Short Sales: What might come up! 2007-10-24 11:02:59 Lets list some of the consequences of a short sale that will help pull the information together and help in getting the head out the sand: What types of problems may come up? Sale doesn't close - SELLERForeclosurePotential servicing of two properties (if seller has acquired a new home or rental)Costs of failed escrowTime and cost of listingAlienation of future clientSale doesn't close - BUYERLoss of other purchase opportunitiesCost of acquisition loan (fees, appraisal, etc) and due diligenceSale of previous residence / need to find a new residenceCosts of failed escrowAlienation of pot Read more:Short
, Sales
, Short Sales
Owners yes there is such a thing as Tenants from Hell... arm yourself! 2007-10-22 07:06:35 RULE OF THUMB: It's easy to fall in love and get married but difficult to go through the pain and upheaval of a divorce or separation. In other words, it's easy to miss warning signs when you're focusing on dollars, cents and filling vacancies. Owners
keep your eyes and ears on the alert for the kind of tenants you rent to. You never know when the times may get hard and you may need to tell the tenants that you are in trouble with your property mortgage payments and you will have to sell the property or lose it!Caution: A perfectly good tenant can turn on you!!!! Once they know that you are having to sell and they are having to move AGAIN... they tend to use the Dr. J/ Mr. H turn on you. Some might say they will turn into the devil and do you wrong!!!! You can almost guarantee that they will slow down to stop paying the rent, will be the tenants from hell on letting potential buyers view the home and when they leave (in the middle of the n Read more:Tenants
Buyers: Check and compare, then make your offer. 2007-10-21 21:44:53 Tips on how to determine Your Offer Price: When you prepare an offer to purchase a home, you already know the seller's asking price. But what price are you going to offer and how do you come up with that figure? Determining your offer price is a three-step process. First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.Comparable SalesThe first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called "comparable sales." Comparable sales are recent sales of homes that com Read more:Buyers
, Check
Buyers: Tip to help you qualify for a loan 2007-10-21 21:13:24 Tip: Get Approved/qualified BEFORE you get a new car!Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well being.Suppose you earn $5000 a month and you have a car payment of $400. At current interest rates (approximately 8% on a thirty-year fixed rate loan), you would qualify for approximately $55,000 less than if you did not have the car payment. Even if you feel you can afford the car payment, mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender.However, if you have not already bought a car, remember one thing. Whenever the thought of buying a car enters your mind, think ahead. the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282 Read more:Buyers
How will you promote your business? 2007-10-28 20:34:10 It is almost Halloween and I find myself asking that question again.... what will I do this Halloween to promote my business? I am thinking of doing a flyer - rolling it up and putting it in a little plastic halloween bag with a business card and of course some candy or treats that I know the kids love. My strategy is the parents will open the little bag and wolla.... they will see my business card and my flyer with what our mother and daughter team can offer them. Our flyer will of course list all our services and information on how to get in touch with us and we will probably put our featured listing on the flyer as well.We usually have several visitors on Halloween, from our neighborhood and other nearby neighbors, so it just help me to reach someone that I would otherwise not connect with. What are you doing this Halloween to promote your business or will you do anything? 866-750-8282
"I Love My Profession Because..." In a word... Fulfilment! 2007-10-28 19:17:18 I am writing this because it comes with no strings, and it was a request of a great blogger friend of mine Mike Mueller.... I love that he asked me to write and just don't even think about it, just write and write about the good things because the bad ones will be there when I get back. This made me think that I am going on a trip or something and I like to go on trips. Kinda like a mini vacation of source!Well, Mike since your asked starting with your post: What do you Love about your job? and challenged us to write about what we love about our profession. Dear Real Estate Profession, I love you -- Let me count the ways! I love my profession because .....it allows me to work on my own, helping others and working as hard as I can (even doing overtime that I do not get paid for), I love that I do not have to answer to another about the hours I put in. Like this weekend I was sick with a cold (just came on suddenly) and it knocked me down
