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Mar 19, 2010 at 07:50 PM
Front PageNewsLocal Major Banks Choose Local Realtor to Handle Their Bank Owned Properties
Major Banks Choose Local Realtor to Handle Their Bank Owned Properties
Written by Sentinel News Service, on 10-08-2009 00:00
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Major Banks Choose Local Realtor to Handle Their Bank Owned Properties
Since launching his Real Estate career, Paul Cargile has built Cargile and Company Realtors into a firm that is trusted by many of the major banks and financial institutions to handle their REO (bank owned properties). Now after 27 years of REO sales, Cargile and Company is adding short sales to the service they provide to the community. A Short Sale occurs when the bank accepts less for the property than is owed to the bank by the borrower. The failing economy and tight credit has created many situations where a Short Sale is the best answer for everyone concerned. Preserving credit, the borrower walks away from the house with perhaps a slight ding to their credit but not a foreclosure. "Borrowers should not wait until they are far behindin their payments. Instead, they should not hide from the bank but work with the bank through a real estate firm such as Cargile and Company Realtors.
A stroke of fate revealed the love of working with real estate to Paul. After finishing college at Ohio State where he did his undergraduate and graduate work, Paul moved to Los Angeles to accept a position at U.C.L.A. It was during that time that he began to dabble in the real estate market.
One day, he saw a house in View Park that turned out to be owned by a Large financial institution. It became necessary that Paul contact the bank in order to purchase the house. Working with larger Banks and Financial institutions proved to be his forte'. Since then, he has made a commitment to establishing relationships with most of the major banks and financial institutions in the country or the world for that matter.
"We have an edge when it comes to the buying or selling of bank owned properties because we know the institutions so well" stated Paul. "We know what they require, we know how to move loans and negotiations through the maze of paper work, and we know the thinking of the bankers and others that must be dealt with in order to get one of these deals through."
"We experienced the greatest growth of real estate values in history a few years ago, and now, we are witnessing the worse down turn." "I feel it might be 2012 before we begin to see values rise again but, they will rise." "If a person is happy with their home, If they can make the payment, and if they intend to remain in that home for the next five or ten years, they should just sit tight." "if not, they should contact my office before things get worse."
Short sales weight heavily upon whether or not the home owner has the income to maintain the original contract (mortgage). If they cannot make the payments, either by loss of job or increased payments, they are good candidates for a "Short Sale"
Interested persons can contact Paul directly at Cargile and Company Realtors.
