CALL CARL SANFILIPPO TOLL FREE (888) 445-8880 FOR A FREE PHONE CONSULTATION.  Every homeowner in Lehigh Valley should be educated on their options to avoid a foreclosure in Lehigh Valley. Many options are available in Lehigh Valley to distressed homeowners however; short sales are becoming increasingly popular due to its abilities to assist homeowners in Lehigh Valley. Short sales offer cash back incentives in Lehigh Valley, a credit score that suffers far less than one of a foreclosure in Lehigh Valley and the assistance of a Lehigh Valley short sale specialist at no cost.

Something each and every homeowner in Lehigh Valley worries about is how their credit will be affected once a short sale all is said and done. The truth is, a short sale in Lehigh Valley itself may drop your credit score by 50 points, however it will the delinquent mortgage payments that do the most damage; each missed payment ranging around 30 points. When you compare a short sales versus a foreclosure you will see that a foreclosure may lower your credit score by 300+ points and sit on your credit report for up to ten years. A short sale in Lehigh Valley will typically recover within two years while usually displaying "paid as negotiated" or "settled in full" on your credit report. A foreclosure in Lehigh Valley also has the potential to hold you back from a certain career path because it is not uncommon for employers to do a credit check before making a decision.

One of the greatest benefits of having an experienced Lehigh Valley short sale specialist is having me assist you throughout your short sale. The goal of a Lehigh Valley short sale Realtoris to handle all negotiations on your behalf while working aggressively to get your home sold in Lehigh Valley. A highly qualified Lehigh Valley short sale specialist will be able to keep constant exceptional communication with all parties involved while offering their services to you, at no cost; your lender will typically pay all commission and closing costs. There is no reason to let your home in Lehigh Valley go into foreclosure when you have options available and professionals who dedicate their lives to helping distressed homeowner

May 2012 Could Signal a Turn Around for Housing Market

There is some hope for the real estate market. According to a report published by the Commerce Department the number of homes purchased in May of 2012 was the highest number in over two years. The number of purchases increased from April to May by 7.6%. That number is the best increase since April of 2010 when the tax credit for purchasing a home was still in effect.

Areas of Highest Growth

The places that saw the largest increases were the South and Northeast. The number of homes purchased in the South grew by 12.7% while the growth in the Northeast was 36.7%

Although the total number of sales across the country seems to be off pace from the 700,000 transactions favored by economists, the market is showing other signs of improvement.

Strong Signals from the Market

First and foremost, builders have begun to increase production. More construction is always a positive sign, no matter how small the increase. Second, interest rates for mortgages are still at historically low levels making it easy to afford a home. Third, and this is important too, is the stabilization of home values. Most regions around the country have noticed home values finally holding steady. All of these factors have lead to people buying up existing homes, paving the way to build more properties.

More than Just Statistics

The main reason why economists and financial analysts pay so much attention to new construction comes from their overall economic impact. Building a new home normally produces about three new year-long jobs. It also leads to an increase in taxable revenue by an average of $90,000. Although new homes are only 20% of the entire housing market, the numbers above show how constructions helps the economy thrive.

Supply is Down

At the end of May it was reported that a total of 145,000 new homes were on the market throughout the entire country. Based on current sales numbers the market should go through the existing inventory of new homes in about 4.5 months. Economic experts feel that a 6 month supply of new homes keeps the economy healthy. With a lower than average supply it is possible that home prices could go up simply because demand will be higher.

Prices Already Higher

Speaking in general averages, the price of a home bought in May of 2012 was down ever so slightly from the average price in April. However, when looking at sales from one year ago shows that average prices have gone up by 5.6%.

FOR IMMEDIATE RELEASE:

Michael Collins Earns NAR Broker Price Opinion Resource Certification

Sellers and Lenders Benefit from REALTOR^® Expertise in Broker Price Opinions

Madison, WI — Michael Collins with Rock Realty has earned the nationally recognized Broker Price Opinion Resource certification. The National Association of REALTORS^® offers the BPOR certification to REALTORS^® as evaluating properties depends more than ever on professional expertise and competence, the best use of technology, and a commitment to approach the valuation assignment from all pertinent perspectives.

