Sell your house in nine days
This website and my work is extensively quoted in a New York Times article that just came out.
Thanks for visiting. My name is Richard Geller and I have the answers to short sales that you are looking for.
I'll also tell you a little about slashing credit card debt, buying with no money down and no credit, and stuff like that. I teach it all in my home study course (available for only the price of shipping and then you can try it before you buy it.)
(Scroll down to the bottom of the page if you want ordering info on my course)
I helped develop several courses that teach hundreds of real estate agents, homeowners and investors how to do a short sale in nine days.
How can you sell your house in nine days when buyers are as scarce as hen's teeth?
Well, you can sell any house in almost any area (maybe not a blighted downtown area, but almost everywhere else…) You just can't do things the way they're usually done.
Because this is an unusual market. We are in the midst of a property crash. And if you don't know what you are doing, your house will never sell.
But if you know how to sell a house in nine days, and make it a short sale, you can make a lot of money or at least get out with your skin in one piece.
In this short video, I explain how you can sell your house in nine days. When a short sale is do-able and when it isn't.
How you can avoid personal liability, and when you can't.
How the nine day house sale works.
And how to get your lenders to say "YES". So please enter your first name and email and the video will load. You will want to watch this several times because it is packed with information you probably haven't heard before.
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And a couple other things:
Why your house hasn't sold by now? Because you haven't priced it right and you aren't using the right sales tactics to sell it.
Why aren't the "top Realtors" the right folks to sell your house? Because they are too wrapped up in not letting prices fall in your neighborhood. They are afraid if you price your house too low, it will screw up their other listings and make homeowners in the area mad at them. Oftentimes the "top Realtors" (really the listing agents) in your neighborhood are your worst enemy when it comes to selling real fast.
What makes the nine day house sale work? It works because it prices your house at 50% of market value and gets a lot of interest. Then people hate to see something get away from them like that, a huge bargain, and so they bid upwards from there. Over thousands of sales done this way, it has been shown that the nine day house sale will get you a market price just like listing on the MLS will…except it can be weeks or months faster.
How do lenders decide whether or not to accept a lowball offer? Lenders will do a BPO, or Broker's Price Opinion. In some areas they will do a full blown appraisal although usually they do a BPO. In my system that I teach you and use, I get a BPO first. I work to get a low BPO. And then I give this to the lender along with the short sale package. The lender will use the BPO I supply to do their own — and establish that the offer is a fair one. That is how you get the lender to say "yes."
What about having a Realtor do the short sale? I recommend either you do your own short sale negotiation, or you hire someone who specializes in that. Realtors are sometimes good at selling a house but the process of negotiating with the lender is a different kettle of fish than they are used to. Are some Realtors good at both selling a house and negotiating with the lenders? I suppose so but most are not.
Am I, Richard Geller, down on Realtors? No. A lot of Realtors buy my course. I love Realtors and wish a lot more would use the nine day house sale method. But good Realtors are rare today.
What about hiring an expert to do the short sale? I work with some trusted people I recommend. They charge $200 or so usually and they collect the balance of their fees out of funds a buyer brings at the closing. So you are out only $200 and not thousands. And if the short sale doesn't go through, you don't owe anything. I work with specialists like a law firm that can deal with two mortgages, IRS liens, complex situations…or simple ones, in all 50 states.
And what about other debts like credit cards? Ugh. I work with people all the time with tens of thousands in credit card debts. Did you know you can get the card companies not only to cut your interest rate, but slash how much you owe? You can do it yourself with a simple technique. I teach it in the Mortgage Relief Formula. And it will probably give you a bigtime increase in FICO score in about one year. Meanwhile you'll be out from under all that awful debt!
Are you ready to buy something else? I teach you how to buy with no money down, no bank qualifying, even if you have bad credit. I don't apply for a bank loan and I have bought tons of properties. I show you how. That doesn't mean I think it's the right time to buy…just that I show you how to buy when you are ready, even if you have bad credit.
