Archive for the 'Short Sale Information' Category
In these difficult times there is a very good chance that you are either in trouble with your mortgage or that you know someone who is. There are many ways to escape a troubled mortgage, and they all have distinctive downsides and upsides. In helping people, I found this guide which summarizes some of the implications. This is a “must read” primer, even if you think you are past the primer stage.
The Guide to credit after foreclosures, bankruptcy and short sales
CLICK on this link for a Detailed, printable PDF
9563 Lime Orchard, Beverly Hills CA home for Sale
9563 Lime Orchard, Beverly Hills Post Office,E CA
Exclusive Hidden Hills Estate for Sale in Beverly Hills Post Office
Listed by Ray Ross of Real Estate Group LA .com
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10511 Rochester, Los Angeles House for Sale
10511 Rochester, Los Angeles House for Sale
$1,670,000
6 Bedroom , 4 bath, 4800 Sqft House in Prime Location
Fully approved short sale! $348 a foot. What a deal! Traditional sits on a knoll & offers eclectic living. 1st floor; center hall, front parlor w/light & versatility, formal dining framed by coffered ceiling, remodeled kitchen w/large dinette & pantry, media room, office/study & family room w/indoor-outdoor flow. 2 beds down and upstairs are a separate loft suite & master suite w/walk-in closet & juliette balcony overlooking private rear grounds.
Contact Ray Ross 818-438-9101
This is a GREAT deal on a Sherman Oaks Home in Library Square!!!
3 bedroom – 2.5 Bath
2,250 Sqft House – 6,500 sqft Lot
Gazebo – Gourmet Kitchen – Art Gallery Entry
Gleaming California Contemporary Home for Sale In Prime Sherman Oaks
This Stunning Architectural Masterpiece Impresses from the vertical fence right into the 30’ art gallery entry back to the gourmet cooks kitchen and spectacular gazebo. Every corner has been finished to perfecting standards and styling to complete this showplace. Wide open spaces, high ceilings (16’), dark wood floors, Viking professional standard appliances, whole house audio, and a multitude of specialized lighting create the ambiance of class. All this nestled in a prime trendy Sherman Oaks Neighborhood walking distance to all that Ventura Boulevard has to offer. Mostly rebuilt in 2004 with all modern conveniences and systems.
For more information:
www.4508Vesper.com
This is a short sale listing. Be sure to ask us about the unique sales process this will go thru and the amazing opportunity it can be. Look at our article which outlines this process.
Use our experience when purchasing a home with multiple offers… Your Library Square neighbor/realtor has been busy selling homes. I recently sold a listing in Sherman Oaks at 15429 La Maida Street. This home was a fixer and was very close to the 405 Freeway. The market dictated at $470,000 sales price and the work involved was equivalent to that of selling a multi-million dollar home. Next sale was at 24500 Starlight Lane in West Hills. This was a wonderful family home with a pool and spa. Although the property needed much work the home sold for $640,000. The buyers agreed to accept the property as-is. Let’s now go to the Hollywood Hills. I listed a contemporary pool home which needed a ton of work. We sold this home for $730,000. Yes there is some freeway noise, yes it was a hillside home and yes I got it SOLD! It will be a wonderful setting for the new buyers once the home is updated. Now the fun begins, we had a buyer who wanted to be in Tarzana, south of the Boulevard. A property came on the market at 4330 Reyes Ave for $799,000. There were several offers on the property and of course our buyer prevailed. Fortunately, my partner Ray and I were able to put 40 years of combined experience to work for our buyer. We close escrow in July. Again, my partner Blair and I had a young family looking to purchase a home up to $450,000. A home came up in Granada Hills, city of their choice. This home had multiple offers the first day on the market. Up to the challenge, we wrote the offer, delivered it directly to the listing Broker, and now our buyers are in escrow. Experience, educated on market conditions, perseverance and a positive attitude is what we will bring to the table when representing you as a buyer and as a seller.
What is all the Fuss about Loan Modifications
Economic hard times have hit, and hit hard. That is not a news flash.
-home values have dropped drastically
-homeowners cannot sell for what they owe when hard times hit
-the terms of an adjustable, or reset mortgage are now so high that the owner cannot afford the payments
-economic problems (job loss, stock loss, etc) prevent the seller from making the payments as originally agreed.
-And many other scenarios
The most important factor is that the borrower wants to lower their interest rate, lower the principal balance owed, lock the rate in for an extended period.
The process is similar for all most lenders. A call is made to request a Loan Modification Package, you receive it and give information about your homes value, your financial status, a “hardship” letter and other pertinent information. You return the information to the bank. The bank then determines the value of your house. The bank then uses all this information to analyze your situation. Using this, as well as other factors and criteria such as the banks default rating etc, they then offer you a package of some kind. The package can be counter or adjusted but in most cases the bank will not make significant adjustments to their initial offer.
The bank can make adjustments to the original loan in any way that benefits the bank and the borrower. I have heard of very interesting and unusual arrangements. Everything is on the table, and this is where an expert negotiator who deals with this every day can be very beneficial. They know how to structure a deal that will be acceptable to the bank and beneficial to the borrower. But be careful in hiring such an expert. See my article on Loan Modifications – All the Rage for Distressed Homeowners.
It seems that every time I turn on the radio or television I get bombarded with advertisements touting another company who claims they can help homeowners who are behind on their payments or even those who just have a “bad” deal by current standards. One such commercial even has President Obama speaking about the stimulus bailout plan. To be sure, there are many homeowners who are in trouble on their home loan. And equally sure, is the fact that lenders do not make the process of Loan Modifications Easy! Therefore, there is a ripe market for these so-called Loan Modification Experts”. I can give many reasons why a reputable, knowledgeable, skilled negotiator should be used by many if not most homeowners seeking to modify their loans. But there are so many ways the unwary homeowner can go wrong in selecting the right person to represent them:
1) Only hire an expert who has come recommended by someone you know has personal experience with this person
2) Don’t pay all their fee up front, hold as large a portion back as you can negotiate with increasing payments along the way until completion
3) Don’t buy into the Guaranteed Results promise. These modifications are out of their hands. There are factors in every deal that are impossible to figure out unless you work for the bank. Nobody can guarantee results.
4) Many negotiators work for or alongside an attorney. This is a good ideas as most negotiations don’t require an attorney, many times the lender takes you more seriously if there is an esquire attached to you negotiation team
5) This is a team effort. Your negotiator needs to know 100% of the true situation and they need your cooperation. Also, keep track of the progress. The good outfits are handling many files right now. It is easy for your file to get buried. The more you can do to nicely be the squeaky wheel, the better success you will have.
6) Never, ever sign any paperwork that is not completely filled out or that you do not clearly understand. Ask questions, there are many ways you can be scammed out of your home and have far reaching damage done to your good name. If you don’t receive a good explanation, don’t sign, get a second opinion.
Like every other profession, the buyer needs to beware and watch out for themselves. Desparate times give rise to creative schemes. You do not want to fall into that trap.
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