| 'Buy my house' is the mantra of many borrowers | | | | closed doors. Anyone who has had their house |
| frantically trying to obtain financial relief from home | | | | repossessed by the bank will tell you there is nothing |
| mortgage loans or to avoid foreclosure. Finding a | | | | to celebrate. Foreclosure is emotionally draining, |
| buyer in an oversaturated market is a difficult task; | | | | embarrassing and frightening. |
| particularly for borrowers whose house is worth less | | | | Better options exist for people who are facing |
| than is owed on the loan. | | | | foreclosure but want to save their home. The first |
| Today, multiple buy my house strategies are used. | | | | step involves contacting the bank. Most mortgage |
| Many are derived out of desperation instead of | | | | lenders have a loss mitigation division dedicated to |
| strategic planning. Real estate agents are not | | | | helping homeowners struggling to pay home loan |
| interested in listing houses that earn them measly | | | | payments. |
| commissions. Mortgage lenders have placed | | | | With the ongoing influx of foreclosure properties, bank |
| constraints on lending regulations, making it difficult to | | | | loss mitigators are overwhelmed. Prerequisites to |
| locate qualified buyers. | | | | saving a home include patience and persistence. Be |
| The latest trend involves real estate bus tours. Realty | | | | prepared to provide financial documents and develop |
| agents and brokers charter a bus and travel to various | | | | a reasonable repayment plan before calling the bank. |
| neighborhoods hit hard by foreclosures and short sales. | | | | Realize it may take numerous phone calls before a |
| Buy my house bus tours have become extremely | | | | resolution occurs. |
| popular in Las Vegas and other Nevada suburbs, as | | | | Individuals who can no longer afford to stay in their |
| well as Los Angeles and southern California. | | | | home might qualify for a short sale. Some lenders will |
| Unfortunately, neighborhoods in these areas contain | | | | accept less than the full balance in order to avoid the |
| dozens of preforeclosure, foreclosed, and bank owned | | | | foreclosure process. Most banks require borrowers to |
| homes. Hopping on a bus to visit distressed | | | | have a buyer in place before granting short sale |
| neighborhoods gives potential buyers the ability to view | | | | approval. Others grant borrowers' time to list their |
| multiple homes in a short period of time. | | | | property with a realtor or as for sale by owner. |
| It is not uncommon for stressed out borrowers to take | | | | On average, short sales take six months to complete. |
| extreme measures to attract the attention of bus tour | | | | Short selling is complex and oftentimes requires |
| participants. As a real estate investor, I have ventured | | | | assistance from a real estate lawyer. Some lenders |
| out on real estate bus tours and was shocked to | | | | accept the short sale as payment in full, while others |
| discover the carnival-like atmosphere. Children manned | | | | hold borrowers responsible for the deficiency between |
| lemonade stands and passed out homemade cookies. | | | | the sale price and loan balance. It is crucial to |
| Homeowners marked their homes with colorful | | | | understand the lender's short sale policies. Otherwise, |
| balloons and freshly painted "Buy My House" signs. | | | | borrowers could end up owing several thousand |
| The party environment is nothing more than a facade | | | | dollars on a house they no longer own. |
| to cover the pain and suffering that takes place behind | | | | |