“As the real estate market evolves we are seeing more demand for broker price opinions, and it’s imperative that REALTORS^® are knowledgeable and educated about how BPOs work, as well as the risks involved,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami. “The BPO Resource certification not only adds value to the services provided by REALTORS^®, but also it helps practitioners grow their business.”

“BPOs: The Agent’s Role in the Valuation Process” is the required one-day course that provides REALTORS^® with knowledge and skills to reduce risk and increase opportunities to create professional and accurate BPOs. In addition to completing the course, participants are required to take a Webinar. Once awarded the certification, REALTORS^® will be eligible to receive BPO orders as a preferred provider.

In addition to providing members with the opportunity for BPO business, BPO Resource will explore the multiple uses of BPOs, how they can and cannot be used, and how to filter and select comparables to create expert and precise BPOs. The certification also assists member in creating more comprehensive comparative market analyses for their customers’ listings.  For more information about the BPOR certification, visit www.BPOR.org.

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I am representing the buyer on a Short Sale purchase the Lender is BOA. We got a clear to close last Friday only for the listing agent to tell me He has been trying to get a lien approved for the Hud and his side can't close until that happens. He has negotiated the lien but BOA hasn't approved it for the hud. Also that he found out at the last minute because his seller never disclosed she had a HOA Lien outstanding. How can help him get this file "escalated"? My buyer is nervous and frustrated has to be out of her apt by Aug. 1st and not willing to extend the contract pass this Friday.

Call Carl SanFilippo (888) 445-8880 for a FREE Phone Consultation

It’s no secret the housing market in New Jersey has plunged in recent years and selling a home in New Jersey seems like an almost impossible task. The number of New Jersey short sales have spiked in these years as well. Homeowners in New Jersey have waited months, and some, even years to get out from under their homes. For the homeowner who is looking to sell whether it’s through a short saleor a regular real estate sale, the market has budged and is beginning to look promising for the future. Now, a lot of people wonder how to find out if the housing market is improving or not or what to look for.

The first thing anyone wants to look for is the amount of foreclosures in any neighborhood; this is a great indicator of how good or bad the real estate market is on a local level. If you find fewer foreclosuresin a neighborhood, this is typically a sign of a relatively stable neighborhood but if you find a large number of foreclosures then this could be a sign that particular area is seeing a housing market depression. For the buyer, foreclosed homes could be a good place to look if you plan on buying a home to fix up to your liking.

Another way to tell if the housing market is improving is when housing companies start building large projects in your area, this is good because a good amount of homeowners are expected to move in soon. Housing projects are always a good sign, it shows your local housing market to be making a steady move towards recovery and you are less likely to see foreclosures in that area.

Lower interest rates are another way to tell if the market is improving. Interest rates have seen a huge decline since the housing market took its plunge. Lower interest rates don’t always mean a bad real estate market but since interest rates are at a decrease it is an incentive for buyers who are looking to buy a home. The more money the real estate market sees, the quicker its recovery can increase and the housing market can get back to normal.

If you start seeing business pop up around you or old businesses that closed down but are now reopening their doors, then this is a possible sign of an improving housing market. This is particularly good for the entire economy too because more people will be spending money as well as making money and more money means more homes, which means more jobs so the homes can be built.

The real estate market is showing signs of improving however, more jobs and fewer foreclosures seem to be holding both the economy and the real estate market back from being able to become stable. For buyers, right now would more than likely be your ideal time to buy, but sellers, just keep at it, and make sure you are choosing the right Realtor to help you with your real estate transactions, whether it be a short sale in New Jersey or a regular home sale, competent Realtors are out there and do better your chances of getting you out of your home.

Full Article at: www.seattleshortsaleblog.com

Our team of agents at Seattleshortsaleblog has been extremely successful with short sales for many years now and pinpointing the key attributes that has contributed to our success is quite apparent once you meet our negotiators. As emphasized before in our previous blogs, one of the biggest downfalls in the short sale arena is the lack of communication, or more specifically, the lack of a good communicator. Facilitating a transaction with multiple parties who have only their own financial interests in mind, is not an easy task which is why we at seattleshortsaleblog continue to emphasize the importance of a professional negotiator in your short sale. Let’s explore some qualities to look for when choosing the right agent for your short sale.

