Short Sale is Alternative to Foreclosure

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  Foreclosure Alternative: The Short Sale

  A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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Sea Coast Exclusive Properties     Barbara Whisenant  

                                       DRE# 01357594

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Sea Coast Exclusive Properties

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Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate

· Providing a different payment plan to help you get caught up

· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if

· Your property is worth less than the total mortgage you owe on it.

· You have a financial hardship, such as a job loss or major medical bills.

· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

· Help you set an appropriate listing price for your home, market the home, and get it sold.

· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

· Ease the process of working with your lender or lenders.

· Negotiate the contract with the buyers.

· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include

· A hardship letter detailing your financial situation and why you need the short sale

· A copy of the purchase contract and listing agreement

· Proof of your income and assets

· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.

· With a first and second mortgage with the same lender, the review can take about three months.

· With two or more mortgages with different lenders, it can take four months or longer.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Sincerely,

Barbara Whisenant

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Richard Realty Groups, Inc.    Barbara Whisenant    DRE# 01357594

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May Real Estate Market information

California’s median home price up 21 percent in April from a year ago
California’s median home price—the point at which half of homes sold for more and half for less—rose 21 percent in April compared with a year earlier, but sales of existing, single-family homes declined 8.1 percent, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) April sales and price report

MAKING SENSE OF THE STORY FOR CONSUMERS

• The median price of an existing, single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent compared with March’s $301,790 median price.

• Annualized home sales dipped below the 500,000-unit level for the first time in 19 months, which C.A.R. President Steve Goddard partially attributes to home buyers delaying the close of escrow to take advantage of both the federal and state home buyer tax credits.  “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close,” he said.

• The number of homes available for sale also impacted total sales in April.  “The demand for attractive foreclosed properties well exceeds the number of properties on the market,” Goddard said.  “At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes. It’s an ideal time for many families to purchase their first home even though they may face stiff competition.”

To read the full story, please click here.

  CNN Money

Foreclosures plateau—finally.  Repossessions soar.
The foreclosure plague may have finally reached its peak in April 2010—but don’t expect delinquency statistics to plummet anytime soon.

To read the full story, please click here.

  CNN Money

Consumer confidence on the rise
A key measure of consumer confidence climbed for a third straight month in May, a research group said Tuesday, with the outlook for the next few months spiking to pre-recession levels.

To read the full story, please click here.

  The New York Times

For mortgage shoppers, less can be more
The Internet can help simplify many financial transactions, though not always when it comes to home mortgages.  Those who sign up for information at mortgage Web sites have found themselves receiving a flood of calls and e-mail messages from brokers and lenders soliciting business.

To read the full story, please click here.

  CNN Money

Nearly 75 percent of homes are affordable
It’s prime time for house hunters. Nearly anyone with a decent job and a good credit score can afford to buy in their home towns.

To read the full story, please click here.

  Los Angeles Times

What kind of homeowners choose to default?
People who walk away from their mortgages are not as calculating as you’d think, according to a University of Arizona law professor whose academic paper on strategic default last year drew sharp criticism from lenders and Wall Street.

To read the full story, please click here.

  CNN Money

Freddie and Fannie won’t pay down your mortgage
Pressure is mounting on loan servicers and investors to reduce troubled homeowners’ loan balances ? but the two largest owners of mortgages aren’t getting the message.

To read the full story, please click here.

Talking Points

• When purchasing a home, buyers are strongly advised to request a home inspection prior to closing.  However, consumers should note that the primary job of a home inspector is to conduct a visual examination of the physical condition of the house and certain systems within it.  Since the examination is visual, home inspectors are not required to remove carpets to ensure the floors aren’t warped, for example, and may not walk on the roof to check for defects.  Home buyers should interview home inspectors ahead of time to find out what they will and will not cover as part of the inspection.

• While a new home may seem to be free of any defects, many real estate professionals still advise home buyers to hire a home inspector.  According to one home inspector, nearly 15 percent of new homes have serious structural problems.  Additionally, newly constructed homes can be more difficult to inspect than existing homes.  A new home doesn’t have any history.  For example, because the plumbing has not consistently been used in a new home, small drip leaks may not be easily detectable.  A home inspection can alert buyers to defects, if any are present.

