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mission viejo short sales: What Is The Low-Ball Buyer Thinking? I'll Tell You! - 03/02/12 01:29 PM

 
 
There are perceptions about Low-Ball Offer Buyers:
They aren't serious buyersThey are uninformed about home valuesThey are deal-huntersThey are users
Wow....someone is writing an offer on your listing/home and the perception is that they are users? I disagree! I've written these offers.
Barbara Todaro wrote a great post today, a "Members Only" post, so out of respect, I won't link to it here. But the basic point was that a low-ball offer is not an object of disdain, but an opportunity. I couldn't agree more!
First....I do not believe there is such a thing as A Low-Ball Buyer. I … (12 comments)

mission viejo short sales: Mission Viejo Hosts The Finacial Recovery Workshop - 02/15/12 03:29 PM

 
Orange County California has been hit with the Housing Crisis as much as the rest of the country. Foreclosures, Short Sales.....many Mission Viejo families have had to deal with these realities. During the process, so many times the home owner is just trying to get through the day, and the transaction. But what happens after it's over?
Financial Recovery!
After you complete a foreclosure....or hopefully a short sale....you then need to reassess and recover. Now is the time to make good decisions to rebuild your credit. The City of Mission Viejo can help!
On March 15, 2012, the City … (2 comments)

mission viejo short sales: California Short Sale Sellers....Do Not Be Intimidated, You Have Rights - 02/15/12 02:54 PM

 
Today my negotiation team and I had a shocking conversation with a short sale negotiator representing Specialized Loan Service (SLS). The negotiator threatened to contact the seller and threaten (his word) into offering something to make this deal work....or force (his word) the agents to pay from commission.
THREATEN!!
Wow....I was stunned!
Now for starters...In California, this is illegal! A law passed this past summer, SB458, the short sale sellers cannot be asked to contribute money, or promise of money, in exchange for a short sale approval. Additionally, it extends the anti-deficiency protection for sellers on all loans, not … (4 comments)

mission viejo short sales: I Know That's Not What You Wanted To Hear - 02/09/12 05:55 PM

 
 
I feel like so much of my time these days is giving bad news to good people! It's tough! Buyers and sellers are getting bad news from me. But honest news.
Short Sale Sellers are hearing:
The home value is so low that they have to do a short sale The Short Sale "might" result in an income tax bill There is a sale date scheduled The buyer walked Equity Sellers are hearing:
The real value of their home, not what they wish it were The home down the street is listed 30% less because it is a … (78 comments)

mission viejo short sales: 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 sales: 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 sales: Every Short Sale Listing Appointment Now Includes A New Disclosure: Protecting Myself - 04/03/11 02:32 PM

 
I had a very long appointment last week with a Real Estate Attorney. Not to worry....I'm not in trouble! But sometimes we visit professionals to keep us OUT of trouble....and that's what I was doing.
This market seems to still be dominated by Orange County Short Sale listings. They are challenging, but I don't mind. These sellers are in real distress and if we can help as part of our business, then that's great.
But I've become more and more concerned about the conversations I have during the listing appointments. As a Realtor® we are assumed to be professional...and … (120 comments)

mission viejo short sales: Dear Orange County Short Sale Asset Manager: I Can't Sell It For What You Want!!! So, What Would You Like To Do? - 03/23/11 05:45 PM
I work Orange County Short Sale Listings quite a bit. More than I would have ever thought, actually. I have a wonderful team which helps me manage the process and paperwork and we are very successful. But sometimes I just wonder what the Asset Managers are thinking.
I find more and more the approval price seems to depend less on the value of the home and more on the amount of loss the short sale lender is willing to take.
This number does not matter to the buyer!
One of my Orange County Short Sale Listings just went into escrow after … (5 comments)

mission viejo short sales: "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 sales: 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 sales: Listing Agents Are the Biggest Roadblock to Closing A Short Sale - 07/26/10 11:49 AM
Uh oh....possible firestorm coming.
I just read the post by Elizabeth Weintraub.....whom I love...and I would like to make it clear that I have no doubt that Elizabeth is an expert in handling short sale listings. This rebuttal is not addressed to her...but to the many other short sale listing agents which are causing the frustration.
Buyer's Agents Are the Biggest Roadblock to Closing a Short Sale I have to disagree! Not with the point that buyers often write offers on multiple properties, but the reason why...it's not the buyer's agent's fault, most of the time, it's the listing agent.
I … (24 comments)

mission viejo short sales: My Best Short Sale Success.....The One That Didn't Happen! - 04/12/10 01:02 PM
Success is a funny word! To those of us who work on commission, it would seem that success is the closing of a transaction and payment....but that's not the only way to measure success. In this case, I made nothing....but it's one of the best success stories I have. They kept the house!!
Over a year ago (that's right 14 months ago) I was contacted to list a home in my area as a short sale. I checked values, discussed the situation with the sellers and we determined that they really had no alternative. They had a daughter who was just … (65 comments)

 
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