Why is a negotiator important in a short sale? Picture a room of five famished people waiting for food and suddenly throwing one pie right in the middle. Most likely, a fight will break out for the pie and it will probably end up getting ruined resulting in a loss for everyone. A negotiator is like an individual who comes in to help everyone get a piece of the pie with minimal losses for everyone. A short sale transaction is a very similar situation. Everyone is trying to get the most pie they can get but without someone facilitating the portions each entity will receive, it often leads to a foreclosure which is a severe loss for all parties.

So, how do you identify a pro negotiator? I believe one very important factor for a good negotiator is his/her personality. To briefly describe some personality traits that I believe all successful negotiators should have is first and foremost, charisma.  You want a negotiator who is enjoyable to speak with and can build relationships.  Second, is stability and to be direct, an uncanny ability to control emotions. Third, and really most importantly is the ability to listen, you need to provide a party with what they want in order to get what you want or at least mediate their wants and fill as many as possible.

In working with all parties of a transaction, the negotiator should be able to influence servicers (banks), agents, and buyers (exempt sellers because negotiators are on their side). Without building good rapport and maintaining good relations with all of these members, the short sale can easily fall through.

Another key factor for a good agent/negotiator is organization. A short sale involves a plethora of various documents coming from different parties. Without have these files organized, a short sale typically fails as lenders are very particular about timely file submissions. For more information, please read our previous blog on The Key Factor For A Good Short Sale Agent.

What do you think? Are there more qualities a pro negotiator should have? Would love the feedback. Thanks!

Peter

CALL CARL SANFILIPPO TOLL FREE (888) 445-8880 FOR A FREE PHONE CONSULTATION

A New Jersey short saleis one of the alternatives to avoid foreclosure that a home owner can choose. It has its pros and cons, but some experts tend to think the benefits of a short sale outweigh the cons especially if the homeowner sees no change in his/her finances. But whether it’s beneficial for both lender and borrower, a short sale still takes a long time to process and often undergoes different steps with each step requiring an approval.

So, why do short sales take so long to complete? A short sale, generally involves the homeowner asking the lender to accept less than what is owed to him. If you were in the lender’s place, you’d naturally think the decision over a hundred times before agreeing to a loss. Mulling this loss over naturally involves time; weeks or even months. Short sales take an average of 245 days to push through.

Moreover, for the lender to agree, the homeowner should present valid proof that a short sale is needed. A looming foreclosure is a substantial proof since lenders themselves do not want to go through with the expensive process of foreclosing. This and the fact that the property will go to the bad debts section and probably incur taxes while under such classification. It also takes time and money to resell a foreclosed property. In a short sale, a willing buyer is usually already waiting.

So, does the success of a short sale all depend on the lender? Here are more answers to the question – Why do short sales take so long to complete?

Homeowner Needs to Package Correct Paperwork

In addition to a looming foreclosure, a homeowner needs to come up with the correct paperwork in order to get approved for a short sale. For one, the lender will require proof that the home’s market value is less than the remaining amount of the mortgage. This proof should be presented in an appraisal report from an independent and reputable appraiser. Other requirements that a lender may require include the short sale hardship letter explaining the homeowner’s distressed situation, pay stubs, tax returns, and bank statements. If a homeowner qualifies for the government-backed short sale program under Realtor, the requirements would include applying for the HAMP loan modification programfirst, proof that monthly payments exceed 31% of income and the hardship letter.

So if you are a homeowner in New Jersey looking forward to selling your home through a short sale, you should make sure you’ve submitted the correct paperwork before asking why do short sales take so long to complete. Because by the time your paperwork has been reviewed and rejected due to a missing requirement, weeks or months would have passed already. In this economic slump that the real estate is in, mortgage lenders are processing hundreds of short sale applications on any single time.

Second or Third Mortgages

Another thing that a homeowner should consider before asking as to why do short sales take so long to complete, is a second or third mortgage. Having more than one mortgage for a home is not uncommon. When a homeowner falls short of the required down payment, he/she might be forced to get a second mortgage to cover the difference. A second mortgage may have also been taken to cover the difference between a low appraisal/the amount the bank was willing to lend, and the higher asking price of the seller.

In case of a second or third mortgage, a homeowner seeking a short sale as an option to avoid foreclosure should also get the second or third lender’s approval. This process takes time because a lender will usually not agree to let go of his lien over the property without anything in exchange or valid proof that a short sale is the only option available.

