Obama Administration Extends Deadline for Making Home Affordable Program

Extension through December 2015 Will Provide Struggling Homeowners Additional Time to Access Sustainable Mortgage Relief and Align End Dates for Key Assistance Programs

WASHINGTON – The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development today announced an extension of the Obama Administration’s Making Home Affordable Program through December 31, 2015. The new deadline was determined in coordination with the Federal Housing Finance Agency (FHFA) to align with extended deadlines for the Home Affordable Refinance Program (HARP) and the Streamlined Modification Initiative for homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. The Making Home Affordable Program has been a critical part of the Obama Administration’s comprehensive efforts to provide relief to families at risk of foreclosure and help the housing market recover from a historic housing crisis. The program deadline was previously December 31, 2013.

“The housing market is gaining steam, but many homeowners are still struggling,” said Treasury Secretary Jacob J. Lew. “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts to strengthen the middle class, and Making Home Affordable offers homeowners some of the deepest and most dependable assistance available to prevent foreclosure. Extending the program for two years will benefit many additional families while maintaining clear standards and accountability for an important part of the mortgage industry.”

“The Making Home Affordable Program has provided help and hope to America’s homeowners,” said HUD Secretary Shaun Donovan. “Families across the country have used its tools to reduce their principal, modify their mortgages, fight off foreclosure and stay in their homes – helping further stimulate our housing market recovery. And with this extension, we ensure that the program keeps supporting communities for years to come.”

Since its launch in March 2009, about 1.6 million actions have been taken through the program to provide relief to homeowners and nearly 1.3 million homeowners have been helped directly by the program. The Making Home Affordable Program includes the Home Affordable Modification Program or HAMP, which modifies the terms of a homeowner’s mortgage to reduce their monthly payment to prevent foreclosure. As of March 2013, more than 1.1 million homeowners have received a permanent modification of their mortgage through HAMP, with a median savings of $546 every month – or 38 percent of their previous payment. Data from the Office of the Comptroller of the Currency (OCC) shows that the median savings for homeowners in HAMP is higher than the median savings for homeowners in private industry modifications, which has helped homeowners in HAMP sustain their mortgage payments at higher rates. As a result, HAMP modifications continue to exhibit lower delinquency and re-default rates than industry modifications.

The Making Home Affordable Program has also put into place important protections for homeowners that have helped inform efforts to create standards for the mortgage servicing industry. This includes requirements for mortgage servicers regarding clear and timely communications with homeowners and protections to ensure that homeowners are evaluated for assistance before being referred to foreclosure. The Administration has issued reports on the program every month since July 2009, which provide the most detailed information available about individual servicer efforts to assist homeowners. As part of this report, Treasury issues a quarterly assessment for each of the largest servicers in the program to highlight their compliance with program requirements.

Homeowners seeking assistance with their mortgage payments should remember that there is never a fee to apply to the Making Home Affordable Program. Homeowners can work with a HUD-approved housing counseling agency free-of-charge to understand their options and apply for help. Homeowners should visit MakingHomeAffordable.gov for more information about free resources for assistance or call 1-951-506-5744.

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IRS and California Franchise Tax Board Declare California Distressed Home Sellers Not Liable for Federal or State Income Tax on Short Sales, C.A.R. Announces

Here is a link to some exciting news about the tax ramifications for a short sale in California.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home? You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park | Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz | Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula | Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton | Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta | North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol | Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside | Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing | Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch | Vintage Hills | Wildomar | Winchester | Winchester Creek | Wine Country, Temecula | |Wolf Creek Temecula |
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Posted in Buying a home after a short sale., Making Home afforable Program, Tax Ramifications of a short sale | Tagged , | Leave a comment

Short Sales vs Foreclosures on a Credit Report

It may surprise you to know that a short sale will typically appear no different on a credit report than a foreclosure. For someone looking to qualify for a home loan, this can be a major issue.

It looks like help is on the way. Watch the brief video below for more information. Contact our office if you have questions and please pass this information along to anyone in this unfortunate situation.

