Big Industry News affecting Short Sales in California...

Big Industry News affecting Short Sales in California...

Senate Bill 931 was recently passed giving much relief
to sellers who are in a short sale position.

The bill expands existing anti-deficiency laws for first lien
holders regarding loans secured by properties of 1-4
units to short sales and took effect on January 1, 2011.

This is BIG for Sellers, Investors, and Agents!

In part, the new law provides that: "No judgment shall be
rendered for any deficiency under a note secured by a first
deed of trust or first mortgage for a dwelling of not more than
four units, in any case in which the trustor or mortgagor sells
the dwelling for less than the remaining amount of the indebtedness
due at the time of sale with the written consent of the holder
of the first deed of trust or first mortgage."

Simply put, California sellers who are granted a short sale
by a lender holding a first mortgage will now be exempt from
a deficiency judgment.

This is great news for any of your deals your currently working on
and great news for the business over the next year!

One of the most discouraging aspects for a homeowner facing
a short sale is the threat of deficiency they will experience for
selling their property short.

Fortunately, with Senate Bill 931 homeowners will no longer
be responsible for a deficiency on first mortgages in California.

Full text available here:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.html

What impact do you think this will have on the market and sellers in general?

To your success,

Oliver Graf

Real Estate Expert

Follow me on Twitter: Twitter.com/OliverGraf360



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A Short Sale designed by Frank Lloyd Wright

Homes designed by Frank Lloyd Wright usually don't come to mind when you are talking about Short Sales, but the condition of the economy is affecting property in all price ranges.

Listed on the National Register of Historic Places, the Mary Adams House in Highland Park, IL. is a "Prairie Style" home built in 1905.

Priced at $589,000 it's located one block from Lake Michigan. For more information contact listing agent Bryan Firth at 847-951-1233

How is my credit affected: Short Sale vs Foreclosure

Credit Impact: Foreclosure vs Short Sale

How is my credit affected: Short Sale vs Foreclosure

In today's market, many homeowners are faced with the decision to try a short sale or just let the property go to foreclosure. Below are some points to think about / share with your clients.
If you have questions on whether missing mortgage payments and selling your property for less than the full amount you owe on it(short sale) will hurt your credit score, the answer is yes. HOWEVER, the credit damage done by a short sale is significantly better than a Foreclosure or Deed in Lieu, the short sale does not show up as long nor is the impact as severe as a property foreclosure.
Take a look at some of the most common questions….


1) When will I be able to purchase another house? (Primary Residence)

Foreclosure: Homeowner is eligible for re-purchasing a primary residence in 5 years

Short Sale: Homeowner is eligible for re-purchasing in 2 years


2) When will I be able to purchase another property? (Investment Property)

Foreclosure: Homeowner is eligible to purchase an investment property after 7 years

Short Sale: Homeowner is eligible to purchase an investment property after 2 years


3) Future loan disclosure: Will I have to disclose what happened with my house?

Foreclosure: On any future 1003(mortgage) loan applications when they ask, “have you ever had a property foreclosed upon…” you will have to mark YES, affecting what programs will be available to you and interest rate that you would qualify for.

Short Sale: There is no similar disclosure required for a short sale


4) How will my Credit Score be affected?

Foreclosure: The credit impact of a foreclosure is MAJOR and can reduce your credit score anywhere from 250-300 points.

Short Sale: Only late/missed payments on the mortgage will show up as derogatory items on the credit report. After the sale is completed the mortgage will be reported as paid or settled. Short Sales can affect your score differently depending on how many payments are missed, sometimes as little as 50 points. A short sale will have an affect on your score for approximately 18-24 months.


5) How will my Credit History be affected?

Foreclosure: A foreclosure will remain as public record on a homeowner’s credit history for 10 years, sometimes even longer.

Short Sale: Short sales are currently NOT reported in the credit history of a credit report. The loan is generally reported as “paid off, settled”




For all the information on Fannie Mae's guidelines, go to...https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf


If you would like Free information on Short Sales, please contact me anytime.

What are you noticing in today's short sale / foreclosure market?


