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IT’S YOUR MOVE Short Sales: An Alternative to Foreclosure By “ Your Angels in Real Estate” Kane & Associates As we all know, many individuals and families these days have unfortunately fallen into serious troubles with the loans they have taken out to purchase properties. Many property owners have found themselves in the situation in which they cannot pay the loan amounts for the money they borrowed. To make matters worse, the properties have dropped in value and often are not worth the amount of money necessary to pay off their loans. This is what is known in the real estate business as being “upside down.” When faced with a situation like this, many owners feel that their only option is to default on their loans, walk away from their homes, and let the banks take ownership of them through foreclosure. Is that their only option? The answer is NO. The borrower could possibly take advantage of another option known in the real estate world as a “Short Sale”. A short sale occurs when a lender agrees to accept less than what the borrower owes on the loan amount. Lenders are often willing to do a Short Sale and work with the borrower so they do not have to incur the legal and other expenses of foreclosing on delinquent borrowers, to avoid having to maintain the properties and to incur the other expenses necessary to sell the property as an REO, or bank-owned property. It is always advised to seek the counsel of a CPA, tax accountant or attorney before doing this to be sure you understand any tax, legal and credit consequences of this process. Short Sales require organization, time, patience, knowledge and excellent negotiation skills. Short Sales are not an easy process and not all lenders are open to this option. But if you have the right agent on your side to help you, this can often be a successful outcome. “Your Angels in Real Estate” REALTORS at Kane and Associates can be reached at: Jenny: 510.333.7498 Annalise: 510.914.0203 Jean; 510.908.9002
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* Need help with Short Sales? Call The Dream Team in Real Estate!!
* Jenny, Annalise and Jean have become very knowledgable in helping homeowners selling and buyers purchasing short sales.
* With over 30 years of combined experience, we can help with all your real estate needs. * Hablo Español! Jenny Jenny@jennyholder.com Jean Homes@JeanPowers.com Annalise amanno2@yahoo.com
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WOW! The California Association of Realtors has just rolled out another great service for the buyers who work with California Realtors to purchase a home. Through the C.A.R. Housing Affordability Mortgage Protection Program, first-time buyers who lose their jobs due to layoffs may be eligible to receive up to $1500 a month for 6 months to help make their mortgage payments. A co-buyer may be eligible to receive up to $750 a month to help make the payments. This program also includes death benefits and accidental disability insurance for qualified buyers. A first-time homebuyer is anyone who has not owned a home in the last 3 years. An agent in my office came up with the idea a few months ago and sent it on to C.A.R. She has been very prominent on the Housing Affordability committee at C.A.R. For all you first-time homebuyers who want to work with a Realtor in the Know, please contact me for more details on this great program! I have been serving buyers and sellers in the Alameda and Contra Costa counties for over 25 years. Jean Powers CRS, e-PRO, ASP, PMN Real Estate Broker 510.908.9002 Homes@JeanPowers.com
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Mortgage Workout Program
The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs. In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.
For an informational chart on existing mortgage workout programs, click here.  The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.
Consumer information sheets containing detailed information on specific programs I as a REALTOR® can share with you, please click on the appropriate link below.
. HOPE For Homeowners (H4H) . Countrywide Financial (Bank of America) . Citigroup, CitiMortgage . JP Morgan Chase & Co. . IndyMac Federal Bank, FDIC . Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available: . Loan number . Income information and documentation . Most recent mortgage statement . Bank statements . Letter demonstrating financial hardship
Homeowners may go direct to work with a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor. For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA .
For help I am here for you! You may contact me anytime: Homes@JeanPowers.com 800.398.9300 510.908.9002 Cell/Text
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Just recently a new law was passed SB133. This law was made so that title companies can no longer provide services to real estate agents in exchange for business. Only services related to tile and escrow can be provided to agents. Some title companies in the past were treading a fine line with some services that have always been in violation of RESPA. Many were caught and had large penalties to pay. Most violations had to do with giving agents referral fees or brokerages money under the table. HUD has finally come down hard and that is why this bill was put forth. For all your real estate needs contact: Jean Powers CRS, ASP, e-PRO, PMN Kane & Associates 510.908.9002 cell/text Homes@JeanPowers.com www.JeanPowers.net
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I am off to Monterey in a week for the first director's meeting of California Association of Realtors. Being a director since 1993 keeps me updated and current on contracts and California's real estate laws. If you ever have the opportunity to attend it is worthwhile. Thursday is the best day to attend committee meetings and your regional caucus meetings in the evenings. It is a great way to network and meet other Realtors from every city in California. View Lesley Appleton Young's 2009 forecast. I believe the consumer can access this forecast too. It is always helpful and Lesley is very well known as a reliable economist. She is always sold out at our luncheons!
