Blog

Two spectacular short sales coming up next week here in the Palm Springs Valley, California..

1.  Indian Palms CC, Indio, CA.:  This 3bd/3ba Condo is located on the Fairway and in great condition.  Appliances included other than washer/dryer.  Granite eat counter was added off the kitchen and there is a lovely, gated porch on the Fairway side of the home and also on the off-fairway side.  I will list it at approx. $120,000.  One note with Wells Fargo.  HOA's are $225/month and include use of the community pools, clubhouse, restaurant, and common areas.  The course is public and very reasonable..pay as you play. 

2.  Indian Springs CC, Indio, CA:  Lovely 3bd/2ba approx. 1800 sf single family home at beautiful Indian Springs.  Great condition, although this one is not on the fairway.  It will list at approx. $170,000.  One note with Citibank.

I list, negotiate and CLOSE my own Short Sales.  No third party negotiation company used or needed.  I do not list Short Sales that I don't feel very confident about and consequently closed all of my Short Sales that I listed in 2011 and will do the same in 2012!

Free property consultations and short sale information..

In 2007 the Sunnyvale market was very competitive for buyers, especially for homes in the Cupertino School District. Many homes were getting multiple offers (like today) and nerves were often frayed (like today). I was working with a very nice couple who were looking for a single family home with Cupertino schools. They made several offers before one of their offers was finally accepted. 

One house came on the market in the Birdland neighborhood and the agent said we could submit an offer right away and she would present it to the seller. So my buyers wrote a very good offer which was submitted on a Friday evening, but the agent said she could not get a hold of her clients and would get back to me. There was an open house on Saturday and my clients went to the open house but did not tell the listing agent who they were. They stood there as the listing agent told the visitors to the open house that she had an offer, exactly how much it was, and what they would have to do to make a better offer.

I was shocked, and my clients not happy, escpecially when they did not get the home. But they said at the time, they felt the agent was trying to get the best deal for the seller. 

When my clients finally got an offer accepted and closed escrow on a great home I helped them find some contractors to update the kitchen and baths. When this was done, they were ready to put their town home on the market. Much to my amazement they asked the agent who told other potential buyers what their offer was to list their home. Their reasoning was they felt that agent was going to get them a better offer even if it was not done fairly to the buyers.

Wait, it gets better. Right before the home went on the market the client called me to tell me the home was listed and please feel free to bring in a buyer. I said, while trying very hard not to laugh, "After what this agent did to you, I would never subject another buyer to their unethical treatment. It would be totally unfair to my buyer." Their town home did eventually sell, but for 5% less and in 6 times as long a time period as most other homes at that time. The old client was shocked. 

So the point to all this is that a Sunnyvale Short Sale Agent must have an impeccable reputation with other agents. It is not enough to have a well priced home to sell. If you hire an agent who does not play well with other children (or other Sunnyvale short sale realtors) you will make a complicated transaction even more complicated. Short sales, even more than traditional sales, need everyone to work together, sort of like a synchronized swim team. If one of the team members is trying to drown the other team members no one wins.

So do your self a favor, when looking for a realtor for your Sunnyvale Short Sale find someone who is experienced, well educated in the process, and has a great reputation with other agents.

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

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Absolutely. YES!!! You will not be asked to move out until the closing. If your specialist is actively working with your bank, your lender will typically delay the foreclosure proceedings making it possible for you to stay in your home a little longer.

 While lenders have become more lenient in recent times, there are typically three qualifications required for a short sale.

1. Financial Insolvency (no other major assets),
2. The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property, and
3. Financial hardship. Acceptable hardships may vary, but some common ones are; loss of income or employment, divorce or separation, relocation or job transfer, property in need of repairs without recourses to make repairs, major illness and medical expenses, death of a family member, vacant rental properties, etc. In most cases, a short sale is not for those who want to sell, but only for those that have to sell.

To settle for a foreclosure means accepting the damage to your credit a foreclosure would bring. It also means accepting the fact that in many states, the lender will seek a deficiency judgment in the amount that is owed. A short sale by itself will typically lower your credit score by 50-120 points, however the hardest hit on your credit will be from missed mortgage payments, not the short sale itself. Your credit will usually recover from a short sale in as little as two years, whereas a foreclosure could dampen your ability to take out any future mortgage loans for at least five years

A short sale happens when a lender is willing to accept a lower pay off on a loan than what is currently owed. In a short sale, the borrower will owe more on the property than the home is worth at its current state, however, a short sale happens only when a homeowner qualifies through some kind of hardship.

Short Sale Superstars is reaching a big milestone this week . We are about 7 days away from having 10,000 members!!!

Wendy and I knew we were onto something when we started Short Sale Superstars 3 years ago but never imagined we would one day have 10,000 members.

