Rock Realty Client Testimonials

"This was a great effort from Mike Collins. He did a super super job with the selling of our home in Wisconsin. I could not ask for more from him as he kept me well informed of things going on and we are 1200 miles apart. He did more than a 110 percent job on everything. Even removing snow and whatever it took to have our home ready to show. Again, THANKS Mike for everything. Great Job!!!!!!"

Phyllis Pearson (Rock River, WY)
Rock Realty Seller Client

Thanks for the compliments, and Congratulations on your closing Phyllis!

Short Sale Real Estate Agents in Fitchburg, WI 53711 Are you looking for a Fitchburg Wisconsin Short Sale Realtor®or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Fitchburg WI area.   My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Fitchburg home owners with their distressed property needs.

• What is a short sale?
• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

By Michael Humphries - Compass Roads Realty, Inc. |

8 Steps to a Successful Short Sale Purchase

In this two part post I will layout eight steps to follow that will walk you through a successful short sale purchase from search to closing.

Short sales are gaining market share again and are expected to make up nearly 35% of our inventory during the next 12 months. According to RealtyTrac, who charts real estate activity across the country, completed short sales are expected to exceed the 2012 number, which will likely be around 1 million for 2013. Forty percent more than the 600,000 foreclosures expected this year.

So like it or not if you’re in the market to buy a home this year you are going to be very limited in an already limited supply of inventory unless you consider short sales in your search.

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. This type of sale requires a third party approval of price, terms and whether or not the seller is eligible to short sale their property. A bank, lending institution or mortgage servicing company plays the third party role.

It has taken the industry a long time to adapt to the short sale complexities. These waters were unchartered prior to the financial crisis of 2007-2008.

It’s like the “Ten Thousand Hour Rule”– the idea that it takes 10,000 hours of practice to master any skill– that Malcom Gladwell writes about in his book Outliers. We’ve certainly put in the hours and have finally subjugated the madness and mayhem associated with this type of sale. Or, at the least, we’re able to keep it to a minimum.

Fannie Mae and Freddie Mac have recently implemented new procedures to help expedite the process that it takes to complete a short sale– these transactions can take up to three times longer to close than a traditional sale and often never make it to the closing table. The new changes are proving effective so far in reducing completion times and are expected to increase closing ratios significantly.

If you play your cards right, you can look forward to a more practical 90 day timeframe. And if you learn how to navigate through the red-tape associated with a short sale, you can greatly increase the odds of successfully completing your purchase.

Here are four of the eight steps you can follow to minimize the bureaucracy and maximize your Success Story.

1. Find a Realtor: Find a realtor that has hands on experience working with short sales. This is the most important step– period. This type of real estate deal really requires the help of an experienced agent or attorney.

Your realtor should have at least three completed short sale transactions under the belt to qualify as “experienced”. The difference will make or break your deal.

2. Mortgage Prequalification: If you plan on financing your new home you will need a Prequalification Letter from a reputable mortgage company, bank or credit union. The seller’s bank won’t even look at an offer that contains a financial contingency without a prequalification letter attached. Not having these credentials upfront will cause pointless delays submitting your offer.

The majority of lenders will provide a letter at no cost and it only takes a 10 minute phone conversation or a quick online application to complete.

3. Short Sale Search: In addition to traditional listings, ask your realtor to include the short sales in your search criteria. A lot of agents have gotten into the habit of excluding them. There are two types of short sale listings: Approved and Unapproved.

• Approved - simply means that the seller has qualified for and has received approval from their bank to short sale the property. In some cases the bank has approved the list price.

Approved short sales will have a higher yield in terms of potential, especially those with list price approvals. These listings should be considered first before betting on the unapproved– wildcard listings. Although price approvals are subject to change, particularly in markets experiencing rapid price appreciation, these listings are far better to work with than the unapproved deals.

• Unapproved - most short sales are listed as unapproved when they first go on the market. This status means that the seller hasn’t received the banks approval on price, terms or seller eligibility and in some instances, all of the above. In most cases the bank is not even aware that the property is on the market.

