Foreclosure

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					  What You Should
Know About Buying a
 Foreclosed Property
   or a Short Sale




               By
      Todd Mummert
Homebuyer Coach & Mortgage Expert
       443.384.3903
Foreclosures and short sale properties are very often the best deals in real estate. They are typically
priced to sell, which means that the initial asking price is usually considerably lower than the going rate
for similar properties in the same neighborhood.

However, there are things that any buyer should be aware of before attempting to buy one of these
types of properties. Some of the rules are a little different than those that would apply if you were
buying a home from a private seller.

Since foreclosures and short sales are somewhat different from each other, I will address each category
separately. Let's look at foreclosures first.

How Does a Bank Owned Property (Foreclosure) End up on the Market?

When homeowners fail to make their mortgage
payments, the bank that holds the mortgage on that
property will declare the loan to be in default. This
initiates a process, which these days can take well over
a year to complete, and in that process the bank will file
a legal action to foreclose on the property. Once the
right to foreclose has been granted to the bank by the
courts, an auction will be held. Let's say that the home
was originally purchased for $250,000, and that the
remaining balance owed on the mortgage is $200,000.
The bank is not interested in owning the property; the
bank is interested in recovering the money that is owed to it -- in this case, $200,000.

So when the auction is held, the bank will have a representative at the auction to try to make sure that
the highest bid on the property will be enough to cover the remaining balance owed on the mortgage --
in this case, again, $200,000. If none of the bidders at the auction bids $200,000 or more, the bank
representative will bid enough to retain possession of the property at auction. Let's say in this case, that
the highest bid offered at the auction was $150,000. In our example, the bank representative will bid
enough over $150,000 to make sure that the bank retains ownership of the property. That way, the
bank still has a chance to sell the home for at least as much as it is owed for the property.

Now that the bank has sole ownership of the property, their immediate objective is to sell it. The bank
does not want to own real estate. So they will list the property with a real estate agent -- usually with an
agent that specializes in selling foreclosed homes.

In our example, the home originally sold for $250,000, but it may not be worth $250,000 today because
real estate values in our area have declined significantly over the last five years or so. Let's say for
purposes of our example that this home is probably worth $225,000, based on what similar properties in
the same neighborhood have sold for recently (within the last six months). You would think that the
bank would list the house at $225,000, because that would give them a chance to make a "profit" of
$25,000. But the bank is far more interested in getting that property off of its books than it is in making
a profit on the sale. So in all likelihood, the bank will price the property to sell, and in our example let's
say the bank decides to list the property at $200,000 -- which will be just enough to cover the remaining
balance owed on the mortgage.
In some markets, values may have declined so much that the bank will not even be able to recover the
remaining balance that was due on the mortgage. So in a case like that, the bank will simply sell the
house for what it can get, and take the loss -- which is the difference between the balance on the
mortgage and whatever it can get for the house.


                                                  This is where typical home buyers will very often make
                                                  their first mistake: because they do not understand the
                                                  bank's motivation and strategy, they may assume that
                                                  they can make a killing by offering less than the asking
                                                  price -- in our example let's say they decide to offer
                                                  $175,000 instead of the asking price of $200,000. Our
                                                  hypothetical home buyers are acting like they are Gordon
                                                  Gecko from the movie Wall Street, and the problem is,
                                                  they cannot put their money where their mouth is --
                                                  which is to say, they don't have $175,000 in cash to give
                                                  to the bank. And as soon as they make their lowball offer,
it will be very clear to the bank that our home buyer friends are not Gordon Gecko -- because their offer
will have to state that they will be financing the purchase with a mortgage loan.

As I have explained, the bank's primary interest is not to make a profit necessarily, but to cover the
unpaid balance of the mortgage loan that they originally made (or at least as much of that mortgage
balance as they can get). Their primary interest is to sell this foreclosure property as soon as possible, so
they can take this $200,000 liability off their books. And that is why they listed the property at $200,000,
instead of at $225,000, which is what the market would likely bear. They would rather get $200,000
within 30 days then get $225,000 -- maybe -- in 60 or 90 days. So in all likelihood, when they get that
$175,000 financed offer from our hypothetical home buyers, the bank will basically laugh at them or
ignore them.

Another thing to bear in mind is that because the property has been priced to sell to begin with, the
likelihood is very high that this property will attract a lot of attention -- both from people like yourself,
as well as from cash buyers. Again, the bank's objective is to sell this house as fast as they possibly can.
(For more information on this subject, see my free special report "How to Compete with Cash Buyers").

