From the Florida Association of Realtors Newsletter.

WASHINGTON – Aug. 22, 2012 – The Federal Housing Finance Agency (FHFA) announced that short sales on homes under Fannie Mae and Freddie Mac would get easier after Nov. 1, 2012. It issued new guidelines that help homeowners hit by a financial hardship, moved by the military or held back by a home’s second mortgage.

“The new standard short sale program will also provide relief to those underwater borrowers who need to relocate more than 50 miles for a job,” says FHFA Acting Director Edward J. DeMarco.

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Rent rates are continuously increasing in our country while home prices and mortgage interest rates have hit unprecedented lows making home buying more feasible. Home buying now would be a great investment if your specific financial situation permits but let’s explore the time frame of this window of opportunity.

Am I losing my chance to snatch me a discounted home?

To be blunt, NO ONE can say for sure where the direction of the market will go. However, you may infer predictions based off a few key factors:

• Overall health of the economy – i.e. employment (or lack thereof –un and -under)
• Interest Rates
• Supply & Demand of the Housing Market

Keep in mind there are a number of other factors that affect the housing market such as demographics, government policies, consumer confidence, and etc.

Mortgage rates have consecutively hit lower percentages for some time now. Based off data from bankrate.com (last checked 8/8/12), 30 yr fixed rate had a slight increase to 3.81% and a 15 yr fixed at 3.00%. These are premium low rates and it is unlikely that it will move further down than the current rates.

Meanwhile, based off information from dsnews.com, unemployment rates stands at 8.3%. There are also issues with underemployment. For more information, please read the article Economy Surprises with 163k New Jobs in July, Unemployment Rate Up from dsnews.com.

Supply and Demand is also big factor for the fluctuation of home prices. Supply has decreased especially in this 2012 year as properties flew off the market by investors. However, there is a worry about the ominous shadow inventory that experts are afraid will drag prices even lower (supply increase, demand & prices decrease). The influx of distressed properties is largely due to the robo-signing scandal which occurred earlier this year. This incident caused many lenders to lag behind in listing their foreclosure properties and ultimately pushing them through. Still, Freddie Mac gives assurance by saying the “shadow” over the housing market is not as long as some may think.

Bottom Line: Again there is no way to give a 100% accurate prediction of where the housing market will go. Based off a few factors such as interest rates being low, -un and –underemployment rates remaining constant, and supply & demand showing positive signs exempting the shadow inventory fear, one can be optimistic about the housing market now.

In my personal opinion, I believe that although the housing market is rebounding, we will not, as Robert Shiller stated in the video above, be expecting a U shaped recovery. Although history doesn’t repeat itself exactly, based off the historical housing cycle, we have time with this window of opportunity.

The worst thing an individual can do is purchase a home without being financially prepared. We will be regressing into the subprime mortgage crisis era if we are purchasing homes we are not able to afford. Just because someone is able to afford the mortgage payments, does not mean you are able to afford a home. In fact, the monthly mortgage payment amount should be a third of a homeowner’s monthly income. We should also take into consideration taxes, insurance, HOA dues (for condominiums), maintenance costs, upkeep, and more. Lastly it is wise to have accrued 3-6 months’ worth of emergency prior to purchasing. These are all factors to consider prior to looking into homes. A great place to start would be www.daveramsey.com.

Do not rush into a home just to seize the opportunity. Make sure you are able to afford the opportunity first and then move forward.

If you believe you are able to afford purchasing a home, contact our distressed properties experts in Washington State for more information on these cream of the crop properties! Submit your information here and our experts will get in contact with you within 24-48 hours.

Peter

Full article at:www.seattleshortsaleblog.com

Next Article: Is A Short Sale or A Foreclosure/REO property a better deal?

Does anyone have any suggestion on how to move at least one foot ahead with Ocwen? I submitted a short sale package on June 18th and have made no progress whatsoever. I have been assigned to a guy that calls me every two weeks from a call center. He barely speaks English and tells me the same thing every time we talk " still in review". I have requested several times to speak with a supervisor and he tells me that it will do no good and never helps me to speak with anyone else. When I call the customer service number, I am told I can only speak with the assigned person. I'm at my wits end since I already have approval from the 2nd and 3rd. It has been a nightmare with Ocwen and I would really appreciate any help from those of you that have had to work with Ocwen. I've been in the business for 32 years and have handled many short sales but never have I seen a company so pathetically run before.  HELP!

Thanks so much,

Tracey Saizan

Keller Williams Realty

Elk Grove, Ca.