Here's a shot of the Mortgage Relief Formula home study course that covers all this stuff:
And if you are looking for testimonials, click here for what people are saying about Mortgage Relief Formula!
questions? You may call me at 877-691-DEBT (3328) ext.101
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31 Comments on Sell your house in nine days »
March 24, 2008
sandra Jennings @ 2:51 pm:
Aloha Richard, my adjustable rate mortgage is about to adjust. i have tried to refinance with two organizations so far and they are not interested. my mortgage is 395,000. my property worth is at least 1,000,000. i am self employed, business is DOWN!!
My credit score is 589. I want to keep my property. I can rent my house and fix up an out building to live in. just need to refinance and due repairs to main house. need to get through these tough times.
If you think your book can help me, great! let me know.
thank you so much,
sandra jennings
Richard Geller @ 2:53 pm:
Hi Sandra, no it won't help you refinance. I am sorry. It will help you if you want to get the loan modified so the lender freezes your rate, or lowers it. That would be my suggestion.
regards
–Richard
March 25, 2008
Warren Petersen @ 8:18 pm:
Short Sales ruin your credit!!!
Richard Geller @ 8:27 pm:
They are far better than lates, notice of defaults and public records, and foreclosure. They are reported as "paid - settled" and they do *not* ruin your credit.
March 26, 2008
karoll-ann @ 1:04 pm:
signed up and try to download your report and got an error message.
What about deed in lieu of foreclosure? do you address that in your book also?
Richard Geller @ 2:07 pm:
I have a chapter in the course on deed in lieu. Deed in lieu isn't as good as a short sale but there are instances where it is a good thing to do and I discuss it.
regards
–Richard
March 30, 2008
Elizabeth @ 7:30 pm:
I have 2 Mortgages, one with CW at 5% and the other with GMAC at 14%, my house is upsidedown in value but this is all I have I am 74 years old and can't refinance. I owe about 280,000 ( bought for 210K but cashed out ).house worths about 220,000 I want to keep my home how can I negotiate the interest down on the second? since I no longer have the income I used to have I can't pay anymore. I get about 3000 a month plus have over $120,000 in credit card debt I am drowning, If I don't die from natural reasons, this situation will surely kill me, what do you suggest I do. I am desperate, please help (my credit is still good and current on everything )
Can I do a short sale on the second at lets say 10% and keep the first? or refi the first plus the 10% from the second ( if a short sale was approved), can this be done? Am I making any sense?
PLease please help….Hilda E.
March 31, 2008
Richard Geller @ 6:45 am:
Hi Elizabeth, I feel your distress here.
it is sometimes possible to get the second mortgage holder to reduce your interest rate. And to negotiate your credit card debts down. Reductions of the principal are done all the time. It certainly isn't worth the distress I hear from your message. Life is really too short for all that. The fact is, the second mortgage holder is wiped out mostly anyway. If you get help in this, I think you might be able to get them to reduce interest.
I know you want to stay in your house but have you thought about a short sale? That is also quite common and would get you out from under these crushing mortgages. Then you can negotiate a reduction on the credit card debts.
regards
–Richard
April 2, 2008
Gary Shull @ 5:19 am:
Dear Richard, We bought property in Naples, Florida at its peak for @$445,000 and there are similar units never lived in being sold by the builder listed at $239,000. The last property that sold in there about nine months ago for $275,000. We have rented the property at $1500/mth to try and keep up. At present we are current but do not want to keep the property. The property is only in my wife's name. Our accountant says he we are technically insolvent. We have consulted an attorney, but he does not specialize in short sales and I learned more from your video than I have from anyone I have consulted with to date. We were told that we needed to default on our mortgage payments in order for the bank to consider us for the short sale process. We need your help. We would be interested in your conferencing us in with an attorney that really knows what they are doing. We would like for you to send us your course also. How do we proceed? We are presently in Naples, Florida Thanks Gary and –name deleted for privacy–
Gary Shull @ 5:27 am:
Richard,
Can we do a short sale without defaulting on our mortgage? We were told by Countrywide that we would need to be at least 30 days late in order to be considered for the short sale process.
Thanks,
Gary
Richard Geller @ 5:41 am:
You don't have to be late on your mortgage payments, to do a short sale. If someone tells you that you do, hang up and call back and speak to someone else.
To modify your existing loan, you will have to be late by several months. But to do a short sale, you usually do not have to be late. So that affects your credit less because you do not have the late payments on your credit report.
