|
The Pre-Foreclosure Solution for Realtors, Partnering with NOAH on“Short Sale” transactions!
The N.O.A.H. Foundation, Inc. (hereinafter referred to as NOAH) is an IRS recognized 501(c)(3) non-profit organization founded in August 2001.
NOAH’s Mission Statement: To promote affordable housing nationwide and within the State of Florida by educating homebuyers and home sellers to their homeownership Down Payment Assistance entitlements, benefits, and exit strategy options.
NOAH now provides Homeowners mortgage exit strategies including Pre-Foreclosure/ Short Sale Acquisitions by NOAH.
NOAH has designed a Short Sale acquisitions system that provides homeowners an alternative to foreclosure while maximizing affordability for future homebuyers and profitability for participating Realtors. As the Real Estate economy has continued to decline (leaving more and more homeowners on the brink of foreclosure and/or bankruptcy), NOAH has realized the need to focus the majority of its efforts on aiding housing and economic recovery by sponsoring a new program designed to mitigate and limit the impact of foreclosure on economically challenged households. NOAH’s program will provide income opportunities for both Listing Agents and Buyer Agents while providing affordability for new homeowners.
Reasons why Realtors should consider partnering with NOAH
- Increased commission opportunities for both Listing Agents and Buyer Agents. NOAH’s access to a $10 million dollar line of credit for Short Sale acquisitions means more opportunities for NOAH participating Realtors!
- NOAH and Realtor team effort provides a more efficient and effective exit strategy for Short Sale Sellers.
- NOAH handles all negotiations and frees Agent to work on his/her business.
- As a NOAH participating Agents, you will gain business and help the economy by preventing foreclosures.
- NOAH participating Agents earn twice the commission income with a fraction of the work.
- NOAH will be providing leads of Short Sale Sellers to NOAH participating Agents.
How NOAH can help Real Estate Agents and Short Sale Sellers
NOAH can provide solutions to Agent commission obstacles inherent in Short Sale transactions.
Top Five (5) Agent obstacles to earning commissions through Short Sales
#1) Commissions discounted by Lenders.
#2) Need a written offer to send to Bank and there are no current offers.
#3) Send the short sale package to the Bank without a contract and the Lender does not want it.
#4) You find a buyer, but the short sale process takes too long so the buyer “walks”.
#5) Agent wastes too much time trying to negotiate with Lender when they should be promoting their properties and themselves.
#1- Commissions discounted by Lender. NOAH solution:
- NOAH guarantees full commission on every transaction that closes.
- Listing Agent and Buyer’s Agent receive 3% commission each.
- NOAH purchases the Short Sale and Realtor retains the listing rights.
#2– Need written offer to send to Bank and there are no current offers.
- Solution: NOAH will make offer on every single short sale property that agent can refer provided:
- Property meets our “buy” criteria
- No condos, townhomes; must be single-family home
- Market value minimum of $150k
- Offers will allow the Short Sale negotiations to start.
#3- Agent sends short sale package to the Bank without a contract and the Lender does not want it.
- Reason: Lenders are overwhelmed with Short Sale packages and can spend time only on those packages that have offers.
- Solution: NOAH makes offer on the short sale property.
- Short sale process moves forward and Bank BPO can be ordered.
#4– You find a buyer, but the short sale process takes too long so the buyer “walks”.
- Solution: NOAH Short sale negotiations are in process and advanced.
- NOAH coordinates with agent on listing price depending on negotiations.
- Once Buyer makes offer it can be accepted or countered immediately.
- Process ensures that when qualified offer is received the transaction can close timely (within 30-45 days).
#5– Agents waste their time negotiating with Lenders when they should be their properties and or themselves.
- Solution: NOAH handles all negotiations.
- NOAH staff performs initial BPO and meet with Bank BPO agent.
- Agents can continue to find more listings and buying opportunities.
Steps in a “NOAH” Short Sale Transaction:
a. Agent refers seller client to NOAH for screening & review
b. NOAH coordinates with Agent for required documentation
c. NOAH orders title search and initial BPO
d. NOAH submits Lender package(s) and begins negotiations
e. If original NOAH offer is accepted – NOAH closes on the property
f. If offer is declined, Agent lists property to attract acceptable offer and close
How NOAH Short Sales benefit the Homeowners
a. Avoid “foreclosure” impact on credit and can be back in the home buying pool usually within 2 years.
b. Most lenders waive their rights to claim any deficiency judgment.
c. Allows homeowner-seller to get on with their lives.
d. With the assistance of the Agent, homeowner goes from a state of distress and despair to a renewed/revitalized outlook on life!
NOAH call to action for Agents - Next Steps for Interested Agents
Consider benefits of working with NOAH: What if, you, as a NOAH participating Agent could. . . .
- Sell properties below market value
- Outsource all Short Sale negotiations to an expert
- Jump start the Short Sale negotiations to attract Buyers and expedite Seller relief
- Title and escrow provided by experts
- Earn full commissions – Twice the commissions with a fraction of the work
- Be eligible to receive new clients through NOAH referral
- Measure success by the positive difference(s) you are able to make in the lives of the clients you serve while being able to earn a decent living in today’s uncertain economic times
Those agents interested in participating with NOAH are requested to complete the “NOAH Realtor Questionnaire”.
NOAH will contact Agents interested in getting started and set up interviews.
|
