tag:blogger.com,1999:blog-87363633623056894602023-11-15T10:29:36.930-08:00SheSoldItForMe.ComThese are tough and frustrating times. Now more than ever, it's important to identify your options.
Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
I have created this blog to help you understand the possible solutions to foreclosure, and to keep you current with the most recent information about short sales, which may be the best course of action for some homeowners.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-8736363362305689460.post-41448120581337715552019-08-17T14:18:00.001-07:002019-08-17T14:18:26.977-07:00Lady Gaga feat. at WIDE OPEN EVENT ⭐⭐ SELLING SACRAMENTO | WIDE OPEN WAL...<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/zqVjr0HnUZY" width="480"></iframe>Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-47398498034684219612019-08-09T19:11:00.001-07:002019-08-09T19:11:23.652-07:00⭐⭐ SELLING SACRAMENTO | SPECIAL EPISODE ⭐⭐<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/2L75AWL3VPA" width="480"></iframe>Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-50953501310237402792019-08-02T18:25:00.001-07:002019-08-02T18:25:34.123-07:00⭐⭐ SELLING SACRAMENTO | SHOPPING | JULY 26, 2019 ⭐⭐<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/fDMSY04345k" width="480"></iframe>Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-1955381604888335562019-08-02T18:20:00.001-07:002019-08-02T18:20:27.040-07:00⭐⭐ SELLING SACRAMENTO | #7 HANGIN' OUT ON THE SAC RIVER | AUG 2, 2019 ⭐⭐<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/9s1onjCXBqA" width="480"></iframe>Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-38380725956081333012011-10-01T17:10:00.000-07:002011-10-01T17:10:19.723-07:00Foreclosure: What It Really Means & How To Avoid It9 Ways to Avoid Foreclosure:<br />
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1. REINSTATEMENT: Bring the loan current<br />
2. FOREBEARANCE: Temporary repayment plan<br />
3. REFINANCE: New loan with reduction in monthly payments<br />
4. LOAN MODIFICATION: Modify original loan terms<br />
5. SELL THE PROPERTY: Use equity to payoff or pay difference<br />
6. RENT THE PROPERTY: Must make loan current<br />
7. SHORT SALE: Negotiate with bank to accept sale under loan amount<br />
8. DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”<br />
9. BANKRUPTCY: Will stall foreclosure but not prevent it<br />
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The facts are these, if you are currently experiencing a financial hardship and are considering walking away (foreclosing) or bankruptcy, there is a better, more dignified way to exit gracefully - short selling your home.<br />
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The benefts to short selling your home are recovering sooner from any "late payment" marks against your credit (with foreclosure, the judgement remains on your credit report for up to 7 years and there is NO guarantee that you can get a loan to purchase again within two to three years contrary to popular belief), and in some instances, some lenders are allowing short sales without being in default. I personally have closed a handful of those. In that instance, the seller could feasibly purchase again right away.<br />
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Additional benefits to a short sale are the Debt Forgiveness Act which protects you from tax implications up to $250,000 (if you're single) and $500,000 (if you're married); and SB 458 (California only) which protects you from the deficiency once the short sale closes, neither the Sr nor the Jr lienholder can pursue for the difference once the sale is complete.<br />
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Unlike SB 458, once you "walk away", the deficiency will walk right behind you. Then it will take another derogatory action to make that go away -- bankruptcy. Not only is bankruptcy yet another blow and judgment against your credit, but it's also expensive. Whereas with a short sale, your lender will cover the costs of the transaction (commission, escrow/title fees, buyer closing costs, etc). If you have a definitive hardship, it is assumed you have no funds to contribute to the transaction.<br />
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As you can see, an expert in this area is required as this is not an easy process; nor is every real estate professional trained in short sales.<br />
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So, reconsider "walking away", count the costs, do your homework, get with a qualified real estate professional, and soon you will be on track to recovering sooner.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-25065386558687978812011-09-13T10:35:00.000-07:002011-10-01T16:47:56.592-07:00HAFA Problematic? Oh Yes!The purpose of the government sponsored HAFA (Home Affordable Foreclosure Alternative) program is to simplify and streamline the short sale and DIL (Deed-in-lieu) process by providing a standard process flow, minimum performance timeframes and standard documentation.<br />
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However, in my recent experience with HAFA, simplify and streamline have been benched and their opposing teammates complicate and inefficient are on the field instead.<br />
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Here's what's occuring (adapted from an article written by <a href="http://activerain.com/blogsview/1501868/-why-hafa-is-not-good-for-sellers-and-may-not-even-apply-to-you-">Kevin Kravcak</a>)<br />
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1. THE GOOD INTENTION: Servicers, in accordance with investor guidelines, determine if a short sale or DIL (deed in lieu of foreclosure) is in the best interest of the investor, guarantor and/or mortgage insurer.<br />
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THE NEGATIVE RESULT: It matters not what is in your sellers best interest but what is in the best interest of the investor/lender/insurance companies.<br />
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2. THE GOOD INTENTION: By signing the SSA, you are agreeing not only to a short sale but also to a deed‐in‐lieu of foreclosure if a short sale is not successful.<br />
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THE NEGATIVE RESULT: By signing the SSA, you are agreeing not only to a short sale but also to a deed‐in‐lieu of foreclosure if a short sale is not successful... keep reading...<br />
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3. THE GOOD INTENTION: You have up to 120 days to sell the property.<br />
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THE NEGATIVE RESULT: After the 120 days, the servicer may or may not agree to extend it for up to a year. <br />
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4. THE GOOD INTENTION: You can get a preapproved short sale when you list your home, no waiting for an approval.<br />
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THE NEGATIVE RESULT: When the seller signs the SSA (HAFA short sale agreement) they are agreeing up front to a DIL (see #2 above). The investor is obligated to accept a DIL in accordance with the terms of the SSA if the term of the SSA expires without resulting in a sale of the property - This means come day 120 the lender can exercise and enforce a DIL because the seller already agreed to it in writing. For those of you who don't know, a DIL is nothing more than a volunteered foreclosure. It will show on your credit as a foreclosure. This is not a benefit to you but it is to the lender because they get the property back in their possession faster thereby saving them money compared to making them go through a judicial foreclosure process.<br />
