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Posts Tagged ‘REO’

Always choose a Professional REALTOR to sell your home

December 15, 2012 1 comment

Whether you are selling your home as a short sale or standard traditional sale with equity, it is important to choose wisely when hiring a Real Estate Professional. Check credentials and experience first.  It could save you headaches and money later.

CLICK HERE FOR REGINA’S BIO AND CREDENTIALS

bus pic 2-2012

 

Regina Flores, ABR, RMS, SFR, SRS

REALTOR, Broker Associate

RE/Max Direct

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Selling Your Home – Selling at a Loss

September 22, 2012 Leave a comment

Selling Your Home – Selling at a Loss

Can a home seller sell a home for less than its mortgage? Yes, in some case you can sell your home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a “short sale.” Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid. A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players. If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.
When does foreclosure begin? Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee’s sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property’s sale. Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual’s credit history.

SHORT SALES are possible


If you are thinking about selling your home as a short sale there is good news and bad news. The good News is that it does appear the banks are streamlining the Short Sale Process more and this helps us close the sale quicker. The bad news is that Time may be running out on tax relief for your short sale…Mortgage Forgiveness Act runs out Dec 2012. CLICK HERE FOR DETAILS. Now is the time to act if you are thinking about a Short Sale. call today for more info at 760.788.0721.

Time may be running out for your short sale…Mortgage Forgiveness Act runs out Dec 2012

February 5, 2012 1 comment

The Mortgage Forgiveness Debt Relief Act is only applicable through December 31, 2012. You need to act quickly in order to take advantage of this opportunity. Call Today 760.788.0721.

January Newsletter 2012

January 17, 2012 Leave a comment

More short sales bring new scam: flopping

September 20, 2011 Leave a comment

BEWARE OF THE SCAMS


Another scam in the Short Sale Industry: CLICK HERE FOR MORE ON FLOPPING

Selling Your Home – Common Q&A About Selling Your Home



Should I add on or buy a bigger home?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:
* How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
* How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
* What do local zoning and building ordinances permit?
* How much equity already exists in the property?
* Are there affordable properties for sale that would satisfy housing needs?

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

What do all of those real estate acronyms in the ads mean?

If you find yourself stumbling over weird acronyms in a real estate listing, don’t be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
* assum. fin. — assumable financing
* dk — deck
* gar — garage (garden is usually abbreviated “gard”)
* expansion pot’l — may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase.
* fab pentrm — fabulous pentroom, a room on top, underneath the roof, that sometimes has views
* FDR — formal dining room (not the former president)
* frplc, fplc, FP — fireplace
* grmet kit — gourmet kitchen
* HDW, HWF, Hdwd — hardwood floors

CLICK HERE TO READ ALL Q&A FOR SELLERS.