Maria Rogers...REO, Foreclosure and Short Sale Expert: October 2009

Sold for $35,000, closed today, Thanks Paul it was good working with you!

I still have the one across the street for $29,900 if you are looking in Mayfield

Buyers ask me all the time if they can really make money buying and selling investment properties and foreclosure and the answer is YES! But, wow is it tough when you have no idea where to start.

Every time I met with a newbie investor I found myself telling the same stories and giving the same warnings and one of my friends jokes that I should write a book about all of the funny, crazy things that have happened to me in real estate so that other people could learn from my mistakes.

So I did! And here's a free copy for you. I hope you enjoy it and find your passion in real estate the way I have!

Download My Ebook

Another reason to think about a short sale!

When I first started to hear about loan modifications, I got excited.

Wow, a way for people to stay in their homes, the banks get their money, and everyone is happy.

But just like everything in this business what seems like a simple, sensible solution isn't always.

I had a call today from a seller who is seeking my help with a short sale. He paid $750 to a company that worked out a loan modification for him. Nice guy who fell on hard times and I felt really bad for him when he told me the result...

Instead of his $1500 a month payment which he couldn't afford, the bank modified his loan to make his payment now $2500, which he REALLY can't afford.

And he paid a chunk of change for the privilege.

Sadly, most loan mods end up being for more than the prior payment (or at least the ones that I have seen lately) and my friend who does loan mods for a living agrees that I am correct.

Now, we are headed to the same bank to ask for a short sale, something that could have been avoided if a suitable loan mod was offered. Of course there is all sorts of red tape and reasons this happens and these lousy offers are made by lenders (lenders this is your area I welcome you to weigh in please :-)) however you have to ask what would the market be like if it were allowed to be ruled by common sense? Can't make your payments, okay well let's change the payment to something you can make and catch you up at the end of your loan term (add the deficiency on the end like we used to do in the good ole' days).

I want to encourage sellers who are in a situation where they can't make their loan mod payments to contact an agent in their area who specializes in short sales and get that process started. A failed loan mod does not mean you have to give up and wait for a foreclosure. It just means a loan modification wasn't the right route for you.

On a more positive note, I have a client who was able to successfully negotiate his own loan mod and get his interest down from 10 percent to 5 percent permanently. He didn't have good credit or lots of money in reserves, he had just done his homework and wouldn't settle for less than what he knew he needed to keep his home.

So if you plan to approach your bank on your own for a loan mod, please do your research and ask for help if you need it.

This home needs some work but for the price is right!

$9,900 for 2025 Wesleyan, Dayton, Ohio