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21August

Broker Feedback on HomeTelos LEO Program

Earlier this week, I contacted one of our brokers to inquire about a property status. At the end of our discussion, the broker informed me about a new program he was working pertaining to the HomeTelos LEO program.

He stated he has received several referrals so far and has been pleased with the results. He continued to state that this program is a great solution for homebuyers who are at risk of default. In addition, he mentioned how smooth the processes have been and is excited about this program.

The HomeTelos LEO program avoids the hassles and delays of a traditional short sale due to pre-approved terms established up front with the lender servicing the loan; therefore, providing an overall pleasant experience for all parties involved.

17August

BidSelect supports Apple Safari & Google Chrome

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BidSelect has historically supported a conistent experience for users of two major browsers, Microsoft Internet Explorer and Mozilla Firefox.  New technology and the growth of new competitors in the browser market have increased the need for BidSelect to expand its compatibility to include Apple Safari and Google Chrome.

If you’re like me, you potentially have multiple browsers installed on your PC or Mac.  Or, maybe you have a favorite that has not been supported in the past.  Not having to guess which browser I should use to navigate a website is a HUGE benefit.  So if you’re a Mac user or a new browser adopter and had previously written us off, come back to www.bidselect.com and try us again!!

“We’re adopting technologies that make your online home shopping & buying experience the best it can be!”

14August

How To Determine The Market Value of a Home, Part 1

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We are all aware of the recent decline in home values.  In fact, our current economic condition is largely a result of this issue, so determining the correct “market value” of a home is essential to both buyers and sellers.  No buyer wants to pay more for a home than it is worth and no seller wants to sell their home for less than it is worth.  In addition, lenders also need to determine the market value of a home before they provide the funds to purchase or refinance it.  As a former real estate agent, I have seen first-hand how market value is determined and exactly how it works.  It can be a wonderful thing for some and a devastating thing for another.  If I had to share the truth about how to determine the current market value of a home with a family member, my best friend or anyone that trusts me, I would tell them what I am about to tell you.

First and foremost, the market value of a home – like anything in the market – is determined by what a willing buyer is willing to pay and what a willing seller is willing to sell.  If you list your home for $200,000 and all the buyers in the market are only willing to pay $150,000 for it, then you will not be able to sell it for $200,000.

I was in the grocery story one day and the lady in front of me paid $16 for an organic watermelon.  I was stunned because I would never pay $16 for a watermelon; unless of course I was starving and the $16 watermelon was the only food item on the shelf, then I would gladly pay that price, or more.  The same scenario occurs in the real estate market.  Demand determines the price.  During the peak real estate market home prices escalated because there were more buyers in the market than homes.  Because demand was high, prices were high.  Today, demand is at an all-time low, so prices are low.  Many have lost their jobs, the economy is uncertain and fewer people are in a position to purchase a home. If you are a seller, this means that the market value of your home is not determined by what you paid, what you owe, what you want or what you need.  The value is determined by what a consumer is willing to pay “today”.

If the market value of your home has declined since you purchased it there is a good chance that you owe more on it than you can sell it for, i.e., you are “upside down” on your mortgage.  If you need to sell it, then you will either have to come to the closing table with cash to make up for the shortfall, work out a resolution with your lender, or face foreclosure.  If you are unable to pay for the shortfall then you could qualify for a “short sale” with your lender. HomeTelos works with various lenders in a new innovative, pre-approved program called the Loan Exit Option program (LEO) in which your lender may approve the sale of your home to a buyer for less than you owe and forgive the shortfall.  Read more about this program in my blog post titled HomeTelos LEO – Real Benefits for Homeowners, Agents and Lenders. 

In Part 2 of How to Determine the Market Value of a Home, I will share with you how you can determine the actual “value” or “price” you can expect to sell or purchase a home for.  This method is known as a comparative market analysis and it uses real market data to determine an approximate “price” or value of a home.  If you are a seller, understanding this market data analysis will help you not only know what price to list your home for, but ultimately, how to sell your home at the highest market price in the shortest amount of time.  If you are a buyer this same method will help you purchase the best house possible at the best possible price.  Until then, check out the additional helpful information on our HomeTelos blog. 

10August

BidSelect Adds Video Training

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Help comes in all forms … live customer service, written documentation through FAQs or user guides, and the ever popular online video.  BidSelect.com now offers all three!!

