Feds Unstick Risk of Deficiency Judgment for Orange County Short Sales - 07/16/11 04:47 PM
California Governor Jerry Brown unsticks the risk of deficiency judgments for Southern California short sales.

Former Senate Bill 931 required lenders to waive its right to pursue a deficiency between the sale proceeds and the amount owing on thefirst mortgage. However, Senate Bill 458, the new law, extends this waiver to the second mortgage, as well.This is a bold move in the right direction, but homeowners should understand it's not necessarily a panacea. Understanding the mechanics of the short sale is important to avoid botching the waiver afforded by SB 458.Short sales are premised on accepting a price less than what is owed. … (13 comments)

For Whom the Realtor Toils - 07/15/11 01:03 PM
Being watched may change our behavior, but it shouldn't. We are the Realtors of yesterday, with more experience today.
As our profession changes, our task changes. Most of us have wistful remembrances of fun transactions, but they do little to serve the modern client.
Servicing our neighbors, some are difficult of temperament; some are difficult of circumstance. The tide of real estate has waned from the shores, leaving strife riddled families strewn about.
The time has come to test the mettle of the professional.
Anecdotally, many Realtors seem willing to bail on consumers who pose a difficult transaction. In favorable times, however, I … (26 comments)

Curmudgeon Man Calling: The High Road to Short Sales - 07/15/11 02:40 AM
"Hey, Louise, Curmudgeon Man on the phone.  He wants to talk about your house."
My worst nightmare is being introduced in this way.   I'm better able to step into the shoes of would-be clients wearing my compassion cap, and that's especially important with homeowners being hammered at every turn.
The real estate landscape is largely distressed.    Even equity sales of longstanding homeowners are suffering the spill  of distressed sales.    
The homeowner in a short sale is often distraught from hardship, and the homeowner in an equity sale is often distraught from the loss of property value.
Both types of homeowner are suffering and need a level of care that not only comports … (6 comments)

An Open Letter to Distressed Homeowners - 07/08/11 09:50 PM
Dear Distressed Homeowner:
Short sales have become a common fixture today and account for the plurality of home sales.  Opting for a short sale in Orange County, California places you in the company of many of your neighbors across the great nation of ours.
Short sales are an American reality.  
A small but special segment of the Realty industry is interested in helping you maintain the lifestyle closest to which you've known. We understand the pain of keeping up with your mortgage payment admist hardship, and we understand the emotional toll of your home in default.
Despite being thrust into a genuinely difficult situation, we … (10 comments)

The Eternal Sunshine of a Spotless Short Sale? - 07/08/11 02:49 AM
A high level of short sale frustration is apparent.  
Misguided bank appraisals that send short sales into tailspins are one recurring theme.   Banks reordering appraisals in the home stretch and, effectively, sending the short sale back to square one is another theme.

IS FORECLOSURE MORE OF A DETRIMENT OR BENEFIT TO THE BANK?
The answer isn't clear cut: competing interests muddle the issue.
The short sale needs to make more net sense than the net sense of foreclosing, but it's easy said than done.  The net-to-net analysis of short sales to foreclosures includes a variable that many Realtors leave out.
The bank receives a stream … (11 comments)

 
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Brian L. Sirota, J.D. OC Home Sale Pro (877) 641-6964; (714) 501-7660

Irvine, CA

More about me…

Bristar Realty, Realtor/Attorney, OC Home Sales Pro

Address: Irvine, CA

Office Phone: (877) 641-6964

Cell Phone: (714) 501-7660

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Attorney/Realtor Real Estate Vibes & Views Out and About Orange County, California (cell) 714- 501-7660


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