Mortgage Insurance

The holder of the mortgage insurance or MI is another one of the third parties involved in short sale. Most mortgages are covered with a mortgage insurance that protects the lender in case the borrower defaults on the payments. In the case of a short sale, the borrower would have defaulted on the payments so the insurance provider’s approval is needed since an amount will usually be paid to the lender to cover the default. Again, this process involves paperwork and a step-by-step approval process.

Inexperienced Realtor

Although the processes of selling a home under a short sale seem somewhat similar to a regular sale, a homeowner should seek the help of a Realtor or real estate agent experienced in short sales. Since a lender requires that a home being listed for a short sale should already have a willing buyer, a competent real estate agent is needed to help both buyer and homeowner go through the long months of waiting for the short sale to be approved. But before this, there are processes that a homeowner cannot handle himself. This will include getting a reputable appraiser, listing the home for short sale and many more. All in all, a homeowner should not just look for a licensed real estate agent, but one who specialize in short sales.

While a short sale may be one of the best options a homeowner can consider to avoid foreclosure it takes a long time to complete. The scenarios above are just a few of the reasons why short sales take so long to complete, and understanding each can help a homeowner prepare for the long waiting period; if not achieve a faster approval.

Got a very swift approval on this single note, B of A short sale.  The Buyer then walked..aaarrrghhh!

So..looking for a Buyer to substitute right on in for a close "on or before 9/14/12" 

42785 Caballeros Dr., Bermuda Dunes, CA.  MLS #31454135  $240,000

Great house with a recently remodeled kitchen to the tune of approx. $35,000 per Seller.  Elevated lot in a lovely area of the guard gated club with HOA's  of approx. $285/month.  Golf is pay as you play or you may purchase a membership.  Very reasonable golf at Bermuda Dunes CC.

The yard is oriented South which is the premium sun exposure in the desert and the large pool/spa, (currently drained) is surrounded by a high wall for privacy.  Large covered back porch shades the great room and sliders off the master lead directly to the pool.  The master suite is on the opposite side of the home from the other 3 bedrooms for maximum privacy.  The master has dual walk in closets and a bathroom with it's own Sauna. 

CALL CARL SANFILIPPO TOLL FREE (888) 445-8880 FOR A FREE PHONE CONSULTATION

I truly believe life is all about balance. I try my hardest to balance friendships, relationships, work, and health. When i started real estate i worked long hours always putting my career first. This really made my life unbalanced. Personal relationships suffered, I ignored and put off a lot of friends, and even neglected my own health. I put on 25lbs in three months and really was unhealthy for my age. I learned one thing It can happen very quickly, and your mortgage becoming unbalanced with your budget can happen just as fast!

An expensive car repair, an unexpected hospital visit, a missed week of work – just a few little things and the life you've worked so hard to build can feel like it’s tipping dangerously out of balance.

Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help. It is time to learn how to avoid foreclosure in NJ.

As a real estate professional my mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Choose to face the challenge with a professional on your side is the greatest decision you can make. When I realized my life was unbalance i relied on the help of friends and trainers(for my health) to balance my life again.

I can help you realign the balance in your financial life and tip the scales back in your favor. Call or email me and schedule your free, confidential consultation. As a New Jersey Short Sale Specialist we can work together to make sure you end up ahead

The Wisconsin housing statistics are now in for June of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:

“Wisconsin home sales continued to grow at a robust pace with sales of existing homes up 19.3 percent in June over June of last year... June median home prices increased 1.4 percent to $142,000 relative to the same month last year which is the fourth straight month of increasing median prices."

“In a national economy that has not yet seen the kind of growth rates that typify most economic recoveries, it’s encouraging to see such strong growth in home sales over the last 12 months,” said Rob Keefe, Chairman of the WRA Board of Directors.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you probably have heard, home sales have been increasing substantially all year. Both Dane and Rock counties are showing marked improvements in the number of homes sold.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

The HAFA Short Sale Program in New Jersery was introduced in 2009 by the United States Treasure Department as a way of delivering alternative options to homeowners who are facing financial problems in relation to their home mortgages. The HAFA (Home Affordable Foreclosure Alternatives) program was meant to be implemented through the existing HAMP (Home Affordable Modification Program) from April 5, 2010 up to the end of the year 2012.