–Richard
April 18, 2008
Roberto Pancorbo @ 9:52 pm:
Dear Richard,
I saw your video and i think your presentation is awesome. My question is, What happens if you get served with foreclosure papers and you do not respond to the Summons? Do we still have options?
Thank you
April 19, 2008
Richard Geller @ 7:32 am:
Roberto, you have options because the lender can hold off on foreclosure and will prefer to do so, if they have reasonable hope that you are going to do a short sale. A short sale will get them more money than foreclosure can. So the answer is, you do have options.
regards
–Richard
Danny J Sanchez @ 7:27 pm:
I am trying to help a client do a loan modification, however "Homeeq servicing" is not budging, they say they have "no" loan modification programs at this time, they only do a "loan repayment plan", which makes you still repay your loan and does nothing about lowering your payments. have you heard of this company?
Richard Geller @ 10:21 pm:
Danny, they are a loan servicer and are restricted as to what they can do by the actual noteholder. However, what if your client stops paying for 60 to 90 days. I don't encourage this but that is often required to get lenders to agree to a loan mod.
–Richard
April 29, 2008
gayle @ 10:41 pm:
Can a loan modification hurt your credit have arm 2/28 just reset april have 2nd not late on any just want to stop the interest climb. I can still make payments but credit score 630 so refi is hard. what the best way to go thanks
May 1, 2008
Richard Geller @ 12:54 pm:
Hi Gayle, a loan mod will not hurt your credit on its own. But often the only way to get a loan mod approved is, among other things, to be 60 days late or so on your mortgage. That is not all that is required but without being late, you have a hard time getting the lender to agree.
If you package things right you can often get a loan mod approved. And this can be a do-it-yourself project.
regards
–Richard
May 2, 2008
chris @ 12:42 am:
Hi Richard,
My question: I am upside down in California. Bought high at 550K. Worth now, 480K maybe. Lets say, the short sell happened and sold at 460K, What happens to the difference 90K (550K - 460K =90K )? Who absorbs this lost… I am so confused… Thanks.. Drowning in CA. Like everyone else….
Chris
May 12, 2008
Richard Geller @ 7:47 am:
Hi Chris, the difference is absorbed the the lender. The debt is cancelled out. The first mortgage lender in California lacks recourse to go after borrowers for their financial losses, as a general rule. So they eat the losses themselves.
regards
–Richard
May 15, 2008
lynn @ 11:39 am:
Richard,
Like many I purchased at the peak. Bought at 200,000.00, paid the minimum payment for a year before realizing that all that interest was tacked on to the principal of the loan. Now the loan is 216,000.00 with houses in our neighborhood now selling in the 140,000.00's. Cannot refi because of the ratio. To top that off, I had an adjustable arm that went off the chart. Got them to put the loan on a fixed rate, but the rate is still very high, about 7.75%. My loan to value is at 97% so even Fha/Hud will not help me refi. Oh course, I have 0 equity in the home, but love it and want to stay. I am about at the end financially just trying to keep up the payments. I have always had excellent credit and excellent payment histories, but that is about to go out the window. Between the house and credit card debt I owe 10 times more than I have. Any suggestions? Thanks,
Lynn
May 20, 2008
Mary @ 5:34 pm:
Do you have links to your articles on home loan modification? Loss one job and now have 5000.00 per month with 2500 mortgage and 2600 child support, 600 car payment 500 utilities. The loan has 1500 for interest.
June 12, 2008
Sherri @ 10:37 pm:
Richard,
I have a house worth $475,00 in Southern Ca and have a 1st worth 580,000 and a second for $87,000 and both are with Bank of America. If I do a short sale for $475,000 or so then do I have to pay the difference of $200,000 to Bank of America? Since I am so upside down, would you agree that they would not offer me a loan modification and only offer me short sale options? Also, I did get them to agree to a loan forebearance for three months June-Aug but then I do not know what I am going to do. The loan forebearance has me paying 50% of the mortgage payments right now. If I do a short sale, do I have to pay taxes on the $200,000 loss that BofA will take due to the short sale? Am I better off to just foreclose? The reason I cannot afford the payments is because of financial difficulties with my husbands job. I still have my same job that I had when I got the loan. I am the only one named on the loan and my husbands name is only on the deed and not the loan. Also, I have 60K in credit card debt and I am not late on those payments yet. How do I negotiate down the balances of my credit card debt?
