PMI Insurance and Short Sales... Buyer Beware

Some new info on the short sale business that people should be aware of when they have a loan that includes PMI insurance:

Be aware, the PMI Co. in some cases, are requesting the Home Owner doing the Short Sale, to sign a Promissory Note before proceeding with a Short Sale. This is happening more times than not and the homeowner is often surprised and does not want to sign these. Now these are often notes, spread out over periods of 60 to 72 months resulting in payments around $155 a month.

Now I don't know how people reason when they are comfronted with this request but if it was me I'd sign immediately.

If signing that note and making those payments helps me to get a debt forgiven that runs in the ten thousands of dollars. Then this is really a drop in the ocean.

I'm not saying there is a note presented every time, I'm saying there is a great possibility. Now, the PMI Co. are also running behind because of the extreme increase in Short Sales.

Anyway, we at MonkeySold are committed to help our clients as much as we can and often we come up with solutions to find some kind of funding to help lower these notes.

We just sold another monkey

Yeah, we did it again. We sold another Monkey this Sunday night.
That's what we do, we take the Monkey off your back!
After a two day open house, we conducted a succesfull bidding and sold the house to a qualified buyer.
So, just for fun I want to treat you on another MonleySold related video from Youtube. Enjoy!

From an experienced appraiser.

Hey Guys,

I've just got this email from Todd Vandermay, who is an experienced appraiser here in the Orlando ares. His email speaks for itself. Therefore I just copy pasted it. It is a must read! Although no fun.

We are half way through 2008 and the market is still in decline. In this area where we live, I have first hand experience that values have dropped 25% to 50% over the past 2+ years (early 2006 to mid 2008), depending on the home and location. The more artificially inflated the value of the home at its peak, the more the drop now. A really desirable home in a hot community has only dropped 25% from its peak. Understandably, I guess, most people want to believe that their house value is up 10% to down 10%, depending on their level of denial. If they have tried to sell, they have probably had their bubble of denial popped. (And yet, I heard a former president of our local Realtor’s board adamantly and arrogantly proclaim last month that “you are crazy if you don’t realize the bottom is here.”)

I have been in the appraisal business for 24 years and I have never been in a market like this. If you are lucky like myself, and still in this business, congratulations. If we can be of any help in surviving this market, please give me a call. We still provide the same quality reports and quick turn times at a competitive fee. I hope to hear from you soon.

Todd VanderMay

Appraisal Services of Orlando

(B) 407-898-1152

(C) 407-221-6283

(F) 407-895-2060

Todd@AppraisalServicesOrlando.com

I Know I shouldn't... but making fun of yourself can be healthy

My wife gave me a plaque the other day, it read: 'LIVE SIMPLY, SO THAT OTHERS MAY SIMPLY LIVE...' words from Ghandi.

So, I will live the simple life. Helping people sell their homes and helping people fight foreclosure.

What they go through, I am going through myself... Actually I said to myself, you have to have lived it in order to understand and to help. (LOL)
Many of my investments aren't worth the money I owe to the bank, not to mention the downpayment that is vaporized.

Maybe I should do what I preach and just dump it all. Why throwing good money after bad money?

Anyway with all this in mind I want you to enjoy this funny song that I've picked up on Youtube.
As I said in the headline, we better laugh with it all.
Timothy, my partner in MonkeySold says... "Live and Learn."
Enjoy:

Another day has gone by

Hey Friends,

Another day has gone by.

I just learned on the radio that blogging seems t be good therapy for the soul, I don't know what to think of it, but it sure feels good to write down some words at the end of the day.

We got our second closing ready, remember, the one that was going to close today? well that didn't happen, but I got the extension signed and finally have the monies in escrow. The extension is set for 31st of this month... let's hope it'll happen.

Our third one also needed an extension signed till end of the week and I'm just of the phone with the buyers' realtor and she's on her way to get that done. Now it's hoping for that second Mortgage Holder to come trough with an agreement. Otherwise we'll need to get our attorney involved and have him contact the judge. Another option is getting hold of a supervisor at the bank and be nasty... I prefer the first option.

Anyway, today we have signed another property for a weekend Monkey Sale, this time it's an investors' property. A nice rehabbed home.

This evening I've spend some time calling people that contacted us moths ago but where not ready to use our services. A good thing I did that because some people changed their mind and where happy to hear from us.

Tomorrow we'll have a training on how to modify our website and make better use of it. I really am looking forward to that because it needs a lot of work.

Keep checking on us and you'll see the progress.

CU

One down 2 to go

Hey Friends, just a quick update.

Remember the one we needed to close with agreement from the first mortgage holder and an expired one from the second? Well it all cam trough. The bank gave us until the 28th to close.

Now I am chasing the title company and the buyer so that they can get their act together.

The one that needs to close tomorrow is still No Go. I called the buyer's agent and asked for an extension. Meanwhile I chase this second mortgage holder for an answer.

Then the other one that needs to close on the 17th. I've sent him all he needs. Still think they can't pull this one of in 2 days.

On the marketing side all goes well, we are getting more than 800 letters out this week, talking about how we can help people. Let's hope some of them listen :-)

Also marketing of our next weekend sale goes on schedule, tomorrow John takes pictures and prepares the video tour so check that one out on www.sellthatmonkey.com

Today a lady called she's upside down on all her properties, three months behind in payments on two of them. I think we can help by negotiating a short sale. But she still is in denial ...

Denial is your worst enemy

I have a friend who picks houses up from people in distress, he asks them the following question: on a scale from 0 to 10 how do you judge your motivation to sell? when they reply anything below a 10, he replies... call me when you are a 10

that means call me when you're desperate...

I really hope that I can catch people before they turn into a 10

Our goal is to HELP not to take advantage... but some people still think they'll solve it... an they won't..

too bad

Another week starts

Another week starts

Hey guys I was going to journal, showing how we do things around here.

This is going to be a hectic week. We need to prepare a home for next weekend Quick Close Sale and we need to get 3 closings done. On one we finally have the approval from the 1st Mortgage Holder, we already had an approval from the second Mortgage Holder so you would think we're good to go right? Well no, the approval from the second was valid 30 days and it took the first more than that to make up his mind. So we need to chase that second.

Then we have a closing planned for the 17th and we don't have the money in escrow yet. I spoke with the Mortgage broker and buyer on Saturday and the both assured me that all would be okay. Well I don't think so, I need to chase this as they don't even have an appraisal done.

On the 3rd house I have an approval of the first Mortgage Holder but the second has been a nightmare. We have a contract for sale to close on the 15th and desperately need that agreement from the second. If not foreclosure is set for the 21st...

Those are this weeks priorities.

I'll keep you posted