Short Sale Real Estate Agents in Fitchburg, WI 53711 Are you looking for a Fitchburg Wisconsin Short Sale Realtor®or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Fitchburg WI area. My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Fitchburg home owners with their distressed property needs.

REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.

• What is a short sale?
• Is a Short Sale right for my home?
• Half of Homeowners Underwater on their Mortgage
• Buying a Wisconsin home after a Short Sale or Foreclosure
• Benefits of Buying an Owner-Occupied Wisconsin Short Sale
• Tips for Buying a Wisconsin Short Sale

The three big options for homeowners are short sales, loan modifications and refinance. What have you seen that actually worked?

Options: Refinance, Loan Modification, Short sale.

Refinance

Basics: Refinancing is when you are paying off your old loan with a new loan with lower interest rates.

• The goods: This option is suitable for those who plan on staying in their home for awhile and/or those who are in an adjustable mortgage rate situation and want to solidify a fixed interest rate.

• The bads: You will be paying closing costs when you refinance and in order to refinance, you must have equity in your home.

Loan Modification

Basics: A Loan modification is typically when you modify the current loan to make payments more affordable via lower interest rates and/or extending the duration of the loan (30yr to 35yr).

• The goods: Loan mods can be a means to prevent foreclosure when you are delinquent on payments. Lowering payments could result in a more affordable living situation.

• The bads: Back in 2010, the Today Show reported loan mods helped only 5% of applicants. Yes, it does lower payments and prevent foreclosure but it does not lower the 5 hidden costs of homeownership. The home may still be above your affordability level. In the long run, a loan mod would prolong the problem and not fix it as you are simply extending the term of the loan thus paying more payments/interest and not building equity.

Short Sale

Basics: A Short sale is when you sell your property for less than what is owed and negotiate the difference with your lender.

• The goods: A short sale allows the homeowner to walk away from their home and in most cases, be forgiven of the remaining balance owed to the lender(s). Normally there are taxes involved with the forgiven balance. However, until the end of 2013, the Mortgage Forgiveness Debt Relief act grants immunity on primary residences.

• The bads: A short sale will put a ding on your credit score and it will take about 90-120 months to complete one.

These are just the basics but would love to know what your experience is on each of these options.

Thanks

www.seattleshortsaleblog.com

First off, I'd like to say that I'm completely thrilled that our Real Estate markets are rebounding (quite well in some areas)! Secondly, I'd like to say that I am, in no way, against Investor Purchasers. In fact, I love them.....well, at least I like 'em a lot. However, no matter how well our markets are doing or how long we've been in the industry, we still must deal with the lunacy and absolute hilarity of some Purchasers.
Here's the short version......
Beautiful traditional home (4/2.5) on a full basement listed as a short sale for only $124,900. Mass investor Purchaser offers $131,000. We contract with the investor who completes home inspections. No repairs are requested. On the last day of due diligence, Buyer advises that they no longer believe that they'll be able to get the initially estimated rental rate for the property and will proceed with purchase as long as Seller reduces to $115,000. I quickly notify the Seller's lender and am advised that the BPO came in a little high and that $131K with no closing costs barely met their mininum. We eventually terminate with this Buyer and increase the purchase price to $139,900.
Two days after placing the property BACK on the market, I receive another offer from the same Purchaser....for $134k. I contact the agent to ask what was different now as opposed to last week when the Buyer needed to reduce to $115K. She then informed me that this particular Buyer makes blind offers and basically throws a lot of contracts against the wall to see which ones stick.
Who has time to waste like that???? Yep....just another Monday morning in the world of Real Estate
 
Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com

By now, you should have heard that the real estate market is picking back up. Low interest rates and low inventory are spiking the average home price here in Washington State. Homeowners are now deciding on their options of either letting go of their underwater homes via short sale or foreclosure, continuing to live in it, or even rent it out and becoming a landlord. Which option would be best for you?

According to Corelogic, home prices nationwide increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. The spike is largely attributed to investors buying out most of the inventory thus increasing demand. This appreciation rate will most likely be unsustainable but of course, only time can tell. Zillow Home Value Forecasts (ZHVF), expects home values to increase 3.3% (Dec 2012 to Dec 2013).
Ah good news, home prices are rising again! So shouldn’t we keep our home that is underwater until we break even so we can avoid a short sale and a ding on our credit?
Let’s explore this option.