Source: SmartMoney Magazine
http://www.smartmoney.com/spending/rip-offs/10-things-home-inspectors-wont-tell-you/

 

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Short Sale is Deceptive.

The term Short Sale is deceptive, because they actually take a really long time. But if you’re willing to be patient and trust the process, we can almost always close the transaction for you.

I’m going to give you a few critical pieces of information in this video to help you avoid pitfalls in the Short Sale process.

I’ll start with a few words of caution to Sellers.

First, not all lenders will accept a short sale, so this may not be an option for you. But I will be happy to speak with your lender to see if this is a possibility for you.

Second, just because you’re upside down does not mean you’ll qualify. You must have a hardship, like loss of job, illness, divorce, death, or job transfer.

Third, I highly recommend that you speak with a lawyer and a CPA before starting this process. Here’s one reason why. When you got your loan, your lender may have filled in misleading information about you that. For instance, if they stated that you were making more money than you were actually making, you could be charged with fraud.

Now, if you can clear all these hurdles, then here’s the good news:   We can usually close the deal for you, and if you have a property under four hundred and fifty thousand dollars in good condition, you will get multiple offers.

The other good news is that if you can complete a short sale, the impact on your credit will be much less than a foreclosure.

For buyers, there are less hurdles to clear. But patience is still the name of the game. If you need to be in a house in 30 days, short sales are not for you. The process of buying a short sale takes six months on average, compared to 30-60 days for a traditional sale. Buyers have submitted up to 10 offers before one is accepted. So buyers have to be flexible and not get your heart set on any one house. Tell yourself that you’ll take the first offer that’s approved by the lender.

Last year one third of all short sales didn’t go through. That’s because this process is unfamiliar to many realtors and they weren’t prepared for the follow-through that’s required on these transactions. I’ve found that my persistent follow through with lenders enables me to close 99% of all my short sale transactions.

So if you have the patience, give me a call, and well get started on your Short Sale today.

Barbara Whisenant

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Short Sale Stall from CNBC

FHA to toughen rules for home buyers

The Washington Post

FHA to toughen rules for borrowers
The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs.  The proposed changes are part of an effort to shore up the agency’s finances, which have been hit with rising defaults to its mortgage insurance program.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed.  Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.  In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market’s recovery.

• The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans.  Officials at FHA have yet to determine how much cash will be required.

• Up-front cash can include down payments as well as other payments.  Currently, FHA borrowers can put down as little as 3.5 percent.  One lawmaker has introduced legislation that would require FHA borrowers to put down a minimum of 5 percent.

• The agency also currently allows sellers to provide up to 6 percent of the home’s value toward closing costs or down payments.  Secretary of Housing and Urban Development (HUD) Shaun Donovan has said he wants the maximum permissible level to be lowered to 3 percent, in line with industry norms.

• The FHA has decided “for the time being” to raise its minimum credit score requirements for new borrowers.  The new requirements have yet to be determined.  Presently, borrowers with credit scores as low as 500 may qualify for an FHA loan.

To read the full story, please click here.

In Other News

  San Francisco Chronicle 

Gov’t increases pressure on mortgage industry
The Obama administration said Monday it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to ramp up participation in its mortgage assistance program.

To read the full story, please click here

Reuters

U.S. housing market meltdown not over yet: Zandi
The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures loom, a well-known economist said Wednesday.

To read the full story, please click here.

Los Angeles Times

New U.S. home sales rise 6.2 percent
Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

To read the full story, please click here.

The Washington Post

Home sales rebound to early-2007 level
Economists and policymakers got what they were looking for Monday: a clear uptick in the housing market.  The catch is few believe it’s sustainable.

To read the full story, please click here.

  Orange County Register

State ruling to cut most property taxes
State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.

To read the full story, please click here.

  Los Angeles Times

Average home sale price virtually unchanged in third quarter
The average price of houses sold in the country’s 32 largest metro areas was virtually unchanged in the third quarter from the same period a year ago, according to the latest government figures.