June 13, 2008
Richard Geller @ 6:42 am:
Hi Sherri, remember first that I cannot offer legal advice or anything like that because I am hopelessly unqualified.
Here is what I would say.
1. If you do a short sale for $475K, the first mortgage in CA can't do anything to you. Any time a house is sold through trustee sale in California, the normal foreclosure process, the foreclosing lender cannot go after the borrower for any deficiency.
2. This applies whether or not the mortgage is a purchase money mortgage, refi, whatever. If it's sold a trustee sale, they cannot pursue the borrower for any deficiency.
3. The second mortgage holder can generally go after the borrower these days because they do not foreclose since they have no equity.
4. You need to negotiate with the second mortgage holder.
5. Whether you owe income tax depends upon your situation but if you are technically insolvent, which most people are in this position, you probably won't have any income tax liability for cancellation of debt income. And if this is your principal residence, that also means that in most cases you won't have to pay income tax on the "income" even if the lender sends you an 1099.
regards
–Richard
June 14, 2008
Sherri @ 10:48 am:
Thank you Richard. It seems from you are saying that a short sale is a foreclosure in a sense. How do I get the bank to agree to a short sale of $475 when I owe them $680K? Also, the 1st and 2nd are both with BofA - does that help or hurt me?
July 24, 2008
Rebecca @ 7:39 pm:
Hi Richard,
I'm looking into load modification. I saw your webpage and it says that it's hard to qualify. I've spoken to a real estate broker and he was in the mortgage biz for 18 yrs. Now he's doing load modifications for people. He's charging $1,950. Half of it he wants up front the last half he wants in 30 days. I spoke to him today and he said nothing about it being difficult to "qualify." My mortgage is with CountryWide. I'm in and 80% 20% situation. Interest only for 5 years on the 80, almost 21/2 years of the 5 are over. the 20 is a conventional at 7.5%. Got any suggestions?
August 4, 2008
neil @ 8:48 am:
Hi Richard, I have a 3 family property in MA with an interest rate and payment that makes it difficult to make payments. Several properties in the neighborhood have been foreclosed on. My mortgage is with Greenpoint and I filed loan modification paperwork with them in March. They continually give me the run around and say "they are working on it". I am not behind in payments as I value my credit but I have contributed some of my own funds to keep the payments up to date. What can I do to move this process along? Any help woud be appreciated greatle……
Sorry about your troubles. I don't suggest anyone stop making payments. But lenders make it very tough to get a loan mod for people who are on time. Sad but true. By 60 days they want to deal.
–Richard
August 15, 2008
Jon Hulett @ 8:36 am:
Actually they DO impact your credit, but only a 3 out of 9… A 1 is a good account, and a 2 is an account closed by bank for any reason.
The trick is getting the back to repport it SETTLED, especially on a short sale workout for a 2nd lien.
August 29, 2008
marie @ 1:26 am:
Richard,do you a loan modification instruction/guidelines to be successful in negotiationg with lenders?
It's in Mortgage Relief Formula. The whole explanation step by step including letters to write and so forth. For now anyway
warmly
–Richard
September 10, 2008
Allan @ 8:06 am:
It is true they deal when you are behind. so your credit will be affected. it just matters how much it will get hit. There are ways to delay a foreclosure as well as some service companies do not have the original note to show the judge. DIY books do help to a degree but how to really get to the person who 500 to 1000 loan mod files on their desk It' a job to them, to you it's the next 7 years of good credit or bad credit.
November 5, 2008
Sky Minor @ 7:24 pm:
Hello, I work in the non-profit sector doing loan modifications and I am also a realtor.
March 7, 2009
Adolfo @ 7:48 pm:
If I do a short sale on 3 investments properties that I don't want to keep because their value has dropped about 40% and payments are higher than the rent I received because of adjustable option arm loans, will I have to pay taxes and declared the unpaid loan amount as income? I am solvent right now and make a decent income so I want to make sure I don't end up paying lots of money in taxes. Thanks!