You Personal Real Estate Consultant for Life::::SHIELA MEADOWS-BAILEY::::

LENDERS GOING AFTER YOUR ASSETS AFTER A SHORT-SALE

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Tue, 22 Apr 2008 13:59:02 -0700

I have a very concerned seller who is up-rooting his family out of California to relocate back to Texas. He will need to short-sale his current home in California and purchase a new home in Texas.

Has anyone heard of any banks going after sellers' assets (like a lien against another property and/or bank assets) after a short-sale?

Your professional advice, opinion, and/or thoughts are much appreciated. If you have any questions for me, feel free to ask and maybe I can help you out and/or anyone reading on to this blog. Thanks!

Make it EASY for the Loss Mitigation Dept to go through your SHORT-SALE Package

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Thu, 27 Mar 2008 12:54:28 -0700

As we all know and regardless which Lender/Banks, Loss Mitigation Departments are so overwhelmed with hundreds of short-sale request packages they receive on a daily basis. As I constantly speak with many negotiators in Loss Mitigation Departments for every short-sale listings I have. I have been jotting down a few notes to gather a generalized idea of what lenders typically look for and prefer when going through short-sale packages.

The following are some information that many negotiators preference in revieweing short-sale packages which I have practiced myself and evidenced in a smooth process in getting a quick ashort-sale approval.

* As a cover page, create a table of contents (ex: This Cover Page pg 1-1, Financial Statement p.2-3, etc.)

* Number each page per table of contents

* Put the Name of the Seller(s) and Account Number on every page

* It is best to send everything that they ask for at one time vs sending bits and pieces of papers at a time which can become quite messy and delay the process.

* The following is what they generally look for:

Hardship Letter (detailed explanation of the reason the mortgage is deliquent such as illness, loss of wages/unemployement, etc)
Financial Statement (Usually provided by lenders, if not, a list of monthly income vs monthly expenses)
2-3 months of most recent bank statements
2-3 most recent pay stubs
Listing Agreement
Purchase Agremeent
Estimated HUD/Net Sheet from a Title Company
3rd Party Authorization Letter

Feel free to email me Homes@BaileyMeadows.com or call me (510)376-4060 for any questions and/or concerns about this.

12/21/07 Marked the Day When my SELLERS Wiped their WORRIES & TEARS Away...Did it Have the SAME Affect for YOUR CLIENTS?

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Fri, 21 Mar 2008 18:44:24 -0700

December 21, 2007 was the day that most suffering homeowners have been waiting for - The day when G.W. Bush signed that Bill of Tax/Debt Relief Act of 2007. As many have already experienced that almost every homeowners are suffering from the huge loss in equity on their homes and with the NEG-ARM programs that were estabished 3-5 years ago that were all so appealing have finally caught up to homeowners. Homeowners are getting foreclosed on or selling their home on a short-sale with the worries of having to face Phantom Taxes later on.

Tax/Debt Relief Act of 2007 basically gave homeowners a breathing room. For those who are selling their home on a short-sale, the difference between the amount owed and how much the home is sold for more is NOT TAXABLE as long as it is the homeowners' primary residence. Lenders are required by law to send a 1098, and with the Tax Relief Act of 2007, the homeowner is sheltered from being taxed on this difference - again, as long as the property is the homeowners' primary residence. In addition, this Bill allows homeowners to refinance their home to a fixed rate for the market value and if the debt is larger than the fair market value of the property, the difference is forgiven and again, sheltered from being taxed as long as it is the homeowners' primary residence. This of course is only temporary (1/1/2007 thru 12/31/2009).

As soon as this hit the media, from January 2008 I have consistently added 2-3 listings per week and closed 8+ and counting. I am not saying this for bragging rights, but to simply ask if there is anything that I haven't covered in assuring that my clients are in good hands with this Tax Relief Act of 2007.

What's Really Going On - Lenders Are At 90 Days Out !

