Short sales and Foreclosure Solutions: San Diego short sales and foreclosure: "In addition to purchase money protection laws under California Code of Civil procedure 580 b, a homeowner may also have protection from deficiency creditors through California Code of Civil Procedure 580d.
If you only have one loan and the lender utilizes and non judicial foreclosure - the former owner is protected from a deficiency judgment. (you may need a lawyer to enforce your rights - it may not be automatic)."
Saturday, January 26, 2008
deed in lieu vs short sale
deed in lieu vs short sale: "deed in lieu vs short sale | Print |
In terms of credit scores a short sale may be the least damaging to your credit score. A deed in lieu may subtract just as many points from your fico score as a foreclosure. However, according to many, a deed in lieu looks much more responsible.
Five years from now would you rather a lender or a business partner see that you walked away from your creditor or that you worked a deal out with your lender.
A deed in lieu or a short sale do not have to be either or solutions. Many lender wish to have a property marketed for 3 months prior to consider a short sale. The probem with just setting the short sale first is that if you don't leverage your solutions against the lender during those first three months you may lose your leverage and be at your lenders mercy. The time to make sure the lender will not be able seek a deficiency is before you start the short sale process.
A short sale listing in isolation may just be a major mistake in our current market."
In terms of credit scores a short sale may be the least damaging to your credit score. A deed in lieu may subtract just as many points from your fico score as a foreclosure. However, according to many, a deed in lieu looks much more responsible.
Five years from now would you rather a lender or a business partner see that you walked away from your creditor or that you worked a deal out with your lender.
A deed in lieu or a short sale do not have to be either or solutions. Many lender wish to have a property marketed for 3 months prior to consider a short sale. The probem with just setting the short sale first is that if you don't leverage your solutions against the lender during those first three months you may lose your leverage and be at your lenders mercy. The time to make sure the lender will not be able seek a deficiency is before you start the short sale process.
A short sale listing in isolation may just be a major mistake in our current market."
San-Diego-Short-Sales
San-Diego-Short-Sales: "San-Diego-Short-Sales | Print |
What is a short sale?
In November 2007. I appeared on a KPBS news show about the housing crisis in San Diego. The reporter's first question was simply -- What is a short sale?
Answer -
'1. In a well negotiated short sale the owner sells the property for less than what he or she owes;"
More about san diego short sales: San-Diego-Short-Sales: "San-Diego-Short-Sales | Print |
What is a short sale?
In November 2007. I appeared on a KPBS news show about the housing crisis in San Diego. The reporter's first question was simply -- What is a short sale?
Answer -
'1. In a well negotiated short sale the owner sells the property for less than what he or she owes;"
More about san diego short sales: San-Diego-Short-Sales: "San-Diego-Short-Sales | Print |
San Diego Short Sale Specialist? short sale Expert? Proof?
San Diego Short Sale Specialist: "Since I am a licensed California Attorney it would probably be unethical for a me to call myself a short sale specialist. Even though my law firm did workouts for upside down homeowners in the the 90s.
However, my Real Estate license apparently enables me to call myself anything I wish to call myself. I could be a luxury home specialist on a Ranch Santa Fe website and a foreclosure or short sale specialist on another website. Of course I would not jeopardize my law license so you don't see me calling myself a short sale specialist."
Our practice has seen the business models of Realtors doing short sales all over San Diego, all over California and many places in Florida.
After you see the short sale programs of the Realtors who actually get their short sales sold and approved by the lenders, you will know that the large majority of Realtors claiming to be short sale experts are fooling themselves.
Some Realtors are very good with the law.
Some are good with people
Some are good with evaluating real estate
Some are persistent with the banks
Some may be good negotiators
Some may be good at doing a CMA or BPO
Some may even be professional enough to protect the homeowners interests
Very few have put together a comprehensive program to get homes old in this market.
Do not list your property with a Realtor who can not show you results. The old marketing strategies do not work. Relationship building does not matter. You need a Realtor with the guts to speak the truth to you about pricing, with a lawyer on the team to protect you from the lender's collection departments and plan to make your short sale package looks so good that the lender is compelled to accept your deal.
In short if your Realtor is pretending to be short sale expert, a short sale specialist, or a loss mitigator ask him how many short sales he has closed in the last 4 months and then ask him if he got the sellers released from a deficiency in writing.
more on short sale specialists
However, my Real Estate license apparently enables me to call myself anything I wish to call myself. I could be a luxury home specialist on a Ranch Santa Fe website and a foreclosure or short sale specialist on another website. Of course I would not jeopardize my law license so you don't see me calling myself a short sale specialist."
Our practice has seen the business models of Realtors doing short sales all over San Diego, all over California and many places in Florida.
After you see the short sale programs of the Realtors who actually get their short sales sold and approved by the lenders, you will know that the large majority of Realtors claiming to be short sale experts are fooling themselves.
Some Realtors are very good with the law.
Some are good with people
Some are good with evaluating real estate
Some are persistent with the banks
Some may be good negotiators
Some may be good at doing a CMA or BPO
Some may even be professional enough to protect the homeowners interests
Very few have put together a comprehensive program to get homes old in this market.
Do not list your property with a Realtor who can not show you results. The old marketing strategies do not work. Relationship building does not matter. You need a Realtor with the guts to speak the truth to you about pricing, with a lawyer on the team to protect you from the lender's collection departments and plan to make your short sale package looks so good that the lender is compelled to accept your deal.
