When it comes to a short sale WHO IS THE JUDGE on what a hardship is or is not? Is it your local Realtor, your neighbor, you, the lender? Bottom line it is the lender, and each lender is different, I'll go as far as to say each negotiator is different, to determine what is or is not a hardship.
I had a prospective Short Sale seller in Tracy, CA ask me if I thought their situation was a hardship that would be approved by the bank to short sale their home. I couldn't and wouldn't answer their question.
Personally, I don't want to be the one to make that decision.
I've been working the past 5 years in Tracy and Mountain House, CA helping home owners short sale their homes. Homeowners are typically 30- 50% upside down in our local real estate market. I've seen short sales get approved that in my opinion no hardship existed. I've seen short sales get denied when I was certain there was a hardship.
I tell prospective short sale clients I will leave hardship determination up to their lender. I'm here to help you, the seller, if you want to proceed with a short sale, then I will do what I can to get your short sale approved.
Are you the judge, or do you allow the bank to determine what is and is not a short sale hardship?
Susan Goulding
Serving Tracy and Mountain House CA with all real estate needs. Free home search, first time home buyer loan information. Foreclosure and short sale information.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
In Tracy and Mountain House CA our real estate market is dominated by First Time Home Buyers using FHA Loans or we have investors paying CASH. What's it like where you are? If you work with buyers who are using FHA mortgages to purchase their home we need to be ready for the changes.
I am NOT a lender, I'm a Realtor looking to help home buyers navigate their real estate purchase, especifically in Tracy and Mountain House, CA.
Do you have more questions? Contact your local lender, or go to www.SusanGoulding.com for more information. I've know some awesomeat lenders and I'd be happy to recommend to these lenders real estate home buyers.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
Great News for 1st Time Home Buyers & Real Estate Investors - HUD Relaxes the 90 day Flip Rule
Real Estate Investors - Great news for you -- you can now buy a foreclosure, fix it up and flip it to a sell it to an FHA Mortgage First Time Home Owner. Become a local Philanthropist by buying foreclosure homes and then help a first time home buyer use an FHA mortgage to purchase your property.
FHA First Time Home Buyers - Great news for you! 1st time home buyers who are using an FHA Mortgage to purchase their first home can NOW buy a fixed up home the day it goes on the market. 1st time home buyers you no longer have to wait 90 Days to use your FHA loans to buy that great home. A foreclosure someone has fixed up and now it meets the FHA loan criteria.
The FHA Loan waiver will apply to all FHA Loan contracts written Feb 1, 2010 or after. FHA Buyers have until Feb 1, 2011 to take advantage of this waiver. FHA first time home buyers you now have one year to BUY!!!
Here are a couple of things to be aware of with the 90 Day FHA Flip Rule Waiver: 1. Investors or Equity Sellers who sell their home or foreclosure this applies to YOU. 2. Arms Length Transaction - You can not be related to the person buying or selling the property. (Mom or Dad can't buy a foreclosure, then sell it to their children who are using an FHA loan within 90 days.) 3. If the sale price is 20% or more than the first purchase there must be an explanation how the value was increased. Repairs, rehab work, etc. (This may be difficult if the seller does not keep good records to any renovations that are done.)
Questions: What if no work was performed? What if the property was bought on the auction steps, and flipped right away? What if, What if, What if.....Contact us today for answer to these and any other questions you may have as watch as changes happen daily.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
First off let me say that this is one of my first posts as a Rainmaker!!! I was on the rocks for a while as to the full benefits of paying to blog, but I'm glad I've finally joined. I've already seen some success in my local area.
Realtor.com iPhone Application
The new Realtor.com iPhone app is out and it's great! I did a quick search and it doesn't look like too many people have blogged about it, so I'd though I could help out. The application was just released today on the iTunes App Store. Here is a link to the download the free application from Realtor.com ---> iTunes App Store -Real Estate Search
The application is named "Real Estate Search" I like the title as it's straight and to the point, instead of simply trying to maintain the realtor.com branding.
While reviewing this Realtor.com iPhone app, I was on a wireless network with an iPhone 3GS so I expected it to be quick and it didn't disappoint! I was actually quite surprised. Some of the real estate iPhone apps are slow and take forever to load pictures.
There are quite a few great features to this application....
When first staring the application it takes just a few seconds to load. Users are then able to sign-in or register for a Realtor.com account.
You'll see below there are a number of ways for homebuyers to search for homes.
