Posts Tagged Takin’ It In The Short Sales

This Baby Giant Anteater at the Sacramento Zoo Looks Just Like an Alien

A couple of days ago, a baby giant anteater was born at the Sacramento Zoo in Land Park. This was a first for the Sacramento Zoo. I was mesmerized by the photo of the giant anteater and thought about going over to the Zoo to see if I could snap a photo. But the infant is confined to close quarters in a den with its mother, Amber, so the best that I can do is give you that link where you can see the actual photo for yourself.

The baby giant anteater looks just like an alien. And you know I’ve seen my fair share of aliens. So, I know exactly what they look like. Just kidding, I have no idea what an alien looks like, but if aliens were to come to Earth, I bet they would resemble giant anteaters. Neither the Sacramento Zoo’s website nor the Sacramento Bee article disclosed the gender of this newborn giant anteater. I wonder why.

I was thinking about this as I showed homes in Land Park yesterday. Did you know that a mother anteater is pregnant for 180 days? That’s as long as a listing agreement. Well, I do take one-year listing agreements, but those are generally short sales. My regular contract period for a traditional sale is 6 months. Not that it takes me 6 months to sell homes in Land Park, but it could take 45 days to get an offer, depending on the price range, and another 45 days to close. I am required to get a listing extension if closing runs over that time period, so being the efficient person that I am, I make my listing agreement durations longer than necessary to avoid additional paperwork.

It was cold yesterday, too. And wet. My feet were freezing. It was my own fault for not wearing boots and choosing ballerina flats instead. Two of the homes I showed had no heat. So, while my buyers were wandering around in the back yard in the rain, I grabbed a cellphone call. Sometimes I look at my phone when it rings to see who is calling, but I was too cold to take it out of its holster; I answered the call on my Bluetooth Jawbone.

The caller was a home seller in Iowa. She had been doing research online and said every website she went to led her back to me. That’s the downside of enjoying a strong Internet presence. Strangers from all over the country call me. This woman could not sell her home. Buyers had been telling her over and over that although they liked the home, the bedrooms were too small. What could she do to sell it?

I tried to explain that homes with undesirable features tend to sell for less than desirable homes. I asked her to think about why she bought the home in the first place because, whatever the reason, that’s why a buyer will purchase it now. I suggested she lower the price.

Turns out she built the home. Well, lady, I hate to say this, but you built your bedrooms too small.

Photo: Big Stock Photo

sacramento short sale agent

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub’s personal views and do not reflect the views of Lyon Real Estate.

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Elk Grove Short Sale Successes!

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

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Selling Short might get another advantage

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

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

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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