Market Trends Report -Mission Viejo - Feb. 6, 2012

   Median list price in Mission Viejo - January 7 - 12, 2012

The median list price of homes for sale in Mission Viejo, CA this week is $499,000 for the week of February 6th 2012.

Home Sales in Mission Viejo have begun exceeding new inventory.  This is a Buyer’s Market so prices are not yet moving higher as excess inventory is consumed.  If the tightening continues and the Market moves into the Seller’s zone, we may see upward pressure on Pricing.  Download this report

Market Trends Report - Ladera Ranch - Feb. 6, 2012

   Median list price in Ladera Ranch - January 7 - 12, 2012

The median list price for a single family home in Ladera Ranch, CA for this week is $614, 900.

The demand is increasing and days-on-market is trending downward. There are positive trends for the market, even as more properties come available. Download this report

Market Trends Report - Laguna Niguel - Feb. 6, 2012

   Median list price in Laguna Niguel - January 7 - 12, 2012

The median list price for homes for sale in Laguna Niguel, CA is $650,000 for the week of February 6th, 2012. The Market has been cooling in recent weeks. Since this is a Buyer’s market where there is excess inventory to satisfy the demand levels, prices have also been moving lower. Download this report

Do lenders always agree to loan modification requests on Ladera Ranch homes?

Sadly, no;lenders don’t always agree to loan modification requests on Ladera Ranch homes.That’s why if you decide to explore this option, you need to get all the information you can get on the subject.

Lenders call the loan modification process "Loss Mitigation," which is the act of reducing the lender's losses whether they approve a loan modification, short sale, or foreclose on a Ladera Ranch property. Depending on the type of loan and delinquency, the lender’s loss mitigation specialist will provide a wide array of strategies for repaying your loan.

If you’re interested in having my advice on how to avoid foreclosure on your Ladera Ranch, I can help you make the decision on whether a loan modification is the best choice for your situation. And if you decide that a loan modification is what you want, I can provide a copy of my free loan modification guide you can use to negotiate a payment reduction with your lender.

The lender may suggest repayment plans that fit your needs. My loan modification guide explains how to begin the whole process from start to finish. It also explains how to persuade a lender to agree to a loan modification. You are free to request a copy today so you can get your mortgage payment decreased and keep your home as soon as possible!

Thinking about a short sale? I can help you short sale your Ladera Ranch property and get back on your feet. Send me an e-mail at arna@ehomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.Arna Freedman, a Real Estate Broker at Homes of California, helps buyers and sellers in Ladera Ranch and other Orange County cities.

Phone: (949) 244-0444. arna@ehomes.com. Experience, Excellence and Service View my homes for sale.

Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California.

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The Bank of America Cooperative Short Sale Program reduces the challenges of a regular short sale in Laguna Niguel, such as waiting up to 60 days just for having your sale be assigned a representative.

Bank of America idealized the program in order to help homeowners explore all their options and, most importantly, avoid foreclosure.

But, how do short sales work?A cooperative short sale in Laguna Niguel begins with the homeowner calling the bank where he/she explains the hardship endured, thus not being able to continue the mortgage payments. The Banker and homeowner then discuss a loan modification (which is, in most cases, a pre-requisite when entering a cooperative short sale).

After the bank reviews the documents presented to show the homeowner’s grievances and determines that a loan modification is not a possible option, it will then turn to the last resort: a cooperative short sale. The next step involves the Bank ordering an appraisal in order to list the property with a Realtor. After the Bank agrees to the appraised price, the property is listed to be sold. 

Given that the short sale is pre-approved, buyers can get an answer on their offers within a day or two as opposed to the 3-6 months a regular short sale takes.

Since the Bank understands that the appraisal may come in high, the property cost gets lowered every 21 days until an offer comes in if the property doesn’t sell within the first 21 days.

This new program is great given that it makes short sales hassle-free for every party involved. 

Thinking about a short sale?I can help you short sale your Laguna Niguel home and get back on your feet. Send me an e-mail at  arna@ehomes.com. I will then contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.

Thanks for reading this.

Arna Freedman, Real Estate Broker at Homes of California, helps buyers and sellers in Laguna Niguel and other Orange County cities.

Phone: (949) 244-0444.arna@ehomes.com.

Experience, Excellence and Service

View My homes for sale at www.ehomes.com.

Arna Freedman specializes in loan modification assistance and short sales in Laguna Niguel California.

 

For other Short Sales articles visit:

Bank of America offering a new short sale program in Orange County

Bank of America offering a new short sale program in Orange County

Every bank, like many other businesses, aims to make money and not necessarily make things smooth for their customers; much less to anyone trying to short sale their property. So, naturally, the main reason Bank of America has initiated the Cooperative Short Sale Program in Laguna Niguel is to increase the bank’s bottom line profit.  

And as we have talked about in previous posts, a short sale might be a good option for you depending on your current situation.