The HAFA program essentially was designed to provide homeowners with specific incentives in relation to the execution of a short sale or a DIL (Deed-In-Lieu) of foreclosure. The intention was to help homeowners avoid foreclosure based on a loan that is eligible for modification under the original HAMP program. The United States government assures that all servicers that have participated in the HAMP will be required to comply with the specifics of the HAFA. Here are some reasons to use the HAFA Short Sale Program.

1. Excellent complement to HAMP.

The drafting of the HAFA Short Sale Program provides homeowners with an excellent complementary program that presents a viable alternative to the borrowers who are eligible for HAMP, but do not have the resources to keep their homes. Moreover, the program recognizes all the eligibilities specified under HAMP like the inclusion only of personal residences.

The HAFA also allows only mortgages that do not exceed $729,750 with the borrowers required to exhibit that they are suffering hardships like the loss of income, unexpected increase in expenses, and increased payment of mortgage among others. If your mortgage originated prior to January 1, 2009, then you can definitely avail of the program with the PTI payment greater than 31% of the gross monthly income of the homeowner.

2. Homeowner information has been previously collected.

When looking at the HAFA option, homeowners no longer have to exert additional resources and effort in providing the necessary financial and hardship information that is required from them. The reason is that all of the information has already been previously collected in relation with the consideration for a loan modification application primarily under the HAMP program.

This means that the entire process associated with the application of homeowners can be tackled in relatively faster time. It also means that homeowners who are strapped for valuable cash do not have to contend with additional expenses in terms of preparation of documentary requirements needed by servicers for processing.

3. More flexibility in receiving terms.

One of the most vital reasons to consider with the HAFA Short Sale Program in New Jersey is that it allows homeowners to actually receive pre-approved short sales terms. This means that the homeowners who want to avoid foreclosure on their property can accept those terms even prior to the listing of the property to make it available in the market. The normal practice with short sales is that offers are only considered once the property has been included in the listing.

With the HAFA program, even offers that qualify as minimum acceptable net proceeds can be considered prior to the listing. In a sense, this gives the financially challenged homeowners with more flexibility on the options that they have on the table. This also means that they can at least be assured that there are already viable offers even before the property hits the market, which in a way helps to calm their nerves.

4. Future liabilities of homeowners are automatically forgiven.

Real estate agents who are experienced in handling short sales can tell you that there are some servicers who require homeowners to shoulder a portion of the balance after the short sale has been completed. This means that the homeowner will still have some amount of debt to contend with in the future. With the HAFA Short Sale Program, this type of practice is not tolerated.

With the implementation of HAFA as a complement to HAMP, the homeowner is completely released from any future liabilities. It is important to note that the release is based on the first mortgage debt only and does not apply to subsequent mortgages. What this translates to is that no deficiency judgment, cash contribution, or promissory note will be required from the homeowner, making them completely debt free after completion of the short sale process.

5. Homeowners receive incentives.

For majority of homeowners who are facing extreme financial challenges aside from the problem of keeping up with their mortgage payments, the HAFA Short Sale Program is a welcome relief. One of the most compelling reasons to use this program is that it delivers financial incentives to the homeowners while subscribing to standard processes, timeframes, documentary requirements, and deadlines.

It is important to keep in mind though that to maximize these benefits, the assistance of competent real estate agents or experienced real estate companies may be needed. Under the HAFA program, a borrower relocation assistance equivalent to $3,000 will be paid to the homeowner. The servicers will receive $1,500 to cover their processing and administrative costs.

Investors on the other hand can get up to $2,000 based on maximum short sale proceeds of $6,000 that will be distributed to subordinate lien holders. The HAFA program requires that a one-for-three matching should be established.

6. Lenders waive certain rights.

Based on the particulars of the HAFA program, lenders that are participating should agree to waive their rights to deficiency judgment. Any experienced real estate agent will tell you that deficiency judgments have a tendency to suddenly popup right after short sales or foreclosures. This is normally attributed to the fact that many sellers do not get tax or legal advice ahead of time.

The deficiency judgment can come as a surprise to some and is considered as a relatively complicated process to comprehend. This emphasizes more the need to have an experienced real estate agent or company backing up homeowners so that they can understand the intricacies of such a complicated process. Homeowners in California should be aware that some residential units are exempt from the execution of deficiency judgments.

With all these beneficial reasons available to distressed homeowners, the use of the HAFA Short Sale Program becomes a legitimate alternative solution.

