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We are just going to go ahead if we could and just jump right into the short
sale information Jeri again thank you so much for taking the time to be with us.
Jeri: thank you for having us.
Michael: What is the name of your firm?
Jeri: Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty.
Michael: So that is great, licensed agents with Keller Williams and I know the two of you and I
know of your history and we will talk a little bit more about that but you have been working together
for awhile you and I had a chance to speak about the short sales and your success rate, very, very
impressive proven results always helps. So the natural first question for those that are listening
today. What is a short sale exactly?
Jeri: A short sale is a property sale where the bank or lender agrees to accept less than what is owed to
them. So the bank is agreeing to take a loss on the sale of your property and I like what you said earlier
about not trusting a loan modification or a short sale to just anybody you definitely do not want to be the
guinea pig and you do not want to approach the bank yourself and ask them to please take a loss
because you need to sell your home.
Michael: And that is one of the things that is funny nowadays I know people have seen them pop up all
over the town the ugly yellow bill boards all over the place. Advertising on the radio about loan
modifications and they have 100% success rate all kinds of these different things. The same thing with
short sales you actually have a process and you have a lot of experience doing it, you know the ins
and the outs and this isn't a part time job this is a fulltime job.
Jeri: Absolutely is a fulltime - more than fulltime job the last three Sundays I have been on the phones
with lenders are open, one of them has a call center in India. I have been on the phone from 10 o'clock
at night until Midnight and again at 6am with the same lender trying to stop foreclosure.
Michael: Well that is good that you have the time, Take the time to do that. I am sorry that you have to
work that many hours but you know Kalyn is it not true that the sooner we get through all of these short
sales and loan modifications the better off we are all going to be anyway right?
Kalyn: Absolutely, a lot of people ask, "what does it take?" "Who should be considering a short sale?" If
you are late on your mortgage currently, if your mortgage has adjusted, if you can no longer afford
your monthly payment, if you foresee yourself not being able to afford your monthly payments any of
these instances plus several more you should definitely be sitting down with someone and talking
about your options which would be most likely a short sale or loan modification.
Michael: Yes the last thing anyone wants and I mean anyone is a foreclosure, that is the last resort.
Michael: Nobody wants a foreclosure; you do not want it on your record you do not want to have to
deal with that. It is a very public event a foreclosure is the banks do not want you to foreclose and that is
probably why they are so willing to work with you would you say?
Kalyn: Absolutely the banks do not want the home back no matter what they tell you.
Michael: Exactly and on the loan modification side people try on their own to do this and it is true that
people can actually do a loan modification on their own but there are so many pitfalls and it is just not
something you want to try on your own. Surely you do not want to try a short sale on your own.
Michael: So Jeri let me ask you this, what are some of the main objections?
Jeri: The main objection that we hear from most of our clients is the cost to them, they already can not
afford the payment on their mortgage or they wouldn't be in that particular situation 9 times out
of 10 and so they are concerned about cost. Most people have already resigned themselves to the fact
that they are losing their home and they do not want to spend any more money on it. The good news is in
a short sale you do not have to spend anymore money all of the costs are absorbed by the bank.
They agree to lose more money basically so there is no realtor fees and the majority of the time we can
negotiate an "as is" contract so if there are repairs that need to be made they do not come to you and
ask you to do it, it is just factored into the cost. So it is very effective for homeowners.
Michael: And again it keeps them from going into foreclosure. They get to stay in the house and they
get to save whatever is left of their dignity, some people take it very pride fully as well. So Kalyn, the
second most common objection is?
Kalyn: That objection we find is, "How would the bank take that high of a loss?" For example say you
own $500,000 and the current market value is only $400,000 and a lot of people think that the bank
would not take a $100,000 loss. That is not the case it certainly does not matter what you owe on your
home the bank is looking at market value and we are the professionals that know market value. Jeri,
remember the short sale we closed a couple of months ago in Scottsdale?
Kalyn; This particular client owed $930,000 and we short sold it for $450,000 and closed within 45
Michael: Wow, you got the short sale done in 45 days.
Kalyn: Yes that is pretty fast, it is starting to get a little more complicated.
Michael: So that is an extreme case, these results are not necessarily typical but none the less you are
still able to negotiate with the loss mitigation department or the asset manager. We will talk more
deeply in a few minutes about that for more information on Jeri League or Kalyn Roberts you
can call 480-835-6248 that is 480-Velocity and that is how to get information on the loan modification,
or Jeri and Kalyn and we will back with you folks in just a few minutes.