I help people decide what to do with upside down real estate. Everyone knows someone that is throwing good money away every month. Do you really want to know what it's going to cost for you to wait for your home to go up in value? Seriously do you want to know?
http://strategicdefaulthelp.us/
Put in your address so Zillow will give you an approximate value
Put in your loan balance and Interest rate
In 30 seconds you will have 3 different appreciation scenarios. 2% 5% 8% appreciation rates. This market crashed in 2006 and here we are in 2012. 6 years gone don't waste another 6!
http://strategicdefaulthelp.us/
http://www.ericbaskett.com/category/short-sales/
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Advice for Short Sale in Redondo Beach California|Redondo Beach California
Exactly How to Complete Short Sale
Do you own a house within Redondo Beach California?
The property foreclosure inventory for the last Five years has remained exactly the same. On average you have around 300-400 residences that are in active property foreclosure.
You may be questioning when the housing market will start going back up. Nicely lets simply say not for many more years! If you are interested what the worth of your home Redondo Beach is currently visit Short Or Stay Calculator.
This site will give you a Zillow worth of your home and it'll tell you whenever you may have equity again and just how much it will cost meanwhile to just breakeven.
The Redondo Beach home values within 2005 towards 2006 had been between 800 and also $1,200,000. Currently, 2012 home values range from $500,000-$900,000. 6 years right after the real estate market crashed Redondo Beach house values are still going sideways.
So you may be sitting there wondering is a short sale best for you?
For many people the answer is yes!
Truly being your property is your main residence, so you can actually write off any kind of taxes for the short pay. Your mortgage is most likely a lot more than $200,000 upside down and is interest only. You can most likely lease a house in same neighborhood for $1,000 to $1500 less per month. Why has it taken you 6 years to make this choice?
Don't be concerned your not alone! Many people are attempting to do what they feel is right.
- Honor our own word
- Make good on our own promise to repay
Extreme caution!!! You're dealing with a bank not someone that has empathy and cares about both you and your personal situation. It's about return on investment! When are you delivering them there cash? They will often ask...in case you don't have the money who actually can you borrow this from?
They do not worry about if you have food on the table or otherwise! The quicker you believe and understand this the greater you will be ready for what’s ahead.
I speak with people every day which have been fighting a struggle with the lending company over obtaining a loan modification. Many that have selected to take on this task of getting a loan modification have since realized how much the bank really doesn't worry about your personal problems.
Often homeowners can't get assistance until they're at the very least Thirty days overdue on their mortgage. Regardless of the circumstances, even if you have a letter from your employer stating your likely to be unemployed in the next Forty five days.... you wouldn't have any assistance till you are Thirty days late.
So the whole time were trying to do things right only to discover it does not make a difference!
You need to do what is best for you and your family and also win control over your financial future and never be worried about the financial institution!
I'm sharing this with you Now so you go into a loan modification with realistic expectations.
Do you have Loan modification or Short Sale Questions you wish answered? Click here: Redondo Beach short sale.
Eric Baskett
Keller Williams Realty
23670 Hawthorne Blvd
Suite #100
Torrance, CA 90503
310-261-8511
ericbaskett@gmail.com
www.EricBaskett.com
www.StrategicDefaultHelp.us
Wishing you Summer Fun!
Let me begin by hoping everybody is having a safe and fun summer! Katie and I just got back from Yosemite. We make a trip every year and the beauty and wonder still amaze me every time! To aid and encourage you in outdoor activities, I am enclosing a SPECIAL GIFT for you today – REFILLABLE Travel Sunscreen w/SPF 30. This is ideal for backpacks, handbags, car glove departments, and pockets. **Pull the cap off to use. **Unscrew the top to refill. Stay safe in the sun and enjoy!
Market News!
The market has really started to make a change over the last 3 months. June median sales price was up 3% from May 2012 and up 10.4% from June 2011!! Demand is good, prices are great, and interest rates are around 3.75%, 30 year fixed. Lock in on these historic rates - it is still a great time to buy for both homeowners and investors. (Enclosed is the First Centennial Market Report.)
Our inventory is low. We are running with about a 4.8 month supply of inventory, based on June’s sales rate. A normal market is thought to be a 6 month supply. The REO market is about a 1.4 month supply. Active inventory is down 31% from a year ago. What is this doing to the market? MULTIPLE OFFFERS HIGHEST AND BEST OFFERS – great time to sell!
