Beware of Distress Sale Dangers
Posted by Rachel LaMar, J.D. | Leave A Comment »
Are you facing a foreclosure or thinking about short selling your home? If so, there are several things about which you NEED to be aware before making any decisions. To learn more please visit http://www.rachellamarrealestate.com/blog/?p=554.
Related Posts: Foreclosures, Short Sales, foreclosure options, rachel lamar
Quick Tips on Short Sales and YOUR Credit
Posted by Brian Olenik | Leave A Comment »
SHORT SALES & YOUR CREDIT
One of the most frequent questions that homeowners want
to know is what happens to their credit score as the result of
a short-sale. Here are a few points to remember.
.
1) When you negotiate a short-sale, the homeowners may
still owe the difference between the mortgage balance
and the discounted sales price. This amount can still be
collected via a “Deficiency Judgment.” If granted, this
judgement may adversely affect the homeowners and
their credit report (not unlike other judgments).
.
2) The best way to avoid the deficiency judgment is to ask
pursuit of any deficiency judgment.”
.
3) Remember that the difference between the mortgage
balance and the short sale may be declared as income on
their tax return by means of a “1099.”
In dealing with any short sale, the homeowner should always
speak with their accountant and/or attorney to see how this
sale will affect them.
Brian Olenik
858-776-7683
brian.olenik@corinthiantitle.com
Related Posts: Buyers, Contracts & Negotiations, Financial news, Foreclosures, Picture Perfect San Diego, Real Estate News, San Diego, Short Sales, Windermere, WindermereSanDiego.com, foreclosure options
Are You Immoral if you Walk Away from Your Home?
Posted by Rachel LaMar, J.D. | Leave A Comment »
It sounds like a silly question, but there has been debate online lately about this issue. Apparently many people deciding whether to walk away from their mortgages feel great emotional pulls to morality; they see it as neglecting a responsibility.
While the short answer to the question, in my opinion, is a resounding “no,” if faced with this decision you need to make sure you cover all the bases before making a decision. Knowledge is power. To read more please visit my latest blog at http://www.rachellamarrealestate.com/blog/?p=258
Related Posts: Foreclosure Avoidance, San Diego, Short Sales, foreclosure options, foreclosure prevention, rachel lamar
SELLERS HAVE A CHOICE WHEN IT COMES TO ALL CASH BUYERS
Posted by Ana Gramling | Leave A Comment »
![MCj04326590000[1]](http://pictureperfectsandiego.com/files/2009/12/MCj0432659000012.png)
In this real estate environment where it is thought that the all cash buyers are “KING”…know that sellers DO have a choice. I have had the opportunity to work with sellers who consciously made the decision NOT to choose an all cash buyer based on the fact that they were once given an opportunity to buy a home, when they truly thought it would be impossible, and wholeheartedly knew the responsibility to “pay it forward”.
I’d like to share an incident which stemmed from a phone call from a potential buyer…let’s call him “Mark” (who was not represented by a Realtor®), who, through his own dedicated search of the internet; saw one of my new listings. 
I will say it was a listing that I knew was going to generate a LOT of interest and was a sure bet for an all-cash buying opportunity. Mark expressed his disappointment in previously having made over a dozen offers to purchase homes that had been mostly awarded to all cash buyers. Some properties he made offers on got into a “bidding war” between all cash buyers; and, he knew he would not have a snowball’s chance (do you like the holiday pun?) in being awarded the purchase. Mark continued to express his concern that most all cash buyers are investors and, truth be told, they would hurt the owner vs. tenant occupancy ratios of most communities, and they would make it more difficult for the future conventional buyer to obtain a loan due to lender requirements.
I know Mark’s situation will resonate with many conventional buyers, not to mention their Realtors®. In reality, all that the conventional buyer desires is to be afforded the opportunity to enjoy homeownership and “owner occupy” the home they purchase. Today’s conventional buyer already faces the tremendous obstacle of limited inventory, stricter lender requirements, inferior product due to deferred maintenance in short sale/foreclosure properties and a tough economy. Don’t get me wrong, I appreciate the all cash buyer! My point is simple; there is room in our real estate market for the variety in our pool of buyers.
So, is there an answer to Mark’s dilemma??? Probably not!!! What I know is th
at I have another seller who likewise is paying it forward. They too awarded a sale to a conventional buyer who is actually a first time homebuyer who is expecting their first child. I can’t think of a better holiday present than to have the opportunity to buy a home to raise their family in and start many new treasured memories and traditions. I know this may sound too good to be true! Don’t believe me? Call me at (858) 688-3363 or EMAIL ME and I’ll be happy to tell you all the facts in greater detail!!!
By the way, Mark has elected to take a break from the stress of trying to buy a home in this marketplace and is currently renting.
Related Posts: Agent Services, Buyers, Find A Home, Foreclosures, Homeowners, San Diego, Sellers, Short Sales, homes for sale
SHORT SALES, FAIR OR FOWL?
Posted by Ellen Jaffe | Leave A Comment »
One fine San Diego Day, Chicken Little was strolling along enjoying the weather. The sky was a crisp, clear blue and the sun was a huge bright globe. He didn’t much care for rain, which was why he liked San Diego. He wasn’t into getting his feathers wet. So this was a perfect place for him.
Suddenly, a large shadow was over him and as he looked up, his chicken smile quickly faded. He ran for his life as he was almost hit by a falling Condo and then another and another and then some houses crashed to the ground. Now chicken Little really wasn’t chicken, but he thought, “what a way to start the day”. I’m going to call my Realtor, Ellen!
She told him that what he just experienced was a lot of Short Sales and REOs 
falling to the ground. He was told to continue looking up and he would see Bankers with their arms folded laughing and watching the crashing homes. Ellen said, “it’s really a wonder that I have any hair left at all; just a few little blond wisps”. Chicken Little said, “wow, I’m really glad I don’t own the coop. Rocky rooster is my landlord. He crows all day and all night. He hasn’t gotten the message. Let him deal with all of it.”
“In Oh Five, the coop went condo. We all got so eggcited, all we could do was cluck. Day and night, night and day, cluck, cluck, cluck. By Oh Six, some of us got chicken, but others decided to buy in. Boy did they lay an egg. There are feathers flying because they have to do a Short Sale. Now Ellen, they all want your help! ”
So Ellen plunged right in to see what she could do. After months of calling and submitting and faxing and begging and pleading she was now at square one. So much for progress. Chicken Little said, “Wow, you Realtors are really something. All the hens are saying we thought sitting on our eggs until they hatch was really difficult and time consuming, but the result was worth the effort.” Sometimes Short Sales don’t close, so the results may not be as positive. ” I give you an awful lot of credit, he said”.
As in the example of Michael Jordan (Chicken Little said he couldn’t reach those heights), propelled by extraordinary talent to the stratosphere of basketball achievement; persistence and perseverance will result in exceptional service and accomplishment.
……..More from inside the coop to come!!
Related Posts: Lifestyle, Market Trends, Poway, Rancho Bernardo, Rancho Santa Fe, Real Estate News, San Diego, Sellers, Short Sales, Summer, Tourism, Windermere, Windermere Agents, Windermere Offices, WindermereSanDiego.com, World News