Unapproved listings should be left to the specialist, the few and far between agents that have been successfully working short sales for 3 plus years. They have developed ways to quickly indentify whether or not an unapproved short sale listing has a breathing chance for approval.

4. Listing Alert Notifications: Ask your realtor to set you up on an automatic listing alert system that will email you new listings as they hit the market. This will put you in-front of the market and give you an advantage over your buyer competition.

In Part 2, I will outline how to formulate an offer price that will get the banks attention, the valuation process and how to avoid the most common short sale pitfall.

Watch the blog next week for Part 2 – 8 Steps to a Successful Short Sale Purchase

Many partners including the U.S. Department of the Treasury, Fannie Mae, HOPE NOW, HUD, and NeighborWorks America will host "Help for Homeowners" Community Events on Tuesday, March 19, 2013 at the Paradise Event Center - Las Vegas Hotel & Casino.

For a FREE list of short sales in Miami-Dade or Broward County;
Email “FREE SHORT SALE LIST” to: compassroads@compassroads.com. Include a list of Zip Codes or City Names of interest.
Visit us at: http://www.compassroadsrealty.com/default.html

Rock Realty is proud to announce: Michael Collins has received his Certified Distressed Property Expert designation (CDPE).

This is Michael's second such designation in the distressed property and pre-foreclosure field. He also holds the Short Sales & Foreclosure Resource (SFR) certification. If you are looking for a short sale specialist in the greater Madison & Janesville Wisconsin areas, Michael Collins is the Realtor® for you!

In fact, in 2012 Michael was involved in more short sale single family home & condo closings than any other real estate agent in the South Central Wisconsin MLS! He has represented both buyers and seller clients in Dane, Rock & Green Counties. In 2012 alone, he closed 8 Short Sale homes where he was the listing agent. Click the link below to see those sold listings!

Michael's 2012 Short Sale Closings

PDF Version of this article - 10 Underwater Homeowner Options

Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from the brink. Since it is crucial to act before a foreclosure takes place, now is the most important time for you to review the following options and solutions.

As a Certified Distressed Property Expert (CDPE), I am trained in assessing all foreclosure alternatives and pursuing the best solution for your own financial situation.

1) Short Sale

A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.

A trained real estate agent can help facilitate a short sale with your lender if you have three qualifications. First, you must show some type of financial or personal hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. Finally, you need to prove that your debts are greater than the value of your assets (certain investments, property, etc.). These requirements may differ per lender, so check with a distressed property specialist for specific information from your mortgage company.

2) Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender. This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

3) Forbearance or Repayment Plan

A forbearance or repayment plan involves negotiating with the mortgage company to allow the homeowner to repay back-payments over a period of time. The homeowner typically makes current mortgage payments in addition to a portion of the back-payments owed. This option requires lender approval.

4) Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These changes require lender approval and typically result in a lower payment for the homeowner and a more affordable mortgage.

5) Rent the Property

This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payments. Homeowners should take this into consideration when deciding whether this option will work for them.

6) Deed-in-Lieu of Foreclosure

Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgment, meaning the homeowner will not be responsible for further payments.

7) Bankruptcy

Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. This does not require lender approval, but you must have non-mortgage debts that you claim as a hardship.

Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

8) Refinance

As opposed to mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

9) Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent who understands the foreclosure process in their area. Unfortunately, many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

10) Servicemembers Civil Relief Act

(Military personnel only)

If a member of the military is experiencing financial distress due to deployment—and that person can show that the debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

Pull Yourself Back From the Brink

If you are on the edge, you have no time to waste. Call me today; I’m here to lend a hand.

Place Your Confidence in CDPE

With the right assistance, the stress of facing foreclosure becomes manageable. CDPE- designated agents have received the knowledge and training necessary to assess all possible foreclosure alternatives and pursue homeowners’ best options. A CDPE- designated agent attends several days of intensive, thorough training on foreclosure avoidance and how to help facilitate a short sale efficiently and ethically. The highly regarded CDPE logo means you are working with the most informed, up-to- date resource available.

