From the category archives:
Riverside Short Sales
Pending home sales in California fell 1.7 percent in July, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 117.0 in July, down from June’s index of 119.0, based on contracts signed in July.
The index was up 4.9 percent from July 2010. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
The total share of all distressed property types sold statewide fell to 44.5 percent in July, down from June’s 46.9 percent. The share of distressed sales also was down from a year prior, when distressed sales totaled 47.7 percent of all home sales.
Non-distressed sales made up the remaining share of home sales in July at 55.5 percent, up from 53.1 percent in June and 52.3 percent in July 2010.
County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.
Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811 .
New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.
Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone.
Typically with a short sale, the homeowner is underwater and has experienced a financial hardship such as a job loss. To limit the damage to his credit rating, a homeowner may attempt to work with his lender to negotiate a short sale. Not only must the bank approve of the short sale itself, it also must agree to the price, since the bank will accept the difference as a loss.
Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant – and sometimes vandalized – property, a short sale isn’t a distressed home that will sell at an extremely low price. According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent.
Home buyers wanting to purchase a short sale must have patience. In most cases, when a buyer makes an offer on a house, he receives a response from the seller within a few days, or even hours. With a short sale, the bank must approve of the sale and bank representatives are overloaded with cases. It may take 30 days or longer for a buyer to receive a response from the bank.
In a traditional real estate transaction, it is common for a home buyer who currently owns his home to make his offer contingent on selling his current home. In short sales, most banks will not approve an offer that is contingent on the buyer selling his current home, as too many things can go wrong.
Banks also typically won’t consider short-sale offers that have inspection contingencies in them, so buyers can either do an inspection prior to making an offer or forego an inspection altogether.
Even with the challenges associated with short sales, buyers should not avoid these transactions. Being prepared ahead of the time and working with an experienced REALTOR® can help buyers avoid frustration and surprises down the line.
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
If you have equity in your home, we will sell your home and get top dollar in this challenging market wiht our Internet Marketing and Sales Program. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com
New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!
Governor Jerry Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder.
Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
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If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.
Concerns have arisen in recent months about the possibility of a double-dip in home prices. At present, this appears to be less likely for the California median price than the US median price. Here’s why…
California Market
The CA median fell by nearly 60 percent from peak to trough, hitting bottom over two years ago in February 2009 at $245,230. Although the median fell in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent above the February 2009 trough. The February 2011 median was probably the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
National market
By comparison, the US median price fell 32 percent from peak to trough–about half of the decline experienced by the California market—however, it only hit bottom this past February at $156,900. The national median rose to $163,200 in April, and should climb as the market moves through the peak season, but it remains precariously close to the February trough.
Whether prices experience a double-dip depends greatly on the pace of recovery in the economy. GDP is rising, but must grow more quickly to bring down the unemployment rate. Recent increases in gasoline and food prices have caused an inflation scare that put a damper on consumer behavior since early this year. Gasoline prices will likely abate in the coming months, but it remains to be seen whether consumers will feel more confident about the future.
Unfortunately the news networks love to sell bad news. Good news is supposed to be unbiased.
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
If you have equity in your home, we will sell your home and get top dollar in this challenging market wiht our Internet Marketing and Sales Program. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com
New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!
Front
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Pool with view of the hills
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Welcome to this upgraded home in Moreno Valley (Riverside County) California! Turn key and ready to move in.
This is a single level home. The home features upgraded wood flooring, granite kitchen tops and much more. Family room with stone fireplace and a beautiful back yard with newer built in pool including waterfall. Swim while viewing the back drop of the hills.
Master Bedroom has a retreat which can be used as an office or separate TV area. Close to shopping and schools, no HOA fees.
FEATURES:
- 3 bedrooms
- 2 baths
- 2002 sq ft
- Master bedroom with retreat
- Covered Patio
- Lush landscaping
- Lot size 6969.6
- 3 car garage
- Tile roof
- Built in 1997
- View of the hills
- Open Kitchen
- Family room with fireplace
Please contact me today for more information, CLICK HERE
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau!
If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE or go to www.ShortSaleRealtors4U.com.
The Obama administration’s flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.
Last month alone,155,000 borrowers left the program _ bringing the total to 436,000 who have dropped out since it began in March 2009. About 340,000 homeowners have received permanent loan modifications and are making payments on time.
But analysts expect the majority will still wind up in foreclosure and that could slow the broader economic recovery.
A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.
Many borrowers complained that the banks lost their documents. The industry said borrowers weren’t sending back the necessary paperwork.
Treasury officials now REQUIRE banks to collect:
- two recent pay stubs at the start of the process.
- Borrowers have to give the Internal Revenue Service permission to provide their most recent tax returns to lenders.
Requiring homeowners to provide documentation of income has turned people away from enrolling in the program. Around 30,000 homeowners started the program in May. That’s a sharp turnaround from last summer when more than 100,000 borrowers signed up each month.
So far nearly 6,400 borrowers have dropped out after the loan modification was made permanent. Most of those borrowers likely defaulted on their modified loans, but a handful either refinanced or sold their homes.
Obama administration officials contend that borrowers are still getting help _ even if they fail to qualify. The administration published statistics showing that nearly half of borrowers who fell out of the program as of April received an alternative loan modification from their lender. About 7 percent fell into foreclosure.
Another option is a short sale _ one in which banks agree to let borrowers sell their homes for less than they owe on their mortgage.
A short sale results in:
- a less severe hit to a borrower’s credit score
- better for communities because homes are less likely to be vandalized or fall into disrepair.
