Amber Gunn

    Amber Gunn's Articles

    • Short Sale Terms

      What is a short sale? A short sale is the selling of a house for an amount that is lower than the balance left on the mortgage loan. It is a better alternative to foreclosure for both the lender and the borrower because the lender avoids the exorbitant fees that a foreclosure entails and the borrower lessens the negative impact on his credit score, compared to the effect of foreclosure on credit score.Short Sale Terms For Investors & Home OwnersAdvertising- (or Publishing)A copy of the Notice of Foreclosure Sale must be published once a week for four weeks.Bankruptcy-Chapter 7Often called…

    • eSignatures for Real Estate Explained

      Things are going digital at a fast pace, and eSignatures in real estate are proof of that. Depending on your agent, she or he may have you sign some of your contracts and disclosures through a secure webpage online. If you’ve ever signed on a pad for a card purchase at a retail store or supermarket, you’ve applied an eSignature.eSignatures are a digital take on traditional pen-and-ink signatures. When you sign something digitally, it usually involves you typing your name and/or the last four digits of your Social Security Number from your computer (or, on a tablet like an iPad)…

    • I Promise To Write Only What I Am Passionate About, And For The Last 7 Years It Has Been Accountability

      When I transitioned from accounting to real estate in 2004 as a business development rep for Fidelity National Title, I knew no one in the business. A law in TX called “P53” had passed with the Texas Dept of Insurance outlawing title companies to buy business from REALTORS via lavish trips, dinners, parties, marketing ploys, etc. I got there right in time for the paradigm shift to actually earning the business. So, what I realized early on going from salary to base + commission is that there is a lot less supervision and more room for being lax on the job. That…

    • Accepting A Short Sale Counter Via Equator And Slipping In A Promissory Note Afterwards? What?

      I’ve had this short sale listing for quite a while. The lender is Nationstar. It’s under 100k, and it’s clearly not going to make me or break me. But when I meet with my seller and commit to helping/saving them, I take that very seriously, no matter how much the house is worth. A foreclosure is a foreclosure, and will do anything and everything to save them. Oh, you should hear the stories… That will be a series of future blog posts. :)Via Equator, they countered our original offer with specific terms that includes a line item for “Buyer Contribution”.…

    • How To Travel For Real Estate Cheaply

      Those of us in real estate need to remember to maintain a healthy work/life balance. Work hard and play hard… Right? I love this new single by Kenny Chesney called “Live a Little”.I’ve always been thrifty, as you can’t take the accountant out of the girl, but being a single mom for 11+ years has defiinitely enabled me to “hone” in on my skills, if you know what I mean. I thought it merited me sharing with you. And for all of you gurus and seminar goers and people who buy property out of town this will definitely help!Tips For…

    • Short Sale And Short Paper At The Same Time? What?

      Is anyone double dipping on short sales and buying notes? If not, they should! So, how do you that? Listen closely.I’m a broker. I have a short sale listing. Clearly, they have missed payments if I’m advertising it’s a short sale, at least 99% of the time. It was a 500k home until about a year ago. Now it’s a home worth 400k. Unfortunately, the owner still owes 500k. They are 100k upside down or in the hole. So, I have it listed, and we get an approved short sale from the lender at 350k. All the while, I’m talking…

    • 10 Questions Every Dave Ramsey Fan Should Ask of Their Realtor

      Dave Ramsey was right on target when he stated that “not all real estate agents are the same”. It should definitely be a hiring process to choose the right person (fit) for “what is probably the single largest financial investment you will ever make.” I was asked these same questions as a TX broker almost 2 years ago. Here were my answers. 1) What makes you different? Why should I list my home with you? I am a real estate broker. I have experience in negotiating creative real estate including loan mods, short sales, note purchases, owner financing, subject to,…

    • Buying The Note (Defaulted Mortgage) From A Well Known Banking Institution

      What are the Steps involved when I purchase a non-performing note from a big bank?Whenever a got wind of a non-performing note or a bulk REO list made it across my desk with a property that was worth pursuing – I immediately found a way to communicate with the Asset Manager. We inquired about what protocol works best with their lending guidelines. The result was that they prefer “one-offs”, which means purchasing ONLY individual notes, not pools.Outlined procedures included submitting a spreadsheet (or tape as they say it) with loan number, property address, borrower name, and offer price for their review. Something…

    • Time Blocking and How It Changes Your Life

      Here is a sample of my daily schedule. I don’t always stick to it, but I have a guide. It’s been quite beneficial in keeping me focused, and I usually end up finishing my work early to have more play time. Turning my phone and email off outside of specified times have changed my life! Hope you this motivates you…AmberMondayTuesdayWednesdayThursdayFriday9:30vm/emailvm/emailvm/emailBody Pumpvm/email10:002011 AccountabilityMLSShort SalesBody PumpFlyer10:302011 AccountabilityReview TapesShort SalesReview TapesFlyer11:00Emails on LOI’sReview TapesEmails on LOI’sReview TapesMLS11:30lunchlunchCardio Dance Partylunchlunch12:30AMH websiteCalls on LOI’sShort SalesASS websiterecap1:00AMH websiteCalls on LOI’sShort SalesASS websiterecap1:30vm/emailvm/emailvm/emailvm/emailvm/email2:00Review TapesAsset Mgr CallsShameless PromoAsset Mgr Callsvacation3:00Amber BlogWCN websiteapptapptvacation

    • The Best Time To Target Property Owners For Short Sale And Non-Performing Note Leads

      We had an investor inquire about when was the best time to approach homeowners facing financial difficulties to see about working with them to help solve their “hiccup” by listing their home for short sale.Stage 1 Delinquency on Mortgage:This is where the homeowner starts to be late on their mortgage payments. You can purchase lists from credit bureaus of 30, 60,90 day lates and start targeting them with marketing. What is the upside? Less competition from other agents and investors because you obtain the client info early before the Notice of Default (NOD) or Liz Pendence is filed with the county…

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