New Short Sale Process ( Streamlined ) We'll SEE

Author: National Association of REALTORS

Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure. Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors.

Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don�t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate. Incentives.Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders). Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter.

The goal is to minimize complexity and increase use of the short sale option.Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement. Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement. Commissions.

The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received. No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP. Program Expiration. The program is in effect through 2012.

Deed-in-Lieu of Foreclosure Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

Social Media and Networking Info..YIKES

I wanted to ask all of you Real Estate Agents and Investors... If you had a company that could set up a complete online Social Media and Networking presence for you and your companywould you take advantage of it ?

They would professionally set you up on numerous Socail Media sites that all work in conjunction with each other that relay and tie back into your main company or personal Agent Site or Blog. They would include widgets, badgets, anchor texts and much more wherever possible getting you ranked high and extreme exposure..

This would be more than just having a facebook page, this would take full advantage of 20 plus sites all tied working to get you leads. They would even be able to manage all of your campaigns on a continuous basis, allowing you to reap the benefits and taking up very little of your time.

They will even set up your blog if you don't already have one and link it all together.

I wanted to get your thoughts on this and see if this service is something a Real Estate Agent or Investor would like to take advantage of being everything in the marketing world is now based on your online strenght..

Let me know your thoughts

Take Care,
Jarred

Marketing Tips for Leads !!

Wanted to ask what problems people are running into with their Marketing. What are you doing, what is working and what isn't working.

Post your comments and I will respond and see if I can help and give you some good pointers.

Wanted to ask if you think Real Estate Investors would find it helpful if their was a company that had Phone Verified, Qualified and Comped leads from people who are looking to sell ?

Take Care,
Jarred

Clean Websites ??

The First step of your business especially in this day and age is to have a CLEAN website. You know exactly what I mean by this. Just think how many times you have searched for something on the Internet, you get to the website and you are totally at a loss of where to go next. Streamline your site and get rid of all the extra disorder. Just like a business plan you want to have a cation that gets you to your end goal, a website should follow the same process.

Make the path easy to follow for your potential clients and determine what you want your end goal to be. For example, do you want them to subscribe to something so you can capture their info, call you, email you or do you want them to check back often for new posts.. Regardless of what you pick make sure that is the central idea of the site. Even go as far as to put everything on paper, this makes it more tangible and holds you to your plan. There is always something about having a plan in writing, it makes it feel much more serious.

And one of the most important things, Think like your potential client ask yourself what is important. If nothing else, follow this simple rule and visitors to your site will hang around much longer and hopefully give you business..

Take Care,
Jarred Bonica

Life Blood of your Business ?

Viable leads are the lifeblood and backbone of any real estate business, not just in North Jersey Real Estate. Getting clients to come to you is the new era of Real Estate Marketing. The days of door knocking and cold calling are long over. What if we could get people calling US ?
Leads are what our business is all about, finding new ways to get them is something you should always be working on.

Many Agents and Investors are at a total loss because they are trained in the traditional mindset and are in habit of doing things they would not even know how to change. Sure they know they have to generate leads, and how important it is..But when it comes to the actual implementation of strategies and techniques, these agents and investors get stuck because of the routines and bad habits they have learned.

In the articles to come I will cover many techniques you can use to produce more Real Estate Leads, especially for the NJ market both online and off.
The majority of these techniques will involve the use of your websites, how to blog, how to use search engines, and other helpful web tips..

If you are really serious about all of this information you will be glad to know I use them every day for marketing one of NJ's Largest Home Buying companies and soon to be one of the Newest and most innovative Real Estate Brokerage Companies with a niche for selling other investors properties, and first time buyers homes. Talk to you all real soon ,,

Take Care,
Jarred

Farming For Clients.. Are you doing it?

In today's market it is vital to constantly " Farm " for new clients and leads. Take a serious look at what your marketing efforts are doing for you and track the ROI you are getting on your finances. Especially if you are starting out, every dollar counts and you want your money working as hard as it can for you.

Some easy ways to track your financing.. Make a simple spreadsheet in Excel and track for the month how much you are spending on each campaign, how many calls you got from it, how many appts were set, and how many homes you have put under contract. Put this into a bar or line graph so you can easily follow it over the course of a few months.

Some Ideas for you to consider to Ramp up your marketing..

Outsource your work.. Are you doing it?

Clean up your website.. I am always surprise how cluttered and hard to follow someones website is. When your potential leads come to your site it should be simple and easy for them to get around. View your site as a potential lead, and what they would want to see. Help them find their way to contact you..

Offer value on your sites, it is so surprising that most sites do not offer value.. They say how great you are and that you can buy someones home in 5 minutes and even over the phone without ever seeing the property. Common now, we all know those people are scams. Don't brag about yourself, say how you can solve problems= OFFER VALUE


Stay tuned for more tips about the backbone of Your Real Estate Investing. Sales and Marketing..

Thanks,
Jarred

We Are Looking to buy NJ and North Jersey Fixer Upper. NJ TLC BUYER

Hello,

If anyone is looking to sell their NJ or North Jersey Fixer Upper we are looking to buy them. We can close in 30 days with a cash offer and cover most of your closing costs.

If you are interested feel free to give us a call anytime at 973-989-0070

Thanks for stopping by !!

Post Your Questions

Anyone who has questions about investing in the area please leave your comments and we will get back to you Soon as we can.

We are currently doing a lot of assignments and double closes and would be happy to point you in the right direction

We are also buying about 4 homes a month, so if you are looking for deals just contact us.

If you need a hard-money source we can also put you in contact with a very reliable source

Thank You

Assignment's and Options.. Important

For any of you out there doing wholesaling ( assignments ) and option contracts you may want to speak to your lawyer about this.

I have recently found out that if you assign a property to your buyer, one that purchases it with a mortgage. If somewhere down the road they default on their mortgage YOU can still be held responsible. This may also be an issue for option contracts.

There is a way around this however, you can get what is called a letter of Novation from the lender which basically says that you are free from anything that may happen in the future such as the person defaulting on their mortgage.

Check with your attorney and ask them about Assignments and getting Novation !!

Real Estate Investing Questions

Anyone who is in the meetup groups, or just stumblilng upon this page.. this is a great resource for you. Please Post any questions about investing you might have here for others to see so you can also help them.

We have great experience and knowledge of North Jersey Real Estate, and would be more than happy to help anyone get their investing going.

Just post your questions here and we'll get back to you As soon as we can

Thank You,
Jarred

Sell My NJ Home For Cash, Sell my NJ House For Cash, NJ Home Buyer, NJ Rehab Deals

Home Page
There are many problems associated with selling a house, especially in this market. We may have the perfect solution for you…We buy houses fast and easy in the North Jersey area from people in situations just like yours. We can pay cash and close in as little as 30 days with no real estate commission or fees for you to pay.

We close quickly and most importantly, relieve your stress and help you regain peace of mind. We have the funds to close on your property.

When you’re ready, call our office at 973-349-8173 to speak with someone who will help you with any questions or concerns you might have. We can then set up a convenient time to come out and evaluate your property. This will allow us to get a better feel for the house and the area in order to make you the best possible offer.

Our well trained staff has the expertise and experience to evaluate your home and make an offer quickly, typically within 24 hours. We will handle your transaction professionally, simplify the process and help you through your difficult situation.

Thank you for your time in advance. We look forward to speaking to you !

Give us a call now to further discuss your home 973-349-8173