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5. THE GOOD INTENTION: Servicer Disclaimer – Servicer may provide a disclaimer related to any limitations of the information provided in the matrix as it relates to individual investor or mortgage insurance restrictions or additional program requirements.<br />
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THE NEGATIVE RESULT: Lay man's terms, this means Servicers may amend the terms of the SSA in accordance with investor requirements, or they can do whatever they please, and in most cases they do just that.<br />
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6. THE GOOD INTENTION: Your home is appraised up front!<br />
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THE NEGATIVE RESULT: The offer price will be dictated by the lender using the 90 day "as-is" BPO value. The servicer does not have to agree to additional valuation methods. Sellers better pray they get an experienced BPO agent because if they over value your property and it does not sell within 120 days because it is overpriced, you're stuck with a house that won't sell (price not negotiable) and so you just gave your property to the bank (see DIL #2 and #4 above).<br />
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Don't fret though as there is ONE good thing about HAFA. You can opt out of this program at any time! If the borrower fails to contact the servicer within the timeframe or at any time indicates that he or she is not interested in these options, the servicer has no further obligation to extend a HAFA offer. This means you can elect to perform what is now being referred to as a "proprietary" or "traditional" short sale (or a non HAFA short sale). <br />
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If you have help from a qualified experienced short sale professional, they will know all you have to do is put in your short sale package cover letter the words, "THIS IS TO BE A NON HAFA SHORT SALE." They will also have many ways to help you avoid having a foreclosure on your record, avoid agreeing to a DIL, avoid agreeing to deficiency judgements and avoid signing promissory notes. <br />
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Bottom line, HAFA is great for the lender/servicers but not so much for you, the homeowner/seller. This program will be a good fit for very few homeowners, if any at all.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-80511653266973753642011-09-12T12:05:00.000-07:002011-09-12T12:05:59.217-07:00Know What You Owe - Ready, Set, Get Outta Debt!(This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.)<br />
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Get Out of Debt<br />
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There's no time like the present to start on the path to get out of debt. Set aside some time to create an attack plan for lessening and eliminating your debt. Here are some tips to get you started. <br />
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Know what you owe. A major downfall in managing debt is not knowing exactly how much you owe. You may have a vague idea, and know approximately when your bills are due, but without knowing specifics you are more likely to run into trouble. Make a list or chart of all your current debt balances—all credit cards, loans, etc.—and note the date each payment is due every month. Keep it somewhere you will see it on a regular basis. Set up reminders for each bill due date on your phone or email to help ensure you make each payment on time. <br />
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Consider consolidating. Like many Americans, you may be carrying more than one form of debt, which can make it hard to manage, especially with multiple payment due dates. Consider debt consolidation, which allows you to combine your smaller loans into one larger loan, usually with a longer term and lower interest rate, resulting in one monthly payment. Consolidation has advantages and disadvantages depending on your individual situation, so talk to a financial professional, like a CPA, to see if consolidating your debt is right for you. <br />
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Reduce, reduce, reduce. A key strategy to managing and lessening your debt is to always reduce, never increase. It can be tempting to open another credit card when one is maxed out, but doing so will only make debt management more difficult. Instead, look for ways to adjust your spending habits to pay down the debt you already have. Make a goal to always pay more than the minimum payment due. <br />
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Don't hide. If you feel like your debt is spinning out of control and you don't know what to do, talk to a financial professional who can help get you back on track. You may also want to contact your creditors. Creditors will often work with you to come up with an alternate payment plan if you take the time to explain your situation.<br />
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Do you have a success story of how you managed your debt? Share it with us on the Feed the Pig Discussion Board. For more information on managing debt, click here. <br />
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Visit www.feedthepig.org for more money-saving tips.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-68018829937271007932011-09-09T12:29:00.000-07:002011-09-09T12:29:04.511-07:00What You Can Do If You Have Been Scammed In Real EstateWHAT YOU CAN DO IF YOU HAVE BEEN SCAMMED (OR BECOME AWARE OF A LOAN MODIFICATION SCAM)? REPORT FRAUD AND FILE COMPLAINTS WITH --<br />
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1. The DRE if a real estate licensee is involved, or if the person or company is unlicensed. If the person or company is unlicensed, the DRE will file a Desist and Refrain Order. If the person or company is licensed, the DRE will commence disciplinary action, <a href="http://www.dre.ca.gov/cons_complaint.html">http://www.dre.ca.gov/cons_complaint.html</a>.<br />
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2. The District Attorney, Sheriff, local police and local prosecutor in your community.<br />
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3. The California Attorney General, at <a href="http://www.ag.ca.gov/consumers/general.php">www.ag.ca.gov/consumers/general.php</a>.<br />
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4. The California State Bar if a lawyer is involved, or if an unlicensed person claims to be a lawyer at <a href="http://www.calbar.ca.gov">www.calbar.ca.gov</a>.<br />
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5. The California Department of Corporations, at <a href="http://www.corp.ca.gov">www.corp.ca.gov</a>, if a loan modification claims to be operating under a California Finance Lender License.<br />
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6. The Federal Trade Commission, at <a href="http://www.ftc.gov">www.ftc.gov</a>. They have an excellent fact sheet on Foreclosure Rescue Scams.<br />
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7. Federal Bureau of Investigation (FBI), at <a href="http://www.fbi.gov">www.fbi.gov</a>.<br />
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8. HUD, at <a href="http://www.hud.gov">www.hud.gov</a>.<br />
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9. The Federal Deposit Insurance Corporation (FDIC), at <a href="http://www.fdic.gov">www.fdic.gov</a>.<br />
