Coldwell BankerÂŽ Short Sale Proposal Prepared especially for:
Kim & Chris Hoyt For Marketing the Property Located at:
1048 Willow Green Dr
Prepared by:
Orrin Banner, CDPE Sales Associate Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Coldwell Banker Traditions 312-A Lightfoot Rd. Williamsburg, VA 23188
Date: September 3, 2013
Š2013 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated.
September 3, 2013
Kim & Chris Hoyt 1048 Willow Green Dr Newport News VA 23602 Dear Kim & Chris: Thank you very much for giving me the opportunity to present the enclosed proposal to market your home. I appreciate the time you spent with me reviewing the features of your home and outlining your financial goals and time considerations. I hope this will give you an overview of how a short sale (sail) will work. You will receive competent and professional service when you select me and Coldwell Banker Traditions to represent you. We have represented many families in this area concluding transactions that realize maximum value in a reasonable time. My credentials for handling a short sale are especially important for your situation. I am both a CDPE and SFR as outlined in this presentation. The process is quite complicated requiring a short sale specialist. I hope the information included on me and Coldwell Banker Traditions will confirm that I am best qualified to market your home. Very truly yours,
Orrin Banner, CDPE Sales Associate, REALTOR速
A Message From The President The Coldwell Banker速 brand was founded in 1906 on a commitment to professionalism and customer service that remains the core of our business philosophy today. We are the nation's oldest real estate organization and our experience has helped make the dream of homeownership a reality for millions of families. Our website is a reflection of our belief in customer service and provides an exceptional real estate experience.
Jim Gillespie President and CEO of Coldwell Banker Real Estate LLC
Whether you are a first-time buyer or in the process of stepping up to your "dream home," coldwellbanker.com is a great place to begin the process. We have made everything available to you 24/7 and only a click away - including information on over 200,000 properties for sale and access to the brightest and most professional Sales Associates in the real estate business.
Coldwell Banker速 Sales Associates are the reason clients continue to work with Coldwell Banker, transaction after transaction. Their knowledge and experience can guide you through the real estate process from log in to move in and help you with all of the details before, during and after the sale. On behalf of everyone at Coldwell Banker速, I would like to thank you for choosing us to help you with your real estate needs. If you have any suggestions on how we can create an even better experience, or if you just want to share a real estate story with us, please contact us. We look forward to seeing you in the future on our website and in our offices.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Legacy and Network
ª Global presence: in 49 countries and over 3,500 offices worldwide ª Over 80,000 sales associates and brokers ª Over 100 years of real estate experience ª First to offer Seller Services Guarantee, which puts our commitment to you in writing
Over 100 Years of Real Estate Innovation The real estate company was founded on August 27, 1906 on the heels of the devastating 1906 fire and earthquake that leveled San Francisco. A young real estate agent, Colbert Coldwell saw the need for honest, knowledgeable real estate services to help the city rebuild. As the company grew, he hired Arthur Banker as a member of his staff. The two businessmen eventually formed a partnership, and in 1914 officially named the company Coldwell Banker®.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
How Coldwell BankerÂŽ Meets The Needs Of Sellers
While others may talk about customer service, we ask, listen, and take action. Listening to our customers
Customized marketing plan
We continually survey our customers to find out what is important to them. For us, the listening and learning never stops.
We carry out our promises with a Marketing Action Plan specifically designed to meet the needs of each seller.
Guaranteed service standards
We deliver consistent, predictable, reliable performance — Guaranteed!