 

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home? You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park | Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz | Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula | Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton | Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta | North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol | Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside | Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing | Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch | Vintage Hills | Wildomar | Winchester | Winchester Creek | Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

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Buying A Home After A Short Sale

Another home sold by Team OlsewskiRiverside County homeowners are feeling a lot better today.  Point your ear out your front door and listen: you may hear a sigh of relief!  Prices are rising – like crazy in some places – and fewer homeowners are upside down on their mortgages.  The average sale price in Riverside County in June, 2012 was about $219,567.  Twelve months later it was $290,211! So, today’s local real estate market is no longer about ‘how much am I losing?’ but rather about ‘how much equity am I building?’  Almost anyone who bought a home in the past year is probably grinning from ear to ear!

But what about those who didn’t make it through the downturn?  What about those who lost their equity, found themselves upside down and, suddenly, needing to sell?  They pretty much had four options:

  • Move and let the home go to Foreclosure
  • Negotiate a Short Sale with the lender
  • Forget about selling and rent the house
  • Sell and write a check at closing to the lender for the shortfall

Thankfully, not too many people opted for that last option – though it did happen in situations where the shortfall was small and the need to sell great.  And those who successfully rented their property are probably enjoying a nice increase in value now.  People who chose Short Sale or went to Foreclosure, however, have the same question:  how long before I can buy again?

First, understand that the answer is a moving target:  it has shifted over time and probably will continue to shift.  There are also no hard and fast answers as different lenders have different policies and some lenders will bend a bit if interest rates and discount points are high enough.  However, today, the following is typical:

To get a Conventional Loan after a Short Sale:

  • Two-year wait with a 20 percent down payment
  • Four-year wait with a 10 percent down payment
  • Seven-year wait with less than 10 percent down payment
  • Conventional lenders usually look for a FICO score in the 680 range after a Short Sale

 To get an FHA Loan after a Short Sale:

  • Three-year waiting period from the Short Sale closing date
  • Home buyers can get a mortgage with as little as 3.5 percent down

Eligible Veterans can get a VA Loan after a Short Sale:

  • Two -year wait from the Short Sale closing date
  • Can still get in with no money down

There is one snafu that seems to be occurring regularly as homeowners who had to Short Sale apply for new mortgages.  Sometimes the Short Sale lender reports the sale incorrectly to the credit bureaus as a Foreclosure.  This can be a big problem as most borrowers with a Foreclosure on their credit reports must wait seven years before becoming eligible for Conventional Mortgages.

If your last sale was a Short Sale, it is important to keep all of your paperwork from that transaction handy in case you have to prove that it wasn’t a Foreclosure.  It’s also not a bad idea to access your credit report before you begin the buying process to see how the Short Sale was reported.

At Team Olsewski with Keller Williams Temecula, we are experienced at helping buyers with previous short sales get back into the housing market.  And this is not the time to hesitate!  Waiting now may leave you priced out of the market.  Even if you don’t fit the profiles presented above, contact us to learn what it will take to get you back into a house today. Every situation is different so give us a call.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing Real Estate and Mortgage environment. For more about other resources to help you manage and grow your business, please contact us.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home? You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park | Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz | Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula | Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton | Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta | North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol | Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside | Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing | Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch | Vintage Hills | Wildomar | Winchester | Winchester Creek | Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

Posted in Buying a home after a short sale., Credit Challenges, Foreclosure, Making Home afforable Program, Pre Foreclosure, Short Sales | Tagged , , , , , , , | Leave a comment

Bank of America Exposed.

Bank of America has recently been exposed by a former worker. After years of being stalled by Bank of America about lost faxes, and being told the short is being reviewed the truth comes out. Bank of America and other servicers get paid by servicing loans. If a loan goes away so does their servicing fees they collect.

http://www.huffingtonpost.com/2013/06/14/bank-of-america-lied_n_3444014.html?1371247614&utm_hp_ref=business

The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc.

For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.

About twice a month, the bank cleaned out its HAMP backlog in an operation called “blitz,” where it declined thousands of loan modification requests just because the documents were more than 60 months old, the court documents say.

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home?
You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park |
Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz |
Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula |
Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton |
Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta |
North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol |
Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside |
Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing |
Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch |
Vintage Hills | Wildomar | Winchester | Winchester Creek |
Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

Posted in Bank of America Short Sales, Foreclosure, Loan Modifications | Tagged , , , , , , , , , | Leave a comment

FHFA has announced the extension of the HARP by two years to December 31, 2015.

