. These buyers may have just gotten a promotion, a raise or are hitting their two year history of employment over the summer. Any of those circumstances will bring new buyers each week and in turn hundreds of buyers added to the pool each month.
When deciding whether or not to pull your home off the market, because the buyer pool may have potentially shrunk, one must be sure to focus on your long term goals in addition to the short term ones. I've heard sellers say that they'll pull their home off the market and try again in a few years. Except, no one can guarantee that the market will indeed turn two years from now. While we enter the next ‘wave’ of foreclosures; i.e. folks that were laid off, injured or had a decrease in pay/hours, it will be tough to truly estimate what year the market will turn again. Many numbers have been thrown around by economists over the last few months, most landing in the 8-10 year range, on when home prices will show consistent value increases year over year. The difference between two years and 8-10 is huge, when it comes to the necessity of selling your home. Deciding whether or not now is the time to sell will significantly depend on the latest estimates of when the market truly will turn around.
As always, keep me in mind if you would like to sit down and discuss your situation in an effort to help determine whether or not you should continue pursuing a buyer. I am happy to help counsel on your options, no matter what the outcome of the discussion is.
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