We will use the example of Mr. and Mrs. Smith who are barely making their payments and have a home that is worth $230,000 but owe $300,000 to their lender. The Smith’s think to themselves, if they live in their home in hopes to sell it once they come out from underwater, they don’t have to sell short. Assuming we will get a 5% appreciation rate (being optimistic), it will take them about 4 years just to break even. The Smith’s realize that it isn’t worth throwing away about $57,000 over the years in a home that has negative equity.

So they discuss their option of making their home into a rental property for the next 4 years to avoid the ding on their credit. Most likely, they will have a negative cashflow situation for all four years if you include PITI (principle, interest, tax, insurance) along with maintenance and repairs. Most importantly, the Smith's do not realize how difficult it is to be a landlord. Dealing with tenants (finding and maintaining), lease contracts, property maintenance/repairs, among others difficulties many times suck the life out of landlords. Many homeowners who opted to rent their homes because it was underwater are concluding to short sell years or even months later. Just ask friends or family about their experiences as landlords.

Mr. and Mrs. Smith’s situation is very typical and if they took the route of holding until breaking even, they will most likely be left with an even bigger headache.

What if Mr. and Mrs. Smith chose to short sell now?

A short sale is when you sell your home for less than what is currently owed on the property. The Smith’s decide to find a short sale expert and talk to their lender to see if they qualify for a short sale. IF they short sell now, they will finish in about 120 days which means if they started now, they will be done and out of their negative equity situation by summer time.

How would the financial rebound look like for the Smith’s? If they were not delinquent on their payments but was able to show inevitable delinquency, the ding on their credit score would be significantly less. If they were delinquent prior to closing the short sale, you will be facing about a 80-160 point ding in your FICO score.

Now how soon will they will be able to rebound on their credit depends on different factors. If the Smith’s end up using Lexington law to expedite rebuilding their credit score, they can easily repurchase another home within 2 years (possibly sooner) using the money that they saved from the mortgage payments that would’ve wound up in their underwater home. Once they are in a home, again, assuming that there is a 5% appreciation rate, they will start BUILDING equity.

So what is the best choice for Mr. and Mrs. Smith?

What do you think?

Peter

The Homeward Residential Short Sale that I listed, then got transferred to OCWEN has been quite straight forward.  OCWEN contacts responded to me when I informed them that I already had an offer with Homeward, and it only took about 2 weeks to get the offer uploaded into OCWEN. 

Took another 6 weeks or so to get final approval, but they did not counter at a hyper inflated price and my original offer/buyers stand.  We are in Escrow to close in 45 days or earlier.

This was my most recent OCWEN experience.  I have a new Short Sale Listing with OCWEN coming up in La Quinta in May.  I'm hopeful that it will generate the same smooth responses!

Beaumont Short Sale and Pre-Foreclosure Homes

Are you facing foreclosure on your Beaumont CA Home?

To best navigate your situation, you must know all your options:

• Are you behind on your mortgage payments, or about to be?
• Do you owe more than your Beaumont home is worth?
• Do you have an adjustable rate that is about to adjust?
• Are you worried about the affects of foreclosure on your credit?

Our short sale services are free - we will NEVER charge you a dime!

So call us today and let's talk:

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Click here to search Beaumont homes for sale

(818)276-6882  Lupe Soto  Short Sale Negotiator (hablo espanol)  "NO commission"  por favor sirvase comunicar con Lupe Soto para explicarle como evitar embargo de su casa, condo o de su segunda inversion o renta hipoteca. Gracias.

http://www.ShortSaleAgentLupe.com

AREAS de servicio en San Fernando Valley, Los Angeles County, Ca

Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills, Hollywood, Hollywood Hills and nearby areas of San Fernando Valley,

Nearby areas in Los Angeles:  Santa Clarita Valley, Palmdale, Lancaster in North Los Angeles California, USA.

Counties:  Los Angeles, San Bernardino County, Ventura County, Orange County, Riverside County.
TIPO DE PROPIEDADES:
Casas, Condos , Townhouses, Duplex, 2 casas en un lote, Unidades en Venta.