FreddieMac_logoGood news for Homeowners still underwater and trying to avoid foreclosure!

The Federal Housing Finance Agency (FHFA) has announced the extension of the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. We applaud this decision and will continue to fully support HARP for our eligible customers.fanniemae_logo

At a number of the major lenders, HARP has proven to be an important tool for enabling their customers, especially underwater homeowners, to achieve meaningful financial savings through interest rate reductions in a streamlined refinance transaction. Since 2009, Bank of America has been an important participant in HARP, providing interest rate reductions for more than 350,000 borrowers with loan-to-value ratios (LTVs) greater than 80 percent. This year we expect to fund more than 100,000 HARP loans.

Please view the FHFA press release and FAQs if you would like additional information about this announcement.

At Team Olsewski, we’re dedicated to providing you with valuable information and insights in the changing mortgage environment. For more about other resources to help you manage and grow your business, please contact us.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home?
You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park |
Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz |
Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula |
Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton |
Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta |
North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol |
Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside |
Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing |
Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch |
Vintage Hills | Wildomar | Winchester | Winchester Creek |
Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

Posted in Credit Challenges, Fannie Mae, Foreclosure, Freddie Mac, HARP, Loan Modifications, Making Home afforable Program | Tagged , , , , , , , | Leave a comment

Fitch: High Rate of Unsuccessful Mods Threatens Asset Quality

Notice of Loan DefaultServicers continue to make strides in home retention efforts, completing more than 360,000 retention actions in the fourth quarter of 2012, according to a report from Office of the Comptroller of the Currency  (OCC). However, Fitch Ratings detects continued “weak asset quality trends,” especially among loans modified from 2008 through 2010.

In fact, Fitch’s findings lead the agency to fortify its belief that troubled debt restructurings should be counted as nonperforming assets.

“[W]e regard the high delinquency and foreclosure rates for recently modified mortgages as reflective of still elevated residential mortgage asset quality problems,” Fitch said this week.

Fitch admitted modification performance is showing improvement, but “opaque and inconsistent disclosure practices” prevent the agency from obtaining a clear picture of the number of successful loan modifications.

The OCC revealed in its Mortgage Metrics Report for the fourth quarter of last year that a little less than half —47.7 percent—of the nearly 2.9 million loans modified since the start of 2008 are current or paid in full.

About 7.1 percent are currently less than 60 days delinquent; 14.2 percent are 60 or more days delinquent; 7.7 percent are in the foreclosure process. Lastly, 7.3 percent have already been foreclosed.

The OCC reports higher success rates among particular types of modifications. For example, the agency finds greater success among HAMP modifications. However, the OCC notes, “more restrictive qualification criteria restrict the number of borrowers who may qualify for a HAMP modification.”

Additionally, modifications that result in at least a 10 percent reduction in monthly payments for borrowers perform better than those with lower payment reductions, according to the OCC.

As of the fourth quarter of last year, 54.8 percent of modifications with at least 10 percent payment reductions were current or paid in full, while 36.5 percent of those with lower reductions were performing or paid.

Fitch concedes there has been “incremental progress” in modification performance but maintains “the overall picture points to a continuation of broadly weak asset performance in mortgage portfolios.”

Thus, continuing to include troubled debt restructurings in the nonperforming asset category as they are “still weighing heavily” on nonperforming asset ratios for large financial institutions.

By: Krista Franks Brock

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home?
You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park |
Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz |
Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula |
Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton |
Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta |
North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol |
Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside |
Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing |
Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch |
Vintage Hills | Wildomar | Winchester | Winchester Creek |
Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

Posted in Chase Short Sales, Credit Challenges, HAMP, HARP, Loan Modifications, Making Home afforable Program | Tagged , , , , , | Leave a comment

Status of Short Sales?

Unfortunately short sales are not going to be going away anytime soon. Some of the data that supports this in California. As of today California is tied as the state with the highest unemployment. Until people can afford a mortgage the housing market will not really take off.