This Week's Superstar Discussions

Would You / Should I Take This Short Sale Listing??? I have been contacted by an owner of a condo to list the unit as a short sale. The seller has 2 loans - both with BoA. The unit is worth… Started by Terry McCarley NEWBIE here - How do I submit an offer in Equator? I just created an account yesterday for a short sale listing of mine that requires me to go through Equator. I have an offer and don't see… Started by Laurie Matthias 8 22 hours ago Reply by Laurie Matthias Bank of America FHA Files... Still a mess Has anyone found any relief with the B of A FHA Short Sale Process? I still have files that are stuck.. they've got their Short Sale Recom… Started by Melinda Speth 5 23 hours ago Reply by Kimberley Kelly Green Tree problems - multiple files We have been working three Green Tree short sale files, with each going on 5-6 months now. It seems their loss mitigation department is a c… Started by Gordon K 4 yesterday Reply by Patrick Smith Logistic Hardship My client is being transferred, but it is only 32 miles to the new location. Has anyone ever had any luck getting a Hardship approved for t… Started by Ken Cuellar Can anyone help me with a BOA SS that is ruled by the MI Company? Mortgage Insurance Company is asking my seller to bring $10k at closing and she obviously refused,I was thinking I could ask a cash buyer t… Started by Patricia Bravo 1 8 hours ago Reply by Bryant Tutas Freddie Mac turns down short sale so that they can foreclose My short sale that I have been working on with Wells Fargo for months has just been denied by Freddie Mac so that the buyer can buy the hou… Started by Kathy Manoogian 1 8 hours ago Reply by Bryant Tutas HAFA Short Sale in Bankruptcy Hello, Everyone, I just started working on a file where the sellers are in Chapter 13 bankruptcy and need to short sell. The lender is We… Started by Andrew Utter 13 hours ago Reply by Rebekah Gamble

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A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

In East Palo Alto  from Jan 1, 2012 until June 30, 2012 there were:

36 closed short sales

20 closed bank owned homes

Total sales during this time period were 96

Total % Short Sales: 37.5%

Total % REO Sales: 20.8 %

Total Percentage  East Palo Alto Distressed Properties: 60.7%

60.7% of all East Palo Alto 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, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales which has also happened in other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

PGA West, the 6 course golf community in La Quinta, California is where my latest approval came through.  This gorgeous single family residence with our most desireable orientation (South for most sun!), had two notes against it.  The owner had tried to sell it for almost 3 years..always chasing the market and not succeeding.

81-375 National Dr.  Listed on 5/27 and approved on July 18, 2012.  Less than 60 days for BOTH Lienholders approval. 

PML:  Bank of America   Note Value of approx. $1,400,000

HELOC:  Chase    Note Value of approx. $250,000

Negotiated amounts:

Bank of America:  $925,000 Sales Price with an $8500 payout to Chase.  Very much a fair market value for this property. Chase was first with their approval..but only by a couple days. 

I list, negotiate and CLOSE my Short Sales.  Certified and experienced with plenty of references, I enjoy my Short Sale work!  Equity Sales are also picking up tremendously in my Palm Springs Valley, as prices have pretty much stabilized in all price points..it's a good time to be a Buyer! 

CALL CARL SANFILIPPO TOLL FREE (888) 445-8880 FOR A FREE PHONE CONSULTATION.  New Jersey has been facing one of the most challenging economies in its history. The housing market has been decreasing at such a rapid pace that one out of three homeowners owe more on their mortgage then their home is worth. Some parts of the country one out of every five homeowners are behind on their mortgage payments.  You might be in a similar position that you need to sell but owe more on your home then its worth.  You might have a ARM mortgage which is due to change and change your payment making it unaffordable. You do have options to avoid foreclosure in New Jersey.

I have been in real estate with Century21 Worden and Green since 2006.  As i came into the business the market started to change.  Home values started to decrease slowly while by 2008 prices began rapidly dropping. I have been dealing with foreclosure homes since 2006 and have closed hundreds of foreclosure properties and have educated homeowners regarding their options.  As a New Jersey Short Sale Specialist I strive to help as many homeowners who need my service as possible.

Why Should I Short Sale My Home in New Jersey? 