In most markets, the smart thing to do is get as accurate an idea as possible of what that house is worth.
(There are several ways to get this information, and I can help you with that if you schedule a free
Strategy Session with me -- more on that later.)

If you like the house, and it is worth at least what the bank is asking and if you'll be financing your
purchase, you should present an offer for at least that amount.
When You're Ready to Act, Act Quickly.
When you find a foreclosed property that meets your needs, and the current
value of the home is equal to or greater that the listing price, make your offer
as soon as possible. Because bank-owned properties are priced to sell, they
often sell very quickly -- within days of being put on the market. One reason
for that, as I’ve already mentioned, is that banks price these homes to sell
quickly. Another reason is that the banks employ a strategy called “dripping”
inventory in order to minimize the time these homes are on the market.



"Dripping" Inventory
                          Millions of homes across the country have been foreclosed, or are in the
                          process. Although accurate data is hard to come by (banks don't like to
                          publicize the size of their foreclosed inventory), the banks own more
                          foreclosed homes than they will have listed for sale at any given time. And
                          despite the fact that banks want to sell these homes as quickly as possible,
                          they still don't want to lose any more money than necessary on these sales. If
                          they were to dump all of their foreclosed inventory on the market all at once,
                          the result would be that house prices (values) would fall even farther than
                          they already have, which would not only be bad for the banks, but also for the
                          real estate market as a whole.

                         So the banks have been using a strategy called "dripping inventory", which
                         means they control the rate at which they take homes out of their inventory of
foreclosures and put them on the market for sale, so that the homes they list for sale sell quickly,
without further reducing home values in the area.

And while this strategy is clearly in the bank's self interest, it also happens to benefit you as a buyer as
well. There is still plenty of inventory for you to choose from, and that inventory is priced to sell --
typically anywhere from 30% to 50% below where prices were at the peak of the market about five
years ago. If you do buy a home now, you will be buying at somewhere very close to the bottom of the
market, and the fact that the banks are controlling or dripping inventory in this way makes it much more
likely that your home will appreciate in value sooner and faster than it otherwise would.


Making an Offer:
The Importance of Being Pre-Approved and Having the Right Lender
If you make a written offer to buy a foreclosed property, the seller (the bank) and the seller' s listing
agent will review your offer very carefully before they decide whether or not to accept it, or in some
cases, to counter offer. In reviewing your offer, the sellers are trying to decide whether they should take
the risk of taking the house off the market for the time it will take for you to arrange financing and sign
the final papers at closing.
And make no mistake about it -- this is a risk for the sellers. Many buyers in this market have presented
offers, including paperwork that indicates that they have been preapproved for mortgage financing --
only to find out weeks later that the financing has fallen through. That is why the financing portion of
your offer to buy the house is so important. Two factors weigh heavily in the seller's evaluation of your
offer: one factor is the wording of your preapproval letter -- is it full of weasel-words, that will make the
seller question whether your lender fully stands behind its preapproval? And the second factor is the
reputation of the loan officer and the loan officer's mortgage company.

                                                       What this means to you as a buyer is that you
                                                       should take the time to get fully pre-approved for
                                                       mortgage financing (and not just prequalified or
                                                       preapproved without having your credit fully
                                                       approved) before you start looking at homes. You
                                                       should choose a loan officer with a solid reputation
                                                       in your community -- a loan officer who is affiliated
                                                       with a company that also has a very strong
                                                       reputation. Unlike the vast majority of loan officers
                                                       in our area, I actually keep statistics on my track
                                                       record in getting my client’s loans approved, and
                                                       my success rate is among the highest in our area. I
also make a point to get to know all of the listing agents who represent banks in our market. Because
they know me, and they know my reputation, your offer will be taken more seriously by both the realtor
and the seller.

Once you have made your offer, it may take anywhere from a few days to a few weeks for you to get an
answer from the seller. The bank (seller) will almost always follow up with a detailed bank addendum for
you to sign before the bank will accept your offer. In some markets, banks may also want you to make
application with them and go through their underwriting process, but they cannot force you to use them
for your mortgage financing – or even suggest that you must agree to get your mortgage loan from them
in order to have your offer accepted. They are more likely to ask you to go through their underwriting
process if they have doubts about the lender who will be doing your financing. (Once again, this
highlights the importance of working with a loan officer and mortgage lender with a solid reputation. If
your loan officer/lender’s reputation is not strong, the sellers will be much more likely to reject your
offer.)


