Mother & Daughter Blog: February 2008

This maybe a simple question to some but I need to know what the answer is. This is about major termite - Section one repairs in a REO - bank owned property.  I changed the title to who SHOULD pay, I feel it SHOULD be the bank and that they SHOULD do the inspection prior to listing and SHOULD either do the work prior to listing or they SHOULD do it prior to close.  This will help those buyers that are not paying cash and require a loan -- the loan usually will require that Section 1 termite repairs are cleared prior to close.  This is a question to help buyers.

Since it is a common standard that bank owned property (REO) are sold "as is" and some of those properties are older properties -- especially in moist areas.  So if it is as is and there is obvious termite fungus on the property and as we all know this can be a costly expense paying the Section One of a termite infested property.  So who pay for this if the lender is requiring a termite report and a certification that the Section One is cleared?

Banks are coming out with the "as is" and "no repairs" statements, but is it fair that the homeowner should have to pay for the termite clearance too?  or do they? AS IS can mean different --- in a Short Sale "as is" does not mean that the lender will not pay for termite repairs.  They usually will.

I know about negotiating and I have been successful so far in getting at least some of the termite repair covered, but it has not been easy.  I am looking for what other agents do or to see if there is a way that the loan officers can work around the lender requiring a termite clearance on an REO - as is property.  Your input will be appreciated.

I thought I'd better make note that I do understand "as is" and what it can mean.  I also know that "as is" does not necessarily mean that the bank will not give you a credit or pay for the termite repairs - but some won't.  And those are the ones I am talking about.  The ones that will not do the inspection themselves and give a clearance right off so that the buyers that are NOT investors paying cash will not have to worry about their lender having a condition of the termite repairs section 1 must be done prior to close. 

This would make it easier to sell the buyer on purchasing a REO.

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

OK so I promised a train ride.  I always try to keep my words... so lets move on to Part II on my REO training. 

• We now have our list of great opportunities for our buyer.
• We have advised our buyer of what are the standard requirements for bank owned properties
• We have stressed that the buyer will need to advise his loan officer that he is looking at REO properties and that he will probably need a Bank Acceptance from the lender so they can get to work on that side of the requirements.
• We have done our mapping, set our time and are ready to get a going on finding our buyer their home.

(Oh I mentioned that we already had the essentials in our list of listings: location, size, amenities, and other things that the buyer told us at the beginning that they wanted in a home).  Today we are only looking at 3 homes in this area.

Let get to the train...... do you have your ticket?

House #1:   Bottom of the list.  Yes. Lets show the least of the houses first.  So we can have a big bam for the buyer before the tour is over.  This property states that it needs some TLC and that the bank will not contribute to the repairs and does not know what all is needed.  The buyer is not impressed.  We move on.

House #2:  This is the right home for the buyer - we think.  The buyer has a smile on their face and they are making positive comments about the house.  That's good - it has curb appeal!  We walk around the house first and then go inside.  They wanted to see the yard, a large yard is important to them.  They like the yard.  Now inside.  Nice paint job, everything looks ok at sight.  They like what they see, except the washer/dryer hook up is in the garage.  That's a biggie with the wife.  We keep looking, they say they like it but want to see #3 house.

House #3: This one is in a good neighborhood, just like the description on the MLS.  It is a little older in years but promises more of the items that the buyer is looking for.  The price is lower and the bank requirements sheet is not as long as the others.  The buyer look at the yard they love the size and condition.  There is a school and park next door and it is located in a cul-de-sac.... So far beautiful.  We go inside... needs painting and it wasn't mentioned on the MLS.  Kitchen is somewhat upgraded, not finished.  There's a refrigerator and stove - nice ones too.  Back door is stuck, panel on the walls that has been painted over and that is peeling.  OH NO.  Floor furnace and the top are off and to the side. Bathroom was just upgraded but there is a vent right over the bathtub.  The buyers are still interested in the style and the other "aged" assets. So we're still looking.

The buyers look at the agent and say they like it, what do we need to do to make an offer?!!!  The agent pulls out the list of "offer instructions" and go over that again with the buyers.  They say they want to make an offer.  The agent, being a good agent.... Will tell them if they are really interested in this property it is best to have a home inspection first and even a termite inspection so they know what repairs they might be facing - especially since this is an older home.

The buyers are serious so they don't mind footing the expense for a home inspection and termite inspection.  The agent gives a call the to the listing agent to make sure there are no other offers already submitted and get some other information on the property before she go to the next step of setting up the inspections of the property  - and before she make an offer.  This is where the special instructions are important, when the buyers like a property is ready to move on it.  The agent need to know what move on it means....

The key here is to have your list, let your buyers take their time at each property and make their own decision.  You be available to tell them about the area,  property and the requirements to purchase the property, check with the listing agent and do your homework.  Advise them to get inspections..... or they may regret the purchase.

