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Hardship Letter Sample-refinance Foreclosure Property

Recently I closed on the sale of two homes. They were located about a mile apart and had comparable market values. However, beyond these two similarities, the two deals were very different from each other. Let me discuss in more detail the similarities and differences of the two deals.

My business partner and I purchased both properties from families who were in preforeclosure. The leads for each property came from letters that I had mailed to families who had recently received Notices of Default. The one family responded to me within 24 hours of receiving my first letter. I met with them within two hours of receiving their phone call and signed a contract with them on the spot to purchase their home. The other family responded to me after receiving the fourth letter from me. After a couple of broken appointments and two meetings we signed a contract to buy their home. With each home we did a ?kitchen table? type closing within a couple of days of signing the contract. Both homes were purchased ?subject to? the existing financing remaining in place. The earnest money given for each home was one dollar.

First Deal

We began marketing the first house by advertising it in the newspaper at market value and putting signs in the neighborhood and nearby intersections. We had a verbal agreement with the seller that they would clear all of their belonging out of the house within two weeks. The house was very messy and dirty. When the sellers failed to make any progress clearing the house we went ahead with the marketing and reduced the asking price. Within two weeks we had only received a few phone calls from mostly non-interested prospects.

At this point we reduced the asking price further and changed our signs to notify the public that owner financing was available. At that point we started to get a larger number of phone calls from truly interested prospects. Our owner financed terms and the lower than market value asking price separated us from the hundreds of realtor represented homes that needed bank financing.

With the second home, purchased a month later than the first, we immediately marketed it with owner financing. When we purchased the home we stipulated in the contract that the seller had to vacate the p
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roperty in two weeks or be charged a fee for failure to do so. The seller was agreeable and cooperative and moved quickly to remove their belongings from the house. The seller of the first house was still dragging their feet and the house was still a mess.

Shortly after changing the marketing of the first house, we received an offer from a highly interested buyer. This house was truly ideal for this family and we wanted to help them get into it. They offered to buy it with bank financing and we agreed to sell it to them. There was still enough time before the foreclosure auction to close the sale with bank financing.

I cautioned the buyer that he should seek a loan other than an FHA loan since we had not held title to the property long enough for FHA to approve a new loan. In case you didn’t know, FHA recently changed a rule that now requires a property to be on title at least 90 days before they will approve a new loan. So guess what the buyer did?

Right. His mortgage broker and his real estate agent steered him toward an FHA loan program. Luckily, the buyer qualified for a good FNMA program as well. So I stipulated in the contract that the buyer had to gain approval for the FHA program within 5 days or else drop the FHA program and proceed with the FNMA program. Both the broker and the agent needed education on this point, which I provided in writing, and four days later the broker notified me that the buyer would not be approved by FHA and that they were proceeding with the FNMA program.

The next obstacle we faced was the home inspection. The inspection resulted in asking for several hundred dollars worth of repairs that we agreed to do. The repairs took two weeks to complete. While repairs were ongoing we ordered a property appraisal. The appraisers in our area are backlogged eight weeks but we knew an appraiser who would perform an appraisal within a week for 150% of his normal fee. Of course we didn’t have the luxury of being able to wait eight weeks so we bought the expensive appraisal.

The next obstacle was to order a preliminary title search, which showed a clear title luckily. The previous owner did not have an as-built survey so we had to order an expensive set of survey documents from the county.

Now that the obstacles to closing were nearly erased and we were close to a hard closing date, we still had a problem with the previous seller. They had only moved a few things out of the house and the house was still well cluttered. They were getting around to moving out eventually but not fast enough to be out of the house before closing the sale. Their lack of cooperation and their inability to follow through with their verbal promises made it clear why they had neglected their home and let it go into foreclosure.

Since the utilities were turned off and the seller was no longer living in the home I had the legal right to declare their belongings as abandoned property and I notified them that I would move the items out for them. My partner and I spent a day boxing and bagging up the seller’s personal items, and grudgingly they picked the boxes and bags up the day before closing. Whew!

Second Deal

Now, on the other hand, events with the second property proceeded much more smoothly. We bought the home, found a buyer for it within eight days, and closed on the sale eight days later.

We decided to sell the second home on a land contract or wrap mortgage with the existing financing remaining in place. We also decided to stipulate that the home had to be refinanced within two years or it would be foreclosed back to us. We did this to protect the previous seller’s interest in the underlying financing. They didn’t want it hanging out there for a long period of time.

