AHMS to Charge Buyer 1% Fee for Short Sale

 This is something new to me in the crazy world of short sales. I was just informed by a listing agent on a short sale where I represent the buyers that the loan servicer, AHMS, is charging my buyers a 1% short sale processing fee. This is a new way to stick it to buyers. Buyers of a short sale already get a raw deal: they wait months for an approval, the home typically has deferred maintenance, no repairs will be made, etc. These buyers are scraping every penny to buy this house, they don't have an extra 1% laying around.

AHMS should be ashamed ....karma will get them!

For Home Owner's with a Distressed BofA Loan

This is a great website for home owner's with Bank of America who are having issues paying their loan, considering a short sale or a loan modification.

visit: http://homeloanhelp.bankofamerica.com/en/index.html?cm_mmc=CRE-HomeLoans-_-vanity-_-CA01VN001N_homeloanhelp-_-NA

New Short Sale Website

The California Association of Realtors has launched a new short sale website for consumers and Realtors. This site has a fantastic amount of information to help clear up the confusion associated with short sales. Information such as the foreclosure process, timely new topics, tools, the HAFA program. The site is easy to use and not overwhelming.


For more info, visit: http://www.shortsalescalifornia.org/

Today Full Page Ad in Sac Bee on Short Sales

Today on page A11, the California Association of Realtors has published an advertisement on the difficulty of our housing marketing with regard to foreclosures and short sales. The ad states that nearly 30 percent of homeowners are underwater on their mortgage. That's a huge percentage which means this housing crisis isn't going anywhere in the near future. On top of that, those that try avoid foreclosure by doing a short sale, are only successful with three out of five short sales.

This "crazy market" seems to be our now normal market, and it's not for sissies!

Great Resource for Homeowners in Trouble

The Neighbor Works Home Ownership Center in Sacramento provides a wealth of information via workshops for home owners in preforeclosure and foreclosure. They also offer help to first-time home buyers just navigating the process of home ownership.

For more info:
http://www.nwsac.org/workshops/

Short Sale Closings are the Sweetest Sold Homes

We are about to close this home, which is a short sale. As agents we work so hard to have the stars align that when one of these listings closes, it's such a fantastic feeling for both our accomplishment and the relief of our sellers. Most sellers do not make the decision to short sale their home easily, and many of our clients have revealed how difficult the decision can be. This is an Indymac/Onewest bank short sale approval and this has been our best bank and negotiator short sale experience to date, with hopefully many more to follow.

Help for Short Sale Home Sellers

California Senate Bill 931, which became effective January 1, 2011, helps to relieve homeowners of a deficiency judgment on a 1st mortgage for a 1-4 unit residential dwelling. This is good news for homeowners who need to short sale their home but have put off the selling to avoid a deficiency judgment.

For more information, visit the California Association of Realtors website at http://www.car.org/

Beware Short Sale Negotiator Attorney Fees

If you are contemplating using an attorney to negotiate your short sale instead of your Realtor, beware. These legal companies are popping up everywhere and they will charge you thousands of dollars to do what an experienced short sale negotiator Realtor will do for free. A Realtor is paid by their commission from the sale of the home and the home seller pays nothing. The seller's lender will pay the commission.

However, when a seller uses an attorney, they pay the attorney directly to negotiate the file. In my own experience as a Realtor who negotiates my client's short sales, attorneys do no better than an experienced Realtor. I have a short sale listing that my sellers paid $4,000 to an attorney to negotiate their short sale.

I believe having this attorney has actually hurt their negotiations. I have ended up telling my client what to tell the attorney to get the file properly negotiated. It's been a complete nightmare. Part of negotiation is letting the bank know the market. An attorney, even a real estate attorney, who is not in the trenches practicing real estate cannot understand the market better than an experienced Realtor.

Too Late for the Tax Credit, Now Try a Short Sale

This 3 bed/2 bath, 1404 square foot home is located in a private court in the established Laguna Springs neighborhood. Large eat-in kitchen and spacious living/formal dining room combination. Bright master bathroom with sky light. Backyard has a wood deck, mature landscaping and plenty of shade. Home is close to schools, greenbelt, parks and shopping.

More info:
http://www.postlets.com/res/3791251

Immaculate Stonelake Home $235K

This home has is a short sale with one offer to the bank, but we are looking for backups....just in case. It's on a private street and has 3 bedrooms, a den/office and two bathrooms. At 1,728 square feet, there is plenty of room, but you won't spend all your weekends cleaning or doing yard work. Within the community of Stonelake there is a club house, pool, spa, tennis courts, basket ball courts, an elementary school and great parks. Also, closes to shopping and freeway access...but not too close.

See for yourself:
http://www.postlets.com/res/3385783