Red Flags.............. 2007-10-28 15:36:51 Red Flags may cause delays or other problems within an escrow and Must be addresses well before the escrow is expected to close... Red Flags Examples: Buyer or Seller has been involved in a bankruptcy The buyer or seller intends the property in question to be part of a tax deferred exchange The property is begin sold because of a divorce More than 1 seller and other seller will not sign paperworkSeller are recently marriedUsing a Power of Attorney and etc...Short SaleIRS Tax LienChild Support Tax LienPrevious deed transfer without title insurance coverageDo you know of or have you experienced red flags in escrow that just stopped the closing .... and it seemed it would not continue? Please share. the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282
Simply..Get a move on ! 2007-10-30 23:34:45 Here are the steps from getting ready to buy all the way to closing...... so Buyers get a move on and get yourself a new home. Step 1: Spiff up your creditStep 2: Start saving for a down payment and closing costsStep 3: Calculate how much house you can affordStep 4: Shop for a mortgageStep 5: Shop for a homeWAIT! Before you start this Step 5: give us a call!Step 6: Make an offerStep 7: Sign a contractStep 7: Take a Close Look at Your HouseStep 8: Shop for homeowners insuranceStep 9: Sign papers(Buyers there are so many really great opportunities out there: Short sales from foreclosures, owner assisted financing, seller incentives, honest financing, bank owned homes, rock bottom prices -- so don't miss out) Get a simple 9 step move to your new home! Call us if you need good agents in our areas of business. Or loo
One or Two-Step approach? 2007-10-29 22:41:36 Do you take the 1 step or the 2 step approach to your listings? Do you find that most of the basic information you are trying to share with your sellers are going right over their heads - from fees to fiduciary responsibilities or how to price their home? Did you ever think you were dishing out too much information for one sitting? Too much for the sellers to absorb it all? Someone said if its too much for now, save some for later........ this rule of thumb might work in this situation. If you feel you are losing your clients attention. Save some of the information and come back to them. I guess there is a careful tip here: Do lose them completely by putting them off, so you'll have to use your judgement here. &
Is your home ready? 2007-12-01 10:47:34 Well you can sure tell when the market has changed and there is low incentive to put energy into making your home look great and buyable. Here are some staging tips that I'd like to share with those that are finding it harder and harder to get their home ready
for a sale. Rule of Thumb: Less is MORE! That means no mess, clutter or personal items. Keep kitchen counters as bare as possible. Remove everythig from the exterior of the refrigerator.Keep cupboards and cabinets organized and neat.Clean rooms so they are spotless. Keep floors vacuumed, swept, mopped and waxed. Steam clean or replace capets.Remove excess furniture. Using only a few key pieces in each room makes the room appear larger and helps the buyers imagine their own furnituare in the room.Open all curtains and blinds and ensure that windows and sills are clean.REmove fixtures that you will be taking with you, for example: a ceiling fan or chandelier, and install inexpens
Short sale approval is not AUTOMATIC! 2007-12-01 10:08:26 The last number I hear for Subprime loans that are in foreclosure: 161,540 for US. There is nothing AUTOMATIC about short sales - the can STICK you and the STANDARDS can different with each lender!Let me tell you a couple of things about short sales/foreclosures1. You decide you're going to sell your home at a loss by asking for a short sale. Although no one has writen a concreted book of rules that apply to short sale, there are rules that must be met in order to even qualify for a short sale. You need to know these rules of thumb, best way to find out what is expected is to get a real estate agent to help you get this information. Typically, lenders won't even consider a short sale if your payments are current. This is told to you not for you to just get your property get in default in order to qualify, but just to let you know what lender look for. Lenders will be more agreeable to negotiation if your payment are Read more:Short
1809 Verano Street - Sacramento, CA 95838 2007-12-01 08:53:56 This charming updated 3/1 (Built: 1941; 728 Sq ft; Lot: 6098 sq ft)home is a great buy. Updates include: wood and tile floors, custom trim, crown moldings in kitchen and bathrooms. The yard is gated, has a nice tree house in the front yard, has spa and wet bar in backyard. This is a short sale, pre-approved buyers this is for you.Short Sale: Price, Conditions, Terms, Expense & Commission (split: 50/50) upon lender approval. Call Listing agent for showings - allow 24 hours.Contact: Call Listing Agents Rosemary Brooks / D'Adrea Davie 866-750-8282MLS#: Central Valley:6110061 Metrolist: 70117288 the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282 Read more:Verano
, Street
, Sacramento
Give Protection.....Get Protection! 2007-12-01 09:20:54 Some people don't realize the many benefits of a Home Protection
Plan. However, as an experienced Real Estate Professional, I would like to point out how a qualify Home Protection Plan can benefit you, whether you are buying or selling a home. A good Plan ensures the repair or replacement of covered home systems and appliances that fail due to normal use.For Sellers, this provides added value to your home when it is on the market whether it is a regular sale or a short sale, you should still offer the warranty. For Buyers, this means peace of mind and confidence in the purchase of your new home. I recommend to all my clients that a Home Protection Plan be included in their home transaction. Whether you are purchasing a regular sale, REO or Short Sale you should still request a Home Warranty Protection Plan - they are usually less than $400.00. the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282
