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Thinking about Buying a Short Sale?

by The Pilgrim Team

So you want to buy a house and have noticed that the best deals in Useful Information about York PA are typically short sales. Buy you've talked to people and they have told you not to buy one because they have heard stories about how someone they new wanted to buy a Short Sale and they waited for months and they never did buy it.

There are a few reasons for short sale not to be approved by the Lenders.

1. The Realtor who has the listing has NO knowledge of the process and shouldn't have taken it to begin with. Not only did the house did not sell to the buyer but they also may have jeopardized the homeowners chance to keep the house from Foreclosure.

2. The Realtor listed the house at a very low price to get an offer from a buyer, knowing full well the offer would most likely be countered back at a much higher price which the buyer will not accept or can't accept because they cannot be approved by their lender to get a Home Financing for the property at the higher price. Now the Realtor who listed the property thinks they have an approved price (but they really don't) and re-lists the house at that price and they change the price and now claims it is approved. Wrong! Once another offer comes in the offer must be approved again even if it is the "approved" asking price.

3. The Realtor does not know what the Lenders want during the negotiating process and cannot present a complete short sale package. What happens is the negotiator may totally reject the offer.

4. The Realtor may continue to take back up offers and forward them to the bank. Just in case the 1st offer falls through. This confuses the Lenders negotiator and they stop processing the offer.

5. The offer may contain many contingencies that the Lender does not want to see. There should not be any contingencies to make it a strong offer.

6. Believe it or not some real estate agents will take a listing as a short sale and not even know whether it can even be approved as a short sale based on necessary criteria. So what happens when an offer is submitted to the Lender and it will not even be considered because the seller has the ability to make the payments and nothing has changed that would keep that seller from not making that Home Financing payments. The Seller just wants to sell because the house has lost equity, this is not a reason for the short sale to be approved.

Bottom line make sure if you want to buy a short sale use an experienced agent who has successfully negotiated sold short sales and helped buyers buy short sales. Pilgrim Team is specially trained to help both Sellers and Buyers achieve their home goals. Call Jerry Pilgrim at Professional Realty Associates at 717-757-5955. You will be glad you did!

 

Free Foreclosure and Avoidance Guide

by The Pilgrim Team

  Free Foreclosure Avoidance Guide

I wanted to provide information to you about some startling statistics regarding the latest distressed property trends.

In a recent study by Lender Processing Services (LPS), 6.38 million people were at least 30 days late on their Home Financing payments. If you or someone you care about is feeling the stress of an unaffordable mortgage, please take the time to review the free foreclosure avoidance guide I’ve place on my website: www.YorkShortSales.com

As a Certified Distressed Property Expert (CDPE), I can navigate a homeowner through a variety of options. I’ve listed some of the most common alternatives to foreclosures that homeowners can take advantage of to get back on the path to financial stability.

 

I would truly appreciate your taking the time to refer any homeowners you know that may need my assistance. I’m sure that they would appreciate it, too! The sooner they contact me, the more time we’ll have to develop a strategy to avoid foreclosure.

 

With gratitude,

Jerry Pilgrim

CDPE, CRS, E-pro, Broker/Owner

 

 

 

 

Break Free From Unaffordable Mortgage Payments!

by The Pilgrim Team

 

Break Free From Unaffordable Home Financing Payments!

A recent study in Nevada (a state that holds the nation’s highest Foreclosure rate), found that only 5% of distressed homeowners knew they had alternatives to foreclosure, and only 3% took advantage of them. It was also found the 1 in 4 homeowners chose to “strategically default,” or allow their Homes for sale in york pa to be foreclosed upon on purpose!

The Realtors Association of York and Adams County (RAYAC) and the local Multiple List Service report for York County that there are currently 3236 (Active) properties on the market as of May 24th, 2011.  There are 371 Short Sales included in that total, and there have been 276 Bank Owned Properties that have closed or are pending settlement and 260 properties have sold since January 1st. These numbers represent 536 total distressed properties or 27% of the properties sold.

