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Market reports aren't always exciting or sexy, but they do give you a great snapshot of what's happening in a specific area at a specific time.  When the national news is giving buyers and sellers one view of the real estate market it can skewed very fast. The reality is that all real estate is local.

The available homes for sale in Winchester, VA are increasing.  The current available listings total 563 at week three of March 2012.  Each week in the month of March has seen a change.  This week, inventory is up slightly, distressed properties dropped another 1.2% and prices are starting to stabilize, though not climbing radically.

Winchester City has 115 current available listings.  Of that number, 11 are short sales and 4 are REOs. Frederick County has 448 available listings with 45 short sales and 36 REOs.  The distressed properties in February 2012 were 18.8%.  In the first week of March that number fell to 18.2%.  By week three, the number of distressed properties have fallen to 17%.

The lower number of distressed properties, and the increase in inventory, is a good sign that those who were sitting on the fence waiting for the right time to sell have finally started jumping into the market. 

If you are thinking of selling your property this year, now might be a good time to call your Cornerstone Business Group, Inc., agent.  Things are moving, and you will want to get ahead of the crowd that evolves when the weather gets and stays warm.  Buyers are buying.  Sellers, if you're ready to sell, let's get together and see what we can make happen.

Available Homes in Winchester, VA - March 23, 2012

Hi Superstars,

Did you our recent member Webinars? If so here is the replay.

2012 Short Sale Industry Outlook

This Week's Popular Discussions

FHA Short Sale with BofA denied due to the severity of the Chinese Drywall in the home. Just wanted to give my current story on what's going on and if anyone had any suggestions. Currently trying to short sale our house which… Started by Nelly Flaque	8	6 seconds ago Reply by Bryant Tutas
NEW Bank of America Authorization NEW BOFA Letter of Authorization... only licensed agents or attorneys can be authorized on accounts now? That rules out an assistant being… Started by Wendy Rulnick	22	3 minutes ago Reply by Bryant Tutas
There's HAFA, FHA PFS and VA Compromise Sale. What Else Is Out There? From all the time I spend reading on this forum I have learned about the HAFA, FHA PFS and VA Compromise Sale programs. My friend is buyer'… Started by Julissa Jumper	2	14 hours ago Reply by Julissa Jumper
Anyone Using Easysign and Going Paperless? Question. Is there anyone using Easysign? This is signature pad device I just plug into my laptop and have clients sign on the zipform doc… Started by Cynthia Collis	4	15 hours ago Reply by Jeff Payne
Bank Counter on Mold Home We have a home with a VA loan, that is serviced by Wells Fargo. Short Sale property of course, got a contract on home, decent price, still… Started by nancy calderon		15 hours ago Reply by nancy calderon
Bank of America / Freddie Mac deficieny help! Bank of America just issued us a decline letter for a California short sale with Freddie Mac, unless our seller signs a deficiency note wit… Started by Erik Larson	1	19 hours ago Reply by Kevin - Greenville, SC
Should My Seller Accept BofA's Cooperative Short Sale Offer? In initiating a Bank of America short sale I have received a call from them telling me my seller has been approved for their cooperative sh… Started by Julissa Jumper	7	21 hours ago Reply by Julissa Jumper
Buyer contribution to seller's 2nd payoff I am a buyer in a short sale and the sellers are in a pickle where the 1st will not fully satisfy what the 2nd requires for payoff. I real… Started by Helen Bosma	4	22 hours ago Reply by Bryant Tutas

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Hi does anyone have a contact to make a complaint to the Dept of the Treasury, or HUD regarding an FHA short sale I have with MIdlands Mortgage?  I had this file with Citi and they were about a week away form approval.. now Midlands ..just keeps delaying..Incompetent!

Wondering if you've had this situation, if so, any suggestions?

Have a young active duty military lady with 3 children that was transferred to England.  We have short sale approvals on her home for 1st lien BOA and 2nd lien Greentree BUT United Guarantee MI is requesting $20,000 from her to be payable in $200 per month payments, interest free.  Owner can barely make ends meet where she is now.  I know the banks/.mortgage companies are regulated as to demanding money when their active duty military being transferred but not sure how to handle the MI on this one.

Any suggestions is greatly appreciated.

Thanks so much.

Paula McGuire

RE/MAX Infinity

3782 Highway 90

Pace, FL  32571

850-572-1754

paula@paulamcguire.com

I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.

The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.

In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.

So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased.  However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K.  See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.

So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall.  Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.

The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.

The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?

As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.

Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.

Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.

I don’t know folks. Recovery 2012?  I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.

This is my honest humble opinion.

