Greater Oklahoma City Short Sale Specialist Team

Why you should hire us for your Oklahoma City real estate short sale

Tue, 08 May 2012 08:52:25 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Oklahoma City real estate short sales can save you hundreds of thousands of dollars

Mon, 30 Apr 2012 16:54:45 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

The Next Wave of Distressed Homes Coming Soon

Tue, 24 Apr 2012 07:47:43 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

The end of IRS tax relief for short sales is coming

Tue, 10 Apr 2012 15:22:04 GMT

I have said this before in post but you have no time to waste to initiate a short sale. The Mortgage Indebtedness Relief Act expires at the end of the year and unless something happens soon we cannot relieve you of the IRS coming after to you for taxes on what is lost to the lender in foreclosure.

This goes double for those who have extra liens like a second mortgage, tax liens, HOA dues liens, or other s that are attached to the house. These take extra time to negotiate and can add two moths to the process. So let me give you a sample timeline to give you what could be bad news.

May 1st: Start the short sale listing

July 1st: Send the contract for sale to the lender

September 1st: Negotiate the second mortgage

November 1st: Get final approval

December 1st: close the short sale.

No problem right? This is when we do not have any extra problems or tax liens. it also means you need to list your home in the next three weeks. One month is not a big cushion to have, and if you don't list for another 30 days, the timeline is crucial, and no extra problems can be tolerated. This means that NOW is the time to start getting this done. Sure, the Congress could pass an extension, but in an election year, and with the two parties at each others throats don't be too sure.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Passion is required to do Oklahoma City real estate short sales

Sat, 07 Apr 2012 12:40:11 GMT

Why passion for Oklahoma City short sales? Because passion is always required for the most difficult task you can tackle. I am going to highlight where passion leads and how that can mean a successful avoidance of foreclosure for you.

Passion leads to Empathy. When we meet with a financially distressed homeowner it is important that we care. People in financial distress also are in emotional distress. feelings of inadequacy, anger, shame and humiliation, and regret that somehow they should have seen it coming all play into emotional distress that can paralyze action. Empathy means walkingin their shoes. which we have, but also delivering honesty about the situation in a tactful manner.

Passion leads to Competency. Real estate short sales are not about on the job training. No ethical real estate agent should through you up against the wall to see if you stcik. Unfortunately most short sale agents don't keep up. Bank of America on their Equator system are requiring new addendums by the middle of April or files are closed out which means you could be going to foreclosure. We were on every BOA webinar that they give this year and last year and that is one of many. We have a passion for education and Oklahoma City real estate short sales require an educated agent.

Passion leads to a stubborn will to never take no for an answer. Yesterday we got approval on the most difficult short sale possible. We had one investor that owned three duplexes that had 6 mortgages total. We were assigned 6 difficult negotiators and we had six differerent real estate agents to give the two lenders Broker Price Opinions. Most agents would give up before they even started. We refused and worked our way up the chain of command on both lenders. Once we even had the President of BOA involved. Of course we love the easy ones but we are passionate about solving the tough ones.

Passion leads to success. The old cliche is to keep you eye on the prize. When we get to work with an Oklahoma City financially distressed homeowner trying to avoid foreclosure, it often comes from a rpevious short sale client, or a local agent who knows that we can serve the client better, or through our web information. We never "sell" a short sale, we put out the facts, the changes, and even resources that help you understand the best course of action. Sometimes we even have the pleasure of getting someone refinanced, or a loan modification, or even getting a renter at a rate that covers the mortgage payment. Our passion is to do what is best for you and that may mean a short sale or something else. The main passion we share with you is for you to avoid foreclosure in Oklahoma. This site is dedicated to that as are we.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Short sale REALTORS® should not be amateurs

Thu, 29 Mar 2012 17:06:27 GMT

I was going through the MLS listing system this morning for Oklahoma City looking as usual for expired listings that were not marketed as short sale but should be. It always gets to me when i see that even on a $150,000 sale that I estimate that the owner needs to bring $20,000 to closing. I wonder did the agent acutally do an honest net sales sheet? I can't believe they did although we are obligated to do that. I often keep track of those old listings and i see that they end up being foreclosures. This does not always happen but too often it does. The homeowner was not well served and they deserved better. I know this may sound strange coming from a fellow REALTOR® but I believe in specialty and the knowledge that goes with it. That is why we are successful in short sale workouts.

