short sales: The Ikea Effect and the Field of Real Estate - 05/21/13 02:31 PM
Thanks to Darin Persinger of Productivity Junkies, I was recently turned on to Dan Ariely’s principle, which he calls The Ikea Effect. You’ve been to Ikea before… haven’t you? Ikea is a successful Swedish manufacturer with a cutting-edge catalog and stores throughout the world. They offer reasonably priced furniture, but the key is that you must assemble it yourself. And… it is a commonly held belief that a doctoral degree is required to complete the assembly of many of the household products sold by Ikea.
Taking that thought a little bit further, have you ever gone on Craiglist to search … (47 comments)

short sales: The Impact of a Short Sale on Credit Score - A Great Mystery? - 05/17/13 06:31 AM
Sellers considering listing their home for short sale always ask about the impact of the sale on their credit score. Should the seller continue to make mortgage payments? How do missed payments impact the credit score? Can you do a short sale and not miss payments? Credit scores, in general, are one of the great mysteries in life (almost like which came first--the chicken or the egg).
Here are some of the most common questions and answers with respect to short sales and credit scores:
If I participate in a short sale, how soon can I buy another home?
A short … (5 comments)

short sales: 5 Ways to Improve Your Short Sale Negotiation Skills - 05/07/13 05:43 PM
I just returned from some “west and welaxation” (think Elmer Fudd) at the Short Sale Expo in Palm Desert, California this past weekend. As part of a panel of four top notch short sale experts, we were all assigned the task of speaking on the Top 5 Ways to Ensure a Quicker Short Sale Closing. Here’s what some of the other gurus on the short sale panel had to say on the topic.
Top 5 Ways to Ensure a Quicker Short Sale Closing
Collect all documents at the listing appointment. If you collect all the documents at the listing appointment, … (1 comments)

short sales: Getting Short Sales Closed Can Be a Tricky Business - 04/29/13 10:44 AM
In a market with a clear inventory shortage, buyers and their agents are clamoring to find properties to purchase. It’s tough out there, and many agents are writing upwards of ten offers in hopes of getting a single one approved. It takes more then a magic wand to get a short sale approved and closed.
Having recently attended a risk management meeting lead by a prominent real estate attorney, I can attest that we are not the only ones seeing the “crazy” offer as commonplace in this real estate market. The “crazy” offer is an offer that seems so enticing that it borders … (2 comments)

short sales: News Update - HAFA Short Sale Changes Released February 1, 2013 - 04/23/13 11:54 AM
The Home Affordable Foreclosure Alternatives program (HAFA) has gone through all sorts of changes over the last 4 years. The latest update to the Treasury program (Supplemental Directive 12-07) was released on February 1, 2013.
Here are some of the most notable changes to the HAFA program in this latest directive (summary courtesy of Bank of America):
The Short Sale Agreement (SSA) is being converted to a Short Sale Notice (SSN), which will no longer require the borrower to sign and return the agreement. The Request for Approval of Short Sale (RASS) and Alternative Request for Approval of Short Sale … (2 comments)

short sales: Can Corporations or LLCs Purchase Short Sales? - 04/14/13 06:20 AM
Have you ever represented a buyer on a property that’s an entity and not an individual? Have you ever represented a Corporation, an LLC, or a Trust?  Sometimes, in short sales, representing an entity is not so easy. That’s because the short sale lender wants to know who owns the entity in order to ascertain that this is not a fraudulent purchase, according to the short sale lender’s terms and conditions. In fact, some short sale investors/note holders are so concerned about entities purchasing short sales that they have created guidelines that prohibit such a purchase.
At Bank of America, they have specific … (8 comments)

short sales: Which Banks Offer the Biggest Discounts on Short Sales? - 04/11/13 04:08 PM
A Recent Email to my Office:
Dear Melissa:
I'm in need of you help. I'm trying to figure out, what banks are offering the biggest discounted short sales and who are not. Would you be able to do a MLS search for me and email it? --Investor Buyer
Dear Investor Buyer:
We’d be more than happy provide you with a Realtor® that can set you up with an MLS search. However, what you are inquiring about is not available on the MLS. On the MLS, you can search for sold properties. You can also create a search that identifies sold traditional … (5 comments)

