Because short sales are difficult, time-consuming, and process intensive, real estate agents who don't have the time, knowledge, or inclination to do them have begun to offload or "out-source" the work to others. There are now many different kinds of short sale negotiators, from attorneys, title companies, and financial advisers, to unlicensed individuals and stay at home moms. Can any of these people complete a short sale? Sure they can. The key questions are: a.) could homeowners be affected by the out-sourcing of their loss mitigation efforts, and b.) who exactly should be conducting these short sales? Read More. . .
In a fit of prescience, yesterday I indicated that the outlook for government housing programs was less than rosy, and that the foreclosure crisis would roll on, albeit much more slowly. I also, at the end of my article, engaged in a bit of frolicking fun at the government's expense, prognosticating soviet style housing for all. . .Read More. . .
Homeowners in Arizona who have recently been foreclosed on will likely get a knock on the door and a posted notice of some kind, indicating that the home is now under new ownership, and the new owner intends to take possession shortly. Depending upon the new owner, this will usually occur within 10 days. For lenders and processors whose operations are well defined and implemented, the knock and the posted notice can come within 48 hours of the auction sale. If the new owner is a servicing lender or a GSE, it is likely that the person who knocks on your door and posts notices on the home will be a real estate agent. Read More. . .
Some interesting questions have been asked about occupancy and how it relates to Cash for Keys. For example, many people have asked, "What if I move out before a lender representative offers the Cash for Keys?"
In this situation, there are several things that can happen. First, we must realize that the lender wants possession of the home. They intend to sell it, and can't if you live in it. So, if you move out before the lender makes a Cash for Keys offer, you may be rejected.
There must not be very much information out on the internet about the subject of cash for keys or relocation assistance, because after I wrote that last article, I got calls from around the country, and even from business owners who were being offered cash for keys on commercial properties. So, I thought that you all would appreciate some more information on the subject of cash for keys in Arizona, or cash for keys in general, as most banks have similar policies.
On a special note, I was able to wrestle Johnson Smith, a noted cash for keys expert, into talking with us about cash for keys, and how he handles these situations for banks from around the country.