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Thompson’s Realty Welcomes Francisco & Ismar Vallecillos!

July 28, 2010 By Jay Thompson

We are so excited to announce the latest additions to the Thompson’s Realty brokerage.

Welcome Francisco amd Ismar Vallecillos!

Francisco comes to us from Premier Real Estate where he gained a wealth of experience in REO’s (bank owned homes) and working with investors to buy properties at the Maricopa Trustee Foreclosure Auctions at wholesale prices.

A bi-lingual native Arizonan (yes, native Arizonan’s still exist) and licensed since 2000, Francisco has worked in all areas of the Phoenix Valley ”“ East, West and all points in between.

Francisco is the father of not one, not two, not three”¦ but six children ”“ ages six months to 10 years. Fortunately he lists being a father and family man as his most enjoyable activity. He also enjoys the outdoors, sports and quad riding.

We referred a client to Francisco last year, so we *know* he subscribes to our philosophy of providing a world-class customer service experience. He is also a genuinely nice person, who takes his job and his responsibilities seriously.

Ismar Vallecillos also comes to use from Premier Real Estate, and was licensed in 2004. He has a BA Degree in Education and is tri-lingual (English, Spanish and Italian). He is experienced Valley-wide in residential and bank owned home sales and places customer care as his #1 priority.

Ismar is a father of four children ages 20 months to 10 years. And enjoys family time, wood working and is a fitness instructor.

Francisco and Ismar are brothers, but work independently (though there is no loss of brotherly love. They help each other out when needed). And between their kids, they could field a baseball team! Though in all honesty, I suspect the six-month and ten-month old babies aren’t quite ready to take the field.

With Ismar and Francisco, we feel very fortunate to add another 15 years of professional real estate experience to our brokerage and equally important to us, two upstanding, goal-oriented and very personable people.

Welcome Francisco and Ismar, we are thrilled to have you join the Thompson’s Realty family!

Short Selling Your House: Getting a Mortgage After Foreclosure

June 14, 2010 By Justin McHood

Many times, the difference between someone short selling their house and going through foreclosure comes down to one thing…

Luck.

Any number of things can happen that allow someone to short sell their home and avoid foreclosure – or on the other side, any number of things can happen that prevent someone from short selling their home and forcing their home to be foreclosed on.

And in my experience, people who have experienced either a short sale or a foreclosure have one common question that they ask me:

How long before I can get another mortgage?

And when I give them the honest answer, it is always fun to see their eyes open wide.

How long before you can get another mortgage if you short sell or go through foreclosure?

One. Day.

Many people don’t realize that there are financing options available that don’t care if you are:

currently in foreclosure
currently late on your payments
have recently short sold your house
have bad credit because you chose to walk away from your house

But there is — it is called seller financing.

Seller financing can take many different forms, but in the most general terms the seller currently owns the home you want to buy and they are willing to come to a financial agreement to let you buy it from them. There are very few rules when it comes to seller financing, so mortgage terms can be very, very flexible.

It is entirely possible that you can find seller financing much easier than you found it was to get a mortgage circa 2005, it is all up to the individual seller. According to Dean, right now there are currently about 1,000 properties available with seller financing listed as an option on the MLS in Maricopa County.

So my personal advice to people who are heart-broken about short selling their house or going through foreclosure is – if you want to own a home one day after foreclosure, start hustling around and looking for seller financing.

You may be surprised what you find.

About the Author:Justin McHood calls himself a “Mortgage Commentator” and can often be seen at local gatherings. He is the one in a blue shirt.

Looking for more information on short sales? Below is a link to all articles written on this site about short sales:
Phoenix Short Sales

Thinking about short selling your Phoenix home?

Just complete the form below for a no cost, no obligation consultation with one of our experienced short sale experts:

Short Selling Your House: Do You Need A Lawyer?

April 19, 2010 By Justin McHood

One of the more common questions that people have asked me over the last year or two is “do you think I need a lawyer?”

The question almost invariably arises when someone is considering a loan modification, short sale or foreclosure as something that will be in their future.

And as usual, my answer mostly has been — It depends.

More than anything else — in my opinion — whether or not you choose to hire a real estate lawyer to provide legal advice primarily depends on the following:

How much and what kind of potential deficiency risk you have
What kind of estate planning and personal assets you have
What kind of effort you are personally willing to put into getting to a resolution

Each personal situation is different and each lender is different, so this is by no means a conclusive list – just a general guide to go by.

Potential Deficiency Risks

According to Arizona laws, there are statutes that are commonly referred to as “anti-deficiency statutes” and they are the legal definition of what a lender can or can not do should a mortgage debt go delinquent or be settled for less than owed.

And as with any other part of the law, there are quite a few different situations that could have very different risks. So if you are unaware of what kinds of potential deficiency risks your particular situation entails…

You may want to hire a lawyer.

Estate Planning and Personal Assets

Do you have an estate plan? Is your home held in a trust, a family partnership, an LLC? Is the property an investment property? While these things usually don’t spell out specific additional risks or problems – they are simply an indicator of complexity. And the more complexity to your particular situation, the bigger the chance of something not going as expected.

They are also an indication of personal wealth. And in the event of something going not as expected and should something happen such as a bank suddenly suing you for the difference between what you sold your house for and what was owed on the note – I have found that lawyers rarely sue people who do not have deep pockets.

So if you have an estate plan or have significant assets…

You may want to hire a lawyer. A Trusted Estate Attorney in San Jose in particular.

