Archive for the ‘3 Years’ Category

Understanding Short Sale Homes In California

Tuesday, March 13th, 2012

During the last 3 years, virtually 650,000 house owners in California have lost their homes to foreclosure. As it stands today, about 30 percent of house owners owe more than their property is worth. To avoid repossessions, most of them are choosing to sell their properties for less than the amount they owe, creating a trend in short sale homes in California.

Most sellers are quite new to the short sale process, which is more complicated than normal transactions. If you are among those entering uncharted waters, here are some guidelines to remember when handling your short sale transaction.

Take initiative

With short sale homes, it pays off to be proactive. Get in touch with your bank as quickly as you can. Keep a record of all of your communications. Stay on your toes. Ask for updates when necessary.

Conduct research

Find out the short sale guidelines of your lender previously so you know what documents to prepare.

Submit a total package

When submitting applications for approve your short sale, ensure the package is complete and presented in an organized manner. A basic short sale package sometimes includes financial statements, paycheck stubs, tax returns, sales comparables, listing and sales agreements, a hardship letter, an estimated HUD-1 Settlement Statement, and CAR’s standard form Authorization to Release.

Get a good offer

A fair and pragmatic price is the key to getting banks to sign off on short sale homes in California . Coordinate with prospective home buyers to make sure they write a clean offer.

Work with a realtor

Ask friends, relatives or colleagues if they know of a realtor experienced with short sale homes in California. Screen completely for candidates. Interview more than one agent for the position. Do not forget to request for references.

Seek legal and tax information

Short sale homes in California can have serious results on a seller’s tax, credit and personal liability. Talk to an attorney and accountant to make certain you are on the right track.

Being well prepared and proactive and having the right support system are important to successful transactions involving short sale homes in California. While the investor controls the end result, remember you can always stack the chances in your favour.

Kendra Chui is a in California helping homeowners .

Is It Potential To Select A Short Sale If Your Loan Modification Is Denied?

Saturday, February 11th, 2012

Hello, I am Mark Peek right here with Keller Williams Real Estate, one of California’s main short sale team. I’ve lots of clients calling asking about loan modifications. They’re wondering what I can do to assist them and if there is any way that the financial institution is going to approve them. Well, a number of the folks I’ve talked to are what I call a “career loan moder” because they have been attempting at a mortgage modification for two perhaps three years. Typically they’ve even made three different attempts at it.

Depending on the totally different people I speak to, often the first offer they acquired from the financial institution possibly reduced their payment, maybe it increased their payment. I’ve really talked to some where their payments really elevated after the loan modification offer. Possibly the second time they have been denied or maybe they were placed on a trial loan modification. The problem with a trial loan modification is what they’re trying to do is making an attempt to collect more cash from you before they tell you that they’re not going to give you the loan modification.

In one other state of affairs I have a client who went through the trial loan modification, they denied him and he was continuing to make his trial mortgage modification payments and trying to apply again. They decided to send him a letter saying they were sorry however they were not accepting his payments. He also has a notice of default filed on his property. Well, the financial institution is saying they actually don’t need to give him a mortgage modification.

In the final month or two I’ve noticed a whole lot of these folks who’ve tried for a mortgage modification for two to 3 years I am seeing the banks step up the foreclosure process on them. They’re giving notice of trustee sales through the loan modification application process and even during the trial loan modification process.

So if you are in that position and you get a notice whether or not it’s a notice of default or perhaps a notice of trustee sale, give me a call. The earlier you contact me the more of an opportunity we now have to get you to avoid foreclosure. Give me a call or you possibly can hit the start here button on the top of the page. Again, I’m Mark Peek with Keller Williams Real Estate, one of California’s main short sale workforce and we’re here to help. Thank you

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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