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10. The Better Business Bureau in your community.<br />
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11. The Chamber of Commerce in your community.<br />
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12. File a Small Claims Court action. These are informal courts where disputes are resolved quickly and inexpensively by a judge. Since 2008, you can recover up to $7,500 in Small Claims Court. You represent yourself, and can request a judgment for money damages.If your judgment is based on fraud, misrepresentation, or deceit, or conversion of trust funds, and the judgment is against a real estate licensee, DRE has a Recovery Fund that may be able to pay your claim. Go to the DRE web site at www.dre.ca.gov, and look under the tab for “Consumers”. Also, the California Secretary of State has a “Victims of Corporate Fraud Compensation Fund” that provides restitution to victims of corporate fraud. Go to the Secretary of State’s web site at <a href="http://www.sos.ca.gov/vcfcf">www.sos.ca.gov/vcfcf</a> for more information.<br />
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(info above issued 3/2009 via www.dre.ca.gov)Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-2718259782972249052011-09-08T12:58:00.000-07:002011-09-08T13:00:23.733-07:00INDUSRTY UPDATE: Four Foreclosure Avoidance Programs Under "Keep Your Home California"(Information taken from <a href="http://keepyourhomecalifornia.wordpress.com/author/keepyourhomeca/">Keep Your Home California blog</a>)<br />
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Cash-strapped homeowners who want to avoid foreclosure have four programs under Keep Your Home California, each with thousands of dollars available – and in some cases as much as $100,000.<br />
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The federally funded, state-run effort established the four programs after input from community leaders statewide. Quite simply, we wanted to know the best way to put almost $2 billion to work for low and moderate income families in the Golden State, from El Centro to Crescent City.<br />
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Each program caters to specific needs, such as jobless homeowners looking for help with the mortgage for a few months while they find work to those needing to reduce loan principal to make their payments work. And, like most efforts, you need to find the program that best fits your needs.<br />
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We’ll go over the basics of each of the four programs, but we strongly encourage you to contact our customer-service reps who can check if you are eligible, determine the best program for your needs and start the process.<br />
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Below is an overview – all the detailed information is available at www.KeepYourHomeCalifornia.org, including a seven-minute video on the process.<br />
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Also, please remember that some homeowners are eligible for multiple programs. When you apply and begin the process, representatives can answer questions about eligibility and determine if multiple programs – and more funds – are possible.<br />
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<b>Unemployment Mortgage Assistance Program</b> – Out of work and need some money for the mortgage payment? Well, maybe we can help. Keep Your Home California will provide as much as $3,000 or the combined monthly payment of principal, interest, taxes insurance and homeowners’ association dues, whichever is less, for a maximum of six months. Of course, there are some requirements, including that you must be receiving unemployment benefits from the California Employment Development Department.<br />
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<b>Mortgage Reinstatement Assistance Program</b> – Homeowners behind on their mortgage – including interest, taxes, insurance and homeowners’ association dues – can receive as much as $15,000 to help get back in step on the payments, a huge help for consumers with a short-term issue that affected their income. Homeowners must also prove they can afford the mortgage payment once it’s reinstated, otherwise we are creating a situation for failure – and that’s not good for anyone, from the homeowner to the lender. Some homeowners can combine this program with California Housing Finance Agency’s Loan Modification Program. More than $129 million has been earmarked for this program.<br />
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<b>Principal Reduction Program</b> – This program is like going on a fiscal diet, trimming your mortgage principal balance. How much of a cut to the mortgage principal depends on additional Keep Your Home California assistance funds (yes, you can get dollars from other programs mentioned above). Note: like all of our programs, your mortgage servicer must be participating in Keep Your Home California for this to work for you. Unfortunately, this program has been the most difficult to get mortgage servicers to participate in. Check our list of servicers to see if your servicer is participating.<br />
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<b>Transitional Assistance Program</b> – We realize that sometimes it’s best for people to transition to another type of housing. So, when it comes to getting back on track for homeowners who avoided foreclosure through a short sale or deed-in-lieu of foreclosure, maybe we can help. The Transitional Assistance Program offers as much as $5,000 for families to find a new place to live.<br />
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The information above is intended only as an overview. Their website, www.KeepYourHomeCalifornia.org, has all the details.<br />
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Or you can simply call one of their counselors at 888-954-5337 to get more information and check eligibility.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-50216868777958946062011-08-29T10:18:00.000-07:002011-08-29T10:18:33.311-07:00REALTORs Push Back on Behalf of The Distressed Property Homeowner in CaliforniaWhile nationwide, distressed property sales showed signs of improvement, California's distressed preoperty sales took a dip in the month of July.<br />
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The California Association of REALTORs (C.A.R.) points to lenders’ requirements which make closing these transactions a difficult process.<br />
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C.A.R. recently sent letters to the heads of the nation’s largest lenders – JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo – making recommendations on how the short sale process can be improved and calling for the lenders’ urgent attention to address the issue.<br />
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Beyond the customary requests for realistic timelines and explanation for short sales that are rejected, the trade group is asking the lenders to disclose up front whether or not they actually own the original loan and be clear on who has the final authority to approve a short sale offer.<br />
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Realtors also say the process would move along much more quickly if lenders would pre-approve the short sale and price upon request, prior to the property being listed.<br />
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They want the lenders to increase the amount junior lien holders are given for agreeing to a short sale; second mortgages can often derail a transaction.<br />