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Thu, 17 Jan 2008 02:39:15 -0800

I spoke with a few of the lenders that I am waiting on answers for the short-sale listings that I currently have:

One lender received the complete package as acknowledged on 8/21/07. I found out today that the package was finally received by the negotiator on 11/23/07 (3 Months Later!) and that they are going to try to have an answer by 2/23/08 as they are 90 days out.

Another example is another lender who received the package also in 8/2007 and after so many emails, phone calls and messages that they are still missing some information that is needed in order to submit to the negotiator. Why was this not communicated? I have no idea.

To make a slong story short, I have lost a buyer already which now I have to place the home back on the market to get another offer that they will have to review again.

I have had quite a few success stories on short-sales now. I certainly do not call myself an expert at it, but based on my experience on short-sale transactions - I am a bit dissapointed with the response time from lenders. Please share with me you experiences and let me know if this is something more common now.

How can you expedite in getting an approval for a short sale?

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Thu, 10 Jan 2008 20:07:19 -0800

We all know that short-sale transactions are long & tedious and in short "a patience test". I used to believe that it would take 45-60 days to close a short-sale transaction. However, I am experiencing a 60-75+ days to close due to some lenders/negotiators ways of not responding right away and/or not responding at all! I know the number one thing is to submit a complete package as requested by the lender/negotiator and I do. It's just that not only is it a patience test for us as agents, but it is more of a patience test for both the anxious sellers and the worried buyers. I am looking for ideas on how we can shorten the time process in getting short sale approvals from lender/negotiators. Please share without me your ideas and expriences. I'd really appreciate it!

I need you Expert Advice

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Fri, 04 Jan 2008 17:44:16 -0800

Happy New Years! I am looking for new ways on how I can improve my website. I need your opinion on it. Please let me know what you think of it and any improvements I can make. In addition, I would like to get your ideas on better ways to drive traffic - how do you drive traffic to your website? Right now I average 250+ traffics per day on the site and would like to improve. Please advise and I promise to reciprocate. Thanks!

My website: www.BaileyMeadows.com

How to Successfully Sell a Short-Sale Property 101

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Fri, 04 Jan 2008 01:16:45 -0800

Unless you have been in the business over 10+ years, then you can call yourself a "rookie" at selling a short-sale property.

Basic 101:

(1) Be nice to the lender. Be friendly and professional. They are the one you are asking for approval.

(2) Ask questions! Don't be afraid to let them know that you are a "rookie" - they love it when they feel that they have some kind of power over you. This will allow you to get information on how you can get a short-sale approved by asking them "how, since you (the lender) is the expert".

(3) To expidite the process, follow instructions on how to submit the package completely. It will only delay and may lead to cancellation of the short sale approval if it is not complete.

(4) Email and fax is the best way to contact the lender. As they seem to be very busy and hard to get a hold of by phone. This way, you have everything documented.

(5) Make sure you submit the 3rd-party authorization letter on a separate sheet of paper. Lenders will not contact you to let you know that you did not submit this. Time will be wasted waiting on this, especially if you are not aware that this is needed.

Hope this helps. In this everchanging market, selling short-sale properties is another source of keeping your top producer status going. Be an "A" player in this "C" market. This will show consumers that you are with them through "thick and thin" and that you will not bail out on them during a time like this.

("Rookie yesterday, today a pro")

If Stores Can Do It, Why Can't We?

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Fri, 04 Jan 2008 00:25:46 -0800

My sellers' home is located in Mountain House, CA were there is a huge number of inventory that sits on the market for an average of 90-180 days and/or until it expires. My sellers' were very hesitant to place their home on the market during the holidays as they feel that it would be a waste of time as many people are busy vacationing. Yet, they are also in desperation to sell as they have already bought a another home.

Yes, it may be the time when majority of families are busy vacationing. But vacationing where? Yes, of course...to the homes of family and friends. It is the best time to sell, indeed! The best source of referrals is through family and friends. This is the time when your next door neighbors' guests will think about moving closer.