This Week's Superstar News

Should we suggest to our clients to be late in their mortgage payment for a successful short sale? Wells Fargo and Chase will be involved in the short sale of a house. I called both banks and asked about their policy to implement a short… Started by Tom Braunagel	3	on Tuesday Reply by TOP END Properties
Approval BOA I received my approval letter from BOA which included 8% of what was owed to Real Time Resoultion the second lien. BOA also gave HIN incent… Started by Virginia johns	6	on Tuesday Reply by Virginia johns
Buyer wants to make offer on home schedule for foreclosure sale 8/21/2012 I found out that the home my buyer wants to put an offer on (listed in the MLS as a short sale) had final order 7/12/2012 and is scheduled… Started by Marilyn Horne	4	on Monday Reply by Marilyn Horne

Does Second have a right to reduce agent commission? I have a short sale with BOA on the first, Chase (turned over to a lawyer) is on the second. The first is for $180,000 and the second is fo… Started by Karen Perrino Kitzel	2	18 hours ago Reply by Wendy Rulnick
Need advice - Wells approval expired Have been waiting for six months for a short sale approval on a home here in Tampa. The home has a 1st and 2nd both thru Wells Fargo. The o… Started by Jason	1	17 hours ago Reply by Wendy Rulnick
REDC KIR? What does this mean? I recently initiated a short sale on equator, which happens to belong to BoA and this morning I got this message: "Dear Agent, your file ha… Started by Trong Dang	4	yesterday Reply by Amy
Need Some Help! ANYONE? Greetings, Short sale masters of the universe, I am calling upon thee for some guidance on a file I came across yesterday. I am the negotia… Started by Michael Villarreal	4	on Thursday Reply by Shannon Noble
USDA Rural Development I just received a contract on my listing that is going short sale and is a USDA Rural Development. Upon trying to present the contract, I w… Started by MaryJo DiSalvo Doussan	4	on Friday Reply by Kevin - Greenville, SC
Hud statement question I am the buyer in a short sale and finally the HUD statement from the seller was sent today to the bank. I know that the HUD statement incl… Started by kate	1	on Thursday Reply by Wendy Rulnick
FHA backed loan i a meeting with a homeowner who's loan is FHA. Any suggestions or experiences to share with me? Thanks! Started by RoJane Maybee ADVANCED SHORT SALE AGENT TRAINING This sound familiar? You’ve never had to deal with a short sale in your life – until a few years ago, when foreclosures became so common it was rare that you had a seller without one. Now you can no longer avoid short sales. So you sign up and get your CDPE and your SFR designations. Maybe you have even closed on dozens of short sales. But still........... ......you're missing something. You are struggling when it comes to dealing with the lenders. You're stressing out over your transactions. And no one seems to be able to tell you how to do it quickly, with no stress. Well, except us. LEARN MORE ABOUT OUR ADVANCED SHORT SALE TRAINING.	1	on Thursday Reply by Wendy Rulnick

Completing short sales in Raleigh NC is one of the most difficult transactions in all of Raleigh real estate. It is important to know that the company and team you hire to complete this process for you have expertise in this area.

We find it beneficial to make sure our clients know what is going to happen throughout the process.

Below are the most common questions that have been asked by our clients. If you are speaking with others and they can't answer the questions below, we recommend seeking another opinion.

What are Raleigh Short Sales?

A short sale in Raleigh is selling a property for less than is owned on the property. For example:

Loan Amount: $250,000
Market Value of Real Estate: $200,000

In the above example, the property is upside down a minimum of $50,000. In order to get the bank to accept an offer at $200,000, a team of experts who specialize in negotiations with banks and marketing short sale properties to the real estate community are needed.

Common Questions

How long does it take to complete short sales in Raleigh NC?
Banks can take up to 60 days to give an official approval of an offer once it is received. This process can be improved by communication with the bank by your representation. Open and consistent communication is what improves the process.
Ensuring that the required paperwork by the bank is correctly filled out increases acceptance by over 45%. Some banks will destroy an application that is even off by one item. Our team ensures that your paperwork is completely filled out the first time so you have the greatest chance at acceptance.

How long do I have until I have to move out?
The bank is required to let you know when they have filed the notice of default with the county recorders office for the county you are in. The majority of banks do this after you have become 90 days late on your mortgage or 3 consecutive mortgage payments. From this time the earliest a sale date can be set is 90 days from that date. So you may not have to move out until days after you have missed your third payment.

What are the consequences of doing short sales in Raleigh NC?
Completing successful short sales in Raleigh NC will mean that you will not have a foreclosure reported on your credit. This will also mean that on lending applications where it asks if you have had a property foreclosed upon you will be able to answer, 'no'. This is one of the single best consequences of doing a short sale. By requesting a short sale with your lender or having a team such as us do this work for you, the number of calls you receive will be reduced by over 50%.

What happens if it doesn't work?
If your property does not sell as a short sale, it may end up being foreclosed upon by the bank.
It is of the utmost importance to get the bank an offer to review so that they can decide how they can best help you and to accept the offer you have received. It is for this reason that you need to have a real estate team who specializes in short sales present to the bank on your behalf.

What kind of information will the bank ask for?
Each bank has their own separate set of forms that they can ask to be filled out. In fact, if you have two loans, the amount of information can be different between both banks. The types of information that can be asked for as follows:

• Signed and dated hardship letter

• Copies of last 60 days pay stubs

• Copies of P&L statements (if you are self-employed)

• Completed financial worksheet - signed and dated

• Copies of last two years tax returns

• Copies of last 60 days bank statements

• Copy of investment account statements

• Copy of Listing Agreement

• Estimated net sheet (Preliminary HUD-1)

• Identification of liens on the property

We will guide you through all of the requirements regardless of which bank and which form that is required.