In short if your Realtor is pretending to be short sale expert, a short sale specialist, or a loss mitigator ask him how many short sales he has closed in the last 4 months and then ask him if he got the sellers released from a deficiency in writing.
more on short sale specialists
Monday, January 21, 2008
San Diego Short Sale
San Diego Short Sale: "an Diego Short Sale | Print |
San Diego Short sales
Homes sales have fallen dramatically. Why aren't more short sales being completed? What happens if at the currently listing price you are not short but the offers you are recieving will require you to bring money to the table? Why are seconds starting to hold out for big money?
How many homes has your Realtor sold in the last three months? how many have been short sale? What percentage of his listings are those sums?
This is a critical time. You and your Realtor should not be experimenting. Homes that sell and homes that sell short are being sold because some Realtors have been smart enough to adapt, negotiate and win.
Our firm has referred listings out all over California and Florida. We have seen many short sale programs in action. Very few are designed to do the job propertly. Most are cobbled together from old techniques which no longer work.
Being a nice person and having great customer service does nothing for lenders.
This market calls for very compent, very skilled, very persistent business minded people.
First a California Realtor must design a program to find buyers in a slow market California real estate market. (very few Realtors know how to sell homes right now. Last years techniques are not working. If you"
San Diego Short sales
Homes sales have fallen dramatically. Why aren't more short sales being completed? What happens if at the currently listing price you are not short but the offers you are recieving will require you to bring money to the table? Why are seconds starting to hold out for big money?
How many homes has your Realtor sold in the last three months? how many have been short sale? What percentage of his listings are those sums?
This is a critical time. You and your Realtor should not be experimenting. Homes that sell and homes that sell short are being sold because some Realtors have been smart enough to adapt, negotiate and win.
Our firm has referred listings out all over California and Florida. We have seen many short sale programs in action. Very few are designed to do the job propertly. Most are cobbled together from old techniques which no longer work.
Being a nice person and having great customer service does nothing for lenders.
This market calls for very compent, very skilled, very persistent business minded people.
First a California Realtor must design a program to find buyers in a slow market California real estate market. (very few Realtors know how to sell homes right now. Last years techniques are not working. If you"
Tuesday, January 15, 2008
San Diego short sale scam
I am going provide a series of blogs on the subject of short sales and loss mitigation.
1. The name of this series will be - Why are the nations largest lenders allowing Realtors to represent sellers in "short sale negotiations". Today will discuss the stealth beauty of the short sale scam as perpetrated by the loss mitigation departments of the largest lenders including lenders like CountryWide and GMAC.
Why are lenders allowing Realtors to represent sellers in mortgage workouts? Lenders require the Realtors to get the seller to sign authorizations which grant the Realtor the authority to represent the seller via the lenders collection department. (Loss mitigation always declares itself to be a collector). I am not sure if non lawyers will remember this but in the past collection departments always required the caller to be an attorney or the debtor. They frequently challenged lawyers to prove their credentials.
Why all of a sudden have these debt collectors changed the their procedures? With one simple authorization the Realtor expands her scope of representation as wide as can be... Tax, bankruptcy, foreclosure, contracts, asset protection, debt collection, pre-foreclosure solutions, accountant and counselor come to mind as just some of the duties a Realtor is implicitly assuming.
In the past bankruptcy lawyers were the persons who negotiated workouts with lenders. Bankruptcy attorneys had leverage against lenders and they knew how to use it.
Today many sellers are being represented by Realtors. Now the lenders have leverage over the Realtors.
For instance lenders frequently request the sellers to sign new promissory notes or they inform the sellers they will release the lien but not they will not release the seller from liability on the note. Attorneys would rarely if ever agree to such a solution. However, many if not most "Short Sale specialists" tell the sellers to go ahead and do the short sale.
The lender gets paid, the buyer gets a good deal, the Realtors get paid, the seller gets screwed - gets very little at best and forfeits a whole lot.
I predict this short sale scam will end badly for the lenders.
Next we will discuss the "short sale package".
1. The name of this series will be - Why are the nations largest lenders allowing Realtors to represent sellers in "short sale negotiations". Today will discuss the stealth beauty of the short sale scam as perpetrated by the loss mitigation departments of the largest lenders including lenders like CountryWide and GMAC.
Why are lenders allowing Realtors to represent sellers in mortgage workouts? Lenders require the Realtors to get the seller to sign authorizations which grant the Realtor the authority to represent the seller via the lenders collection department. (Loss mitigation always declares itself to be a collector). I am not sure if non lawyers will remember this but in the past collection departments always required the caller to be an attorney or the debtor. They frequently challenged lawyers to prove their credentials.
Why all of a sudden have these debt collectors changed the their procedures? With one simple authorization the Realtor expands her scope of representation as wide as can be... Tax, bankruptcy, foreclosure, contracts, asset protection, debt collection, pre-foreclosure solutions, accountant and counselor come to mind as just some of the duties a Realtor is implicitly assuming.
In the past bankruptcy lawyers were the persons who negotiated workouts with lenders. Bankruptcy attorneys had leverage against lenders and they knew how to use it.
Today many sellers are being represented by Realtors. Now the lenders have leverage over the Realtors.
For instance lenders frequently request the sellers to sign new promissory notes or they inform the sellers they will release the lien but not they will not release the seller from liability on the note. Attorneys would rarely if ever agree to such a solution. However, many if not most "Short Sale specialists" tell the sellers to go ahead and do the short sale.
The lender gets paid, the buyer gets a good deal, the Realtors get paid, the seller gets screwed - gets very little at best and forfeits a whole lot.
I predict this short sale scam will end badly for the lenders.
Next we will discuss the "short sale package".
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