Tell Santa to bring you.......backup 2007-12-01 08:16:00 Right around the corner??? Yes, Christmas is right around the corner and here is a great useful tool that will help you in your real estate business. Ask Santa
to bring you a Flash drive!!!!Almost everyone who uses a computer knows the importance of regularly backing up his or her data files. With the latest technology, you can back up files to a device that's so small you can carry it with you!This little device is called a Flash drive. You can store from 2 megabytes up to 64 gigabytes of informaton on a small Flash memory chip. The chip is encased inside a small plastic protector that can be carried in a pocket, attached as a key fog, or on a lanyard. The common use of Flash drives is to transport and store files such as documents, pictures and videos. You simply plug the Flash memory device into your USB port and you are ready to download, save, and upload information. A word of caution, however: most USB Flash drive Read more:backup
612 Poirier Street, Oakland, CA 94606 2007-12-01 08:01:34 This charming 2/1 with 1106 sq ft/lot: 3952 sq ft is centrally located. Entry is foyer w/living dining area combo; kitchen/eating area combo, master bedroom is elevated w/3 steps, basement. It has a small front yard and large backyard with a 2-car carport and shed. This home is located in a quiet neighborhood.Short sale: Price, conditions, terms and Commission (50/50 split) requires lender approval.Call listing agents for showings @ 866-750-8282: ask for Rosemary or D'Adrea.MLS inf: Central Valley:# 8149811 Metrolist: # 70120896 the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282 Read more:Street
, Oakland
369 Gamay Ct, Manteca, CA 95336 2007-11-29 21:03:01 Great starter or investment property. This charming 3bed/2bath is 1362 sq ft with lot size 4356 sq ft. located in Cul-de-sac. Bedrooms are upstairs, with walk-in closet in master. Kitchen and breakfast nook is combo with opening to living room. Close to park, shopping, transportation, and quick access to HWY 120.Short Sale: Price, Terms, Conditions and Commission is upon lender's approval. Commission will be split 50/50 upon lender's approval.Contact: Listing Agents - Rosemary or D'Adrea 866-750-8282 @ Perfect Financial SolutionsMLS#: Central Valley: 6110811; Metrolist: 70116645 A short sale. Great deal.the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282
3697 Hepburn Circle, Stockton, CA 95209 2007-11-27 11:40:26 This charming 3/3 (1300 sq ft/lot: 4,356 sq ft) (Built: 1998)is located in a quiet neighborhood. 2-story w/upstairs master, 1bed/bath downstairs, great room w/fireplace, inside laundry. Spacious kitchen. Gargage is made into a room but not permitted - partition can be removed. A must see.Short Sale: Price, terms, conditions, expense & commission 50/50 split upon lender's approval.Call listing agent @ 866-750-8282 for showings. Need appt to show.MLS listing: Central Valley# 5152501Metrolist #: 70116556 the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282 Read more:Hepburn
, Circle
Anybody got a bandaid? 2007-12-09 15:25:03 Good news for a small few --- not even a bandaid for most! As I wrote in a previous post Who will get help? there seems to be a problem with coming up with a plan that will really help the foreclosure problems. I mean we are hearing that there are plans to help but then you see where they cut out the majority of people that really need help with all the criteria requirements that must me be meet before the homeowner can get help -- meanwhile you have numerous amounts of owners that are being totally ignored and this is not fair.There are people right here in the Stockton, Modesto and Sacramento areas (San Joaquin/Stanislaus/Sacramento counties ) (as well as all over the US) that are now homeless and facing a 1099c when it comes time to do their income tax returns. These people where served a Notice of Default, contacted their lenders for help and was turned down, listed their homes for sale and in some cases the home was either sold at short sale or at the county court hous
Meltdown or FREEZE ? 2007-12-05 23:16:14 The news today on the meltdown gone to a FREEZE....If I heard this right, the next plan to help our foreclosure problem is focused on the loans made between 2005 and June of this year (lets call it the 30 months), and I am sure there will be criteria for those that fall into this time period, once they are weeded out, they will FREEZE the interest rate (ARM will not increase) for 5 years = (lets call it the 60 months).So the formula is 30 / 60................. now FREEZE.Yep, but what about all the others that are in foreclosure? The ones that are looking to be out in the cold during these winter months (which is most parts of the country will be a FREEZing time). What about the other owners that don't fall within this timeframe? And the big question is ..... will this even help stop the foreclosures or will it just prolong this meltdown for a few more years in the long run?I know winter is almost here, and I wonder if the FREEZE is going to help th Read more:Meltdown