short sales: How Certain Liens Can Destroy Your Short Sale - 03/08/13 06:22 AM
Non-Institutional Liens Can Wreak Havoc on Your Short Sale
No bones about it. Any lien that isn’t a mortgage lien can wreak havoc on your short sale transaction. That’s because a short sale closing can only occur if the title is clear. That is, there must be a release or payoff for every demand named on the title report. The short sale lender usually takes care of the other lenders. But, what about the IRS, the bail bond, or that HOA or Mechanic’s Lien?
There are several kinds of liens that can be associated with the property or the borrower. And, in … (4 comments)

short sales: Short Sale Lenders Real Estate Commission Policies - 02/26/13 06:47 PM
For the last several years, there has been quite a bit of talk about the poor compensation that short sale listing agents receive. That’s probably because real estate agents are accustomed to working a traditional sale. To be compensated for a short sale for equal to or less than the amount paid in a traditional sale is a tough pill to swallow. That’s because short sales require significantly more work than a traditional real estate transaction.
Short sale agent commissions have improved, however, over the last several years. In the early years of short sales, mortgage lenders would cut the agent … (6 comments)

short sales: What Is a Short Sale Lease Back? - 02/20/13 04:26 PM
“I have a home that I cannot afford to keep. I owe more on the loans than my home is worth. I would really love to keep my home, and I was approached by someone that told me that he would buy my home in a short sale. I could then rent it for two years, and buy it back from them. Is that legal?”
Yes, no, and maybe.
What you are talking about is commonly referred to as a short sale lease back. The short sale lease back real estate transaction sounds like it would be an ideal situation for … (5 comments)

short sales: Short Sale Sellers Must Want to Participate in the Short Sale - 02/16/13 11:56 AM
Happy Saturday! While I was at my regular Saturday morning workout, I had a phone call from an angry Realtor® who had set out to one of our listings in order to conduct the Broker Price Opinion.
The short sale package has been at the bank for several weeks, and the bank is in the process of the HAFA review. Before we can get short sale approval, the lender needs to conduct a valuation of the property in order to confirm that the offer on the table is a viable one.
Lots of hours have already been put into this transaction, … (3 comments)

short sales: What is the California Homeowner Bill of Rights? - 02/01/13 05:19 PM
At the beginning of the year, all of the different facets of the California Homeowner Bill of Rights took effect.
What is the California Homeowner Bill of Rights, and how does it impact you?
There are several components and provisions to the California Homeowner Bill of Rights:
A component granting the Attorney General’s office the ability to convene statewide grand juries to investigate and indict perpetrators of financial crimes involving victims in several counties (SB 1474). A component that extends the statute of limitations for mortgage-related crimes from one to three years, giving the Department of Justice a better opportunity to fully investigate … (3 comments)

short sales: The Short Scoop on Short Sales - Free Event This Friday - 01/30/13 07:22 PM
If you are in or around North San Diego County this Friday, you will not want to miss this event. If you dare to wake up and eat breakfast with me, you'll get the short scoop on short sales. Other speakers throught the day include Jim Marks (Virtual Results) and Sean O'Toole (Foreclosure Radar) among a bunch of other really amazing folks. It's a totally free event to Realtors and anyone interested in the real estate industry.
Hope to see you there!