They can use the built in GPS to determine their location and search around their geographical area.
They can search nearby open houses.
They can see their saved & recently viewed properties. (This will sync with their realtor.com acct.)
Creating a new search is also quite easy. It lets you get pretty specific in your search criteria. It includes being able to search by location, MLS, min/max price, bedrooms, bathrooms, size, lot size, age of home, next open houses, then type of real estate (i.e. residential, condo, multi-family, mobile home, farm, land) Once you enter your specific criteria you can either preview, search, or save it!
Once you've run your search there are 3 ways that you can view the results.
List - Gives you 10 properties at a time with the basic details. The listings with a more photos are highlighted. Users are also able to sort the listings in a variety of ways.
Street Map - Using Google's Map you can see properties on the standard street map. Click a property and you're able to open it up for more specifics.
Satellite Map - Just like the previous, but with a satellite image.
(One cool feature is being able to move the map around and simply click to have it update with any properties in that area. I personally really like using map search when looking for other homes in a specific area.)
Individual listings are where the fun really begins. Users are able to use the cool "flick" feature on the iPhone to easily slide through the pictures. No more waiting for each image to load, like on other search apps!
Home buyers can see all the main information about the home. They will also see who has listed the property. I have to add more pictures and have my information by my listings on Realtor.com, so you'll see they have put my picture on my listing. Users are able to directly call you or visit your website right from the listing. They can also ask a question, which opens up a form for them to send you an email. You'll also note the "Ask a Question" button on the top right of the listing.
Users are also able to Rate and leave notes which will sync with their Realtor.com account.
Last but not least... you'll see 2 icons on the bottom left of the screen. These offer 2 powerful features!
1. Share by Email - Users can email a friend. But even better... in settings there is a place for users to enter the email address of their real estate agent. They can save your email address and then easily email you the listing. That's why you'll see my email address in the picture. How cool is that???
2. Post to Facebook or Twitter - This is my favorite! That's awesome free viral marketing.
I truly think this application shows a great effort my Realtor.com. I know many agents aren't happy with the current situation over there, but one thing is for sure... this is a solid iPhone App. I'm sure there will be bugs that can be worked out, but for a first run at an iPhone Application... it's right on the money!
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
Susan Goulding | Keller Williams Realty | susan@susangoulding.com | 209-914-5573
2N18 Lakeside, Tracy, CA
Separate bonus room. Overlooking Crystal Lake in the San
Joaquin River Club, private camp grounds, restaraunt and
more.
1BR/1BA Single Family House
offered at $155,000
Year Built
1948
Sq Footage
1,300
Bedrooms
1
Bathrooms
1 full, 0 partial
Floors
1
Parking
1 Uncovered spaces
Lot Size
.10 acres
HOA/Maint
$0 per month
DESCRIPTION
San Joaquin River Club is located close enough to the city yet far enough to be the serenity you're looking for. Complete with Club House, Chapel, Bar and Restaraunt, Member and Visitor Only Camp Grounds. This is a unique community of single family homes located on government land. Property is leased.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
Short Sales - There are lots of questions about Short Sales. Does it matter if you live in Tracy, CA or Mountain House, CA?
Are the answers always the same? A lot has been said, written and reported on about short sale.
Here in the Central Valley of California, short sales are more prevalent than ever. The majority of homes for sale in the City of Tracy are short sales. The cities of Mountain House and Lathrop are dominated by short sales also. One thing is for certain that no matter where you live Real Estate is always changing.
Do you know why Real Estate is dominated by Short Sales? Do you know what your options are as a home owner who is behind or about to be behind on their mortgage payments? Do you know how long a short sale can take? Do you know which banks move quickly and which do not?
I don't know everything about Short Sales, no one does, as the short sale industry is changing daily. Here is a start to one of the most common Short Sale Question that I am asked daily as I work in Tracy CA. There will be more answers in the days to follow.
Tracy CA Real Estate quick stats: 229 homes are for sale as a short sale, of these 229 homes 152 of them are short sale contingent. That is 66% of the homes for in Tracy CA are a short sale or short sale contingent. 82 homes are either REO properties, Equity or Investor properties that are for sale.
Real Estate in Mountain House is similar to the Tracy's Real Estate market 53 homes for sale are Short Sales in Mountain House, 38 of those are short sale contingent. 71% of the short sales in Mountain House, CA have offers on them already that are waiting for an answer from the bank. 20 homes in Mountain House are REO, Equity or Investor properties.