Here come the judge! .....BK judges might get to help the foreclosure problem ! 2007-12-05 14:08:52 If this bill passes there maybe some relief for those that file bankruptcy - Chapter 13 (payment plan) in an effort to set up payment arrangements that they can afford in order to hold onto their homes.This bill could Help Home Owners at the Brink of Foreclosure : U.S. Sen. Dick Durbin (D-Ill.) is pushing for a bill that would allow bankruptcy judges
to change the terms of a mortgage on the primary residence of owners at risk of foreclosure or bankruptcy. Judges would be able to lower an adjustable interest rate to a lower, fixed rate. They already have the power to do this for car loans and a number of other debts.This bill will change the Bankrupcy codes so that Bankruptcy Judges will have the ability to provide home owners facing foreclosure a degree of financial stability. SupportersOpposeSupporters of Durbin's bill include senior citizens, bankruptcy attorneys, the AFL-CIO, and the NAACP. The American Bankers Association and h
Ah..... the sweet set up to sell..... 2007-12-04 13:35:22 Make sure your house is on the list to get a SOLD or at least a PENDING status! Talk to Santa and then take his tips to heart. This will work whether you are in the San Joaquin Central Valley or you are in some other great location. This is the most exciting month of the year to almost everyone. This is the time the kids are out of school with a special holiday right smack in the middle of the time off, and it promises to bring gifts to everyone -- even in these bad economy times, there will be gifts, laughter, smiles, tears of joy, sharing and caring that you don't especially see all the rest of the year!!!! Relatives will be visiting and joy will be everywhere. But here you are hoping and praying that your home will sell before the festive days arrive. I am sure the best gift you can get at a time like this is the "for sale" sign turn to "Pending" or better yet "SOLD". In past years, it's been difficult to sell a home during
Owners have rights, Tenants have rights too-- all God's children got rights! 2007-12-04 02:48:53 OK! I will admit that I am guilty of bashing the "tenants from hell" and I still stand on that. Tenants
can ruin an owner's property in no time flat. I have seen and experience with several of my owners the aftermath of tenants gone bad.HOWEVER, in defense of the tenants that are blind sided with the owner dropping in at announce that they are in default on their mortgage payments and will be putting the property up for sale! This has to be some really bad news at a really bad time. Tenants don't understand or wasn't aware that the owner was having to add to that monthly payment that they were paying to make up the difference on the mortgage payment. (example: tenants pay only $1800 per month, however, the mortgage payment is actually $3300!). So now the owner is in hardship because they can no longer make up the difference.But back to the tenants. Since they received the news they are confused, angry and does n Read more:Owners
Who will get help? 2007-12-03 15:54:45 Good news for some.The White House and the Banks are working together to help...... but the question is who are they helping and how many will actually be helped.The agreement is designed help the 500,000 subprime borrowers whose mortgages are resetting and are likely to result in foreclosures, threatening the broader economy.A sticking point is which homeowners would qualify and how much they would have to pay to refinance or freeze their loans, sources close to the discussion say. Criteria # 1Criteria # 2Criteria # 3IncomeCredit Scores (credit worthiness)How much equity is left in the borrowers homeThe winners will probably have to have the whole combo to qualifyBorrowers will be divided up into 3 GroupsGroup 1Group 2Group 3those who can continue to make their payments even if rates risethose who can't afford their mortgages even if rates stay steadythose who could keep their homes if the maturity date of their mortgages were extended or the interest rates
Short Sale agents are reporters too! 2007-12-03 13:40:16 Real Estate Agents have to become report writers!Before you submit all the data to the lender for a short sale approval, remember you have to do your homework.. you will need to write down what you see and feel about the property so that the lender that is from another state (probably) can visualize what condition the property is in. You have to make them visualize and understand why the property brought in the offer that you submitting to them for short sale approval. Provide evidence of marketing efforts to date. Provide a copy of any listing agreement (s) entered into and advise how long the property was on the market, at what price (s), and at what price the property was listed for when the offer was received. Also indicate if the property is vacant. If it is, advise of its condition, if it has been properly secured from vandalism, and where keys to the property may be obtained. Again, provide your own BPO --- if you can send in two BPO (fro Read more:Short
Short Sale tip: Release party! 2007-12-03 13:11:17 Information submitted should be representative of all parties signed on the note. In a situation where a quit claim deed has been executed, information is required from all parites signed on the loan unless a Release
