Archive for the ‘Pre-Foreclosures’ Category

A Background in Short Sales and Foreclosures

Hello! I’m Naomi Campbell and I  have been a Realtor® for approx 9 years now. I decided to get into the selling of homes after many years of being involved with the foreclosure side of the real estate business. I used to be the person who would talk to folks who were behind on their mortgages and then decide whether or not we should foreclose on the home.

There is a long process to this which most folks don’t know about…the short version is that I had to order current market analysis of a property, figure all the expenses out for a potential foreclosure, send out acceleration letters, possibly hire an attorney for proceeding with the foreclosure, and analyze what was in the bank’s best interest.

The question I had to try to answer was- is it better to assist homeowners with possible repayment plans, or possible loan modifications or did it make sense for the lender to proceed with the foreclosure or a potential short sale.

I also dealt with bankruptcies and how they related to mortgages as well as estates where I had to deal with whether a loan was in probate.

I learned all about what it takes to go from step 1 to actually being a bank-owned home (also known as an “REO”).  There is a long process involved! I also learned a lot from several investors who taught me about costs to “fix things”.

With my background it made perfect sense for me to work with banks and investors when I started into the real estate business. I started out working with investors and 1st time homeowners and have added working with builders, buy-up buyers, estates, and foreclosures.

I started this blog so that buyers and sellers would have a better understanding of short sales, pre-foreclosures, REO’s and how to handle distressed properties in general.

I encourage you to post questions- click on comments right below and I will do my best to give you the answers you are looking for.

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