Today in the active listings I got another does of reality and this one made me angry. It was a foreclosure lisiting so i decided to look up the previous listing history to see what was done to market the home. I was expecting it to be a short sale but what i saw was strange and didn't make complete sense excpet that it was destined for foreclosure because of the way it was marketed. it also upset me becasue the agent had done two successul short sales representing the buyer on our listings and should have known better.

I am not saying that the agent did not have good intentions but i could see in an obvious way so many mistakes that were made and knew the right steps myself that should have been taken. I wish the agent would have called us like the one yesterday who said she knew nothing about short sales but another agent in her office had referred their client to us and we were successful so could we do that for her clients. I hate seeing people go to foreclosure who should not and i don't use the word hate hardly at all.

If you are a financially distressed Oklahoma City Oklahoma homeonwer we want to help you and we have the training and dedication to do it. We also have a 95% success rate in over 120 short sale transactions in the last 3 years. If you have a agent you like I understand, but if they cannot give you the proper credentials and success sotries then realize that you are the one who will suffer, not them. If you have an agent you like tell them to refer you to us, we will pay them a part of our commission for the referral and you will get the best help possible. You deserve nothing less.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Updates on The HAFA short sale program

Sat, 17 Mar 2012 17:32:14 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Foreclosures are Accelerating

Thu, 08 Mar 2012 18:00:26 GMT

Now that the 5 major lenders have reached agreement with the attorneys general of the states we can expect that the rate of foreclosure is going up strongly. Other lenders are about to come on board to the agreement about robo signing and poor documentation and what we know is that these lenders put a moritorium on foreclosure filings while this was still open. Now that it is closed you can expect that if you are a financially distressed homeowner in Oklahoma City your reckoning is now coming.

There is no time to lose if you want toa void foreclosure. It may be too late for a lona modification but not for a short sale. We have a 95% success rate on short sales for the last three years so we know what it takes to get this through. It does not cost you a dime because all of your closing cost including commission is paid by your lender. You can avoid a big tax bill that comes from a loss as well as deficiency judgments. It also allows you to buy a home again much faster and even though that does not sound like something you want to do right now, remember that owning is still cheaper than renting and your situation will change.

Please contact us for a confidential consutation so we can explore your options to avoid foreclosure in the Oklahoma city market.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Loan Modification or short sale? How to go after both

Sat, 03 Mar 2012 09:39:08 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Mortgage Debt Relief Act Expires in 2012 so do a short sale now

Sun, 26 Feb 2012 14:14:19 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Real Estate Short Sales and the size of the file

Mon, 20 Feb 2012 18:57:04 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Be careful what you believe about short sale news articles

Sun, 19 Feb 2012 17:22:02 GMT

I an never amused when I see sites like msn.com use an "expert" to create myths about the real estate short sale process. When i deal with Oklahoma City area clients I often have to work to give them right information so they can understand the process as it really works. As a trained short sale specialist with a lot of success I give information and help based on what can work and i strive to update my knowledge constantly. here are a few of the incorrect sdtatements from today.

You have to be late on payments to do a short sale. This is one I see constantly and this is not true. The only time it is is in FHA loans and yes you have to be 31 days late as a rule. This doesn't mean that you cannot initiate the short sale approval until this happens but you would have to be 31 days late at closing. However on conventional loans we have closed them without any late payments by showing that financially the owner could not make ends meet.

