Todays Housing Market What Is Going On!

If you caught the show 60 Minutes on December 18th you may have been brought up to date with how dim the housing situation may be in many areas. It’s not so much that houses aren’t necessarily selling or that buyers aren’t looking; but instead they brought to our attention an alarming statistic.

Fill in the contact box to the right or email me at phillis@txhomerealty.com and discover how others successfully completed a short sale.

Twenty-Five percent of American homeowners today owe more on their homes at this moment than their homes will are worth. To prove their point they went to Cleveland, Ohio and showed how many homes
were literally being torn down because so many home owners literally have walked away from them
completely and leaving them with the banks. They also showed some situations where the homeowners
were a little more intense about the fact that they absolutely would do everything possible to not be one
of those statistics. The reality was that one woman they showed owed over $100k on a home that was
valued at $50k or less. The value of her home was quickly declining as more and more of her neighbors
simply moved away from the places that had once been their dream homes. Sadly becoming a typical
scenario more and more so throughout American, including Dallas, TX.

These aren’t “slum areas” or low-income areas we are seeing declining. We are watching many high-
end and middle-classed homeowners being faced with the situation of owing so much on their home it’s
just seems more financially sound to give up and walk away. But there are other options and, if you are
guided by the right Realtor, you can end up walking away without (A) damaging you neighborhood with
abandoned homes which becomes a domino effect; (B) completely ruining your financial record; and (C)
being able to hold your head high while “doing it the right way”. We are talking a Short Sale. But is a
short sale something you should think about in the Dallas area and who do you turn to? The answer
is yes, a Dallas short sale can work for you with the right guidance and we can help.

Why should you turn to a realtor to help you in these times of need? The answer, quite simply, is that
lenders tend to work better with an agent and an agent that specializes in short sales and foreclosures is
like using the professional tools you need to get your car back on a road. Most people wouldn’t overhaul
their own engine, even with a great “How To” book to guide you; so why would you attempt to negotiate
with a lender who probably hasn’t been very cooperative with you up to this date as it is?

Working with a professional, experienced agent can help you save your credit and keep your pride intact.
Short sales can often be the best answer for many people who are simply too far behind and owing so
much that it’s like digging a tunnel with a spoon. We’re here to help with making a decision on your
Dallas, TX short sale. We can answer the questions you may have and guide you in the right
directions with our many years of experience. It may be time to give us a call. 

Thinking about a short sale?

I can help you short sale your property and get back on your feet. Fill in the contact box to the right or send me an e-mail :phillis@txhomerealty.com and I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Thinking about a loan modification? We assist with loan modifications free of charge just fill in the contact form to the right or email me at phillis@txhomerealty.com

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors

Phone: (214) 650-5536.phillis@txhomerealty.com

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

This blog is for informational purposes only it is not intended for legal advice please consult an attorney.

Can A Short-Sale Be Done On A property With Multiple Liens

You can't get solid and accurate information on short sales unless you talk to an agent who is a short sale expert, make sure the agent has the CDPE certified distressed property expert designation.

We have been involved in hundreds of short sale transaction, so we know  what we are doing. But, that doesn't mean we know everything. This industry is constantly changing every day and we are always in contact with the lenders to keep up with the changes.

Anyways, this article said that a lender will not consider a short sale if there are any liens on the property. I know this is not true, because I have sold several short sales with liens on them.

We do short sales with two mortgages all the time. A second mortgage is simply a lien. The key is that the lien has to agree to accept what the first mortgage is willing to pay them.

We have even sold short sales that had three liens, that were not mortgage liens and been successful in getting two partial lien releases and negotiating the last lien in the short sale transaction, and this was not the seller's primary home and the remaining balance was fully released and the seller was not asked to pay anything or sign a promissory note.

This is one of many short sales we have sold that have had liens and on them. Don't let inaccurate information stop you from short selling your home. Thinking about a short sale?

