It is strange to me when home owners, who can see the handwriting on the wall and are looking for relief are rejected by lenders because they are not in default. I have a client that in approx. 3 months will be out of funds necessary to continue their mortgage payments. They have asked for a loan modification that will fit their future budget or at least a forbearance plan. Because they are not in default the lender is not interested. Their finances have changed, they have been proactive based are their circumstance, the lender is not interested.
Maybe I am old fashioned but an ounce of prevention is worth more, than a pound of cure i.e foreclosure or short sale. Does anyone have an answer? Why are lenders reluctant to prevent a short sale or foreclosure? Why not work with the owner? I realize lenders are overwhelmed, but shouldn't they be looking for solutions instead of chaos? Borrowers are looking at increased cost, mortgage, food, gas. Our real estate market would be more stable if the lender worked with those looking for solutions, not just those that are walking away. In the long run they would contain their loss & do something positive for the overall market.
I always recommend my seller's contact a certified counsellor, some of the recommendations are absolutely ridiculous. One of the suggestions from NeighborWorks 888-995-HOPE was that they should turn in their cars for less expensive cars. That doesn't work unless you owe current value or nothing on your vehicles. They tried to do it, they would have had to come up with a substantial down payment to "buy" a less expensive car. They had experienced a loss in income, had gone through their 401K funds and had no money to buy down their payments.
If lenders focused on helping the more qualified home buyer save their home, or investment, they would still recoup their loss in the long run. Why is it a requirement that the home owner be close to or in foreclosure before they can get the help they need. If lenders want a stop loss, work with people before there is a loss. Maybe I am simple minded. Comments?
1. You owe more than the current market value & you need to sell
2. If you don't need to sell in this market don't list your property
3. In a short sale you have to consider the current Fair Market Value of your home: Do you owe more than than the current fair market value of your home?
4. Do you have an interest only loan, with an escalating interest rate? An ARM?
5. Are you on a fixed income, does the increasing cost of living make it impossible for you to continue to make payments? Are you getting a divorce? Have you had a loss of income? What is the reason you need to sell now?
6. In a short sale the lender will have a certain amount they expect to net based on the current fair market value. Usually based on what is called a BPO (Broker's Price Opinion).
7. Is your loan interest only? Do you have a first & second mortgage? Is it a primary residence or an investment property? Is it an ARM?
There a lot of questions about how this all works. For a conventional loan the lender's typical threshold is approximately 85-92% of the loan. FHA insured 82% of loan, VA Guaranteed 88-91% of Fair Market Value. The threshold represents a percentage of the current market value not the balance of the loan. Closing costs & commissions need to be added to this amount to establish a listing price.
A few acceptable reasons for a short sale: Loss of income, divorce, fixed income + raising costs, job transfer, ARMS that increase beyond your ability to pay etc.
Buyers, if you make an offer on a Short Sale (pre-foreclosure) property be prepared to wait it out. It could take 6 weeks or 6 months. Don't make an offer if you need a 30 day or 45 day close. If lender approves your contract be prepared to move quickly with financing. The lender will usually give you a closing date 2 to 3 weeks out from acceptance. Depending on lender this might be extended if going through the underwriter process is taking longer than it should. Short Sales are sold "as is", don't ask for warranties, repairs or other expenses that might hurt your chance of acceptance. The lender is unlikely to approve the offer & the seller would not be in this position if they could afford to pay them.
This is not an ordinary transaction, lenders are different, you need to be committed to the transaction. A short sale takes a lot of time, negotiation and good old elbow grease. If you are approved, do everything you can to make it happen. This is a process that can net you an exceptional investment. If you can't perform or hang in there, don't get involved.
Contact a professional real estate agent for more information.
Welcome to TownSquare at Sierra Verde where the comfort of home blends with a bountiful lifestyle. Onsite amenities including a pool and spa, tot lot, fitness center and community park. Nearby activities include the new Coyotes and Cardinals stadiums, Surprise Sports Complex, the SunDome Center for the Performing Arts and the White Tanks Regional Park. Close to shopping, AMC Theatre, restaurants & more.
