Short Sales and 2012
By all indications, it appears that 2012 will be a year with even more short sale listings … and closings than 2011. Some of the major banks have embraced the idea that short sales can be a bit more profitable than letting houses sit for months on end and then ultimately end up in foreclosure. With the number of real estate transactions on the upswing here in the Auburn, WA, south King County, and Pierce County areas, it only makes sense that we’ll also see more short sale transactions. Around the water cooler, I’m hearing that some real estate brokers are fed up with the lengthy and time... [Read more...]
Mediation?–Yes, You’re Entitled!!
Yesterday I posted information about what to do as soon as you fall behind in your mortgage payments. As a second step in the foreclosure process in Washington State, the Foreclosure Fairness Act stipulates that if your loan is through one of the big banks, after receiving notice that a Notice of Default has been filed, you’re entitled to have your situation formally addressed through Mediation. The purpose of Mediation is to determine whether there is any alternative to bank foreclosure of your property. Ideally, the outcome of mediation might allow you to restructure your loan, save your home,... [Read more...]
Just Open the Mail!
In Washington State, folks that get behind on their house payments have options as described in the Foreclosure Fairness Act. The Act prescribes a series of steps to which a homeowner is entitled prior to any auction of their home. One of the first steps a lender must take for a home in Washington is to send a letter to the homeowner describing their options – the first of which is the right to request an informal meeting with the lender before a Notice of Default is filed. But here’s the thing … the homeowner has to make the request within 30 days from the date of the options letter. So... [Read more...]
Facing a Foreclosure or Short Sale?
The Washington State attorney general’s office recently released three videos that explain your rights and options should you be facing a foreclosure or short sale of your home. As an active Realtor®, I frequently receive phone calls from people that are already behind on their payments, or feel as though they will soon be in trouble with their mortgage. Sometimes, the call is from someone that is trying to get out from under a home that has lost significant value and is now worth far less than what they owe. Each of these types of calls requires a knowledgeable response and action. Sometimes... [Read more...]
HURRY! — JP Morgan Chase — Strugging Homeowner Event TODAY
Buried deep in the newspaper yesterday was an announcement that JPMorganChase Bank is holding an event TODAY, September 30th, for homeowners struggling to make their house payments for Chase and EMC mortgages. Being held from 11am – 5pm at the Chase Homeownership Center, 16400 Southcenter Parkway, Suite 200 in Tukwila, homeowners should bring their most recent tax returns, W-2s, monthly bank statements, pay stubs and proof of tax, insurance, and homeowner association payments. HURRY! Be Sociable, Share! Tweet
The Business of Short Sales in Auburn, WA
Short sales are a huge part of our area’s current listing inventory and sales statistics. They’re difficult transactions and time consuming. They require specialized knowledge and dedication to the task in order to be successful. They also require impeccable business practices and an adherence to the highest of ethical standards. The business of real estate … and more specifically at this current time, the business of short sales affects everyone. Not just current homeowners, but home buyers, home sellers, renters. Everyone. We all are touched by housing prices, banking practices... [Read more...]
What is a Deed-in-Lieu?
No foreclosure! A Deed-in-Lieu of Foreclosure is a process where the lender agrees to take the deed to your home rather than pursue a foreclosure action against you for nonpayment of your loan. This option is easiest where there is only one mortgage, and where there are no other liens. Depending on your lender, a payment might be offered to the holder of a second mortgage or home equity loan, but that lienholder must also agree. Further, if you have yet additional liens against your home, such as tax or utility liens, your bank will likely not even consider this option. Your bank wants your home... [Read more...]
Sometimes a Short Sale is Just NOT the Right Answer!
I like to consider myself a resource for sellers who are considering their options. Should they pursue a short sale? Should they just walk away? Should they just try to hang on no matter what? Recently I had an opportunity to meet with a wonderful couple that were truly truly trying to do “the right thing,” as they phrased it. We met for a couple of hours while they showed me around their home. Their pride was obvious. This house was their baby. They’d improved and lovingly planted almost every inch of the yard … and the inside was eat off the floor clean. Every room was... [Read more...]
Is a Loan Modification for Me?
A number of considerations should be made when you are either in trouble already with your current mortgage, or anticipate that you might be soon. One excellent option might be a loan modification, which is designed to reduce the amount of your mortgage payment to no more than 31% of your gross income. Unfortunately as of this time, it appears that most loan modifications are unsuccessful, with something less than 5% of all applicants successfully completing the loan modification program being reported by some analysts. However, don’t be deterred! Perhaps you’ll be able to complete ... [Read more...]
Should You Refinance Your Home?
If you feel you have sufficient income to continue making payments on your home, but need to lower the payments, one of the best choices — providing current interest rates are justifiably less than your existing rate — is to refinance the home. By refinancing, you may be able to remain with your existing lender, or perhaps take advantage of better terms offered by another. In addition to examining the current interest rates, the next question a homeowner must face when pursuing a refinancing option surround the property itself: Is the value of the property sufficient to support a new, replacement... [Read more...]
7 Tips for Short Sale Success
Another easy-to-understand article about selling short sales! Thanks to BuyAndSell.HouseLogic.com, By: G. M. Filisko, Published originally on March 19, 2010 Have to sell your home for less than it’s worth? Our seven tips will help you get the best price. When you owe more on your home than it’s worth, but you have to sell, you need to squeeze every dollar possible from the sale. Here are seven tips for navigating the short-sale process. 1. KNOW WHO YOU OWE A short sale has to be approved by any... [Read more...]
Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter 2010
Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter According to New Report From RealtyTrac. As an active short sale broker, assisting both buyers and sellers of short sale properties, I consider it a critical party of my job to help keep all parties involved and informed. A recent statistical article by RealtyTrac, one source for Foreclosure Activity across the US, posted its recent statistical summary releasing statistics for the number of foreclosure properties nationwide, along with comparing the value of non-foreclosure properties to those properties that have... [Read more...]
Want to Buy or Sell in Auburn, WA? Better Use an Experienced Short Sale Agent!
At a recent Short Sale and Foreclosure class, I observed that possibly over 70% of agents in the greater Seattle/Bellevue/Tacoma area have never handled a short sale or bank-owned (foreclosure) property on either the buyer or seller side. Now that may be okay in some areas of King County, but as you work your way south into the Auburn area and further into the north Pierce County area, you definitely need to be working with an agent who has Short Sale and Foreclosure experience. Here’s why: Although I run statistics frequently, I hadn’t actually compared different parts of the region... [Read more...]
Certified Short Sale and Foreclosure Resource
I recently completed requirements by the National Association of Realtors to receive certification as a Short Sale and Foreclosure Resource, although I’ve been assisting buyers and sellers of these types of properties since 2004. Taking the certification class was a fascinating experience – of the group of approximately 50 agents present, fewer than 30% of the agents had ever handled either the buyer or seller side of a short sale property! Wow, where have they been and how on earth are they still in business? When questioned about where they work, well over half of the agents at the class... [Read more...]
Watch Your Credit Score If You Do a Loan Modification!
This morning I was startled to read an article in RIS Media, an information service that scans the news services and gathers articles impacting real estate — for homeowners, buyers and for agents — reporting that Credit Scores are being reduced as much as 100 points for successful Loan Modifications! Loan Modifications are one avenue that troubled homeowners can take when income levels drop or expenses skyrocket due to unexpected bills such as medical costs. There are a number of different combinations and types of loan modifications available, although I understand that very few... [Read more...]
