Antioch CA - A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different. In this case, the loan being shorted was an FHA loan. Here's what happened. FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA's behalf is supposed to negotiate on a short sale. This letter is 16 pages long and gives them specific directions on how much to pay agents, what ... 03/10/2011

   This bank's stockholders are probably unhappy after losing $50,000 over incompetence. Antioch CA - I have a good story today about another bank losing their shirt because their short sale process is so tough to work with. The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch! Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale. They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they... 03/09/2011

Antioch CA - People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money. They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Most Short Sales Are Well Kept Up And Attractive To Buyers. See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home. The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard. This... 03/08/2011

Antioch CA - Here is a question that we recently received. "I am in the middle of a very long negotiation with Chase. The seller had me to put a clause into the contract stating "upon approval of short sale by sellers' lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don't remove this from the contract. What do you think? After reading your comments below, I am not sure of what will happen. How should I... 03/07/2011

Antioch CA - Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification. They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month. He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan. They wouldn't drop the payments below $1,200 ... 03/03/2011

Antioch CA - Barron's Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron's said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade. Younger households are more likely to rent versus purchase a home. However, the article missed another big factor. So many people have ruined their credit and can't qualify for a mortgage. How many people in America are doing a loan modification, short sale, or let their ... 03/02/2011

Antioch CA - Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD. A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Before a short sale lender will accept a short sale, they want to know what they will net from the sale. A HUD-1 breaks down all the projected closing costs so the lender can see their net. Most agents are familiar with a HUD-1. They see them at the closing of every home they sell. But, seeing a HUD-1 at a closing is not the same as the familiarity yo... 03/01/2011

Antioch CA - Some agents hate short sales. Why? Because they don't understand them. So, don't believe them when they tell you that short sales are impossible. I will explain what causes their problems in today's post. There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) thinks a property is worth. Basically the agent gives their opinion of the value of the property. "I think it is worth 300k", they put on the report. Lenders accept or reject short sale offers based on the BPO valu... 02/28/2011

Antioch CA - It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners. "They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible. I am here to tell you that is not true. I have sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish. Here is the closest comparison I can th... 02/27/2011

Investment Properties Antioch California 94531 Right now Investors are picking up bargains Investment Properties in Antioch California 94531 and the Best Buys in Antioch California 94531 are Bank Owned Homes. There are two Zip Codes in Antioch California. The 94531 Zip Code is the newer part of town with many fine investment properties. The number of Bank Owned Homes in Antioch California 94531 is falling off and now represents less than 1/4 of the market. However, this is still a substantial portion of the real estate market. Right now the average asking price for homes in Antioch California 94531 is $110.00 per SF, but the average asking price for Bank Owned Homes is $104.00 per SF. This is a big savings, although many Bank Owned Homes may need some work. If repairs needed on these Ba... 02/27/2011

Investment Properties Antioch California 94509 Right now Investors are picking up bargains Investment Properties in Antioch California 94509 and the Best Buys in Antioch California 94509 are Bank Owned Homes. Click Here to See Fantastic Bank Owned Homes in Antioch California 94509! There are two Zip Codes in Antioch California. The 94509 Zip Code is the more established part of town with many fine investment properties. The number of Bank Owned Homes in Antioch California 94509 is falling off and now represents less than 1/4 of the market. However, this is still a substantial portion of the real estate market. Right now the average asking price for homes in Antioch California 94509 is $110.00 per SF, but the average asking price for Bank Owned Homes is $100.00 per SF. This is a big savi... 02/27/2011

Antioch CA - According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan modification in order to keep your home. But, no one at the lender seems to care. It seems the big lenders are able to live in a protective bubble. They can foreclose on paid off homes and face no consequences. If they average American did that, they would probably face jail time. So, it's nice to finally see someone turn the tables on a lender. Here is the story according to the Philadelphia Inquirer. ... 02/24/2011

Antioch CA - According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process. That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years. If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain. The entire foreclosure system is backed u... 02/23/2011

Antioch CA - Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.) Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home. It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Some people say No! "That is breaking your word. If everyone did it, just think of what would happen?" they say. There is a little problem with that logic. Many of th... 02/22/2011

Antioch CA - If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price. In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices. Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people. Today the "average Joe" can afford to own a nice home. So at leas... 02/21/2011

Real Estate Investing - Cap Rate vs. Rate of Return I just published two Post, one on Cap Rate and one on Rate of Return explaining what each one is and the difference. I prefer Rate of Return as a measure of the investment over Cap Rate; but each case should be judges on it's own merits and with the Real Estate Investors individual goals in mine. However, let's compare two properties and some scenarios and I will show you why I prefer Rate of Return. Cap Rate looks only at the value of the property and what it can earn, it does not take into consideration the cost of funds (your mortgage). Rate of Return looks at the return on the money actually invested. Let's look at an example: Suppose we have two properties that can each generate $1,600.00 a month in rent but one is selling for $15... 02/20/2011

Antioch CA - If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant. BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property. That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value. The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest comparable sales. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The more recent a sale is then the closer of a comparable it is considered to be. The same goes for properties that are close geograph... 02/18/2011

Antioch CA - You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt. Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his show. What does Dave recommend people do to get out of debt? Reduce spending, eat at home, pay off high interest debt first, etc. Here is why I think Dave would love a short sale. A short sale is a great way to reduce debt. Where else can you wipe out $100,000, $200,000, and even more in debt? That will make up for eating a lot of rice and beans. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Do you have a house that is unde... 02/17/2011

Antioch CA - The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon. If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several years. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. We've made it our business to know what we are doing. But, we see many agents that have no clue about short sales (or the short sale process) listing short sales. This gives short sales a bad name. Many agents have been involved in short sales where the listing agent didn't know what they were doing. Because of that the short sale wasn't successful ... 02/16/2011

HAFA to Speed Short Sales in Antioch California 94531? Every month I prepare detailed reports on Short Sales in Antioch California 94531. If you want more details on the Short Sale market reports or other market reports in Antioch California 94531 or other markets you can e-mail me directly. There are two Zip Codes in Antioch California. The 94531 Zip code is generally the newer part of the community featuring many fine homes. The numbers on Short Sales go up and down some from month to month but one thing remains consistent about Short Sales - They are not selling as fast as they should! Right now in Antioch California 94531 there are 110 Short Sale Homes on the market representing about 1/2 of the Antioch California 94531 real estate market. Currently there are 100 Pending Short Sale ... 02/16/2011