Customer Reviews

How to Sell a House When It's Worth Less Than the Mortgage: Options for "Underwater" Homeowners and Investors

5 star:		(12)
4 star:		(1)
3 star:		(0)
2 star:		(2)
1 star:		(1)

 

 

I bought this book seeking information, but the useful information in this book--which is not great--can be found with a 10 minute internet search. The balance of the book actually addresses the emotion of owning a distressed property. The authors spend a good bit of time discussing religion, which is completely inappropriate for a book of this nature.

When I ordered this book I did realize that the authors were trying to cash in on The Housing Crisis, but at the time there were not a lot of books on this topic; and I thought for ~$13 maybe it'll have a few bits of good information. I was completely wrong. This book is not worth the paper it was printed on, and certainly not worth the time it takes to read it.

The authors are a married couple with little formal education to speak of--in a state of destitution they discovered they could make a living as real estate agents. With the fall of the housing market they opportunistically began "helping" desperate home owners to dispose of distressed properties. They claim altruism, but their guise is very thin.

If you are the owner of a distressed property it would behoove you to hire a competent real estate attorney. Likewise, if you wish to read an informative book about dealing with a distressed property, it would behoove you to select a book written by an attorney or another person of similar credential. I have not yet found such a book, but am actively searching; and you should keep searching as well.

The title suggests a book that is very topical today. While that's accurate, the text is very lightweight in its treatment of the issues. The writing comes across as more of a transcript of a radio show conversation between two moderately informed individuals than a serious, well researched take on a serious set of financial issues facing many families. It's ok, but to me the text is more brochure-ware than financial reference or guide.

Short Sales is not an easy market to work without correct and complete directions from someone that have experience and are willing to show you how to do it the right way. Dwan is making some very good points and the reader should appreciate the value, especially a begginer real estate investor in todays recession!

I heard one of the webinars that they gave and went out and bought this book but it dosen't seem like any of the forms in the book exist on their website ! Dwan and Bill - if you are reading this - please fix this.

T

The author is totally right about the fact that banks are in the business of lending money, not owning properties. To banks, loans are assets, and if people are making their payments, their loans are considered performing, and when they stop making payments, they become non-performing. If these loans do not begin to perform again, they have to be written it off, meaning that the banks have to take them off their balance sheets and declare huge losses. If the banks are publicly traded on the New York Stock Exchange or the NASDAQ, this means that reporting huge losses that can plunge their stock prices. This is not good news for the banks' CEOs, who very likely hold these stocks in their own portfolios, but also have to report to shareholders. As a result, the banks have incentives to make deals with homeowners.

In this book, you will learn what a short sale is and why it is your best option, if you are "underwater," meaning that you owe more than your house is worth. Because sometimes banks do not allow short sales, this book also covers other alternatives such as loan modifications, forbearance, and renting the property out. I think people will find this book useful because there are other solutions than simply declaring bankruptcy or going into foreclose.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

Very timely book. Got the Kindle version. Gives a good historical description of how we got into them mess and what are your options to get out of the mess. Short sales are part of the real estate landscape and will be for the next few years. Chapters give a step by step for available options. Great companion to Short Sale Pre Foreclosure Investing by Sharon Restrepo.

I highly recommend this book. I have attended Dwan's Seminar and have several of her courses and she knows the real estate market. This book gives you the options to sell your house when the house is worth less than the mortgage. This book helps you choose the right option and gives you a step by step way to proceed and gives you the knowledge to solve your problem.

The book shows you how banks thinks. By understanding their mentality you will have an advantage over them when you have located a property that the banks is holding firmly on to. When the bank perceives no equity in an over leveraged property, you now will have your opportunity to create equity with the bank's help. The book shows you how to go about and make that a profitable reality.

I bought this book and read it on vacation last month, I go home every year and stay with my best friend. This year he was under a lot of pressure because he had banks breathing down his throat. Long story short, I bought the book and read it to find out if I could help him out. My wife and I are in the real-estate business -she's a realtor, and we own rental units. I guess I didn't realize until after I read this book just how little I knew about helping a person when they're in jeopardy of losing their home. This book not only gives you the options that you didn't know you had, it also explains them in simple terms, and gives you step by step procedures. There are a lot of forms, I didn't have any problems opening them, but if you do, right in the front of the book on page vii is a phone number to call if you're having problems. This book also tells you what to say to lenders, creditors, debit collectors and so on.
Another impressive thing the author does is take you step by step through the emotional rollercoaster that you go on, this way you don't feel like you're all alone - that's a very depressing place to be. This book gives you hope and a purpose again when your ready to accept it. The following are words from the author that struct me the first time I read them: "Please read this book with an open mind. Its never easy to start over, but it may be necessary. We promise, life can be great again. You can own a home, you can invest in rentals, you can become wealthy, you may even share your story and offer encouragement to others... we do!" and they did in this book.
Well my best friend is still going through foreclosure but he knows what his options are. I'm a thousand miles away and I am able to give him advice. I bought him a copy of this book also. A week or so ago his sister called me and told me that she was losing her vacation house in Florida due to foreclosure. I had her get this book from him and told her some quick things to read, now she knows some things she can do also.

I more then recommend this book. MC

Read this book, educate yourself, get on their mailing list and let them continue to teach you. Taking action is the key, applied knowledge is power. This book will clarify what can be a very confusing process, they simplify the process and provide very usable information for both homeowners and investors alike. A small price to pay to save you thousands in the big picture. Highly recommended.