Sacramento Short Sales: A Little Known Fact About Short Sale Negotiators Sacramento 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 pa... 03/10/2011

Sacramento Short Sales: This Short Sale Negotiator Isn't Doing His Job Sacramento CA – Here is a question that the Stop Foreclosure Institute 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. ... 03/07/2011

I recently found this article and I wanted to share it with you! ■ Have you tried baby wipes on carpet stains? They work so well, you'll be wondering why no one told you sooner! ■ Keep candles in the refrigerator for several hours before use to slow down dripping and make them last longer. ■ The best way to attack cooked-on spatters in your microwave: Heat a half-cup of water for two minutes on high. The steam will soften the food and the mess will wipe right out. ■ To eliminate cooking odors (fish, fried bacon, garlic, etc.) heat white vinegar in an uncovered pot on the stove. (Don't boil.) Remove after 30 minutes. The light vinegar smell dissipates quickly, taking odors with it. ■ When run through your coffee grinder, a handful of dried rice will sharpen the blades. ■ After your next ... 03/05/2011

Sacramento Short Sales: How to strong arm your lender on a short sale Sacramento CA – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit. After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough. How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by t... 03/04/2011

Sacramento Short Sales: Why it is cheaper to short sell and rent versus staying Sacramento 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 con... 03/03/2011

Folsom, CA REO (BANK OWNED) SALES DATA FOR January 2011   This is a continuation of a three plus year study of Bank Owned home sales in Folsom, CA.  This report covers REO homes sold in January 2011. There were 14 REO homes sold in January, down from 19 in December.    The average days-on-market statistic for the month was 46, down sharply from 64 the previous month. Only two of the REO homes sold had been on the market over 100 days. Three or 22% of the REO homes sold had been on the market for two weeks or less.           The 14 REO homes sold represent 31% of all homes sold in Folsom this month. The overall home inventory in Folsom increased to a 5.1 month supply, up markedly from the 3.4 month supply reported for the previous month. The inventory for REO homes in January was a 3 mon... 02/21/2011

Sacramento Short Sales: One Upside To The Horrible Housing Market. Sacramento 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 peo... 02/21/2011

What You Should Look For In A Buyer Of Your Sacramento Short Sale Property Sacramento CA – Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case. You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of successfully short selling your property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is what you should think about before you take your home off of the market. 1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad. The primary offer m... 02/18/2011

Market Trend Statistics for Folsom - January 2011 Real estate market trends for Folsom were up and down for the month of January in comparison to a month ago depending on the property type.  Here is a breakdown for you. All Property Types Combined showed there were 45 sales with an ave. sq. ft. price of $162  which was the same as  last month. REO's reflected 13 sales (29% of the total), ave. sq. ft. price of $167 - up 9.3% over last month. Short Sales reflected 11 sales (24% of total), ave. sq. ft. price of $148 - down 7.2% over last month. Regular Sales (not short sale or REO) 21 sales (47%), ave. sq. ft. price of $167 - down 1.8% over last month. To see these in graph form and/or what these figures look like over the last 15 months or any period of time over the last 5 years, email m... 02/15/2011

Will I Still Have To Pay Property Taxes If I Do A Sacramento Short Sale? Sacramento CA – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question. "I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property. That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason. This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know t... 02/09/2011

    Folsom Short Sale - Short Sales are on the rise in Folsom and account for a substantial amount of available homes on the market today. There are 177 Short Sales that are unsold out of 397 total homes for sale in Folsom. I expect these numbers to soar in 2011.  Unfortunately, only 11 Folsom short sale homes sell every month, on average. That's only 6% of the available Folsom short sale listings!  In addition, 81 Short Sales in Folsom have expired or have been withdrawn in the last 6 months alone, many due to foreclosure. It is very important to choose an experienced Short Sale Agent for your Short Sale in Folsom. Can the agent provide recent short sale approval letters? Are they negotiating the deals themselves or are they farming out to a third party negotiator?  How often will they... 02/08/2011

If you'd like to live just down the street from Russell Ranch Elementary School, then this Folsom short sale home in Empire Ranch is probably perfect for you. You can see the school from the front yard, but the home is not located directly in front of it; in fact, it's at the end of the street on the corner. The view from the front yard looking the opposite direction is a row of homes with a large hill behind it. I imagine kids would love to climb that hill. This home was built by Elliott Homes in 2005. It's a single story and one of the more popular Empire Ranch models at 1,344 square feet. It has 3 bedrooms, two of which have bamboo planked floors. The master suite has bamboo laminate, a curved wall of windows and is vaulted with a ceiling fan. This room overlooks the back yard. The k... 02/08/2011

