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short sale process: Elk Grove distressed homeowner question - 01/05/10 09:36 PM
I had a couple come in to my office today to meet with me. They have done everything right - bought a home, have great credit and paid their payments on time each month.
So what's the problem?
They bought a home 4 years ago in a good neighborhood in Elk Grove, CA. They put approximately $75,000 down on a 3 bedroom, 2 bathroom home with approximately 1400 sqare feet. They unfortunately paid over $350,000 for this home; it's currently worth approximately $175,000 and they owe approximately $270,000.
So fast forward 4 years...they want to buy a larger home … (1 comments)
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short sale process: Short Sales - questions to ask the listing agent - 10/25/09 10:45 AM
It seems as though I am hearing over and over again recently that buyers are not sure what is going on with their offer on a short sale listing. I had an email from a buyer today asking if there was a way to find out from the bank if there offer has been received and is being negotiated. After emails back and forth, it appears that this particular buyer chose to write their offer through the listing agent and the listing agent is not communicating with them. How many times do we hear this?
Although there really is not a … (2 comments)
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short sale process: Short Sales....Important questions answered - 10/13/09 12:21 PM
I have written a series of posts in the past about short sales, but thought it would be appropriate to post some other questions that I often get asked when we are working on a short sale for a homeowner.
What kind of information will the bank ask for?
Each bank has their own separate set of forms that they can ask to be filled out. In fact if you have two loans the amount of information can be different between both banks. The types of information that can be asked for as follows: Signed hardship letter Copies of last 2-3 … (2 comments)
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short sale process: Ever had a short sale that you thought would never close? - 10/12/09 10:04 AM
I believe that anyone who works on and closes Short Sale Listings has had one of these, but mine occurred last week and we finally got it CLOSED! The trick with short sales is to never give up! This one had it's own unique challenges, each one of course seeming as though we would not overcome it, but in the end we did and everyone is happy!
It began with an Elk Grove listing in the West Laguna area...beautiful 2 story home with a gorgeous pool and backyard. The seller had not worked in the past year and had stopped making his … (6 comments)
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short sale process: Short Sale hardship - 09/26/09 05:42 PM
Are you having trouble with making your mortgage payments? You know that you have to have a hardship to qualify for a short sale with your bank...are you wondering if you have a hardship that will be acceptable for a short sale?
Here are a list of acceptable financial hardships:
Loss of a job Relocation due to employment Business failure Death of a spouse Death of family members Severe illness Damage to the property Divorce Separation Inheritance Medical bills Military service Increase of mortgage payment or mortgage adjustment Insurance or tax increase Too much debt Incarceration A hardship is NOT, that you … (5 comments)
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short sale process: Just closed escrow on another Elk Grove Short Sale - 06/22/09 08:50 AM
Short Sales are selling, getting approved by the banks and closing! We just closed escrow on another Elk Grove Short Sale - 10128 Schuler Ranch Road, Elk Grove 95757.
Spacious 4 bedroom, 3 bathroom 2 story home. formal living and dining; huge family room with upgraded tile flooring & fireplace, bonus room at front of home could be office, spacious kitchen, window coverings throughout are upgraded, covered stamped concrete patio, 3 car tandem garage & more!
We listed this home on January 4th for $249,900...had multiple offers on it within 30 days and then went to work with Wachovia for approval … (0 comments)
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short sale process: Short Sale terms to be familiar with - 05/23/09 12:30 PM
If you are facing difficulties with your mortgage loan, here are a few terms you will want to be familiar with.
Deed in Lieu - a deed in which the borrower conveys all interest in the real property to the lender to satisfy a loan that is in default.
Default - the failure of a borrower to make a mortgage payment when due or to fulfill other terms of the loan agtreement. A "Notice of Default" is filed in California when a borrower is behind in payments; once filed the borrower has 3 months in which to "reinstate" or bring their … (0 comments)
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short sale process: Short Sale in Laguna West - Just Listed - 03/30/09 11:49 PM
Great new listing and priced so affordably! Spacious Short Sale in Laguna West with built in pool!
2404 Renwick Avenue, Elk Grove, CA 95624
5 bedroom, 4 full bathrooms, 3627 square feet
GREAT BUY! Seller is motivated! INCREDIBLE ROCK FORMATION POOL WITH 3 WATERFALLS, fiberoptic lighting, remote controls, heater & raised in-ground spa. Beautiful tropical back landscaping, covered patio w/misting system, 2 more patios poolside, gated sideyards with dog kennel & nearly completed putting green! This home is ideal for entertaining both inside & out! Two downstairs master suites, huge kitchen open to family room, formal areas, bonus room and … (0 comments)
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short sale process: Setting the Record Straight - 03/08/09 10:03 PM
According to the Sacramento Bee this morning in an article titled "Some Sacramento homebuyers walk away from big loans", Ryan Jessup, a past client of ours, just walked away from his Victorian home because he was upside down on his mortgage. Ryan did not just walk away from his home...
we actually sold it as a Short Sale just a few months ago. Ryan's mortgage was with Wells Fargo Bank, we had the home on the market for approx. 3-4 months, found a buyer, negotiated the short sale with Wells Fargo and closed the sale. I just spoke to Ryan a … (1 comments)
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short sale process: How much will a short sale cost me? - 03/05/09 11:44 PM
This is the fourth in our series on Short Sales...make sure to check out Who is Eligible for a Short Sale? , Are There Any Credit Consequences to a Short Sale?, Your Monthly Payments and a Short Sale, and Short Sales - how long does the process take?
A short sale should not cost you anything at closing for sales costs. We strive to complete the entire short sale process without having you, the seller, bring any money to closing. In most cases borrowers pay no sales costs if the lender approves the Short Sale. All commissions, title and escrow fees, and even most … (0 comments)
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short sale process: Short Sales - how long does the process take? - 03/05/09 10:54 AM
This is the third in our series on Short Sales...make sure to check out Who is Eligible for a Short Sale? , Are There Any Credit Consequences to a Short Sale? and Your Monthly Payments and a Short Sale.
All short sale situations are unique and follow their own timeline, The actual negotiation or approval process can take as little as 2 weeks or as much as 3 months to complete. On average most short sales take between 30 - 60 days from the date the offer is presented to the lender to the date of the Short Sale approval.
Many variables are … (1 comments)
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Lori Mode and Bruce Durham 916-230-0371 DRE License #00935148 and #00875356
Elk Grove,
CA
More about me…
Keller Williams Realty - Elk Grove, CA Homes for Sale
Address: 9250 Laguna Springs Dr., Suite 100, Elk Grove, CA, 95758
Office Phone: (916) 405-5737
Cell Phone: (916) 230-0371
Email Me
DRE License #00935148 Lori Mode & Bruce Durham of Keller Williams Realty, Sacramento Real Estate including Elk Grove and surrounding areas, including home listings, home prices, community information, local statistics, foreclosures and short sales.
If you ever have any questions, comments, suggestions, or anything else, please contact me using one of the methods below. Also be sure to engage in the conversations taking place within each post!
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