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Lindsay Kothe's Blog

By Lindsay Kothe | Agent in Glendale, AZ
  • Foreclosure Fairytale

    Posted Under: Home Selling in Phoenix, Foreclosure in Phoenix, Home Ownership in Phoenix  |  August 14, 2012 9:40 AM  |  292 views  |  No comments

    The Foreclosure Fairytale

    There is a lot of misinformation out there.

    I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.

    The reality is that a foreclosure is a devastating option.

    As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone.

    Take a look at my site and download a copy of my free report entitled “The Foreclosure Fairytale” Then contact me for a free, confidential consultation.




    Lindsay and Andy Kothe
    602-717-0604
    www.azpremierproperties.net
    Lindsay@AzPremierProperties.net

  • Facts } Foreclosure vs- Short Sale

    Posted Under: Home Selling in Arizona, Foreclosure in Arizona, Credit Score in Arizona  |  August 1, 2012 3:23 PM  |  234 views  |  No comments
    Foreclosure- 
    Up to 300 points off your credit score
    On your credit for up to 7 years
    Will not be able to get a loan for 7 years

    Short Sale-
    As little as 50 points off your credit report
    On your credit 12- 18 months
    Possible to get a loan immediately

    Call me to discuss your options.
  • What is a CDPE agent?

    Posted Under: Home Selling in Arizona, Foreclosure in Arizona, Credit Score in Arizona  |  August 1, 2012 3:17 PM  |  231 views  |  No comments
    What does “CDPE” Mean?

    As a Certified Distressed Property Expert, I have devoted a significant amount of time to educating
    myself on all the options that are available to homeowners in danger of losing their home to
    foreclosure. I have received extensive training to receive this exclusive designation. This training
    has taught me how to recognize the best option for every homeowner’s unique situation as well as
    how to complete the processes involved in the most efficient way possible.
  • The Foreclosure Fairy Tale- This CDPE Agent Can Help!

    Posted Under: Home Selling in Arizona, Foreclosure in Arizona, Credit Score in Arizona  |  August 1, 2012 3:15 PM  |  243 views  |  No comments
    AS the housing crisis in this country began to ramp up
    in 2007, real estate “experts” popped up everywhere.
    On cable news and in newspapers, these experts were
    sharing their opinions about the best solutions for people
    who were in danger of losing their home to foreclosure.
    Often, these expert opinions directly contradicted one
    another. Worse yet, many times these experts were just flat
    out wrong.
    Among the most common, and the most misinformed,
    opinions was that a short sale had just the same effect on
    a homeowner as a foreclosure. This is not only completely
    untrue, but has led many people to have their homes
    needlessly foreclosed on, leaving them no options for their
    financial future.
    This report was created for the sole purpose of dispelling
    the Foreclosure vs. Short Sale myth and to better inform
    distressed homeowners about the options that are available to
    them.

    What is a short sale?
    Put simply, a short sale is the process by which the bank
    allows a distressed homeowner to sell the property for less
    than the amount owed on the loan. In today’s market, when
    property values have dropped well below original loan
    values, short sales have become an increasingly popular
    option for both homeowners AND the banks. For more information, "See Why Would A Bank Accept A Short Sale below."

    Why a short sale is a better option than a foreclosure.

     • Credit Scores – When a homeowner has their home
    foreclosed on, it typically affects his or her credit score
    by between 250-300 points. This is a catastrophic impact
    to a credit score and it happens because the foreclosure
    is reported DIRECTLY on a credit report. In a short sale,
    there is NO standard code that is reported. Ultimately,
    the late payments can have as little as a 50 point impact
    on your score. In addition, a foreclosure affects a score
    for 3 years or more. In a short sale, the effect usually lasts
    12-18 months, depending on delinquency. In fact, it is
    not uncommon for someone to be able to get a new home
    loan virtually immediately after a short sale if they have
    remained current on their payments or if their credit has
    not been affected by other debts.

    • Credit History – Because a foreclosure is specifically
    reported on a person’s credit, by law it must remain on
    that person’s credit report for at least 7 years. In a short
    sale, because there is no specific reporting code, it is not
    reported on a person’s credit history.

    • Ability to get Future Loans – Anyone who tries to get
    a home loan has to fill out a 1003 application. Question
    C in Section VIII of this form asks the question, “Have
    you had a property foreclosed upon or given title or
    deed-in-lieu thereof in the last 7 years?” Obviously, if a
    homeowner goes through foreclosure, having to answer
    yes to this question means that it is will be almost
    impossible to receive a loan for at least 7 years. In a short
    sale, there is no such requirement. In fact, with an FHA
    loan, a homeowner who goes through a short sale can
    receive a new home loan IMMEDIATELY assuming they
    were current on their payments and their credit wasn’t affected by other debts. Fannie Mae and Freddie Mac loans
    are also available for those who go through short sales in
    about 2 years or less, depending on circumstances.