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From "<a href="http://www.dsnews.com/articles/california-distressed-sales-decline-as-realtors-push-for-streamlined-short-2011-08-26">California Distressed Sales Decline, Realtors Push for Streamlined Shorts</a>" an article written by Carrie Bay, DSNews, 8/26/11<br />
Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-39472131384970847242011-08-27T17:14:00.000-07:002011-08-27T17:14:52.969-07:00If I Sell My Home in a Short Sale, Will the Bank Pursue Me for the Difference?I am happy to quickly say, as of July 15, 2011, not any more. Here’s why – <br />
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Last year the Legislature passed <a href="http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.pdf">Senate Bill 931</a> adding <a href="http://law.onecle.com/california/civil-procedure/580e.html">Section 580e</a> to the California Code of Civil Procedure and stating that the senior lien holder could not pursue a deficiency judgment after a short sale which they had previously approved. The law equally applies to purchase money, hard money and refinance - as long as there was no cash out.<br />
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However, although the passage of the bill was a great victory for homeowners, it left a few items undetermined and unsettled. Questions such as “What about the junior lien holder?”, “What if a borrower’s short sale closed prior to that date, was it retroactive?”, and “Does the law apply to investors?”<br />
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This year the Legislature passed <a href="http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0451-0500/sb_458_bill_20110715_chaptered.html">Senate Bill 458</a>, amending <a href="http://law.onecle.com/california/civil-procedure/580e.html">Section 580e </a> and extending the protection of SB 931, by making it applicable to junior liens as well. In addition to not being able to get a deficiency judgment it provides that after a short sale, no deficiency shall be owed or collected and no deficiency judgment shall be requested or rendered provided the short sale closed escrow and the lender was paid the amount they agreed to accept.<br />
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So what does this mean in lay man’s terms? Although the law does not specifically say so, it is likely the courts will interpret that section to mean that it applies to a short sale closing either before or after July 15, 2011, the effective date of the new section – making it retroactive. That analysis, according to attorney Dave Tanner with Hanson Law Firm, is based on the provision that the short money cannot be collected and no deficiency can be requested. It also applies to investment owned properties up to 4 units, and will bar lenders from turning these loans over to a collection company which some lenders were doing even though the earlier section barred a deficiency judgment.<br />
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The amended law further provides that the holder of a note shall not require the seller to pay any additional compensation, aside from the proceeds of the sale, in exchange for their consent to the short sale.<br />
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The remaining question is whether this law will protect the seller from liability after a short sale or whether it will lead lenders to denying short sales in favor of pursuing foreclosure where a deficiency of a junior lien can still be pursued.<br />
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That question, as well as an industry question, how the law will affect other parties of the transaction, title companies and real estate agents, as it pertains to the junior lien holders attempting to usurp the law and collect on the deficiency, remain to be seen. Because the probabilities exist, we are certain to hear more about them in the very near future.<br />
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If you have any questions or are considering a short sale and want to discuss your options, feel free to contact me at (916) 678-1803 or visit my website at <a href="http://www.shesolditforme.com">www.SheSoldItForMe.com</a>. For real estate law advice, contact the Hanson Law Firm at (916) 447-9181 or log on to their website at <a href="http://www.hansonlawfirm.com/">www.HansonLawFirm.com</a><br />
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<i>The majority of the information contained in this article came from excerpts shared by Dave Tanner of Hanson Law Firm on August 26, 2011 at the monthly Sacramento Association of REALTORS industry update meeting.<br />
</i>Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-65299353347469806632011-08-16T20:13:00.000-07:002011-08-16T20:16:25.624-07:00Ten Tax Tips for Individuals Selling Their HomeThe Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.
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<br />1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
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<br />2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
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<br />3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
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<br />4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
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<br />5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
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<br />6. You cannot deduct a loss from the sale of your main home.
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<br />7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
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<br />8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
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<br />9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
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<br />10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
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<br />For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
<br />Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-84864532862225873992011-08-15T16:29:00.000-07:002011-08-15T16:32:50.746-07:00City of Elk Grove Lands 1,500 New JobsElk Grove, CA – Elk Grove will soon be home to a state agency headquarters, bringing more than 1,500 high-quality jobs to the Elk Grove economy and helping balance the city’s jobs-to-housing ratio.
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<br />The California Correctional Health Care Services announced the new location for its
<br />headquarters in the Laguna Springs Corporate Center at 9260 Laguna Springs Drive. The city estimates that the jobs will generate up to $4 million dollars in economic benefit to the City.
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<br />“California Correctional Health Care Services selecting Elk Grove as their new home means high paying, high-quality jobs for the City of Elk Grove, and is a tremendous shot in the arm for our local economy,” said Mayor Steven Detrick. “This is a significant accomplishment for the city, and represents a true collaboration between the Elk Grove City Council and city staff.”
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<br />For more than three years, Mayor Steven Detrick and Councilmember Gary Davis served on an Ad Hoc Committee tasked with attracting state agencies to Elk Grove.