With majority of people taking the week of Thanksgiving off to travel to their final destinations to family and friends, I took advantage of the time to put the house on the market the week before. This gave plenty of time for surrounding neighbors to call their family and friends and let them know about the house down the street or next door that they may want to consider.

Since my sellers are moving into a smaller home out of the area, relocating the furniture iout of this oversized home is problematic. I suggested to include the furniture as a holiday incentive to buyers if they come in with an accepted offer the day after Thanksgiving, like an "after Thanksgiving Sale" and it will expire that following Monday.

To make a long story short, we received multiple offers on the home during our "after Thanksgiving Sale" and all over the asking price! The new owners who are first-time homebuyers moved in just enough time to have a Christmas party into a fully furnished home. My sellers spent Christmas at their new home without having to make 2 mortgages and without the inconvenient of spending their holidays selling/moving their furniture. It was a Happy Holidays afterall! A win-win situation!

Welcome to Mountain House, CA

Shiela Meadows-Bailey (BaileyMeadows, Inc - Real Estate Services) — Thu, 03 Jan 2008 23:39:24 -0800

Welcome to the Bay Area's most convenient and comprehensive new hometown. Mountain House is a brand new 20-year Master Planned Community ("New.Home.Town") located in the gateway to the Bay Area. Remember the time when neighbors cared about neighbors and "community" was that special place you carried with you in your heart?

At Mountain House, we believe that old-fashioned values, like putting family and community first, couldn't be more timely nor important today. Coming home should represent something more than a well-designed house on an attractive street.

Years of meticulous planning and the vision of Trimark Communities, LLC, the stewards of this land, have created an all-encompassing new community destined to rekindle and ultimately redefine the concept of a hometown.

Here, residents will find the best of yesterday reflected in beautifully executed classic architecture, parks for every sport and leisurely pursuit, and thoughtfully designed community recreation centers. In addition, Mountain House will offer an overall plan that includes fabulous golf facilities, miles of hiking and biking trails, a thriving local employment center, business and retail, and a safe and secure way of life.

The brightest, most forward-thinking ideas in community planning and technology will play an integral role in life at Mountain House as well. From the latest in high-speed internet access to the most advanced connectivity in the form of a customized community intranet, Mountain House will be at the forefront, making technology even more accessible, convenient, and useful in our daily lives.

Mountain House's development plan will span more than 20 years, and eventually the community will boast a population of about 43,500 residents. The community's 4,784 acres of land will be divided among numerous, carefully considered uses: 2,500 acres are planned for residential detached homes, townhomes, condominiums, and apartments; 700 acres will be used for commercial projects with the potential for providing over 20,000 local jobs; 750 acres have been set aside for beautiful parks, public boating access to the Delta, and ecologically protected conservation areas.

Mountain House will provide generous employment and business opportunities, local shopping, parks, recreational facilities, and a full range of housing options. At the community's focal point will be the Town Center, serving all of the 12 planned Mountain House villages, which will individually embrace their own unique architectural and landscape palettes and will promote a wide range of social and civic activities.

This unique new hometown will also provide abundant opportunities to fully explore an ideal lifestyle through its unparalleled assortment of community amenities. With a linear park planned along local waterways, Mountain House residents will be provided with several miles of beautiful scenery in which to walk or jog, or simply enjoy a relaxing afternoon picnic with family and friends.

Mountain House will include 12 K-8 schools and one high school, which will be built as new neighborhoods become fully populated. The community's education system will also afford additional programs of varied interest, for adults and children, as well as a comprehensive community-serving library. Looking toward the future, Mountain House is being developed with the latest technology wired for all businesses and residential structures, creating a virtual network between work and home.

With prime housing, balanced features, and centrally located community commercial with numerous local job opportunities, Mountain House is the optimal town of the new millennium and it's poised to become the most desirable place to live and work in Northern California today.

--- mountainhouse.net