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Government Unveils Program for Underwater Homeowners

The federal government announced on Monday April 5 that it will give $3,000 in moving expenses to distressed homeowners who do not qualify for the mortgage modification program.

To qualify, owners who are "underwater" and seriously behind in their mortgage payments must expedite the sale of their homes either by a short sale or by simply turning the deed back to the lender which is known as Deed in Lieu of Mortgage.

These processes eliminate the need for a lengthy foreclosure proceeding. The new program will also require lenders to set a minimum bid on properties turned back to them under the program.

The objective is to speed the process and get bad mortgages dealt with sooner rather than later.

More Information is available by clicking this newspaper article from the San Francisco Chronicle:
SFGate.com article on New Government Program for Underwater mortgages

Please e-mail me for a report that list the various alternatives to a foreclosure process.

Visit my website for additional information on real estate in the Mobile Alabama area.

Buying Foreclosed Homes

Click photo to watch video

If you are considering buying one of the thousands of distressed properties -foreclosures, short sales or pre-foreclosure - out there to save a whole lot of money, check on the the video on the left.


A number of real estate specialists and home loan experts discuss how to discover the best deals when searching for distressed or repossessed properties.


The experts in this video explain important terms such as foreclosure, short sale, and pre-foreclosure and explains why some strategies involve more risk than others.


If you want to explore distressed properties such as foreclosures and short sales in Mobile and Baldwin County, be sure to give me a call or E - mail. We know where to look for the best opportunities and can help you deal with owners, banks and mortgage companies.

If you want to search from your computer for foreclosure homes in Mobile, we have set up a link to search for foreclosure properties that are currently listed on the local MLS by clicking on this link - Mobile Alabama Foreclosure Properties.  If you have any questions, use the contact agent link on each individual home.

And finally, if you want to learn more about buying foreclosures at auctions similar to what was shown on the video, please send me an e-mail.  Please mention foreclosure auctions in your subject line.  One of my colleagues specializes in these type of auctions.

Copyright AgentMapIt Real Estate Advice

Short Sale Success! Wachovia short sale with 3 loans!!

The short sale of real estate is not a questionable practice in today's softening real estate market, it may be a necessity. The short sale transaction is a legal and much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for all parties involved

Our latest short sale success was on a property that had 3 mortgages and over 5k in back HOA payments!




1st Lender: Wachovia
2nd Lender: Wachovia
3rd Lender: Dyckoneal


Our team was able to negotiate with all lenders to agree to the short sale terms and pay off ALL the HOA arrears!

Please contact me for NO COST help with short sales!


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Submit Short Sale
Real Estate Short Sale
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How to Submit a Real Estate Short sale: What you need to know

How to Submit a Real Estate Short sale: What you need to know...

Submitting the Short Sale

So you have met with(or are) the homeowner and have the property on the market getting the proper exposure. Now it’s time to prepare the documents and submit for a short sale. This is the most time consuming part of the Short Sale process especially if you do not stay organized and take notes on all your conversations with the lenders.

What the real estate agent will need:

Authorization to Release Information: This form allows your real estate agent, escrow company, and title company to talk to a lender on behalf of the borrower. The lender will not talk to anyone unless they have this on file.



CMA: With the current Active, Pending, and Sold properties going 90 days back(close of escrow)

Listing Contract: The Listing Contract, Short Sale Addendum, and MLS printout.

Offer to Purchase: Retail offer to purchase on the subject property





What needs to be provided to the lender(Including everything listed above):



Financial Worksheet: Shows your assets, liabilities, and expenses. Great tool for presenting the borrowers current “hardship” to the lender.

Proof of income: You will need the last 2 pay stubs and last 2 years W2's. If you are self-employed, you will need last 2 years tax returns and a Profit and Loss statement for the past 3-6 months.

Bank Statements for the past 2 months: Showing balances and spending history.

Hardship Letter: This is where the borrower has the opportunity to “state their case” to the lender. Why did the situation occur? Why do you need to sell? What is going on with your hardship now?

Last 2 years of tax returns: All pages are needed and if you filed an extension, submit the extension paperwork.