Check back later for Part III - which will get into your Mortgage broker can do for you (before you put out any expenses).

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

Now that the weather is getting a little better and I decided to latch on to the Spring concept, I thought a little "outing" would be fun. A training ride.... This is part I of the REO training.  How about us going on a REO (bank- owned property) tour.  OK so its all imaginary but it promises to be informational. (might not be fun, but you might learn something!)

1. Since REO is the way the market is going or is there in some big areas, lets just take the time to really get as much information on this process as possible.  I am here to help.

Here's what you need to go on this trip:

• A REO knowledgeable agent
• the MLS
• A buyer that is price range approvedand can get bank acceptance letter * (we'll talk more about this later)

OK for now that is all we need to get started.  Lets start with the agent:  Since the market is so loaded with foreclosed homes, a simple drive down a few streets will bring you a few REOs that were not there last month or last couple of weeks for that matter.  However, that is not the "smart way" to find REOs.  So lets be smart.

Lets use the MLS.  (find out if your MLS let you do a search on key words), if yes - try REO, bank owned and I am sure you will more than a few listings to work with in the area your buyer is interested in purchasing in.

So now we have our list: Lets just check out something about each property.

OK we have the location, Size, a nice picture or a few pictures, and the price.  So now lets see what else do we need to know about these properties....?  Hey what's this - special remarks, special instructions, see attachments???? What does it mean and is it important?

Lets not skip the agent's remarks about the property (real important for this type of purchase):  *** Actually an agent should always read the listing agent's comments, but especially with bank owned properties.

• Here are some of the Comments you will probably see:
• Bank owned
• Pre-Approval or Bank Acceptance letter required with offer (from lender) - Mortgage - Broker Pre-Approval letter is not sufficient)
• As is only sale - no repairs paid for or credit to buyer
• Addendum attached must be signed and included with each offer
• Please read special instructions before you submit the offer or call agent
• No inspection period will be given - property sold as is (please inspect before you submit.
• See attached special submit offer instructions *** Always click on the attachments. Always.

Some of these notations are common but for the sake of this post, lets pay closer attention to what the agent is saying to us. Since we will be dealing with the bank demands instead of a homeowner... probably should make sure we follow the instructions and not try to throw our "bargaining weight" around.   Instead of just rushing on over to the properties, lets take the time to fully understand what these comments mean.  It is guaranteed to say us time, energy and possible rejection somewhere down the line should we find a property that our buyer is interested in.

So lets click on the Attachment portion of the listing and see what we need to do.  And we should do this for each listing because each bank may have their own "special instructions and requirements and limitations".  Some will read "Offer Instructions". Read it carefully.

As an example:

The bank will probably state that you are submitting an offer to purchase a bank owned property.  There is limited information available for disclosure for this property.  The following must be adhered to in order to process your offer.

The bank may state that they can take up to 10 days to respond.  OK that's different because the standard response time is 3 days. If they do not give a number of days, they will probably state that it may take several days to reply to your offer and expiration dates may be exceeded as per the standard contract. So that's important to know and relay to the buyer.  Patience is required.

The bank will list some minimum requirements - which may be:

• Purchaser's full name, address and telephone number
• Seller agent's name, broker address, phone (fax and email address)
• 1% Earnest Deposit made payment to Seller's Choice of Title
• The bank will probably state that they will choose the title company.  This is more the rule than not.  Some agents have a problem with this.
• Copy of Earnest Deposit check
• Closing date may not exceed _____ days
• Bank letter of acceptance (Mortgage Broker letter of pre-approval is not sufficient)
• Seller concession amount towards expenses, i.e. home warranty, title, escrow, etc.
• Property is being sold "AS IS" no repairs will be made by the bank
• Purchasing a property directly from the bank is similar to an auction purchase.  Please considering the following when preparing your offer:
• Inspection timeframe allowed (usually a max of 0-5 days for inspection contingency.  Its recommended that the purchasers complete inspections prior to submitting an offer
• The bank has not been re-negotiating the terms of the purchase contract based on the findings of the inspection report; you may be required to submit a new purchase agreement if seeking a reduction in price.

Sorry we will NOT get out today to ride the train and actually tour the properties, not until the agent understand and pay attention to the above.  Lets set something up for tomorrow to actually go out and view properties.  The agent will need to make sure their buyer knows what the price range is that they can afford and will be able to obtain a bank acceptance from the lender as this is important once they locate a property that they like.

So check out Part II on the REO process - that is up and coming.

Want to purchase a REO property?  

Need a Short Sale Specialist? 