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I love my Grandson Luc. He keeps me young as I watch him a couple of time a week to keep him out of daycare. He will be 2 years old on January 18th. He is the love of my life! It is so different being a grandparent. When we are together we go to the park, out to lunch and visit people. People that have seen us together over the last year are now commenting on how much he has grown. He is good natured and funny. My daughter is due to have another baby in August. I am excited to see the difference of the personality of my new grandchild. I am sure he or she will be just delightful and my Grandson Luc! I am very thankful that being a Realtor for over 24 years has allowed me to take care of my grandson. Who knows, he may be my assistant in a few years! For all your real estate needs: Jean Powers Broker Associate Kane & Associates 510.908.9002 Cell/Text Homes@JeanPowers.com
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Benefits of Pre-Inspections The benefits of ordering a Physical Inspection and a Structural Pest Inspection when initially listing the home can make the entire marketing process move smoother and quicker. Establishes Objective Value The price is not merely set by the seller but placed on the home by a disinterested third party whose profession is to value property. Validates List Price If the comparable sales and the list price are the same, there is less likelihood that the buyer will discount the "asking price." Establishes Basis for Comparison The comparable sales and the inspection can be used to compare with subsequent reports and can help to validate or challenge their findings. Creates Awareness of Condition of Home A third party inspection of the home by an inspector will identify areas that need attention and serve as a marketing tool to buyers to give proof to the condition. It can also be used to challenge claims that the buyer's inspector might make. Anticipates Potential Problem Areas If certain things are identified by the first inspection, it gives the seller the opportunity to repair them at competitive rates instead of possibly having to rush to get them done prior to closing. Saves Time By understanding what might need to be done to a home early in the marketing process, it can save critical time between the contract and closing.
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How does one choose a good Realtor? There is a difference between an agent and a Realtor. a Realtor belongs to the National, State and a Local Association of Realtors. A Realtor must abide by the National Association's code of ethics. We have a good monitoring process if a Realtor does not abide the code of ethics. An agent is one who has a license but does not belong to the National, State and Local Association. They are not bound by our strict code of ethics unless they belong and are in violation of their Multiple Listing Service . In California the consumer should check the validity of the Realtor's license before working with them. The public can go to the Department of Real Estate's website to check any agent's license. I always check to see if an agent has a license before I write an offer. As of July 1st, all agents whether they are a Realtor or not will be required to place their DRE license number on their business cards and other marketing materials. Below is a little bit about me. received my Salespersons license in 1984 and with much further education received my Broker's license in 1989. I am constantly taking consumer protection classes in order to protect my clients. I currently holds six designations . Prior to working with Kane & Associates, I was part owner of a small Alameda real estate company, worked with two Alameda real estate companies and a prominent Bay Area Franchise. I have extensive real estate experience in sales, negotiating, technical skills, management, marketing and training other REALTORS®. I give the best service to my clientele. I stay in constant communication before and after the transaction closes escrow. I have been a State Director for the California Association of Realtors® since 1993 and continue to be active in Local Real Estate Associations. This keeps me updated with Real Estate Laws, Regulations, and Contracts. The decisions we make today will determine our future, and I want to help my clients make the right decisions and find the perfect home or investment property. I take great pride in my dedication to high quality service and commitment to my clients. Thorough and thoughtful consideration is incorporated into each transaction to achieve the perfect balance of professionalism, sensitivity and toprovide a positive experience. With my prominent professionalism and sensitivity, your investments are in trusted hands. This prospectus gives me the opportunity to highlight my background, strengths, experiences, and achievements. I am committed to providing the highest level of service to each buyer and seller and guiding them throughout the transaction process. Having been in the industry for 24 years, my negotiation skills, knowledge, and expertise will bring you winning results. For Sellers, excellent positioning of the property and presenting it with positive market exposure is the key to getting the highest and best price for your property, regardless of market conditions. For Buyers, keeping you updated with the most recent Real Estate market trends and information will help you make better decisions when you are ready to buy. As an experienced Real Estate Broker, I continuously attend seminars and training programs on how to better assist you in locating properties that will fit your needs. During the transaction process, I will make sure that you have a trusting qualified lender and a pre-approved loan to ensure a smooth and successful transaction. I will keep in constant communications with you every step of the way. Making a decision to buy or sell is an important decision, both emotionally and financially. I recognize your needs and will be there to walk you through this exciting process. You will find why it is important in selecting me as your real estate agent. Doing so, your real estate needs will be handled with the utmost professionalism and confidence. As a real estate Broker, I have more education and am better trained in my profession. My REALTOR® designations as a CRS, Certified Residential Specialist, which is held by only 4% of REALTORS® in the country, ASP Accredited Staging Professional, e-PRO, (Online Real Estate Marketing) and PMN (Performance Management Network), will allow me to better assist you in your investments and make your dreams come true. If you are interested in Purchasing, Selling a property or have any real estate questions please contact me: 510.908.9002 cell/text 800.378.7300
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Do you have a group of good friends and celebrate each other's birthdays? I do. Every year the group takes the birthday person out to dinner. Last week I have 2 friends, Michael and Sandra whose birthdays are in December. The group decided to take them out to lunch at Bing Crosby's in Walnut Creek. This restaurant opened a couple of years ago and became an instant hit. It's nostalgic with an atmosphere of the days that Bing was alive and a great place to eat. We all gave gifts to the birthday boy and girl and also exchanged Christmas gifts. Lisa's family makes their yearly tamales and we all received a batch! Umm Yummy! I can't remember whose birthday is next, but I do know we will find a wonderful place to go!