What is a hardship letter?
A hardship letter is a statement of how you and your family got behind on your payments. Banks are people, too, and they need to know what happened in order to help you out in the best possible manner. Events that should be included in a hardship letter are as follows:

• Loss of Job

• Loss of overtime or income from a job

• Family issues: pending divorce, medical bills, other family issues

This is one of the main pieces of information that the bank uses in order to make its decisions from. It is important that it is truthful and explains what happened to the fullest extent possible.

What if I have declared bankruptcy?
Bankruptcy can delay a sale of your home at a trust sale. Your bankruptcy attorney may have additional advice for you. Our short sale specialists are proficient at communicating with your legal representation.
If you have declared bankruptcy, please let your Raleigh short sale specialist know, and please give them your attorney's information so we may be in contact with them.

What about bankruptcy?
Bankruptcy can delay the sale of your home. Please refer to your legal representative for detailed questions on bankruptcy.

What do I do with the letters I receive from the bank?
Read, review and get a copy of them to your Raleigh short sale specialist. These letters contain different pieces of information and it is critical to review all of them as they may have legal consequences to them. Banks can send you letters in regards to the following:

• Loan Modification: They can modify your loan so that the payment is more affordable for you and your family.

• Loan Forbearance: This is a temporary adjustment by the bank of the requirement to pay your mortgage. They can do this for reasons such as health, job or family issues. The amount that you do not pay is generally added to your loan balance or spread out over multiple payments.

What do I do about people offering to buy my house if I just sign the deed over to them?
Unfortunately, there are many individuals out there who do not care about helping homeowners in a time of need. They in fact only care about being able to profit from your situation. Our recommendation is that you make sure to have a real estate professional look at anything prior to signing any offer from one of these individuals. If the person has a legitimate offer, they will not care who reviews the offer. This being said, there are several investors out there that are good, as well. They are in it to help people, and make a few dollars for themselves while doing that (in which there is nothing wrong with that)

How do I choose someone to represent me in this transaction? Shouldn't I just call my local Raleigh Realtors who market in the area?
Unfortunately, 99% of real estate professionals are not trained on how to handle a property where more is owed that the property is worth. They are not trained in negotiation and not trained on how to deal with the banks and their representatives.
Raleigh real estate agents need to have specialized training in order to complete this process so as to prevent further action by the bank against you. In addition, agents need to have a deep understanding of the process and be able to explain the value to the bank of working with the home owner.

Are all short sales in Raleigh the same?
No. It would be great if they were, as it would make things easier for home owners. Any Raleigh short sale specialist who has helped both buyers and sellers on short sale properties will tell you that not all short sales are created equal. Success on short sales depends on a variety of reasons:

• Uncooperative banks

• Inadequate disclosure by the seller

• Poorly prepared buyer

• Bank delays

• Poor communication by listing agent with the bank

• Buyers back out

• Seller fails to cooperate.

Will I get a 1099 for the difference between the sale price and what I owe?
It is possible. Each bank is different and the vast majority of banks will 1099 you for the difference. This is considered debt relief by the IRS and we recommend all clients speak to their tax advisor for assistance.

Why shouldn't I just let the home go to foreclosure?
Your credit! Foreclosure is one of the biggest damages to your credit that can be done. You will have to disclose the fact that you had a foreclosure every time you try and purchase a new property in the future no matter how long it has been since you had the foreclosure.
You will still be 1099 for the difference in the foreclosure sales price and the amount owed. In some cases, this can increase 50% by the time the property goes to foreclosure.

What does it cost to have you work with us on a Raleigh short sale?
We will not charge you any fees, whatsoever!

Is it better or worse if I have two loans?
It depends. Having two different lenders is one of the hardest short sales that can be done. It depends on how each bank has viewed the transaction and how they have both been communicated with during the entire process.

Is communication important and do I still have to keep calling the bank?
Yes, communication is extremely important. The number one reason for foreclosure is a lack of communication. We prevent this from happening because we do the communication for you. You have a job, but this is OUR job. We get authorization to speak with the lender on your behalf, and make sure you stay informed of what is happening.

How do I know what is going on?
Your Raleigh short sale specialist will communicate with you regularly throughout the process.

Why should I use You?
We choose you. We choose to work with clients we believe that we can help. Our experience and success in short sales and negotiations allows us to identify the clients we can help. If we don't believe we can help you, we will tell you right away.

What if I have a pre-payment penalty?
Let us worry about that for you so you can get back to your life.

Can the bank come after me or do they just get my property?
We specialize in negotiating with the bank and making sure they understand that working with us and you is in everyone's best interest. The bank can ask for more information or seek other means to get payment if you have lied on your mortgage application and may or may not do this depending on the situation. If you believe you may have lied on your mortgage application, please tell one o four short sale specialists. Our goal is to make sure the bank works with us and you to resolve this stressful situation.