I can help you short sale your property and get back on your feet.  Fill in the contact box to the right or send me an e-mail at phillis@txhomerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536


Thinking about a loan modification? We help with loan modifications for free fill in the contact form on the right or email me at phillis@txhomerealty.com.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors

Phone: (214) 650-5536. :phillis@txhomerealty.com

A Realty company with Service as Big as Texas

View My homes for sale at "http://www.txhomerealty.com

This blog is intended for information purposes and not legal advice if you need legal information please consult an attorney.

If a Bank Forecloses, They Loose More Money

Here is a little known fact Banks  lose more money whenever they reject a short sale and foreclose on a home. I am sure you are wondering why. Let me explain.

Most short sales are still owner occupied. As you probably know all bank foreclosure properties are vacant. A vacant home is more liability, they are often broken into and vandalized causing very costly repairs and if they are not repaired the home sits vacant for long periods of time and it will begin to deterioate due to lack of normal maintenance. If they are repaired then the bank looses more money on repairs and as long as the home is vacant they continue to loose money and therefore the investors or stockholders the bank answers too is not happy.

An owner occupied home looks like a home. The furniture and appliances are setup in their proper places. The house is clean and kept up on. Here is something else that people do not understand about short sales. All banks and servicers have a fiduciary duty to the investor of the loan.

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.

So, a lender should accept an offer if it will net the most money for the current market value of the home. Your only job is to prove that to the lender. Here is how we can assure the negotiator that the offer will net them the most money.

Do that by showing them that the property has been on the open market for X days. It is best to be able to show that the house was easy for buyers to see and other agents to show.
Let them know "The agent selling the home is an experienced agent. The house has been on the market for X number of days. I have lived here the entire time and kept up on the house. It looks good or provide them with a list of repairs needed that is still valuable information otherwise they do not know until a buyer performs an inspection and the deal goes down the drain and more money is lost. Let the negotiator know  how many showings  you have had since it's been on the market. Out of that, how many buyers expressed interest and any feedback you have received about the property from prospective buyers.

The agent is doing their job marketing the property. With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, I will move out.

I won't be keeping the house up anymore. The new listing agent will be working on  many other homes and won't be able to do a good job.

Do you honestly think the home is going to sell for more money at that time?" When you ask them that, they won't be able to argue with you.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Fill in the contact form to the right or send me an e-mail at :phillis@txhomerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Discover how other sellers successfully completed a short sale and request a free consultation by filling in the contact box to the right or you can call me directly at 214-650-5536.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors.

Phone: (214) 650-5536.:phillis@txhomerealty.com.

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

Phillis Nealy specializes in loan modification assistance and short sales in the Dallas Metroplex..

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan although this does not happen often it is a possibility.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan or accept a short sale offer. No matter what you or we do, your lender may not approve a loan modification but if you are denied with the new laws they must offer you an alternative such as reinstatement, forebearance, short sale and even a deed in leiu however with a deed in leiu the property must have already been on the market for a minimum of 90 days for most banks and you still have obligations to perform one being still finding your own realtor.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home until you are approved for the HAFA or the government approval to participate in a short sale program you are at risk of foreclosure. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you contact Phillis Nealy immediately to get started.


This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

This information is provided as a courtesy for professional advise consult with an attorney.

USDA Does Not Give Full Release in A Short Sale

Breaking news! if you have a USDA loan you can do a short sale however they will only release the lien so the sale can be completed, they will pursue for a portion of the loss even if you have no income. 

The USDA short sale was one of the easiest lender's to work with to get the approval, even the approval letter is written in the verbage that states it will release the lien, but unfortunately after the transaction is completely over they do send a promissory note to the previous owner with an amount they want on it and requests their signature.

This is very deceptive, all the banks I have worked with have always been upfront in requesting a promissory note.  Also the USDA does not offer any relocation assistance and of course does not participate in the HAFA program.  You would think that it would follow the rules similiar to that of a government loan for the short sale process.

It is mind blowing that a government loan program does not offer any relocaton assistance, it does not completely release the borrower from the lien, and in my experience they would not perform the appraisal it was the borrower's responsibility to provide the appraisal to review the current  market value or they would use the last appraisal they had on file which would be the one from the initial purchase. Wow! no underwriter would approve a loan based on an appraised value that is five years old.