Unfortunately, not all Short Sale properties that are listed for sale in the Los Angeles area will close escrow. First, what is a Short Sale? If a home's current market value is less than the mortgage balance owed and the homeowner (borrower) cannot afford to make the mortgage payments, they will ask their lender(s) to take an offer from a buyer and approve a Short Sale. This a very different type of sale compared to the traditional real estate transaction. Not all real estate agents will have the training, knowledge and experience that is required with a Short Sale. So, choosing a professional Short Sale Realtor is important. The homeowner is already having a difficult time and does not need to become the agent's first short sale experience. 

If a trustee sale date has been set or the foreclosure date is soon approaching, that could put the Short Sale at risk. The Short Sale Agent and seller would have to work on getting the short sale package to the lender quickly and then, the agent must insist that the lender postpone the foreclosure sale so that there is time for a Short Sale. So, it is better not to wait if you are planning on a Short Sale. 

Sometimes, a lien or judgment will show up that affects the title of the property besides the mortgage loans. These liens or judgments must be cleared before a sale can close. Liens may include past due homeowner association (HOA) fees and state or income taxes. Judgments may be as a result of unpaid credit card bills, for example. 

Other reasons that a Short Sale might not be successful: 

All Short Sale lenders will require an appraisal on their behalf to obtain an estimate of the fair market value of the property before they approve an offer. Sometimes, the appraiser's value will come in "high" and the lender might want more than a buyer is willing to pay for the home. The Short Sale Realtor should be able to work with the lender to dispute the value (if that's the situation). 

If there is more than one mortgage loan involved, then a second lender will need to approve a certain amount of money for their settlement as part of the Short Sale. The first mortgage company dictates how much of the Short Sale proceeds they are willing to allow to the junior loans. If the junior liens want more money, there are ways that it can be satisfied. 

It is also important that the buyer that is purchasing the home be serious and qualified. The buyer should be able to obtain financing (unless they are paying cash) to complete the purchase of the short sale home. If the buyer cancels, another buyer has to be ready to go.

However, there is good news-- my Short Sales have been successful. So, Short Sales do close!

Note: While I was in the process of writing this article, I received a phone call from a short seller that had a trustee sale date within a couple of days. The homeowner was upset because they had hired a real estate agent to work with their lender on a Short Sale and the realtor did not properly communicate with the lender so the bank was not postponing the foreclosure sale. Seller was NOT happy. 

Google+ Sara Mehrpouyan CDPE is an Experienced, Knowledgable, & Trusted Short Sale Realtor Agent in Los Angeles area

los angeles short sale realtor agent

source: http://activerain.com/blogsview/3765671/are-all-short-sales-in-los-angeles-always-a-success-

UGH!!!!! Well, one thing's for certain.....we're never at a loss for drama in the world of short sales. I was just speaking with another agent on yesterday who was telling me about her short "sellers" who stopped the transaction a week prior to closing! The listing agent had fully ss approval with a waiver of liability, the buyer's loan had been fully approved through underwriting, and they were just waiting for the closing date to arrive. The Seller's determined that they were not yet ready to begin paying a monthly rental fee...YOU GUESSED IT!!!! They actually wanted to continue to live "rent/mortgage free". Heck, they'd done it for more than two years, so why start now??? The nerve of some people!!!
THEN..... I get to my office and receive an email from the Buyer's agent on one of my short sales. It appears the Buyer, a bulk-purchaser investor, decided to terminate a week prior to closing! Apparently, on the very last day of their due diligence period, they decided that they would not be able to get the originally anticipated rental rate and decided to grab my Seller by the cojones and threaten to terminate if the Seller refused to reduce the contractual price by $15,000! Of course, now we have to take this back to the first and second lienholders and beg for their approval!
Oh well.....at least it's Friday!
 
Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com
 

As with most markets across the Country, Coweta County is experiencing a sort of unique market condition. What's that??? WE HAVE MANY, MANY MORE BUYERS THAN WE HAVE PROPERTIES TO SELL TO THEM!!!! Now, don't get me wrong..this has created a beautiful scenario for those who are looking to sell their homes. Demand is up and supply is down! The perfect economic dilemma!!!  

I know that this scenario is pretty difficult for some buyers to believe, but it's the God honest truth! The fact is, we currently have only 728 properties available for sale in Coweta County, GA. That's half of what was available within our market a year ago and equates to a 4.8 months supply of inventory. THIS MEANS THAT WE'RE DEFINITELY IN A SELLER'S MARKET!!! Additionally, we've had a 10% increase in the median home price in Coweta County, GA.

