New Foreclosure filings fall to the lowest level in three years in California, but why?
I n California we have seen a huge drop in the number of foreclosure fillings at the county offices from lien holders this last quarter than we have seen in over three years! This has the ability to be huge news and could be something worth celebrating, but the reasons for the slowdown may not be worth all the pomp and circumstance. California uses a foreclosure process that starts with a Notice of Default [NOD] being recorded with the county in which the property is in. A NOD can be recorded on a property in as soon as 30 days after a missed payment. A Notice of Trustee Sale [NOT] is place on the property in as soon as after 120 days of the NOD recording with the county. The number of NOD filings dropped to 69,799 for the fourth quarter of 2010 according to...
How Does the Short Sale Process Work?
A short sale in some ways is very similar to a regular sale, and in other ways it is very different. Some of the similarities of a short sale to a regular sale: It is important to use a experienced real estate agent. The home will go on the multiple listing service and aggressively marketed in both situations. Once we have an offer from a qualified buyer, the offer or offers go to you for review. After you accept an offer from a buyer, that is where things get a little bit different. The main difference between a short sale compared to a regular sale is that once we get a signed offer from a buyer, we start negotiation with the lender whereas in a regular sale it goes straight to escrow once you accept it. In a short sale we are trying to get the lien holder(s)...
What is a short sale?
W hat exactly is a short sale? A short sale is when you owe more on a home than what its worth and you’re trying to sell it. In a short sale, we are negotiating with the lender to bring that cost down so they’ll accept the sale as debt paid in full instead of what is actually owed. That’s good news for somebody who owes a lot of money on their house, because if the house goes into foreclosure, you’re foreclosed against the entire amount and there can be penalties involved with that. Without a doubt, a short sale is a good option for a homeowner. It’s a great alternative to foreclosure and bankruptcy. Fill out this short form and we will contact you to answer any questions you may have and to tell you how to start the...
Are Short Sales good for REALTORS and Bad for Homeowners?
T hat question was actually derived from a statement that was posted on a social networking site last week. The homeowner was responding to a video link of my business partner explaining the difference between the purchase process of a foreclosure compared to a short sale. Some statements that were made included, ”Short sales are just as bad as foreclosures for properties…” and “(Short sales) further decrease values for homeowners who are making their payments…” Then the lightning rod “(Short sale are) Good for agents bad for homeowners!” As you can tell, distressed property in our area is a very hot topic and lighting rod for debate. These comments started a wave of interaction lasting for days. Knowing that this homeowner is not alone...