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

There are certainly some good deals out there but be very careful what you choose to purchase and be willing to follow the bank's addendum to the T and the requirements to submit an offer is a different requirement in most cases.   Just know the difference between the types of Foreclosure resulted sales.  The bottom line is that property is sold, just make sure you are aware of what you are buying.

Pre-Foreclosure sale:  If you want to negotiate a pre-foreclosure sale, remember that property owners who fall behind in their mortgage payments are frequently unable to property maintain the home, and phones and electricity may be shut off.  This process is called Short Sale because most properties that are behind in the mortgage are also short on equity. These properties are sold "as is" but there are disclosure requirements and you can luck up on some properties that are in pretty good shape.  And you can view the property prior to making an offer.

REO properties: Properties that have been taken back by the lender. The safest bet for those new to the process of finding REO properties  (properties that have been taken back by the lender).  They have been cleared of liens and taxes, and any tenants have already moved on.  Most large lenders have departments who deal with this type of property.

The homeowners are usually forced out and will probably leave the property in pretty bad shape.  You can view these properties and can get an home inspection if you are fast because most banks will only allow 4/5 days to get an inspection and they don't like taking offers contingent on the inspections because they have no intentions of crediting or paying for repairs on the property.

Pay close attention to the fact that you are purchasing the property in "as is" status and the odds are the property will not be in tip top shape or you can bet that the list price will reflect that the property is in good shape, but still it will be sold as is.  Nothing much will be disclosed because REO properties are exempt for the normal California Disclosure laws.  REOs are at least free of liens and there are no tenants to be removed - because the bank take care of that before they put it on the market. They look it like this:  How would the bank know, they did not live in the property.

The odds are better for you if you purchase an REO rather than taking a chance at an auction, in my opinion.I will write more on REOs and the submit an offer process later.

Foreclosure Sales and Auctions: Properties sold at foreclosure sales and auctions are sold "as is", and must be repaired, often at considerable cost, before they can be resold on the market.  Potential buyers of auction properties may not have the opportunity to inspect the property before purchase and of course no repairs will be credited or repaired.

Foreclosure properties may also be encumbered by tax and other liens, which become the responsibility of the owner after a foreclosure sale.  It is likely that these homes cannot be covered by title insurance, so research, research, research is the key to uncovering the secrets of a foreclosed property before purchase.

Watch for HUD auctions, but don't expect to be the only one in line.

Need a Short Sale Specialist? 

 Want to purchase a REO property?

 Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

I love this slideshow, so I thought I would share it today.  Showing off my listings is always a good move! Call me about my listings and if you are interested in where to go find this little tool.  Check it out on slideshow.com.  It is free and it is very easy to set up and use.  Try it out and let me know what you think.

My  Featured Listings:

• 1966 Inderbitzin Way, Manteca, CA  Reduced to $340,000 - TCuldesac, next to School and Park - 
• 369 Gamay Court, Manteca, CA  Reduced to Sell at $230,000 - Cute culdesac home - move in ready!
• 1236 Occidental Av #2, Stockton, CA -~ Reduced to Sell at $80,000 - 2-story, great shape - Investors!
• 2871 First Street #901, Livermore, CA ~ Reduced to Sell at $450,000 - 3 level, great condition - Near downtown!
• 612 Poirier Street, Oakland, CA ~ Reduce to Sell at $260,000 - Nice home - Need little TLC

Need a Short Sale Specialist? 

 Want to purchase a REO property?

 Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

I was thinking that Spring is just around the corner and then today happened! In some places snow is expected and it has rained around here all day and promises to do the same tomorrow but according to the weather.... Monday it will all blow over at least here in Northern California. 

So I am going ahead with my thoughts of Spring is just around the corner, at least in California.... or is it?  In some part of the country I know that it is anything but near Spring.  With all the pressures of the real estate market I have lost touch with the seasons!

March 8th is SPRING FORWARD which means it will be time to change our clocks again.  And this is usually the first sign of Spring is coming..... soon.

Statistically, more homes are put on the market in the Spring and Summer creating more competition.  However, with all the foreclosure buzz, houses are being put on the market either because of the pre-foreclosure process of Notices of Defaults and Foreclosures.  So doing your spring cleaning and home improvements have been put on hold by many.  Many are finding themselves in the middle of their lenders calling them 3/4 times a day or more or getting those IMPORTANT letters out of the mail box.  It is causing people to see people doing drive by to take pictures of their homes and that fear of the knock on the door to ask them to leave.

However, there are few that have mortgage free homes and want to get out of the real estate investment arena because of the low, low market.  They don't feel all that good about having a home or two that is way below the sea level or Fair Market Value and is nearing not worth half what they paid and so they just want to run.

All of a sudden the condition of the house does not matter to our homeowners that are in distress.  Who knows or cares about curb appeal.  This includes new home or resale homes, who cares?