This means that if you're looking to sell your Coweta County, GA home, then you're primed and ready to get the maximum amount of money for your home. In fact, you should expect a multiple offer scenario if your home is priced with the market!! Yes!!! RECEIVING MORE THAN ONE OFFER ON YOUR HOME IS POSSIBLE IN THIS CURRENT COWETA COUNTY, GA MARKET!!!!

If you're looking to purchase a new home in this market, here are a few simple steps that you must take in order to be able to compete for your dream home:

1) Get pre-approved immediately! This is optimal if you'd like for your offer to be seriously reviewed by the Seller. Everyone else will be submitting an offer with some sort of proof that they can actually purchase the home...either a loan pre-approval or a Proof of Funds letter. You not submitting a pre-approval or Proof of Funds would kinda be tantamount to bringing a knife to a gun fight.

2) Be prepared to make "on the spot" decisions! You should approach each and every property that you view with the notion that if you want it, you'd better make an offer. Going home to "sleep on it" could cause you to lose the property. I've seen it happen repeatedly within the past month.

3) Be serious about your offer amount! Don't approach every situation that a Seller may ask for highest and best in a multiple offer situation. Your first offer should be your highest and best when you're dealing with low inventory and high buyer demand. You may not have a second chance to increase your offer.

4) Listen to your agent!!! Geez Louise...I can't stress this point enough! Your agent has insight into your local market and loads of useful information that will help navigate you through this market and into your dream home. You've hired them for a reason.....use them to the fullest!

Now, don't misunderstand me. Buying a new home is a very fun and eventful experience! However, there's no need to create stress for yourself when it can easily be avoided by following a few steps.

In my previous blog post, I estimated that in 2014, home prices were expected to rebound. 2012 however surprised all of us with sharp price increases. What is causing this price increase? A number of factors may play into it but one of the main variables is the lack of supply thus increasing demand and prices. It is a seller's market and will probably remain until the latter half of this year. However, I don't believe this will last.

Based off our research, there is a artificial lack of inventory meaning, home prices may very well halt its increase and decline for some time. Let's explore why short selling now would be in your best interest.

What will the status of the housing market be in the next couple of years? Only time can tell. What we can investigate are the factors that led to the volatile home prices.

We are seeing large hedgefund investors like blackstone and other cash investors, buy out most of the inventory. Concurrently, new legislation as seen in California, Oregon, Nevada, and Washington, are slowing down the foreclosure flow in those areas which according to Daren Blomquist, VP of RealtyTrac, will result in a backlash of foreclosure activity at the end of this year and into 2014. RealtyTrac is still expecting to see about 600,000 REO's enter the market in 2013. This indicates a hit on home prices to come.

At the same time, homeowners are vulnerable to a large tax liability at the end of this year. The mortgage forgiveness debt relief act is set to expire Dec. 31, 2013. For more information, please read our previous blog post.

A short sale is when you sell your home for less than what is owed. The remaining balance owed is negotiated so if home prices decrease, the difference between the sale price and the amount owed will only grow meaning you have a higher risk of owing more to your lender after you short sell your home.

Moral of the story, no one can fully time the housing market but the uncertainty should create urgency this 2013 year.

Hope this helps

Peter

 www.seattleshortsaleblog.com

It’s a sign of the times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

What are your 10 Options to Avoid Foreclosure?

Many people ask me whether we made a mistake in our company name, Short Sail Solutions. The answer would be no. Short Sailing is to signify completing a short sale like a short sail (sail –> breeze -> streamlining a short sale).

Short sales have certainly become more streamlined mainly due to a national increase in understanding the process and nature (lenders, servicers, buyers, sellers, and agents) of short sales and also through the contribution of government intervention and policy changes in government sponsored enterprises. However, short sales are still a challenging task and in order for homeowners and agent’s to minimize problems and maximize results, let’s explore 8 ways on how to streamline your Short Sail.

