Making promises

Seth Godin brings us this:

Is that what marketing is all about?

I think so.

Make promises and keep them.

Some organizations work very hard to weasel in the promises they make. They imply great customer service or amazing results or spectacular quality, but don’t deliver. No, they didn’t actually lie, but they came awfully close. The result: angry customers and negative word of mouth.

It’s very easy to overpromise. Tempting to shade the truth a little bit, deliver a little bit less to save a few bucks. Who will notice?

The consumer notices.

If you need to overpromise to make the sale, don’t bother. It’s not worth it.

The best way to generate word of mouth is simple: overdeliver

A short sale can be daunting. At Outlook Escrow, Inc. we are here to assist all parties going through a short sale. Experience the convenience of working with a short sale negotiator at your escrow company!

1). What is a Short Sale (Short Pay, Pay Off)?
A Short Sale is a process where the lender will look at the loan(s) which you have with them and determine whether or not the house owes more than its Fair Market Value or has such a small amount of equity that if sold, could not cover the agent or closing costs. When they determine that to be true they will then consider discounting the loan(s) to reflect a price which will facilitate the property to sell on the market.

The lender would much rather take a discounted price than have to foreclose on the property and incur all of the costs of a foreclosure and then have to sell the house at auction. This is a very time consuming and costly process for the lenders and they will try to avoid it at all costs.

2) When is the best time for me to start the process for my Short Sale?

It is best to begin the Short Sale process as soon as you realize that you have an unaffordable payment for your budget; you know that your loan owes more than the ‘Fair Market Value’ and cannot sell for what you currently owe; or you have little equity in the property which won’t cover the realtor, closing, or any other associated costs that you need to cover in order to sell the property.

3) Why would my Lender want to allow a Short Sale to help me?

It’s simple really. Often a short sale has a far better return on an investment to the lender than a foreclosure. The average savings a lender sees from a short sale property is far higher than the savings of a foreclosure property. Not only does the lender receive higher savings when they allow a short sale, they also get paid on the loan 6 months earlier than in the foreclosure process. This allows them to collect and cash-out earlier than they would if they foreclosed on the property. Not to mention the costs the lenders have to pay their attorneys to complete the foreclosure process. Lenders created the short sale process as an alternative to foreclosure for those reasons. It is a win-win situation for the banks to allow short sales. They do not look at this as helping you, they look at it as a positive solution to a very costly and time consuming issue.

4) How long does the Short Sale process usually take?

The entire process of a Short Sale generally takes 30 to 90 days (1 to 3 months). All situations are unique and therefore we cannot guarantee a specific amount of time.

5) What is the difference on my Credit between a Foreclosure and a Short Sale?

A Foreclosure will show as A Foreclosure or A Debt NOT PAID.  It is a very negative mark on your credit that can stay there for up to seven years!  A short sale will show as – Debt Paid or settled.  It is a much better mark and will make it easier for you to get credit in the future.  Please consult one of the three major creditors for further explanation.

6) What are all of the liabilities when doing a Short Sale?

On December 20, 2007 President Bush singed a measure to provide financial relief for financially strapped homeowners facing foreclosure.  The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan.  NO TAXES WOULD BE OWED ON THE VALUE OF ANY DEBT FOREGIVEN OR WRITTEN OFF.  Currently such debt forgiveness is taxable income.
Click this site for complete article:  http://www.msnbc.msn.com/id/22345416/print/1/displaymode/1098/

Always consult your local CPA for further information on this matter.

It is important to note that if a property should go into foreclosure and is sold at auction the difference in the amount you owe on your loan and the price the lender will get on a foreclosure sale is much higher than the discount they will give at a short sale.  Completing a successful Short Sale will eliminate a Deficiency Judgment from happening and minimize the tax liability you may have.  It will also stop you from having a foreclosure on your credit.

7) What is a Deficiency Judgment?

A Deficiency Judgment is what can happen if the bank sells a house in a foreclosure sale auction.  The bank has the right to sell the house for an amount less than the debt owed and all other fees they may have.  If the house sells for less than the mortgage debt, then a Deficiency Judgment can be placed against you.  By this you will be held responsible for the portion of the loan that was unpaid.  Example:  Initial Mortgage Loan of $400,000.  The bank collects $300,000 at a Foreclosure Auction.  A Deficiency Judgment is placed against you for $100,000 which is the difference.  If this is placed on you it will also show on your credit along with the Foreclosure.  Once this is placed as a judgment against you the lender can proceed with further legal actions and garnish your wages to collect on the debt.  Some states have regulations and restrictions on Deficiency Judgments, but unfortunately MOST DO NOT.

Once again, this is where our presence in a short sale negotiation is invaluable as we will negotiate with the lender to agree on a “release” and “satisfy” position, which mean no deficiency judgment to consequence the short sale.

Why hire Outlook Escrow, Inc. to negotiate my short sale?

Our knowledgeable staff are experts at short-sale proceedings and believe we are a viable solution. We are here for you with answers. We want you to feel confident that you are making the right decision for your specific situation. We work with all our clients in top confidentiality, integrity and thoroughness. You will feel confident with us by your side.

9) Do I need to sign a Power of Attorney when processing a Short Sale?