Banks increase their profit whenever they cut losses on loans that are in default. But they also face a few problems:

1. They take long periods of time to process short sales and loan modifications.
2. Given the fact that the length of time to buy a short sale is long, buyers are making lowball modifications.
3. There are many agents that are unfamiliar with short sales and have no clue as to what to do. Due to this, said agents are oblivious on where to price a short sale property.

Bank of America will set the terms before listing the property, such as the list price and deficiency judgments. By doing this, the bank is able to give a shorter decision time once an offer has been placed. The bank claims that once an offer is received, a decision will be provided within 10 days, making buyers less frustrated with the purchase process and more willing to wait for it to be completed.

Since traditional short sales used to take so long, many buyers got frustrated and walked away before a response was given on the short sale. But luckily for sellers and buyers, this process has been made a bit easier for every party involved.

Thinking about a short sale?I can help you short sale your Laguna Niguel home and get back on your feet. Send me an e-mail at  arna@ehomes.com. I will then contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.

Thanks for reading this.

Arna Freedman, Real Estate Broker at Homes of California, helps buyers and sellers in Laguna Niguel and other Orange County cities.

Phone: (949) 244-0444. arna@ehomes.com.

Experience, Excellence and Service

View My homes for sale at www.ehomes.com.

Arna Freedman specializes in loan modification assistance and short sales in Laguna Niguel California.

 

For other Short Sales articles visit:

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

 

Rental Scam going on Orange County

More Craig’s List Scammers to take your money!  Agents and Renters BEWARE!

It seems like there is another rental scam going on here with our Orange County Real Estate rentals.

Unsuspecting people are looking at houses for rent that seem like a really good deal. In fact, the deal is too good to be true. Some renters are so smart when they drive by the property and they know their market so well. With our for sale sign in front of the property, including the “Bank Owned” sign on top of the post, the tenants saw that the ad content and the sign didn’t match. They were smart to pick up the phone and call us as they knew that the house rental price was below market value.

By coincidence, just the day after we received the call from that very savvy renter, one of our large banks clients whose foreclosures we handle, sent out a notice nationally that there were squatters appearing in their bank owned properties.  Maybe these are really the poor unsuspecting tenants who were thinking they were renting from the real owner but instead rented from scammers.

I called the local MLS so they could notify the thousands of agent members, but they were more concerned with setting up for a holiday boutique than notifying the agents.  So instead I thought I would let the agent community know that they need to be careful when showing vacant Foreclosure homes as scammers are moving people into these vacant bank owned homes.

What else can we do?  If you are an agent take precautions when showing vacant homes as they may have squatters inside.  Be aware of your surroundings. Let someone know your showing schedule. Check in with someone on your tour. Have a buddy system for your safety. Don’t park in the driveway. Keep your keys in your fist, with one key sticking out for a quick safety tool!   If you hear anything when you enter the house, run out and worry about yourself.  You can always call the local police if you suspect you are in danger.  Use your intuition in these situations!

Tenant’s need to be extra careful when using Craigslist.org to find rentals.If you are a tenant looking for a home and the price seems too good to be true and you get an email back from the Scam Owner, telling you how much they love their home and will be moving out of the area and they are in a hurry to get your money, chances are it’s a scam. They may tell you they will mail you the keys. They may just send you the photos from the on line listing services.

If you need to find a rental home, use a Realtor as these scam artists are taking lots of deposits and rental money from more than one unsuspecting applicantand then disappearing with multiple deposits, renting out the same house to more than one tenant at a time.

If you do get keys from these rental scam artists in Orange County or elsewhere, you may move in the bank owned home and then have to be evicted. Make sure the house you are looking to rent is priced according to fair market value. Usually the rental deposit is equal to the amount of the first month’s rent so that’s your first clue if it’s a lot less than fair market rent. These scam artists move from market to market with their rental schemes so beware of vacantforeclosed homes advertised for rent.  Drive by the house and check it out. You may see a for sale sign by a Realtor.  That’s a good sign!  Any bank owned home that might be a rental will be represented by a REALTOR!Banks may be renting out homes in some areas of the country so be sure to call the Realtor and check with them to see if it is a rental.  Better to be safe than sorry. Don’t get taken by the Craigslist Scam Artists.

 

What is a BPO and Why is it Important to Short Sale Success?

What is a BPO and Why is it Important to Short Sale Success? 

Ladera Ranch, CA – There are many real estate agents who hate short sales. Why should that be? The answer is simply because they really don't understand them too much better than their clients do. In a previous post I promised to explain what a BPO was and why it is so important to short sale success. So here we go:

 

There are two things a broker doing a short sale must understand with absolute clarity. The HUD 1s and BPOS. BPO is an acronym for “Broker's Price Opinion” And getting the wrong BPO is where everything can begin to fall apart.