Clearly, too few distressed homeowners know their options and the fallout of foreclosure. If they did, they’d soon realize that there’s nothing ‘strategic’ about foreclosure, and that avoiding foreclosure is always the best plan to create financial stability.

Millions of Americans feel alone and trapped by Home Financing payments they can no longer afford. In fact, 27% of Americans with Home Loans now owe more than what their home is worth. However, more and more of them are finding education on the responsible alternatives to foreclosure is helping them move toward financial stability.

Education is key. The more distressed homeowners know about solutions, the more likely they are to overcome their financial challenges. I’ve seen this firsthand.

I can help with the education part—it’s up to you to contact Jerry Pilgrim Broker/Owner of Pilgrim Team of Professional Realty Asscociates.

 

 

 

 

Stopping Foreclosures in York PA One Homeowner at a Time

by The Pilgrim Team

FOR IMMEDIATE RELEASE                         

For more information, please contact: 

                                                                                                                              Jerry Pilgrim

                                                                                                                   jpilgrim@pilgrimteam.com

 

Local Agent Takes a Stance Against Strategic Default

 

Online report outlines the realities of “strategic default”—or walking away from a Home Financing—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.


York, PA -  Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a Home Financing trend called “strategic default,” where homeowners walk away from their Home Loans.

 

“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said.  “With this report, I’m showing homeowners that there are alternatives to Foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”

 

This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current Home Financing amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.

 

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their Home Financing if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.

 

“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”

 

The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners.  Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

 

To learn more, visit www.YorkShortSales.com.

For more information about the CDPE Designation, visit www. CDPE.com.

 

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of Home Financing assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Local Agent Provides Resource on Foreclosure Alternatives, Short Sales

by The Pilgrim Team

FOR IMMEDIATE RELEASE                                                                           For more information, please contact:

                                                                                                                                               Jerry Pilgrim

                                                                                            Pilgrim Team of Professional Realty Associates

                                                                                                       717-757-5955 or jpilgrim@PilgrimTeam.com

                                                                                                                            

Local Agent Provides Resource on Foreclosure Alternatives, Short Sales

For homeowners struggling with Home Financing payments, website explains differences between foreclosure and short sales.

 York, PA – 11-15-2010– Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has released an informational report comparing the consequences of a Short Sale and foreclosure.

 The report can be found at http://www.stopyorkpaforeclosure.com and provides a thorough explanation of how a short sale may potentially improve a homeowner’s future financial stability.

 “Considering how damaging foreclosure can be for the homeowner and the surrounding community, it is important that everyone knows all of the alternatives available,” Pilgrim said. “This report is the latest addition to my website, which gives distressed homeowners a way to inform themselves on their best options.”

 Currently, one in seven Home Loans is in some stage of delinquency. Once a Home Financing payment has been missed, the lender has the ability to begin the foreclosure process. A short sale can potentially minimize the damage to one’s future loan eligibility, credit score, employment, security clearance and more.

 “We often see homeowners enter the foreclosure process without any visible means of professional guidance,” Pilgrim said. “My hope is to inform the community that there are legal, dignified alternatives to foreclosure.”

 The CDPE designation provides real estate agents with the tools and knowledge needed to efficiently, ethically and effectively pursue foreclosure alternatives, specifically short sales. In addition to their initial training, CDPE-designated agents are connected to a network of professionals via the Distressed Property Institute, allowing them to remain regularly updated on the complex and quickly changing real estate market.

 For more information about the CDPE Designation, visit www.cdpe.com.

What a Certified Distressed Property Expert (CDPE) Offers

by The Pilgrim Team

What can Jerry Pilgrim, a CDPEAdvanced member, offer to homeowners in distress?