Doing a short sale in New Jersey could save your credit  long term.  A short sale is better for your credit then a foreclosure and has numerous other benefits. See the comparison of a SHORT SALE VS FORECLOSURE. and check out the Wall Street Journal article explaining why a short sale in New Jersey can be the right answer for you.

Why do I need a New Jersey Realtor to Short Sale My Home?

Most lenders will not consider a short sale in New Jersey unless your home has been on the MLS and is being marketed through a Realtor.  A New Jersey short sale specialist can also help navigate the short sale process, letting you know what forms the lender will require for the sale.  If you are eligible for the HAFA program in New Jersey, CLICK HERE to see if you might be eligible, you will be required to work with a Realtor.

How much does it cost to Short Sale my Home in New Jersey?

Absolutely NOTHING!  My services are 100% completely FREE!!!  I can refer you attorneys who will also provide service to you for FREE!!!  Sound to good to be true?  The lender will pay all commissions as well as legal fee.  Contact me for more details and for a FREE phone consultation.

The New Jersey Short Sale Process!

Step 1: Call me toll free (888) 445-8880 we will discuss your current situation and all your options. If it appears you have all the qualifications needed for a short sale in New Jersey  there will be forms you need to fill out and documents you must provide before we begin marketing your home.

Step 2: Marketing, I will come to your home take pictures and begin aggressively marketing your home in order to get offers.

Step 3: Get an offer to be submitted to the lender.  This part can be the most lengthy part of the transaction waiting for an answer from the lender.  However, recently this process has sped up.

Step 4: Approval and closing!  We obtain approval from the lender and have all the legal fees and commissions paid by the lender.  We also fight hard with the lender to to ensure you are forgiven of all past debt, and you have avoided foreclosure in NJ and can move on with the rest of your life.

In shuttering its wholesale lending channel, Wells Fargo & Co. said it would discontinue funding loans originated by mortgage brokers, but that will not end its relationship with brokers.

“NAMB does recognize and appreciates Wells Fargo’s strong support of mortgage brokers in the past and in the future. Wells Fargo is going to continue to do mortgages, only each loan will now go through the correspondent channel and not directly from the broker,” the association said in a statement.

Wells Fargo announced its decision to exit wholesale lending in connection with a $175 million in settlement with the Department of Justice. DOJ alleged that Wells Fargo’s wholesale unit allowed brokers to steer minority borrowers into high-cost subprime loans.

The giant bank denied the allegations but voluntarily agreed to exit the wholesale business to show that it is “fully committed to fair and responsible lending.”

However, the nationwide lender will continue to purchase loans from its approved correspondent lenders that fund and close brokered loans in their own name.

“Wells Fargo Correspondent continues to provide liquidity in the secondary residential mortgage market and continues to purchase mortgages sourced from third parties in the primary residential mortgage market from eligible, approved mortgage banks, savings banks, community banks and credit unions who are fully accountable for their respective mortgage origination processes,” a Wells Fargo Home Mortgage spokeswoman said.Re-postes. Article written by ByBrian Collins

For more information contact your Awesome Short Sale Negotiator Carmine R Biello Jr

shortsale@tropicaldreamrealty.com

The real estate industry is just like any other major industry segment. The people that work within the industry use specific phrases and words that are not too common in other types of work. Understanding some of the common jargon will help first time buyers feel a little more comfortable with the process.

Mortgage – This is a loan that provides the financing for the purchase of a home. Buyers will sign a promissory note that explains the terms of the loan. The interest rate, amount borrowed and number of payments required to repay the debt are all laid out in this document. A mortgage is different from a car loan or a credit card since a piece of property is used as collateral for the loan.

Appraisal – This is a report that explains the home's value. A professional appraiser will inspect the home and then compare it to other similar homes in the nearby area. Based on common criteria such as location, square footage, age and amenities the appraiser assigns a market value to the property. This is slightly different from a home inspection. A home inspection is designed to point out any areas in need of repair or replacement. An appraisal simply decides how much a home is worth as it currently stands.

Contingency – These are requirements spelled out in the real estate contract that must be completed or met in order for the sale to go through.

For instance, most contracts will have a contingency concerning the appraisal. If the home is not worth the sales price then the buyer may be able to get out of the contract.

