Tuesday, April 30, 2013

Travis Jones of Rush Properties Debunks Foreclosure Myths

According to Travis Jones, Rush Properties have served homeowners facing foreclosure for over 15 years. In Kansas and Missouri, Travis Jones, Rush Properties and have worked with hundreds of homeowners at all stages of the foreclosure process and offer the following truth about foreclosures.

First, begins Travis Jones of Rush Properties, foreclosures don’t only happen in poor areas. In fact, according to RealtyTrac, the biggest increases in foreclosure rates are amongst the $1MM-$2MM+ homes right now. Almost every neighborhood across the country has experienced some level of foreclosure activity, confirms Travis Jones. Rush Properties has worked with homeowners in the toniest areas of Kansas, to the poorest.

Travis Jones, Rush Properties owner continues, foreclosed homes are not all in serious disrepair. Many people think that foreclosed properties have been stripped of their plumbing or worse, but this is overwhelmingly not the case, comments Travis Jones of Rush Properties. A majority of foreclosed properties only require cosmetic fixes. People who face foreclosure have pride in their homes, just like everyone else, Travis Jones of Rush Properties reminds readers.

By the same token, notes Travis Jones of Rush Properties, buyers should not be looking for bargain basement deals on foreclosed homes. While banks will price their homes to sell, explains Travis Jones of Rush Properties, they are still in the business of making money and recouping their losses. If a foreclosed home has been on the market for some time, the bank may be more willing to move, advises Travis Jones, Rush Properties founder.

People also imagine foreclosures lead to blighted neighborhoods, suggests Travis Jones of Rush Properties. The fact is, many investors, like Travis Jones, Rush Properties, purchase foreclosed homes, renovate them, and improve the homes. At the same time, foreclosures may impact appraisal values of comparable homes, explains Travis Jones. Rush Properties has found that foreclosures in the neighborhood now factor into home appraisals, when in the past they have been excluded.

Many think foreclosure is quick—as if the bank comes in one day, and the homeowner is evicted by week’s end. This is simply not the case, notes Travis Jones. Rush Properties has seen the foreclosure process take months, even years to finalize. This lengthy process can be a good thing for homeowners looking for alternative options for getting out of their mortgage, explains Travis Jones, Rush Properties founder.

Travis Jones, Rush Properties founder, tells homeowners facing foreclosure to take heart: being foreclosed doesn’t mean never owning another home. Yes, it may take three to five years to be qualified to buy again, but foreclosure is not a home-buying death sentence, confirms Travis Jones of Rush Properties.

About Travis Jones, Rush Properties and Cherry Park Properties co-owner

Travis Jones started Rush Properties in Olathe, Kansas to meet the needs of homeowners facing foreclosure. When not aiding homeowners, Travis Jones of Rush Properties enjoys volunteering, gardening, and spending time with his wife and three children. To learn more about Travis Jones, Rush Properties and Cherry Park Properties, visit cherryparkproperties.com.

Sunday, April 28, 2013

Travis Jones of Rush Properties Says Foreclosures Are on the Decline

A recent analysis by RealtyTrac, a foreclosure listing firm, revealed that the number of new foreclosures is steadily decreasing. So far this year, researchers noted an 11 percent reduction from previous year. The decline in foreclosures is the result of several factors. A brighter outlook for job growth combined with low mortgage rates means that the worst of the recession is over and the real estate market is on its path to recovery. Foreclosure expert Travis Jones of Rush Properties says that the higher demand for properties combined with a shortage of available homes have pushed home prices to rise slowly but surely since the previous year.

The national trend indicates that the country is past its worst, says Travis Jones, Rush Properties’ former president. Florida and Nevada have fared worse than other states when it comes to foreclosures, as those states were among the hardest hit. One of every 300 homes in Florida is in foreclosure. Nevada follows in second place, with Illinois in third place.

Rising home values help homeowners gain more equity, which can lower the foreclosure risk by helping them refinance their mortgages or help them sell their homes at a better price, says Travis Jones of Rush Properties. According to CoreLogic, nearly 1.5 million homeowners who were behind in the mortgage payments were positioned into positive equity in the first few months of 2012.

Since the property supply is more limited, many properties draw multiple offers, which creates a sellers’ market. This indicates that even bank-owned homes are now selling for higher prices, says Travis Jones of Rush properties. That has motivated banks to authorize more short sales to help homeowners avoid foreclosure. A short sale happens when a lender accepts a smaller amount for a property than what the seller owes.

According to Travis Jones of Rush Properties, fewer foreclosed homes and higher prices means encouraging news for all homeowners since these homes won’t be dragging down the value of nearby properties.

Friday, April 26, 2013

Travis Jones of Rush Properties Discusses Foreclosure Redemptions

An entrepreneur based in Olathe, Kansas, Travis Jones of Rush Properties is known for his expertise in foreclosure real estate. Recently Jones answered a few questions about a little-known aspect of the Kansas foreclosure process known as “right of redemption.”