*Information from agbeat.com & kcmblog.com

1. Setting Expectations. Set expectations prior to starting the short sale. Thoroughly understand the situation and the objectives. Clearly define what the short sale process will entail and the motivation and cooperation it needs to get one completed.
2. Collect short sale package documents at the listing appointment.
3. Title examination. Have the title officer run a Statement of Information/a preliminary title when the listing is taken.
4. Accurate and on time document submissions. Make sure you submit all requested documents to the lender/servicer on time.
5. Communicate often with all parties. Keep the lender/servicers and all other parties satisfied by following up with them and making sure everyone is on the same page. Keep pressure.
6. Meet the BPO/appraiser at the inspection. Make sure they are obtaining an accurate value of the listed property. Having to deal with value disputes after the inspection can delay the sale.
7. Escalate to higher authority when needed. If you don’t already have a designated person you work with within each bank, make sure you are escalating to a higher authority to help you move forward.
8. Be organized. A short sale involves a lot of documents. Make sure they are organized or my recommendation is to use short sale programs that are available to help you organize all docs online.

Short sales can be a breeze if you continue educating yourself on how to do it. We are based in Washington State. Let us know if you have any questions or comments by writing them below or email me at Peter@seattleshortsaleblog.com

Hope this helps

Peter

This past Saturday was an absolutely wonderful day to meet with my buyers as they chose their lot and selections for their new construction home. The weather was perfect, the birds were humming, and Spring was definitely in the air.
I'd been talking with the On-Site Agent and she'd been telling me about how they've had an influx of buyers in the community wanting to either purchase their existing inventory or build a new home and they were all complaining of the same phenomena.....very little re-sale inventory from which to choose. Most had become fed up with being in multiple offer situations with normal resale homes, that they'd decided on new construction.
I explained that we had record low inventory levels in the Coweta County market and many buyers were, in fact, becoming frustrated with the process.

WHAT DOES ALL OF THIS MEAN???? If you're looking to sell your Coweta County home and haven't contacted a local Realtor to discuss provide some market research and discuss your options, then you'd definitely better get on the ball!  Buyers are frantic and desperately looking for homes! Many Sellers are finding themselves in the driver's seat where they're picking through multiple offers and not even conceding closing costs!!! Buyers are no longer writing low-balled offers and have become more serious about what they're looking for. So, if you've been considering selling....NOW'S DEFINITELY THE TIME TO PULL THE TRIGGER.

Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com

Columbus Ohio is one of the top 10 cities in the United States in which to buy a house, according to http://www.NerdWallet.com, a website designed to provide financial advice and data for young people. The site considered three criteria - availability of homes, cost of living and anticipated growth (measured by population & job growth). Columbus just made the cut at No. 10with these coments "Columbus is a great place to settle down and buy a home, with its low cost of living. This college town (it's home to The Ohio State University) has a laid-back Midwestern vibe." Topping the list was Fort Worth, Texas, followed by Charlotte, N.C. and San Antonio. Indianapolis, at No. 8, was the only other Midwestern city on the list.

If you are one of the smart homeowners who were involved in mortgage restructuring or a short sale in 2012, tax time is an IMPORTANT season for you. There are tax implications associated with debt cancellation/mortgage forgiveness. For those who have been involved this year, here are instructions and tips from Seattleshortsaleblog on how to take advantage of the Mortgage Forgiveness Debt Relief Act that was extended until 1/1/2014!

Here is an example of your liability if the debt relief act did not get extended or if you do not follow tax instructions posted here: Example: If you owe $150,000 on your home and it sells in a foreclosure auction for $100,000, the amount remaining of $50,000 would be taxable income. If you are in the 25% tax bracket, you will have to pay the IRS $12,500 in taxes on the foreclosure.

The Mortgage Forgiveness Debt Relief act allows you to exclude this income on your taxes but you must take action.

Here are instructions directly derived from the IRS Website. Read the full page HERE

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

Do I have to complete the entire Form 982?
No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

TIPS For Mortgage Forgiveness from TurboTax: Dealing with incorrect 1099-C forms
If your lender has reduced or eradicated your debt under a short sale or mortgage restructure, it will send you IRS Form 1099-C at the end of the year, showing the amount of the debt forgiven and the fair market value of the property. Review the document carefully and compare it to your own figures. If it contains misstatements, contact the lender and attempt to have it correct the form. If it is not able, or not willing, to do that in a timely manner, recalculate the correct figures and provide the IRS with documentation showing how you arrived at your figures when you file your income tax return.

