Short Sale

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May 29, 2010

Food for Thought

Posted by Michael Trefel under Buyers, Foreclosure, New Jersey Real Estate, Real Estate, Short Sale, Tips and Advice
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Short SaleWith all the talk out there about “Steals” in current Real Estate market.  One word of advise for all the buyers looking at short sales and distressed markets. While some, and I stress “some” deals are indeed good, a buyer in this market mast be prepared and must know what he or she is getting in to.  A good real estate broker should provide some education to potential buyer on the process. Case in point, I had a client a few months ago who was determined to buy a short sale property. After spending some time discussing the process I realized that she was not prepared for the short sale and it was not the right buy for her. Her lease was up in two months and she had to move. I explained that a short sale process will likely take a much longer period of time. It is typical for the bank to wait 60 to 90 days before responding to the offer. And that’s after all the paperwork is submitted and re-submitted. And then it could take another month or more to get clearance and close. Well she did not listen and decided to work with another agent…. So yesterday I receive a call that the her purchase did not go through and the agent she was working with did not disclose all the information about the process and the bank and made her think that 60 days is plenty of time.  Now we are scrambling to find her a short-term rental so that she could look for a home to purchase…

So before you venture into the real Estate market, please spend some time with your broker.  Ask questions, do some online research.  It will save you both time and money in the long-term. 

As always, if you need some real estate advise, drop me a line, I might be able to help.

Happy searching!

 

May 27, 2010

Details people. It all comes down to details!

Posted by Michael Trefel under Buyers, Foreclosure, New Jersey Real Estate, Real Estate, Sellers, Short Sale, Tips and Advice
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Recently I was going over the inventory in one of the towns I have a new listing in and noticed an interesting phenomenal. Out of 54 listings on the market only 35 had more than one picture. Out of those only 11 had professional pictures taken (regardless of the price point). And what a difference that makes.  This got me thinking about the way that I always present the properties my team and I sell.

First of all, buyers really want to look at pictures. According to Realtor.com (still the number one website for real estate) more than 70% of people will pass on a listing that does not have any pictures and more than 50% will pass if there is only one picture. So why would you ever put a listing out there without any pictures? Even if the home does not show well (its old, it’s a knockdown, needs tlc) sell the street, the local park the community… There is always something else that could be highlighted outside of the home.

Second, when you take a picture, whether its done professionally or not, please look what you are presenting. No one needs to see a toilet as the focal point of a bathroom shoot. Nor the clutter of chachkas on the kitchen counter, nor family photographs all over the wall. I have seen dirty laundry in some pictures, people reflected in the mirror in others. Professional photographers are less guilty of this than the realtors, but we are all supposed to be professionals… take a step back, look at the pictures, look at the details; they matter. 

Which brings me to my point. The details of the homes we sell, matter. Professional pictures present the homes better. Attention to details makes a big difference too. As a seller, look at what your realtor is doing. Are they asking detailed questions? Are they looking at the details of the home? Are they presenting these details and key points in their pictures and write up descriptions? They should! And the ones that do will sell! Details my friends make all the difference.

 

May 27, 2010

The Purple Cow – and why I love what I do.

Posted by Michael Trefel under Buyers, New Jersey Real Estate, Real Estate, Sellers, Short Sale, Tips and Advice | Tags: , |
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I wanted to digress off of real estate market for a moment. More and more I have been asked why I left a career in finance to do real estate. And a simple explanation is….I love what I do. Well, maybe not every day of every week, but still, I love working in Real Estate.  I constantly meet new people and get tremendous satisfaction from finding my clients new homes or helping them sell their current ones to enable them to take next step. I have an MBA from NYU and years of experience working with people, all of it is an essential asset in my Real Estate career. The new technology enables me and my team to stay on the cutting edge of the market and hey, I like gadgets so it’s perfect.

My wife is a phenomenal event florist. I think her designs are inspirational and she always goes above and beyond for her clients, whether they are celebrities or just a couple celebrating their anniversary. A few years ago I went to a floral symposium with here and clearly remember one of the presenters talking about a purple cow. What she meant was that in a sea of cows, in order to truly stand out, one needs to be a purple cow and do things better than anyone out there. This got me thinking about the work I do and about all the other realtors in my market and how almost all of them are the same… I promised myself that I will be that purple cow, or rather purple bull.

Ok, you might be laughing at the moment but when was the last time you worked with a realtor and though, wow, this is a step away from the dullness of average?  For me just being another realtor is not enough. Everyone can place a home on the MLS, maybe even take out an ad, and maybe have a website. This by the way makes me laugh because 60% of the agents buy a template and put their picture on it and never even bother to change the text. That’s just lazy people. Anyway, how cool would it be to be able to look at a listing and then be able to change colors of the walls or cabinets or if you don’t like the floor, see how it would look with a different floor? (ie. http://homesite.obeo.com/viewer/default.aspx?tourid=601067&refURL=http://lifealongthehudson.com/site/92610&locale=en-US  ) but that’s technology (which we offer by the way) or how about, getting an immediate response when you ask a question via email or text or phone… or receiving regular reports and updates about how your listing is doing. Yes I know some of these seem common sense, but alas, they are not.

This is why I like my work. I could be creative and be myself, and get results for my clients! And that my friends is what counts. I want to be a purple cow of real estate and my clients will always benefit from it. Because whether I’m selling a 200,000 condo or $10,000,000 estate, the client deserves my absolutely best work and I am excited to deliver.