 

The BPO is an independent real estate broker's opinion of the value of the property to be short saled. In short if they tell the lender “ I think that home is worth $300,000” and the offer on the table is for $275,000 they – the lender- will turn it down. A lender will usually reject or accept based on the BPO. And often, in my opinion, the BPO is just off.

 

I have seen brokers drive fifty miles to access a property. A property that is located in an area they personally have never worked the real estate market. So what I do is actually make the effort to go meet with that broker. I give them a little more insight into both property and the market and then explain the offer price if it seems a little low. There may be a problem with the house, the neighborhood , who knows? All kinds of things can affect a home's real value and many of those do not become apparent during a ten minute walk through.

 

Once the broker has all the information, including mine, I find that they really do give more thought to the BPO they set and therefore are more likely to come up with a realistic BPO that will convince the lenders to approve the short sale.

 

What is a BPO and Why is it Important to Short Sale Success? I can help you short sale your property and never pay the bank another penny. Please feel free to send me an e-mail at arna@ehomes.com  or give me a call at (949) 244-0444 to arrange a free consultation.

 

Thanks for your time,

Arna Freedman

 

Do I have to accept a Promisory Note in my Short Sale?

Do I have to accept a Promisory Note in my Short Sale?

Ladera Ranch, CA – In this business you do sometimes encounter very stubborn lenders who are adamant about collecting on what they believe to be “rightfully theirs”

These lenders are usually the ones that homeowner got their original loan from. Good examples of such lenders include small community banks or local credit unions. Private mortgage insurance company loan makers tend to be rather difficult to deal with on many occasions as well. 

These you see are the companies that negotiate the hardest, and the toughest, They insist that they won't accept or approve a short sale without a promissory note. And although they don't like to budge, there are occasions when they will. 

In order to convince them to waive the deficiency you will have to come up with a compelling reason. This can include:

• Proving to them that no, you really do not have any assets or extra monthly income available.
• Convincing them that the short sale offer on the table is a fair one and they will be getting what the property is worth.

This part is really your agent's job. He or she can put together an agent's appraisal that includes area comparables, recent local market sales and other pertinent information.

This information will in some cases be enough for a stubborn lender to give up, waive the promissory note and be glad that they are getting some return on their investment, if not all of it.

If the lender is really playing hardball though you may have to resort to getting a lawyer involved. Hire one who knows their stuff about bankruptcy because this is the angle you are going to have to play.

You see, bankruptcies are very bad news for creditors. If you file for bankruptcy it may be 12-18 months before the lender can even put the house on the market and they won't be able to go after you for a dime. Once you start talking about filing for bankruptcy most of these lenders will look again at accepting that short sale deal without a promissory note.

Do I have to accept a Promisory Note in my Short Sale? Are you in a position that may be solved by a short sale? I can help you short sale your property and never have to pay the bank another penny. Please feel free to log on to www.helpstopforeclosures.org .  I will be delighted to contact you for a free, no obligation  consultation.

 

Best Wishes,

Arna Freedman

What if my Short Sale is Rejected?

What if my Short Sale is Rejected?

What Damages can a Homeowner Sue for if a Short Sale is Wrongly Rejected?

Laguna Niguel, CA- We have already discussed my advice to a homeowner dealing with the rejection of  a perfectly good short sale offer and facing imminent foreclosure.

I had advised this poor man to tell the uncooperative company administering his Fannie Mae loan that he would sue them for damages. But what could he really ask a jury to award him damages for?

Here are just a handful of the damages a foreclosed homeowner might be able to ask a jury for:

Damaged Credit Rating- A foreclosure is a huge blemish on anyone's credit report and one that will stay therefor seven long years. Being forced to answer yes when asked “Have you been subject to a foreclosure in the lastseven years?” will make getting any type of credit very, very hard.

Financial harm from a larger amount being owed to Lender- If the short sale offer was rejected and the homedoes go to foreclosure  Arman may end up being pursued for the shortfall by the owner of the loan. Had theshort sale been allowed to go ahead he would perhaps not have owed them a penny more.

See how other sellers successfully did a short sale to avoid foreclosure by clicking here. www.helpstopforeclosures.org

Of course that argument would be bolstered by an actual foreclosure sale that produced a loss over the short sale offer. But we really don't want that to happen.

There is one more thing about this homeowner's experience that is very fishy. When he called to try and reason with the administering company about the refused short sale, pointing out that the Fannie Mae lender would probably take a loss a man told him "We or some of our investors will buy it.”

Fishy but not all that unusual. It is not the first time I have personally heard about a third party company profiting from a lender's loses, which would appear to be the case here.

What if my Short Sale is Rejected? Are you in a position that may be solved by a short sale? I can help you short sale your property and never have to pay the bank another penny. Arna Freedman  and Avi Chalid specialize in loan modification assistance and short sales in Ladera Ranch California. The views expressed here are Arna Freedman's personal views  and do not represent legal advice in any way.

Check us out at Homes of California

 

Best Wishes,

Arna Freedman