If you know anybody who may be interested in selling or wondering about their property value – please give them my name and number, your referrals are always appreciated. I provide a Free Comparative Market Analysis. For both Equity Sales or for Short Sales – it is a great time to sell! Call me!
Short Sale News:
Short Sales still represent about 50 % of the market. NV AB 284 has stalled the foreclosure market in Nevada, representing only 15% of new listings in June. Short Sales are now a better alternative and banks are putting more resources into making it a faster and a more consumer friendly processes. Please check out my dedicated Foreclosure Alternative Website at www.KevinBown.com.
HR 3648: In 2007, President Bush signed into law the Mortgage Debt Relief Act. It was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.
The act has helped many distressed homeowners find solutions that help them avoid foreclosure and opened up options to them that were previously unavailable.
However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is running out for them to take advantage of the program and save themselves tens of thousands of dollars.
If anyone you know may need my expertise, again, please have them visit my website www.KevinBown.com for a copy of my recent report entitled "Time is Running Out: How the Mortgage Debt Relief Act can save you!" Have them contact me for a free confidential consultation.
FHA Home Loan: If your home loan is a FHA backed loan, a Short Sale will guarantee a homeowner a full deficiency release. This is considered a FHA Pre-Foreclosure sale and you begin the process of approval before a sign goes in the yard and the property goes into MLS. Questions if a property is an FHA backed home loan – call me. The also give seller incentives up to $1,500.
No Doc Short Sale: Completed my first one this year. It is a short sale initiated by the lender. It was Wells Fargo – they set, price, control the markdowns and one offer was presented, gave approval in 3 weeks. That is what I call a short sale. In this case they also gave the seller an incentive of $2,500 to participate.
Best to you! KEVIN 775.813.2387
Everybody knows at least one person who may be upside down in their property; struggling; and/or maybe has had to take a cut in pay. I wanted to share some information about Nevada Hardest Hit Fund® - HHF. NHHF operates from a Federal grant, and they have about $170,000,000 left to allocate to qualified Nevada homeowners. There is money out there to help! They anticipate these funds drying up in about 18 months. Their goal is to prevent avoidable foreclosures and keep limited-income Nevada homeowners in their home. They have 5 different programs available:
- Mortgage Assistance Program (MAP): This is a temporary financial assistance for homeowners who have experienced involuntary job loss and/or severe reduction in income (a drop of income 10% or greater in the last 5 years.) This program will help a homeowner make their mortgage payment up to $1000 for 9-12 months.
- Principal Reduction Program: Qualified Homeowners can receive a principal reduction of up to $100,000. The homeowner’s servicer must agree to participate and match dollar for dollar.
- Short-sale Program: Help homeowners transition from an unsustainable home to being a renter.
- Second Lien Relief Program: Second mortgages can be challenging in getting a short-sale, refinance, or loan modification processed. This program will extinguish the second lien and requires second lien participation, up to $16,500 per dwelling.
- MAPA: Rolling out later this month.
Here are the general eligibility requirements: Owner occupied, legal US resident, maximum mortgage limits are $729,750, documented financial hardship, facing imminent default or in default, currently own only 1 property, required 3 year occupancy after assistance, servicer participation.
This is an incredible program and another great option for homeowners in Nevada. Please call me, 775.813.2387, if you would like further information, and feel free to pass my card to friends and family who can benefit from this program and other programs (HAFA, HAMP, FGC, HAM, HARP, 2MP, FHA-HAMP, HAUP.)
Are you in the market to purchase a home this year? Homebuyers and investors are now presented with prices at unprecedented lows and interest rates that have never been so desirable. For those who are now “looking,” the big questions to ask would be, did our housing market really hit rock bottom and should I look into these cream of the crop deals AKA short sales, reo’s & foreclosures?
So, have we hit rock bottom?
The housing market showed signs of improvement this 2012 year. Non-distressed properties show on average a 1.7% increase in prices according to a recent HousingPulse survey and experts are optimistic for the latter half of 2012.
Does this mean the only direction house prices can go is up from here on out? Not necessarily. One of the key factors that result in house prices increasing is the decrease of supply in the market (less supply, more demand). Although it may seem our nations shadow inventory is decreasing as investors are rapidly buying homes at all-time low prices, a new wave of foreclosures are set to flood the market again as a result of the robo-signing scandal. This incident caused many lenders to lag behind in listing their foreclosure properties and ultimately pushing them through. One could reasonably presume prices to halt its gain again or drop even lower.