Administration officials said their work on several fronts has helped stabilize the housing market. Besides the foreclosure-prevention plan, they cited government efforts to provide money for home loans, push down mortgage rates and provide a federal tax credit for buyers.
for the full story click here: http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_AID?SITE=VACUL&SECTION=HOME&TEMPLATE=DEFAULT
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.
If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE. or go to www.ShortSaleRealtors4U.com
Please feel free to contact me today for free counseling at (619) 301-0200 click http://www.shortsalerealtors4u.com/
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
- Currently, if a homeowner defaults on a mortgage used to purchase his or her home — known as a “purchase money mortgage” — the homeowner’s liability on the mortgage is limited to the property itself. Unfortunately, the original law did not extend the purchase money protection to loans that refinance the original purchase debt, even if the refinance only was to obtain a lower interest rate.
- Californians who refinance a property currently do not have protection if they default on a mortgage greater than the property’s value. Called a “deficiency” liability, under current California law, the lender can sue the former homeowner for the amount of the deficiency even after taking back the property.
- Recent years of low interest rates and aggressive marketing campaigns by lenders have induced tens of thousands to refinance mortgages. Few homeowners realized that by refinancing their mortgage, they were forfeiting their protections and now are personally liable.
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.
If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE. or go to www.ShortSaleRealtors4U.com
Please feel free to contact me today for free counseling at (619) 301-0200 click http://www.shortsalerealtors4u.com/
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
MORTGAGE HELP: To complete the program, borrowers have to make at least 3 payments on time and show much documentation.
The number of homeowners dropping out of the Obama administration’s main mortgage assistance plan is growing, and is now almost equal to the number who have received permanent relief.
The Treasury Department’s report Monday was the latest evidence of problems in the administration’s $75 billion program. While officials insist the program is helping the housing market turn around, critics say it is merely delaying an inevitable surge in foreclosures.
More than 299,000 homeowners had received permanent loan modifications as of last month, Treasury said. That’s about 25 percent of the 1.2 million who started the program since its March 2009 launch. They are paying, on average, $516 less each month.
However, the number of people who started the process but failed to get their mortgages permanently modified rose dramatically in April.
To complete the program, borrowers must make at least three payments on time. About 277,000 homeowners, or 23 percent of those enrolled, have dropped out during this trial phase. That’s up from about 155,000 a month earlier, or a 79 percent increase.
Many borrowers are still stuck in limbo, unable to complete the process and caught up in an often-bewildering bureaucracy.
“These mortgage companies have to get it together,” said Henrietta Thompson, housing coordinator with United Family Services in Charlotte, N.C. “We’re not getting anything done.”
Treasury officials acknowledge that long delays have been a problem.
“Homeowners are waiting. We want them to get answers as rapidly as possible,” said Herbert Allison, an assistant Treasury secretary.
After a one-year struggle with JPMorgan Chase & Co., Giselle Embry, 56, of Escondido, was finally able to get a loan modification through the program.
“They kept calling me and asking me to send the same things,” she said. “I felt like they just wanted to run me around until I got so frustrated that I gave up.”
Embry fell behind on her mortgage. An illness forced her to go on disability for six months and her hours as a career adviser were shortened because of state budget cuts. Her new loan payment is $622 a month, more than half of her initial payment.
A Chase spokeswoman declined to comment on Embry’s case. She said the bank has hired 9,000 workers to handle foreclosure cases, opened 51 centers around the country where borrowers can meet with bank officials and held foreclosure prevention events around the country.
The program is designed to lower borrowers’ monthly payments by reducing mortgage rates to as low as 2 percent for five years and extending loan terms to as long as 40 years.
There have been problems from the start. One of the big ones: Initially, many of the participating banks allowed borrowers to state their income verbally and provide proof of their income later. That jammed up the system as many borrowers didn’t provide a complete set of documents, and some complained that their information was lost.
The mortgage companies that required homeowners to provide proof of their incomes have had a much better track record. HomEq Servicing Inc. and Ocwen Financial Corp. were able to convert more than 80 percent of their participating borrowers to permanent status, according to the Treasury Department.
By contrast, the four largest banks in the program have been far less successful. Bank of America Corp. and Wells Fargo & Co. have successfully processed about 25 percent of their applications. JPMorgan Chase and Citigroup Inc. have been able to convert 22 percent and 21 percent, respectively, of their applicants to permanent status.
Treasury officials have directed lenders to shift to a new system. Starting with loan modifications that go into effect June 1, they are required to collect two recent pay stubs at the start of the process.
Housing analysts are also watching the number of borrowers who drop out after completing the program.
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.
If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE. or go to www.ShortSaleRealtors4U.com
Please feel free to contact me today for free counseling at (619) 301-0200 click http://www.shortsalerealtors4u.com/
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
41150 Primula Circle, Murrieta CA 92562
A
MUST SEE! Well
maintained 3 bedroom 2 bath home on a CORNER lot. Home is 1052 square
feet
large, with a attached 2 car garage.
County Properties, 23 years of brokerage experience, trust and a
Member of the local Better Business Bureau! We offer free counseling in
real estate regarding; home values and information on options of selling
vs. Foreclosure.
If you have equity in your home, we will sell
your home and get top dollar in this challenging market at www.countyproperties.net/.
If you do not have enough equity, and you must sell your property as a
short sale we have the expertise to do so also and close escrow in 45-60
days or less. Learn more about mortgage relief options and how to take
advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE. or go to www.ShortSaleRealtors4U.com
Please feel free to contact me today for free counseling at (619)
301-0200 visit our website, click http://www.shortsalerealtors4u.com/
or www.CountyProperties.net
By the way…if you know of someone who would
appreciate the level of service in real estate we provide, please call
me or have them go to www.CountyProperties.net and I’ll be happy to
follow up and take great care of them.