You will love this charming 2 bdrm, 2.5 bath Townhome w/loft, 2 car garage, neutral designer colors throughout, tile in living/dining/kitchen, granite counter tops, master suite on main floor. This home is move in ready. 1278 s/f offered at: $165,000
We have become accustomed to convenience, we have become soft, we expect others to provide for us? We have developed a McDonald's super size lifestyle. We are too busy to take care of our families and our own nutritional health. I think we have lost track of what is really important.
Do you cook? Do you sew (my son-in-laws and son sew, my daughters don't, I really messed up), Do you have a garden (patio or otherwise) What are you doing to put nutritious food on the table. not fast food or packaged food with preservatives? I have one daughter who is a good cook, they have a home cooked meal nearly every night, my granddaughters know how to cook too, 2 son-in-laws that are good cooks and a son that is an excellent cook (oh, yes they know how to iron too).
I remember churning butter with my grandmother, picking berries & vegetables from our garden, fishing with my dad, playing dog to flush out the game that would become our dinner. We went to the store only for the things we could not grow, flour, salt, pepper, shortening, chocolate (for baking), citrus fruits (we lived in an area we couldn't grow citrus) etc. My mother made fudge, fondant, taffy, (so much better than the candies on the market today, no preservatives) brownies, pies, cakes, apple sauce, doughnuts, canapes, homemade pasta, breads, she canned vegetables & fruits, oh, she worked too. I use to do all of those things, now I just work, although this weekend I started again. Why, because I can't depend on anyone else to feed my family. If I can't afford to pay the exurbanite prices at the market for the "convenient foods", I have to make it happen. That is the American way. Our government has decided that our food supply should go to make alternate fuel, increasing the price of fuel, increasing the price of food. We haven't built a new oil refinery since 1973, our refineries are antiquated. No new drilling in desolate areas like An-War. Even though it has been shown that the caribou and other wildlife along the Alaska pipeline are thriving because of the warmth provided by the pipeline. Who cares about facts.
If we really want change, we have to change, not settle for, not expect others to provide for us, but create the environment we want, not depend on our government or anyone else to do it for us. We need to become more independent, we need to become more responsible for our own lives, maybe we need to become more like our parents, our grandparents (the greatest generation).
Is it time to go back to a more independent lifestyle? "Waste not, want not" was the motto of the generations before me. This weekend I decided to go back to the past. I had a craving for Cranberry sauce, I boiled the cranberries, then I made juice from the water I boiled the Cranberries in, made cranberry sauce & cranberry ice (jam). The Juice was great (no preservative, sweetened to taste) I continue to enjoy the fruits of my weekend labor. (Have you ever had a Cranberry & peanut butter sandwich? It is awesome). The added benefit of taking the time to create this master piece, it was very rewarding & yes, relaxing, my husband even got involved. Is it time to slow down and take pleasure in the simple things? It is the day to day relationships, family, friends that make the world go around, not how many hours we exercise, how many hours we work. We need to put life back in balance. Maybe it is a good time to get in touch with what is really important, and with those we love. All we have is today, there are no guarantees for tomorrow.
Suggestions: Plant your own garden, (patio or otherwise) Go to the farmer markets, can or freeze your fruits & vegetables. Make your own salsa, jams or whatever you like. Go direct to the farmer and buy chicken, beef, pork, lamb or vegetables. Use your freezer for wholesome, healthy foods. It is easier today to do your own thing. The Web is a great place to find out everything you need to know about food independence. Buy local, make meal time family time, add the personal touch.
25 years ago my son brought home your basic grey rat from his science class. Long rat tail, basic gray rat to take care of through the Christmas holidays, we called him Fatso, he became a permit member of our family. He was very sociable, he was also an escape artist, a regular Houdini. He would take regular trips outside of his home (his long finger like claws could pick any lock). He always returned, usually at night, he would nibble on my sons ear, he wanted to be feed & watered. He was content for a few days and would escape again. We had Gerbils & Hamsters they never had Fatso's personality, nor were they as clean. I remember one evening when we had a few friends over, Fatso escaped from his home and came meandering across the great-room floor, I reached down picked him up and put him on my shoulder, he nestled in, my guests were shocked to say the least. If you want a sociable caged criteria, one who doesn't bite, is clean (he was a lot cleaner that the Hamster or Gerbil) I suggest you get a basic gray rat. They love people, are independent & they know where home is.