“I am a member of the CDPEAdvanced program. You may have heard of CDPEs or Certified

Distressed Property Experts before. We are agents who have committed to understanding and

providing Foreclosure avoidance solutions to homeowners facing financial hardship.

Being a real estate agent today means something different than perhaps a few years ago.

Today, around 15 percent of Home Loans are delinquent, or not being paid. That means one in six

homeowners you meet may be experiencing the same challenges you are. So the first thing you

should know is that you’re not alone, and that there are millions of others across the country

in your situation.

As a CDPEAdvanced member, I’m part of the charge to turn this crisis around by immersing

myself in the solutions available to distressed homeowners. And my goal is to bring the best

option to each individual homeowner.

CDPEAdvanced gives me access to regular industry updates from the Distressed Property

Institute, a company created by real estate leaders with the specific purpose of pulling as many

homeowners out of distress as possible.

I also have access to a network of top agents nationwide who are also dealing with distressed

properties. This is a powerful tool. It lets me find out what is happening on the front lines, what

banks and buyers are looking for, which foreclosure avoidance tactics are working and which

ones aren’t.

Between the market analysis and the network of agent communication, I can offer you the

most current, relevant solutions.

This housing market has become such a moving target that anyone who isn’t taking extra steps

to keep up will simply get left behind. My clients need to know all the options available to them,

and that is what I can deliver. This is why I am a CDPEAdvanced member.”

Find out more by visting www.PilgrimTeam.com or visit www.StopYorkForeclosures.com

Strategic Foreclosures?

by The Pilgrim Team

Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their Home Financing payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.

Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a Foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.

Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.

Foreclosure Market Trends

by The Pilgrim Team

Phone: 717-757-5955x101

| Email: jpilgrim@pilgrimteam.com

Jerry Pilgrim

Professional Realty Associates

3921 E Market St

York, PA 17402

I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or selling distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.

January 2010

Vol. 4, Issue 3

6 month National Foreclosure Trends

NOD NTS NFS LIS REO

REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION

U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009

A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.

The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower Home Financing balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.

Will Principal Cuts Reduce Foreclosures?

Here are some of the most recent Real Estate Investment opportunities in the area.

Property Type Address Market Value Default Sq. Ft.

Bank-Owned

Airville, PA 17302

 

 

Delta Rd,$15,000 N/A 1,381

Auction Date: 2/8/10

 

 

 

Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1

Default Amount

 

 

$N/A

Sq. FT

 

 

1,632

Pre-Foreclosure

FORECLOSURE TRENDS :

 

 

NOVEMBER 2009 

NODs 88,790 0 0  NTSs160,660 0 0  FSs65,922 3,202 94

LISs

 

 

132,813 3,640 244

REOs

 

 

152,008 2,724 112

Faster Sales Coming For Foreclosure Buyers

Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.

For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com

Searching for York PA Foreclosures?

by The Pilgrim Team

If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at www.yorkpabankowned.com for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact Pilgrim Team at Professional Realty Associates.

Short Sale Deed-in-lieu of Foreclosure

by The Pilgrim Team

Solving the Foreclosure crisis one homeowner at a time.™

Short Sale Deed-in-Lieu of Foreclosure:

Dignified Solutions

©2009 Distressed Property Institute, LLC All Rights Reserved.

The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.

It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.

Possible Crisis? There are Dignified Solutions.

 

The state of the U.S. economy and housing market has brought many homeowners from security to uncertainty. But within this uncertainty, solutions have been created to assist those who need help. If you or someone you know is struggling to pay the Home Financing, it is vital to understand ALL the options available.

The pressures of an upside-down Home Financing are not just felt by the homeowner. Lenders are looking to avoid foreclosure and work with homeowners to find solutions to their financial situations. Lenders are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market

So what options are available to YOU?

If you or someone you know is facing foreclosure and the damages it will cause to credit scores, employment or security clearance, you should consider a short sale or a deed-in-lieu of foreclosure (or “deed-in-lieu”). These options could allow you to sell or walk away from your home without incurring liability for deficiency.

