Distressed Property Owners

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Presentation on how JPSCVRealty can assist.

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  • Distressed Property Owners

    1. 1. You are not Alone.
    2. 2. J&P SCV Realty www.jpscvrealty.com Phil Levy, REALTOR®, CDPE Joe Levy, REALTOR®, CDPE
    3. 3. <ul><li>In 2008 California had 838,000 foreclosure related filings </li></ul><ul><ul><li>More than double 2007 </li></ul></ul><ul><ul><li>Affected almost 4% of all households state wide. </li></ul></ul>1/27/2009 Listing Presentation for DP's <ul><li>In 2008 almost 3% of all household were affected within the Los Angeles Metro Area </li></ul>
    4. 4. 1/27/2009 Listing Presentation for DP's There are two options. <ul><li>Ignore the problem </li></ul><ul><li>Confront the situation </li></ul><ul><li>Foreclosure, which will damage more then a credit score. </li></ul><ul><li>Severely reduce the damage to your credit. </li></ul><ul><li>Possibly even save your home. </li></ul><ul><li>Would you like us to continue? </li></ul>We are Certified Distressed Property experts and can inform you of all the possibilities, some of which you may not qualify.
    5. 6. <ul><li>Reinstate the Loan: </li></ul><ul><ul><li>Temporary financial setback </li></ul></ul><ul><ul><li>Property Owner has financial resources </li></ul></ul><ul><ul><li>Pay all missed payments, late fees, and legal fees </li></ul></ul>1/27/2009 Listing Presentation for DP's
    6. 7. <ul><li>1. Forbearance or Re-Payment Plan: </li></ul><ul><ul><li>Temporary </li></ul></ul><ul><ul><li>Property Owner has financial resources </li></ul></ul><ul><ul><li>Restructure repayments to bring mortgage current. </li></ul></ul><ul><ul><li>A missed payment will put the loan back into default. </li></ul></ul>1/27/2009 Listing Presentation for DP's <ul><li>2. Rent the Property </li></ul><ul><li>3. Sell the Property: a short sale </li></ul><ul><ul><li>Any deficiency needs to be approved by the lenders. </li></ul></ul>
    7. 8. <ul><li>Rent the Property: </li></ul><ul><ul><li>Perhaps in conjunction with a repayment plan </li></ul></ul><ul><li>Sell the Property: </li></ul><ul><ul><li>Any deficiency needs to be approved by the lenders. This is the Short Sale. </li></ul></ul>1/27/2009 Listing Presentation for DP's
    8. 9. <ul><li>4. Lender Provided Special Programs </li></ul><ul><ul><li>E.g short refi – reduction in both principal and interest. </li></ul></ul><ul><li>5. Deed in Lieu of Foreclosure </li></ul><ul><ul><li>Voluntary hand over to the bank, which lenders are often reluctant, due to potential prior liens. </li></ul></ul><ul><li>6. Bankruptcy </li></ul><ul><ul><li>Only stalls foreclosure </li></ul></ul><ul><li>7. SCRA </li></ul>1/27/2009
    9. 11. <ul><li>Assessment </li></ul><ul><li>Recommendation : </li></ul><ul><ul><li>Short sale is most common. </li></ul></ul><ul><li>Comparative Market Analysis: </li></ul><ul><ul><li>Used to establish initial listing price. </li></ul></ul>1/27/2009 Listing Presentation for DP's
    10. 12. <ul><li>Negotiate with your Lender </li></ul><ul><ul><li>A formal release is required. </li></ul></ul><ul><li>Market Property </li></ul><ul><ul><li>MLS </li></ul></ul><ul><ul><li>Open House </li></ul></ul><ul><ul><li>Flyers </li></ul></ul><ul><ul><li>Office Caravan & MLS Caravan </li></ul></ul><ul><ul><li>Realtor.com </li></ul></ul><ul><ul><li>Online Seller Advantage </li></ul></ul><ul><ul><li>800 infohomeline </li></ul></ul><ul><ul><li>Video Podcast </li></ul></ul><ul><ul><li>Virtual Tour </li></ul></ul><ul><ul><li>Featured on our website </li></ul></ul><ul><ul><li>Featured on You tube </li></ul></ul><ul><ul><li>Yard sign with a Yahoo Listing number </li></ul></ul>1/27/2009 Listing Presentation for DP's
    11. 13. <ul><li>Guidance on disclosures </li></ul>1/27/2009 Listing Presentation for DP's <ul><li>Work through offers and counter-offers </li></ul><ul><li>Technical assistance with: </li></ul><ul><ul><li>Escrow </li></ul></ul><ul><ul><li>Documentation </li></ul></ul><ul><li>Prepare documentation for lender(s). </li></ul><ul><li>Most importantly constant communication with </li></ul><ul><ul><li>Constant Communication with: </li></ul></ul><ul><ul><ul><li>You </li></ul></ul></ul><ul><ul><ul><li>The lender(s) </li></ul></ul></ul><ul><ul><ul><li>Escrow </li></ul></ul></ul><ul><ul><ul><li>The buyer’s agent </li></ul></ul></ul>
    12. 14. <ul><li>Most importantly – constant communication with </li></ul><ul><ul><li>The client </li></ul></ul><ul><ul><li>The lender(s) </li></ul></ul><ul><ul><li>Escrow </li></ul></ul><ul><ul><li>The buyer’s agent </li></ul></ul><ul><ul><li>Tittle </li></ul></ul>1/27/2009 Listing Presentation for DP's
    13. 15. Final Comments 1/27/2009 Listing Presentation for DP's
    14. 16. <ul><li>Home owners need to respond quickly. </li></ul><ul><ul><li>126 days -The duration between the filling of a Notice of Default and the acquisition of a home through foreclosure. </li></ul></ul>1/27/2009 Listing Presentation for DP's <ul><li>A short sale is a complex process. </li></ul><ul><ul><li>Short sales requires a highly qualified real estate agent. </li></ul></ul><ul><li>The Levy team is here to help. </li></ul>
    15. 17. 1/27/2009 Listing Presentation for DP's Let’s confront the problem. Shall we work together?

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