We develop service standards based on what we hear from our customers, and we put our service standards in writing with the Coldwell Banker Seller Services Guarantee.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Why use a REALTOR®? Your REALTOR® can help you determine your buying power. You need to know how much house you can afford before you start the search. Your REALTOR® will provide detailed information on properties that meet your criteria from the Multiple Listing Service and other information resources only available to REALTORS®. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. They are committed to treat all parties to a transaction honestly. REALTOR® business practices are monitored at local board levels. Arbitration and disciplinary systems are in place to address complaints from the public or other board members. When you find a property you like your REALTOR® will help you develop an offer including the offering price and other terms. Your REALTOR® will advise you about the importance of a home inspection and other inspections required by law in your area. Your REALTOR® can also assist you in understanding different financing options and assist in identifying qualified lenders.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Short Sales & Foreclosure Resource / SFR The SFR designation indicates that a REALTOR速 has completed course work successfully to represent sellers and buyers in Short Sale transactions. For many real estate professionals, short sales and foreclosures are the new "traditional" real estate transaction. Knowing how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities are not merely good skills to have in today's market - they are critical. And while short sales and foreclosures are not for the faint of heart, agents with the proper tools and training can use these specialty areas to build their business for the long term. REALTORS速 with the SFR certification can be a trusted resource for short sales and foreclosures. Your ability to close short sales and foreclosures depends in part on your confidence in seeing these transactions through.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
The CDPE designation indicates that a REALTOR速 has completed course work to represent sellers and buyers in distressed property situations. A Certified Distressed Property Expert速 has a thorough understanding of complex issues in today's turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically short sales, for homeowners facing market hardships. Homeowners regularly proceed without guidance of any kind through the often financially and emotionally devastating prospect of foreclosure. Speaking with a well-informed, licensed real estate professional is the best course of action for a homeowner in distress. Through comprehensive training and experience, CDPEs have the tools to help homeowners find the best solutions for their unique situations and to avoid foreclosure through the efficient execution of a short sale. Living through financial difficulties poses a challenge for any family, so why make the process of finding a qualified real estate professional difficult too? Select an agent with the CDPE designation to ensure you have a trained professional to address your specific needs.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales WHAT IS A SHORT SALE? Short Sale: a term used to describe a property sale where the total sales proceeds are less than the total balance due against the property. This includes the cost of the sale (i.e. customary seller closing costs, commissions, repairs, etc.)
Short Sales will require you to work with multiple individuals. Here is a helpful guide to know the role of each individual involved. The Seller
We understand this is a difficult time for you. To be successful, your full cooperation is needed.
The Lender
Mortgage lenders of all types will be faced with a high volume of non-performing loans on equity deficient properties over the next several years. To a lender, a short sale is purely a matter of money.
The REALTOR速
One of the most critical players of a Short Sale transaction. A REALTOR速, after identifying and qualifying the homeowner as a candidate for a Short Sale, is responsible for navigating through the process with commitment, patience and follow-through.
The Loss Mitigator
A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on a loan.
The Title Company
Escrow officers can identify and solve a wide range of issues that may come up during a Short Sale transaction.
The Buyer
Every real estate transaction needs a Buyer to seal the deal. In the case of a Short Sale, you need the right Buyer - one who has the patience to stick through the obstacles that most Short Sales face.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales WHY DO BANKS PARTICIPATE IN SHORT SALES? ª Banks participate in short sales to help homeowners and themselves prevent foreclosures. ª Banks cooperate to avoid the costs associated with foreclosing, and thus the managing and reselling of REO (Real Estate Owned) assets. ª Compared to foreclosures, short sales are less costly, less time-consuming and more likely to see completion. ª The over supply of foreclosure properties is a financial burden against the banks. Banks cannot afford to take back all of the foreclosed homes.
......................................................................................................................... WHAT ARE SOME OF THE BENEFITS FROM A SHORT SALE? The Seller, Homeowner: The seller avoids the credit disaster of losing a home to foreclosure. It's viewed as the "responsible choice". The Lender: By completing the short sale, the lender reduces the actual loss and eliminates the exposure to risk that goes with acquiring a property through foreclosure. The Buyer: The buyer that hangs in through the short sale process can get a property at a below market price.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales WHAT IS LOSS MITIGATION? It's a concept made up of two components: ÂŞ Limiting actual costs and expenses incurred by the lender on "at risk loans". ÂŞ Reducing the lenders exposure to risks tied to real estate ownership. Each lender approaches loss mitigation with their own set of goals and priorities. Some will move aggressively to cut losses and limit risk by pushing short sale files to conclusion quickly. Others will proceed with caution on short sale files, placing a high priority on approving only those files with horrendous hardships and desperate financial circumstances. It all comes down to how a particular lender views the idea of mitigating loss.