… (3 comments)

short sales: Bank of America Short Sale Policy Update - 01/23/13 05:14 PM
We received a call the other day from one of our agent friends and a big fan of my short sale team. He was calling to tell us that he went to an office meeting where he was told that Bank of America will be more actively and aggressively pursuing foreclosure in 2013.
It’s like that game of Telephone where you whisper a secret in someone’s ear, and then that person whispers it in another ear, and soon the secret has changed ten-fold. In fact, there has been a VERY SMALL AND INSIGNIFICANT CHANGE that Bank of America has made in … (8 comments)

short sales: Dual Tracking, Short Sales and the California Homeowner Bill of Rights - 01/21/13 12:21 PM
In the beginning of 2013, all of the provisions of the California Homeowner Bill of Rights will have taken effect. This is a complicated Bill (now California State Law) with multiple components.
Here they are in a nutshell:
A component granting the Attorney General’s office the ability to convene statewide grand juries to investigate and indict perpetrators of financial crimes involving victims in several counties. A component that extends the statute of limitations for mortgage-related crimes from one to three years, giving the Department of Justice a better opportunity to fully investigate and prosecute complex mortgage fraud crimes. A bill that … (21 comments)

short sales: IRS Now Accepts Electronic Signatures on 4506-T - 01/16/13 01:03 PM
Did you hear what President Obama did on his Hawaiian vacation? Aside from surfing and attending a luau, he used an autopen to sign the fiscal cliff bill. I was not quite sure what an autopen is, so I looked it up on the Internet. It’s quite what you would imagine: some sort of contraption where the signor holds a pen, and something is signed at a secondary location. It’s not quite as useful as the electronic signature, but I suppose that for the Obama Administration it did the trick.
Following suit and doing a much better job at it (no … (3 comments)

short sales: The Three Biggest Complaints About Short Sales (and why they're wrong) - 01/14/13 05:36 PM
I’ve often heard it said that there is nothin’ short about a short sale. And, if I stood around the water cooler long enough, all I would hear would be complaints about short sales. The fact is that short sales can really boost your income for 2013 and fuel your real estate career for years to come. In the last few years, my staff and I have helped agents to close over 120 million dollars in short sales.
Here are the three biggest complaints about short sales, and why they’re wrong.
Short sales do not pay enough commission.  Why That’s Wrong: … (29 comments)

short sales: Is 2013 the Year of the Short Sale? - 01/04/13 02:26 PM
We are just four days into 2013, and I’m thinkin’ that it is gonna be another short sale year. I know that it is definitely going to be another awesome year for short sale listing agents (just as long as they get to work fast).
Here’s are 5 reasons to embrace the short sale in 2013:
Short Sale Incentive Programs  There seems to be an exhaustive list of short sale incentive programs, but our all time favorite (expiring in September of 2013) is the Bank of America Short Sale Assistance Program. This program pays up to $30,000 in relocation assistance to … (4 comments)

short sales: 10 Facts You Must Know About Mortgage Debt Forgiveness - 01/03/13 04:45 PM
If you are a real estate agent, a short sale seller or an individual considering selling your home as a short sale, then you’ll probably be very happy to hear that the Mortgage Forgiveness Debt Relief Act of 2007 has been extended another year. This extension comes as part of the vote that passed so that we all do not go over the “fiscal cliff.”
You probably recall that the Mortgage Debt Relief Act of 2007 allows certain taxpayers to exclude income connected with the discharge of debt on a primary residence. This includes debt that has been reduced through the … (4 comments)

short sales: Short Sales and Bankruptcy: General Information for Sellers and Agents - 12/27/12 07:18 AM
When taking a short sale listing, one of the questions that the listing agent should ask is whether the seller is in an active bankruptcy. Due to the state of our economy, it has become increasingly more common for homeowners to file bankruptcy.
An active bankruptcy can impact a short sale lender’s ability to process a short sale. For this very reason, it is important to have good communication with the short sale seller (the borrower) and obtain as much information as possible about the status of the bankruptcy.
Many short sale lenders will review a short sale offer while the … (6 comments)

 
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Escondido Real Estate - North San Diego County Homes

Melissa Zavala, Broker

Escondido, CA

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Broadpoint Properties

Address: 220 West Second Avenue, Escondido, CA, 92025

Office Phone: (760) 839-3838

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