Let's not mention the prevailing interest rates over kill, the economy, the crime rate in their area and the employment and timing.... these are all factors but right now the "heavy" is simply trying to hold on to their home.  Those that know that they cannot hold on are hoping to get an approval from their lender to do a short sale, right after the worry of even getting an offer.

Like someone said, "If this ain't recession" what is? But lets not talk about that right now, we can do that about 6 months from now.  That is the average time it takes the word to get around as to what stage we are really in.

It is a time that the Churches are full with people coming out to pray that God will have mercy on his children and give all of us a break. It is a time that most understand what others are going through and to remember that God promised to not give us more than we can bare.

So yes, Spring is around the corner and hopefully so is relief from the foreclosure crisis.

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

Buyer's Market:  Occurs when sales slow and inventory accumulates.  DOM (Days on Market) are typically long.  In such a market, sales prices fall giving buyers greater opportunities. 

Buyers we are still in a buyer's market.  Come on and grab some of the great purchase opportunities that are out there.  This will not last forever like it is now.  Don't let hesitation get the best of you and you find yourself looking back on hindsight on how you could have purchase a home for much less but did not act fast enough.

Pretty soon we might the Market switched over to either:

• Balanced Market: This is usually a transitional phase between a seller's and Buyer's Market when neither side has an advantage.
• Seller's Market: A real estate market characterized by small inventories and short DOM (Days on Market). Multiple offers on properties, even those exceeding the asking price, are common.  In such a market, sales prices rise as competition for fewer houses become more intense.

Either of the above markets can mean less opportunity to purchase at a lower price or find the house of your dreams.  So don't delay, get out and buy your dream home for less!

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

Yes - Do nothing is an option but it is not a recommendation.  You may find it odd that "do nothing" is called an option.  One of the most common options taken by homeowners is Nothing.  Don't fall into the trap of thinking that everything will be magically OK, because it will not.

If you find yourself in the pre-foreclosure process you are likely confused by all the options and fearful of making a bad decision, but by doing nothing you are making a decision.  The decision you are making by doing nothing is the decision to turn a blind eye to reality while losing your home.

So if even you can't safe your home, do something instead of doing nothing to help possible safe your credit from going totally down the drain.

Take your head out of the sand and eliminate the option of "do nothing" from your plan.  Step up and and speak up and make a decision that will help you and your family and possibly either safe your home or saverage your credit as best you can.

Confused? Call and agent that knows about the pre-foreclosure process. 

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com

Being in foreclosure is a bad place to be, here is a tip to help the process run a little less stressful.

If you find yourself in a situation of pre-foreclosure, you should get busy and call your lender to see if there are options to help you keep your home.  If there are none and a short sale is what you need, please be sure to get an agent that knows and feel comfortable doing short sales and working with your lender.  Do your homework and find an agent that can work for you. 

When considering selling you should be looking for an agent to handle this for you.  Your agent should know to look for "a quick close" in order to stay within the foreclosure time-line and deadlines.  Typically, this can be for less than fair market value, but can be of benefit to you because it is a quick "as is" sale with no real estate commission fees charged to you.  "AS IS" means you would not have to spend any money doing repairs, or spend time putting the house in perfect condition.  By selling your house as "as is" will usually bring about a quick sale and instantly stop the foreclosure and salvage your credit.

Please note: AS IS Short sales still require the normal disclosures to the buyer.

Short Sale:If you owe more than your property is worth and your lender accepts the offer you submit along with your financial situation.  Even if the property is over encumbered (if you owe more than it is worth) the property can still be sold through the process called Short Sale.  A Short Sale is the sale of a property when the lender accepts less than the full amount due them ( a short payoff) so that you can complete the sale with no cost to you.  Lenders prefer that you sell the house yourself because they will lose more money if they foreclose and have to sell the house themselves.

Here are some blogs to check out that will give you more information on the process:

The Raw Facts on Default, Pre-Foreclosure, Short Sale and Foreclosure

Short Sale: Do you have to be in default to get a short sale approved?

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com  

I just wanted to say thank you to Craigslist.com for getting attention to a couple of my listings.  I have been using them all the time but I have not been updating the post regularly.  I read here on ActiveRain that you should update your listings regularly on Craigslist, so I bookmarked that suggestion and just got around to doing it.

Just as soon as I started to do that I began to get calls of serious buyers!  It is great and I wanted to pass this along to others and say thank you Craigslist for getting some attention to my listings.

This is not just a thank you to Craigslist.com it is to such sites as:

• Point2homes.com
• Postlets.com
• Classifiedflyerads.com
• Vflyer.com

That all link up to Craigslist.com.  These are all great tools.           Pass it on.

Need a Short Sale Specialist? 

Want to purchase a REO property?

Need information on the foreclosure process?

Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

Check us out on website: http://www.motheranddaughterrealty.com