Each loss mitigation department will operate with slightly different policies and protocols. Sometimes you'll be assigned just one case manager that you'll speak with all the time, other departments have a pool of case managers that work on all files in that department. Each style of operation has advantages and disadvantages, but always remember that the loss mitigator has a position of authority and you will be most successful if you can accept the loss mitigator's style and approach.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales UNDERSTANDING YOUR OPTIONS Depending on the seller's situation, there are many options to consider before attempting a short sale. ª ª ª ª ª ª
Discuss your situation with the lender Turn the home into a rental Deed in lieu of foreclosure Threaten to file bankruptcy Stop making payments List the property and negotiate a short sale
......................................................................................................................... Discuss your situation with the lender - The seller should contact their lender as soon as trouble arises. A lender may be willing to make accommodations if a borrower finds himself or herself in a difficult financial situation, particularly if it is temporary. The key is to let the lender know up front, before the problem becomes too serious to work out with the lender. Lenders may allow borrowers to: ª ª ª ª
Refinance Reduce the payment Defer the payment Change the loan terms which includes renegotiating the interest rate, monthly payment amount or maturity date, or waiving late payment charges.
If payments cannot be made in a timely fashion, lenders may extend the "grace period" and work with the borrower. Lenders may even agree to delay filing a Notice of Default if, among other things, they feel they are informed about the borrower's intentions. This may make it easier to sell the property, and may preserve the borrower's credit. Turn the home into a rental - Is there the possibility of renting the property and paying the difference between the rent and the mortgage payment and looking for other living options for the borrower? Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales UNDERSTANDING YOUR OPTIONS CONTINUED... Deed in lieu of foreclosure - The borrower voluntarily delivers title to the lender and the lender accepts it in full satisfaction of the debt. The lender then owns the property and can dispose of it as it sees fit. This effectively avoids the whole foreclosure process and if the lender agrees to this, the homeowner would have to vacate the property and again, there could be significant tax implications to the homeowner as well as their credit being compromised. File bankruptcy - If the borrower declares bankruptcy, the foreclosure process is temporarily put on hold. However, the lender may request the bankruptcy court to lift the automatic stay with respect to the lender's loan and resort to its remedies under state law, including foreclosure, if the lender can show justification to proceed. Some borrowers think bankruptcy offers the best way out, but the borrower's credit may be seriously impacted for many years. Stop making payments altogether and stay in the property until the property goes through the foreclosure process. The timeline can vary, but generally, the timeline does not begin until the lender feels they have exhausted all avenues for curing the payment delinquency. Normally, this happens after the borrower has missed three monthly mortgage payments and the Notice of Intent to Foreclose has expired. The borrower has probably been contacted by the lender several times prior to beginning the foreclosure process. The official foreclosure process then begins by the lender contacting a trustee and instructing them to file a Notice of Default. This could take anywhere from 6-9 months, possibly longer. Once the NOD has been recorded it takes 120 days to complete the foreclosure process. The homeowner's credit will be severely affected, however, they may have been able to stay in the house for many months saving their money by not making the mortgage payment to prepare for relocation once evicted. List the property - Get an offer and negotiate the short sale with the lender(s). There is no guarantee that this will be successful and no guarantee how much time and energy will be put into the process. If this is the choice that is determined to be the least disruptive and the lesser of all other choices, then contact a REALTOR速 who is a Short Sale Specialist to move forward. Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
A Seller's Guide to Short Sales CREDIT ISSUES A short sale may have the least adverse effect on the borrower's credit status. A borrower's credit may be adversely affected by any of the following: ª ª ª ª ª
Short Sale Notice of Default being recorded Deed in lieu of foreclosure Foreclosure Bankruptcy
......................................................................................................................... SHORT SALE START UP CHECKLIST Below is a list of what lenders are requesting: ª Seller Application: Full Name Address Social Security Number Employment information including salary 401k and years of employment Bank accounts including other investments (i.e. stocks, mutual funds, other real estate, etc.) ª Copies of your most recent paycheck stubs ª Copies of your last tax return ª Hardship letter explaining why the borrower is no longer able to make the payments and any documentation to support their claim ª Listing contract showing the house is on the market ª Listing contract showing the terms of the contract
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Information Sources Used By Buyers In Home Search
Real estate agents are the primary resource used by buyers in a home search. Your Coldwell Banker速 Sales Associate is an educated and experienced real estate expert and one of your primary information sources throughout the home selling process.