Our ?owner finance? signage attracted several buyers quickly. We required a large enough down payment to ?cure? the loan, that is, to pay off the existing arrearage and attorney fees. We found an eager buyer who had suff
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icient cash on hand and a good income, but without enough time in the area to have a high credit rating. He understood the concept of the wrap mortgage and the underlying financing and we negotiated a contract with him at Starbucks. He negotiated a lower sale price by offering a larger down payment. Basically we were able to immediately receive all of the ?back end? profit that would have been paid to us in two year’s time when he refinanced. We received this up front in exchange for a lower sales price. It was a fair exchange for both parties.

He agreed to buy the home ?as is? and to do some repairs himself. No home inspection was needed; no appraisal was needed; no repairs had to be made; no real estate agent needed to be paid; and no survey had to be ordered. The buyer paid all of the closing costs which were far less than he would have paid if he had used a real estate agent and a mortgage broker.We used a closing agent who is very familiar with transactions of this type, which she calls ?unacknowledged wrap sales.? Our closing agent has become a friend and has spoken at our local Real Estate Investment Club.

In summary, each of the two deals netted about the same profit, but it is obvious which deal one would prefer to do if given a choice. If I were Robert Kiyosaki I might call one deal my rich dad’s deal and the other my poor dad’s deal. We learned enough to make deals of the first type go more smoothly in the future but I’ll take deals of the second type every day of the week.

I hope all of your real estate investing deals proceed smoothly and quickly.

By: romeoicq1

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Romeo Burke:
Musician songwriter
Music producer
Video clip -Producer
Loan Debt Advisor
38 Years Single living in The Netherlands Europe Florida USA
born in Suriname South America;

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When I bought my first home in 1976, I was 21 years old and clueless about what it took to purchase a home. I had very little money, a shaky marriage, and a three year old. What I did know, however, was that I wanted to own my home and I didn’t want to throw my money away on rent. I knew that if my marriage didn’t survive that I would have something of value which would increase as the years went on.

I always considered myself pretty bright, although of the mindset that if I leap, the net will appear. Not always the best approach, but I am pretty stubborn when I want something – and I wanted my own home.

I looked in the paper, saw a home for $17,900 and called the listing agent. I looked at the house, realized it needed work, but I put in an offer for full price. I didn’t know any better, and I didn’t know that the agent was not representing me; he was responsible to the seller. Thirty days later, I brought $500 to settlement and was handed the keys.

In hindsight, I know that what I did was incredibly shortsighted. I should have looked at other homes. I should have negotiated. I should have asked for seller concessions. I should have shopped for my mortgage. However, I depended on the agent I was working with, the one who was looking out for the seller’s best interest, not mine. There were three positives, however. One, I learned from my mistakes. Two, I got representation when I sold my home that I was referred to and I trusted. Three, I sold the home for $62,900. The next home sold on my street sold for $40,000. I leaped and the net appeared. I got lucky.

Until the late 1980’s, buyers had to pretty much fend for themselves. The typical scenario was that the Realtor that listed the house was the “go to” person for the consumer. Over the years, it became clear that buyers needed representation. In 1988, REBAC (Real Estate Buyer’s Agent Council) was formed. In 1996, NAR (National Association of Realtors) took over the program and the ABR (Accredited Buyer’s Representative) designation was launched. Today, there are over 50,000 agents with the ABR designation, and I am one of them.

Most people interested in purchasing a home, particularly first time buyers, do not understand the process. It can be very intimidating, to say the least, as I have learned first hand. As a Buyer’s Representative, I am trained to help buyers through the process. No matter who you are working with, you need to know what to expect. This is the minimum of what you should know and should expect from your agent:

o The only cost for your Buyer’s agent should be the minimal brokerage fee that is charged to everyone whether they are a seller or a buyer. Your Buyer’s Representative gets paid by the listing brokerage. Her fee comes out of the seller’s commission.

o The agent you interview should tell you what she will be doing to help you and how her company can help as well. For example, I have software that allows me to do a virtual tour for any home you would like me to preview so that you don’t have to run around as much, particularly if you are from out of town. My company offers a 24/7 search based on the criteria for my Maryland customers and sends us both any homes that either are new listings or price changes within that criteria.

