Getting Short Sales Approved

Let's Share Resources and Ideas to Get our Short Sales Approved

Posts Tagged short sale

Elk Grove Short Sale Successes!

Mar 14

Posted by HS in Uncategorized | No Comments

Elk Grove Short Sales

So much is written about how difficult Short Sales are, that I thought it was time I told you a bit about our successes with Elk Grove Short Sales…

Just this past week –
We closed 2 Elk Grove short sale listings…the bank on both was Aurora Bank. These properties were investment properties for the seller and were listed the first part of November 2009. We received approvals on them by mid January 2010, which means about 70 days on each. Then we had 30 days to get them closed…which we did this week! One was sold to an investor and the other to a first time homebuyer! Both buyers are very happy that they hung in there for the 100 days it took to get these properties closed….not bad. In a normal market, the marketing period is often times 90 days on a home before it goes pending…these 2 took about 1 week to actually have buyers in contract on them!

In addition, this week, we closed an escrow for an investor client on an Elk Grove Short Sale and got 2 more buyers into escrow on Elk Grove short sale listings! Not a bad week for short sales in the Elk Grove area! With this being the year of the Short Sale , it is important that we all learn how to navigate through them. The process is getting easier…the banks are starting to get with it more…agents and buyers are getting more educated on the process.

If you are a buyer, watch for more information on the Top 10 things you need to know about Short Sales, coming in the next couple of days. And in the meantime make sure to read, First Time Home Buyers Buying Elk Grove Short Sales!.

If you are a homeowner in distress and want more information on Elk Grove Short Sales, make sure to check out www.ElkGroveShortSale.com or contact us at (916) 230-0371 for a FREE private consulation.

Search All Elk Grove homes here

Lori Mode, Keller Williams Realty – Elk Grove
www.AllElkGroveHomes.com
Lori@ModeandDurhaM.com
(916) 230-0371

Related posts:

  1. Elk Grove Short Sales – is this the Market of the Moment We all know that the market of the moment is Distressed Properties, but with the inventory decreasing in the Elk…
  2. Short Sale approvals – 3 approved in 1 day! It’s great to wake up in the morning and realize all of your hard work really does pay off! Yesterday…
  3. Elk Grove Short Sales – Important questions answered Millions of struggling homeowners face uncertainty and do not know where to turn or what to do next for their…

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Selling Short might get another advantage

Mar 9

Posted by HS in Uncategorized | 1 Comment

When a homeowner sells their property “short,”  that amount of money that was forgiven by the lender is considered income and typically taxed.   Well, currently the Federal Government is not taxing that money to the short seller but the state of California is.  On Monday, Legislation to prevent the state from taxing forgiven mortgage debt cleared the state Assembly.  The legislation could potentially offer tax relief to thousands of Californians who sold their home through short sale in 2009.  The measure passed 47-27 and is now being sent to Governor Schwarzenegger.

Schwarzenegger’s office signaled later that he may veto the measure. 

Currently, the fed’s tax relief is in place through 2012.  California was forgiving the “income” in 2007 and 2008 but since falling on major budget deficits, the state has since been taxing the amount of money the seller/homeowner was forgiven.

Doug’s take: I can definitely see both sides of this one.  It is a huge help for struggling homeowners that have to sell short to get the tax break.  I know, i have many short sale clients currently and in the past.  They all tell me how tough it is going to be to pay that tax on the forgiven amount.  It would be a much needed break for those in the difficult position of losing their home and have to do a short sale.

On the other hand, the state is in financial ruin as well.  The state needs all the tax money it can get.  We’ve all been effected by the deficit.

My suggestion is meeting in the middle and only taxing half as much as would normally be taxed.  It would be a win-win in my opinion but then again politics are not that easy.  We’ll just have to wait and see how it plays out.  I know my past short sale clients will be anxiously waiting.

If you have any questions about selling your home as a short sale, i’m here to help.  Give me a call or email and i’ll put my short sale experience to work for you.

clear skies,

doug reynolds

Related posts:

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Home Home Affordable Foreclosure Alternatives Program « Logan Utah Real Estate Blog

Feb 26

Posted by HS in Uncategorized | No Comments

There is another new Federal Government program out their designed to reduce the consequences and liability of people trying to avoid foreclosure by selling their homes as short sales, or else voluntarily giving up their homes with a Deed in Lieu of Foreclosure. This program is called the Home Affordable Foreclosure Alternatives Program. Say that five times fast.

This program will be implemented on April 5th. It is supposed to “streamline” the short sale process, and remove the ability for banks to seek a deficiency judgement for the amounts they are actually owed from the borrowers. According to the official HMPadmin website:

The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.

With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.

HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.

While personally I think it is wrong for Government to relieve individuals of the responsibility of paying back debt they rightfully obtained, this should be a good thing for the housing market and real estate industry. Lengthy short sales are a huge problem with the way real estate works,  if that can somehow be shortened, real estate transactions will be far less complicated.

via Home Home Affordable Foreclosure Alternatives Program « Logan Utah Real Estate Blog.

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Short Sale approvals – 3 approved in 1 day!

Feb 26

Posted by HS in Uncategorized | No Comments

Working with short sales

Working with short sales

It’s great to wake up in the morning and realize all of your hard work really does pay off!
Yesterday we received 3 short sale approvals…of course, we had been working on all of these listings for over 3 months! And a lot of hard work, persistance and patience finally has paid off. Two of these short sales were with Bank of America and on the new Equator system and one is with Aurora. Of course, the Aurora short sale took the least amount of time. The great thing was we still have buyers! This is huge, as so many times the buyers have walked by the time a short sale has been negotiated with the bank. The key to keeping the buyers engaged in the process seems to be great communication with the selling agent. We keep the buyer’s agents updated each and every week while we are negotiating with the banks, even if we have to tell them there has been no change. A conversation with the agent asking them to pass along the information to their buyers seems to keep everyone on te same page and it’s critical.

Is the Bank of America Equator system helping? It seems to me that it is. Although it’s still a process, Bank of America is now not losing everything we send to them as it is uploaded onto the system. We can see on the system what is going on. Once we had a negotiator assigned to the property instead of the general negotiator it took approximately 25 days to get an answer back…that’s not bad considering Bank of America was taking about 3 months for this process before.

Now we move on to the closing process on all 3 of these transactions….our work is not done. Now we need to get through the inspections, appraisals, buyer’s loan process and then close. Still work to be done, but I can breathe a sigh of relief now that we have our short sale approvals!

For more information on Short Sales

If you are a seller and wish to contact us for a FREE consultation regarding your options or a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.

Search all Elk Grove homes here!
Search all Sacramento homes here!

Lori Mode of Keller Williams Realty, Elk Grove
Certified Distressed Property Expert
DRE License #00935148
www.AllElkGroveHomes.com
(916) 230-0371

Related posts:

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  3. Elk Grove Short Sales – is this the Market of the Moment We all know that the market of the moment is Distressed Properties, but with the inventory decreasing in the…

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