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

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

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

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

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

Homeowner Needs to Package Correct Paperwork

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

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

Second or Third Mortgages

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

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

Mortgage Insurance

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

Inexperienced Realtor

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Excellent complement to HAMP.

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

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

2. Homeowner information has been previously collected.

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

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

3. More flexibility in receiving terms.

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

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

4. Future liabilities of homeowners are automatically forgiven.

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

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

5. Homeowners receive incentives.

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

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

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

6. Lenders waive certain rights.

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

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

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

This Week's Superstar Discussions

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

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ShortSaleSuperStars@gmail.com

DISCLAIMER

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

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

36 closed short sales

20 closed bank owned homes

Total sales during this time period were 96

Total % Short Sales: 37.5%

Total % REO Sales: 20.8 %

Total Percentage  East Palo Alto Distressed Properties: 60.7%

60.7% of all East Palo Alto sales being distressed is enough to still have major effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales which has also happened in other cities. 

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194

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

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

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

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

Negotiated amounts:

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

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

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

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

Why Should I Short Sale My Home in New Jersey? 

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

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

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

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

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

The New Jersey Short Sale Process!

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

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

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

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

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

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

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

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

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

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

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

shortsale@tropicaldreamrealty.com

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

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

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

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

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

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

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

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

What do you deem professional with short sales

http://youtu.be/CzpwSL0debw

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

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

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

real quick…add me on facebook!

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

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

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

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

Written by: Joshua Gayman

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

I help people decide what to do with upside down real estate. Everyone knows someone that is throwing good money away every month. Do you really want to know what it's going to cost for you to wait for your home to go up in value? Seriously do you want to know?

http://strategicdefaulthelp.us/

Put in your address so Zillow will give you an approximate value
Put in your loan balance and Interest rate

In 30 seconds you will have 3 different appreciation scenarios. 2% 5% 8% appreciation rates. This market crashed in 2006 and here we are in 2012. 6 years gone don't waste another 6!

http://strategicdefaulthelp.us/

http://www.ericbaskett.com/category/short-sales/

Advice for Short Sale in Redondo Beach California|Redondo Beach California

Exactly How to Complete Short Sale

Do you own a house within Redondo Beach California?

The property foreclosure inventory for the last Five years has remained exactly the same. On average you have around 300-400 residences that are in active property foreclosure.

You may be questioning when the housing market will start going back up. Nicely lets simply say not for many more years! If you are interested what the worth of your home Redondo Beach is currently visit Short Or Stay Calculator.

This site will give you a Zillow worth of your home and it'll tell you whenever you may have equity again and just how much it will cost meanwhile to just breakeven.

The Redondo Beach home values within 2005 towards 2006 had been between 800 and also $1,200,000. Currently, 2012 home values range from $500,000-$900,000. 6 years right after the real estate market crashed Redondo Beach house values are still going sideways.

So you may be sitting there wondering is a short sale best for you?

For many people the answer is yes!

Truly being your property is your main residence, so you can actually write off any kind of taxes for the short pay. Your mortgage is most likely a lot more than $200,000 upside down and is interest only. You can most likely lease a house in same neighborhood for $1,000 to $1500 less per month. Why has it taken you 6 years to make this choice?

Don't be concerned your not alone! Many people are attempting to do what they feel is right.

• Honor our own word
• Make good on our own promise to repay

Extreme caution!!! You're dealing with a bank not someone that has empathy and cares about both you and your personal situation. It's about return on investment! When are you delivering them there cash? They will often ask...in case you don't have the money who actually can you borrow this from?

They do not worry about if you have food on the table or otherwise! The quicker you believe and understand this the greater you will be ready for what’s ahead.

I speak with people every day which have been fighting a struggle with the lending company over obtaining a loan modification. Many that have selected to take on this task of getting a loan modification have since realized how much the bank really doesn't worry about your personal problems.

Often homeowners can't get assistance until they're at the very least Thirty days overdue on their mortgage. Regardless of the circumstances, even if you have a letter from your employer stating your likely to be unemployed in the next Forty five days.... you wouldn't have any assistance till you are Thirty days late.

So the whole time were trying to do things right only to discover it does not make a difference!

You need to do what is best for you and your family and also win control over your financial future and never be worried about the financial institution!

I'm sharing this with you Now so you go into a loan modification with realistic expectations.

Do you have Loan modification or Short Sale Questions you wish answered? Click here: Redondo Beach short sale.

Eric Baskett
Keller Williams Realty
23670 Hawthorne Blvd
Suite #100
Torrance, CA 90503
310-261-8511
ericbaskett@gmail.com
www.EricBaskett.com
www.StrategicDefaultHelp.us

Wishing you Summer Fun!

Let me begin by hoping everybody is having a safe and fun summer!  Katie and I just got back from Yosemite.  We make a trip every year and the beauty and wonder still amaze me every time!  To aid and encourage you in outdoor activities, I am enclosing a SPECIAL GIFT for you today – REFILLABLE Travel Sunscreen w/SPF 30.   This is ideal for backpacks, handbags, car glove departments, and pockets.  **Pull the cap off to use.  **Unscrew the top to refill.  Stay safe in the sun and enjoy! 