Michael Collins, CDPE, SFR, BPOR
Broker - Rock Realty
608-921-8536

If you are wondering if a short sale might be right for your home, please visit our Short Sale Home Evaluation page.

It is a common occurrence in the Silicon Valley for homes that are in Probate to also go into default. For many older home owners there is scant cash in the bank, they may still have a mortgage, and without a trust a home goes to Probate. When that happens the bills, including the mortgage do not get paid until a Personal Representative is appointed by the court. This can be a lengthy process if there is a disagreement amongst heirs as to who should be in charge. Unfortunately that is a very common occurrence in Santa Clara probate sales.

So while the relatives are arguing over who rules the Santa Clara Probate roost, the mortgage does not get paid and the lender starts the foreclosure process.  

Once at least three payments are missed a Notice of Default may be filed on the Santa Clara Probate Sale. This notice will give you three months to cure the default. If the owned money on the Santa Clara Probate home is not paid during that three month period a Notice of Trustee Sale can be filed and the Santa Clara Probate home can be sold three weeks after that.

The attorney for the Santa Clara Probate home can go to court and get an order to temporarily stop the foreclosure process while the estate is being settled, but this takes some time as well.

Because the inventory is so low and the demand for homes is so high in Santa Clara, most Santa Clara Probate Sale homes can be sold and ownership transferred during the Notice of Default period. The defaulted loan on the Santa Clara Probate home can be paid off, and the rest of the equity used to pay the other bills and then distributed to the heirs.

Sounds simple, but sometimes it isn't. Once a loan on a Santa Clara Probate sale goes into default it is transferred to the loss mitigation department. Sometimes that is the equivalent of going into a black hole. These departments are overwhelmed and under staffed. It can take many weeks to get pay off information from them. In a traditional sale the title company will order pay off information less than a week before closing which is more than enough time to determine exactly how much is owed by the seller to pay off their loan.

In a Santa Clara Probate sale when the loan is in default it can take many weeks to get the pay off information. The title company should start the pay off demand as soon as there is a contract. That way, maybe 30 days later they will have the figures to pay off the loan.

If it is a short escrow period for the Santa Clara Probate Sale it is possible that everyone might be ready to close and there is still no pay off demand from the lender. When this happens, the escrow can still close and title can be transferred, but the money can not be distributed until the mortgage is payed off, and the estate will have to pay for a mortgage on a home it no longer owns until the bank gets its money.

So if you are involved in a Santa Clara Probate Sale and there is no money to pay the mortgage make sure that the process is started right away to get the pay off demand for the loan or the estate will be paying on the loan after the escrow is closed.

If you have any questions about Probate Sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285 

How to Purchase a Home in 2013

As this new year begins many people are setting goals, making resolutions and generally planning for a better year. If you are one of the people considering a home purchase in the upcoming year there is some sound advice to follow in order to make the process smoother and ensure that you get in to a home that truly makes you happy.

Be Realistic About Your Finances

If you are currently renting a nice place for $650 a month then it would seem unreasonable to think that you could afford a home with a loan payment of $1,000. WHY, you may ask? Because the expense of owning a home goes well beyond the monthly payment. There are other things like mowing the lawn, keeping the furnace and air conditioner maintained, repainting every few years, updating the bathroom, replacing an appliance or two, and the list goes on. Understanding the expense for these items will help you set your budget accordingly and hopefully prevent you from getting in to a home that you cannot afford.

Talk to an Experienced Mortgage Broker

After determining how much you can comfortably afford for a home, it is time to chat with a mortgage broker. The broker can look over your finances, your credit history, employment history and the length of time you have lived at your current address and determine the best loan for your needs. A broker can also get offer from multiple lenders in order to get the best rate for your mortgage.

It is wise to let the broker know how much you are comfortable paying each month so that they can use this information to establish a price range for your home. Most people can financially afford more than they are willing to pay. Having the right budget amount will help when you begin looking at homes.

