FlatRateGrandTraverse's Blog

Intermediate Lake 1.3 Acre Building Site

Flat Rate Realty Grand Traverse — Tue, 10 May 2011 18:29:53 +0000

Ideal waterfront building site. Sensational Intermediate Lake 1.3 Acre Parcel. Part of the world class Chain Of Lakes. Features sand beach and sand bottom, level dry site. Perks! Ready to build your dream home. Search and See All The Waterfront Lisitings. Call Flat Rate Realty Grand Traverse for your personal tour. 231-264-0222

7020 Crystal Beach Torch Lake Michigan

Flat Rate Realty Grand Traverse — Wed, 14 Apr 2010 19:14:42 +0000

Heaven on earth! Torch Lake is one of the most beautiful lakes in the world. This absolutely fabulous home has a world class view on a pure sugar sand beach. If only the finest will do for you and your family this is the home for you. Five plus bedrooms 3 baths. Call Dave Handley at Flat Rate Realty Grand Traverse for your personal tour.

Easy Living In the Heart Of Traverse CIty

Flat Rate Realty Grand Traverse — Tue, 02 Mar 2010 17:27:26 +0000

Do you want it all? Attractive free standing single family home with all the conveniences of a condominium lifestyle. Only three years from new. Located in the best area of Emerald Hills, with a easy living open floor plan and lot’s of privacy. Featuring a first floor master suite, warm friendly kitchen with convenient breakfast bar. You also have a full finished lower level with a full bath and generous fourth bedroom, perfect for guests. Two car attached garage. Call Flat Rate Realty Grand Traverse for your personal tour 231-264-0222

Sunny Days And Trave Area Real Estate

Flat Rate Realty Grand Traverse — Fri, 19 Feb 2010 17:27:55 +0000

Flat Rate Grand Traverse buyers like to view homes on sunny days. The long, grey days of winter are finally winding down. The weather forecast for this weekend is more SUN! We are looking forward to working with our buyers this gorgeous sunny weekend. We want good news for sellers come Monday morning!

Traverse City Fun With Grand Children

Flat Rate Realty Grand Traverse — Thu, 18 Feb 2010 17:02:50 +0000

We love spending time with our grand children. This past weekend we went to the Great Wolf Lodge. The 86 degree heat was wonderful on these old bones. At Great Wolf the staff was courteous. The hotel was clean.
The pizza delivered to our room was delicious. Thank you to Mancinos The water park was fun, fun, fun. Next to selling real estate this was just the best time We will definitely do this again.

Do You Think Big Snow Is Comming?

Flat Rate Realty Grand Traverse — Tue, 08 Dec 2009 17:48:23 +0000

The weather channel is a buzz big storm with lots of snow headed our way. Okay, so I might be a skeptic. I’m not so sure we are going to the amount of snow the weather man says. It seems to me the more thye predict the less we get! We shall see. At Flat Rate Grand Traverse we like snow it great for business in our area especially the ski slopes.

Believe! Think Positve Thoughts!

Flat Rate Realty Grand Traverse — Mon, 07 Dec 2009 19:25:20 +0000

I do believe if you think postive thoughts, do postive deeds and think well of others the energy that is created will bring a constant stream of postive good things your way.
I see in all our futures abundace, health and so much more. Two thousand and ten; its time to begin again Life is good. GOD is great. Blessings to all this Christmas Season.

Education Matters In Real Estate

Flat Rate Realty Grand Traverse — Fri, 27 Nov 2009 16:56:29 +0000

At Flat Rate Realty Grand Traverse education matters. Our Grand Daughter Betsey is helping write this blog today. Betsey says “education in general is a huge part of our lives.” Right now learing is her job.
At Flat Rate Realty educating our buyers and sellers is our job. We educate our buyers that they can earn up to 50% of the agent buyers commission. This can be thousands of dollars. We educate our sellers they no longer have to pay huge commissions to market and sell their home and properties.
Betsey is right education is everything. Educated buyers and sellers can save lots of money with Flat Rate Grand Traverse!

Sharing The CASH!