Once you have all of the paperwork together, send it all at once and as soon as possible. Make sure it's complete and legible. Also, make sure you are constantly following up because the lenders a overwhelmed with requests and sometime lose track of progress. There is a long line of borrowers ahead of you so if the file is missing anything, you will get notice but the file will go to the bottom of the pile again.



What have you noticed in your short sale experience?



If you need any help with short sales, contact me today!





To your success,



Oliver Graf

Real Estate Expert

Follow me on Twitter: Twitter.com/OliverGraf360







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Real Estate Submit Short Sale

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San Diego Based Real Estate Blog

How to get more Short Sale Business Tip #2 of 8 (For Investors, Realtors, and Brokers)

How to get more Short Sale Business Tip #2 of 8 (For Investors, Realtors, and Brokers)

Tip #2 of 8 on how to get more Short Sale Business

I am committed to helping Realtors and Brokers expand
their business by providing marketing tips and structuring
the short sale experience so you keep your full
commission and do minimal work.

This tip is all about:

CALLING LOAN MODIFICATION COMPANIES TO GET TURN DOWNS

This is an excellent way to generate
short sale listings! Many homeowners want to
explore a loan modification before resorting
to a short sale, however most simply
do not qualify. Mainly because they have a
permanent hardship (like loss of job)or they
can't afford the three grand that the loan
mod company charges.

Most Loan Modification companies have
large quantities of these "bad" leads (bad for them, good for you).
Partnering with just one large company could staff a
full office of agents listing short sales for months!

The idea is that you call them and set up a relationship
where both you and the loan mod company are
benefiting. If you call and simply try to ask
for business you might not get very far, but if
you get creative and come up with a plan
where everyone will benefit from the relationship
you can have great success!

Now is the time to make those partnerships
happen and then sit back and watch the short sale
listings come to you.

Keep in mind, with Short Sale Pros you keep
all your commission and we do all the work work with the bank!


What other methods are you using to take advantage of the short sale market? Look out of tip 3 coming out soon!


Keep in mind, you can contact me anytime to help get your short sales closed, with our model you keep all your commission and do none of the work!


To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Foreclosure
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How to get more Short Sale Business Tip #1 of 8 (For Investors, Realtors, and Brokers)

How to get more Short Sale Business Tip #2 of 8 (For Investors, Realtors, and Brokers)

Tip #1 of 8 on how to get more Short Sale Business

I am committed to growing your business by providing
marketing tips and structuring the short sale so you keep your full
commission and do minimal work.

This tip is all about:

CALLING EXPIRED SHORT SALE LISTINGS.

A MLS search can provide another piece of useful information that most
agents don’t utilize.

An expired short sale listing can sometimes be up for the taking. Approach
the seller by explaining that their property most likely didn’t sell because it was not priced correctly. This can be quite common with the constant fluctuation in the market.

Setup a search in the MLS to deliver updates
to you every day with the following criteria:
1. Expired listings
2. Short sale
3. Price range and location you want to work

By offering them a no-cost solution to their problem by using YOUR listing
experience and Short Sale Pros negotiation expertise, they have the best chance at
selling their home, saving their credit, and insuring their ability to purchase again.


What other methods are you using to take advantage of the short sale market? Look out of tip 2 coming out soon!


Keep in mind, you can contact me anytime to help get your short sales closed, with our model you keep all your commission and do none of the work!

To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



*** Make sure you sign up for our FREE mailing list today! ***



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Real Estate Foreclosure
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What is the Credit Impact of a Short Sale vs Foreclosure?

I was recently asked the question by a homeowner going into foreclosure…

What is the benefit of going into a Short Sale vs Foreclosure?

Although this is a question we get asked with nearly every client, this particular client wanted to know all the exact specifics. Since you are reading this now, you can probably benefit from the information that we found out when digging even deeper into the issue of what is the best option for most homeowners: Short Sale or a Foreclosure?

After doing all the research I am convinced now more than ever that the decision is a no brainer for most homeowners… A Short Sale is the OBVIOUS choice. Take a look at an email I sent to this client and see for yourself:



“Hope your doing well. We have been playing a little phone tag lately it seems, give me a call back when you get the chance.



After our conversations, you sparked an interest in me getting to the bottom of the question Short Sale vs Foreclosure?



