Each year more than 5 million vehicles are totaled by insurance companies. Unfortunately, thousands of these vehicles are sold each year at salvage auctions, rebuilt and reenter the market with clean titles, so consumers, wholesale auto auctions and dealers may have no way to learn about the total loss.
Senior lawmakers, led by Sen. Trent Lott (R Miss and Rep. Cliff Stearns R FL have introduced legislation to ensure that totaled and flood damaged vehicles Katrina cars for instance are permanently red flagged so that used car buyers--consumers and auto retailers--can make more informed decisions about the safety and fair market value of a used vehicle. The National Automobile Dealers Association NADA and a coalition comprised of automakers, service organizations and others, have been working to build bipartisan support for legislation requiring insurers to make total-loss data available to the public.
Insurance companies already collect total loss disclosure information, but do not provide this valuable information to consumers. This information, plus the reason for the total loss flood, collision, stolen, etc., the date of total loss, the odometer reading on that date, and whether or not the airbag deployed, could be easily disseminated through vehicle history providers. This total loss information would make vehicle history reports more timely and complete. For more information, please visit: NADA****
A1 Carpet Care is a dynamic company providing ultimate-quality floor care services at a fair market price. Attention to detail is Priority One. Using proper carpet care techniques and serving clients to protect their flooring investments.
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Affinity Solution Pvt. Ltd. Presents Tricone City Plots & Villas Khandwa Road Indore:
Affinity Consultant is perhaps one of the few real estate consultants in India that offer you advice and assistance for buying homes and offices at NO BROKERAGE CHARGE. What’s more! If you want to resale the property you have bought with us, we are happy to assist you once again for FREE! We have special deals with the leading developers and builders of India and thus, can offer you special discounts on the best properties in Delhi, Gurgaon, Noida, Mumbai, Bangalore, Hyderabad and other cities in India.
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Tricone is 100% FDI (Foreign Direct Investment) Company in real estate currently owning and building townships and other real estate developments in India. TPI aims at providing both high quality housing and plots at fair market value. TPI Backed by a team of professionals and the company holds about 400 acres of land in different cities and has thus far announced two projects in India one each at Patiala and Indore.
Tricone City Indore is a high quality township a mere 10 km from the airport. TPI (Tricone Project India Limited) is coming up with its new project “Tricone City” which is located on the main Khandwa Road on the outskirts of Indore. Tricone City is spread over 150 acre of land proposed to create a perfect blend of commercial and residential spaces. Tricone City Indore Project aims at providing international standards of living in an environment with rich greenery and unspoilt nature.
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Fair Market Value $94,300
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Lenders will never accept $40,000 on a $100,000 loan?
Never say never! It all depends on the situation and even more importantly, how your agent frames the hardship and sets up the file.
Most agents think that the banks care about loss severity a lot more than they actually do. Now don’t get us wrong, the banks do care about loss severity a lot. $40,000 recovery on a $100,000 loan is a loss severity of 60%, and that is taken very seriously.
The bank originally put up $100,000 for the mortgage and they aren’t going to walk away with only 45% of it without doing their homework. The lower-level bank employees who set up your files and take your agents calls are not going to be able to approve a loss severity of that magnitude.
You are lucky that those lower level bank employees aren’t the ones with the final say. Unfortunately, they are the roadblock that you have to get over or around in order to get to a senior loss mitigator or AVP who understands math and can make a decision on the file.
If your agent can convince a higher level mitigator at the bank that your offer has merit and reflects current market value, there are many cases where the bank will accept a significant loss severity… even one as high as 60% in first position.
The degree of loss severity a bank is willing to accept all depends on the situation, and again …this can’t be stressed enough…how your agent presents the file and hardship.
Consider a property that has a fair market value of $45,000, but whose owners owe $100,000. No matter which way you look at it, the lender is going to be out a significant portion of their initial investment.
In this case, they might accept an offer of $40,000 to avoid the hassle and uncertainty of letting the house go into foreclosure and then having to resell it as an REO.
First position liens rarely see a loss severity as high as 50%, although it definitely does happen. However, a loss severity of 99% is not uncommon in second position or other junior liens.
If you’re not sure how to package your file and hardship and accurately present the numbers to a senior loss mitigator, contact us at OCForeclosureOptions**** and we’ll connect you with an agent in your area with the right amount of knowledge, the right amount of experience and the right tools to get your short sale closed the right way.