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Mexico was freed from the Spanish custody in 1821, which allowed it to go out of this earth by the North, in the direction of California. The Mexicans built several missions throughout their journey leading them to San Francisco.. Captain John Montgomery planted the American flag on Plaza, renamed Portsmouth Square. Today, in the financial district, a street was immortalized with the name of this national hero. San Francisco was called at first Nova Albion by Francis Drake. Then when John Montgomery arrived on the lands of California, the city was renamed Yerba Buena. It was called San Francisco since January 30, 1847. Sam Brannan was the first millionaire. In 1850, California obtains its status of American state. San Francisco became an overpopulated city with the crime and corruption.. The streets of San Francisco go back to the time when the city was still named Yerba Buena. In 1839 Jean-Jacques Vioget a Swiss colonist, designed the plans of the city. Chinatown was created in 1860 San Francisco was developed between 1870 and 1880. Golden Gate Park originated in 1870, cable cars in 1873. The first big 8.25 earthquake of San Francisco happened on April 18 1906. San Franciscans took refuge in the Golden Gate Park after the tragedy. .On October 17, 1989 was the strongest earthquake since 1906. A long section of the Oakland Bay Bridge and a part of the Embarcadero Freeway collapsed. Most of the latest movements started in San Francisco. The Beat Generation started in North Beach's district. Beatniks drank coffee and read poems. The hippies settled in the Haight Ashbury district in the early 60's. At the end of the war of Vietnam, San Francisco was known for its different demonstrations against this war. The homosexuals also demonstrated in the streets to assert their rights. A district, "Castro", is also known as being the district of the homosexuals.
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My State association, the California Association of Realtors is the best! They are consistenly help their Realtors with consumer protection issues. I have always had a pet peeve in my area regarding the seller choosing the title company and (most of the time it is the listing agent) making the buyer pay for title insurance. In my area, the normal practice is for the buyer to pay for title insurance, therefore they get to choose. These agents do not know RESPA laws. I always give my buyers choices but they rely on me to make sure they get the best insurance and title officer. I have been in the business for many years and as a listing agent have had to deal with many title insurance companies that make many mistakes and my title company at no cost has had to make things right for my clients. NOW, REO sellers (unlless they pay for the insurance) CANNOT force a buyer to use a particular title company! Below is the information I just received from CAR.  PRACTICE UPDATE: REO LENDER CANNOT REQUIRE BUYER TO PURCHASE TITLE INSURANCE FROM ANY PARTICULAR COMPANY
No seller can require that the buyer purchase title insurance from any particular title insurance company. This rule pertains to transactions involving a federally-related mortgage loan for one-to-four residential units as defined under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. section 2608). Although this is a well-established rule under RESPA, it bears repeating given the recent upsurge in REO transactions.
REO transactions are not exempt from RESPA requirements. If an REO lender chooses the title insurance company, as is often the case, it cannot require directly or indirectly, as a condition to selling the property, that the buyer purchase the title insurance policy. An REO lender that violates this RESPA requirement can be, among other things, held liable to the buyer in the amount equal to three times all charges made for such title insurance. Moreover, anyone who believes that RESPA has been violated may file a complaint (and may request confidentiality) to the U.S. Department of Housing and Urban Development (HUD). For more information about filing a RESPA complaint, go to http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HE2.
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Again, my state association has great information for Realtors to pass on to the consumer. I have been a state director since 1993 which keeps me updated on current laws, contracts and also allows me to be part of decision making on many issues that arise on our committees. Below is information I received from the California Association of Realtors regarding the timeline for foreclosure on owner occupied 1-4 unit properties. When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline helps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale. Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured by owner-occupied residences. Indeed, loans involved in short sales are likely to be owner-occupied loans from the years 2003 to 2007, which was the heyday for subprime lending. The special foreclosure timeline does not apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations. The special foreclosure timeline will remain in effect until January 1, 2013. (Cal. Civ. Code § 2923.5.) FORECLOSURE TIMELINE FOR OWNER-OCCUPIED REAL PROPERTY LOANS (made from 2003 to 2007) The approximate minimum time frames for the non-judicial foreclosure of owner‑occupied real property loans made from 2003 to 2007 are as set forth below. In California, most lenders elect to foreclose non-judicially by conducting trustees' sales, not by judicial foreclosure. Pre-Foreclosure Period
A lender may initiate the foreclosure process when a borrower defaults on a loan, such as by missing a mortgage payment. However, a slight delay may not justify acceleration and foreclosure by the lender. Hence, in practice, lenders generally wait a few months after a missed payment before starting the foreclosure process.