Why would a bank agree to do this? Don't they just want my home, anyway?
The bank doesn't want to own your home. The foreclosure process is a very expensive process for the bank to carry out. There are legal fees, property fees, court fees, and additional staff required by the bank to handle foreclosures for a bank. Their goal is to prevent properties from going into foreclosure.

Can't I just do all this myself?
You could, but would you go to court without a lawyer if the side that was facing you had 15 lawyers? The fact is that this is a complicated real estate transaction with a large lending organization. This process can take 100's of hours for a trained professional to complete. Most people do not have the time to specialize in completing this kind of transaction. Our team is here to take the worry out of the transaction for you.

Who is Champion Realty?
We are a team of Raleigh real estate brokers, Raleigh real estate agents and other real estate personnel, who specialize in helping people get out of their Raleigh homes that they can no longer afford or no longer wish to own. Regardless of your situation, condition of your property, or how many you own, we can help you. Everyone runs into difficulties now and then. Our goal is to make your stressful situation go away so you can get back to your life.

Rodney McNabb is a Raleigh Short Sale Specialist with Champion Realty. He is currently offering his services in the Greater Raleigh, Durham and Chapel Hill areas. You may contact him for a confidential interview at Rodney@Champion-Realty.net

Last week, I was visiting my sister and a very close family friend lives across the street from her. I have known this family since I was born – in fact, our parents and grandparents were close friends!   The grandchildren live in the home now – but they just lost it to foreclosure.  It was heartbreaking.

The sheriff came just a few days before and they had all their dogs (3) and belongings in the driveway, ready for the moving truck.  When I approached them to chat it was then I found out what was happening.  I asked why they didn’t seek me out for help before it got to this point, and their answer was, “We didn’t know you were an agent.”

I never want that to happen again.  Even though they had received plenty of solicitation from other agents who found them on the default list, they didn’t feel comfortable using them and chose to do nothing.   The bad thing is, they probably had some equity and could have sold the home quickly as a traditional sale in this market.  Selling on your own terms is definitely a better choice that having to move abruptly and losing the home to foreclosure.

If you, or someone you know, owe more on your property than what it is worth and don’t know what to do, contact me to learn your options!  You can email or call, heck send a carrier pigeon.   Just don’t sit there and do nothing thinking it will go away, because it won’t.   If we can’t find a way to keep you in the home, great.  If not, then a short sale is a far better option than losing it.

The banks are willing to accept less than what is owed on a property these days, and will even give the borrower/tenants funds to assist them in leaving with dignity and obtaining a fresh start.

To find out more – please visit my short sale information page.

The best way to find a Short Sale Realtor .

It's easy to discover a realtor...There everywhere... Here are my suggestions on what you have a look for in a Licensed California Realtor. Confirm they are Licensed!

 The Realtor has CLOSED at least Twenty short sale transactions. Not just listed. I'm seeing folks lose there houses everyday because they employed an inexperienced agent.

The way I see it... I'm the one that you hire to help you avoid foreclosure. At some particular point you and I are going to sit across from one another and sign the paperwork that enables me to market your home. Therefore it's my responsibility to help you through this. Not pass it off to some company so I can just try to get a few more listings

 The realtor should Market the property on the Multiple Listing Service. They do not work with investors unless the property is in actually poor condition and normal financing can't be obtained.

They've got a lawyer for you to check with if necessary.

Do not work with the guy / girl the bank has recommended to handle your short sale. That agents ultimate aim is to get more listings from that lender. They could server you up on a silver platter. What i mean by that is...sometimes a short sale isn't in your best interest....maybe  Bankruptcy is easier when you still have the house not after its already been sold. Not to say each agent would be that way.... You only need to be cautions.

7 ) The agent is familiar with the area and a member of the local board of Realtors.

Eric Baskett

310-261-8511

http://www.ericbaskett.com/category/short-sales/

Keller Williams Realty

DRE Lic # 01446685

Some of the main cities I service short sales in are Redondo Beach, Torrance, Gardena, Lomita, San Pedro, Lawndale, Palos Verdes, and Manhattan Beach.

How to Find a Short Sale Realtor

How to Find a Short Sale Realtor  How to Find a Short Sale Realtor in Torrance How to Find a Short Sale Realtor in Redondo Beach How to Find a Short Sale Realtor in Manhattan Beach

This La Quinta Short Sale was not a slam dunk.  Two notes with different Lenders, but still CLOSED in approx. 95 days.  I don't just list my Short Sales..I CLOSE them. 

81375 National Dr.  La Quinta, California   PGA West

First note with B of A:  Approx. Value of 1.4 million

Second note with Chase (HELOC):  Approx. value $250,000.

Negotiated Sales Price:  $925,000 with $8500 going to Chase.  Both lienholders released their right to pursue for deficiencies. 

Sounds low, right?  But this is a very Fair Market Value for this lovely home.  Norman Estates in PGA West is a gorgeous neighborhood that was built between 2004-2006.  I was the onsite Sales Manager and sold all 58 homes.  Truly gorgeous homes..but they have dropped tremendously in value.  I remember drive by appraisals when I was sitting in the Sales office.  The Appraisers didn't even come in to get keys to homes..rather they did "drive bys" and submitted their appraisals and that same home that I had just closed at $850,000 was now worth $1,150,000!!!  I was stunned and also forwarned of what was to come.  That was the start of my Short Sale education nearly 5 years ago. 