Foreclosure and short sales are reflected the same way on your credit report. Again this is wrong, and that includes how many points you lose. A foreclosure typically causes about another 150 point drop and a short sale does not. Both have one thing in common, you will get hit for late pays. The way a short sale is reflected on a credit statement is also different. A short sale typically says paid as agreed or paid as negotiated, a foreclosure says foreclosure. This language also can be removed after two years.

Banks don't want to do short sales, they would rather take your property back. This one is a gbig no. The lender loses up to double the dollars on a foreclosure versus a short sale. Just take the time value of money, it may take one to two years to get money back after foreclosure. These properties don't go on the market the day after sheriff sale. Also, most short sales are negotiated before the six months late mark, and even in Oklahoma City people stay in their homes 6 months to a year from this date. Banks want to do short sales, this is why short sales are up nationally, and foreclosures are down.

Remember that this is out business and out passion, rescuing families from foreclosure. We are not the sensational press, and we are not trying to get attention to sell things on our portals on the web. What we are is a team of hoghly educated and highly motivated agents who will work a short sale until it is done. Just like a bulldog with it jaws shut ona pull toy, we will never let go. if you are a financially distressed homeowner in the Oklahoma City Oklahoma area and net the right information about whether you qualify for a short sale, a loan modification, or a refiance to avoid foreclosure we wnat to help you. if does not cost you anything for our service and all communications and information remain confidential.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Expanded HAMP Loan Modification Program is Good News

Sat, 11 Feb 2012 07:53:05 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

If you have a real estate short sale need, we have investors for you

Sun, 05 Feb 2012 14:54:02 GMT

One of the constant worries we have and our Oklahoma City Oklahoma financially distressed homeowners have is getting a buyer and having the buyer go all the way to closing. Any buyer of a short sale can opt out even up to the point where we call their agent and say we have their price approved. This happened to one of our clients on Friday. This can be a real pickle if you are getting close to the foreclosure sale date.

The answer for you is investors. We called an investor the next day, told them the purchase price, the typical rent, and the condition of property and in short time we had another buyer, this time one that was going to hang in there. Why are investors the best buyer for your short sale?

First, they are oblivious to a time line, if the deal is good they don't care if it is 60 days or 120 days. Second, all they really care about is return on investment. If the walls are green, blue, whatever, they are not going to live there, they are going to rent it. They want your home becasue it will be less expensive than a comparable house that is not a short sale and again remember, it is the numbers that count.

I have wating investors that are comitted to buy properties right now, four of which we sold this week. They are also up to a certain price, cash buyers. If not they will put at least 20% down and you won't get an FHA or VA buyer with no or little money, and you don't have an appraiser that can set requirements for repairs before closing that you don't pay for since short sales are as is, and a buyer that does not have the money to do them for cash, which means the laon cannot be closed.

If you are a financially distressed homeowner in the Oklahoma City Oklahoma area, you need to quit sitting on your hands hoping for a miracle. The numbers are against you and the penalties for foreclosure severe. We can get your home sold with an investor, save you from foreclosure, and with no cost to you for us, or any closing cost. Real Estate short sales and investors are made for each other and we have worked hard to build up a database of these buyers. Please call us and we will show you the alternatives to foreclosure, and help you back to financial health and well being.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

To Avoid Foreclosure, Time is of the essence

Sat, 04 Feb 2012 14:07:27 GMT

The Mortgage Indebtedness Relief Act ends December 31st, 2012. This is for people who do a successful short sale where they do not have to pay tax on the lender's loss as income. If you had a $50,000 loss and a 25% tax bracket you would owe the IRS about $12,500 plus interest and penalties. In a short sale you are exempted if it is your primary residence and a few other situations. So you are reading this and saying but this is February, I have plenty of time! No you don't, and if you are a financially distressed homeowner in Oklahoma City Oklahoma listen up and check out this time line.