To read the full story, please click here.

  San Francisco Chronicle

Gov’t unveils rules to speed up “short sales”
The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages.  Homeowners will even get $1,500 to help cover their moving costs.

To read the full story, please click here.

  Los Angeles Times

Home loans will hold fewer surprises
Anyone who has purchased or refinanced a few homes has probably learned to dread the closing statement, which all too often included a pile of new or inflated fees that your lender had never before mentioned.

To read the full story, please click here

Setup your own home search at Barbara’s Web Site.

Barbara Whisenant

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P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

12 Reasons to List Your Home For Sale During the Holidays

If you need to sell you home, the holidays could be the best time to sell.

Below are several reasons why the holidays are a great time to list your home.

1. There is Less Competition for Buyers.

2. Winter Prospects are More Serious Buyers.

3. Your Home Looks Better During the Holidays.

4. One of the Highest Percentages of “Listings Sold” to “Listings Taken” Occurs During This Time of Year.

5. You May Receive More Money for Your Home Now—Because You Have Less Competition.

6. Throughout the Holiday Season, You May Restrict Showings During Your Personal Family Events

7. Buyers Have More Time to Look at Homes During Holidays, Especially During Vacations.

8. January is Traditionally the Biggest Transfer Month—and You Must be on the Market to Capture That.

9. By Selling Now, You Can Have a Delayed Closing or Extended Occupancy Until the Beginning of the Following Year if You Want.

10. When You Sell During the Winter, You Have an Opportunity to Buy During the Spring, When Many Homes are on the Market.

11. You May Have Fewer Actual Showings, but More Qualified and Motivated Prospects.

12. Corporate Transferees, Who Need to Buy a Home Now, Can’t Wait Until Spring.

Call me today for more information.

Barbara Whisenant

Your Friend in the Business

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Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Short Sales – Should Only Be Listed By An Experienced Realtor®

Short Sales – Should Only Be Listed By Experienced Realtor®

1. Find out why most Real Estate agents do not have the skill set or team in place to get a short sale done.
2. In a well negotiated short sale the lender pays for the Realtor fees and the lender may absorb delinquent property taxes.  But, what about HOAs? 
3. If your Real Estate agent does not have someone in their office calling the lenders in a proactive manner your odds of success go down dramatically. Most realtors do not even have their own office. Short Sale negotiations are not for amateurs or part timers.  
4. Without experience negotiating short sales, how is your Realtor going to know when and how to counter an offer from a buyer, so that you are protected from the buyer and the lender?
5. Without experience, how is your Realtor going to know how to stack their short sale package so that it has the best shot at getting through the lenders screens?
6. Countrywide claims they get 100,000 faxes a day, Chase claims they get 1500 new short sale offers a day. Bank of America is getting overwhelmed. If your agent doesn’t  have the experience,  how do you know your offer will not sit on the bottom pile?  All the while the foreclosure countdown is ticking away.
7. We know how to get short sales done.
8. Find out why so many Realtors do not know how to price a short sale listing.
9. In short you need Realtor and an experienced short sale negotiator to make sure you have the proper legal Releases.
10. Does your Realtor have the experience to know when and how to push the lender for better short sale terms?  Did you know that many lenders are asking the sellers to contribute 10% or more of the deficiency to the closing? And some of the lenders releases do not release the seller from liability for the remaining loan balance?
11. Does your Realtor know how to sell homes in a down market?
12. Does your Realtor know what to do when the lender agrees to so a short sale on their terms, not yours?

If you have any questions or concerns, feel free to contact me.

Sincerely,

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

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Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Buyer’s and Short Sales

Buyer’s need to be educated as to how short sales work.  As agents, we need to do a better job educating our clients.

I’ve received many phone calls from buyer’s who are frustrated with the entire process and don’t understand why their offers are not being accepted. They think that their real estate agent is not doing a good job.

Buyer’s are always asking me why short sales take so long.