Talk to an Experienced Real Estate Agent

Now that you are firm in the amount you can afford monthly for a payment and you have an approval from a mortgage lender it is time to talk to an experienced real estate agent. A good agent will sit down with you and listen to your wishes in order to decide which homes could meet your needs. Using the price range provided by the mortgage lender, the agent can focus on homes that fall in your budget and prevent wasting time on homes that are too expensive. An agent can also focus on other parameters such as a specific school zone, homes with particular features, size of the home and other things that are important to you.

Don’t put it off any longer. Sit down with a calculator and decide how much you can afford. Then make the decision to make 2013 the year that you become a homeowner!

Related posts:

1. Getting Pre-Approved for a Mortgage Before Looking for a WI Home 
   
   
2. Using FHA 203K Loan to Purchase a Fixer-Upper
   
   
3. 4 Tips to Determine How Much Mortgage You Can Afford
   
   
4. Keep Your Home Purchase on Track
   
   
5. Tips on Buying Your First Wisconsin Home

Although home prices have not returned to the average of $196,000 like it was last year, it is getting close. When comparing home prices at different tiers, Madison is staying ahead of the rest of the state in all three tiers.  The following charts are from Zillow.  This first chart points out two facts.  First, the average price for a home in Wisconsin in the upper tier is around $232,000.  However, for Madison the price is approximately $295,000.  This points to the continued growth in the Madison area.  Secondly, while the average price in this tier only increased 0.2% for the state of Wisconsin, in Madison the price improved by 1.6% 

Changes in Popularity of Features in New Homes

The national economy runs through cycles similar to the fashion industry. Things that seem irresistible and trendy this year may be old news by the time next year rolls around. As a result of the economic down turn from the past few years most home builders are turning their attention to items that are practical instead of luxurious.

Sunrooms

As a whole, sunrooms are declining in popularity. According to Rose Quint, a representative of the National Association of Home Builders (NAHB) “Builders are focusing on features that add immediate value and make a home more practical.” For example, most builders are choosing to add linen closets and walk-in closets in place of a sunroom.

Separate Living Room

Most builders feel that a formal living room will not be very prevalent in new construction for the upcoming year. Families would prefer to have one giant open area that encompasses the living room, dining room and kitchen.

Media Room

Along with the living room, the media room will also likely disappear. The extra cost of the equipment, along with heating and cooling another room that is used sparingly, is just not appealing at this time. What is more likely to appear in new homes is a hidden away station that holds all of the DVD players, cable controls and charging stations for cell phones, tablets, and other media devices.

Two Story Family Room and Foyer

Since builders are approaching new homes with more practicality, it makes sense to cut down on unused space. While a family room may be bigger in new homes to include the dining and kitchen areas, it is unlikely to be two stories tall. The same goes for the elegant foyers that stretch toward the sky with large windows. Both of these features of a home may be lovely in appearance, but they each have a lot of space that is not used by a family of four or more.

Whirlpool Bathtubs

A large tub designed for relaxation and luxury is less likely to part of a new construction in the upcoming year. A separate tub laid out in a classic style is more useful and can be used to make a fashion statement while also having an everyday use.

Luxury Bathroom

Large bathrooms that include walk-in showers and multiple shower heads, as well as lots of floor space, will be harder to find in a new house. Instead, the shower will be smaller, with a single head, and the kitchen will likely include a double sink.

Outdoor Kitchen

The outdoor kitchen will probably disappear from lots of new homes. While it can be a nice place to gather with friends or family for a birthday party or to watch a football game, it also requires having an extra appliance or two. Most families would rather prepare the food inside and simply transport it to the patio and save on the cost of the additional appliances.

I am so excited about this news! I know, it doesn't take much for me to get excited, but this is really big news in my opinion.

Up until now if you were involved in a Silicon Valley Bank of America Short Sale they did not take electronic signatures. This would have been ok if the bank could sit with you in your conference room and look at the offers. We all know this does not happen and the paperwork will often be faxed several times before B of A gets to see a document. Since they cannot accept illegible documents it made things harder for the participants.

Also, despite the sometime lengthy process of a short sale, Bank of America will often say they need a document now, and not being able to get electronic signatures is sometimes tough.

