April 9, 2018

Behind On Your House Payments? Top Questions Homeowners Have About The Foreclosure Process By Heeran Workman

Behind On Your House Payments?  Top Questions Homeowners Have About The Foreclosure Process. By Heeran Workman Realtor In Omaha NE

Prior to getting my Nebraska real estate license, I was working in the industry as a real estate investor doing everything from wholesaling, retailing, landlording, structuring land contracts, rent to owning, and buying commerical property to lease out.  During this process, I would work with sellers who were behind on payments and would consult with them to show them their options for moving forward.  Below are the most common questions they asked. 

Disclaimer:  I am not an attorney and therefore am not giving legal advice.  Please consult with an attorney if you have legal questions.

Q.  If my property is worth less than what is owed to the bank, should I let the bank have it through the foreclosure process? 

A:  A deficiency judgment could be pursued by your bank and in that situation, you would lose your home and also owe your bank the additional deficient amount.  The actual foreclosure and the deficiency judgment could also drastically affect the ability to qualify for future credit.  In my professional opinion, it's always best to avoid foreclosure if possible.   
Q: What do I do about the letters I'm receiving from my lender about my missed payments?
A: Lenders typically have their own process when dealing with properties with missed payments.  You may receive one or more letters asking you to either contact them, reinstate the loan (pay it current) or both.  Please don't ignore these letters.  It's best to be proactive as possible to find out all of the options that are availabile by your mortgage company.  The letter should have contact information to the loss and mitigation department.  They may ask you to fill out a personal financial statement as well as a letter explaining why you are in hardship and unable to pay the mortgage payments.
Q: I'm getting a bunch of letters from real estate investors and realtors saying they want to buy my home or sell my home?  Are they scammers?  
With every industry, I'm sure there are some scammers but some of these professionals may have real estate options to help you stop the foreclosure process.  If you are interested in selling your home, it's important to know what part of the foreclosure process the bank is at.  If they are ready to sell the property to the highest bidder at the foreclosure auction, you don't have much time and working with an investor who can buy cash with no contingency and closing in a few days might be your best option.  Of course this also depends on how much equity you have in your home as investors only buy homes they can later profit from.  It's best to meet with a reputable professionals who you trust to go over all of the options with you.  There are also counseling services.  
 The U.S. Department of Housing and Urban Development (HUD) web site has a list of agencies.  For Nebraska Click Here.   
Q: What are some of the options if I'm behind on payments?A: Deed in lieu of foreclosure, forbearance, loan modification, sales, and shortsales are the most common.   
Q: How quickly can they kick me out of my home?A: This is actually one of the biggest fears that I have seen in working with people who were behind on their mortgage payments.  They are petrified of someone coming to their home unannounced to kick them out of their property.  It is best to contact the mortgage company to find out what step of the foreclosure process they are at.  If they are very close to holding the foreclosure auction, you may be able to call the bank's foreclosing attorney or check the legal newspaper to find out the auction date and then plan your move.  In Nebraska, even if the foreclosure has happended, whoever holds title to the property after the foreclosure will then need to go through a general eviction process so you should get notification before anyone shows up.

By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE Real Estate
Free nationwide top agent referral service.  Do you know anyone who needs a top agent in any part of the country?  I'm part of a top agent network consisting of realtors across North America who are in the top 5% of the industry.  This is a free service so call me at  (402) 318-SOLD (7653) and I would be happy to refer a couple top agents that you or your family and friends can interview.

Go to our website at http://www.HeeransHomeTeam.com

March 15, 2018

Benefits Of A Pre-Listing Home Inspection Before Your Home Gets Listed By Heeran Workman and Jon Vacha

Heeran Workman with Heeran's Home Team in Omaha NE interviews Jon Vacha with Home Standards Inspection Services about the benefits of doing a pre-listing home inspection.  Seller's, if you are thinking about selling your home, watch this video and then call Heeran Workman at (402) 318-SOLD (7653) or email Heeran@HeeransHomeTeam.com

Free nationwide top agent referral service.  Do you know anyone who needs a top agent in any part of the country?  I'm part of a top agent network consisting of realtors all of the country who are in the top 5% of the industry.  This is a free service so call me at  (402) 318-7653 and I would be happy to refer a couple top agents that you or your family and friends can interview.

Go to our website at http://www.HeeransHomeTeam.com

By: : Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE Real Estate

February 26, 2018

How To Prevent Home Closing Delays From Storm Damage -By Heeran Workman Realtor In Omaha Nebraska

There are many contingencies that buyers and sellers need to get through after a home purchase contract has been agreed upon.  These contingencies include but are not limited to: home inspection, termite inspection, financing, appraisal, radon inspection, buyer's home sale, first right to refuse, etc.  For 2016 and 2017, the #1 issue causing closing delays on my real estate transactions were storm damages discovered during the buyer's home inspection. 