Short Sale Bloomfield Realtor Mike Sher's "The Art of Negotiating a Short Sale"

About Mike Sher - Mike Sher- CDPE Associate Broker (248) 496-1572, mike@mikerealtor.com · He has negotiated over100’s short payoffs for his clients. · He is a Short Sale expert panelist for the Real EstateInvestors of Oakland. · He is Real Estate One's and Max Broock's ShortSale consultant and Short Sale Instructor · He is a published Short Sale resource for the DetroitFree Press, Detroit News and the C & G NewsPapers. · He has a over 90% Short Sale success rate (nationalaverage is 44%) · He has instructed over 800 agents on how tosuccessfully close short sales. · His weekly http://mikerealtorblog.com/ is used by1000's of professionals as a Short Sale help site · He is a Certified Distress Property Expert · He is a Fox2 contributor · He is a CPA CME instructor for the MichiganAssociation of Certified Public Accounts regardingShort Sale transactions tax liabilities. Mike Sher Max Broock Realtors 248 496-1572 2011results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS! The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com

I teamed up with Jerry Morrissey at RE/MAX Premier Properties at the end of January, 2012.  We both have over 30 years of experience and work on Short Sales, REO and Traditional real estate sales.

The home was listed on the MLS with 5-10% drops every 2-4 weeks, and no offers for a total of 100 days.  Plenty of lookers but no offers.

The first offer was received and accepted after 104 days on market, at 9% less than the last list price, which had been dropped most recently 19 days before the offer.

Short sale package has been received, and the bank has ordered a BPO.   The bank is IMB.

Question:

Does the listing history and offer have any bearing on how the bank sees the fair market value?  It seems logical that this would be one of the most directly relevant ways to assess FMV of a home, as it is showing what the market thinks of this particular home, regardless of the BPO, however I realize the short sale process is anything but logical.

Would it be common for the bank to counteroffer above the last list price, even though it did not get any offers when on the market?  This would seem counterintuitive.

I am sure it has happened, but I would love to hear the thoughts from some of you who have experience closing a number of short sales as to if the DOM and listing prices prior to the first offer has a significant bearing on the acceptance of the SS offer.

Thanks

This is my first blog.  I need to know if anyone has information on who to contact in Golden1 CU.  I have a 1st CitiMortgage approving a Short Sale with the 2nd, Golden1 Credit Union, accepts 10% of the balance due as pay off.  What's my next step if 2nd lien refuses the amount, and requesting a higher amount? First Lien will contribute $2,154, Golden1 CU requesting $4,000.  No contributions from any other parties are accepted.    Can anyone help me save this file?

  FOR IMMEDIATE RELEASE                    For more information, please   contact: 

                                                                                                                                      Mike Sher  248-496-1572

                                                                                                                                     ShortSale@MikeRealor.com

Unmanageable Mortgages Continue to Cloud Family Finances and  Real Estate Recovery

Birmingham, MI – March 15^th 2012 – “The stress of an unmanageable mortgage can cloud everything,” said Mike Sher, CDPE Max Broock Realtors. “With nearly one-fourth of all homeowners owing more on their mortgage than their home is worth, the nation’s overall stress level is in the stratosphere,” Sher added.

Connected to a network of professional committed to solving the nation’s foreclosure crisis one homeowner at a time, Mike’s message to financially strapped homeowners: “more help is available than every before. Since 2007, 7.9 million homes in the United States have been lost to foreclosure, and my mission is to stem the tide of foreclosures within Oakland County.

A Certified Distressed Property Expert (CDPE), Sher is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners to regain peace of mind and a sense of stability for the future.

Mike Sher has developed a free report entitled, “Are You Living Under the Cloud of an Unmanageable Mortgage?” that is accessible from his website, www.ShortSaleOaklandCounty.com

The report provides an overview of qualification criteria for the most common foreclosure alternatives, cites red flags for scams, and reminds homeowners why avoiding foreclosure needs to be a top priority.

Upheaval on Wall Street has gotten a lot of attention, but until recently, homeowners have been left to their own devices. Sher is on a mission to change that.

About Mike Sher- CDPE Associate Broker (248) 496-1572, mike@mikerealtor.com

• He has negotiated over100’s short payoffs for his clients.
• He is a Short Sale expert panelist for the Real EstateInvestors of Oakland.
• He is Real Estate One's and Max Broock's ShortSale consultant and Short Sale Instructor
• He is a published Short Sale resource for the DetroitFree Press, Detroit News and the C & G NewsPapers.
• He has a over 90% Short Sale success rate (nationalaverage is 44%)
• He has instructed over 800 agents on how tosuccessfully close short sales.
• His weekly http://mikerealtorblog.com/ is used by1000's of professionals as a Short Sale help site
• He is a Certified Distress Property Expert
• He is a Fox2 contributor
• He is a CPA CME instructor for the MichiganAssociation of Certified Public Accounts regardingShort Sale transactions tax liabilities.

