foreclosures « Gina Branch

February Foreclosures Take Action Now

By Tom Branch, on January 16th, 2011

According to the Distressed Property Institute, more than 80 percent of distressed homeowners who go into foreclosure have never contacted their lender or a real estate professional for help. That’s a staggering number when help and relief are available.

Licensed from iStockPhoto

Without fail, our phone rings off the hook near the end of every month from desperate homeowners looking for help. After checking the local foreclosure lists, we often find that the house is already scheduled for foreclosure the following week. At that point, it’s nearly impossible to get a Short Sale in place to stop it.

An important thing to understand about Short Sales is that the process is anything but “short.” The only thing “short” about a Short Sale is the payoff to the lender. The sooner the homeowner contacts someone for help, the more time is available to work the Short Sales process.

We encourage homeowners across the United States to get educated on the options available should they become financially distressed. Short Sales are a great tool, providing relief to all parties.

Just remember to choose a REALTOR® with a proven Short Sale track record to negotiate on your behalf. Making the right choice can mean the world of difference to your financial future.

Gina Branch Appears in D Magazine’s Dallas Dirt Blog

By Tom Branch, on October 18th, 2010

D Magazine Dallas Dirt Blog

Posted on Dallas Dirt by Candy Evans

Gina Branch, ABR of RE/MAX Dallas Suburbs, offers a response to our Eager Seller of the day who hasn’t seen any movement in her $150k home on the market for a week:

Dear Eager:

This is a great question currently on the minds of many homeowners across the nation.

The good news is the national foreclosure moratorium will have very little impact in Texas. Texas is a non-judicial state and the foreclosures will most likely begin again here in the next few weeks as the lenders dot the i’s and cross the t’s on their paperwork.

The bigger issues impacting home sales in the Dallas area are three-fold. First, the federal tax credit that expired earlier this year prompted many buyers to get off the fence and purchase before the deadline. This frenzied buying has dissipated the current buyer pool. Secondly, we’re still running across many buyers who can’t qualify for a mortgage due to low credit scores, high debt, or a combination of the two. This is such a tragedy given the historically low interest rates and affordable housing prices in our area. And third, unemployment is high, so many would-be buyers are unwilling to part with their money given the widespread job insecurity facing Texas and the nation.

While it’s a great time to purchase a home, it’s not the best time to sell. What sellers need to keep in mind is that whatever loss they might take on the sale of their home, they will more than make up for on the purchase of a new one. The savings in interest alone is substantial. When you combine that with lots of inventory and stable prices, it’s a prime time to buy. The Dallas Fort Worth metro area is having a fire sale! If you’re planning to purchase another home after you sell, I would encourage you to take your minor bumps and bruises in sales price and then take full advantage of the current buyer’s market.

Originally Posted at: http://dallasdirt.dmagazine.com/2010/10/18/ask-candy-how-foreclosuregate-will-affect-dallas-real-estate-its-a-fire-sale/