Important Steps You Should Take to Protect Yourself

Get a Home Inspection. Whether you're buying a foreclosure or not, you should
always have a home inspection done, as a condition of your purchase offer. Many
of the previous owners of foreclosed properties could not afford to maintain their
homes because of financial hardships. So getting an inspection done lets you
know exactly what you're getting into, as far as any repairs you may need to do
once you move into the house. It can save you from buying a house that needs
truly major repairs, or one that may even have defects that cannot be fixed. This
inspection contingency can also give you leverage for possibly getting a further
reduction in price. (However, you should also keep in mind that many foreclosed
homes are sold as-is, and are priced accordingly -- already taking into account the repairs that are
needed.) Depending on your situation, your temperament, and your skills, you may want to consider a
fixer-upper because of its potential for generating higher profit margins for you at whatever point in the
future that you decide to sell your home.


                              Compare Prices in the Neighborhood. Before you make an offer on a
                              house, always check prices in the neighborhood to understand what
                              similar properties have sold for. The most recent 3 to 6-month period is a
                              standard in the real estate business these days, given the relative
                              volatility of prices lately. Buying the lowest-priced home in a "good"
                              neighborhood could get you the biggest gains in value, and the biggest
                              profits when you sell your home. Investing in a good home in a bad
neighborhood is often a bad investment, since home values are heavily influenced by the values of the
homes in the immediate vicinity.

Length of Time on the Market; Number of Offers Received. Another consideration when deciding how
much to offer for a house is how long the property has been on the market. Your real estate agent can
provide you with a "days on market" report. Be aware though, that some foreclosure properties -- in
fact some properties in general -- are offered for sale, and then withdrawn from the market. When they
are put back on the market again, the clock starts from day one, so be sure to ask whether this is the
first listing of the home.

You should also ask how many offers have been received so far on the house you are looking at. You
may not get an exact figure, but it never hurts to ask whether the foreclosed house has been under
contract, or if there are any pending offers. Was there a previous contract that was canceled? If so, was
it due to a financing contingency, or was it an inspection issue? If it was a financial contingency, that has
nothing to do with the home or the seller. It simply means that the buyers were not able to get their
financing approved. On the other hand, if it was due to an inspection issue, get specific information --
was it due to a structural problem, an environmental problem, or was it a defect that cannot be
repaired? The answers to these questions can obviously help determine whether or not you decide to
make an offer on a home, and if so, how much you will offer.


Common Misconceptions About Buying a Foreclosure
Myth #1: Foreclosures need a huge amount of work. In a recent survey, 92% of homebuyers said that if
they bought a foreclosure, they would be willing to make home improvements after they closed the
deal, with 65% being willing to invest up to 20 percent of the purchase price in repairs and
improvements. Although there have been horror stories of foreclosures missing plumbing and every
electrical fixture, many foreclosed homes need only the (relatively inexpensive) cosmetic repairs that
almost any new homeowners would make to customize their home -- no matter what kind of home
they’re buying – things like paint, carpet, etc.

Myth #2: Foreclosures sell at massive discounts, compared to other homes. Almost every member –
95% – of the surveyed group expected to pay less for a foreclosed home than for a similar,
non‐foreclosed home; 18% had realistic expectations of less than a 25% discount. But 36% expected to
receive a bargain-basement discount of 50% or more off the value of a similar non‐foreclosure. (Those
people will be making offers and getting them rejected for a very, very long time.) While foreclosures
might be discounted massively from what the former owner paid or owed, the foreclosed property will
almost certainly sell for something very close to what other, similar homes sell for. The home’s value will
be based on its value in today’s market and will be compared to the prices of similar homes.

                                                  Myth #3: Buying a foreclosure is risky. 49% of
                                                  respondents said they perceived buying a foreclosure
                                                  as risky. And yes – buying a foreclosure at the auction
                                                  on the county courthouse steps does have risks,
                                                  including the risk that the new owner will be taking on
                                                  the former’s owner’s liens and other loans. But most
                                                  buyers looking for foreclosures are looking at
                                                  bank‐owned properties, which are listed on the open
                                                  market with other, ‘regular’ homes. Buying these
                                                  homes is really no more risky than buying a
                                                  non‐foreclosed home.

Myth #4: You can’t get inspections on the property when you buy a foreclosed home. County auction
foreclosures generally don’t offer the ability for buyers to have the homes inspected. But virtually all
bank‐owned properties for sale on the open market not only allow, but encourage buyers to obtain
every inspection they deem necessary. This is because banks typically sell their foreclosed homes as‐is,
and they want to avoid later liability. It’s in everyone’s best interests to make sure that the buyers have
complete information about the property’s condition before they close the deal.