The reason why it could cause a closing delay is due to the a "pause" in the closing process until the home inspection contingency is released.  Typically after a buyer completes a home inspection, they send over an addendum that asks the sellers to repair/replace some items prior to closing.  Then the seller will review that list and either agree to the terms or respond back with a counter.  When all terms are agreed upon by the buyer and seller, the home inspection contingency gets released and then the appraisal is then paid and ordered.  When there is a storm damage, there is a long pause in the process until the seller can get an insurance adjuster to come out to evaluate whether or not there are damages, to what extent, and the determination of the dollar value of what will be paid out.  In addition to waiting on the adjuster, the buyer and seller will typically want contractors to come out to review the possible storm damage and compare notes with the insurance adjuster.  The buyer and seller will both want this information so that each party can determine how they want to move forward with the transaction.  This "pause" could mean a delay of a week to several weeks depending on other factors.

Are you thinking of selling your home?  Do you think you might have storm damage?  You can do yourself and the potential buyer a favor by checking for storm damages prior to putting your house on the market.  I recommend contacting a contractor first prior to filing a claim on your insurance.  You could double check to make sure it's a free estimate/consultation.  Then if the contractor(s) states that there is high probability that there is hail/storm damage, then you could file the insurance claim. 

In addtion to the benefit of saving a lot of time and lowering stress during the closing process, this proactive step could net you more money.  For example, if you and the buyer knew upfront that a new roof, gutters, windows, and siding were going to be replaced by the insurance company, you could negotiate a higher price upfront.  Otherwise during the middle of the closing process, there is a chance that the buyer's repair addendum requests something general like "Seller to assign all insurance proceeds to the buyer." 

If you're thinking about selling your home, call me for a home sale consultation.  There are many things that affects the value of a home like this article that you just read.  Knowing your strategic options for the sale/purchase of your home could directly affect your pocketbook.  The consultation is free and as always, there are no obligations.  Call 402-318-SOLD (7653) or email Heeran@HeeransHomeTeam.com anytime.
By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE Real Estate

February 12, 2018

The Problem With A Hot Housing Market By Heeran Workman, REMAX PLATINUM Real Estate Omaha Nebraska

The housing market has been on fire the last couple of years in the Omaha Metro.  In 2017 14,581 residential homes sold and in 2016, 14,644 sold compared with  11,296 homes sold in 2012.  That is over 20% increase in sold homes.  Many home sellers have experienced multiple offers with bidding wars from buyers who were competing with one another.  So what's the problem?  Isn't a hot housing market a good thing?  Mostly yes, but it does create its own challenges.

Buyer Challenge:  When the real estate market is great for sellers, the shortage in inventory can create stress for the buyers.  By the time a buyer can even schedule a showing on a new listing, the property may already have multiple offers on it.  There are also buyers who have repeatedly been beat out by other competing buyers.  For buyers who have flexibility of time, this might be an inconvenience or an annoyance.  For the ones who absolutely need to lock in a contract where time is of the essence, this type of market creates many difficulties.

Seller Challenge:  The same sellers who are enjoying high prices for their homes and multiple offers can also find challenges themselves with a hot market.  Sellers have a fear that if they put their home on the market for sale, that it will sell too quickly and they won't have time to find another one to purchase.  Also, with the lack of inventory, they are afraid that they will have to settle instead of being able to purchase their dream home.  Or in the worst case scenario, they are afraid that they won't be able to get a home purchased due to getting beat out by other buyers.  "I don't want to sell my home and be homeless" is a common fear.

Solutions:  On Heeran's Home Team, we have strategies to help our clients overcome the 2 hurdles stated above.  For our buyer clients, we utilize a combination of a technology tool along with our YIKES campaign to find our buyer clients unmarketed properties.  These identify homes and home owners who are interested in selling but the homes are not marketed or advertised anywhere.  They are not listed nor are they for sale by owners.  If our buyers do have a home picked out, we also use a specific purchase strategy to help beat out other competing buyers without blindly over paying for that listing.

For our seller clients who also need to purchase a home, it is very important to us that they don't just "settle" for a home out of desperation of being homeless once their property sells.  Heeran's Home Team structures terms of a purchase contract so that the seller has the proper time and protection to be able to purchase the right home.

Are you thinking of making a move?  Call 402-318-SOLD (7653) for a free consultation.
By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE Real Estate