has been filed. Although monetary interest in a property has been conveyed, a quit claim deed does not release a mortgagor from liability.A good way to find out the history of the property is get the information from the preliminary report or do a title search. Commonly you can get an account with gotitle.com and get property history. Information from: the Mother and Daughter Realty Team @ Perfect Financial Solutions 866-750-8282 Read more:Short
Go above and beyond...... it might pay off! 2007-12-03 12:50:59 Things to keep in Mind about Short Sale negotiation requirements:The real estate commission will usually not exceed five percent (5%) in a two (2) broker situation.THIS IS WORTH NOTICE: In some cases the real estate commission will not exceed three percent (3%) in a one (1) broker situation. NOTE:** Real estate commission MAY, in some cases, exceed these percentages. However, higher commission is normally reserved for realtors that have gone above
and beyond
what was required of them to close a deal (i.e. pay out of pocket for expenses, have liens removed, etc.)Some additional things a realtor can send to the lender to help with the negotiation for a short sale approval:The listing agent is encouraged to provide his/her broker's price opinion (BPO) with the package and any comparables to support the offer amount.Junior lienholders should be released or negotiated outside the sales proceeds as
Short Sale: Noted Benefits 2007-12-03 12:22:08 SHORT SALE Benefits
: BenefitsNotes No foreclosure on your credit recordHowever, Short
Sale does have some affect on your Credit (80-100 points hit). Compared to Foreclosure and Deed in lieu of foreclosure will bring a 250-280 point hit.Possibly lower tax liabilityYou must be in a hardship. We do suggest that you Consult A tax advisor or an Attorney on the impact of a short sale.No deficiency judgmentIn California, Purchase Money Loans are NOT subject to Deficiency judgments; however, hard money loans, home Equity loans and refinances are.No EvictionIn a Short Sale you get to stay in your home until the close Of escrow. But you must get approval from the bank for An extension of the Trustee sale date until there is a Short Sale approval.No Cost to you!No out of pocket money is usually expected from you in a Short Sale. The Lender is responsible for all cost and Expense of a Short Sale. &n
Sample letter: To lender requesting help to avoid foreclosure 2007-12-19 13:13:41 Ways to reach out to the lender and possibly help yourself.......The best advice anyone that anyone that is in trouble with their mortgage can get is to contact your lender. Do your homework first and then give them a call and let them know that you are having problems with payment and give them the reasons why. >> Below is a sample letter to send to your lender ~~~ please note: This works best if you do it BEFORE you have been served a Notice of Default. However, it does not stop you from contacting them even AFTER you have been served.There are some plans out there to help those that qualify by matching up to the criteria set, plus most lenders have forbearance, re-instatement, mortgage workout plans that will help you. Don't give up and think that there is no help for you. Do your homework.If you feel you need to do a short sale because it is probably the best option instead of foreclosure or deed in lieu foreclosure on your credit Read more:Sample
City, County, State.... what are they doing? 2007-12-17 21:13:47 What is your City, County
or Statedoing
to help the foreclosure problems? What are the stats for foreclosure in your City, County, State or coverage area?My major city of coverage is Stockton, CA. I found lots of good news on the website on what Stockton is doing to educate people of what to do if they are in danger of getting into foreclosure and what resources are available to them if they are in foreclosure. Here is what I found out..... Stockton Reports Highest Metro Foreclosure Rate in Third Quarter. Stockton, CA reported one foreclosure filing per 31 households during the third quarter, up more than 30 percent from the previous quarter, with 7,116 foreclosure filings on 4,409 properties reported.There are over 196,000 foreclosures in US. Stockton was rated with the highest number of foreclosures in the nation in October and have not improved much from that since.Stockton, CA - Foreclosure Information
Who inspired you in 2007? 2007-12-17 11:20:55 Reflecting back over 2007 and some of the touching moments, the influences, the mentors and memories that will always be kept near and dear to me.....This year has been to say the least "a trying year", however, here at the end of the year I can still see the blessings that I received. The blessings outweigh the trauma. There is always a light at the end of the tunnel that glows for the joys, laughs and inner peace that floats to the top. WHO INSPIRED YOU IN 2007?One of the several people that inspired and uplifted me this year....I met this special lady while doing a signing at her home and we clicked right away. She was very friendly and said she enjoyed company because she lives alone since her husband died several years ago. She shared that she collected stamps and she knit and crochet in the evenings for the Linus People. Linus People is an organization that donates these afghans to the hospitals and the needy, and the child
Recommend Site To A Friend