Visit www.bidselect.com and look for the Learning Center link in the upper righthand corner.  BidSelect currently offers how-to videos related to registration and offer submission.  On-demand learning through videos is here to stay, and BidSelect is prepared to ride the wave.  If you’re new to BidSelect, its a must see.  If you’re a veteran, you might learn something new.  Visit often to view new videos.

Share your thoughts by posting a comment to this blog post.  Or, you can visit www.bidselect.com and comment directly through the website.  Just click on the Dialog link in the lower righthand corner.

“Here’s to a more educated user community”.

7August

BidSelect Changes Map Provider

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Buyers who map a listing found on BidSelect.com will now be directed to Google Maps.  We are very excited about this enhancement to our site.  Google is known for its innovative mapping features and we are proud to extend these to BidSelect site visitors.

Available features through BidSelect include:

  • Satellite & Terrain – View alternate versions of a map.
  • Street View – View a thumbnail image of the property, where available.
  • Driving Directions – Get directions to a listing from any location.
  • Search Nearby – Plot points of interest, e.g. schools, daycare, shopping, gas and banking.
  • Send Map – Email the map to yourself, a buyer or a friend.

Don’t bother with a printed map that is easily lost or thrown away.  Buyers and agents need information at their fingertips.  It’s easy to send a map to your mobile device through the Send Map feature. 

You can even send a map to a GPS device.  Garmin is just one of the options, and you can watch a quick how-to video (Using Google Maps with your Garmin GPS Device) produced by the Garmin blog team.

We hope you like the new experience.  Share your comments here on my blog post, or visit BidSelect.com and click on the Dialog option in the lower righthand corner.  Here’s to better mapping!!

7August

Buying My First Home … Is a short sale right for me?

I’m a first time homebuyer, learning new processes and the steps to take in buying a home.  My wife and I are gathering information from all different sources.  It is sometimes frustrating, but we are excited at the same time.  I know that in the end it will all be worth it. 

Below is a chronicle of one of my recent experiences …

My wife and I found this house on the market which was perfect for our family.  We had been searching for more than a month.  We made an offer and it was accepted by the seller!  Wow, we got so excited!  We couldn’t believe our offer was accepted! 

We did all we should be doing as far the paper work, completing the contract package, earnest money, pre-qualifying, etc.  Everything was going smoothly.  We received an executed sales contract and completed the inspections.  Suddenly two weeks after receiving our executed contract, my agent contacted us and said, “We’ve got bad news from the seller.  Your contract has been terminated/cancelled due to “unknown title issues”.  No further information was given.  My wife and I couldn’t believe this could be happening… everything was going smoothly. 

After receiving the news, we were very sad and disappointed but decided to start back into searching for properties. Again, we found another property.  Yeah!  I told my wife – this is perfect, the listing price, nice area, big house, built in 2006, recently listed.  We were so excited again and were ready to view the property and submit an offer. 

I contacted the listing agent and asked if the property was active.  She said it was available and newly listed on the market.  I told her I was ready to make an offer.  Then she says, “Just to let you know, this a SHORT SALE property.  If you make an offer you’ll probably close within 2-4 months.”  The first thing that pops in my head, Short Sale – oh, no!  I told her to let me do some more investigation and discuss with my wife.  “By the way”, I said to the agent, “Did you know the company I work for is offering a HOMETELOS LEO PROGRAM to homeowners like your client who are going through a short-sale process?  It has been a successful program for homeowners who qualify.”  I explained the process to the listing agent and she said it sounded like a very interesting program and she would check it out at www.hometelos.com. 

After hanging up the phone, the first thing that I thought about was if the homeowner knew they could do their short sale with a successful program like our HOMETELOS LEO PROGRAM, it would be much easier for me.  I was confident the purchase and closing would happen sooner than a normal short sale, and would also benefit the homeowner and listing agent by successfully selling the home with no hassles.  Unfortunately, since the listing agent could not guarantee a quick close, we were forced to give the purchase a lot of thought and consideration. 