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<br />According to state officials, the headquarters moving to this location spreads more of the state business throughout the region, helping to balance commute routes. Approximately 700 cars will be removed from heavy northbound 99 and I-5 commutes. Roughly 50 percent of Correctional Health Care workers already live in Elk Grove, South Sacramento and the Pocket area.
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<br />“Consolidating headquarters operations for Correctional Health Care will increase our efficiency, reduce expenses, and contribute to building the health care culture I believe we need for the organization to succeed. The selection of this location is the first step in these efforts,” said Federal Receiver J. Clark Kelso.
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<br />Correctional Health Care officials were drawn to the site because of free parking, plenty of retail and consumer services within walking distance, and public transit services.
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<br />“With nearly one out of every three workers in Elk Grove employed by the State of California, the city has worked tirelessly to bring state offices to Elk Grove,” said Councilmember Gary Davis. “The new California Correctional Health Care Services facility located in Elk Grove will relieve traffic on the freeways, improve air quality, and be an impetus for even more job creation.”
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<br />The City of Elk Grove has been focusing efforts to balance the job-to-housing ratio and attract state jobs to Elk Grove. The city has sponsored legislation requiring state agencies to take into account the location of employees when considering a move.
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<br />The city was also the first in California to introduce an incentive program targeting state office buildings. The program is designed to bring state jobs closer to where their employees reside by offering incentives that may be used towards relocation costs, fee reductions, construction costs, building improvements, monthly rent, or even transportation or other quality of life subsidies for the employees. The program was recently expanded to include federal office buildings.
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<br />California Correctional Health Care Services is in negotiations with the Laguna Springs Corporate Center. If the negotiations are successful, it’s anticipated a new lease will be executed and the phased move will begin next year.
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<br />For more information about the City of Elk Grove’s economic development program, visit www.openuptoelkgrove.org or contact Heather Ross at 916-478-3686 or hross@elkgrovecity.org.
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<br />For more info about CCHCS jobs go to http://cphcs.hodesiq.com/index.aspKeisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-87006411048995047292011-06-23T11:32:00.000-07:002011-06-23T11:44:36.023-07:00A Buyer Wanting A Bargain<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/-kDdDOghLUwY/TgOG_GwjF2I/AAAAAAAAAEE/HhjH4ojxrnI/s1600/front%2Bof%2Bhome%2B%25283%2529.JPG"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="http://1.bp.blogspot.com/-kDdDOghLUwY/TgOG_GwjF2I/AAAAAAAAAEE/HhjH4ojxrnI/s320/front%2Bof%2Bhome%2B%25283%2529.JPG" border="0" alt=""id="BLOGGER_PHOTO_ID_5621485178592630626" /></a><br />Q: Right now we are in bay area and planning to move to elk grove area in 3 months. We are looking for Single Floor ~2300 Sq feet in Gated Community. This home you have listed seems to fit for us. Ideally, we are looking for $275K house, If we really like it can you give us an idea how much we could bargain. We have the preapproved letter for 285K. We are working with an agent who is planning to show us few houses in Elk Grove area. We will most likely come in couple of weeks. Do you know if you are going to show this place till then?<br /><br />A: Hello, this home is a 4 bedroom 2 bath. The market price in the area for those parameters at 2300+ sq ft begins at $290-295K in the gated communities, and I've also seen a few outside the gated communities that are still selling at that price. <br /><br />Has your agent shown you comps so that you know what type of home you can get for your loan amount? Unfortunately $285K will not be enough for this area, prices are actually going up in certain pockets within this area and there is alot of competition out there for these homes. This home will likely sell for a little over $300K.<br /><br />I just sold another home in the area for $285K and we had five offers on the home and continued getting calls and info requests on the home throughout the entire transaction.<br /><br />At your current price range you should probably be looking at homes no more than $280K so that you have negotiation room. Unfortunately and contrary to what you might be hearing, this is not a "bargain" market. The banks are in no hurry to let the inventory go for less than fair market value because they have already lost so much in the decline. The banks take great care in using various methods (quarterly appraisals/BPOs) to ensure they are getting the most for the homes that they sell whether in short sales or as foreclosures.<br /><br />This is not a buyers market, it's a bank's market. The banks call the shots. If it is a short sale, the bank determines the price and the terms of the sale, and will change the terms of the sale if they desire, and not negotiate those terms, if they desire. If it is an REO sale, same deal. Then there is the buyer's lender. You may qualify for the loan, but once that loan starts processing, they will ask you for things you nver even knew you had. Tightening of rules and regulations are the cause of the extra hoops and last minute funding conditions causing buyer's last minute headaches.<br /><br />On average, it is taking a buyer 6 months to get into a home. Partly because many buyers come into the process uninformed and blame the lack of getting an accepted offer on their agent when the truth is the buyer had unrealistic expectations. Sadly, as a result, it isn't until months later (and 2 to 3 agents later) that the buyer finally learns the market and conforms, and regroups, comes with a new strategy, and gets an accepted offer.<br /><br />This is a tough market and it will take some time and some rejection. So listen to your agent, make sure that he/she is well experienced in this market and in the area in which you plan to purchase, and you will do well. Don't look for a bargain, look for a home you can afford and enjoy for years to come.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-1618130948700448562010-11-25T13:34:00.000-08:002010-11-25T13:37:51.863-08:00We just filed bakruptcy, can we get a loan to buy a house?The answer is no.