Considering selling your property as a short sale? The attached worksheet is a useful tool to help expedite the short sale process with the lender or lenders.
Financial_Analysis_For_Loss_Mitigation_Workout
For more details contact:
David Becker
310.230.2406
david@dwbestates.com
Posted in Real Estate, Short Sales
Tagged Sale, Short, Short Sale, Short Sales, Short Selling
Although this short sale had many challenges, including a different first and second lender we were able to overcome the obstacles and close the transaction. Most short sales are difficult on their own, but when you add two loans with two different lenders this creates an even more challenging sale. Communication with all parties is absolutely necessary to get to the finish line. Although this was one of the longer short sales we have had to be involved with for a number of factors the end result is the same….. Another Successful Short Sale
Contact:
David Becker
310.230.2406
david@dwbestates.com
SOLD: $643,500
Posted in Real Estate, Short Sales
Tagged Sale, Short, Short Sale, Short Sales, Short Selling
Hands down the best Pastrami sandwich in Los Angeles has to be Langer’s Deli. Remember it is closed Sunday’s.
704 South Alvarado Street
Los Angeles, C.A. 90057
(213) 483-8050
Posted in Restaurants
1. As a seller first speak with a CPA and or an attorney to understand all the implications from a short sale. Have each possible scenario explained so you are prepared for whatever the banks response may be.
2. Make sure to hire a real estate agent who understands and has worked on short sales in the past. The agent is going to be dealing with the bank most likely on a daily basis and having an agent who understands what needs to be negotiated is key to a successful outcome.
3. Many of the short sales are homes that were purchased in the last 3 to 5 years. A general rule of thumb is to price a property 15%-20% less of what you purchased the property in this time period. This will need to be discussed with your agent as there will be other factors involved such as any remodeling, current market conditions in your particular area etc.
4. Choosing the best buyer. Since a short sale can sometimes generate multiple offers deciding which buyer has the best chance of closing is key. The buyer needs to understand a short sale is going to take patience. Although banks are beginning to move quicker the sale will still be a process. Making sure the buyer has the funds and loan to close is also an essential element.
5. Finally communication could be the most important aspect of a short sale. The listing agent could be seen as the quarterback on a football team that is communicating with all parties involved. The short sale process is a team effort and if everyone is communicating and understanding the process the chance for success is much greater.
For more details contact:
David Becker
310.230.2406
david@dwbestates.com
Posted in Real Estate, Short Sales
Some banks seem to be getting the message that short sales are better than a foreclosure for them and the market place. This sale was the fastest response we have had on any of our short sales. We had a response within 10 days from the bank and escrow closed less than 60 days from when the buyer first put in their offer.
SOLD: $1,140,000
Contact:
David Becker
310.230.2406
david@dwbestates.com
Posted in Real Estate, Short Sales
Tagged Short Sale, Short Sale Pacific Palisades, Short Selling
Short sales can present great opportunities for buyers, especially those who may not have been able to enter the market a few years ago and are now looking for their first homes. And the data reflects this opportunity—more than half of the homes that first-time homebuyers purchased last year in California were foreclosures or short sales, according to the California Association of REALTORS®.
“From a buyer’s perspective, there may be a number of benefits to purchasing a short sale,” said Kathy Mehringer, director of risk management, Southern California for Coldwell Banker Residential Brokerage. “For example, every short sale that successfully closes means one less foreclosure in the marketplace. This translates into a preservation of property values in the community. Short sales are also often priced at the lower end of the fair market value range, which may mean a good bargain.”
Buying a home through a short sale process, where the seller’s lender agrees to accept a payoff of less than the balance due on the loan, can be challenging. Since the negotiation is with a bank—or sometimes multiple banks—that doesn’t have an incentive to move quickly, the timeline can be much longer than with a traditional sale.
“You need to have a whole lot of patience, know that the process may be frustrating and realize that you may not get the first home that you set your heart on,” said Stephanie Vitacco, sales agent with Coldwell Banker Residential Brokerage in Woodland Hills. “It can be an emotional ride. But, if you’re prepared for process, you can find a great deal.”
Some top tips from Mehringer for a successful short sale purchase include:
The government will implement the Home Affordable Foreclosure Alternatives (HAFA) Program next month, which aims to streamline the short sale process. Last year, Coldwell Banker Residential Brokerage launched a program to expedite the short sale process and give Coldwell Banker agents the tools they need to educate their clients and complete a successful short sale. It’s the first program of its kind to be developed by a residential brokerage firm in California.
Coldwell Banker Residential Brokerage has been committed to helping our clients achieve and preserve the dream of homeownership for over one hundred years. Our short sale experts are ready to guide you to a new home.
Contact:
David Becker
310.230.2406
david@dwbestates.com
By Kenneth R. Harney
March 28, 2010
Los Angeles Times
For hundreds of thousands of homeowners who are underwater on their mortgages, it’s been a tantalizing question: Is there any way that our lender might agree to lower the amount we owe — not just the monthly payments but the principal debt itself?
Until now, the answer almost always has been a resounding no. Lenders and investors were willing to cut interest rates, reschedule payments, even write off some late fees, but they were dead set against forgiving even a dollar of the principal balance.
The Obama administration’s loan modification programs had sidestepped the subject as well, focusing on lowering troubled borrowers’ monthly payments to more affordable levels rather than wiping out debt.
But the outlook for principal reductions is on the verge of change. Bank of America Corp. recently unveiled the mortgage industry’s first large-scale principal forgiveness program, potentially involving up to 45,000 underwater borrowers and $3 billion in debt write-offs.
Contact:
David Becker
310.230.2406
david@dwbestates.com
Posted in Real Estate, Short Sales
I’m gratified to report that Gov. Schwarzenegger has signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. His actions are the result of our efforts in Sacramento over the last several weeks as members and our team in the capital worked for the bill’s passage before it landed on the governor’s desk.
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.
AB 183 will significantly contribute to the effort to stimulate jobs-creation within California’s housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.
Your Association’s efforts at the state and federal level to help protect private property rights and your right to conduct business are ongoing. This promises to be another busy year in the state legislature and in Washington, D.C.
If you’re not already involved in the political process, I encourage you to do so. You can go to http://www.car.org/governmentaffairs/getinvolved/ for a quick guide to involvement opportunities at the local, state, and national levels.
Sincerely,
Steve Goddard
2010 President
CALIFORNIA ASSOCIATION OF REALTORS®
Posted in Real Estate
Here at California Style, we like to find authentic Los Angeles spots that haven’t changed from when they were first established. Although fewer and fewer of these spots are around today there are still a handful of places that meet this criteria, one of them being Philippe’s. Located in Downtown LA, Philippe’s serves up a great French Dip Sandwich and is a locals favorite.
Philippe The Original
10001 N. Alameda St.
Los Angeles, CA 90012
213.628.3781
Posted in Restaurants