o Your buyer’s agreement should have both an end date and an out clause. You should be able to fire your agent and she should be able to fire you if the relationship is not working.

o Your agent should offer to do a comprehensive market analysis on the home you are interested in before you make an offer. You need to be aware of similar homes listed and recently sold in order to make a more informed decision. Conversely, your agent should never tell you what to offer, that is your decision. A good agent should tell you if you are way off base, but all agents are obligated to present any and all offers to the listing agent.

o Once your offer is accepted, your agent’s real work begins. She should give you names and numbers for mortgage companies, settlement companies, home inspectors, cable companies, phone companies, insurance companies and anything else you might need. She will arrange for the utility cut-overs (where they will allow it) and go to your home inspection, walk-through and settlement. She will also make sure you see the settlement charges in advance so there are no surprises. She will run interference should there be problems, and work closely with the listing agent, mortgage company, and settlement company so that things go smoothly for you.

As you can see, there are many advantages to having a buyer’s agent. I challenge you to find a disadvantage.

Purchasing a home is one of the biggest, scariest things you will ever do. You can’t afford to make a mistake. Many people make the missteps I did purchasing my first home. I hope that you can learn enough from my mistakes and expertise to make your home purchase a rewarding experience rather than a stressful one.

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What Is A Purchasing Manager?

When I was growing up, no one that I knew of wanted to be a “purchasing manager”. Anyway, purchasing managers are surveyed, and the results can make the financial markets move. What exactly is a purchasing manager? Whether for use by their own company, or for re-sale, purchasing managers, buyers, and purchasing agents purchase goods for a job. They are considered experts at price, quality, availability, reliability, and technical support when choosing suppliers and merchandise, and are responsible for obtaining all of those at the best price while maintaining desirable inventory levels. It may be a commodity, a finished good, whatever, produced in an old way or by using new technology, produced by a long-time supplier or a new vendor, it doesn’t matter. So tracking what these purchasing managers are doing gives statisticians and recent math majors a feeling that they have their finger on the pulse of the general economy.

What do we have for economic news during the last official week of summer, and the last week that one can wear white pants and still be fashionable? (That is, if ever wearing white pants is fashionable outside of Florida…) Today is the Chicago Purchasing Manager’s Index (see above). Tomorrow we’ll have Construction Spending, Pending Home Sales, and the ISM Index; Wednesday Factory Orders, the minutes from the Fed meeting, and the always-questionable ADP Employment Survey; Thursday Jobless Claims,; and then on Friday, when everyone is trying to leave town (whatever town they happen to be in), all of the Nonfarm Payroll data (NFP expected -225k). With no news yet, the bond market is seeing a slight rally: the 10-yr is back down to 3.45% and the 5-yr and mortgage prices are about unchanged versus Friday afternoon.

Fannie Mae gave loans from Taylor Bean “the Heisman”. (Think of the statue: player holding his arm outstretched, hand pushing away.) “Conventional and government loans for which TBW was involved in any part of the origination process – including borrower application, processing, obtaining documentation, and/or underwriting – are ineligible for delivery to Fannie Mae unless re-underwritten by the lender selling the loan to us.” And if anyone wants to send Fannie one of the TBW loans, they must obtain all new documentation, with a HVCC-compliant appraisal, “including a new borrower loan appl
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ication, and underwrite the TBW-originated loan to your own standards and Fannie Mae requirements. If the loan was previously underwritten through DU, a new DU loan case file must be created and submitted, or the loan must be fully underwritten manually.” And any seller had better be prepared to rep and warrant their underwriting, plus Fannie “will perform extra quality control on loans known to be sourced by TBW.”

And since Fannie is purportedly able to track previous DU case numbers, it probably isn’t in anyone’s best interest to try to slip a loan by them that was previously related to TBW.

Is your sentiment as a consumer improving? The sentiment of those consumers polled by the University of Michigan’s is, improving in late August but still below July’s level. And what else happened Friday? The FDIC said it had 416 banks on its “problem list” at the end of June, equivalent to about 5% of the nation’s banks. And these banks had/have a combined $300 billion of assets, compared with only $78 billion a year ago. So should the government send the FDIC more money now or wait a month or two? On Friday the FDIC “only” closed down three banks: Affinity Bank (CA), Bradford Bank (MD), and Mainstreet Bank (MN).