I don't just list my Short Sales...I CLOSE them!  If you are underwater on your mortgage in the Palm Springs Valley..La Quinta, Palm Desert, Indian Wells, Rancho Mirage or Palm Springs, give me a call for your FREE consultation.

https://www.youtube.com/watch?v=KqMxoNoy_hQ&feature=player_embedded

Are you in pre-foreclosure or can foresee yourself in foreclosure status in the near future? You are not alone my friend. There are government sponsored HUD counselors available for you in your area who can help you explore your options and choose the best one for your particular situation. Do this immediately as waiting may be consequential to your situation.

However, one option that HUD counselors may not discuss with you but is worth exploring if you are in pre-foreclosure is the “Produce The Note” strategy.

A few conventional options to stop foreclosure and stay in the home would be a refinance, modification, and a forbearance plan. The two popular exit strategies to avoid foreclosure would be a deed-in-lieu or the popular option, a short sale. Your HUD counselor should explain all of these options to you and recommend a particular plan depending on your specific financial situation.

One strategy to delay foreclosure which is not known or often discussed is the “Produce The Note” strategy. What this strategy entails is, the homeowner, whose home is in a foreclosure process, asks their banks to produce the original loan documentation when they purchased the home. It’s quite simple but surprisingly, a high number of banks are not able to come up with this information thus homeowners can delay banks from foreclosing on their property. There are no guarantees for this strategy as they may be able to “produce the note” but it is certainly worth giving it a try.

By using this strategy, some homeowners were able to stall their foreclosure process for years but keep in mind that delaying is not necessarily solving the problem. Choosing a short sale for your home will help you recover your financial situation much sooner than waiting and simply enjoying the free rent. A wise decision would be to exit the property on good terms with your current lender so you can have the chance to purchase a new home with your next lender who is able to see how you performed with your previous home mortgage.

Have you heard of the produce the note strategy? I would love to know what you have heard about the idea.

Peter

My reservations about B of A's COOP short sale program may be easing here in Palm Springs Valley of California.  The only drawback I could see was that the appraisals kept coming in over market, and that dragged out the Listing time.  However, there are reductions scheduled for every 21 days so with this Short Sale without an offer, it seemed a perfect fit.

It took about 3 weeks for B of A to do their BPO, and assign a Listing Number to the property.  I had a number in my head that I knew would generate activity, and the number I got last week was actually approx. $3,000 LOWER than my number!  Great..off to a solid start.

I listed the Condo at Palm Lake in Palm Desert at 5:30 a.m., and had a cash offer by 5 pm..and the cash offer is about $2,000 OVER their List Price.  So, in this case, it was the correct number.

I have uploaded everything to Equator and my contact tells me they will review it early next week and let me know if we are golden to open Escrow and proceed to close.

The lower price points seem to be easier for the Investors to assign numbers to.  As you move up in values, their suggesst list prices get a little skewed, but that's to be expected I guess because not as many are SOLD!

Oh..best part?  The Condo is selling for approx. $52,000 and B of A is allowing $5,000 relocation fees to the Seller!  She's thrilled since she has lost a ton of money from what she paid in 2007. 

Choose an experienced Short Sale List Agent.  Certified, and experienced with lots of different Lenders..references provided upon request.  FREE consultations on your many options..760-285-3578.

www.lehighvalleyshortsalerealtor.com

Carl SanFilippo

(888) 445-8880

Short sales have been helping homeowners dodging foreclosure since the housing market began taking its fall back in 2007. Short sales are becoming popular because of the minimum impact it has on a homeowner’s credit. A foreclosure makes it almost impossible to be qualified for a loan for seven years, while a short sale can recover in as little as two years. Short sales can be a lengthy procedure, but with a short sale specialist helping you, you won’t have to be concerned about negotiating to constant communication with the lender. The service of a short sale specialist is free to the homeowner and is just another plus to opting for a short sale.

Short sales provide incentives to the qualifying homeowner to help with relocation fees. The Home Affordable Foreclosure Alternative government program will offer $ 3,000 cash back after the short sale. A short sale can also be an advantage to the lender by helping them to avoid a costly foreclosure; the lender understands their loss with a short sale, but also comes to grips with their gain of avoiding foreclosure.

The short sale process can be long and tedious, but upon completion, it will show its true benefits. Depending upon the state, and whether the short sale was a traditional short sale or the HAFA short sale, a homeowner will be relieved of the deficiency after the short sale; meaning you will not be held accountable for paying the difference. With a foreclosure, you will be addressed with fees and many years of “foreclosure” lingering to your credit.

With the housing market still trying bounce back, buyers are still seeking after a good deal and homes being sold as short sales could be the deal they are wanting. Sometimes various buyers can come and go during a seller’s short sale, but that is why it is important to have a competent short sale specialist from the beginning, ensuring that your house is “buyer friendly” and all of the requirements asked by your lender are met.

