Foreclosures & Short Sales – Yet Some Lenders Keep Same Practices!

Today’s presentation from Roy Stewart with Realty World was so “eye-opening!” The housing collapse and our distressed economy that started in 2007 was partially due to fraudulent loan practices and to be informed that it is still happening today is just amazing. We were all given a copy of a fax from a lending company that promoted “Stated Income approved loans” and “350 FICA Score OK” was in my opinion just unbelievable.

Roy also went through a realtors worst “four letter word” – FSBO (For Sale By Owner). This section of his presentation was interesting because you see so many homes for sale the past couple of years by owners without a realtor involved. We were educated today on all of the 2″ stack paperwork that is required to be completed by the seller in order to sell your property. Folks are attempting to sell their homes on their own without realizing that the commission paid to a realtor (a small 5 or 6 %) actually ensures that all state and federal regulated documents are completed and filed accordingly by a professional who understands the laws. It is in my opinion that unless you are a realtor or a specialized property attorney, this is a bad idea to do it yourself. Many lawsuits are formed against FSBO. Simply hiring an Escrow company certainly does not guarantee that all of the paperwork and property associated documents required are in order. Escrow companies only cover 2 to 3 items on a list of 50 plus required documents.

Roy certainly knows his business and the housing industry. He is extremely knowledgeable and continually educates himself with the lending and insurance laws as well. He is one of the most ethical realtors i have encountered and that is certainly confirmed by his many clients.

Roy & Sharon Stewart live and work in the area, therefore, as real estate professionals, they have intimate knowledge of each community’s character, mood, and growth potential.