Myth #5 There are hidden costs to watch out for when buying a foreclosed home. 68% of survey
respondents who felt there is a negative stigma to buying a foreclosure expressed the concern that
buying a foreclosure poses the danger of hidden costs. At some foreclosure auctions, there are buyer’s
premiums and other hefty fees that can really add up and take a chunk out of the effective savings the
buyer stood to realize. However, when you buy a bank‐owned property that is listed for sale with a real
estate agent, the closing costs are the same as they would be if you bought a non‐foreclosed home.
Overdue property taxes, HOA dues and other bills left behind by the defaulting homeowner are cleared
by the bank that owns a foreclosed home before it is sold on the market.

Myth #6: Foreclosures are more likely to lose their value than “regular” homes. 35% of U.S. adults who
think there are downsides to buying foreclosed properties believed this myth. In fact, because
foreclosures often offer a market value, they may actually provide some degree of insulation from
further depreciation. Whether a home loses its value or not has to do with the dynamics of the local
market, including the area’s supply of homes, demand for homes, interest rates and the health of the
employment market – not with whether the home was a foreclosure at the time it was purchased.

Myth #7: Most foreclosures happen when homeowners just walk away. Of homeowners with a
mortgage, only 1% said walking away from their home would be their first choice if they were unable to
pay their mortgage. And 59% of mortgage‐holders said they wouldn’t walk away from their home – no
matter how upside down they were on their mortgage. Most foreclosures happen when the owners lose
their jobs or their mortgage adjusts to the point where they absolutely cannot pay the mortgage, no
matter how hard they try. Voluntary ‘walk‐away’s are just not as common as many people think.
Myth #8: When you buy a foreclosure, you should “lowball” the bank – they are desperate to get
these homes off their books. I’ve addressed this issue earlier in this report, but there have been many
stories in the press about the large numbers of foreclosed homes the banks have on their books. While
it’s true that banks have no interest in owning these properties, the truth is that they’re nowhere near
desperate enough to give these houses away. Also, the banks mostly service the defaulted loans – they
don’t own them outright. Various groups of investors do, and those investors will hold the banks
accountable to sell the bank‐owned property at as high a price as possible, helping them cut their losses.
Many banks won’t even consider lowball offers, and many bank‐owned properties actually sell for above
asking price. Before a bank will take a lowball offer, they will almost always reduce the asking price first,
to see if that attracts a higher offer than the lowball one you just made them.

Myth #9: You need to be able to pay in cash in order to buy a foreclosure. Again, if you buy a
foreclosed home on the courthouse steps, you will probably need to bring a cashier’s check and be
ready to pay for the place on the spot. By contrast, bank‐owned homes are bought through a more
normal real estate transaction, which means buyers can obtain a mortgage to finance the home just like
they would if the home weren’t a foreclosure. It is true that in some markets, banks prefer offers from
cash buyers, but this tends to be either in situations where the property’s condition is pretty dire, and
the bank knows this may make it harder for a buyer to obtain financing – or in markets where there are
a lot of cash buyers looking to snap up properties they know they will be able to rent for positive cash
flow or sell for a big profit. Most real estate markets don’t fit that description.

Myth #10: It’s easier to buy a foreclosure with bad credit if you get a mortgage with the same bank
that owns the property. Think about it: why would the bank want to end up with the same property as a
foreclosure, again? Because that’s what would probably happen if they allowed buyers with low credit
scores to buy their foreclosures just to earn the interest on the mortgage. In reality, many banks do offer
incentives like lower fees or closing cost credits for buyers who use their bank for their mortgage. But
these buyers must meet the same credit, income and other qualification standards as anyone else would
to have their offer accepted.



Buying a “Short Sale”
A short sale occurs when the bank allows the sale of a
home for less than the existing mortgage balance,
typically provided there's a qualified buyer in the
wings. Such homes are often held by home owners
struggling with "underwater" mortgages — mortgages
with balances larger than the value of the home.
More than 11 million home owners were estimated to
be underwater on their mortgages as of June 1st, 2010.
According to the National Association of Realtors, short
sales have accounted for 15-20% of sales of existing
homes so far this year. A short sale can result in lower
losses to investors compared to a foreclosure, but the sale requires lender approval, and can usually
take anywhere from 3 to 6 months to complete, depending on the market, the lender, and other
circumstances.
The government has recently modified its HAFA program to provide additional incentives to banks and
investors to pursue a short sale as an alternative to foreclosure. Effective April 5, the Obama
administration rolled out Home Affordable Foreclosure Alternatives (HAFA), which includes an effort to
streamline short sales by giving qualifying homeowners up to $3,000 to defray the cost of moving. Loan
servicers can also get $1,500 each for short sale deals that close. But this program is relatively new, the
incentives are relatively small, and it is too soon to know whether the program will have any
measureable effect on the frequency or ease of short sale transactions.