 

April 30, 2010

Challenges and Opportunities

Posted by Michael Trefel under Buyers, Foreclosure, New Jersey Real Estate, Real Estate, Sellers, Short Sale, Tips and Advice
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So the Spring market is here and the tax credit deadline has passed. So what? In our local market, the tax credit had only marginal effect. the market remains difficult and choppy. However, as always i remain an optimist and look at the streaks of light shining through. The weather this winter has been dreadful for real estate activity and a lot of larger projects have been delayed.  But the sun is shining once again and buyers are back and looking and…buying.  Step by step we are moving towards recovery and normalcy. We need some optimism, and while the current real estate market requires harder work, we welcome the opportunity and the challenge! 

So if you are thinking about selling or buying, see what I and my team of real estate professional can do for you!

 

April 22, 2009

Helpful Sites and information for home owners in distress

Posted by Michael Trefel under Foreclosure, New Jersey Real Estate, Real Estate, Sellers, Short Sale | Tags: , |
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With all the information outthere on foreclosures and distressed sales, I wanted to share sites and resources for home owners facing possible foreclosure.  Here’s a list of programs that are either operated by the U.S. government or have its seal of approval. I know that this is a difficult time, so I hope this will help.

  • Call (888) 995-HOPE, the Homeowner’s HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.
  • The Controller of the Currency’s consumer information site for banking-related questions is www.helpwithmybank.gov
 

April 8, 2009

Positioning Makes All the Difference

Posted by Michael Trefel under Buyers, Foreclosure, New Jersey Real Estate, Real Estate, Sellers, Short Sale | Tags: |
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Understanding market positioning is key to successful sales in today’s marketplace, yet many Realtors® continue to perform according to an antiquated marketing model.  Get a listing, list on MLS, and if sellers are lucky they will be placed on some websites and … nothing.

It is no longer enough to simply list the house on the MLS and wait for buyers to come to you.  Marketing needs to be proactive and target to specific audience.   With almost 90% of buyers starting their research online, Realtors® need to understand what is driving these buyers to go beyond the computer screen and into a home.

Flooding the internet with listings does not work. Because even if some Realtors® are able to place their listings in front of buyers, there is a limited window of opportunity to capture their attention and peak their interest. I am constantly surprised that so many listings are priced well and remain on the market for months before they finally expire.

When you look at why that is the case for so many, it’s easy to see. Often, there is one or no pictures of the home and just a few lines of a boring, generic commentary. In this day and age listings with limited pictures get bypassed by busy shoppers and a dry and uninviting write-up fails to pre-sell the hidden potential and benefits like lifestyle that comes with every property. These are seemingly simple, yet substantial obstacles to a successful marketing and sale of a home.

If you are thinking about selling your home, make sure that your Realtor® understands how to correctly position your home in this overcrowded marketplace.   Talk to your Realtor® about how he or she will position your home on the market, because proper positioning will get your home sold! Regardless of market conditions.

 

April 7, 2009

Foreclosure vs. Short Sale – knowing how to deal with both makes all the difference

Posted by Michael Trefel under Buyers, Foreclosure, New Jersey Real Estate, Real Estate, Sellers, Short Sale | Tags: , , |
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Recently, one of the hot topics on everyone’s mind has been Foreclosures and Short Sales.  As an expert Realtor in New Jersey I deal a lot with these type of properties and would like to use this space to address them both.

One of the better visualization I have heard for this topic is “A foreclosure is like a devastating car crash while a Short Sale is a measly fender bender.” And in actuality this description comes very close to reality.

Foreclosure

A foreclosure is a miserable process that destroys credit history for years to come (could be as long as 10 years).  If you are a seller in trouble PLEASE call a realtor (call me) who has handled short sale and discuss your options. Don’t wait for the sheriff to knock on your door.  There are ways to save your credit and good name.

The Wall Street Journal had an interesting article recently describing that “walking away from a mortgage (foreclosure) has become more socially acceptable”.  Well, for a seller in trouble, please realize YOU ARE NOT ALONE!  There are good people just like you who have fallen on tough times and are unable to meet their debt obligation.  Some choose to get angry and take it out on the property that is going to go to the bank. Others simply walk away from the home and go into denial about the consequences.  Well, the consequences of a Foreclosure are real and devastating.  In Fact:

  • Credit History is completely destroyed.
  • Possible Deficiency Judgment – a deficiency judgment is a judgment that occurs when the property in foreclosure sells for less then the mortgage obligation.  This difference will follow the prior owners and be a lien against their salaries, bank accounts, and any money left to their name.
  • Credit card companies will skyrocket the rates on outstanding credit

Because of the devastating effects of a foreclosure and various judgments that may follow, many people are forced to file personal bankruptcies.

Short Sale

Short sale is a MUCH kinder process than a foreclosure.  As a Realtor, I would work closely with the seller and the Bank to market and sell the property.  Please understand that at this stage (both Short Sale and Foreclosure) there is no longer equity in the property and the seller will not receive any proceeds from the sale.  However, because we will work with the bank, a short sale will:

  • Preserve credit worthiness
  • Avoid any deficiency judgment
  • Allow a new start for the seller.

Please understand that not every case could be a short sale and it is a difficult and complicated process that requires professional expertise.  If bills are beginning to pile up and you are or shortly going to be late on you mortgage, call me.  I may be the solution you need to get out of a bad situation and have an option to start anew.  Don’t wait for the collectors or the sheriff to knock on the door, call me for a free, no obligation consultation and see what I can do for you.

 

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