With rates having crept down somewhat, canny Secondary folks are dusting off their float-down information. It runs the gamut, from “we don’t have a policy” to “what’ll take to keep that lock?” Flagstar, for example, says, “Existing locks can now go to current market minus .50 in fee from the current market price…you will be capped at your current rebate if the float down price exceeds your current rebate.” Bank of America Home Loans say, “We don’t have an official float down policy but we will work with our customers to renegotiate the rate down.” Be forewarned, however, that most investors won’t pay a higher premium, but will focus on lowering the rate for the borrower.

By: Christian Amstadter

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Christian Amstadter has been in the Mortgage business for 10 years. The public tends to be misinformed about the current happenings in the Mortgage world. This is understandable seeing as how each day there are changes. To see this article and more, please visit www.californiadirectlender.com. California Direct Lender is the website for our Net Branch of Ascent Home Loans. The company specializes in FHA, VA, Reverse mortgages, Refinances, Purchases, FHA Streamline loans and more. As a direct lender, Ascent Home Loans/ California Direct Lender is very competitive with respect to fees and going direct helps to mitigate the middleman and in turn fees and communication errors.

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Technorati Tags: exclusive buyers agents

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

Spring surge for flooded property market

A FLOOD of spring properties caused a slight dip in clearance rates but competition remained fierce among first-time and family home buyers. Agents said …  Read More…

Realtors underwhelmed by response to first-time home buyer tax credit

Some Beaufort County real estate agents said the federal first-time home buyers tax credit has brought clients to their offices, …  Read More…

$8000 First Time Brentwood Homebuyer stimulus Package Nears End

As the December 1st deadline approaches for the $8000 first time home buyer stimulus package frustrated Brentwood home buyers are left …  Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

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Selling AND Buying House. Do I need two or just one agent?

I heard that when buying… working with an exclusive buyer's agent is best. Is this true? Also, I don't have money to buy a house and then sell… not trying to pay two mortgages… also kinda needed money from sale of first home as down payment from second home. Should I work with one agent to sell? And then an exclusive buyer's agent when buying? Or should I work with one agent who does both? What are the cons of the second option? Is a bridge loan worth it? Any comments appreciated?

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I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.

How To Find The Best Real Estate Agent For You – Interest.com

Avoid what's called an "exclusive buyer's agreement" that restricts your ability to work with other brokers for up to a year and requires the agent to be paid even if you find the home on your own. Insist on an "open buyer agency …

Real Estate Blog – Use Your Buyer Agent. That’s What They’re Paid For!

Most consumers sort of understand how real estate works. These days, if they see a home they are interested in, they'll contact their buyer agent and have them arrange a showing. If that is THE place, that agent writes the offer, guides the transaction, and gets paid at closing. It is, … Claudette Millette – Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel) …

"Don’t let the buyers agents control you!"

While this is good for my business, keeping me and my staff busy, I've had the unfortunate experience of dealing with buyers agents who are unhappy, frustrated, or just downright negative. They continously complain, threaten me, …

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…

Open for business: How viewing days are encouraging buyers to make the move

Jason Harper, of Hamptons International, thinks the fact that agents can't conduct all the viewings is a downside. His firm claims to have pioneered open …  Read More…

Leases & Sales: Week of September 28

Size and location; use; buyer; agent or landlord; approximate date of occupancy or transaction; value. 6 units at 28 Ross St., San Rafael; Apartments; na; …  Read More…

British investors are looking to Marrakesh's suburbs for bargains

Agents say this has not been enough to tempt buyers. But in the city's leafier suburbs, there are bargain villas more likely to attract investors. …  Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

Technorati Tags: exclusive buyers agents

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

Fannie and Freddie Continue to Struggle, Lawmakers Told

Now, as housing prices struggle higher and an $8000 tax credit has enticed many first-time home buyers into the market, Fannie and Freddie are limping along …  Read More…

Metrolist: Denver home sales decline in September, but so do unsold homes

Metro Denver home resales were down in September from the same month of 2008 and from August of this year, but buyers continued to chip away at housing …  Read More…

Home Sellers in US Cut Prices by $28.4 Billion, Trulia Says

Oct. 8 (Bloomberg) — US home sellers cut their asking prices by a total of $28.4 billion to attract buyers as the real estate recovery …  Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

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