Along with finding out great information on the mortgage debt forgiveness relief act:

http://realestateblog360.blogspot.com/2009/04/what-is-mortgage-forgiveness-debt.html



I also recently contacted Fannie Mae to get their latest guidelines as far as the exact credit impact of a Short Sale versus a Foreclosure, which I thought would be helpful to you in your research:



Short Sale: Fannie Mae refers to these as “Preforeclosure Sales” and requires only a 2 year waiting period after the sale, with acceptable re-established credit to re purchase.



Foreclosure: Standard minimum 5 years waiting period, with minimum of 10% down & 680 credit score for 7 years to re purchase. Primary residences only, no second homes or investment property loans for 7 years.



Take a look at the full report: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf



Give me a call when you get the chance and we can discuss how you wish to move forward.”

Meaning: If the property owner goes through a Short Sale they will be able to purchase a home again in the next 2 years. A foreclosure on the other hand, they will have to wait at least 5 years!

The question is simple: Do you want to purchase a home again in 2 years or 5?

Who would want to do a foreclosure? Which do you think is better?

Contact me anytime for help or questions,

Oliver Graf

Real Estate Expert





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Real Estate Foreclosure

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Real Estate Avoid Foreclosure

San Diego Based Real Estate Blog

Obama Announces Big $$ Incentives on Short Sales for Lenders and Homeowners

With around 43,000 notices of default last month in California alone, now more that ever the industry is in need of a Foreclosure Alternative Program.

I am so happy to see that the Obama administration has recognized the need to streamline the short sale and deeds-in-lieu process, and has provided viable options to homeowners who have fallen behind on their mortgages or owe more than their homes would sell for in today’s market.

The Obama administration announced the new details under its Foreclosure Alternatives Program (FAP) enabling lenders and borrowers to pursue Short Sales and Deeds-in-lieu of foreclosure in cases where the does not qualify for a Loan Modification. The program requires that before proceeding with a foreclosure, lenders must determine if a short sale is appropriate, if that is not successful, a deed-in-lieu of foreclosure.

They are even providing incentives for homeowners and lenders!

Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum net return to the bank, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs)

Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional and no foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP. Contact Short Sale Pros for 100% Free Short Sale Help

Program Expiration. Starts May 14th 2009 and is in effect through 2012.



For the full report take a look at
http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf



How do you think the Foreclosure Alternatives Program will help the thousands of struggling homeowners? Do you think this is the best way to fix the problem?




Contact me anytime,


Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



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Real Estate Foreclosure
Real Estate Short Sale
Real Estate Avoid Foreclosure
San Diego Based Real Estate Blog

Mortgage Forgiveness Debt Relief Act - Provides Tax Releif for Homeowner in Short Sale

Mortgage Forgiveness Debt Relief Act - Provides Tax Releif for Homeowner in Short Sale

Big Help for Struggling Homeowners:

What is the Mortgage Forgiveness Debt Relief Act of 2007?

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007. It applies to qualified debt forgiven in 2007, 2008 or 2009. Generally, the Act allows exclusion of income realized as a result of a loan modification, short sale, or foreclosure on your primary home.

What does that mean?

Generally, debt that is canceled by a lender must be added as income on your tax return and is taxable. The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain canceled debt from income(Short Sales and Loan Modifications).

Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or canceled debts?

No, the Act applies only to forgiven or canceled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

If the forgiven debt is excluded from income, do I have to report it on my tax return?

Yes. The amount of debt forgiven must be reported on Form 982 and the Form 982 must be attached to your tax return.

How do I know or find out how much was forgiven?

Your lender should send a Form 1099-C, Cancellation of Debt, by January 31, 2008. The amount of debt forgiven or canceled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982. Contact and Accountant for Additional info, Tax and Accounting group: Lou DelVechio 760 439 2433.

Can I exclude debt forgiven on my second home, credit card or car loans?

Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?

Yes. The forgiven debt may qualify under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. Contact an Accountant for additional info, Tax and Accounting group: Lou DelVechio 760 439 2433.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?

There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven.


How beneficial do you think this new Act will be?