coldwellbanker.com, our award-winning Web site provides you with access to a comprehensive network of residential real estate products/services and related links to meet your needs.
Coldwell Banker Sales Associates market properties uniquely. We combine the power of our national television, radio and print advertising with our local newspaper efforts and local promotions to offer every listed property unparalleled exposure.
Coldwell Banker yard signs are highly recognizable and convey high expectations about property quality. Yard signs can be customized to provide immediate information, like agent phone numbers and Open House opportunities.
Source: National Association of Realtors速 Profile of Home Buyers and Sellers.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Marketing Action Plan
We carry out our promises with a plan uniquely designed for each property. Promotional strategy
Price and terms offered
We will work with you to develop a marketing plan to attract prospective buyers to your property.
A thorough Competitive Market Analysis is the key to determining realistic price and terms.
Negotiating and managing the sale Property Preview We will conduct an office preview of your property.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
We will work to pre-qualify and pre-approve prospective buyers, negotiate terms that are favorable for you, and manage the details of the transaction.
Property Promotion
We will promote your property in the most effective ways to get you the best price in the shortest possible time. coldwellbanker.com
Multiple Listing Service
Your property will be placed on our award-winning national website, where buyers can learn about your home with the Coldwell Banker速 Personal Retriever.
We'll get your property on the MLS so local real estate professionals can have immediate access to information about your home.
Buyer's Guide and newspaper advertising Your home will be listed in local Buyer's Guides as well as our regular, classified advertising.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
coldwellbanker.com
The following search options and tools are available on the new Properties Real Estate Search section: ª Lifestyle Search*: From public ª Coldwell Banker On Location®: Honing in on video as the future of real transportation to wide open spaces, estate, Coldwell Banker’s branded restaurants to trendy neighborhoods, YouTube channel provides thousands of those who are focused on location, videos, including community videos, location, location can rate which virtual tours and agent videos. lifestyle characteristics are important to them. ª Home Listing Report: The Coldwell ª Affordability Radar*: For the budget Banker Home Listing Report allows site conscious, this tool enables users to visitors to compare the average home identify upfront if a home on price listing for a four-bedroom, coldwellbanker.com fits within their two-full-bathroom home in more than budget based on their household 2,300 markets so they can see how income, monthly debts, available funds each area stacks up in affordability. and loan terms. ª Mobile Apps and Mobile Sites: ª BlueScape®: Built for dreamers and Users can download the mobile app that designed for home buyers, BlueScape fits their needs to search for a home allows consumers to experience the anywhere, anytime from their iPhone, home searching process in an entirely Android, iPad or other handheld device. non-traditional way, by rating abstract images with thumbs up or thumbs down. The BlueScape technology *Note: The Lifestyle and Affordability search serves up listings that match each options are not included on the Coldwell Banker individual’s inherent preferences. Canada website (coldwellbanker.ca). Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
An Innovation Leader ª Use a multi-screen approach to reach the new generation of buyers: ª The first national real estate brand to customize our site for smartphone screens such as the Blackberry and iPhone ª The first to have listings on GPS ª The first national real estate brand to launch an iAd for iPad ª A listing distribution strategy: ª Delivers listings to sites such as Realtor.com, Trulia, Zillow, Yahoo! Real Estate & more
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
An Innovation Leader continued ª Coldwell Banker On Location is the first dedicated video real estate channel on YouTube ª Video topics include: ª Agent videos ª Office videos ª Video listings ª Community videos ª Smart tips and news related videos ª Allows buyers to search for videos via a map ª First to use dynamic IP lookup on the channel
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Advertising
Our advertising program is designed to generate buyer prospects for your property. Home Buyers know the 速 Coldwell Banker name
Local advertising
We will provide you with tools to create great local and regional advertising and public Our national advertising on network and cable television predisposes Home Buyers relations programs. to consider Coldwell Banker listed properties.