However, this does not mean that now is not a good time to purchase a home. If your financial status suffices to buy, looking into short sales and REO properties can win you an outstanding deal in today’s market. Mortgage rates recently hit another all-time low. According to Freddie Mac’s Primary Mortgage Market Survey released on July 5th, 30-year fixed-rate mortgages sunk down to 3.62 percent which is a considerable decrease from a 4.6 percent just one year ago. Concurrently, rent prices have gone up on an average of 5.4 percent over the last 12 months according to real estate website, Trulia.
Washington State (Seattle-Tacoma-Bellevue, WA), is in the top 20 nationwide for rising short sale discounts. The average sales price is $224,294 with an average discount of 31.35 percent.
*Before you begin putting offers on properties, I highly recommend following Dave Ramsey’s guide prior to purchasing a home.
Our team of agents specialize in short sale and reo properties and have been extremely successful in helping clients purchase discounted homes in the Washington State area. If you are looking into purchasing a home this year, contact our team of local agents to find the best deals in your desired location(s).
Peter
In Sunnyvale from Jan 1, 2012 until June 30, 2012 there were:
58 closed short sales
32 closed bank owned homes
Total sales during this time period were 447
Total % Short Sales: 12.9%
Total % REO Sales: 7.1%
Total Percentage Sunnyvale Distressed Properties: 20%
20% of all Redwood City sales being distressed is enough to still have some 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.
If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Does anyone have information on Flagstar's new streamline short sale program?
Dear SS Superstars,
Early last March I put an offer on a short sale and three months later the bank sent it's counter offer. We excepted the offer and were told that we should have our approval letter from the bank within two weeks. It has been nearly 6 weeks now. Two weeks ago a letter was posted on the front door with an auction date. Our realtor told us not to worry. Should we? It sounds to me like there is a serious communication problem somewhere. I would like to give our realtor a chance to do his job but is there something that we should be doing?
Thank you for your comments.
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In Redwood City from Jan 1, 2012 until June 30, 2012 there were:
46 closed short sales
22 closed bank owned homes
Total sales during this time period were 363
Total % Short Sales: 12.6%
Total % REO Sales: 6%
Total Percentage Redwood City Distressed Properties: 18.6%
18.6% of all Redwood City sales being distressed is enough to still haves some 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 twice as many short sales as bank owned sales.
If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
DRE 01191194
I have been working on a Redwood City short sale with Chase since last September. Now if this were 2009 this would be more like dog bites man rather than man bites dog. But it is 2012 and most short sales do not take so long. However, this one has a 3rd loan for a lot of money and it slowed the process down.
Selling the property at market value was not that hard, despite being on a fairly busy street. We got an offer for $510,000 and a BPO for $510,000 so it started out ok. By December I had approval on the first and second with a payoff of 6K to the third who had previously owned the home and had a $120K note on the property.
Third lender said no way. He wanted 65K as a note from the seller or cash from the buyer.
Buyer and seller said no. Buyer walked.
House went back on the market and we got another offer right away. This was February.
Chase did a new BPO and said the value had increased to $560,000. New buyer agreed to pay the 3rd loan 50K plus $560,000 to chase. After several months Chase said no, they were not going to allow the third lender to get so much money. That was May.
We were then told to try submitting a new offer to see if we could get a different answer. Well that sounded like the definition of insanity to me, but we tried. So we submitted a new offer of $562K plus $50K going to the third lender. Keep in mind that every month during all of this we had to get Chase to postpone the trustee sale.
So several weeks ago the new offer for the Redwood City Short Sale got to the new negotiator who ordered a new BPO. She said the BPO's value had not changed again and the offer was fine as it was. I asked about the issue of the third lender getting so much money and she said she thought it would be fine.
I was doubtful, but she was right. Today we got a Short Sale Approval Letter!!!!! I never believed this would happen but I persisted anyway and it was worth it.
So now my Redwood City Short Sale has Chase Approval, my sellers can get on with their life, the buyer has the home of his dreams, the third lender who is a human, not a big bank has at least a good portion of his money back, and Chase can get a bad performing asset of their books as well as market value for the home. We all won on this one.
If you have any questions about buying or selling a short sale in San Mateo or Santa Clara County please feel free to contact me.
Marcy Moyer
Keller Williams Realty
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Anyone with experience in short sales and REO's know the bank requires proof in writing that the buyer has the necessary funds for the purchase of the property. If the buyer is paying cash I have always advised them to obtain a letter from their bank stating they have the necessary funds for the transaction.
