Southern Cal Short Sale Video on Real Estate for an Upside Down Market

By
Real Estate Broker/Owner with Preferred Home Brokers 00402040

When it comes to a glossary and real estate terms, it's about time to bring a few things up to speed...like today's real estate vocabulary.

Here's a quick look at current terms for today's real estate market:

 Short Sales =  Most people know it's when a property (home, condo, apartment building, commercial property, whatever...) sells for less than the existing indebtedness, i.e. loan balance (s). Short sales require the lender's approval to sell and accept less than due.  Most also know a short sale can be anything but short, it require patience.

Deed-In-Lieu of Foreclosure  =  Takes place when an owner (with the lender's consent) executes a deed (change of ownership) in favor of the lender to avoida foreclosure.  It's up to the lender to agree and it also can be conditional clear title, meaning no junio liens. If you're upside down and have a second loan, back property taxes, association dues, etc. it's not going to happen. Lenders are not willing to accept a property with all the "excess baggage" e.g. second loan, home equity line, liens etc. that are normally wiped out with a foreclosure.

Cash for Keys= Is a cash payment from the lender on a foreclosed property to the occupants, normally a tenant to vacate in a timely manner and leave the property in good condition.  Payment to an occupant/tenant  is usually  negotiated through the listing agent to provide immediate occupancy. 

Check out other helpful videos on the Southern California Real Estate Videos:

When you're looking for knowledgeable, competent real estate help in Southern California contact me Lynda@PreferredHomeBrokers.com. My company is Preferred Home Brokers and we've been serving home buyers and sellers for more than thirty-five years. You can text or call direct: (714) 595-1494.

We represent different types of real esate, short sales. bank repos/foreclosure properties, probate home sales and traditional home buyers and sellers. Check out my Home Selling Real Estate Blog, it's HomeSelling101.com for more home selling and home buying help.

CA Broker's Lic.# 00402040

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Groups:
VBloggers
Tags:
southern cal short sales
southern cal short sale realtor lynda eisenmann
preferred home brokers

Spam prevention
Show All Comments
Ambassador
1,894,289
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

The real estate vocabulary for distressed properties is highly valuable for everyone Lynda. You are doing great with the videos....

Feb 13, 2011 09:23 AM #1
Rainer
225,378
Kirsten Lindquist
Pacific Union International - Sonoma, CA
Realtor - Sonoma Wine Country

Nice video.  You look comfortable and you certainly did a great job of spelling out the options for distressed homeowners who don't want to just walk away.  I would refer a client to you!

Feb 13, 2011 09:47 AM #2
Ambassador
4,325,850
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lynda - you are turning into quite an educator. This has been a great video series and source of information for buyers and sellers.

Jeff

Feb 13, 2011 10:06 AM #3
Rainmaker
555,327
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Gary ~ Tnx, my list is today's terms is growing.

Kirsten ~ Many thanks,

Jeff ~ Thank you, I've been working on creating a virtual transaction, segments of the home sale, purchase process for my clients.

Feb 13, 2011 10:11 AM #4
Ambassador
1,543,810
William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

WOW Lynda, You have really found a niche that others just haven't been utilizing. Great video and I'll bet very good for Google. 

Feb 13, 2011 01:26 PM #5
Rainmaker
1,089,425
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Lynda it is amazing how many people don't know all the terms that we are accustomed too!

Feb 13, 2011 11:58 PM #6
Ambassador
1,654,850
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Lynda I met with someone recently who was not familar with these terms but might need to go this route.  What a great video.

Feb 14, 2011 12:23 AM #7
Rainmaker
555,327
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hey William ~ Thanks.

Bill ~ Different terms for a different market.

Jennifer ~ A this applies to a large number of our sales.

Feb 14, 2011 06:16 AM #8
Rainmaker
722,278
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Lynda--You give such a good articulate explanation of each of these terms...very informative for the buyer or seller that isn't certain of these terms.

Happy Valentines Day! Hope you have had a wonderful day today!

Feb 14, 2011 10:10 AM #9
Rainmaker
291,454
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

CAsh for Keys - how sad a term is that.  I can't help but wonder if there isn't a better way!

Feb 14, 2011 05:21 PM #10
Rainmaker
555,327
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Teri ~ Thank you.

Kate ~ There is also CASH FOR COOPERATION, that's another one.4

Feb 15, 2011 12:53 PM #11
Ambassador
635,485
Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Lynda--You have such a good presence on camera.  Honestly, very few people can do what you have done.  I watched with a critical eye to see if I could give you any useful information, but I think you are absolutely perfect.  Not sure I will ever be comfortable enough to do this!

Feb 19, 2011 04:43 AM #12
Rainmaker
304,720
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

Lynda~You do so well in front of the camera! What a great idea.

Feb 19, 2011 03:15 PM #13
Rainmaker
555,327
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Omg Pat ~ Thank you, but you're giving me way too much credit. Each one is a work in progress and I'm enjoying it a lot & encouraging others in my office to do the same.

Hi Liz ~ Thanks so much.

Feb 19, 2011 04:43 PM #14
Rainmaker
289,024
Tina Maraj
RE/MAX One - Fullerton, CA
Celebrating 30 Years of Real Estate Sales

Hi Lynda,

 

This is great information for homeowners that are considering their options.

Feb 20, 2011 06:18 AM #15
Rainmaker
946,031
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Lynda, Loved the video and the post.  Even some real estate agents don't know some of these terms.

Feb 23, 2011 02:21 PM #16
Rainmaker
555,327
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Tina ~ Thanks for the visit.

Kay ~ Yes, I'm sure you're correct.

Feb 23, 2011 04:41 PM #17
Rainer
212,105
Tim Peterson
Wisconsin Realtor Safety and Concealed Carry Classes - Madison, WI
Realtor Safety Training Classes

Hi Lynda-what a great presence you have-sure you didn't used to be a news anchor-great job

Feb 26, 2011 10:47 PM #18
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
555,327

Lynda Eisenmann

Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Ask me a question
*
*
*
*

Additional Information