Sunday, August 28, 2011

It's Not Just The Lenders That Need To Help The Short Sale Process

I haven't written a blog post in nine days. I've been busy. Part of that business has been chasing down a seller on a Short-Sale listing. (part of it.....I was camping at Big Bear Lake!).

California Association of Realtors is urging the large banks to make some additional changes to help expedite the short-sale process. Read the full article if you wish:

The letter has a list of issues that need working out. The best one, in my opinion? Pre-approve the short sale and price upon request, prior to the property being listed!

Regardless of the amount of things the lenders have been doing to help the process move along easier, we still have to have some issues with the home-seller themselves improving. 

The homeowner needs to allow the property to be readily available for showing. The homeowner needs to have their documents ready for submission. The homeowner needs to respond to an offer in a timely manner. Just like in a standard sale.

However, the short-sale listing is always heavily weighted on emotions. Regardless of the reason for the short-sale decision, it is never a happy situation and working with that type of seller requires mountains of patience, compassion and perseverance.

As much as we keep telling the banks they need to improve the process, keep in mind, it's a team effort. Between the Realtors, buyers, sellers and banks. We have to work together.

Friday, August 19, 2011

It's About TIme Those Ambulance Chasers Got A Flat Tire or Two!!!

I'm chomping on a salad for lunch and reading my RE news. And, it's a tasty tid-bit of salad and news, I'm satisfied all around!

Fantastic, California Attorney General finally went after those dang schemers that preyed on underwater homeowners. Promising them the moon and delivering nothing! And, costing the homeowner much needed money as well.

There are some isolated Real Estate agents that give Realtors a bad name....and then there are some Attorneys that make the rest of the legal practitioners look bad too!

If it sounds too good to be true? Remember, it probably is. I'm glad California AG went after the scoundrels!

Wednesday, August 17, 2011

Is Owning A Home Cheaper Than Renting These Days?

According to Trulia it is, in 70% of Americas 50 biggest cities.

How could it not be right now? The home prices are fantastic, the interest rates are amazing, the deductions are still there.

Case in point is one of my listings. Cheaper to buy than rent! Amazing. Still challenging to close escrow on something....but if you've got the patience, why the heck rent?

Renting  ---- earning equity for the landlord
Owning ---- earning equity for yourself....

Not a hard choice.

Thursday, August 11, 2011

The Debt Downgrade For Mortgages

So, we all went into a bit of a miserable mode when we learned that our country went from AAA to just AA+. Felt like we were failing in 4th grade. And, I wondered if we'd be able to find some good in this announcement.

But, of course, I am the 'Glass is 1/2 Full' Witzy, so I knew there would be something that would come of it that is good for people buying/selling homes.

Interest rates are even lower. But, they probably won't stay that way for a long time. Just like when you buy a home, if your credit isn't so great, your interest rate is higher than the next guy. So, with our rating drop, our rates, as a country will go up. And, we, as the people, will pay that somehow. And, most likely, consumer interest rates will go up to assist in that pay-off.

CNNMoney article here:

Although many do still consider that home values haven't quite hit bottom, I do believe that with these low rates, it is time to buy. If you wait for bottom, you may have interest rates that are closer to the top than you can't afford to pay. 

Monday, August 8, 2011

Another Bank Talks About Principle Reduction Program

So, Ocwen Financial is now talking about principle reduction for underwater homeowners. Bank of America and Wells Fargo have been as well. Ocwen is taking an even more inventive approach. They want a share of the equity when the home value goes back up and the seller sells the home. Sounds fair to me.

If we can get more people to stay in their homes, we can get through this sooner. People that can afford to pay though, still seem to have to pay. People that are not able to pay are getting the breaks. Don't get me started on that opinion....

At any rate, it seems like this is going to be full steam ahead with more and more banks. 

If you are underwater, always call your mortgage company and see if they will be able to modify your loan. THEN, ask them if they are considering a principle reduction program. 

Great Luck out there !

Tuesday, August 2, 2011

30 Day Stats in Awesome Town!

When I look at the stats for Santa Clarita there will always be minor discrepancies. Generally input error, but I still keep up on the gist of what's happening even though truly I already know it as I'm out working with buyers and sellers daily.

Tuesday August 2, 2011 stats:

Active - 1182
Pending - 385
Back-Up - 489
Closed Escrow in last 30 days - 260

Still over 1/2 of each category is in distressed sales. Whether they are short-sales or bank-owned, that is what is carrying the majority of the inventory....still.

Not really news, is it? But, I like to keep you informed. Still status-quo. Still selling homes. Still lots to get through. But, we're still moving homes.

Monday, August 1, 2011

I Moved!

Look for more blog posts coming this week.

Just letting you know I have moved to a different area in Awesometown !