Now, for any new short sales, you can send all documents with electronic signatures. This makes me very happy. As a Silicon Valley Short Sale Specialist anything that can make a short sale more efficient is ok with me.

So if you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Call Carl SanFiliipo toll FREE (888) 445-8880 for a FREE phone consultation!!!

New Jersey has been facing one of the most challenging economies in its history. The housing market has been decreasing at such a rapid pace that one out of three homeowners owe more on their mortgage then their home is worth. Some parts of the country one out of every five homeowners are behind on their mortgage payments. You might be in a similar position that you need to sell but owe more on your home then its worth. You might have a ARM mortgage which is due to change and change your payment making it unaffordable. You do have options to avoid foreclosure in New Jersey.

I have been in real estate with Century21 Worden and Green since 2006. As i came into the business the market started to change. Home values started to decrease slowly while by 2008 prices began rapidly dropping. I have been dealing with foreclosure homes since 2006 and have closed hundreds of foreclosure properties and have educated homeowners regarding their options. As a New Jersey Short Sale Specialist I strive to help as many homeowners who need my service as possible.

Why Should I Short Sale My Home in New Jersey?

Doing a short sale in New Jersey could save your credit long term. A short sale is better for your credit then a foreclosure and has numerous other benefits. See the comparison of a SHORT SALE VS FORECLOSURE. and check out the Wall Street Journalarticle explaining why a short sale in New Jersey can be the right answer for you.

Why do I need a New Jersey Realtor to Short Sale My Home?

Most lenders will not consider a short sale in New Jersey unless your home has been on the MLS and is being marketed through a Realtor. A New Jersey short sale specialist can also help navigate the short sale process, letting you know what forms the lender will require for the sale. If you are eligible for the HAFA program in New Jersey, CLICK HEREto see if you might be eligible, you will be required to work with a Realtor.

How much does it cost to Short Sale my Home in New Jersey?

Absolutely NOTHING! My services are 100% completely FREE!!! I can refer you attorneys who will also provide service to you for FREE!!! Sound to good to be true? The lender will pay all commissions as well as legal fee. Contact mefor more details and for a FREE phone consultation.

The New Jersey Short Sale Process!

Step 1: Call me toll free (888) 445-8880 we will discuss your current situation and all your options. If it appears you have all the qualifications needed for a short sale in New Jersey there will be forms you need to fill out and documents you must provide before we begin marketing your home.

Step 2: Marketing, I will come to your home take pictures and begin aggressively marketing your home in order to get offers.

Step 3: Get an offer to be submitted to the lender. This part can be the most lengthy part of the transactionwaiting for an answer from the lender. However, recently this process has sped up.

Step 4: Approval and closing! We obtain approval from the lender and have all the legal fees and commissions paid by the lender. We also fight hard with the lender to to ensure you are forgiven of all past debt, and you have avoided foreclosure in NJ and can move on with the rest of your life.

Here is today's market listings update for Active foreclosure single family homes located in Rock County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:30 A.M.

• 59 total Foreclosure|Bank Owned|REO homes are currently listed in Rock County, WI
• Low listing price: $10,000
• High listing price: $369,900
• Average listing price: $85,857
• Median listing price: $60,000
• Average days on the market: 63

Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

At Rock Realty, we currently have great single family homes listed for sale in Rock County. Feel free to visit our listings page linked below:

Rock County Wisconsin Home Listings 

Additional Foreclosure|Bank Owned Home Purchase Information

• Tips for Purchasing a Foreclosure
• Using FHA 203K Loan to Purchase a Fixer-Upper
• Getting Approved for an FHA Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Avoiding Problems with Your Escrow Account
• Half of Homeowners Underwater on their Mortgage

Here is today's market listings update for Active foreclosure single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:15 A.M.