On a national level some statistics:

  • 10.5 million, or 21.5% of all properties with a mortgage, remain underwater.
  • Of the 38.1 million properties that remain in positive equity, 11.3 million have less than 20% equity.
  •  Nevada had the highest percentage of properties with mortgages in negative equity, roughly 52.4%.
  • Florida followed with 40.2% in negative equity.
  • Arizona 34.9% are negative.
  • Georgia and Michigan have negative equity rates of 31.9% and 33.8%, respectively. These five markets alone account for 32.7% of all homes in negative equity across the U.S. Source: Core Logic

Some additional data

2.3 million homes represented in “Shadow Inventory”  (7-9 month supply, $376B, down 12% from 2011) (CoreLogic as of Oct 2012)

Shadow inventory represented 85% percent of the 2.7 million properties that are seriously delinquent, in foreclosure or in REO (CoreLogic as of Oct 2012)

2.4 million additional borrowers are 30-60 days late and are not included in the shadow inventory numbers. (via LPS Monthly Monitor Report Dec 2012)

Est. 440,000 short sales in 2012. 1,000,000 expected in 2013 (Daren Blomquist of RealtyTrac)

If your lender does not want to work with you on a reasonable loan modification and you feel a short sale is your best option. I would like to meet with you to help you understand your options for your situation.

Short selling a home can be a challenging process that requires experience and expertise. So, you need to ensure yourself that you have a Short Sales Specialist who can communicate efficiently with you as well as your lender. Additionally, they must fully apprehend the entire short sale process and be capable of efficiently closing the deal. With that said, I am a Short Sale Specialists in Temecula, CA that has extensive experience with successful completions of short sales. I strongly encourage you to contact me and let me help you get on the right track! I have helped homeowners throughout South West Riverside county and Orange County work through successful short sales.

Keller Williams Realty 27290 Madison Ave. #200 Temecula, CA 92590
Selling your home? Contact us! (951) 506-5744
Looking for a great home?
You can search homes by licking your desired location:
Adelines Farm | Alta Vista | Arbor Glen | Bear Creek | Canyon Lake | Central Park |
Chardonnay Hills | Copper Canyon | Corona | Creekside Village | Crowne Hill | De Luz |
Four Seasons | French Valley | Glenoak Hills | Greer Ranch | Harveston Temecula |
Hemet | La Cresta Murrieta | Lake Elsinore | Lantana | Los Ranchitos | Mapleton |
Meadow View | Menifee | Moreno Valley | Morgan Hill Temecula | Murrieta |
North Star Ranch | Nuevo | Old School House | Paloma Del Sol | Paseo Del Sol |
Perris | Rancho Bella Vista | Rancho Highlands | Red Hawk Temecula | Riverside |
Roripaugh Hills | San Jacinto | Santiago Ranches | Serena Hills | Spencers Crossing |
Temecula | Temeku Hills | The Colony | The Knolls | The Vineyard | Vail Ranch |
Vintage Hills | Wildomar | Winchester | Winchester Creek |
Wine Country, Temecula | |Wolf Creek Temecula |
Team Olsewski can also be found through these media:

 

 

Posted in Foreclosure, HAFA Updates, Loan Modifications, Making Home afforable Program, Pre Foreclosure, Short Sale Buy Back, Short Sale Lease back, Short Sales | Tagged , , , , , , , , , , | Leave a comment

Team Olsewski Press Release

TEMECULA Real Estate Agent THOMAS OLSEWSKI Awarded Short Sale Lease Back Designation

Posted in Short Sale Buy Back, Short Sale Lease back, Short Sales | Tagged , , , , , | Leave a comment

How To Choose A Short Sale Realtor in Temecula California.

Partner First CertifiedHave you ever found yourself in a bit of a financial rut? You may understand that you might be headed for foreclosure. If you think you are just about out of choices, a short sale may be in your best interest, A short sale is the best alternative, especially if you have no desire to embrace the consequences of having the foreclosure process on your plate.

But first things first, define a short sale? Simply put, a Short sale is when a homeowner cannot hold down mortgage payments any longer and is on the verge of being foreclosed upon. You can then approach your lender and ask if you can short sell the home in question at a loss instead of the bank foreclosing. By doing so, the homeowner prohibits getting a nasty foreclosure on their credit and also provides them more time and alternatives when it comes to their next step. So the next question now is it easy to do or should the homeowner request assistance?