Call Carl SanFilippo (888) 445-8880 for a FREE AND CONFIDENTIAL phone consultation.

Short Sale Versus Foreclosure – which should I do?

Getting fired from your job usually means the power source of income is cut off, and being of the first things to get sidelined when this occurs are mortgage payments. Paying for a house to live in might come off to be a little costly especially if you can just opt to rent an apartment. While it is easier to just walk away from your monthly mortgage payments and let the bank take your home, you might want to consider the route of a short sale. So, what is the dissimilarity in the advantages of a short sale VS a foreclosure?

Benefits of a Short-sale – doing something about it

A short sale home specialist describes a short-sale as the lesser of the two evils. If you are concerned on how to Short Sale a home, then the first thing you need to be informed of is that it enables you tons of options that foreclosure doesn’t provide you, such as

• Leave when you want to leave – opting a short sale grants you the ability to stay in your home longer, as the bank will give you notice when the short sale deal is approved for close. A short sale waiting period can go on for up to 2 to 3 months.

• A clean slate –generally while your personal credit and bank records are your own responsibility, a short sale does not impact your credit in the same way as a foreclosure. That means you can do a lot of things that you wouldn’t have the ability to do if you had a foreclosure showing up on your credit. Not only mentioning a clean slate, but on top of this and upon a successful completion of your short sale you may qualify for the HAFA Program. A program that could offer up to $ 3,000.00 CASH BACK towards your relocation! A borrower can be worthy of purchasing a property in only two years after a foreclosure.

• Control over the price – in opposition to foreclosures, short-sales give you the ability to control the price of the sale due to the fact that you still altogether own your home as the bank has not seized ownership of it yet. Granted, short-sale prices are still a lot lower at market value than the property value, but you’d much rather be selling at a loss than letting the bank do all the selling for you. Even though the bank must have the final say so in a short sale offer, prices generally are higher than foreclosed homes. This will do your neighbors a favor by helping to preserve community property values.

Benefits of a Foreclosure – the art of walking away

Foreclosure is the easy way out. Basically, foreclosure is simply turning your back on your property until the bank decides to foreclose on it. This is a little known fact, but foreclosure potentially could be the worst thing that you can do. Contemplate it – after the bank forces you to turn over your property, they get to clean it up, put it on sale for a reduced price and whoever gets the property will either: (a) renovate it and try to sell it at a very high premium; (b) sell it as being and the seller can still get a respectable profit out of it or; (c) whomever gets the property can just live in it, still getting the better end of the deal because of the bargain price that he or she bought it for.

Foreclosed properties can sell pretty rapidly as compared to a short sale. While this sounds pretty good on paper, remember that it is the bank that already owns the foreclosed property, they are the ones who profit the most from a fast transaction, so please, take this time to read further into abstaining or preventing foreclosure.

Also, while it may seem really easy to just walk away from your property and let the bank acquire it, you may want to acknowledge the following consequences:

• Waiting period before you can buy – records of foreclosure can affect even the period when you can purchase your next home. Generally speaking, banks select more responsible and trustworthy people without any sort of negative records to approve a home loan application. The current waiting timeframe for anybody to be granted by a bank or an institution to mortgage a home again is 5 years most likely. In addition, do you think a bank will let you purchase a home if records show that you already failed in maintaining a previous mortgage?

• A foreclosure record can leave a lasting impression – records of a previously foreclosed property may appear on your personal credit for up to 7 years. That is a lot of time to consider especially if you want to apply for something that is bank or credit related in the upcoming seven years. While most people will believe that they wouldn’t mind this kind of record because they are not planning on doing anything bank related, consider this: any type of foreclosed property records can severely affect your job applications. Why? Some employers look at your credit background to see if you are responsible in your credit, and a foreclosure blemish may cause them to conclude that you are delinquent if you have a foreclosure on your record.

• It shows up on your credit records – managing your credit rating and record should by far be more critical than anything else you should contemplate before taking the easy way out. It is noted that your credit rating can plunge as low as 160 to 105 points depending on the manner of foreclosure or on your credit history. This is especially important to consider if you have an active business or you are looking into bank loans for business or other concerns. A foreclosure can at times be read as a severe negligence on the part of the person. It is important to note that banks do not consider any type of personal issues that is on your plate during the time of foreclosure: it’s either your payments are made on time or they are not.

• It affects your loan applications – similar to most of the reasons above: why would you think any bank will give you a loan if your records reveal that you had trouble paying for one before? Even if the intention might be very different from that of a home purchase, like a school loan, car loan or business loan, it is still the same thing.

• You get evicted immediately – unlike if you put your home up for a short sale; eviction usually is very quick if your property is being foreclosed on. Generally, a notice period of 30 days is given to the person with a foreclosed property, but any other extensions might not be considered by the lending institution, person with a foreclosed property, but any other extensions might not be considered by the lending institution.

So, which is the better option? A short sale or a foreclosure?

Deciding a short sale over foreclosure may be the best option by far. The mere fact that you have control over the price and the time when you can sell your home is a better alternative than being forced to hand over your house and being ordered to leave the premises as soon as possible.