<br /><br />It will take either a bad hard-money loan with lots of cash down and horribly high interest rates or to wait three to five years based on the loan type you apply for.<br /><br />I am just sorry that it sounds like you were not advised of that reality prior to filing.<br /><br />Many people are opting for bankruptcy by default or upon bad recommendation by others because it appears to be a quick fix to a tough dilemma. However, bankruptcy is viewed by most financial advisers as a last resort when all else - credit counseling, budgeting and other efforts have failed.<br /><br />Bankruptcy has far reaching consequences which make every day life very difficult for many years. Over the next few years you will find that it will impact your credit, finding employment, impact every day tasks like renting a car, and other necessities of life. Notwithstanding the fact that whether you are allowed a loan in a few years or not, your credit report will still wear the bankruptcy label for the next seven to 10 years depending on how you filed.<br /><br />Why am I going on about this? Because you are now in a position to tell someone how to avoid what has happened to you. I am certain that if those who have had to file could do it again, with better counsel, they would not file or would not place themselves in a position to have to file.<br /><br />Now that you have some time on your hands while you await the bankruptcy discharge, there are great free online tools to help you in beginning again and staying on track in preparation not only to purchase but to also establish spending disciplines that lead toward a healthier financial future.<br /><br />I personally recommend sites such as http://www.mint.com and http://www.crown.org - wonderful and easy to understand tools that I use myself and have referred to family and friends.<br /><br />Also, please don't go the hard money route. There is no guarantee of what the market will do and you are in no position to take such a financial risk.<br /><br />My best to you,<br /><br />Keisha Mathews, REALTOR<br />Century 21 Landmark NetworkKeisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-26711096379267607762010-11-20T21:36:00.000-08:002010-11-20T21:39:56.027-08:00What happens to my second lien if both my wife and i are on the second lien and she filed for chapter 7 bankruptcy?Q: what happens to my second lien if both my wife and i are on the second lien and she filed for chapter 7 bankruptcy? will they go after me now? My wife was laid off last year and was living on unemployment for while. now there is no more unemployment money. the mortgage and second lien depended on both me and my wife to pay. now its all on me and we are in trouble. i have wife and child with another baby on the way due beginning next year in addition with another family member living with us. i am sole provider. The second lien was not part of a typical 80/20 loan instead we used second lien money towards house improvements since it was crappy house. we cannot afford attorney to give us any legal advice. we got loan modification for second lien and they are pressuring to sign that before we are even approve to loan modification on first lien. what if we decide to short-sale or foreclosure, will they go after me due to second lien? HUD counselors are useless and bank is all about taking all they can. thank you, Mike<br /><br /><br /><br />A: Mike, your question is "what if we decide to short-sale or foreclosure, will they go after me due to second lien?" The answer is, it depends.<br /><br />If you decide to short sale, the second lien will require some type of payment towards allowing the short sale. The second lien holder will decide what their terms are. Sometimes they want as little as 10% of the balance owed and sometimes as much as 3% of the purchase price. What you can also definitely count on is that they will continue to pursue you for the deficiency.<br /><br />If you foreclose, the second lien goes away, however the senior does not.<br /><br />Your initial question re bankruptcy sounds like she may not have filed yet, and that you are investigating your options. May I suggest Norm Schriever, a debt counselor, with Unity Financial Solutions. Tell him I referred you and he will give you a free one hour consultation.<br /><br />He is also affiliated with the Law Office of Kristin Marshall who is a real estate attorney. Unity Financial specializes in Credit Card Settlement, Debt Management and Bankruptcy. Most recently they have been assisting homeowners who have concerns with their mortgages and need options on what to do. The company will review your loan documents free of charge and advise you free of charge. Their goal is to help individuals in the long run to clear up their debt and begin again as quickly as possible.<br /><br />They work in conjunction with the law office should the need arise for bankruptcy or court matters. They are also members of the BBB and have been featured on msNBC, CNNMoney.com, New 10, SacBee and are on Facebook.<br /><br />Norms contact info is below:<br /><br />Unity Financial Solutions<br />Norm Schriever<br />(916) 548-6350<br />norm@unityfs.com<br /><br />Let me know how it goes.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-22809141399635582002010-11-18T09:12:00.000-08:002010-11-18T09:15:23.843-08:00I rented a home in July of this year and learned recently that is in foreclosure.Just answered this question on Trulia:<br /><br />Q.:I rented a home in July of this year and learned recently that is in foreclosure. The owner wants me to assume the loan and pay him off $20,000.<br /><br />Is this a difficult process? The home is perfect for me, but I filed chapter 7 this year and don't think I will qualify for much of anything at this point. Can you give me feedback on this?<br /><br />A.: <br /><br />1. Assumable loans are rare these days, so verify that the loan is indeed assumable. <br />2. With your recent BK filing, you more than likely will not qualify for a loan for another few years, possibly 3 to 5 years. Meet with a reputable lender to see when you will qualify again. Since you are in Rio Linda, I recommend Eddie Fairchild of Summit Funding at (916) 504-9636. <br />3. Do not sign any paperwork without professional representation from a REALTOR and reputable ttle company. <br />4. DO NOT give up any money with the intention of potentially owning the home. <br />5. Divorce the property. Be prepared to leave the property. From a professional vantagepoint, and based upon the information you have provided, the circumstance is not leaning in your favor. <br /><br />With the holidays upon us, you may want to think about being settled and look ahead. Start looking for another property to rent, and cut your loses now rather than allow any more time to go buy and watch your hard earned money go down the drain on a property that has no interest in you. Sorry to deliver the message so hard, but I'm just the messenger, by profession I might add! :) <br /><br />My best to you!Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-31012647995257057872010-07-09T09:54:00.000-07:002010-07-09T10:02:38.217-07:00How Do You Value A Property?This question was recently asked and here is how I answered:<br /><br />If you are asking how to determine a property's value, there are various ways to assist in detemining a property's value. Ultimately the worth is determined by what was paid for it. How you gather information on what to pay for it depends on what you require the value for. The value of the property, no matter how the info is gathered, should be at or near the same price, no matter which tools you use.<br /><br />There are currently three acceptable and most common tools of "gathering" that information:<br /><br />1. CMA (Comparable Market Analysis) - Completed by a licensed real estate agent. When completing a CMA, agents should keep in mind three crucial factors, <br />a) Only use comps within a half mile radius of your subject property, this helps ensure you are using properties that actually fall within the same parameters (builder, style, year built, etc) of your subject property. It isn't fool proof, but that's where your knowledge of the area and market should kick in and adjust for any discrepancies. <br />b) Keep your filters (min/max sq ft, year, bed/ba, etc) as close as possible to the subject property for the best determination. For example, If your subject property is 1400 sq ft you would be doing an injustice to set your filters at min1000 sq ft and max 1800 sq ft because once you add or subtract 200 or more sq ft to a home (the size of another room), the case could be made that that home now is automtically valued less than or more than your subject property. In the event you need to contest a value determination by a lender (in the case of a short sale), you will be able to make a better case when you use "cleaner" filters.<br />c) Never tweak your CMA. In this current market, the decision makers are the lenders, not the sellers. All lenders have recruited the assistance of other agents (BPO agents, such as myself ) to ensure they are either getting the correct value to help mitigate their loses, or in the case of a buyer, are making the loan at the appropriate risk value. The bank that I do BPOs for is Bank of America (Landsafe Appraisals), and they have tightened down on their BPO agents so much so that they have actually let some agents go, and they monitor your BPO results on a regular basis to ensure you are being consistent in your formula, as well as share best practices for determining value.<br /><br />2. Appraisal - These are completed by a licensed appraisal professional and the results are much more detailed than in a CMA and as a result can be used to contest a CMA or BPO if necessary.<br /><br />3. BPO (Broker Priced Opinion) - Typically requested by Senior lienholders, these reports are usually completed using the senior lienholder's BPO company's form (usually electronic and online). A pretty detailed report, asking for info such as can you determine if the property is vacant or occupied, most recent comparable three "solds", most recent comparable three "listeds" - dates listed/sold, year of build, beds/baths, sq ft, miles from subject property, etc), and normally includes pictures of the subject property, and sometimes pictures of the comparables. <br /><br />Here is a short sale negotiating tip on BPOs: Currently, these reports are updated normally every three months. That is good information to know when you are negotiating and come to a bump over price. Sometimes a three month old report can mean the difference between a denial (if the buyer's offer is too low), and an approval (if an updated BPO is completed and comes back slightly lower).<br /><br />Just to reiterate, whether you are on the REO side, short sale side, or buyer side, the lender has the final say, and they are scrutinizing values more now than before - and rightly so. So just remember to keep your value determinations above board and you will be making the best decision for all involved.<br /><br />Keisha Mathews<br />"The Short Sale Lady" TMKeisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-75337784572586597162010-06-21T13:40:00.000-07:002010-06-21T13:43:48.275-07:00More Evidence That the Housing Market May Be RecoveringOn May 3, PMI Mortgage Insurance Co., a provider of residential mortgage insurance, released its second quarter U.S. Market Risk Index. <br /><br />The Index uses economic data--home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosures—to determine the risk of price declines in the nation's MSAs (metropolitan areas). These risk scores indicate the probability whether home prices in a given MSA will be lower at the end of the next two years.<br /><br />According to PMI, the Index shows fresh evidence of a greater probability of a recovering national housing market—and the likely prospect of higher housing prices in many markets in two years. <br /><br />Key findings include:<br /><br />• Of the nation’s 384 MSAs, 356 had a declining Risk Score, meaning the projected risk of prices falling is reduced. <br /><br />• The number of MSAs with a Risk Score of less than 50--suggesting better than even odds of higher housing prices in certain markets in two years--increased 26.5%.<br /><br />• The 10 most improved MSAs (where the risk of price declines is now lower) are Columbus, Ohio; Pittsburgh, Pa.; Memphis, Tenn.; Charlotte, N.C.; St. Louis, Mo.; San Antonio, Texas; Kansas City, Mo.; Nashville, Tenn.; Chicago-Naperville, Ill.; and Indianapolis, Ind. <br /><br />• The 10 least improved MSAs (where future price declines are expected) are Phoenix-Scottsdale, Ariz.; Santa Ana-Irvine, Calif.; Orlando-Kissimmee, Fla.; Jacksonville, Fla.; Los Angeles-Long Beach, Calif.; Tampa-St. Petersburg, Fla.; Riverside-San Bernardino, Calif.; Las Vegas, Nev.; Fort Lauderdale, Fla.; and Miami-Miami Beach, Fla. <br /><br /><br />If you’re considering buying a home in one of the most-improved MSAs, now is a good time to act, as prices may be on the upswing, according to the Index. <br /><br />To learn more about the PMI Index and prices in the Sacramento area, give me a call today.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-6289768864103173462010-03-16T23:09:00.000-07:002010-03-16T23:17:55.260-07:00Our landlord is facing foreclosure and is short selling...<em><strong>...I want to accomodate but I don't want it to become invasive. Can I put a limit to the number of daily showings? What kind of notice am I entitled to move out?</strong></em><br /><br />Hi Mary<br /><br />As a short sale listing agent I can tell you that your situation is not at all uncommon.