Time: The Personal Investment

If you find yourself considering a loan modification, short sale or foreclosure – one thing is certain: it will take a large amount of your time over a prolonged period.

If you find yourself in the situation where you want to trade money for time…

You might want to hire a lawyer.

Now. Having written before about loan modification lawyers, loan modification companies and whatever-else I have said — here is what I personally did when I found myself in the situation where it was time for me to end up with some kind of loan modification/short sale/foreclosure resolution…

I hired a lawyer.

And I went out and got the best group on the business to help me.

Because I learned long ago…

There is nothing more expensive than cheap legal advice.

About the Author:Justin McHood calls himself a “Mortgage Commentator” and works for Academy Mortgage Corporation. You can find his loan officers at Ten Day Close and read more of his thoughts on the mortgage business on Zillow’s Mortgages Unzipped Blog. You can also find him at most East Valley Friday Nights gatherings. He’s the one in the blue shirt.

Looking for more information on short sales? Below is a link to all articles written on this site about short sales:
Phoenix Short Sales

Thinking about short selling your Phoenix home?

Just complete the form below for a no cost, no obligation consultation with one of our experienced short sale experts:

Lost Our Home Pet Foundation is Looking for Foster Homes

March 29, 2010 By Jay Thompson

There’s an amazing organization here in the Phoenix area that does wonderful work with families facing foreclosure to help them keep their pets, and rescues animals that are often abandoned when a family leaves their home.

Check out everything the Lost Our Home Pet Foundation does”¦ Financial aid, pet food bank, foster program, adoptions, rescue aid. I don’t know how many animals they saved or families they have helped. But they need our help to continue.

Their mission is simple:

Our mission is to be a source for real estate professionals and others when they encounter a pet in need. To rescue, rehome, and advocate for pets that have been abandoned or left behind due to foreclosure or eviction. To provide options for families to keep their pets if hard economic times are making it difficult to keep or care for their pet, and to promote spaying and neutering.

Simple, but this requires time, money, volunteers, coordination and lots of effort. And it requires lots of people that are willing and able to provide a foster home for animals.

One of our agents, Michele Guss, is a volunteer with “LOHPF”. She let me know that the foundation is in desperate need of fosters. At this point, the intake of the foundation is at a total stop until more fosters can be located.

Summer will soon be upon us. Can you imagine spending the 115 degree days out in the back yard, or wandering the streets in that kind of heat?

It’s very sad that so many animals get abandoned due to foreclosure. The critters are the forgotten victims of the housing mess.

If you’ve got the space and the means, please consider fostering an animal or two. It’ll do ya good. And Fido too.

If you can help, please contact the foundation, or complete this form.

Here’s a video that shows more about the Lost Our Home Pet Foundation”¦

Winning The Lottery: The Biggest Loser

March 18, 2010 By Justin McHood

The easiest way to avoid foreclosure in 2009-2010?

Make sure you didn’t buy a house in the Phoenix area in 2005-2006.

Ok, so maybe that is over-simplifying it a bit, but my eighty-two-year-old Grandfather has taught me that if you live long enough, you will see it all.

And I can now say with some degree of wisdom:

If you find yourself entering a lottery with a builder to buy a home, chances are you are going to experience a great deal of financial pain in the event that you “win” the lottery.

I hear from people who sit in our local “lottery winner” support groups who find themselves having to deal with difficult choices regarding the home they “won” now being worth less than half of what they paid.

Back in 2005, it wasn’t all that uncommon for builders to take peoples names who wanted to buy a house and then pick a few each month who could have the privilege of buying one of their homes.

Our builder had the same problem other builders had – too many people wanting to buy a house and he wasn’t able to build them fast enough. So the builder set up a lottery and within 2 weeks, the builder had a list of 150 people who put down $5,000 to enter the lottery.

And each month, the plan was that he was going to “release” 3 available lots and pick 3 winners who could then vie for one of the three lots to build a home on.

The first month went by and my name didn’t get drawn.

“Oh no! This meant that next month, he was going to raise the price by at least $5,000! What was I going to do if I didn’t win the next month or the month after that?”

Lucky for me, I didn’t have to wait long – somehow the magic ping-pong-ball-chute shot my lucky number out in month number two.

Sweet! Now all I had to do was plop down $75,000 as earnest money and a year later I could move into my new house.

And so it began.

I was in the process of short selling my house in 2010 and didn’t even see it coming.

I was excited!

I had just won the lottery.

Someone just failed to mention that winning that lottery meant you were going to be a winner — a winner in the biggest loser.

In hindsight, I have to kind of chuckle at the concept of entering a lottery to buy a home – but at the time, it seemed like something perfectly educated, sane people did. Heck, quite a few smart people I knew would just refinance their primary residence take the cash and enter a lottery for an investment property. Those people essentially just doubled-down on a pair of eights in blackjack – forget entering the lottery.

But now I know.

And if I live long enough to see another home builder hold a lottery for the chance to buy a home, you won’t find me standing in line buying a ticket.

Or anyone else who has lived long enough to have seen what happens to past lottery winners.

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Thompson’s Realty Welcomes Francisco & Ismar Vallecillos!

Short Selling Your House: Getting a Mortgage After Foreclosure

Thinking about short selling your Phoenix home?

Short Selling Your House: Do You Need A Lawyer?

Thinking about short selling your Phoenix home?

Lost Our Home Pet Foundation is Looking for Foster Homes

Winning The Lottery: The Biggest Loser

Who is The Phoenix Real Estate Guy?

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