In a recent short sale where I had the listing, the buyer submitted a letter from his bank signed by the Vice President of Banking which included his contact number and email.
The negotiator with the bank would not accept the letter as proof of funds and asked for a copy of the buyer's account statment. His reason was the wording "access to cash currently on deposit". He said the buyer could move these funds from this account into another account at any time. I responded by saying the buyer could still move funds from an account after he gets a copy of the bank statement. He simply said "A bank statement would be different".
I understand an actual copy of the bank statement is a harder proof of funds, but if there is any issue, the negotiator could call the Vice President and get clarification. If the letter was truly a fraud then what would be the end game? Not closing? I don't understand why banks are making the process more difficult than it has to be. In this case, it ended up being an acceptable offer and went to closing.
Please visit Seattleshortsaleblog for the full article
Many homeowners whose homes are underwater are choosing a strategic default as an exit strategy for their situation. A strategic default is when the borrower voluntarily stops making mortgage payments although able to continue payments. The purpose of this is so you will have options such as the popular exit strategy – a short sale. Is this a good strategy for homeowners?
One factor to agree on in a strategic default is, continuing to put your money in a home that is clearly bringing you no return is a bad investment from a business perspective. However, I do not endorse a strategic default if you can amply afford your mortgage payments but wish to walk away from the home solely because it is underwater. It would be unethical and your losses would be much greater than what you simply calculate (difference between principal amount owed and sales price). Remember, you are losing years of mortgage payments and interest as well as your down payment and your future lenders will be able to see this conduct when applying for a new loan. More information is here on Dave Ramsey’s site.
The issue with this strategy is, you do not have to be in default in order conduct a short sale on your property. The popular (but ultimately false) notion is that you must be in default in order for lenders to allow a short sale. This is not true even if you have money in your savings and/or other retirement accounts.
How are you able to avoid defaulting and damaging credit AND still short sell your home? Show Inevitable Financial Hardship. If you can foresee an inability to make payments in the future 6/12/18 months from now, lenders will allow a short sale on your property. Our d have closed multiple short sales without their clients missing a single payment.
You may be wondering, what if they check and find I have money in the bank and deny my short sale request? From our experience, the only financial statements they request are bank statements and very rarely will they ask for more information beyond that.
What is the incentive for not missing payments prior to short selling? It saves your credit from being severely damaged. On June 1, 2012, 3 major credit reporting agencies announced that the impact of short sales on a borrower’s credit will be significantly reduced to little to no negative credit ramifications if the homeowner stays current. Also, if you haven’t missed any payments prior to short selling, it may be possible to obtain another mortgage immediately.
What do you think about a strategic default?
Please feel free to share/link articles from www.seattleshortsaleblog.com - it is filled with a plethora of information for distressed homeowners.
Hope this helps
Peter
“BPO” stands for “Broker Price Opinion.” It is a report for the given value of a property, that a real estate agent will give to a lender to determine what to do with a property where they have a loan. And it is just what it sounds like, an opinion! All they do is quickly glance at the recent solds in the neighborhood, and go to the house to take pictures(they are at the property no longer than 10 minutes – a time frame that no buyer would feel comfortable making a solid offer in, given that it is not enough time to do any due diligence on a property to see what it has/needs.
Without going into too much detail here, let me just tell you I met both an appraiser and a BPO agent at a property yesterday, on a property valued somewhere in the $2 million range. Because I met both the agent doing the BPO, and the appraiser, the property will close because they have a keen understanding of what is really going on, since I took the time to enlighten them. Can you imagine if I just left it up to the opinion of the two people who had spent no more than a couple of hours looking at the subject property?!(and in cases of cheaper house, taken no more than maybe 20 minutes analyzing the value!)
And then this morning I met another BPO agent on another property we are doing a deal on, valued around only $100,000. The property probably would have came back to the bank with a broker price opinion at $130,000 or more if I hadn’t been there to meet the agent, in addition to sending her comps and letting her know the listing history prior to her arriving at the property. I also took the time to make sure she actually looked at all of the systems in the house and pointed out needed repairs. Had I not been there the agent would have not seen any of the needed repairs or structural issues to the house. These things have a significant impact to the buyer and many agents fail to realize they have two ends of each short sale transaction to work, not just the buyer, but the bank too!