Coldwell Banker yard sign Greater name recognition through public relations Our leading national public relations programs create recognition for local Coldwell Banker listings among Home Buyers throughout North America.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Our nationally recognized Coldwell Banker yard sign is a highly effective advertising tool that promotes your property 24 hours a day, 7 days a week. Calls generated from our yard sign come from prospective buyers who are already interested in your neighborhood, have seen your property and are eager for more information!
Rapid Response
ÂŞ When homebuyers inquire about your home, they want a rapid response ÂŞ Our proprietary lead management tool lets me and my team answer every lead quickly and professionally
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
Personal Touch & Timely Response
You will hear from me regularly on the progress of our marketing activities. Results
Suggestions
We will report the results of events such as open houses and property showings.
We will share suggestions from other real estate professionals who have previewed or shown your property.
Trends
Progress
We will discuss current trends in buyer activity, interest rates and competitive prices.
We will provide a weekly progress report on the promotion and sale of your property.
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
RĂŠsumĂŠ Orrin Banner
Experience: Retail manager for 40 years Owner of Buy-Rite Furniture untill 2011 Real estate owner and investor since 1981 Real estate sales since 2010 Affiliations: REIN Real Estate Information Network VA. Pennisula Board of REALTORS VA. Board Of REALTORS National Board of REALTORS Education: G.C. Murphy Managment Training Program 1978 CDPE 2011 (Certified Distressed Property Expert) SFR 2011 (Short sale,Forclosure Resource)
Community: Freedom Life Church Boy Scout troop #6 Denbigh Warwick Business Assoc.
Personal: Father of 4 grown children Enjoy sailing and remodeling projects People person; passing on the power of positive thinking Boy Scouting and Camping
Customer References Sellers Brain & Linda Wilson
205 Fairfield Ct
757-570-0533
Jay Pruden
918 Kentwell Ct.
757-218-3055
Joy James
503 Ashwood Dr.
757-660-8482
Scott Fisher
760 Shields Rd.
757-871-5920
Jose Gutierrez
800 Shields Rd.
757-470-4103
Tekisha Malone
14567#f Old Courthouse Way
757-876-6122
Wanda J. Hoffler
877 Brompton Ct
757-817-2962
James Roland
717 Galahad Dr
757-813-2450
Ed O'Donnell
757-873-0539
Albert Manzlak
757-897-2651
Monica Bell
757-813-4066
Old Point Bank
757-728-1893
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466
In Conclusion When you choose Orrin Banner you will receive:
ª Excellent service and support. ª A market analysis of your home. ª A winning marketing plan. ª Every effort to sell your home promptly. ª The resources of Coldwell Banker Traditions.
List Your Home Now with Orrin Banner!
Orrin Banner, CDPE Office: 757-229-9595 Office Fax: 757-345-5119 E-mail: orrin@cbwilliamsburg.com Voicemail: 757-345-5119 Mobile: 757-871-9466