Like I said before, we did some investigation and gathered information about the short sale listings from different sources.  Although we really liked this house and wanted to make an offer, we had a limited period of time.  So for right now, we’ll need to skip this one.  If only the homeowner and their bank were able to use a wonderful program like LEO – it would be a different story.  Our goal is to purchase our first home before Dececember 1, 2009 so that we can receive the IRS credit of $8,000 for first time home buyers. 

So here we are, still searching for a home…wish me luck!

6August

BidSelect Search Results Get a Facelift

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Pictures are worth a thousand words … so true.  And I’m happy to say that BidSelect.com now includes thumbnail images for listings on its search results page!!  With some minor adjustments, we were able to improve the look & feel of the page and reduce the actual listing size without sacrificing too much information.  Just look at the difference …

Search Results – BEFORE 

 

 

 

 

 

 

Search Results – AFTER

 

 

 

 

 

Additional modifications and features include:

  1. Listing Details – 3 opportunities to view more details by clicking on 1) thumbnail image, 2) listing address, or 3) more details link in the comments.
  2. Comments – Only a portion of the description is displayed, giving buyers a hint of information with an easy way to view more details.
  3. Virtual Tour – A 360 degree icon indicates when there is a virtual tour available.
  4. Bid Deadline – Properties listed with an initial bid period now show a time remaining message in red.
  5. Property Type – Hover over the character and we display the definition.
  6. Pagination – Available at the top and bottom of the page.  Navigate to the << beginning or end >> of search results.  Page through results one page at a time with Previous and Next options.  Up to five (5) page links displayed at once so its easy to skip around.
  7. Sort – Options are now displayed in a dropdown field above the first listing, with an option to select ascending or descending order.

We’re confident you will like the new look, and its just the beginning of brighter days for buyers and sellers.  Share your thoughts by posting a comment to this blog post.  Or, you can visit www.bidselect.com and comment directly through the website.  Just click on the Dialog link in the lower righthand corner.  You can rate the page and/or provide comments.

3August

Home Staging … A Few Tips

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Home staging prepares your home to sell. It creates appeal by adding space, brightness and warmth.  Here are a few tips for home staging:

  • Add curb appeal by planting colorful flowers.
  • Add a mirror to a room to create an illusion of more space.
  • Lamps can add warmth to a room.
  • Remove clutter.
  • Remove personal photos to avoid distractions.
  • Rearrange furniture to create openness.
  • Let in the natural light to add brightness to a room.

Home staging is the final touch before preparing your home to go on the market.  Your home should be presented to appeal to various buyers.  Make those first impressions last!

For more information on home staging read this post on Home Staging & Staging a House by Elizabeth Weintraub.

16July

HomeTelos LEO – Real Benefits for Homeowners, Agents and Lenders

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HomeTelos LEO (Loan Exit Option) has been working with qualified homeowners to eliminate their mortgage and provide an alternative to the traditional short sale since October 2008.  During that time, 33 properties have been successfully sold with the following feedback from participating listing brokers:

“It was a great program.  I hope to be able to participate in more transactions.  This is the way to do a short sale.”

“I was impressed with the fact that the timelines were adhered to.  The cooperation from the seller and that of HomeTelos was superb.   My transaction starting with the listing to the closing was very smooth.  I was able to price the property at market value, received four (4) offers and ended up closing it with a cash deal in a very short period of time.”

“This program is great.  The homeowners are happy the agents are happy and most importantly the buyers are happy.  Real Estate agents are pleased to show their clients these properties, they know it is priced correctly and their buyers will receive a quick response.  Local escrow and title companies are involved which make the other agents and businesses happy.”

“Excellent.  The homeowner was cooperative.  The property was well maintained, the pricing was in line with my BPO, the sale occurred quickly and closing happened on time.  I think this program is great!!!  It is significantly better than a normal short sale process.”

“I  would rate this program very high. I specialize in short sales and bank owned properties. My traditional short sales are taking on average six months to get closed. This home took less than ninety days to sell. The buyer’s agent knew the price was an approved price which helped tremendously, and I believe the bank will gain a better offer with an approved price up front. The borrower/seller was very cooperative. It was so nice to have the bank already have all of his financial paperwork and already have it reviewed in advance. “

“From a scale of 1-10.  HomeTelos is a “10”. The homeowner involvement is crucial for this program to work. If this home was not “prepped” for showing we would not have gotten an offer this quick.  The homeowner was on board with the program 100% from the beginning and that is what made it successful.”

