Should I Short Sale my Home?

There are many factors to consider when thinking about short selling your home. Everyone's situation is unique and it's always in your best interest to learn everything you can before making a decision.

What type of loan(s) you have, are there tax ramifications, how do you protect yourself? I always suggest to my clients that seek legal and CPA advice to discuss their situation to see what the best strategy is for them.

My job is to help guide you through your options and help you make the best possible decision that works in your best interests and future goals.

Our site at www.stopmydesertforeclsoure.com and help answer some of your questions, and as always, we are available for "in-house" meetings, at no charge of course.

We have helped many clients over the years short sell their homes and now we are working with them to buy a home again after just a short 2 to 3 years. It's a great feeling to help someone out of a terrible situation, then to come back and help them get back on track and become homeowners again.

If you would like more information about our "restructure your life" program, that you help you start the next chapter in your life, contact us at 760-464-8138.

Laura Lake, a Short Sale Specialist with The Laura Lake Group of Keller Williams Realty, helps owners with their short sale in La Quinta, Palm Desert, Indio, Palm Springs, Indian Wells, as well as the entire Coachella Valley.

As A Realtor, we receive calls all day long...the problem is, we get so many calls trying to sell us on something and some of these salespeople are very pushy....but we "can't" not answer our phone, it could a potential buyer or seller.

The other day I got a call from a salesperson, about the search engine "Bing", when I told them they were the 3rd person to call me in the past week and that I was not interested, their response was "you don’t want more business"...ok now you are trying to make me feel bad about getting business? does that really work?

So now I am just "hanging up" on these salespeople as they just don't take no for an answer....As an agent, I don't push people to work with me.....I build the rapport and go from there.....I don't see that prospect as a target, if they need help, great, I am here for them, if not....NEXT!

How do some of you here in Active Rain land handle these types of calls. My problem is I also handle REOs and many times the area code is similar or the same as my assets managers, so not answering my phone is not option.

Happy New Year to everyone!

Laura Lake, Keller Willliams Realty, La Quinta, CA 760-464-8138

I like to beleive that all Real Estate Agents/Brokers are professional at all times, but my belief has truly been put to the test this past week.

I am representing an "out of area" agent who is purchasing a home in La Quinta, CA and I figured this would be an "easy as pie" transactions......so not the case.  I guess that saying is true, "Dr.'s make the worst patients".....

I guess part of the problem is that I "assumed", "the client is an agent and knows how things work in the Real Estate world".  I am a very patient person...but even I have my limits.  My stress level is at an all time  high, I got the listing agent yelling at me, the escrow officer yelling at me...anyone else want to take a shot!  lol

Anyways, enough, just needed to vent and knew some of you out there in activerain land must of had similar expereinces too...would love to hear how you handled it and made it to the other side!

I love my job and will continue to do so...this is just one deal....!!!!! 

I am happy, I am happy, I am happy, I am happy........

Merry Christmas everyone, please be safe and happy selling!!!!!

Laura Lake, Short Sale Agent in La Quinta, CA  92253, Keller Williams Realty, 760-464-8138

Lenders Accelerating the Foreclosure ProcessThroughout California!

Throughout the major California markets resale home inventories aredown to almost a two-year low.

Lenders are preparing to liquidate their "shadow inventory" in anticipation of the spring selling season heating up.    Going to the next step, lenders have accelerated filing Trust Deed sale notices by following through on backlogged (pending) NOD notices.

News events point out the decline in bank stock prices providing further motivation for banks needing more liquidity.

Accomplishedreal estate writer Alejandro Lazo of the Los Angeles Times has provided statistical data that points to waves of inventory about to hit the market.

Scheduled Foreclosure Auctions Soar throughout California

By Alejandro Lazo, Los Angeles Times..... December 15, 2011

Banks in November scheduled more than 26,000 homes to be sold at California foreclosure auctions, a 63% surge from October and a sign that a surge in discounted, bank-owned properties is on track to hit the market next year.

The uptick in scheduled auctions follows an increase last summer in homes entering the foreclosure process by receiving default notices and was largely driven by Bank of America .

If you are behind on your payment, you have options, call Laura Lake at 760-464-8138 or visit:  www.stopmydesertforeclosure.com

Laura Lake is a Short Sale Agent with the The Laura Lake Group at Keller Williams Realty in La Quinta, CA

Buyer of Foreclosures overbidding and then re-negotiating the price

Last week I submitted an offer for my buyer on a bank owned listing, listed at $430,000. This home is located in a very desirable neighborhood and I knew it would go over asking despite the condition. 

There were 3 additional offers on the property and the bank, as usual asked for highest and best.  We submitted our offer, and we still lost out to a higher bidder…but I told my buyer not all is lost yet, as I am seeing a trend in our area with these type of “high desired” homes..

I got a call today from the listing agent, the other buyer did their inspections and stated that the home needed way more work than they anticipated and requested a huge reduction in the price, but never produced any inspection reports to validate their request.  My buyer is now buying the home, and we can’t be more excited for him.

We are seeing this more and more in our area, buyers overbidding to win the property then use the inspection excuse to get the price back down. 

How about your area, are you seeing this, how are you handling it?  As a buyer agent, do you let your buyers work this way? 

Laura Lake, a Short Sale Agent with the Laura Lake Group of Keller Williams Realty in La Quinta, Ca.

760-464-8168

I have been doing short sales for the past 4 years and I have seen the timeframes reduce and the amount of approvals increase with Bank of America.

I can remember just a year ago, I was hearing agents say "I won't take a short sale listing if the loan is with BofA". I decided not to listen to them and kept doing them and now they are running like wildfire. I got one approval from BofA in 15 days, wow, I was impressed. 

BofA is now working towards reducing the timeframes even further with their latest announcement.  BofA has just released the following new procedure change for the HAFA program.

"Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer.

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale"

Laura Lake is a Short Sale Specialist with Keller Williams Realty in La Quinta Ca. 

“Call today to see how we can help you.”  760-464-8138 or visit us on the web at www.StopMyDesertForeclosure.com

Fannie Mae and Freddie Mac are giving homeowners a gift

CNNMoney 12/2 -- Happy holidays struggling homeowners! Fannie Mae, Freddie
Mac and several large mortgage lenders have pledged not to foreclose on
delinquent borrowers during the Christmas season.

For homeowners with loans through Fannie Mae and Freddie Mac the moratorium
will run from Dec. 19 to Jan. 2. During this time, legal and administrative
proceedings for evictions may continue, but families will be allowed to stay
in their homes, Fannie said in a statement.

"No family should have to give up their home during this holiday season,"
said Terry Edwards, an executive vice president for Fannie Mae.

Among some of the major banks that offer mortgage loans, Chase Mortgage said
it will not evict anyone between Dec. 22 and Jan. 2. Wells Fargo will also
suspend evictions during that period, but will not shut down its eviction
machinery entirely.

The bank said it will observe the moratorium on foreclosed properties in its
own portfolio but for loans it services for other lenders
"foreclosure-related actions may still occur."

Bank of America said that it would "avoid foreclosure sales or displacement
of homeowners or tenants around the Thanksgiving and Christmas holidays."

If you want more information contact Laura Lake, Short Sale Agent in La Quinta Ca, 760-464-8168 - info@stopmydesertforeclosure.com or visit www.StopMyDesertForecloure.com for help with your short sale