You list your property on March 1st and 90 days later you have an accepted contract so now we are in June, and it takes another 90 days to get the short sale approved, now we are in in September. We now have 30 days to close and we are in October. This is a scenario where everything goes well. Let me give you two conplications: First you lose your initial buyer and have to get another, add 60 days. Second, you have a second mortgage, or maybe a third party lien like back homeowners dues, again 60 days. heaven forbid we have a tax lien to work on, so you can see that even listing on march 1st can get us to the end of the year and any delay that goes into 2013 means that you may owe taxes.

You need to act now! The later you go the more jheopardy you put yourself in. But you say, what if the Congress extends it? That could happen and I hope it does, but with an election year and a divided Congress that doesn't seem to agree on anything, I would not want to put my faith in that process. Besides, if you are 3 months or so behind now it is the time to act becasue we also have a foreclosure process in motion and the closer to sheriff sale transfer, the harder this gets.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Why Oklahoma City Financially distressed Homeowners Need a Support group

Fri, 03 Feb 2012 17:15:56 GMT

Nothing can be more paralyzing than having a financial hardship where you can't make ends meet and at the same time feel like you have any control of your life. I know how this feels like becaasue in 2008 I had a serious bout with cancer, and what I did extremely well is cry, but not much else. What changed everything in the first few weeks was accessing a support group to help me through difficult decisions and to try to lift my spirits.

If you are in danger of losing your house in foreclosure and you are only able to do what I could do which is cry, then you need to find your self a support system. I would like to suggest to those in the greater Oklahoma City Oklahoma area that it could start with me from a professional standpoint. I am not your family, your pastor, or your dearest friend, but I am going to treat you as much.

Give people the alternatives to foreclosure and being successful at it is the hardest work I have ever done in my 22 years of real estate. it is also the most rewarding. I have reached a point in my career that I have the privilege of doing what I want so i want to have the privilege of working with you.

The problem is that most of you will not call me which is a tragedy in the wings. Foreclosure is very costly, it keeps you from owning a home for a longer time making you pay higher rent payments than a mortgage payment. It makes all interest rates go up for you for years to come. Worse, it opens you up to IRS tax liens. One person just received a 1099 for around $30,000 which means he owes the IRS taxes becasue losses are taxable in foreclosure but not in a short sale.

I could go on but I want to stop here and the next sentence is in capitals and bold. GET ON THE PHONE AND CALL ME, IT COST YOU NOTHING! I can help and even with some short sale programs I may be able to get you money at closing. Don't worry about being embarassed telling me what went wrong becasue I have ecperienced about all the acceptable hardships for a short sale that lender accept. 8 out of 10 homeowners go down with the ship and I am offering a life raft. Please call.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

If you get a les pendens foreclosure notice should you go to the court date?

Thu, 02 Feb 2012 17:24:06 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Bankruptcy and still doing a short sale

Wed, 01 Feb 2012 15:28:09 GMT

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

The End of the Mortgage Indebtedness Relief Act

Mon, 09 Jan 2012 10:11:22 GMT

The Mortgage Undebtedness Relief Act enacted in 2007 to encourgage short sales in ending this year. Financially distressed Oklahoma City homeowners should not wait to the last minute to start a short sale because you will have a taxable event if you cannot close by the end of the year. Watch this video to get all the details.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

We push foreclosure solutions and not just short sales

Fri, 06 Jan 2012 08:00:42 GMT

If you are a financially distressed Oklahoma City homeowner and are having trouble making your mortgage payments please watch this video about how we advise your people in trouble to first and foremost avoid foreclosure using the best solution to meet your needs.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Listing your Oklahoma City short sale in 2012

Mon, 02 Jan 2012 14:53:36 GMT

2011 has come to a close and for us successfully closed short sales were a reason for us to look back with satisfaction. Oklahoma City Oklahoma is not a hotbed of distressed properties like Florida is tfor instance, but like all markets there are people in financial distress that need help. We had a 95% success rate and while we would love to say we closed all of them, we are not afraid to take the most challenging ones that in three cases did not close for the homeowner. Looking to 2012 I believe we will see more short sales in Oklahoma City and not less and these are the reasons why:

Agents who list at unrealistic prices. I appreciate the fact that you want to sell at a price that pays off the mortgage and late fees, but the "greater fool theory" died in 2007. Not only did the theory die, but the fan club died too. Mortgage conpanies and appraisers have strict regulations about values and do not give loans based on the fact that the buyer wants it. If the real price is one that requires that you have to bring money to closing you don't have, it is a short sale and that is your best option.