It is vital to follow these steps after any type of mortgage forgiveness. Please read through these instructions & tips. Also, make sure you are reboosting your credit!

Feel free to contact me at Peter@seattleshortsaleblog.com

Good luck!

Peter

Short sales are notorious for their duration to close. It was only years ago when we saw short sales take sometimes up to 2 years to close, causing insurmountable stress to all parties, especially to the seller. So why do short sales take so long? One could easily blame the banks for the delay. However, that accusation does not apply to most banks in 2013. Systems have been upgraded, buyers are buying, and incentives to short sell for both banks and sellers have boosted. So why would a short sale take so long?

Homeowner Motivation

We set expectations from the beginning with all of our clients. A short sale is great deal for the homeowners but it will require about 90-120 days of effort to get the job done. Agent’s who have done short sales will know this. Homeowners who delay in submitting requested documents are the ones who end up prolonging the deal longer than it should and/or losing their home to foreclosure. The lack of motivation on the homeowner’s part will diminish the motivation of the other players.

Who are these other players? The banks/lenders and the buyers.

Bank/Lender: If you’ve ever dealt with them via a loan modification process, you will know they need accurate documents in a timely fashion. Documents have an age. They will ask you to resubmit your paystubs or bank statements if they are outdated. I’ve heard many files closing because of the lack of recent seller documentation.

There could also be two liens meaning you will have to submit the package to two banks and deal with another party. Often times, the second lien is not easy to deal with because they typically receive a much smaller payoff.

Buyers: A couple of years ago, the buyers were one of the most difficult parties to retain in a deal. Buyers are much more motivated now because of the low inventory but put yourselves in their shoes. You have money (cash or preapproved) and you have opportunities around you. There is usually an emotional tie into buying a home. If you have to wait more than 3-4 months on a home, how likely are you to lose that emotion and run off to another opportunity during those 4+ months?

Short sales are like a 3-4 month boot camp. We have been fortunate with our clients thus far but we’ve also set expectations from the beginning. Agents, please show your clients this article before starting them off on a short sale or you could easily waste 4+ months of time, energy, and money. Article here:

The listing agent is another player and is the most important one and as you can read in my many articles, I have high expectations for them.

Hope this helps

Peter from www.seattleshortsaleblog.com

I haven't been listing nearly as many short sales this year. There are not as many upside down homeowners here in the Palm Springs Valley, and that's a good thing!  I have also become very saavy about which short sales have the highest percentage for a successful closing.

New La Quinta short sales coming up next week …

1.  North La Quinta single-family home in the highly desirable community of Bella Vista . One of the largest corner lots which also features a family pool and spa.  Seller is being relocated out-of-state for a job.  The note is with CITI mortgage.

2. PGA West champion for condominium on the Arnold Palmer course.  $307,000.   This condo has consistent rental history and has been well maintained.   Seller has moved out of the country and cannot continue with mortgage payments.   One note with OCWEN.

To view all La Quinta and Palm Springs Valley homes, land, or you equestrian properties … 

Palm Springs and the desert cities in general are seeing declining short sale listings.  Not just the numbers in listings, but also the prices have begun to creep up to closer to FMV.  Why?  I suspect there are several things at work here...

1.  We are a resort town.  By that I mean, there are many buyers wishing to own in our winter wonderland and so very few propeties languish on the market. 

2.  The new inventory which was hardest hit..2003-2006 built..have been sold out.  These developments have mostly turned. 

Short Sales have been purchased, refurbished, moved into or resold and have new homeowners.  Equity sales or standard sales are increasingand our inventory is markedly low..all across the valley.  There are still great values to be had if you compare price/sf to what they were in the peak, but those smashing Short Sale values???  Not so much.

Bank of America Short Sale

Is your mortgage or mortgages held or serviced by Bank of America? Are you considering a short sale or do you have questions about the short sale process and how it affects your potential success of a short sale?

Bank of America has a few different short sale programs to help homeowners contemplating short selling their house. Plus, you may receive between $2,500 to $30,000 in short sale incentives, depending on your specific situation.

To find out details of Bank of America's Short Sale Incentive Programs <--- Just Click Here. Or call us and let's discuss your unique situation:

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Call Now: (888) 9-List-It.

That's (888) 954-7848.