While it is ultimately up to the person to choose either a short sale or a foreclosure, what is substantial is that options are weighed first and think of how it may affect your ability to buy a home in the future and affect your credit rating. Researching is a job well done. Now, your next step is to contact one of our highly trained Short Sale Specialists, so they can get your short sale on started and successfully completed!

Carl SanFilippo

Nj Short Sale Agent

www.njshortsalesspecialist.com

Reverse Mortgage Short Sale

Short Sale Opposed To Foreclosure

Short Sale Versus Foreclosure – which should I do?

Getting fired from your job usually means the power source of income is cut off, and being of the first things to get sidelined when this occurs are mortgage payments. Paying for a house to live in might come off to be a little costly especially if you can just opt to rent an apartment. While it is easier to just walk away from your monthly mortgage payments and let the bank take your home, you might want to consider the route of a short sale. So, what is the dissimilarity in the advantages of a short sale VS a foreclosure?

Benefits of a Short-sale – doing something about it

A short sale home specialist describes a short-sale as the lesser of the two evils. If you are concerned on how to Short Sale a home, then the first thing you need to be informed of is that it enables you tons of options that foreclosure doesn’t provide you, such as

• Leave when you want to leave – opting a short sale grants you the ability to stay in your home longer, as the bank will give you notice when the short sale deal is approved for close. A short sale waiting period can go on for up to 2 to 3 months.

• A clean slate –generally while your personal credit and bank records are your own responsibility, a short sale does not impact your credit in the same way as a foreclosure. That means you can do a lot of things that you wouldn’t have the ability to do if you had a foreclosure showing up on your credit. Not only mentioning a clean slate, but on top of this and upon a successful completion of your short sale you may qualify for the HAFA Program. A program that could offer up to $ 3,000.00 CASH BACK towards your relocation! A borrower can be worthy of purchasing a property in only two years after a foreclosure.

• Control over the price – in opposition to foreclosures, short-sales give you the ability to control the price of the sale due to the fact that you still altogether own your home as the bank has not seized ownership of it yet. Granted, short-sale prices are still a lot lower at market value than the property value, but you’d much rather be selling at a loss than letting the bank do all the selling for you. Even though the bank must have the final say so in a short sale offer, prices generally are higher than foreclosed homes. This will do your neighbors a favor by helping to preserve community property values.

Benefits of a Foreclosure – the art of walking away

Foreclosure is the easy way out. Basically, foreclosure is simply turning your back on your property until the bank decides to foreclose on it. This is a little known fact, but foreclosure potentially could be the worst thing that you can do. Contemplate it – after the bank forces you to turn over your property, they get to clean it up, put it on sale for a reduced price and whoever gets the property will either: (a) renovate it and try to sell it at a very high premium; (b) sell it as being and the seller can still get a respectable profit out of it or; (c) whomever gets the property can just live in it, still getting the better end of the deal because of the bargain price that he or she bought it for.

Foreclosed properties can sell pretty rapidly as compared to a short sale. While this sounds pretty good on paper, remember that it is the bank that already owns the foreclosed property, they are the ones who profit the most from a fast transaction, so please, take this time to read further into abstaining or preventing foreclosure.

Also, while it may seem really easy to just walk away from your property and let the bank acquire it, you may want to acknowledge the following consequences:

• Waiting period before you can buy – records of foreclosure can affect even the period when you can purchase your next home. Generally speaking, banks select more responsible and trustworthy people without any sort of negative records to approve a home loan application. The current waiting timeframe for anybody to be granted by a bank or an institution to mortgage a home again is 5 years most likely. In addition, do you think a bank will let you purchase a home if records show that you already failed in maintaining a previous mortgage?

• A foreclosure record can leave a lasting impression – records of a previously foreclosed property may appear on your personal credit for up to 7 years. That is a lot of time to consider especially if you want to apply for something that is bank or credit related in the upcoming seven years. While most people will believe that they wouldn’t mind this kind of record because they are not planning on doing anything bank related, consider this: any type of foreclosed property records can severely affect your job applications. Why? Some employers look at your credit background to see if you are responsible in your credit, and a foreclosure blemish may cause them to conclude that you are delinquent if you have a foreclosure on your record.

• It shows up on your credit records – managing your credit rating and record should by far be more critical than anything else you should contemplate before taking the easy way out. It is noted that your credit rating can plunge as low as 160 to 105 points depending on the manner of foreclosure or on your credit history. This is especially important to consider if you have an active business or you are looking into bank loans for business or other concerns. A foreclosure can at times be read as a severe negligence on the part of the person. It is important to note that banks do not consider any type of personal issues that is on your plate during the time of foreclosure: it’s either your payments are made on time or they are not.

• It affects your loan applications – similar to most of the reasons above: why would you think any bank will give you a loan if your records reveal that you had trouble paying for one before? Even if the intention might be very different from that of a home purchase, like a school loan, car loan or business loan, it is still the same thing.