Day 1: Lender Contacts Borrower
For owner-occupied loans from 2003 to 2007, a lender initiating the foreclosure process must generally contact the borrower by phone or in person to assess the borrower's financial situation and explore options for avoiding foreclosure. During the conversation, the lender must inform the borrower of the right to meet with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency.
Day 31: Filing of Notice of Default
For owner-occupied loans from 2003 to 2007, the lender may file a notice of default 30 days after contacting the borrower to explore options for avoiding foreclosure. The notice of default must be filed in the county where the property is located and a copy must be mailed within 10 business days after recordation to the borrower and all other persons who have requested such notice. The notice of default informs the borrower of the default. It must also include the lender's declaration that it has contacted the borrower to explore options for avoiding foreclosure, tried with due diligence to contact the borrower, or the borrower has surrendered the property.
Day 121: Filing of Notice of Trustee's Sale
Three months after the filing of the notice of default, the lender may record a notice of trustee's sale setting forth the date, time, and place of the upcoming trustee's sale. Because of the gravity of a notice of trustee's sale, it must be widely disseminated. The notice of trustee's sale must be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation.
Day 145: Deadline to Cure Default
Up to five business days before the trustee's sale, the borrower may reinstate the loan by curing the default or paying the missed payments plus allowable costs. After the reinstatement period expires, the borrower still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage), before the bidding begins at the trustee's sale.
Day 152: Trustee's Sale
Although California law allows a trustee's sale to take place 20 days after the posting of the notice of trustee's sale, lenders customarily wait at least 31 days instead to help protect against federal tax liens. At the trustee's sale, the property is sold through a public auction to the highest bidder. Title is transferred to the successful bidder by trustee's deed.
USING THIS FORECLOSURE TIMELINE
A foreclosure timeline helps you as a listing agent ascertain whether you have enough time to market and sell the property as a short sale. Depending on the stage of foreclosure the homeowner is in ("Foreclosure Stage"), the chart below gives you the total time frame you have, at a minimum, to sell a property as a short sale before the trustee's sale occurs ("Minimum Time Left to Sell").
Foreclosure Stage | Minimum Time Left to Sell | Homeowner just missed making mortgage payment for the first time. | About 6 to 8 months total | Homeowner has just been contacted by the lender to explore options for avoiding foreclosure. | About 5 months total | Notice of default has just been filed. | About 4 months total | Notice of trustee's sale has just been filed. | Date of trustee's sale is on notice of sale |
As an example, if a notice of default has just been filed, you have a minimum of about four months to sell the property before the trustee's sale may occur. That's four months not only to find a buyer, but also to get the lender to approve the short sale and close escrow. The short sale lender may agree to postpone the trustee's sale in some situations (such as when there's an accepted offer), but be sure to get any agreement for a postponement in writing.
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Ready to close the deal? Maybe not. Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer might still be found who is willing to accept the house as is. Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and also if they will be able to install a skylight to provide natural light to the new space. This inspection reveals that under the shingles that are in good condition is a roof that will only last another year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the roof. Their plans were to move in and only have to spend time and money renovating the attic. The additional cost of the new roof, they say, is just too much. At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had thought, you agree to lower the purchase price to help offset the cost of the new roof. By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer can always find another home. To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and closes as many loopholes as possible after all known defects have been fully disclosed. Jean Powers is a Certified Residential Specialist and is a Broker Associate at Kane & Associates. Jean can be reached by email at Homes@JeanPowers.com or by telephone at 510.908.9002
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[:'(] Short Sale Help! I use Placer Title company in California whenever possible. A broker has started a company called the Short Sale Advantage which is affilieated with Placer title. The only thing is that the selling agent must usePlacer Title company if the listing agent is using this service. The plus is that the listing agent only gives a 20% referral fee to the company and saves on not only potential liability but stress in working with the asset manager. Here is the information on the company. We are proud to announce the official opening of SSA, Short Sale Advantage. The license has been approved and Leslie Ory will be open for business today, November 5th, at her office in Auburn. Her office phone number is (877) 626-0668 and her fax number is (530) 887-7447. Please remember that communication with Leslie is best accomplished on line at www.shortsaleadvantage.com, via email at lory@shortsaleadvantage.com, through her Sure Close connection or by fax.
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