First question: What is Short Sale Contingent. The local MLS - Metrolist has a category for Short Sales that have had an offer accepted by the current owner. The current owner does not have complete control over the sale of their home. The distressed owner has to have approval from the bank or banks that hold the notes to the loans.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
I'm not sure why the Short Sale vs Foreclosures debate fascinates me however, fascinated I am. Perhaps it's my desire to help home owners in Tracy & Mountain House, CA who ask me "Should I stop paying my Home Mortgage?"
The New York Times published an article about Home Owners who are choosing to walk away, why aren't more people making a potential financial decision to stop paying their mortgage?
The New York Times article discusses how Morgan Stanley has "opted to no longer pay on mortgages of 3 large office buildings in San Francisco because it no longer makes financial sense, since they are so upside down, however there is no moral or ethical stigma associated with this 'business strategy."
However, homeowners have stigmas and moral repulsion if they make the same "business strategy decision" when they stop making their mortgage payments thus allowing their property to go into foreclosure.
Our parents and grand parents worked hard and we were taught, "You always pay your mortgage, that is the LAST thing you ever stop paying." Is this sentiment still true?
The question to stop paying your mortgage when you can afford to pay it does not seem to be going away. These same questions were asked several months ago on my Tracy Real Estate Blog.
Do you think we're going to see more "optional Foreclosures" as the more people choose this route, does the moral stigma associated with a Foreclosure go away or lesson?
Why are people choosing a Foreclosure over a Short Sale? Is it lack of information on the benefits of a short sale vs a foreclosure? Is it fear, afraid, so they do nothing, which really is doing something? Do they "want to "stick it to their bank" for not doing a loan modification?
Is there a double standard between what Big Business - Federal Banks, Government, etc and the American Home Owner?
I'm really interested in the opinions of professionals and home owners.
Let me know what you think. Do you have questions? Do you have answers?
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
I was asked the following question: If I were in charge of a bank would I approve Short Sales and take the loss or would I leave the non -performing loan on my books, therefore it would not SHOW as a loss at this time.......
So WHAT WOULD YOU DO??
I'm not in charge of a bank - however, I do know that this isn't going to go away without cooperation from the banks. They don't approve a loss on a short sale, they don't modify the loan, they wait and take 40% less in a foreclosures.
Most of the loan mods I've seen are only going to prolong the inevitable.
Yes we, the American People got ourselves into this mess.... however the banks/lenders were an equal party to the problem.
The Federal Government DID not help anything by giving TART money to the banks that temporarily helped the BANKS.
What would have happened if every home owner had been given a check that brought their mortgage to current value, that check was ONLY redeemable to the Holder of their loan. Would that not have reduced the principal, given Homeowners a move up option and more money in thier pockets, and still infused the banks with money via the US Government?
I only know in my area there are going to be more "walk away- Option Foresclosures" as homeowners make the FINANCIAL decision to no longer keep thier loan.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
Rain Camp - A Social Networking and Learning Experience
I've been wanting to attend Rain Camp since Active Rain announced the first one in Seattle. So, when they announced the one in San Francisco, I bought a plane ticket the first day.
So, what did I take away from Rain Camp?
Brad and his family have a great band.
This post is a little long, but I attempted to avoid the "wall of words" and think it's well worth the time.
Blogging 101
Title of post becomes the URL & title of page - use good keywords.
Multiple articles using different, but similar, keywords.
2-4% keyword density on each website page or blog post (2-4% of the words on the page).
Start and end each page with the keywords for that page/post.
300-500 words per page/post.
2 to 4 outgoing links.
Use anchor text for your links - "Costa Mesa Real Estate" not "Click here".
Insert pictures, video or graphics to make it pleasing to the eye.
Twitter 101
Microblogging - 140 character or less.
May give you news before it's even on traditional media.
Google indexes the past.
Twitter is indexing things as they are happening, now.
If I can add any more to this, or you have any questions, please contact me -714.319.9751.
Do you need to upgrade to a RainMaker acccount so that the public can see your posts and you can get the Google Juice that Active Rain offers, if so, please contact me or click Upgrade to Rainmaker.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... Call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House
Tracy, CA Mountain House, CA Homes for Sale Tracy CA Short Sale Tracy CA Tracy Real Estate
br> As a local Realtor and community volunteer I always have a lot to say. This is the perfect place to say it. I hope this is a place you will return to day after day to read what I wrote and to comment. Have fun. Check out my web site at
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.
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