• You get evicted immediately – unlike if you put your home up for a short sale; eviction usually is very quick if your property is being foreclosed on. Generally, a notice period of 30 days is given to the person with a foreclosed property, but any other extensions might not be considered by the lending institution, person with a foreclosed property, but any other extensions might not be considered by the lending institution.

So, which is the better option? A short sale or a foreclosure?

Deciding a short sale over foreclosure may be the best option by far. The mere fact that you have control over the price and the time when you can sell your home is a better alternative than being forced to hand over your house and being ordered to leave the premises as soon as possible.

While it is ultimately up to the person to choose either a short sale or a foreclosure, what is substantial is that options are weighed first and think of how it may affect your ability to buy a home in the future and affect your credit rating. Researching is a job well done. Now, your next step is to contact one of our highly trained Short Sale Specialists, so they can get your short sale on started and successfully completed!

www.njshortsalesspecialist.co,

When the time comes near to close on an existing approval letter, the terms of the new offer must correspond with the offer that was approved already, and the buyer must close by the date in the short sale approval letter or an extension may be mandatory. The short sale approval process may perplex some people but with the help of an experienced agent, the short sale process should be somewhat of a smooth process.
A lot of people become bewildered when they see the phrase “approved short sale”. The short sale process can be challenging so it is easy to not understand the entire lingo that can be involved. Banks usually do not approve a short sale until an offer from a buyer has been received to the bank. The typical way a short sale can be approved is for the buyer to give an offer and get the offer approved.
The way the short sale approval process works is that the agent will list the short sale, the seller will give the agent the documents required that the lender has asked for, the buyer will then submit an offer. The listing agent will send in the short sale package, the accepted offer and a HUD to the lender, while the buyer waits a possible four months. Once the short sale approval letter is received by the agent, the agent will contact the buyer’s agent to present the news. Then the buyer’s agent informs the listing agent that the buyer has bought something else, which results in a cancelation. The buyer then cancels the transactions while the listing agent is not happy with the buyer’s agent, but will then put the home back on the market as an approved short sale.
Reasons that a buyer might cancel an approved short sale may be that the home may need too many repairs, or the appraisal came in to low, or the buyer does not qualify for the loan. When a new buyer is brought into the picture, they will generally have to match the exact terms of the short sale approval letter.

NEW JERSEY SHORT SALE AGENT

Cute as a button, remodeled, 1bd/1ba Condo coming up at Palm Lakes in Palm Desert, CA. This short sale is a COOP short sale with B of A. That means that the List Price has already been approved by the bank and the close will be quicker than with a standard short sale.

Palm Lakes is a gated community of Condos offering a clubhouse, 2 tennis courts, community pool and lots of lush, green common areas..all for $225/month HOA fees. This particular unit is in a great location on the second floor with a balcony that overlooks the lake and community pool and to the Southern mountains. Lots of light!

Seller has remodeled the bathroom with custom tile in the shower and a new cabinet/sink. The kitchen also has been remodeled with new cabinets, a granite kitchen eat bar and includes a gas stove and dishwasher. The condo has an interior laundry area and is all freshly painted. The bedroom has 2 closets, one with extensive built-ins and the other with a deks/office area in it.

The Condo has also had extensive upgraded lighting installed. Just really a nice unit. Great for a seasonal visitor, investment, or a college student that wants to live close to campus.

Should get my List Price today and get it active. It originally sold for $185,000 in 2007 and I expect the List Price to be approx. $65,000..unbelievable, right???

In Blossom Valley from Jan 1, 2012 until June 30, 2012 there were:

263 closed short sales

104 closed bank owned homes

Total sales during this time period were 626

Total % Short Sales: 42%

Total % REO Sales: 16.6%

Total Percentage  Blossom Valley Distressed Properties: 58.6%

58.6% of all Blossom Valley sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, many homes will get multiple offers and the values should increase this year. It is interesting to see there are over two and half times as many short sales as bank owned sales which has also happened in other cities. This area is great for investors with a lot more activity than in some areas like East Palo Alto or Belle Haven.

If you have any questions about short sales or foreclosures in Santa Clar County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Los Altos from Jan 1, 2012 until June 30, 2012 there were:

3 closed short sales

3 closed bank owned homes

Total sales during this time period were 192

Total % Short Sales: 1.5%

Total % REO Sales: 1.5 %

Total Percentage  Los Altos Distressed Properties: 3%

Again, we have a high priced neighborhood and almost no distressed property sales. Values are appreciating and there are more pople trying to buy homes than there are homes available. Additionally, there is very little new contruction before the crash, so there is not a big group of people who bought into a large development and are now underwater.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

In Los Altos Hills from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales

0 closed bank owned homes

Total sales during this time period were 45

Total % Short Sales: 2.2%

Total % REO Sales: 0%

Total Percentage  Los Altos Hills Distressed Properties: 2.2%

The low number of distressed property sales in Los Altos Hills is consistant with the other high prices neighborhoods in Silicon Valley. These areas are showing strong sales, good appreciation, and plenty of buyers with enough cash and income to purchase. Compared to the same time period in 2011 there were 2 closed short sales and 5 foreclosures with 52 sales for a total of 13.5% sales being distressed. 2012 is definatley different.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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