AT THE END OF THE DAY WHAT A GREAT PLACE TO RELAX OR TAKE A SWIM IN YOUR POOL! THIS CHARMING 3 BDRM 2 BATH HOME. INTERIOR HAS BEEN COMPLETELY UPGRADED.
YOU WILL LOVE THE TOMMY BAHAMA STYLE CASUAL COMFORT DECOR
OTHER FEATURES INCLUDE ALL NEW APPLIANCES, FLOORING
CEILING FANS, FABULOUS DECOR.
COVERED PATIO PLAY POOL KING SIZE BED IN MASTER SUITE, QUEEN BED IN 2ND BEDROOM, 2 TWINS IN 3RD, QUEEN HIDE-A-BED IN LIVING ROOM. WASHER & DRYER INSIDE LAUNDRY, 2 CAR GARAGE, RV GATE.
Great Location in the Phoenix NW Valley. REO Bulk sale, Homes 50% to 90% complete on 1 Acre lots, mountain views. Area of once & future million dollar homes. For more information please call or email me at: csaling@awardrealty.com
I have an investor looking for sellers who might want to do a lease back, or a tenant occupied property in map Areas 321,323,312,317,319. If you have any properties in these areas please contact me. My buyer is solid. Will look at all options. Call or email me and I will give you specific critera. It is different for each area. email me at: csaling@awardrealty.com
Active lifestyle, front porch community, hiking & biking trails, The Raven Golf Club, Rec. Center, Sports, Courts, Community Festivals, Walk or bike to Main Street Shops & Restaurants.
Tastefully designed for total family living. Spacious master suite, bay window & doub.door entry. Lge walk in closet, private wc, luxurious oval soaking tub with separate shower, sitting room, nursery or exercise room, den or 5th bedroom on 1st floor. Family room has a raised gas fireplace, media center, surround sound & dining nook. Gourmet kitchen with butler's pantry, gas range, granite counter tops, stainless steel appliances, beautiful cherry stained cabinets and more. Upstairs is perfect kids retreat, loft 3 bedrooms and 2 baths. Large Formal Living/dining area, inviting courtyard perfect entertaining center. Pebble tec pool and so much more:
5bdrm,3.5 baths 3710 s/f $589,000
Also for rent $2400 per month. Call Cindy Saling@ Award Realty 623-606-3243
Now is the time to Build your Arizona dream home! Russell Ranch is located in Litchfield Park, Arizona 85340, http://www.litchfield-park.org/ one of the top 10 cities in the United States to live!
Russell Ranch is a gated upscale community of custom homes, with spectacular views of the White Tank Mountains, beautiful common areas and parks.
Just one of many parks
This corner lot, approximately 16,720 s/f, includes fully designed & approved plans for a 3800 s/f custom home, has a North/South exposure, preliminary engineering included, on site improvements completed, all utilities on the property. MLS #2764510
Lot 78, Phase 3, Russell Ranch Litchfield Park, Arizona
Seller will sell lot at a reduced price if buyer has their own dream home plans. List of builders & bank contacts available. Email me to request floor plan. csaling@awardrealty.com
Offered at $249,900
RUSSELL RANCH, LITCHFIELD PARK, AZ - NEW CUSTOM HOME FOR SALE, TENANT IN PLACE - For Sale $699,000
Brand new Custom Built Home, tenant in place! Features include: Grand Entry, Gourmet Kitchen 12' ceilings, spectacular lighting, granite counters, GE PROFILE Appliances, Double Oven, Cardell raised panel cabinets, Santa Fe Textured Walls w/Bull nose corners, travertine Flooring, Master Bedroom w/Sitting area or Office, Jack & Jill Bath w/raised lasco jetted tub. Kohler sinks & toilets, gorgeous fixtures...... $699,000
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
DINNING/KITCHEN VIEW 
Now is the time to Build your Arizona dream home! Russell Ranch is located in Litchfield Park, Arizona 85340, 
Lot 78, Phase 3, Russell Ranch Litchfield Park, Arizona
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