Market News!

The market has really started to make a change over the last 3 months.   June median sales price was up 3% from May 2012 and up 10.4% from June 2011!!  Demand is good, prices are great, and interest rates are around 3.75%, 30 year fixed.  Lock in on these historic rates - it is still a great time to buy for both homeowners and investors.  (Enclosed is the First Centennial Market Report.)

Our inventory is low.  We are running with about a 4.8 month supply of inventory, based on June’s sales rate.  A normal market is thought to be a 6 month supply.  The REO market is about a 1.4 month supply.  Active inventory is down 31% from a year ago.  What is this doing to the market?  MULTIPLE OFFFERS HIGHEST AND BEST OFFERS – great time to sell!  

If you know anybody who may be interested in selling or wondering about their property value – please give them my name and number, your referrals are always appreciated.   I provide a Free Comparative Market Analysis.   For both Equity Sales or for Short Sales – it is a great time to sell!  Call me!

Short Sale News:

Short Sales still represent about 50 % of the market.  NV AB 284 has stalled the foreclosure market in Nevada, representing only 15% of new listings in June.  Short Sales are now a better alternative and banks are putting more resources into making it a faster and a more consumer friendly processes.  Please check out my dedicated Foreclosure Alternative Website at www.KevinBown.com. 

HR 3648:  In 2007, President Bush signed into law the Mortgage Debt Relief Act.  It was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

The act has helped many distressed homeowners find solutions that help them avoid foreclosure and opened up options to them that were previously unavailable.

However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is running out for them to take advantage of the program and save themselves tens of thousands of dollars.

If anyone you know may need my expertise, again, please have them visit my website www.KevinBown.com for a copy of my recent report entitled "Time is Running Out: How the Mortgage Debt Relief Act can save you!"  Have them contact me for a free confidential consultation.

FHA Home Loan:  If your home loan is a FHA backed loan, a Short Sale will guarantee a homeowner a full deficiency release.   This is considered a FHA Pre-Foreclosure sale and you begin the process of approval before a sign goes in the yard and the property goes into MLS.  Questions if a property is an FHA backed home loan – call me.  The also give seller incentives up to $1,500.

No Doc Short Sale:  Completed my first one this year.  It is a short sale initiated by the lender.  It was Wells Fargo – they set, price, control the markdowns and one offer was presented, gave approval in 3 weeks.  That is what I call a short sale.  In this case they also gave the seller an incentive of $2,500 to participate.                                                                                                                     

Best to you!  KEVIN 775.813.2387

Are you in the market to purchase a home this year? Homebuyers and investors are now presented with prices at unprecedented lows and interest rates that have never been so desirable. For those who are now “looking,” the big questions to ask would be, did our housing market really hit rock bottom and should I look into these cream of the crop deals AKA short sales, reo’s & foreclosures?

So, have we hit rock bottom? 

The housing market showed signs of improvement this 2012 year. Non-distressed properties show on average a 1.7% increase in prices according to a recent HousingPulse survey and experts are optimistic for the latter half of 2012.

Does this mean the only direction house prices can go is up from here on out? Not necessarily. One of the key factors that result in house prices increasing is the decrease of supply in the market (less supply, more demand). Although it may seem our nations shadow inventory is decreasing as investors are rapidly buying homes at all-time low prices, a new wave of foreclosures are set to flood the market again as a result of the robo-signing scandal. This incident caused many lenders to lag behind in listing their foreclosure properties and ultimately pushing them through. One could reasonably presume prices to halt its gain again or drop even lower.

However, this does not mean that now is not a good time to purchase a home.  If your financial status suffices to buy, looking into short sales and REO properties can win you an outstanding deal in today’s market. Mortgage rates recently hit another all-time low. According to Freddie Mac’s Primary Mortgage Market Survey released on July 5^th, 30-year fixed-rate mortgages sunk down to 3.62 percent which is a considerable decrease from a 4.6 percent just one year ago. Concurrently, rent prices have gone up on an average of 5.4 percent over the last 12 months according to real estate website, Trulia.

Washington State (Seattle-Tacoma-Bellevue, WA), is in the top 20 nationwide for rising short sale discounts. The average sales price is $224,294 with an average discount of 31.35 percent.

*Before you begin putting offers on properties, I highly recommend following Dave Ramsey’s guide prior to purchasing a home.

Our team of agents specialize in short sale and reo properties and have been extremely successful in helping clients purchase discounted homes in the Washington State area. If you are looking into purchasing a home this year, contact our team of local agents to find the best deals in your desired location(s).

Peter

In Sunnyvale from Jan 1, 2012 until June 30, 2012 there were:

58 closed short sales

32 closed bank owned homes

Total sales during this time period were 447

Total % Short Sales: 12.9%

Total % REO Sales: 7.1%

Total Percentage  Sunnyvale Distressed Properties: 20%

20% of all Redwood City sales being distressed is enough to still have some effect on the overall market. However, as inventory is still so low unless these homes are truly physically distressed, which is more common with bank owned homes at this level, it probably will not have a long lived effect. It is interesting to see there are almost twice as many short sales as bank owned sales.

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

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE  01191194