NO!  At no time should you have to sign a power of attorney to process a short sale.      

10) Can you negotiate a Short Sale when a home has more than one mortgage?

Yes.  The process is the same regardless of the number of liens.

11) Can you guarantee that my short sale will be successful?

We can guarantee that we will do all that is required to complete a successful short sale.  Unfortunately we cannot guarantee what the lenders will make as their decision.  At Outlook Escrow, Inc. we know what the lenders require and are looking for as a discounted price.  This makes our success level much higher. 

Short Sales made SUPER EASY with

 our in-house

 Short Sale Processing!  

 Let us make your next short sale transaction a breeze! 

For a flat fee of $799, we will: 

--Negotiate with lender the acceptance of payoff 

–Collect and maintain short sales packages

–Order Preliminary Title Report 

–Order Comparables for area

 –Allow you to focus on selling more homes! 

Call today!

(951) 222-2600

Yesterday, a client of ours was faxed a letter from ABC Escrow offering a flat escrow fee of $XXX per side. So, aware of our competition I gave ABC Escrow a phone call. Do you know what who I reached? No one…except for an automated answering service prompting me to press 1 for the escrow department, 2 for the etc.. etc…. Sure, you are guaranteed a flat fee, and in this challenging market why pay for a receptionist to answer the phones when automated messages ARE SO MUCH CHEAPER? Because, when it is all said and done, automated messages make me want to pull my hair out. And I think you feel the same.

p.s. I don’t think I need to remind you that at Outlook Escrow, Inc. we are allergic to automated answering machines. We break out into hives at the mere thought of them.

Thanksgiving is this week and while many of us will be chowing down on turkey and mashed potatoes, this week can be an excellent opportunity for building your sphere of influence. You could write a thank you note to your past teachers and letting them know how much they helped you be the successful Realtor/Mortgage Lender/Escrow Officer that you are today. This note can be personal and from the heart. Thank your hairstylist or the person who drives your child’s schoolbus. You can thank your butcher, the grocery store clerk, and your mailman. The possibilities are endless.

Happy writing!

Small business success

Seth Godin brings us this:

Three things you need:
1) the ability to abandon a plan when it doesn’t work,
2) the confidence to do the right thing even when it costs you money in the short run, and
3) enough belief in other people that you don’t try to do everything yourself.

Selina Moore, an established Escrow Officer of more than 35 years joined our team today!  She is looking forward to the freedom an Independent Escrow Company can offer. She is organized, efficient, and service-oriented. She is experienced in Mobile Homes, Commercial, Bulk Sales, Refi’s, and Purchases.

We are thrilled she has joined our team and we look forward to working with you soon!

We will be hosting a Bulk Sale Class on November 15th from Noon-1pm at our office at 6840 Indiana Avenue, Suite 150 Riverside, CA 92506

 Please RSVP to Jesica at (951) 222-2600 or at jesica@outlookescrowinc.com

Remember, lunch will be served.

We look forward to seeing you there!

Don’t forget to change your clocks before you go to bed on this Saturday night. Turn them back one hour and enjoy an extra hour of sleep.

Building your Sphere of Influence

Following is a long list of different professions, hobbies, and other interests to remind you to always ask yourself–”Do I know anyone in these categories?”

As you review the list try and add at least five more people and give each a call.

1. What are the names of the members of your family?

2. What are the names of your spouse’s family?

3. What are the names of your “extended family”?

4. What is the name of your best friend?

5. What is the name of your spouse’s best friend?

6. What are the names of your very close friends?

7. What are the names of your spouse’s very close friends?

8. What are the names of your children’s friend’s parents?

9. What are your children’s teacher’s names?

10. What are your children’s principals’ names?

11. What are your children’s coaches’ names?

12. What are your children’s dentists’ names?

13. What are your children’s doctors’ names?

14. Who cuts your children’s hair?

15. Who sells you your children’s clothes?

16. Who is your children’s school bus driver?

17. Who is your children’s Sunday School teacher?

18. Who cuts your hair?

19. Who does your dry cleaning?

20. Who does your pedicures, manicures, facials?

21. Who do your purchase gasoline from?

22. Who services your car(s)?

23. Who do you buy tires from?

24. Who sold you your current car(s)?

25. Who have you purchased cars from in the past?

26. Who cleans your car(s)?

27. Who is your mailman?

28. Who do you know at your church?

29. Who do you see at the convenience store you most often go to?

30. Who is the checker you usually go to at the grocery store?

31. Who is your pharamacist?

32. Who is your doctor(s)?

33. Who is your Pastor, Minister, Priest, Bishop, Rabbi?

34. Who owes you money?

35. What is the name of your favorite teller at the bank?

36. Who is your veterinarian?

37. Who grooms your pets?

38. Who owns your favorite resturaunt?

39. What is the name of your favorite bartender?

40. Who do you know on a first name basis at your country club?

41. Who is your attorney?

42. Who do call is you had an air-conditioning problem?

43. Who is your pest control person?

44. Who picks up your trash?

45. Who is your Federal Express person?

46. Who built your house?

47. Who is your landlord?

48. Who did you get your tattoo from?

49. Who do you buy your clothes from?

50. Who is your tailor?