<br /><br />Overall it appears that you were not in receipt of all information; only as it unfolded, which is not your fault. You are to be commended for accomodating your landlord because many tenants make it difficult for the landlords to smoothly close the sales under these conditions.<br /><br />Notice I say "smoothly". The reason is this, although you can make it difficult, California tenant/landlord law states that once the property goes into escrow to exchange ownership, you can then be given a 30 day notice to vacate. The outcome of fighting that is just futile.<br /><br />You are doing the best thing for your family by cooperating. As far as showings, you can use your one good card and let the listing agent know what is more comfortable for you. Keeping in mind of course that the goal is to be able to have the property shown.<br /><br />I usually work with the tenant and offer them showing options:<br />1. Call tenant to schedule appointment, allow min 24 hr/ 2 hrs/etc<br />2. Showing only on ____ from __ to __<br />3. Make offer contingent upon showing (if tenant is irrate and not cooperating)<br /><br />You can hold your landlord to this because, afterall, they want the property shown and you hold that power.<br /><br />Below is the link to the CA tenant/landord publication I referenced earlier.<br />http://www.dca.ca.gov/publications/landlordbook/catenant.pdf<br /><br />In addition, when looking for a new property, to assist in avoiding renting from someone in possible foreclosure trouble, ask the owner when was the last time they refinanced and how much do they owe on the property. If they say they refied within the past five years, that could spell trouble. Most people who have refied/purchased in the past five years are now upside down and facing foreclosure. Stick with homes that are older than five years, or recently purchased (within the past few months). These homes, where the loan is affordable, are a safer rental bet. No guarantee, but some guidelines that may save you from a repeated occurance.<br /><br />Let me know if I can be of further assistance!<br /><br />Keisha a.k.a. "The Short Sale Lady"(tm)Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-52758904071759601012010-02-08T16:16:00.000-08:002010-02-08T16:19:08.381-08:00What the heck is a short sale contingency? And is it true that you can count on more than a year for an offer on a short sale to be accepted?A "Short Sale Contingency" is a status which means the bank has received an offer and is reviewing it for possible acceptance. <br /><br />Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months. <br /><br />The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules. <br /><br />However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail. <br /><br />There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale. <br /><br />For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.<br /><br />Web Reference: http://www.SacramentoShortSaleLady.comKeisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-45866181908583638162010-02-04T09:19:00.000-08:002010-02-04T09:20:37.461-08:00How do I buy a foreclosure?The Sacramento, CA area industry standard is as follows:<br /><br />1. Know what you can afford - Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as "proof of funds".<br /><br />2. Find a good REALTOR - There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.<br /><br />3. Identify your "Must Have's" and "Can't Stands" - Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.<br /><br />4. Check MLS (MetroList Services, Sacramento service provider) - I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as "Bank Owned" and "REO's" (Real Estate Owned, a terminology the banks use to identify what's on their books).<br /><br />5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want. <br /><br />Happy House Hunting!!Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-69299550192600335502010-02-02T23:36:00.000-08:002010-02-02T23:40:12.166-08:00We Are Moving To Sacramento Without Ever Seeing It?...<strong><em>Where are the safest, nicest areas to live in sacramento? anything close to the sacramento airport? we are moving without ever seeing sacramento.</em> </strong><br /><br /><br />Hi there,<br /><br />We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of "nice neighborhood" actually looks like,<br /><br />Sacramento is a very diverse city with neighborhoods ranging from not so good to "dynamite". There are Sacramento neighborhoods near the airport as well as neighboring cities.<br /><br />If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can't stands, and then set out to make that happen for you.<br /><br />Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.<br /><br />So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).<br /><br />Hope that helps! My best to you and happy house hunting!!Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-55014185357910677732010-01-20T16:44:00.001-08:002010-01-20T16:44:41.165-08:00The pros and cons of short sales vs equity sales...The pros and cons of short sales vs equity sales...<br />(Digested Version)<br /><br />Short sale: May have to wait 3 to 6 months for an approval from the bank but will get best value because banks make approvals according to appraisal on file and they do new appraisals every three months, standard.<br /><br />Equity Sale: These are few because they are in competition with REO (bank owned) properties and short sales which both now make up about 85% of the market inventory. Also, the seller usually overprices their properties in hopes of getting more, so they are usually looked over because there is usually a short sale or REO property in the same, if not better condition, and at a lower price.<br /><br />REO: Bank owned properties, the downside, they are bank owned and the seller may have left the property in horrible condition. They are now making efforts to prevent that by offering the seller's (or tenants) cash for keys to leave the property in good condition. In addition, FHA has recently announced that the 90-day flip rule (which was not allowing any FHA buyer to purchase any property that had not been on the market for a minimum of 90 days) is being postponed beginning Feb 1.<br /><br />Alot of info to digest, but let me know if you have any additional questions!Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0tag:blogger.com,1999:blog-8736363362305689460.post-49828478941463440282010-01-18T17:17:00.001-08:002010-01-18T17:17:53.787-08:0090 Day Flip Rule Waived90 Day Flip Rule Waived - Real Estate Investors Rejoice! If you're a real estate investor who has avoided deals because of the 90 day resale or flip rule, go find a deal! Friday, January 15, 2010, the FHA waived the rule, and will finance homes with no requirement for seasoning in a flip starting February 1st.Keisha Mathewshttp://www.blogger.com/profile/16737630849063428484noreply@blogger.com0