Escrow – This refers to the funds, assets or securities being held by a third party separate from the buyer and seller. The buyer will place funds in escrow as proof that they wish to go forward with the sale. Once the seller has met the conditions of the contract the funds will be released.

Disclosures – The buyer must be informed of various details by the seller prior to the purchase. Each area will have slightly different requirements for the disclosures in their location. An example would be the location of a home in a known flood zone. This would affect the homeowner's insurance and could affect the buyer's ability to pay.

Closing – This is the last phase of the property purchase. All parties involved in the transaction will meet at either an attorney's office or an escrow agent's office (title company). The seller, buyer, and any attorney will typically attend the closing. At the closing the seller will receive funds for the transaction and the buyer will sign the necessary documents for the loan. The deed will be transferred from seller to buyer. Finally, the closing costs will be paid based on the agreed terms in the contract.

What do you deem professional with short sales

http://youtu.be/CzpwSL0debw

This week I was at a property we are buying in Scottsdale, Arizona. I was there to meet the pest inspector, who asked me to look into a particular property he had seen on Zillow.com. He said he had contacted the real estate agent and left them several messages and had not received a return phone call. I told him if he had the address I could look into it and probably get more information from the MLS listing in the private remarks section. I said worst-case scenario if I could not get a response, I would call the broker. He said he had already called the broker and they had just transferred him to a 24-hour hotline where he was still unable to get any information on the property.

Of course he had the house handy – on his smart phone with the property webpage on Zillow already up. He gave me the address and I told him I would get back to him. First I called the number on the mls, which put me into an automated system that said I would get a response in 24 hours.  I did the “professional” thing and Facebook messaged the listing agent. I deemed this the professional thing to do because I felt it was in the best interest of my client being that I knew I would get a quicker response than leaving a message through the 800 number automated system that apparently gets checked once a day according to its own recording. I got a response almost immediately through Facebook from the listing agent. He said the deal was probably going to fall apart because the seller had went out and bought another house, and the current lender of the short sale property had found out about it and is saying they are now not willing to do a short sale.

Later that evening I got an email from the listing assistant’s assistant stating this property is under contract. Nothing more.  I had e-mailed them previously and asked for a status update of offer(s)-PLURAL- and whether or not they are over list price stating that I have a cash buyer. Obviously to get a status update that “this property is under contract.” is a bit of a joke. On the MLS listing the property is listed as that it already has a contract. So.. no duh! What I am trying to do.. is get information on the property. I do care that the property is already under contract, but deals fall out of escrow all of the time!  As a listing agent, you have an obligation to either communicate yourself, or should you choose to set up systems, make sure they are effective in communicating. This is something I know buyers get very upset about all the time, and with every right so!

real quick…add me on facebook!

To me, again, what I would deem professional in this situation, would be for the listing agent to find out the highest amount he could receive for the property on the market. If I am willing to pay more than anybody else, then I would think that is valuable information for the listing agent to know..

Short sales are all about numbers and never forget that! The value, then the NET that the lender/investor(and mortgage insurance company, if applicable) receives after seller paid closing costs that they cover. Simple! Agents make this so confusing by trying to do what is in their own best interest..  and I have a feeling that when these listings are double ended and no information is ever provided to anyone else that it has something to do with an inside deal. I am not against people trying to double end deals, as I myself double and most of my short sale listings. The difference is in trying to do what is in the best interest of your client first, or what is not in the best interest of your client. What is in the best interest of the client is to accept an offer that is going to close with the lender, and what is also in the best interest of your client is to maintain on file any backup offers and have information of what they will be willing to pay should scenario B or C present itself. Scenario B or C, in this case, being lender counters of a higher value/NET proceeds needed.

So what do I deem as professional? Well, with short sales, it’s really simple. I deem professional to be what is in the best interest of my client. EACH, and EVERY time. Sometimes this can mean being a real SOB to other parties when it is needed.. i.e. banks, investors, mortgage insurance companies, crooked agents, crooked property management companies, crooked tenants, the list could go on. When you need a “professional”(someone who looks out for YOUR best interests!) to deal with a real estate situation, contact me!

If you have any questions about a short sale, whether it is your own property,  a friends, or a clients. Maybe you are a buyer or investor who needs the scoop on a short sale.. I am always happy to help.

Written by: Joshua Gayman

Sent from my iPhone(please excuse spelling and grammer errors.(I’m still training my assistant Siri