We are also closing in on 1,000,000 unique visitors to the site. Short Sale Superstars is the most visited public Short Sale Network on the planet.

How awesome is that? My guess is that with your help we have been able to help 1,000s of people avoid foreclosure. So THANK YOU!

As a small token of our appreciation we are giving you, for free, our Advanced Short Sale Training Session on Lead Generation. CLAIM YOUR FREE LEAD GENERATION TRAINING HERE (1 hour seminar with marketing materials. This is not a sales pitch. It's a gift)

Also, if you want to order the complete Advanced Short Sale Training you can take $50 off the regular price from today until July 4th. Just use the discount code sss10000 when ordering.

This will give you a total cost of $147.00 for 13+ hours of Advanced Short Sale Training and a 2 year membership into the Advanced Training Group on Short Sale Superstars.

You can find more details here.

Found out that my Short Sale with ____________ has been stopped as they are transferring this sellers loan to Nationstar . Having Irrate Sellers and Buyers and Buyers agent panting at my door . This is so sad anyone 

You think you’ll try the self check out lane because you’re kind of in a hurry and with only a couple of items, it seems like the right thing to do.

First, the scanner doesn’t read your bananas so you have to punch the numbers in manually, but because the code on the sticker is so small, you have to first get your reading glasses out so you can see it. The vodka you’re getting requires store authorization, so you’re waiting for the 16-year old bagger who’s talking to the 18-year old bagger, wondering if she likes him. Once he makes it over to your “quick” check out lane, he takes one looks, sees you’re old as the hills, and punches in some secret code so the vodka goes through. At this point, you just wanna throw the damn bananas and vodka in the car and get outta there, but then the little thingy won’t read you ATM card.

Short sales are like that.

It’s a good idea. Really. Much like avoiding long lines in grocery store (foreclosure). So you do the right thing. You hire an agent with sass and skill who (hopefully) properly preps you for the pitfalls and frustration you’re about to endure:

1. It will take time.

2. You will need to provide bank statements, pay stubs, and promises that you’re not related to Bill Gates or otherwise loaded with off-shore accounts.

3. You will have to let people inside your house; they will see your bedspread, book shelves, and litter box. (you will have to keep it clean).

4. The bank will play hard ball (this is where the sassy agent comes in).

5. You may need therapy (this is where the vodka comes in).

But then, if the blessed approval comes in (and a small celebration ensues) escrow is opened and all that awaits is the nail-biting inspection and appraisal period. You hope there is no dry rot damage from the weekend your son made a pool out of the hallway bathroom, and that the appraiser totally misses the mansion that sold next door two weeks ago. Assuming too, that the buyer turns out qualified and doesn’t change her mind because the cute house across the street that just went up for sale has such a neat-o tree in the front. Additionally, you’ve managed to fax and email and scan and be notarized about everything under the sun that always, no matter what, was due two days ago. Now you might, if you are very, very lucky, close your deal.

Seriously though.

While a short sale can be like a bit like a 10 Item or Less nightmare, it is leaps and bounds better than foreclosure. It is the responsible thing to do, that will, eventually (and I have to believed this) help repair our damaged housing market, thus our economy. Plus, you get to maintain your dignity and quite likely buy another house sooner. If it helps, I will bring plenty of banana and vodka. Promise

Contacted Citi past December to initiate short sale. Submitted all required documents, with offer in January.

They contacted me to meet with appraiser in February.Have continued to stay in touch on a bi-weekly basis.

2 weeks ago when I called to check status, they informed me that the short sale department is no longer authorized to speak with me as the property owner is deceased and the file is with their legal department, which will not speak to me either. Yes, this was of couse part of our initial conversation in the beginning of process. I have worked on this for 7 months and now at a stand still and no one seems to know what to do or where to direct me... This person has been deceased for 3 years and property vacant that long!  Anyone have an idea as to who or what to do at this point?

There is no sale date recorded yet. It was like they were working on it and now just stopped. Needless to say the buyers are getting restless!

Thanks for any direction.  

Specifically...Lender names when talking about experiences with them with regards to Short Sales??? 

I have mixed feelings here.  Yes, I have posted blogs about my own experiences with particular Lenders.  They DO get responses..both from other Short Sale Agents which I find most helpful and even in some cases, the Lenders themselves.  I have had several stalled Short Sales resolved due to the interraction between my posts and the Lenders.  A good thing.

On the other hand, I am told by Agents that the Lenders monitor the blog sites and you don't want to be considered one of the "problem agents."  Hmmm....I think to be a good Short Sale List Agent, we SHOULD be creating "problems" for the Lenders by NOT giving up, going away, hiding our heads, apologizing, or simply accepting lame excuses for not processing our files. 