• 130 total Foreclosure|Bank Owned|REO homes are currently listed in Dane County, WI
• Low listing price: $39,900
• High listing price: $430,000
• Average listing price: $169,812
• Median listing price: $154,400
• Average days on the market: 67

Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

At Rock Realty, we currently have great single family homes listed for sale in Dane County. Feel free to visit our listings page linked below:

Dane County Wisconsin Home Listings 

Additional Foreclosure|Bank Owned Home Purchase Information

• Tips for Purchasing a Foreclosure
• Using FHA 203K Loan to Purchase a Fixer-Upper
• Getting Approved for an FHA Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Avoiding Problems with Your Escrow Account
• Half of Homeowners Underwater on their Mortgage

Here is today's market update for Active single family foreclosure and bank owned home MLS listings located in Madison Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/15/2012 at 10:45 A.M.

• 42 total Foreclosure|REO|Bank-Owned home listings in Madison, WI
• Low listing price: $58,000
• High listing price: $340,000
• Average listing price: $152,235
• Median listing price: $149,500
• Average days on the market: 57

There are some fantastic deals available right now! Of the 42 foreclosure listings in Madison, 21 of them are listed for under $150,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Madison Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

Original Post - Foreclosures in Madison Wisconsin

Here is today's market update for Active foreclosure and bank owned home MLS listings located in Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/14/2012 at 2:50 P.M.

• 26 total Foreclosure|REO|Bank-Owned home listings in Janesville, WI
• Low listing price: $45,500
• High listing price: $679,900
• Average listing price: $118,167
• Median listing price: $84,000
• Average days on the market: 82

There are some fantastic deals available right now! Of the 26 foreclosure listings in Janesville, 19 of them are listed for under $100,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Janesville Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.

As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.

Original Post - Foreclosure Listings - Janesville, WI

As we start 2012 and 2011 comes to an end, we will all stand in jaw dropping awe that we survived....we made it.....and the promise of a new year, raises the heads of many to the bright future that lays before us, or so that is how the story is suppose to go.

Let's be honest, 2011 was brutal. No, I am not going to go into my top 10 2011 screw ups and goof ups but, let's just simply agree that the majority of Americans want to forget that 2011 really ever happened. Now, that is something I want to talk about.

I want to remind each of you, going forward into 2012 that it's the depths of darkness that makes the light so bright. Earlier this summer, my beautiful niece Carolina came to spend 3 months with me. One of the trips I took her on was to Mammoth Cave Kentucky. Now, for those uninitiated, Mammoth Cave is a huge cave complex that you can go on guided tours through...it's really spectacular, I recommend you should do it. Well, anyways, one of the things they do on the tours is show you complete and total darkness. Now, if you are scared of the dark, this is something you better take an anxiety pill for because, when you are 70+ ft. underground........sunlight....light....non-existent. Well, I say non-existent but, someone inevitably has a watch that glows in the dark or a kid is jumping around with those shoes that have built in strobe lights or something silly like that so, some light is down there however, the amazing part is, up here, in the light of the sun, I don't really notice someone's glow in the dark watch or flashy seizure inducing shoes but, down there.....not only do you notice it, it's like your eyes gravitate to it. Down there, in the depths of darkness where sunlight doesn't dare tred, any light, no matter how faint, burns with the intensity of a thousand suns! Ok...so, I exaggerated a little.....maybe 999 suns but, hopefully you get the point. In other words, no matter how dark, no matter how dank, no matter how much despair is in your life, even the smallest measure of hope is bright enough to lead the masses from the dark. What a beautiful, amazing thought. The darker it is, the least amount of hope you need. It's the darkness that makes hope so bright, even if you don't have enough to see for yourself here in the full light of the sun.

From everyone I have spoken to, from everyone I know and from my own research, 2012 doesn't hold a lot of promise to be much better than 2011 however, we don't need "much" promise, we just need a little because no matter how dark it gets, no matter how much hope we have lost to the darkness, it just takes the tiniest bit and our eyes will do what comes so naturally to them and they will focus, they will hone our senses and we will come out on the other end, smarter, wiser and brighter than ever before.

In 2012, may your faith fill you, may your family hold you, may your friends uplift you, God Bless each of you and look forward to 2012, with just a little hope.

The question of whether to short sell a home in probate used to be rare, but now unfortunately it is not. There are estates where the owner dies, owes more than the house is worth, and a decision needs to be made by the Personal Representative (executor) as to what to do.