Q: Travis Jones, what is the homeowner’s “right of redemption?”

Travis Jones, Rush Properties: After a homeowner has defaulted on his mortgage, the lender has the right to file a foreclosure lawsuit in the county in which the property is situated. If the homeowner is unable to respond by paying all the back mortgage payments and fees, a judgment will be granted by the courts and a sheriff’s sale will be ordered, which is a public sale by auction on the courthouse steps. The mortgage holder will generally start the bidding with the amount actually remaining on the loan plus cost related.

Q: What happens then?

Travis Jones, Rush Properties: The homeowner can stay in the house for 90 days after the sheriff’s sale unless 1/3 of the original debt is paid at the time of default then the redemption period is 12 months. This begins what is known as the redemption period during which time the homeowner also has the right to keep the house by paying in full, in cash, the full amount of the winning bid at the sheriff's sale. If the full amount is not tendered by the end of the redemption period, the homeowner will need to vacate the home that now belongs to the successful bidder of the sheriff's sale.

Q: What is the major problem for potential investors with regard to redemptions?

Travis Jones, Rush Properties:
Purchasers at sheriffs sales are exposed to multiple dangers of title issue, homeowner and lienholders rights, etc. It is therefore highly advisable to use an attorney experienced in foreclosure law and redemptions rights.

Travis Jones, former President of Rush Properties, is currently a partner in Cherry Park Properties. He is married and has three children.


Wednesday, April 24, 2013

Travis Jones Rush Properties Warns of “Equity Skimmers” in Residential Foreclosure Market

Travis Jones of Rush Properties is an entrepreneur based in Olathe, Kansas with expertise in foreclosure real estate. In the past 15 years, he has focused on increasing home values through property improvements within the Johnson County area as well as assisting homeowners in foreclosure with their needs through various compensation options. Recently he answered a few questions.

Q: Travis Jones, what is an “equity skimming?”

Travis Jones, Rush Properties: One form of Equity skimming occurs when a Homeowners selling the property including the redemption rights to a third party. The third party then takes possession and rents the property during the remainder of the foreclosure process. The third party does not assume the liability for the repayment of the mortgage and note or for the judgment after foreclosure. The Homeowner is still liable for the mortgage and note or the judgment. While it is legal for an investor to acquire a property in foreclosure and the redemption rights, an “equity skimmer” often buys the property including the right of redemption, collects the rent but does not service the underlying mortgage. The homeowner still owes the original mortgage and loses the home but the investor pockets the rent, plus gets the property.

Q: Isn’t this illegal?

Travis Jones, Rush Properties: Yes, it is a form of equity skimming and forbidden by State statute and one should seek legal counsel.

Q: How can this be avoided?

Travis Jones, Rush Properties: It if always best to work with an established Company and real estate attorney if facing foreclosure and of course, be aware. Not all Companies are out to take advantage of a Homeowners and your local foreclosure attorney will know which Companies to do business with.

Travis Jones, formerly of Rush Properties, is currently a partner in Cherry Park Properties. He is married and has three children. When not working, Travis likes to spend time with his family, work in his yard and spend time on the water.

Monday, April 22, 2013

Travis Jones of Rush Properties on Low Home Inventory and Higher Home Prices

According to the National Association of Realtors, prices for single-family homes rose more than 80 percent in 2012. While conditions are still advantageous for buyers, the market is changing, says Travis Jones of Rush Properties. According to a recent study, both home prices and home sales will continue to increase in 2013. Today, Travis Jones, Rush Properties’ former president, advises homebuyers to take advantage of low mortgage rates and buy sooner than later.

Q: For the last few years, we’ve been in a buyer’s market. Is the market finally starting to turn around?

Travis Jones, Rush Properties: Yes. We see more homebuyers competing for new homes, thereby creating a moderate sellers market. It’s all about supply and demand.

Q: What does this mean for the buyer?

Travis Jones, Rush Properties: A tight inventory means that house prices will continue to rise this year. And right now, inventory is down and prices are moving up.

Q: So is now still a good time to buy?

Travis Jones, Rush Properties: Yes. I would tell new homebuyers to purchase sooner rather than later. The inventory is down, but the mortgage rates are still at historic lows, which will eventually go up.

Q: Can buyers still get good deals on foreclosed properties?

Travis Jones, Rush Properties: Unfortunately, foreclosures are still very high in this country and buyers can still get a good deal on a foreclosure even though they are down 30 percent from a year earlier.

Q: What advice do you have for homebuyers?

Travis Jones, Rush Properties: I always tell homebuyers to do their homework regarding price, location and market availability, whether it’s a foreclosed or non-foreclosed property. Only buy what you can afford; remember you are looking for a home that offers quality of living more than an investment.

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