I have posted blogs on Bank of America, that were scathing, dripping with frustration and wondering why I could not get something resolved.  I have also posted blogs on Bank of America that are high in praise for a specific negotiator or the speed and efficiency that they handled a file.  It DOES happen.  Perhaps because I know it does happen, I find it appalling when there is an example of a REALLY bad Short Sale file.

I appreciate the volumes of files the Lenders have.  I appreciate that Bank of America in particular, due to their numbers of bad notes purchased from Countrywide and otherwise, CANNOT be on top of all their files.  I also read and file with care and believe each of the Agent e-mail updates.  They don't normally happen quickly, but they do show me that someone at Bank of America is trying to expedite the Short Sale process..and that is always good news.

I will continue to post blogs on both the good and the bad.  I think it's equally good for the Lenders to read about their short comings as it is to read about their successes..that's how things get changed.  I suspect that the Lenders DO monitor the blogs and they may put a black mark by my name as a "problem", but I'll take that chance to make it easier and faster for the next Short Sale List Agent that is working a file with them.

Generally speaking, short sales are so much better to handle in 2012 than they were in 2007, 2008 and 2009, that I have extremely optimistic feelings about short sales in 2013-2015.  Maybe they'll be done by then???

Good morning Superstars.

We hope everyone had a productive week helping folks avoid foreclosure. We had a major site redesign yesterday so be sure to pop over and have a look. Let us know what you think.

This Week's Top Short Sale News

FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans

Great news for our military members!!

June 21, 2012

Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.

READ FULL NEWS RELEASE HERE

What To Do If You Can Not Afford To Pay Your Mortgage

Posted by Marcy Moyer on June 22, 2012 at 6:30pm

J. P. Morgan Chase is quickly becoming the bank of the incompetents

Posted by Mike Cooper on June 21, 2012 at 11:09pm

WF new and improved Demand Statement 'Approval Letter"

Posted by Pattilynn Guilford on June 21, 2012 at 1:27pm

Time is Running Out: The Mortgage Debt Relief Act is ending and why you should care!

Posted by Arthur Wainioon June 20, 2012 at 9:35am

This Week's Superstar Tip

What types of transactions are generally not covered under RESPA?

• An all cash sale

• A sale where there's private financing (seller financing, money from a family member).

• A rental property transaction or other business purpose transaction.

Now folks, if you handle Short Sales for a living this can be something you can utilize in your business. When RESPA does not apply is there anything else that would prohibit you from paying the 2nd "Off the HUD"? I don't think so. As long as the 1st agrees to it. And I question whether or not they even have to agree to it. Remember there's a difference between disclosure and agreement.

BUYER TESTIMONIAL

Our family began the journey to buy our home in October.We found a house that was perfect, except it was a short sale. We decided to make an offer. Unfortunately, we had no idea the roller coaster we were boarding. Neither agent had ever closed a Short Sale and it was BofA with a 2nd at a local bank. If we had not found Short Sale Superstars I know we would have walked away. The deal fell through once so we started over in March and finally closed Tuesday! It was wonderful to have such a wealth of information here because every situation we were up against we found information on this site. I'm sure both REALTORS (R) were sick of hearing, "from what I have read we can . . . ". Also a special thank you to Bryant who helped answer many questions in the home stretch. As a buyer of a short sale this website is amazing. Thank you for helping our family buy truly our dream home. Adam S.

Advanced Short Sale Training

This sound familiar? You’ve never had to deal with a short sale in your life – until a few years ago, when foreclosures became so common it was rare that you had a seller without one. Now you can no longer avoid short sales.

So you sign up and get your CDPE and your SFR designations. Maybe you have even closed on dozens of short sales. But still...........

......you're missing something. You are struggling when it comes to dealing with the lenders. You're stressing out over your transactions. And no one seems to be able to tell you how to do it quickly, with no stress.

Well, except us. READ THE FULL ARTICLE

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

Great news for our military members!!

June 21, 2012

Washington, DC – Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.

Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.

READ FULL NEWS RELEASE HERE

Don't be an ostrich!

If you have an questions about short sales in The Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

www.marcymoyer.com

650-619-9285

D.R.E.  01191194

J. P. Morgan Chase is quickly becoming the bank of the incompetents.  Not only can they lose 2 billion dollars in investor funds, but they can also turn a $200,000 short sale into a $120,000 REO.  I'm beginning to think the interview process for a Chase job should include an IQ test.

Just when I thought the short sale department of Chase was probably the most ineptbanking sector in the industry, the REO department has jumped ahead.  I've listed and sold a number of Chase short sales and REOs, and one thing has been consistent.  They are all a nightmare.

The most recent, and my last, should have closed today.  As a matter of fact, this particular REO is a cash sale which could have closed more than a month ago, but Chase needed a minimum of 30 days to get it through closing.  After a brief snort and a few minutes of frustration laden blathering I accepted the inevitable. Chase time is not normal time.