See the IRS update here: http://www.irs.gov/irs/article/0,,id=179073,00.html


For any additional questions contact:

Oliver Graf
Real Estate Expert


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Real Estate Short Sale
Real Estate Debt Relief
Real Estate Short Sales
San Diego Based Real Estate Blog

Lenders pay 6% commission on Short Sales - Great news for Realtors!

Lenders pay six percent commission on Short Sales!

6% Commision guaranteed by Fannie Mae on Short Sales!

Great news for Real Estate Agents who are working short sales…. Now companies servicing any Fannie Mae loan products can no longer force real estate agents to reduce their commissions as a condition to a short sale getting approved.

Fannie Mae stated, “Effective March 1, 2009, closing of pre-foreclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate.”

So now any agents will no longer be forced to take commission reductions to service short sales. When you submit the short sale package be sure to check in advance to see if the loan is a Fannie Mae Product.

How do you think this will affect the Short Sale process for agents?

For any help with Property Foreclosure or Short Sale questions contact:



To your success,

Oliver Graf
Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360



*** Make sure you sign up for our FREE mailing list today! ***


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Real Estate Short Sale
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San Diego Based Real Estate Blog

Short Sales- A better way to sell your home and avoid Forclosure!

Short Sales Are Helping Countless Homeowners...

In todays Market nearly 20% (9 million people) of homeowners across the country- are "upside down" on their mortgages. Meaning, they owe more on their mortgage balance than their properties are actually worth.

Some people would predict that these people will walk away and accept loosing their home to foreclosure.... But there is light at the end of the tunnel! A lot of homeowners are starting to understand the benefits of a Short Sale rather than a foreclosure. Both serve the homeowner the same in the sense that they will be a walking away from a depreciating asset, but the Short Sale holds a lot more benefits to the homeowner:

Credit Impact: For starters a Short Sale will affect a person’s credit significantly less than a foreclosure. Meaning that someone with a Short Sale in their credit is a lot more likely to qualify for a new mortgage in as little as 12 months, whereas a foreclosure and/or bankruptcy will haunt someone for up to 7 years.

Stress: On top of the credit implications nobody ever talks about the effect on homeowner’s moral when they are going through a foreclosure. It’s never a good feeling for someone that is just watching the bank take their homes away. With a Short Sale, the homeowner will have more time to make moving preparations.

Homeowner Help: With a Short Sale the homeowner is completely involved in the process, making their own decisions with the help and guidance of a Short Sale Professional. The Short Sale specialist will handle all communications with the lender, as well as market and sell the property with the help of an Real Estate Agent. This allows the homeowner a great alternative to foreclosure or bankruptcy!

Homeowners that are upside down on their property or facing foreclosure should contact a Short Sale Specialist once they have missed at least one mortgage payment. You can contact Short Sale Pros who offers a short sale service at no cost at no cost to the homeowner. People will contact short sale professionals since very few Realtors have the skills to process complex short sale transactions, and some short sale companies can charge thousands to process a short sale.



San Diego school teacher Marlen Sepulveda stated, "When my adjustable rate mortgage increased and my salary was jeopardized due to economic conditions, I couldn't afford my mortgage any more and I didn't know where to turn. I contacted the Short Sale Pros and they answered all my questions and negotiated my short sale, all at no cost to me."



Remember…You have options if you need to sell or are facing foreclosure! Don’t just let the bank take your home!


Sam Khorramian
Success Expert


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Real Estate Short Sale
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New Price - Condo in Foley

Seller needs an offer. This home is being offered at a great price for someone looking to downsize. It also is great as an investment property. Click on link below to see property information. This is a short sale so all offers have to be approved and or subject to negotiation with the mortgage company. Please let us know if you have any questions.

BACK ON MARKET

Our listing in the Miller's Crossing subdivision in Fairhope in Baldwin County is back on the market. This home for sale is a short sale. The seller needs an offer. The home has a very popular floorplan with 4 bedrooms, formal and informal dining areas. It sits on a lovely corner lot within walking distance of popular new Newton School. Great location with nearby access to Highway 98 and Highway 181.

Here is link to view details - 17262 Magellan Boulevard.

Please call us if you have any questions. Thanks.