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mission viejo short sale agent: Deadline For Short Sales Looming - 01/29/12 04:23 PM

 
So much of the Mission Viejo Real Estate Market is short sales. In fact, all of Southern California seems to be listing short sales. It's a sad situation that those who purchased or refinanced during the "boom" period a few years ago now find themselves stuck when they need or want to move.
In an effort to help these short sale sellers as well as the housing market in general, Washington DC had passed the Mortgage Tax Relief Act. This included the provision in which the federal tax consequences were not applied for a period of time.
Did you know … (35 comments)

mission viejo short sale agent: Magic Potions: As Good An Idea As Any...... - 01/05/12 11:26 AM

 
 
Double, Double Toil and Trouble
Ah Shakespeare's great rhyme about a witch and her cauldron. A sing song child's saying at Halloween should not be a rallying call of the short sale agent.
Always try to keep a smile on my face!
Yesterday we heard from B of A about a short sale and yes, we are $40,000 away in price. A mere 15% higher than the highest offer I've been able to get in 7 months.
Sigh!
I think I'm approaching this wrong. Perhaps I need to invest in a witch. A solid "please accept this reasonable … (11 comments)

mission viejo short sale agent: The Toilet Paper Doesn't Fit The Holder Anymore - 12/30/11 11:19 AM

 
 
 
The little things can frustrate us when they change. The things we take for granted? The things we do automatically? The things we use daily?
A big fallout of the recession is the consumer products industry....in particular the grocery products. The manufacturers have been hit with higher production costs, higher transportation costs and less consumer spending.....how could they adjust and continue to be profitable?
They knew that they couldn't raise prices proportionally to the increase in production costs....people would stop buying the non-essentials.
So rather than raising prices to the level that they would need to to … (84 comments)

mission viejo short sale agent: Don't Run From My Short Sale Listing - 10/25/11 03:29 PM

 
I work short sales!!!
There, I said it. Do I love them? Not particularly, but this is the market we are in and I work in the market at hand. I'm a real estate professional and I adjust with the business, which is why I've survived.
I adjusted to the seller's marketI adjusted to the buyer's marketI've adjusted to the short sale market
Sadly, short sales are here to stay for awhile. Anyone who needs, really needs to sell or move is going to do that...even if their property value isn't what they owe. There are legitimate hardships … (7 comments)

mission viejo short sale agent: Short Sales And Other Delays - 06/14/11 04:23 PM
We have all heard about the delays and long waits attached to short sales, but that's not the only transaction which can cause frustration for our buyers.
BanksCourtsLLCsTrusts
All these entities are parties to transactions these days which can, and do, cause delays. Often the buyer hears "flipper" or "bankruptcy" and expect a fast and fair response to the offer, but I am now 10 days and counting waiting for a Trust Committee at a bank to respond to our offer, and I'm seeing more of this.
Banks:
Banks come into play in short sales of course, and we've come to expect … (4 comments)

mission viejo short sale agent: False Hopes.....Loan Modifications, Short Sales and Foreclosures - 05/17/11 02:28 PM

 
 
There is a lot of pain out there! Home owners who are underwater and can't pay the mortgage. They want to save their properties, their investment and their credit...but they are bombarded with information and examples which may or may not apply to them.
The main problem I see is that everyone in a position to offer help have a financial interest in their decision.
Bankruptcy AttorneysReal Estate AgentsLenders
All have a financial gain if the home owner decides to move forward with a decision. There is no reason to pretend that we don't...but that doesn't mean we … (4 comments)

mission viejo short sale agent: Don't Drop The Orange County Short Sale Seller After The Sale - 03/19/11 10:18 PM
Don't Drop The Short Sale Seller After The Sale

 
We all know about keeping in touch with our clients after the close. But with so many of our sellers selling short these days, are we keeping track and helping them? What is our duty to them....to ourselves...after an Orange County short sale.
Obviously in the short term our sellers are now renters, probably we've even helped them find their new rental home. But we are very short sighted if we then drop them as "bad prospects" due to the credit implications.
But really these are our best referrals....and we … (52 comments)

mission viejo short sale agent: "I Don't Do Rentals".....Really? Then You Are Losing Some Listings, Aren't You? - 01/28/11 11:59 AM

 
I know you're thinking: "Hey Karen, what are you talking about?" Well...I'm glad you asked.
Who are the renters out there right now? It's a new market of former homeowners who are considering a short sale or just walking away. Many calls I get are people trying to determine what they could rent if they decide to give up their current home.
It's not a happy call.....but often they feel better taking a step forward, and understanding that they might be able to rent something very nice. A fresh start!
During these calls....I also can talk with them about … (45 comments)

mission viejo short sale agent: 4 Reasons Why 2011 May Be the Year for A Short Sale of Your Orange County,California Home - 01/08/11 01:45 PM
I feel like I'm stalking Tni, can she block me on AR the way she could on Facebook? Uh, oh. But another great post and something troubled homeowners should read and understand.
I know it's hard....I talk to these sellers all day long...but you need to take the emotion out of the situation and make a rational decision.
I've lived in many homes over my lifetime. As an owner and as a renter....and do you know that none of my fondest memories had anything to do with where I slept that night. We all know the stories about honeymooners with … (6 comments)

mission viejo short sale agent: Do You Remember When Realtors And Lenders Liked Each Other? - 01/01/11 12:24 PM

 
 
 
Post after post, rant after rant, it seems the real estate industry has a hobby....criticizing the lending industry. I remember the old days when we worked together.
We complain about the long time frames needed to close loans, the tough approval criteria and low appraisals...of course we'd always would have complained about that. We put pressure on the mortgage loan officers to move an elephant across the room. But these are not the lenders I'm talking about....I'm talking about short sale lenders and their representatives.
It seems we've forgotten that mortgage and real estate are just different … (21 comments)

 
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