Flat Rate Realty Grand Traverse — Tue, 24 Nov 2009 16:28:47 +0000

Our Business Philosophy At Flat Rate Realty Grand Traverse

It was really time to make a change. The current way of doing business was dying. The internet has changed everything. Home buyers are now very informed on what area they want to live, homes for sale and prices.

So sharing our commission with our buyers makes sense to me. Buyers are doing some of the work so they should share the cash.

Cash Back to Buyers!
You can MAKE MONEY by buying a home with Flat Rate Realty. We have two exciting programs that can put between 25% and 50% of our commission in your pocket when you buy a home in the Grand Traverse Region.

Foreclosure Avoidance Help

Flat Rate Realty Grand Traverse — Fri, 20 Nov 2009 20:13:34 +0000

Foreclosure Avoidance Help

All Inquiries Are Confidential

Worried About Losing Your Home To Foreclosure?

Sometimes, bad things happen to good people. You are not alone. Nationwide, almost 15% of all mortgages are in default, meaning that they are 30+ days late with their payment. Michigan alone has over 1 million distressed homes (pre-foreclosure, bank auctioned, and bank owned or REO homes), and is among the top states for foreclosures in the nation.

There are many different reasons for someone to be unable to make their mortgage payment, and regardless of what yours may be, there is most likely a way to avoid foreclosure!

Dave Handley is the only Certified Distressed Property Expert (CDPE), in Northern Michigan he can help you find a solution. Whether your solution will keep you in your home, or allow you to sell your home in what is called a “short sale,” his goal is to negotiate with your lender and help you avoid a credit-destroying and emotionally-damaging foreclosure.

To speak confidentially with Dave about what your options are,

simply Contact Agent Dave now 231-633-4677 or email Dave@FlateRateRealtyGrandTraverse.com there is light at the end of the tunnel, and Agent Dave can help you reach it.

Why Not Just Let It “Go Back To The Bank?”

While it may not seem like it now, there will come a time when your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence. The chance at avoiding foreclosure takes only effort and cooperation on your part. As your agent, Dave will do all the rest, and investing his time, money, and effort.

Reasons To Avoid Foreclosure:

Issue	Foreclosure	Successful Short Sale
Future Fannie Mae Loan – Primary Residence (Effective May 21, 2008)	A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.	A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
Future Fannie Mae Loan – Non Primary Residence (Effective May 21, 2008)	An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.	An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.
Future Loan with any Mortgage Company	On any future 1003 Application (Standard Loan Application), a prospective borrower will have to answer YES to question C, in Section VIII, that asks, “Have you had property foreclosed upon, or given title or deed in lieu thereof?” This will affect all future rates.	There is no similar declaration, or question regarding a short sale.
Credit Score	Score may be lowered anywhere from 250 to over 300 points. Typically, this will affect score for over 3 years.	Only late payments on mortgage will show, and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are being made. A short sale’s effect can be as brief as 12 to 18 months.
Credit History	Foreclosure will remain as a public record on a person’s credit history for 10 years or more.	A short sale is not reported on a credit history. There is no specific reporting item for “short sale.” The loan is typically reported as “Paid in full, settled.”
Security Clearances	Foreclosure is the most challenging issue against a security clearance, outside of a conviction for a serious misdemeanor or felony. If a client has a foreclosure, and is a police officer, in the military, a government employee, a security officer, or any position that requires a security clearance, in almost all cases, clearance will be revoked and position will be terminated.	A short sale, on its own, does not challenge most security clearances.
Current Employment	Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions. A foreclosure, in many cases, is grounds for immediate reassignment or termination.	A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.
Future Employment	Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have, and, in most cases, will challenge employment.	A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.
Deficiency Judgment	In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.	In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment Amount	In a foreclosure, the home will have to go through an REO process if it does not sell at auction. In most cases, this will result in a lower sales price, and a longer time to sell in, a declining market. This will result in a higher possible deficiency judgment.	In a properly managed short sale, the home is sold at a price that should be close to market value, and, in almost all cases, will be better than an REO sale, resulting in a lower deficiency amount.

We are here to help. Simply Contact Dave Handley Now.

What Is A Certified Distressed Property Expert?