Sacramento Short Sales: How To Convince A Lender To Waive A Promissory Note Sacramento CA – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.” These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank. Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case. You can often convince them to waive the deficiency if you do the following. 1. Prove to them that you don’t have any as... 02/03/2011

Seven Ways You Benefit From A Sacramento Short Sale Sacramento CA – A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.” That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 1. The upside down debt is erased in most cases. If you are selling because of a financial hardship, then the upside down debt will be automatically erased in most cases. Is your loan is owned or insured by the following agen... 01/27/2011

Another tip to improve the odds of your short sale offer being approved Sacramento CA – If you are selling your home, then ask the buyer to write a letter about why they want to purchase the home. If you are a buyer, then write that letter. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The listing agent will submit that letter along with the short sale paperwork. With a little luck that letter will help “grease the wheels” and cause the short sale to be approved faster. Short Sale negotiators are human beings. They have emotions that can be touched by a good story. These letters might sound like a joke, but they can make a huge difference. I’ve even seen home owners lose money on their sale because the liked a certain buyer over another ... 01/25/2011

Want to know what the smallest, largest, cheapest and most expensive homes in Folsom, California that sold in 2010 were? Here you go, based on MLS data for single-family detached homes in Folsom, CA zip code 95630 (not including condominiums, mobile homes or properties sold at trustee sales):   SMALLEST HOME IN FOLSOM, CA (790 SQ. FT.) SOLD IN 2010 This 1950 home (located at 224 Price Way, Folsom, CA 95630) with 2 bedrooms, 1 bath and 790 sq. ft. of living area was the smallest one in Folsom that sold in 2010. After only 25 days on the market, this property with alley access sold on 1/19/10 for $170,000...$30,000 over the asking price!   LARGEST HOME IN FOLSOM, CA (6,098 SQ. FT.) SOLD IN 2010 At 6,098 square feet, the home at 144 Kettle Rock Court, Folsom, CA 95630 was the largest one ... 01/23/2011

Meet UFC Fighters From Urijah Faber's Team Alpha Male (Joseph Benavidez and Chad "Money" Mendes) this Saturday, January 22, 2011 in Folsom, CA WHO: Joseph Benavidez (UFC Bantamweight Fighter, 13-2) and Chad Mendes (UFC Featherweight Fighter 9-0) WHAT: MMA fans around Sacramento, CA can meet the former WEC fighters for an autograph signing session WHERE: Comcast Store, 2766 E. Bidwell, Suite 600, Folsom, CA 95630 WHEN: Saturday, January 22, 2011 - 1pm to 3pm Joseph Benavidez, a 26-year old UFC Bantamweight fighter from Las Cruces, NM (with Team Alpha Male in Sacramento, CA) is scheduled to fight against Ian Loveland at UFC 128 on March 19, 2011. Chad Mendes, a 25-year old undefeated UFC Featherweight fighter from Hanford, CA (with Team Alpha Male in Sacramento, CA) is scheduled to fight ... 01/19/2011

Sacramento Short Sales: Why Should I Pay Double For My Home? Sacramento CA – The Stop Foreclosure Institute recently received a question from Luis. Here is Luis's Question. "I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense. How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. You are asking for something that most lenders don’t like to do. Lenders don’t like principal reductions. Here is why. Princi... 01/17/2011

Folsom, CA REO (BANK OWNED) SALES DATA FOR December 2010 This is a continuation of a three plus year study of Bank Owned home sales in Folsom, CA.  This report covers REO homes sold in December 2010. There were 19 REO homes sold in December, up from 15 in November.    Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market. The average days-on-market statistic for the month was 64, up sharply from 46 the previous month.  Five of the REO homes sold had been on the market over 100 days.  Four or 21% of the REO homes sold had been on the market for two weeks or less.           The 19 REO homes sold represent 30% of all homes sold in Folsom... 01/13/2011

Sacramento Short Sales: Is It Legal For A Seller to Buy The House He Is Short Selling? Sacramento CA – The Stop Foreclosure Institute recently received a question from Mau. Here is Mau's Question. "Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling. Here is what we do know. Most banks and lenders don’t allow it. If the short sale negotiator sees a sales contract with you as the buyer, then they won’t approve the short sale. Sure, you could do fishy paperwork to buy the home yourself. But, you risk getting i... 01/11/2011