Tag Archives: foreclosure

Appraisals 101 – BPOs, Broker’s Price Opinions

A BPO or broker’s price opinion is commissioned by a bank (often because of a pending foreclosure) or an attorney handling a divorce or an estate. These are used in situations where the agent may be unable to access the interior of the house and must rely on a drive-by and information on comparable home sales from the public record. In presenting both CMAs and BPOs, agents are using their experience and instinct rather than any formal training in valuing property.

Appraisers, on the other hand, are formally trained and either licensed or certified by their state. Most will certify that they prepared their work in conformity with the requirements of the Code of Professional Appraisal Practice of the Appraisal Institute.

Tips to Help Owners Spot Foreclosure Scams

According to an article by the REALTOR Daily Real Estate News, “Last year, the U.S. Federal Trade Commission identified 71 companies running suspicious foreclosure rescue ads. This year, the Better Business Bureau named foreclosure rescue rip-offs among its top 10 scams.

Here are just two common scams identified in the September “Foreclosure Resource Guide” now available at the REALTOR® Content Resource:

1. A representative of a so-called foreclosure rescue company promises to negotiate a deal with your lender, instructing you not to contact your lender, lawyer, or credit counselor during the supposed negotiations. Once you pay an up-front fee or a few months of mortgage payments, the scam artist will disappear.

2. A scam artist promises to fend off foreclosure in exchange for an up-front fee. Instead of getting you legitimate relief, the fraudster will pocket the fee and secretly file a bankruptcy case in your name.

Losing your home is hard enough, make sure you don’t get caught in a foreclosure scam. When looking for options to avoid foreclosure you should always contact a Certified Distressed Property Expert (CDPE) like Janet Anderson. She is professionally trained and certified in dealing with foreclosures and short sales. If you or someone you know is possibly facing foreclosure, you can’t afford to wait another minute. Contact Janet today and let her get your life back on track. Go to our contact page here to send an email requesting information or call 225-368-3237. And for more information visit our CDPE website at www.BatonRougeForeclosureHelpNow.com

Foreclosure vs. Bankruptcy: Which One Hurts Most?

Foreclosure reduces the value of a home by 27 percent on average, according to a new study from Harvard University and the Massachusetts Institute of Technology.

Other kinds of forced sales have less dramatic impacts, the study found.

An estate sale after an owner’s death reduces the price of the home by only 5 percent to 7 percent. A bankruptcy filing cuts the value by an average 3 percent.

Foreclosure discounts are especially large in neighborhoods that are low-priced already, researchers point out, apparently because of concerns over vandalism.

Source: The Wall Street Journal, Nick Timiraos (07/26/2010)

If you or someone you know is facing foreclosure, contact Janet Anderson & Company today. 225-368-3237

For more information on the short sale process and other foreclosure avoidance strategies, visit our website at www.batonrougeforeclosurehelpnow.com

Avoid Foreclosure with Short Sales

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

* A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
* A short sale occurs 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. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

* Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
* Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
* Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

For more information on foreclosure solutions visit our website at www.batonrougeforeclosurehelpnow.com