My opinion, try it. If it is in the best interest of the bank/investor to short sell rather than foreclose they will do it. If it is not, they won't and will take it to foreclosure.

So who benefits if the home is sold as a short sale?  Well the realtor for sure.  The commission is paid by the bank.

However, if the attorney's fees are put on the HUD1 statement (the statement saying who is paying for what and who is receiving what money) the bank may pay them.  Also, the payment to the personal representative can go on the HUD1. This would make it worthwhile for the Personal Representative to try and do the short sale.  This can be very handy if the representative is a Bank or Professional Fiduciary.

The heirs do not get anything out of a short sale so it does not matter to them if the property is foreclosed or sold short, but it does matter to the neighborhood.  A vacant foreclosed home brings the other homes around it down, while a short sale is cared for by the realtor and even if vacant is not abandoned.

So should you bother?

I think so.

If you have any questions about probate or short sales, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

There is a vacant house in my neighborhood that is driving all the neighbors crazy, it has been vacant since October of last year, I am sure if it hasn't foreclose yet it is about to. grass is 5 feet tall, weeds are growing very tall, ivy wraps around the house. broken fence etc.

I was driving home last night and I saw a hand written sign on the front lawn, I stop to read it and was very surprised to read " Froclosure $55K Needs work and the phone number"

It makes me wonder if the listing agent ran out of signs and decided to do this sign, forgetting the broker's information, equal housing  and realtor logo, or it is one of those investors trying to sell an assignment.

The movie to big to fail showed for the first time on HBO this past Monday. I am sure this will bring many to do some research on the current status of the relief programs that are out there.

Capital Purchase Program (CPP), under the Emergency Economic Stabilization Act (EESA) in October 2008.

Four groups of entities receiving CPP funds have been created for this report:

1. CPP (I) Assets greater than $100 billion.
2. CPP (II) Assets between $10 billion and $100 billion.
3. CPP (III) Assets between $1 billion and $10 billion.
4. CPP (IV) Assets less than $1 billion.

Detailed information on reporting can be found at the Federal Financial Institutions Examinations Council website (http://www.ffiec.gov) and at the Board of Governors website (http://www.federalreserve.gov) under "Reporting Forms". In general, only bank holding companies with consolidated assets greater than $500 million are required to submit Y-9C reports.

Public-Private Investment Program for Legacy Assets

SIGTARP:

“The Legacy Securities Program continues to develop, and on July 8, 2009, Treasury announced the selection of nine PPIF managers that will receive debt and equity financing of up to $30 billion in TARP funds during the initial capital-raising efforts for the PPIFs. Treasury has stated that PPIP, originally intended to involve up to $1 trillion in total funds, may involve up to $75 billion of TARP funds. ”

“According to Treasury, “the goal of the Legacy Securities Program is to restart the market for legacy securities, allowing banks and other financial institutions to free up capital and stimulate the extension of new credit.” For the purposes of PPIP, legacy securities are ABS supported by real estate-related loans issued before January 1, 2009, and originally rated AAA (or an equivalent rating) by two or more NRSROs. Private investors and Treasury will co-invest in PPIFs to purchase these assets from financial institutions. Furthermore, Treasury will offer debt financing to the PPIF equal to or double the total private equity investment. Treasury, the PPIF manager (which is required to invest at least $20 million of its own money in the PPIF), and the private investors will share in PPIF profits on a pro rata basis. PPIF losses will be shared on a pro rata basis up to each participant’s investment amount. As of September 30, 2009, there were no asset purchases.”

Term Asset-Backed Securities Loan Facility (TALF).

Oct. 22 (Bloomberg) -- A U.S. government program aimed at reviving the mortgage-backed securities market returned more than triple what stocks or bonds gained in the past year.

October 22, 2010, 4:21 PM EDT

(Updates with professor’s comment in eighth paragraph.)

The eight funds created under the Public-Private Investment Program, or PPIP,

PPIP Funds Surge 36% in First Year, Treasury Says