Up until now, at least, banks have been more likely to refinance, modify or foreclose, rather than take
the short-sale route.

                                                  That's because short-sale bids can come in well below
                                                  the last appraisal and banks don't want to take a loss.
                                                  After sellers seal the deal, they can still be left with a
                                                  bill that's the difference between the selling price and
                                                  the mortgage balance. Real estate agents and buyers
                                                  fear a possible six-month or longer transaction period
                                                  that could end in a no-sale scenario that comes with
                                                  the added cost of lost time.

                                                    However, as their numbers have grown, more attention
                                                    – and growing experience with these transactions on
the part of real estate professionals -- is making the deals easier to close. And federal mandates that
come with paid incentives for lenders demand that lenders consider a short sale before moving to
foreclosures, especially if a refinance or mortgage modification hasn't worked out. If a lender can strike
a better deal with a short sale than a foreclosure, they'll go for the short sale when possible. It costs the
bank money and liability risk to carry foreclosed homes. The sooner a home is off the books for the most
amount of money, the better.

Short-sale properties are often available at bargain prices compared to similar homes on the market and
given the owner remains until the sale is closed, short-sale properties may also be in better shape than
abandoned foreclosures.

What to Be Careful of if You’re Considering Buying a Short Sale
Here are some things to look out for when considering a short sale:
       A high percentage – as high as 60% -- of offers on short sales never close
       Be wary of the asking price (get comparable values for the neighborhood before making an
        offer). Sometimes the asking price is nothing more than the listing agent’s guess as to what the
        home will sell for. Lowball offers don’t get responded to; base your offer on comparable values.
       Typically they take 3-6 months to sell. Many buyers get discouraged and never buy.
       Leave yourself an “out” clause, so that if they don’t respond in “X” days, you can back out of the
        deal.
       Keep in mind that if the seller does not cooperate, the short sale doesn’t go through. It is not
        uncommon that the banks come back and ask the seller for more and more documentation, and
        sometimes the sellers get frustrated, throw their hands in the air and say, “The heck with it it, I
        am done with this process and I am done with this house – I am walking!”
       Since short sales take such a long time to go through, it is imperative that you keep your credit,
        income, and assets consistent so that your qualifying picture does not change
       Understand that the mortgages on the home you’re trying to buy via short sale are ultimately
        owned by the investors that purchased the Mortgage-Backed Security bonds and THEY are the
        reason in many cases why short sales take so long or never happen. The investors have to agree
        to a short sale, not just the bank.
       The experience level (with short sales) of the listing agent is a critical component on whether or
        not they will get approval.
       Look for “approved short sales” – they are deals where the price was approved by the bank for a
        different buyer but by the time it was approved, the buyer walked for one reason or the other
        and all that needs to be done is to change the name – these typically take only 30 days to close.




Get a Free Homebuyer Coaching Strategy Session
My first commitment has always been to the homebuyer and homeowner clients I serve, and with the
volatility in the housing and mortgage markets that we’ve seen in the past decade, it became clear to
me that helping people get the best financing for their home, while valuable and useful, just wasn’t
enough.

That’s why I decided to add free homebuyer coaching services to the list of things I do for my clients.
Yes, if and when you decide to buy a home, I would most definitely want to be your trusted lender –
that’s how I make my living. But I am involved in more real estate transactions every month than most
real estate agents are, and far more transactions than the average home buyers, who may purchase a
home 2 or 3 times in their lives. I know our local real estate market, I understand the ins and outs of
negotiating a real estate purchase or sale, and I want to use that experience and knowledge to help
people make better decisions when it comes to buying a home. Because, while I can definitely save you
money on your mortgage financing, those savings are multiplied if you make the right decisions about
when to buy, what to buy, and how you buy.

Are you ready to buy a home? Is this the right time for you to enter the market? Should you consider
buying a foreclosure or short sale? How can you find the right home for yours and your family’s needs
without paying too much, or paying more than you can afford?