If you were to ask a room full of real estate agents what the biggest factor is in the success of a short sale transaction, I would presume you would hear dozens of different answers. Answers ranging from how severe the homeowners hardship is, to how much money in retirement accounts the homeowner has, to whether or not the person that is on the loan actually ever lived in the house or was just a cosigner, or the most common…”who is the bank?” I would like to think one or two agents would get it right, but would be surprised to hear much more than that. While these factors do play a role in the short sale settlement, they are not THE most important factor.
The answer is simple, and it only contains three letters: BPO. The BPO is the hinge of the entire short sale. If you have a high BPO you are probably not going to close your short sale, unless that is of course, if you can get another BPO ordered and have enough time to go through that process. I have seen more short sales go to foreclosure because the BPO was not addressed properly then any other reason for short sale transactions not closing.
It takes approximately 10 minutes to comp a property(look up current home sales) and send that email to the agent who is processing the BPO, prior to them arriving at the property. It takes usually no more than an hour to drive to the property, meet the agent there, and then tell them where your offer is and the listing history, shake their hand and walk away. Sometimes you may leave the property feeling like you are going to get a high-value, and sometimes it will be the opposite, where you will leave feeling energized and know that you are going to have a slam dunk deal when the bank finds out they are getting more money out of the transaction after their closing costs then the true value of the property.
Setting up properly and processing the BPO correctly as the listing agent will be the deciding factor in 90% of short sales. I don’t care what the hardship is or how much excess cash the seller has, or even how much assets they have or none of that. I care what the value is and what the net is to the lender. Since I do have control over these things, contrary to popular opinion, I close consistently the short sales I take on.
It’s not rocket science.. Influence what you have control over. This is no different than anything else in the real estate business or for that matter, life.
To inquire about referring Joshua Gayman a short sale in the Arizona area or for assistance with negotiating a short sale of your self or for a client, or if you are a homeowner and another state just looking for guidance and true counsel, give me a call – I’d love to chat!
-Joshua Gayman
Rock Realty Client Testimonials
"Mike Collins helped us sell our home, he was a very nice guy and always there when we had any questions or concerns! Mike went above and beyond and even helped paint the house when there was a time crunch for the inspection. We appreciated all that Mike did!"
Katy K.(Janesville, WI)
Rock Realty Client
This is certainly a new twist to an old problem. Bank United is the first lender on a California short sale. The negotiator is stating that Bank United "charges 1% for their short sale processing" (of their own non-performing asset). This 1% charge isn't disclosed anywhere in their short sale package, nor does the buyer have the additional 1% (over and above the repair costs they will be paying due to buying the home As-Is). Just another way to pick the pockets of Realtors.
Has anyone successfully battled this with Bank United? I would love to hear from you!
Does anyone know the answer to this question. I have a short sale with B of A. And they are paying as less as possible to close the deal. They wont pay HOA transfer fee as asked for in buyers offer. Now my buyer is saying he's not paying becasue he does need a copy of the CC & R's becasue he can get one from his friend who lives in the same association. Per my knowledge new cc & r's are needed for each new buyers name. He wants me to tell BofA and HOA he's not paying the HOA transfer fee $250, and lets close the deal. Can this be done???
In Menlo Park from Jan 1, 2012 until June 30, 2012 there were:
9 closed short sales
9 closed bank owned homes
Total sales during this time period were 227
Total % Short Sales: 4%
Total % REO Sales: 4%
Total Percentage Menlo Park Distressed Properties: 8%
8% of all Menlo Park sales being distressed is not enough to have any effect on the overall market. This is evidenced by the appreciation and high activity level of the market.
If you have any questions about short sales or foreclosures in San Mateo Clara County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
DRE 01191194
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So I got a call to go meet some potential clients to list their home short. Set the time, got my Short Sale info together along with the development info and off I went.
Lovely, older couple that were so scared and confused and very sad about losing their home. He's 80, she's not much younger and they did NOT want to give it up yet.
So..I did my job as a Short Sale List Agent with integrity. I educated them. Spent almost 2 hours with them sharing the ins and outs of a Short Sale with them. The timeline they are looking at since they are still current on their payments. The other options available to them at this time..refinance? Loan mod?
They decided to contact their Lender and see what else was available.
As I was leaving, he said, "Thank you so much Kimberley. What do we owe you?"
I laughed. "Nothing. I'm just doing my job. I hope you will give me a call if you do decide to sell your home."
They both said that was a sure thing.
Sometimes, our job is to share what we know about the market and short sales..not walk away with a listing.
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