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Written by Maggie Ardeshiri
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Three years ago we had hardly any short sales on the market, today they represent 43% of the homes for sale and 70% of the homes in escrow and this won't change for long time. Why? Becouse never before have we had such a large percentage of homes upside down and ONLY method available to these homeowners is short sale. There is bankruptcy, loan modification or magic answer to people that in many cases, simply bought their home at the wrong time. Because of the complicated way these loans were sold and securitized, almost never does a successful loan modification change the loan balance. until that changes (highly unlikely for now),the problem of being upside down will continue for thousands of SFV homeowners for years to come. If "HAFA" incentives to short sale show promise, watch for all kinds of additional incentives to homeowners and lenders to go this route, the only route so far for an unhealthy and unprecedented housing problem. THE TRUSTEE SALE IS THE NEW HOT REAL ESTATE TOPIC |
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Written by Maggie Ardeshiri
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Loan Modifications are not going to stop foreclosures. THE big talk at Default Conferences and in the media is to keep people in their homes by changing the terms of their loans-lowering interest rates and sometimes even reducing loan amounts. There is a Company (Titanium Solutions),that is hired by servicers to have agents go out to homeowners in default and give them the great news that they qualify for a loan modification. Here is the problem-half the time the homeowner has rented it out and stopped payments. They don't even live there anymore. Another 25% of the time they are so far upside down, they don't care about modifying the loan, they have walked away mentally and don't really have an open mind to modifying and keeping the property. In my experience, only 25% of the time do they work. For people that are not in default, they work more often and that is great. |
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Written by Maggie Ardeshiri
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IS YOUR HOME AT RISK? Recent statistics indicate that the number of foreclosures in the US are nearly twice that they were a year ago. In some states, foreclosures reportedly claim one in every 199 households. Don't let a foreclosure or default situation sneak up on you. For many borrowers, there are a number of viable foreclosure alternatives that can help, including short sales. SHORT SALE A short sale is legally-binding agreement to allow a home to be sold for less than the amount that is owed. For debt-ridden homeowners or those who owe more than the house is currently worth, a short sale could save them some of the enormous pain, embarrassment, and major credit challenges associated with bankruptcy and/or foreclosure. For lenders, it helps avoid some of the hassle and expense of seizing and auctioning off delinquent real estate. For potential homebuyers and real estate investors, a short sale offers a great opportunity to purchase property at a significant discount. |
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Written by Maggie Ardeshiri
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Knowing the Guidelines Solves the Mystery. The appraisal process often baffles consumers. They may feel their home is worth a higher dollar amount, and the appraised value doesn't always make sense to them. It is important to know that appraisal guidelines are dictated by the lenders, and in some states, it is a requirement to also disclose what the appraisal will be used for because there are different rules to follow depending on the purpose. |
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Written by Maggie Ardeshiri
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1. UNDERSTAND YOUR RESPONSIBILITIES. Ready your home for sale by making it visually appealing. Wash the windows, empty closets (this is a great time to visit a charity thrift shop), clear away clutter, ensure the kitchen and bathrooms are spotless, shampo the carpets, Oil squeaky doors, repair dripping faucets, make sure the yard is manicured and the garage and basement are immaculate. Strong curb appeal can lure potential buyers inside. Be certain your realtor knows everything there is to know about your home. And, within reason, try to have your home ready for showing at all times. Restrictions limit potential buyers. You want to invite access. |
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Written by Maggie Ardeshiri
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With identity theft on the rise, consumers are becoming increasingly aware of the importance of reviewing their credit reports. However, their thoughts about credit and its long-term impact upon their financial future typically end there until it's time to apply for a home loan. A credit score is used to evaluate how likely a borrower is to repay their loan. There are several actions a person can take to impact their score. Here are a few to keep in mind. |
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My Daily Notes 