Now, this contract was submitted to Chase May 1, 2012.  It took 22 days to get it through ratification.  Why?  A number of unbelievable reasons, but the last one was because the buyers initialed some of the early pages by handwriting, but the later addenda was initialed through electronic signatures.  They have to be the same.  Of course they initialed the last set by electronic signatures because they were traveling on vacation. 

A closing date was finally set by Chase, and we waited.  A little over a week before closing, a barrage of near panicked emails bombarded my email (as well as the attorneys and closing companies) asking for an immediate closing.  Everyone scrambled to get it done and then nothing.  Finally, an email arrives telling it has been moved up 1 day.  Whew!  Glad we could all drop SELLING AND CLOSING HOUSES what we were doing to accommodate the one day change in closing. 

The buyer's agent and I passed a few "We can't believe this thing is really going to close" emails back and forth, and we waited.  Today, I receive an email stating that Chase wouldn't accept the HUD because it was dated June 21.  That's odd, today is June 21, and it's closing day.  Shouldn't the HUD at least have closing day on it?  Call me crazy.

No, it has to have June 22 on it.  Oh, I see.  A dozen people can race around for a day to get the closing moved up one day only to have the MORONS (and I'm being generous) at Chase decide we can't close one day early because the date on the HUD is the day of closing.  I'm sure in Chase Parallel Universe, that makes sense. 

Now, they want a closing extension for another week.  I'm not sure it will really close in another week.  Actually, I think the buyer's agent and I are being punked.  I keep waiting for a camera crew to jump out and say, "Gotcha!" 

Time is Running Out: How the Mortgage Debt Relief Act can save you!

 In 2007, the Mortgage Debt Relief Act 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.

Many homeowners that are considering a short sale or a loan modification have decided that instead of waiting for the market to come back they are opting to sell their house now.  If you owe more than your house is worth, it will take time to break even.  If you decide to sell your house BEFORE you break even, there will be debt that is settled by the lender.  Pursuit of a short sale AFTER this deadline expires will be subject to additional tax liability.

The act has helped many distressed homeowners find solutions to avoid problems with IRS tax issues after the sale of their home 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 limited for you to take advantage of this program.

YOU DO HAVE OPTIONS!

 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..OR...For your Free Report Clickhere ...

It CAN be done! And it would be my privilege to help.

 As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

Arthur Wainio

www.shortsalewitharthur.com

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

“Wisconsin home sales recorded strong growth again in May, continuing the trend that began last summer. Sales of existing homes were up 18.9 percent in May 2012 compared to May 2011. In addition, median home prices in the state rose 1.5 percent to $138,000 relative to the same month last year"

“It’s good to see Wisconsin’s housing market continuing a robust rebound from the depressed levels of the recession,” said Rob Keefe, Chairman of the WRA board of directors. He noted that the monthly growth rates have been in the double digits since July 2011, and that year-to-date home sales are up over 20 percent in the state. The South-Central region was up 18.5 percent.

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

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

Just one more home loan adjusted, wiped off the books and a new buyer in place here in La Quinta.  This 3 bdrm/2ba courtyard POOL home was built in 1993 and approximately 1550 sf.  Currently has a tenant in place that has signed a lease with the new Buyers. 

Avenida Alvarado in the La Quinta Cove.

Original note value of $386,000.  Purchased in 2007.  Chase was the lienholder.  This home was purchased as an investment property.  No negotiation company used, needed or paid.  I like to have my hands and mind in on every trick for each of my Short Sales.  I love a challenge!

Closed at $141,000.  Seller paid zero, buyer paid zero. 

Listed to Close in Escrow in less than 90 days.   Lender had to have a couple extensions, but a pretty quick close nonetheless. 

La Quinta property values are actually increasing.  The entry level homes ($250,000 or less) have gone up approx. $10/sf since the bottom in the last Q of 2011.  There are multiple offers on almost every entry level home. 

There are still good deals to be had in La Quinta, just not quite as low as 2011.

Questions on your property value?  Give me a call at 760-285-3578 or www.kimberleyjoykelly.com should help..

This charming 3bd/2 bath home is located in the La Quinta Cove.  52255 Avenida Obregon  $148,000.  Well maintained and smartly designed inside with a large kitchen, family room and nice seperation of master bedroom and guest bedrooms.  The front yard features an enclosed, gated courtyard that is lushly landscaped.  Both sideyards are gated and the backyard is a green oasis from the desert heat. 

There is only one note with Chase on this home and the home has been a primary residence.  The borrowers are just delinquent first month in June and their docs are prepared and ready to submit.

Another fantastic Short Sale presented by your La Quinta short sale expert.  For a free consultation, please give me a call at 760-285-3578 or visit my website at www.kimberleyjoykelly.com