Agents who do short sales with training and experience. Too often I see financially distressed homeowners being thrown up against a wall to see if they stick. This is no way to take the most difficult and time consuming transaction and not know what you are doing. Every lender is different, and every situation is different. You can have mulitple mortgage issues, mortage insurer problems, third party liens like homeowners associations or tax liens that complicate the process. As an Advanced CDPE with ongoing training with updates at leaqst weekly, and as someone who heads a team that has done hundreds of successful short sales, we are the kind of agents that give you the best chance of success.

Waiting too late to start the short sale. One of the Oklahoma City homeowners we could close was one who called us one month before the sheriff sale date. Lenders as well as the investors behind them who hold the note like Fannie Mae want you to be proactive and if you are not and wait too long they will not delay the sheriff sale date short of you declaring bankruptcy that would delay it. Don't put yourself in that position and get started as soon as you know you can't make ends meet and that trying to make payments will just make you financial situation worse. Try to contact us before the notice of les pendens which usually comes to you after 5 missed payments, and in Oklahoma the lender has to take you to court to finish the foreclosure process.

Oklahoma City home values will probably drop in 2012. No one can say absolutely that this will happen but based on the large number of homes that didn't sell in 2011, and the size of the sheriff lists in 2011, this year will be the distressed property on the market year. Oklahoma takes at least one year for foreclosure and then there are mkonths of delays and red tape that keeps the home off the market. In evaluating the number of foreclosures that hit the market this year whioch is at most 1/3 of them, they are going to be on the market in 2012. besides the fact that we did not appreciate in 2011, and with more foreclosures selling in Oklahoma City in 2012, there will be downward pressure on pricing, so the housing recovery is at best 2013 or later and will not help you get a higher price, rather it will be at a lower price.

What to do. Please contact us for you alternatives and don't bry your head in the sand pretending it will go away. We can show you all of the alternatives and not just short sales. It is possible that a refinance, a loan modification, a forebearance plan, or even retning you home if you are forced to relocate might be in your best interest. We will do everything in our power to help you and your family have financial relief in 2012.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Bankruptcy does not stop a foreclosure, it only delays it

Thu, 22 Dec 2011 18:11:02 GMT

Please watch this video because misinformation is being put out in the media about bankruptcy stopping your Oklahoma City foreclosure. Get the facts so that you can make the right decisions for you and your families future.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Why Use a CDPE Advanced Member to do your real estate short sale

Sat, 17 Dec 2011 15:22:06 GMT

This video will talk about how use should use a CDPE designee to keep you our of your Oklahoma City area foreclosure, and how advanced members of this designation group go far beyond the typical REALTOR® to keep up with the changes, learn new ideas about how to handle difficult neogtiations, and network with the best of the best nationwide in meetings and forums.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Problems with Second Mortgages and HOA dues

Sun, 11 Dec 2011 09:13:51 GMT

The landscape is changing for financially distressed homeowners who have a short sale option. This video will talk about how second mortgages are being sold off to collection agencies, and how in Oklahoma HOA dues which are delinquent can stop a short sale. This video will help you with how to avoid this.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net

Deed in Lieu versus Foreclosure

Thu, 08 Dec 2011 07:16:21 GMT

This video will explore the fact that a deed in lieu is a foreclosure, not a better option than a short sale, but if a short sale is not possible on your Oklahoma City home, then this can be an option to look at.

Joe Pryor & Charlene Humphreys, Distressed Property experts

joe@joepryor.com

chumphreys2@cox.net