Never do it alone

Asking for help is never bad, especially if you don’t have a clue how something this complex goes about. Short sale dealings are one of those things that might seem really simple at first, but requires an individual that knows precisely what they’re doing, why they are doing it and when they are going to execute the plans to kick it in motion. This is where talking to a Temecula Short Sale Realtor will be a major help. While you can do it the easy way and directly go to a bank or lender to ask them for short sale input, there will still be tons of legal aspects that you might not be capable of understanding. Coupled with the fact of a looming property foreclosure and that you will still have to bring in a real estate agent in the process at some point anyway. You must find a Realtor who specializes in short sales.

Remember to choose wisely

With that said, how does a homeowner select the correct Short Sale specialist and what are the points to consider when hiring one? Below are some useful questions to ask a short-sales Realtor:HAFA Certified

• Ask of their experience and qualifications – this could be a really cliche’ subject for most short-sale agents, but it is very important that the homeowner gets a really clear response when this question is asked. This is a simple protection for the homeowner to make sure the short sales specialist has the experience and actual knowledge of the short-sales process and whether he/she can successfully represent you in the deal. It is also very important to ask about the Temecula short-sale specialist, qualifications and their education.So that you can safely assume that they have enough insight to push the deal through. Some important questions to be asking are the number of years he or she has been dealing with short-sales, their affiliations and the type of deals that they have successfully helped close.

• Ask you Short Sale Specialist about the number of deals the agent has successfully closed – while volume is not a predicament for the homeowner, they still might want to consider the number of successfully closed deals that the Realtor helped complete. “A lot” does not count as an indefinite answer and the homeowner may want to reconsider getting the services of the Realtor that propose them a vague answer like that.

• Ask about their strategy and how it affects your schedule – a Short Sale Specialist has a definite method or plan of attack might be encouraging to a homeowner especially if there is a tight time line that should be followed.

• Ask about the number of deals that they are currently handling – while it might be impressive that a Short Sale Specialist closed hundreds of successful deals, it might be wise to question them on their current status. It might be tempting to hire the engaged of the Temecula Short Sale Realtor due to them having many clients definitely says much about their reputation, but the sheer volume of their deals might affect their performance on closing your deal.

• Ask about YOUR schedule and time line – It is critical that the Short Sale Specialist knows your schedule so that they can adjust their priorities according to the due date assigned to you by the lender or the bank.

• Ask about their fees – this is probably one of the most important questions to be asking. Usually services to the homeowner are completely free and are paid for by your lender! No costs or out of pocket expenses! Be careful of any agent who wants to charge you fees. If anything, many sellers are able to get money back the lender short sale incentive programs.

Planning for the next step

The next step is the one that is significant: ask for the Temecula short sale specialist you just hired to come up with productive steps to short sale your home and what you need to know to effectively complete a short sale, for instance: you will need to produce a Short Sale Package which will contain important financial documentation in regards to your financial hardship. It is always important to remember that the short sale agent is there to make things easier for you and to offer service when needed but not hold your hand fully throughout the transaction. The most effective Short Sale Realtors are the ones who seem to be doing most of the legwork, but in reality are executing and educating you on how to properly position yourself and your property to close on the deal.

Short selling a home can be a challenging process that requires experience and expertise. So, you need to ensure yourself that you have a Short Sales Specialist who can communicate efficiently with you as well as your lender. Additionally, they must fully apprehend the entire short sale process and be capable of efficiently closing the deal. With that said, I am a Short Sale Specialists in Temecula, CA that has extensive experience with successful completions of short sales. I strongly encourage you to contact me and let me help you get on the right track! I have helped homeowners throughout South West Riverside county and Orange County work through successful short sales.

 

Posted in Chase Short Sales, Credit Challenges, Fannie Mae, Foreclosure, Freddie Mac, HAFA Short Sales, HAFA Updates, Mortgage Foregiveness Act, Pre Foreclosure, Short Sales, Wells Fargo Short Sales | Tagged , , , , , , , , , | Leave a comment