Mike Sher Max Broock Realtors 248 496-1572

2011results: 75 units sold, over $10,000,000,00 in sales and 365 days of FOCUS!

The Mike Realtor Team sells Homes in Bloomfield, Birmingham, Beverly Hills, Farmington, West Bloomfield. Rochester, Troy, Novi, Huntington Woods, Royal Oak & Auburn Hills. Call us at (248) 644-4700 X 242 or check us out at www.ShortSaleOaklandCounty.com or www.mikerealtor.com Mik

It’s time to take another look at short sales:

As recently as a six months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.

The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you...Clickhere for your...

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website www.shortsalewitharthur.comto learn more and feel free to contact me any time and if you or anyone you know is struggling with an unmanageable mortgage.

Choose to face the challenge with a professional on your side. Choose a Phoeinx Short Sale Agent.

Arthur Wainio

www.shortsalewitharthur.com

I listed a Chase foreclosure in January 2012.  It was the worst REO I've ever taken.  I've blogged about this one before.  I actually turned the listing down initially, but the REO asset manager and I came to an understanding and I took it.

Ironically, that horrible place sold in 60 minutes after I loaded it in the MLS.  How crazy is that?  Then the second Chase nightmare began. Chase went back and forth asking for more and more signatures and initials on docs. It was reduncancy gone wild.  It got to the point that I was sure the buyer was going to walk.  I would have if I had been him.

The closing was supposed to happen today.  Everything was ready.  The title companies were ready.  The buyer took the day off and had all of his money cut into certified funds.  Everybody was ready to roll.  Everybody but Chase. 

At the eleventh hour, Chase decided they needed two weeks to sign the deed.  Is it any wonder that some of these banks are in trouble?   I'm really surprised the buyer didn't walk this time.  This is without comparison the worst bank I've ever worked with.  I can't imagine why any agent would recommend their clients to Chase.  

Today, on top of not closing, I get an email that they are mad that I haven't done my weekly inspection report.  Are you kidding me?  The property was supposed to be closed.  They're marking me and my asset manager down because I didn't do the inspection on time.  Of course it would have been closed before I did it if the morons at Chase had closed like they were supposed to.

It's not like we sprung the closing on them last Monday night.  It has been under contract for over a month and a half with the closing date agreed upon by all parties.  Friends, I hope you don't recommend that your clients pursue a Chase loan.  Unbelievable. 

I hope you don't recommend J. P. Morgan Chase to your clients!

Well, I must admit that I have never lost a deal due to "2nd lien holder not agreeing" to pay off.  I have hear Realtors complaining about it all the time.  I just never had any issues, I usually fight very hard on this ones and I always get them my way.

My problem comes that the actual negotiator is telling me he sees in NO WAY E*TRADE will accept less.  He states he has never seen ETRADE making discounts...  I've been told this many times before, but some reason I expect this one to be much harder...  Also, they take forever to reply.  My complete packet was sent on Feb 26, and I got response today.  But we will close before the end of the month!

BTW, on March 16, I just got the sale date postponed!  Which means I have rescued them from Foreclosure!

Any guidance? Any higher contacts?

I have talked to a nice lady at excutive resolution , but should I try something different?

Any feedback will be greatly appreciated!

Thanks!

If you want to see the full story it can be seen at www.shortsalenurse.wordpress.com  Take a look... This will give you some insight on what it takes to work with PNC BANK... Share this with all your REALTOR friends.. I clearly state I do not know how I could send any one to them for a Mortgage when they treat their client like they did mine.  Can they change my mind? 

ANYBODY FROM BOFA SHORT SALE PLEASE ..I NEED SOME CLARIFICATIONS.

THANKS

Entering into foreclosure may feel like you're falling into a foreclosure pit. Foreclosures in Winchester, VA have fallen to 9% of the current active listing market, but that doesn't mean we're out of the woods yet.  Our previous 30 day marketing report included 51% distressed property sales.  Depending on the resource you use for your daily updates, the foreclosure market is either declining or increasing.  It's no wonder that homeowners don't know what to do.  

Don't fall into a foreclosure pit.  There are a few things a homeowner can do to avoid foreclosure.