It is obvious that the current “as is” short sale process needs improvement.  HomeTelos LEO has developed a process that eliminates many of the headaches and pitfalls encountered by real estate professionals and homeowners who are desperately searching for an answer to their housing situation. We’ll continue to keep you updated on the latest news from this amazing program and the response of the real estate community to an alternative that finally addresses their frustrations and need for an easier, timelier resolution to the short sale dilemma.

14July

Facing Foreclosure? 5 Things You “CAN” Do

Many Americans are either facing foreclosure, behind on their mortgage or upside down … owe more than they can sell their home for.  If you are one of those people, here are 5 simple things you “can” do to deal with the issue and find a solution or resolution. 

1.    Don’t Put off Dealing with the Issue.  Or as some would say, “don’t be in denial about it.”  The worst thing you can do if you are behind on your mortgage or facing foreclosure is to avoid the issue and do nothing.  We are going through one of the most challenging financial times in years and becoming paralyzed by fear is not the answer.  In addition, you should be careful to avoid falling into the trap of believing “you’re the only one” or “you’re a failure” because you’re in this situation.  Financial challenges happen to the best of us. The good news is, you can recover and rebuild later.  For now, take responsibility, own up to the situation you’re in and don’t let fear and avoidance control you.  It never accomplishes anything constructive. 

2.    Consult a Real Estate Agent.  If you need to get out from under your mortgage, talk to a real estate agent you know and trust.  Real estate agents are professionals and they can give you an idea of the market value of your home and the actual costs involved in selling it.  Even if your home is not market ready and needs a lot of work, they may know someone willing to buy it as-is … even if it is not in perfect shape.  Real estate agents can also help you be realistic about the value of your home.  If you are truly upside down and can’t sell your home for what you owe on it, they will tell you.  This can be the first and easiest step to taking responsibility and finding out what your options are. 

3.    Seek Advice.  Once you know the market value of your home, the costs involved and whether you can sell it or not, seek advice from trusted friends or professionals like an accountant, attorney or financial planner. Renting your home instead of selling it might be an option, so get some good advice before making a life-changing decision like selling your home.  The hardest thing for many people to do is to ask for help but it’s the BEST thing you can do.  It is much easier to face a challenge of this magnitude with someone else than by yourself.  Think of your favorite stories or movies.  There is always a “fellowship” of some kind.  Frodo and Sam, Dorothy, the Tin Man, Scarecrow and Lion, the four siblings in Narnia.  Don’t try to go it alone.  No one ever succeeds alone.  Get some good advice and support from others. 

4.    Call Your Lender.  If you find yourself upside down and can’t sell your home for what you owe, call your lender and ask them what are your options.  Many lenders are willing to work with homeowners on the terms of repayment.  Some are not, so a phone call to them is essential.  If you have fallen behind on your payments and they are calling you, talk to them … and most of all, don’t avoid them.  If they are uncooperative or have turned your account over to a collection agency, know your rights under the Fair Debt Collection Practices Act (FDCPA).   

5.    Call HomeTelos.  If you truly need to get out from under your mortgage and owe more than you can sell it for, you may qualify for the HomeTelos Loan Exit Option (LEO) program.  The goal of the Loan Exit Option program is to exit your mortgage loan by completing a pre-approved “short sale” at a pre-determined price.  A short sale results when a homeowner sells the home for an amount that is not adequate to repay the mortgage loan, but the mortgage lender agrees to accept the sales proceeds and release its lien. The lender typically accepts the sales proceeds in full satisfaction of the borrower’s loan, thus helping you to avoid a foreclosure on your credit record. HomeTelos LEO Program short sales are pre-approved by the mortgage lender so they are very different from a traditional short sale. Homeowners participating in the LEO program BEGIN with a letter that defines the lender’s loan settlement terms. This letter includes a minimum sales price for the home based on its current market value, thereby avoiding all the delays and headaches of most short sales. For more information on the LEO program and to find out if you qualify, you can call HomeTelos at 1-866-99Telos between 8:00 and 5:00 central standard time. 

Facing foreclosure can be one of the most challenging and stressful events you ever face, so seek good professional advice, take responsibility and don’t try to go it alone.  You need help navigating this situation and there are many options to consider.