These are the kinds of questions I help people find answers to every day. And if it would be better for
your financial and other interests to wait until later to buy a home, that is the honest advice I will give
you. Because I know this: if you want to buy a home, some day you will buy a home – and I want to be
remembered by you as someone who gave it to you straight, right from the start.

To schedule your free Homebuyer Coaching Strategy Session, or for more information, call me:

                                           443.384.3903
About Todd Mummert …

Todd started his mortgage career in the beginning of 2007, right when the
mortgage and real estate meltdown began. This has definitely prepared him
for all of the challenges we face in today’s marketplace and it has shown his
perseverance during such a tumultuous time in the industry.

His commitment to the profession has allowed him to thrive and become a
top producer with a great reputation in the greater Baltimore area working
with some of the top real estate teams.




Here is what Todd Mummert’s clients have to say about him:
“Todd does such a good job with my clients and my trust in him is so high that I use him for all
of my personal loans as well. I trust him 100%.” – Suzie Coronel RE/MAX Sails

“This transaction seemed so easy compared to the last time I bought a house. Thanks so much for
making this a smooth transition for us. You and your team were great!” – Lindsey S. and Jason
W.

“I send my clients to Todd because he is so good at preparing them for the numbers, costs, and
steps in the process. He is also a great communicator which makes everything so much easier for
me and my clients. I will continue to refer my business to Todd for this exact reason.” – Peter
Sowa REMAX Sails

“He was upfront and honest. He seemed very concerned about getting us into our first home. He
even showed us a way to boost our credit scores which helped get us a better rate.” – Jeremy and
Jennifer K.

“He really looked out for my client’s best interest. I worked with him as the listing agent on a
transaction and was so impressed I began sending my buyer leads to him. His communication
was top notch.” – Sherry P. Long and Foster

“Todd Saved Me The Time Of Doing All The Work On My Own!”
I am very appreciative of the level of service I received from Todd. Not only was he very honest
and friendly, but his knowledge and expertise was very helpful in making the right decision for
my mortgage. I certainly appreciate all the work Todd did for me throughout the entire
transaction. He was always available to answer any questions I had and saved me the time of
doing all the work on my own. I will definitely recommend Todd’s service to anyone I know
looking for a mortgage.
-Lindsey Stevens, Baltimore, MD

“Todd Worked Around Our Schedule To Accommodate Us!”
Working with Todd was such a positive experience. He took the hassles and headaches out of
negotiating a mortgage for us. Once we began working with Todd, we knew were in good hands
and that he would negotiate the best mortgage for us. Todd worked around our schedule to
accommodate us, always kept us up to date on everything, and made sure everything got done to
secure our mortgage for us. We are very thankful for everything he did for us and will not
hesitate to refer his services to anyone we know seeking a mortgage.
-Amy and Christian, York , PA

“Todd Took Over 60% Off The Cost Of My Monthly Payments!”
I am very pleased with the services from Todd Mummert of Primary Residential Mortgage. Todd
took the time to provide very personal and professional service in getting me a new mortgage
which allowed me to pay off all of my credit card debts and reduce my monthly payments. My
financial institution would not even consider an option for me. Todd’s service saved me about
two thirds of the cost of my monthly debt payments. I will definitely recommend Todd to all my
friends and co-workers.
-Robert T, Bethesda MD

“Todd Saved Us Thousands of Dollars On Our Mortgage!”
We had used a different lender last time, but wanted to give Todd a try, as we heard about his
great reputation through our realtor. We cannot stress enough the importance of selecting an
informative lender, such as Todd. Not only has he spent countless hours on our behalf, but he
ended up saving us thousands of dollars by getting us a great rate at the terms that worked for us.
We highly recommend Todd, as you will be assured efficient, knowledgeable service.
-Joseph Oleszczuk, Linthicum Heights, MD

“I Am Eternally Grateful For Todd’s Hard Work & Professional Attitude!”
I would strongly recommend Todd Mummert to anyone without hesitation. I am eternally
grateful to Todd for his hard work and professional attitude. I had my doubts going into the home
buying process but Todd alleviated my concern and made things seem rather simple with his step
by step approach. Thanks Todd!
-Sam Bennett, Baltimore, MD

“Todd Comes Highly Recommended!”
I have had the opportunity to work with Todd for a number of mutual clients. I have found Todd
to be well received by my clients and all of them have been more than satisfied with his efforts
and attention to detail. Having said this, I would not hesitate to refer Todd to any of my friends,
family, or clientele.
-Andrew Lehr, Realtor, Baltimore, MD

				
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