• Have you lost one or more sources of income?
• Are you current on your mortgage payments?  If not, are you far enough behind that catching up would take a miracle?
• Are you receiving letters from your lender encouraging a short sale or threatening foreclosure?
  
• Have you become a prisoner to your mortgage?  You can't take a vacation, save for college, pay your living expenses on time or sleep at night.
• Has your home become a burden rather than a blessing?
• Has maintaining your home caused your credit to begin a downward spiral?
• Is keeping the home causing the family dynamics to become strained and combative?

This list could be longer, but you can easily see how an impending foreclosure could affect you and your family.  There are a couple ways to relieve yourself of a home that is heading for foreclosure.  You can contact your lender and offer adeed in lieu of foreclosure.  That basically means that you will voluntarily give the house back the lender and walk away.  The lender has to agree to the deed in lieu, and it is less expensive for them to accept the house under these conditions than it is to go through foreclosure.

Another option may be a short sale.  In a short sale, your lender allows you to sell your home at a discounted price.  Make sure you hire a short sale agent that has successfully navigated through the short sale process.  It is a tough decision to face, but if it comes to a short sale in Winchester, VA, call Cornerstone Business Group, Inc., and we will help you through the process.

 Don't fall into a foreclosure pit.  We can help you through this difficult time.  There are brighter days ahead, and we can help you get there.  

The foreclosure market in Winchester, VA has been changing this year.  The current market has 544 properties listed and available as of March 10, 2012.  Of that group of available listings,only 35 are foreclosures.  That brings the current foreclosure listings down to 6.65% of available listings.

If a buyer is looking for a great deal on a foreclosure, he better act fast.  The foreclosure market in Winchester, VA is contracting at a rapid rate.  How do the current available listings compare to pending sales? 

There are 253 sales pending the Winchester market.  Of that group, 41 properties are foreclosures.  That's 16% of the current pending sales.  That's a substantial drop from the February 4 - March 4 closings.  During that period 29% of closings were foreclosures. When you add short sales into that period, total distressed home sales made up 51% of total homes sales.

It's hard to say at this point if this is trend or a positive bump in the road, but no matter how you spin it, it's good news.  As foreclosures and short sales decline, property values have an opportunity to recover.  Will they see the values of the 2005-2008 market?  That is unlikely to happen for many years, but any improvement in home values is a plus.

Homeowners who still need to do a short sale may be able to redeem more of their equity for their lenders.  That puts them in a better position to execute a short sale. Short sales are another chapter in the local market.  The decline in available foreclosures in the Winchester, VA market is a good sign, and hopefully, a new trend. 

Available Foreclosures in Winchester, VA - March 2012

Is Your Mortgage out of Balance with your Budget?

 It can happen quickly....

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.

This is happening to many people here in Phoenix, Arizona.  Many hard working homeowners may even be having their hours at work cut back which has a huge impact on their financial stability.  One missed mortgage payment and it feels like you are always trying to play "catch-up".  It turns into a snow ball effect.

 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.

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you...Click here for your...

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, 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.  Choose a Phoeinx Short Sale Agent.

 I can help you realign the balance in your financial life and tip the scales Backin your favor. Call or email me and schedule your free, confidential consultation. We can work together to make sure you end up ahead.

Arthur Wainio

www.shortsalewitharthur.com

Inventory is down in all segments of the market in the Silicon Valley and multiple offers are driving prices up. However, there are still short sales, and in some areas they make up a good percentage of the homes for sale. Here are the numbers:

Palo Alto: Single Family Homes and Condos for Sale: 48 Short Sales: 0 Percentage: 0

Mountain View Single Family Homes and Condos For Sale: 39 Short Sales: 2 Percentage Short Sales: 5.1 %

Sunnyvale: Single Family Homes and Condos: 62 Short Sales: 10  Percentage Short Sales: 16%

Cupertino: Single Family Homes and Condos:  39  Short Sales: 1  Percentage Short Sales  2.5%

Santa Clara Single Family Homes and Condos: 58  Short Sales: 19 Percentage Short Sales: 32.8%

Milpitas Single Family Homes and Condos : 56 Short Sales: 23 Percentage Short Sales: 41%

San Jose Single Family Homes and Condos: 981 Short Sales: 237 Percetnage Short Sales: 24%

Morgan Hill: Single Family Homes and Condos:  119  Short Sales: 17 Percengtage of Short Sales: 14.2%

Gilroy Single Family Homes and Condos: 123  Short Sales: 38 Percentage Short Sales: 30.9%

So the ciites with the highest percentage of short sales are Milpitas with 41%, Santa Clara with 32.8%, and Gilroy with 30.9%.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194