What Are Your Options…

 judgments from creditors, or tax lie

In both a short sale and deed-in-lieu, your lender can claim you owe a deficiency judgment on your remaining balance. This means the lender may have the right to pursue the difference of what you owed and the eventual sale price of the home.

In a foreclosure, all rights to your property are lost, while the lender retains the right to pursue a deficiency judgment. It will also remain on your credit history for ten years or more.

During negotiations for both short sales and deed-in-lieu transactions, it is imperative to understand whether your lender reserves the right to pursue a deficiency.

 What Are The Possible Tax Consequences?

When it comes to the tax implications of a short sale or deed-in-lieu transaction, you will need to consult a tax professional. As a general rule, any debt forgiven by the lending institution will be considered income. Lenders are required to file a 1099-A with the IRS showing the deficiency, which could have tax implications for you. Once you have received Form 1099-A, you will need to complete IRS Form 982 to report how much of the debt was forgiven by the lender.

Again, consulting a tax professional is a vital part of this process, and can save you from future financial difficulties. Distressed Property Institute, LLC All Rights Reserved.

What’s Your Fastest Way Out?

A deed-in-lieu is the fastest solution out of a foreclosure, compared to the timeline of a short sale. However, very few lenders will negotiate a deed-in-lieu if a lien, or second Home Financing has already been taken out on the home. Also, a deed-in-lieu will be a typicalqu estion asked on any future credit applications. Your history of short sales will not be a concern. In addition, a short sale provides the feeling of accomplishment for selling your home.

What Should I Look Out For?

If you are considering either a deed-in-lieu or a short sale, it would be wise to review the terms and conditions of your transaction carefully. Make certain your agent can explain whether or not a deficiency balance is forgiven, or how long the lender can pursue this judgment.

Both options can save you from the distress that foreclosure will cause on your credit, finances, future employment and, most importantly, your stability.

 I Heard About “Deed-For-Lease” ... What’s That?

You might have read about a new program called Deed-for-Lease™. Fannie Mae created this program as an option for homeowners who are in distress but not eligible for a Home Financing modification. Through this program, qualifying homeowners have the option to remain in their Homes for sale in york pa as renters after voluntarily transferring the property deed back to the lender. The homeowners must prove they are able to afford market rent, and then sign a lease with the lender.

Deed-for-Lease provides an additional option for borrowers who do not qualify for, or have not been able to sustain other loan-workout solutions. While this program is unique to Fannie Mae loans, be sure to discover what options your lender offers to homeowners who do not qualify for loan modifications but wish to stay in their Homes for sale in york pa.

Following are a few of the homeowner qualifications for this program:

 

*The property is to be used as the occupant’s primary residence

*The occupant’s income is sufficient to cover rental payments

*Inspection shows that the property has been kept in good condition

*The occupant agrees to be responsible for regular maintenance

*The number of occupants is appropriate for the home

*The occupants signing the lease must agree to a credit review

*To learn more, please contact me or visit www.efanniemae.com.

 With more than 1 in 7 U.S. homeowners not paying the Home Financing, it’s clear that no one is immune to the current economic situation.

 I believe every homeowner deserves the best information and education to protect themselves from losing their home to foreclosure and ruining their credit. For those already struggling to pay their Home Loans and unsure of what to do next, understanding short sales and deeds-in-lieu can ease their stress and potentially save them from an impending foreclosure. Deciding on which route will be best for you and your family’s future is the most important decision you can make. Please use this information to better understand the options available.

 

As a CDPE, I have been trained to assist homeowners in these difficult situations. If I can provide you with more information or assistance, please don’t hesitate to contact me or go to my web page here.

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The Pilgrim Team
Professional Realty Associates
2002 S Queen St, Suite 3
York PA 17403
Office: 717-757-5955
717-755-2683
Fax: 717-757-2887