Eighty-five percent of homeowners experiencing financial distress say their first contact will be to a licensed agent. Yet, fewer than 1 percent of agents consider themselves foreclosure or distressed property experts. Dave Handley has taken the time and money to invest in the education necessary to allow him to help people in this most difficult and stressful situation.

The developers of the Certified Distressed Property Expert Designation (CDPE) believe that in almost all cases the best person for a homeowner in distress to speak with is a well-informed, licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without guidance of any kind, and therefore never recover financially.

Through extensive and ongoing education, Dave has earned the CDPE Designation, and has dedicated his time and effort to understanding the issues distressed homeowners are dealing with. Dave understands the full range of solutions and is ready to help.

While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn’t be. Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

Agent Dave Handley is here to help, and will use the utmost discretion! Call
Agent Dave 231-633-4677

Frequently Asked Questions About Short Sales

“Short Sale” is a relatively new expression to many homeowners, yet this type of sale has been part of the real estate market for many years. Unfortunately, most Realtors aren’t familiar with the process, which has caused a lot of confusion in the community, with homeowners and even other Realtors. Being a Certified Distressed Property Expert, I thought it would be prudent to explain and dispel some of the misunderstandings.

What Is A Short Sale?

A Short Sale is when:

A homeowner is authorized, by the bank, to sell for less than what is owed on the mortgage.
The lender authorizes or accepts the sales price as a payoff.
The seller avoids a credit-destroying foreclosure, and sometimes they can also avoid a deficiency judgment.

The seller won’t get any money at closing, yet they will avoid the financial and emotional damage that a foreclosure can cause. During our negotiations with the bank, we work to include a favorable wording for the forgiven debt of the mortgage, which can help the recovery of the homeowner. And we’re able to do so in many circumstances.

Why Would A Lender Agree To Lose Money?

A lender loses significantly more money if they have to incur the additional expenses of a foreclosure, as opposed to accepting a short sale.
Lenders are in the business of lending money, not owning homes. The more money they have tied up with a property that they own, the less they have to lend out.

How Does A Short Sale Help Me?

It helps you avoid a credit-destroying, and an emotionally draining foreclosure process.
Avoiding a foreclosure will help save your credit. Typically a foreclosure will drop your credit score up to 300 points per loan.
You avoid having a foreclosure on your credit report anywhere from 10 to 15 years, which affects your future purchasing power and interest rates.
It could help you avoid a deficiency judgment from the lender after the foreclosure, as they try to recover their loses.

I’ve Already Received My Foreclosure Notice. Is It Too Late For A Short Sale?

The short answer is no. There are a few variables, though, that can affect the foreclosure timeline.
A qualified Realtor, or better yet, a Certified Distressed Property Expert, can help you extend the foreclosure timeline up to 6 months, and in many circumstances up to 7 or 8 months.
A home sale can be done and approved, up to the day of the bank sale, or auction of the home.

I Haven’t Missed Any Mortgage Payments. Can I Still Do A Short Sale?

Oftentimes, the lender will not consider a short sale if there have not been any missed payments. That issue can be overcome if we can show a compelling reason (hardship) why the payments have been made, and why the payments are going to stop in the near future.
We would need to show how the payments were made, and where the money came from. If the payments were made with your credit cards, by borrowing from family members, or even if the money came from retirement accounts, as an example, it would help build the case. This will not guarantee that the lender will accept the short sale, however, there are instances where they have done so.

How Do I Pay The Realtor Commissions, Taxes And Other Expenses Associated With A Home Sale?

The homeowner doesn’t pay any of the expenses associated with the sale of the home, such as commissions and other closing costs. Those expenses are paid by the lender. They are, however, included as part of the total shortfall that the owner would be responsible for, if the bank is successful with a deficiency judgment or promissory note.
The bank may ask the homeowner to reduce the lender’s loss by making a payment, if the homeowner has any “extra” money in savings accounts, etc., or by signing a promissory note.
In December 2007, President Bush signed into law, the Mortgage Forgiveness Debt Relief Act, which eliminates the capital gain income tax that used to be levied on the forgiven portion of the primary residence’s sale. The tax is still in effect for second homes, and investment properties.

To speak confidentially with the Dave Handley about your options simply contact me now. 231-633-4677