If you've been told by agents and others that your bank won't accept a lower offer, contact us at OCForeclosureOptions**** and we'll connect you with an agent in your area with the right amount of knowledge, the right amount of experience and the right tools to get your short sale closed the right way.
Be protected and get access to the best real estate agents in your area. whether you're doing a short sale or not.
Short Sale Help
Short Sale Tips
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The highest offer is not always the best offer for the seller to take. Make sure you are listing your home for sale as close as possible to a fair market value. Do not accept an offer that you think is not going to appraise without negotiating for the removal of the appraisal contingency.
For more information on Short Sales and north Scottsdale Real Estate visit *******www.North-ScottsdaleRealEstate****
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Green Bay Foreclosures
1120 Square Feet
Nice 3 bedroom ranch home. Spacious and sunny kitchen-dinette. Hardwood floors in bedrooms. One bedroom has patio door to deck-could be den. Fenced-in backyard. No major issues-mostly needs cosmetic repairs.
Fair market value: $100,100
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In San Diego County, Some People Owe $100,000 or Even $300,000
More Than Their Home is Worth!!
Our Program VS Loan Modifications
Because lenders are not required to lower the balance owed on loan modifications, I have only heard of one instance where
the lender lowered the amount owed. They lowered it by 10% and the person still owes 2.5 times what the home is worth. Yes
they will lower the monthly payment, but you will still owe a ridiculous amount more than your home is worth.
You may have gotten your loan modified. How much did you owe on the loan before the modification? How much do you owe
now? I have done loan mods for a little over a year. I have spoken with people that have done hundreds, even a certified HUD
counselor, and I have only heard of that 1 case where they lowered the loan balance.
When do you think home values in your area will start to go back up?
• 2 years?
• 5 years?
When do you think your home will be worth the amount you owe?
• 10 years?
• 15 years?
For every $50,000 you owe on your home above what it is worth, with 5% interest on a 30 year fixed, over the next 30 years
you will throw away $96,000
At 6%, $107,000.
Figure out how much you are throwing away-
First get a ballpark of how much your home is worth- go here and make sure you fill in beds and square footage
Then take the amount you owe and for every $50,000 above your homes value add $96,000 if your interest rate is close to
5% and $107,000 if close to 6%.
Jose & Norma had a mortgage of $435,000
Their home was worth $135,000
Interest rate was 6.25%
$300,000 difference or $107,000 per $50,000 thrown away!
Without our program, they would have thrown away $642,000!
Although Jose & Norma's situation was on the extreme side, the amount thrown away is pretty common. On a wider scale we
see San Diegans with homes now worth $300,000 that they owe $600,000 for. The amount they will throw away is still around
Now try this: Go to craigslist and see how much you would be paying in rent for something like you live in now. I bet its much
Here is a brief outline of our program:
1- We have your lenders accept what we can sell your home for as payment to fully satisfy the amount you owe.
2- You become a renter for 2 years in a house similar to yours, paying less than you are currently paying monthly.
3- After the two years, you buy a house similar to your original for what it is currently worth.
A Growing Trend
One of my clients, Norma and Jose Del Hoya decided it would be better to short sell their Encanto home and their mortgage
company agreed they could sell the home for fair market value and then they would owe nothing. The lender, like most
lenders, agreed to accept the sale amount as satisfying the debt. The Del Hoyas decided they could rent a similar home for
much less than their mortgage payments and then in 2 years buy a similar house for 1/3 what they currently owe.
Another set of clients, Rosa & Javier made a similar decision. They were shocked to find out that the same floor plan in their
National City complex just sold for ¼ of what they owed on theirs. They plan to do the same as Jose & Norma- Sell now and
owe nothing, rent something similar for 2 years at half their current mortgage payment. Then in 2 years buy something similar
for ¼ or 1/3 what they currently owe.
Currently we are working with a couple in Otay Ranch who owe $420,000 on a home that is worth $260,000. We are rescuing
them from throwing away about $307,000. A military couple we are working with owes $230,000 on an Escondido condo that
is now worth $80,000. We are rescuing them from throwing away about $321,000.
While this appears to be a growing trend, I cannot say what would be the wisest financial decision for you.
If you are curious as to how much your home is worth or if you have any questions as to our program, feel free to now Contact
Us . All inquiries are confidential. This is not intended to solicit properties already listed with a real estate agent.