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Services for Real Estate Pros |
RAINER 1,100 |
| Tom Johnson | ||
| location_on Rogers, MN — Premier Home Solutions, LLC | ||
| insert_link http://www.phspro.com | ||
| web Tom Johnson's (premierhomesolutions) Blog | ||
Premier Home Solutions, LLC was founded in early 2006, as a result of many months of research in the area of foreclosures. I spent a few months working with a lady in Wisconsin that specialized in loss mitigation, also called mortgage redemption or work-out programs.
After working with several clients, I realized that only about 25% of potential clients had recovered sufficiently from their hardship to qualify for these programs. We then began to put together a network of mortgage brokers, investors, and real estate agents to assist us in providing other solutions to deserving homeowners.
Other than a mortgage modification or other work-out program, the only other options for staying in their home is either re-financing or a purchase lease-back. Consequently, we are always seeking qualified and experienced mortage professionals for re-financing and ethical investors who are willing to do lease-back programs.
We also can purchase the home if there is sufficient equity in the property. Unfortunately, with the drop in property values, along with 100% financing the last several years, many homeowners have little or negative equity. In this case, to keep a foreclosure off their credit report, our only choice is to negotiate with the lender to short sell the property. Our success rate in short sales is 75 - 80%.
Because we offer our clients assistance with all possible solutions to a foreclosure, except for bankruptcy, it is vital that we maintain and grow a network of other professionals that we work with on a referral basis.
Mortgage Brokers
One of the first possibilities that we consider is re-finacing to pay off the loan or loans that are foreclosing. After our initial consultation, if there is a chance that a new loan may be possible, we refer the client to a mortgage professional that we think is the best fit. We of course have referral agreements with the mortgage consultants we work with. Conversely, if they have potential clients that can't qualify at this time, we may be able to help with other options. The mortgage consultant has now gained the trust of a potential future client, along with the possibility of word-of-mouth advertising.
Real Estate Agents
Obviously, the services of a competent real estate agent are needed in many cases. If there is enough time before a pending sheriff's sale, we may need to list the property, if selling is one of the homeowner's options. Some lenders require that a property is listed before considering a short sale. In the event of a successful short sale, we need to list the property as soon as possible. Since there is a six month redemption period after the sheriff's sale, the homeowner still has time to list and sell the property, which will at least show the loan as being satisfied on their credit report. Real Estate agents can also gain credibility and trust with future clients by referring them to us.
Real Estate Investors
In many cases it may be necessary to sell a property as quickly as possible, since there may not be time for a traditional listing by a realtor. We are always seeking experienced and ethical investors that are able to buy quickly, or that are familiar with lease-option deals. In the case of a short sale, we will sometimes flip the property to an interested investor, or negotiate the short sale for the investor.
We provide foreclosure prevention services to homeowners who are facing the possibility of losing their home. This can range from loss mitigation work-out programs to a short sale of the home.