    • Current and Future Employment – Anyone who has
    looked for a job in the last 10 years knows that it is more
    and more common for companies to run credit checks
    on potential employees, but in some cases, employers are
    also keeping tabs on the credit of current employees as
    well. In both cases, employers just want to make sure that
    if their employees ever find themselves in a dire financial
    situation, it never puts their business in jeopardy. Because
    a foreclosure is reported on a credit report, this is an
    immediate red flag for current and future employers. In a
    short sale, the only thing reported is late payments or, in
    some cases, “paid as agreed” or “paid as negotiated.”

    • Security Clearance – If a homeowner is in the military
    or holds any other highly sensitive job that requires an
    official security clearance, a foreclosure is second only to a
    felony conviction as the most challenging issue in keeping
    that status. In most cases, as soon as a foreclosure hits a
    person’s credit, he or she can be reassigned or let go from
    that position and obtaining a new security clearance is
    often impossible.

     
    Why Would A Bank Accept A Short Sale?
    It can sometimes seem to go against everything we are taught about borrowing money, but in today’s market, banks will gladly go accept a short sale as an alternative to foreclosure. Here are three reasons why:

    1.In a short sale, the bank never owns the home. It is often overlooked, but this
    is one of the major reasons why banks prefer short sales. Having to take back the home
    and then sell it at auction is a major undertaking that can be expensive.

    2. In a short sale, there
    is already someone who wants to buy the home so that hassle is taken care of. In a short sale, the home is generally in better shape. It is a sad fact, but when people are about to lose their home to foreclosure, they will sometimes try to distance themselves emotionally from the home in order to cope. This can lead to the home not being taken care of, which makes it that much harder to sell.

    3. In a short sale, the seller is always being proactive and is generally more responsible. In a short sale, the bank gets more money. Ultimately, this is the main
    reason. Even though the bank is not getting the full amount of the loan, the amount of the
    average short sale is almost always significantly more than what they can sell a foreclosed
    home for at auction.

    For more information about your options contact us at 602-717-0604. We are ready to help you>
  • Desert Oasis- Chandler

    Posted Under: General Area, Home Buying, Home Selling  |  July 30, 2012 2:47 PM  |  220 views  |  No comments
    Chandler- Move in ready! Prestigious Morrison Home in Ocotillo Fox Crossing. Everything you want in a single level home and more! 4 bd,2ba, Master Bd Split floorplan & 3 car garage. Beautiful home with spacious eat-in island kitchen, upgraded maple cabinets, Granite countertops,Stainless steel Appliances, Family rm with fireplace, The mst Suite features sep Jacuzzi tub/ shower large walkin closet and dual vanities. 10ft ceilings makes this beauty bright & open. Step outside to your own private oasis backyard. This oversized bkyd boasts a pebbletec pool with a water feature, ramada area surrounded by premium flagstone & mature lush landscaping. Private backyd w/no neighbors behind! Great family neighborhood.


     
  • Anthem- Voted Best Place to Raise a Family

    Posted Under: Home Buying in Anthem, Home Selling in Anthem  |  July 25, 2012 4:38 PM  |  283 views  |  No comments
    Anthem was named one of the best places to raise a family by Parenting Magazine. Award Winning Schools* 2986 Sq Ft* Resort Style Living* 2- Story* Custom Renovation* Mountain Views* Master Suite Downstairs* Gourmet Kitchen* Upgraded Lighting* Granite Countertops* Private Pool w/ Water Fall and Basketball Hoop* * Built-in Firepit w/ seating* Vaulted Ceilings* Decorative Windows* Decorative Niches* 3 Bedrooms Upstairs* Den* Family Room* Formal Dining* 2.5 Bathrooms* New Appliances* Cute Courtyard Entry w/ Flagstone* Close to Shopping, Community Parks, Anthem Outlet Stores, and Restaurants. East Freeway Access. 

  • Listing- Estrella Mountain Ranch- Goodyear AZ

    Posted Under: General Area in Goodyear, Home Buying in Goodyear, Home Selling in Goodyear  |  July 25, 2012 4:35 PM  |  282 views  |  No comments
    This house at 2,291 sq feet in Estrella Mountain Ranch delivers with formal living and dining room, family room, den, 3 bedrooms, 2 bathrooms, breakfast nook and gourmet kitchen. Neutral 2-tone paint, NEW carpet, tile in right areas, upgraded lights & fans, window coverings, split floor plan: ALL make this a must see. The kitchen offers granite counter tops, custom tile back splash, stainless steel appliances, walk-in pantry, staggered cabinets, kitchen island that opens to breakfast nook and family room. Master suite provides separate tub & shower, dual vanity, and walk-in closet. The backyard boasts a private playpool, large shade trees and grass; perfect for a play area. House is located in schools; Westar, Estrella Middle and Foothills High School. 

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