Currently in San Diego county, the number of available properties below $400,000 is very low. This is creating an environment of multiple offers, thus driving the accepted offer over asking price.

Once the seller has an accepted offer, the short sale package including the offer is faxed to the seller’s lender(s).  Many times the lender(s) use this time to start the stalling process. They will claim that the package never arrived and the listing agent will have to re-fax the package sometimes 3 or 4 times before the lender(s) acknowledge receipt of the package.  Each time the package is sent, the lender(s) will need up to 15 days for the package to be uploaded into their system.  This process can eat up more than 30 days.

Once the short sale package is acknowledged, it can then take more than 30 days for the file to be assigned to a loss mitigation negotiator.  So now we are more than 60 days and the negotiations haven’t even begun.

The loss mitigation negotiator is usually given 30 days before they need to get back to the listing agent.

In some institutions, the file is then sent to the investors for final approval.  So now, if everything go well, the process has already taken 90 days just to get the go ahead from the lender(s). 

When there are more than one lien against the property, all the times lines will be extended.

The short sale approval letter is specific to every buyer.  When you see a listing that says the listing has full lender approval that means that a specific buyer has received the approval letter but has cancelled the contract for some reason, usually they just got tired of waiting.

As a buyer, do not enter into a short sale transaction, unless you are willing to wait a long time.

All cash buyers do not receive any better service.  The lenders move in their own time frame.

There doesn’t seem to be any motivation for the lenders to move quickly.  They are institutions that have internal processes and do not work according to real estate purchase contract timelines.

If you have any questions or concerns, feel free to contact me.

Sincerely,

Barbara Whisenant

Your Friend in the Business

Follow me on Twitter: www.twitter.com/barbarawhis

Be my Friend on Facebook: Barbara Whisenant http://www.facebook.com/barbarawhis

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Read my Blog: http://www.barbarawhis.com

Visit my Real Estate website: http://www.Homes4SaleSanDiego.com

Visit my Nu-Skin website: http://barbaraw.nsedreams.com

P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!

A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

Seminar to learn about Short Sales, Foreclosures & 1st Time Buyer Programs.

FREE Short Sale, Foreclosure &

 

1st Time Home Buyer Seminar

DO YOU KNOW WHAT A SHORT SALE IS?

DO YOU KNOW WHAT THE DIFFERENCE IS BETWEEN A SHORT SALE, A PRE-FORECLOSURE & A FORECLOSURE??

ARE YOU CURIOUS ABOUT THE DEALS THAT CAN BE HAD IN YOUR OWN NEIGHBORHOOD?

ARE YOU WONDERING ABOUT YOUR FINANCING OPTIONS?

NOW is the perfect opportunity to become a real estate investor!!

Hurry!  Limited Seating!!  Reserve Your Seat Now!!

Learn what a short sale is and how it is different from a foreclosure in a seminar where all your questions will be answered.  You will walk away knowing exactly what you need to know to either buy your first home, or buy your first investment.  Those who are having trouble with the loan modifications and don’t know what to do next, will also get their questions answered. A lending specialist will be on hand to inform you about the various loan programs available.  All attendees will receive FREE access to ListingBook.com!

This event is not to be missed!

When: Wednesday, September 16, 2009

Where: Richard Realty Group, Inc. Conference Room

5411 Avenida Encinas, Carlsbad, 92008

Time: 6 p.m.

Everything you need to know before buying or selling a short sale or foreclosure and everything a 1st time home-buyer or investor should know:

• Learn about the home buying process
• Learn why buying a short sale or foreclosure is different
• Learn how to write an offer that gets accepted
• Learn why buying a short sale is a great idea
• Receive FREE access to ListingBook.com just for showing up!
  
• Uncover the costs involved in home ownership
• Determine how much home you can afford
• Explore affordable financing options
• Apply for pre-approval and start house hunting immediately!*
• You may be able to afford more home than you thought!

Enter to win a $50 gas card!**

*This is not a promise to lend.

**Must be present to win.

Barbara Whisenant (DRE# 01357594)

Cathie Nichols (DRE# 01348503)

Nancy Osco (DRE# 00801918)