Here is the bottom I have contacted the state representative and voiced my concern and I will continue, I mean why would anyone with a USDA loan want to short sale, the outcome is the same for them, they are still liable for the debt the government will even keep their income tax return to collect the monies.  So if you have a USDA loan and need to do a short sale, speak out to your state representative so that a change can be made.


Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at :phillis@txhomerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Discover how other sellers successfully completed a short sale and request a free consultation by filling in the contact box to the right or you can call me directly at 214-650-5536.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors.

Phone: (214) 650-5536.:phillis@txhomerealty.com.

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

Phillis Nealy specializes in loan modification assistance and short sales in the Dallas Metroplex..

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

This information is provided as a courtesy for professional advise consult with an attorney.

The Key to Getting Your Home Sold Quickly

Working to convince a bank to approve a short sale is what I do every day. I work with lenders on a daily basis.

I understand the importance of starting the process in a way that is likely to succeed with the lender’s loss mitigation department.

I am always prepared and I maintain a high level of professionalism during the whole process because I understand how critical it is to get a short sale approved I have a 100% short sale approval rate for 2009,2010,2011,and so far 2012, these are the years short sales have been in demand and so am I.

The Lender wants a great file. I understand that I only have one opportunity to impress the lender with a professionally prepared file and this is exactly what they will get.

This initial step often proves to be determinant on the lender’s decisiveness to approve your file. As much as lenders may not like to acquire properties through foreclosure, they will not just approve any short sale.

When I submit your short sale file for approval, I will come up with a strategy that will have the lender feeling positive about approving the short sale.

Remember, your short sale file will be reviewed by a human being just like you and me. Someone that can’t help but understand and feel the problems other people have to face in life.

I will help you outline the events that caused you to fall behind on your mortgage so that the loss mitigation representative handling your file will look for ways to give us approval.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at :phillis@txhomerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Discover how other sellers successfully completed a short sale and request a free consultation by filling in the contact box to the right or you can call me directly at 214-650-5536.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors.

Phone: (214) 650-5536.:phillis@txhomerealty.com.

A Realty company with Service as Big as Texas

View My homes for sale at http://www.txhomerealty.com/

Phillis Nealy specializes in loan modification assistance and short sales in the Dallas Metroplex..

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

This information is provided as a courtesy for professional advise consult with an attorney.

How To Get Your Short Sale Approved

Patience, persistence, and a lot of experience is required to convince a lender to approve a short sale. It is a process with many steps.

Do “NOT” allow a buyer to work directly with your lender!After all it is your loan and your business, the short sale part of the transaction is mainly between you and your mortgage company.  The offer that is presented represent a specific buyer and if the amount offerred is the current market price.

Don’t let the buyer speak for you. You will be required to provide your current financial information and documentation to your lender.

This is not something to let your buyer discuss with your mortgage holder. If you do, you will have no control over what the buyer tells your mortgage holder.
Getting the best deal is always on the mind of the buyer. That could ruin the entire process. A lengthy negotiation period will leave you with absolutely no time to avoid foreclosure if the sale doesn’t work out and the buyer is most likely not literate on the currnt programs available to assist owners who want to short sale. Get a professional to do this for you.it costs you nothing. Never get stuck in your situation and let the process run without your control.

Getting a real estate professional to handle your short sale file is absolutely free and an option worth taking. The mortgage holder pays any real estate fees involved and you pay nothing.

In addition, the mortgage holder knows that it is in their best interest as well as that of the borrower to the have short sale file put together properly by a professional that does not have a conflict of interest right from the beginning.

We’re ready to represent you just the way we have successfully done it for many others. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail :phillis@txhomerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (214) 650-5536

Discover how other sellers successfully completed a short sale and request a free consultation by filling in the contact box to the right or calling me directly.

Thinking about a loan modification? We can assist you, most modifications are denied we can make sure you have the documentation needed and understand the process so you know where you stand.Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group Realtors.

Phone: (214) 650-5536. phillis@txhomerealty.com.

A Realty company with Service as Big as Texas

This blog is informational only and does not offer legal advice for legal advice please contact an attorney. Thank you for reading my blog.