tag:blogger.com,1999:blog-86734234871072870482011-08-20T06:28:11.952-07:00Your resource for the latest updates about today's Real Estate market. The Homs Team specializes in Short Sales, Distressed Properties, Investment Properties, and more!Joe Homsnoreply@blogger.comBlogger68125blogspot/EMBoShttp://feedburner.google.comtag:blogger.com,1999:blog-8673423487107287048.post-38264978507971703942011-07-27T14:21:00.001-07:002011-07-27T14:21:42.579-07:002011-07-27T14:21:42.579-07:00

New Short Sale Law in California.  This is a big deal folks!!!

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-22972851992350454162011-07-27T10:54:00.001-07:002011-07-27T10:54:20.182-07:002011-07-27T10:54:20.182-07:00

Today I received this question at info@thehomsteam.com about short sales.  "I am current on my mortgage, will my lender consider a Short Sale?  The answer is "Yes."  Even though you are still current on your loan, some homeowners remain this way until close of escrow.  It is there understanding that their credit scores will not take such a significant hit if they remain current.  This is true,

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-90709245300456490842011-07-05T13:16:00.001-07:002011-07-05T13:16:28.237-07:002011-07-05T13:16:28.237-07:00

Mission Viejo Short Sale Stories from the Pits.  Joe, I thought I told you that I owe the Homeowners Association over $5,000!  No, you did not tell me and after checking I discovered this charge.  Are homeowners truthful when they begin the short sale process?  Do you have to do your due diligence when you start the short sale?  Check, Check, and then check again.  Do a title search to begin with

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-3888365224926691472011-07-01T13:32:00.001-07:002011-07-01T13:32:02.642-07:002011-07-01T13:32:02.642-07:00

Mission Viejo Short Sale Stories for today. Its ALL about customer service!  Do you have deep pockets and are willing to make calculated decisions.  I recently had a short sale, in which, their was a problem tenant in the property.  (We have all been there)  It took me spending $2,000 (my version of Cash for Keys) to get this drug addict out.  I will get my money back after close of escrow, but

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-62199430814371970142011-06-28T12:06:00.001-07:002011-06-28T12:06:48.977-07:002011-06-28T12:06:48.977-07:00

Mission Viejo Short Sale Stories from someone who actually negotiates them.  My latest tale is about a short sale with THREE loans.  Yes, its difficult enough to make a two loan deal work, but what happens when there is three loans?  The third loan in this case was from a private lender, actually the previous owner of the property that took back a third to sell the home.  I contacted him and told

Joe Homsnoreply@blogger.com1tag:blogger.com,1999:blog-8673423487107287048.post-11925374072247484442011-06-27T09:46:00.001-07:002011-06-27T09:46:14.724-07:002011-06-27T09:46:14.724-07:00

Can you do a short sale and save your credit?  We'll I will let you know in thirty days.  My client wanted to keep paying on his two mortgages, association fees, and taxes while we negociated his short sale.  The short sale was approved and we are now in escrow.  I am sure that his credit will be effected after close of escrow, but have no idea by how much.  I will keep you posted.

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-38137006832470745462011-06-22T13:13:00.000-07:002011-06-22T13:14:25.464-07:002011-06-22T13:14:25.464-07:00

Why do over 60% of the short sales don't close!  It's the bank stupid!  Why does it take 3-6 months to get a short sale approved?  Why don' they make the approvals generic as to price and conditions?  This way when the buyer who was waiting around for six months is gone, you can place someone right in his place and get the transaction closed!  Where is the government in all of this?  Why don't we

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-4369362882471059322011-06-20T15:51:00.001-07:002011-06-20T15:51:58.953-07:002011-06-20T15:51:58.953-07:00

http://thehomsteam.com/search-mls/#PropertyID=36031024   Saw this tenant occupied property over the weekend.  Should be priced at $155,000.  Needs about $7,500 in repairs.  You can get up to $1900 a month when done.

Joe Homsnoreply@blogger.com1tag:blogger.com,1999:blog-8673423487107287048.post-11813314382926955032011-06-20T15:46:00.001-07:002011-06-20T15:46:04.899-07:002011-06-20T15:46:04.899-07:00

http://thehomsteam.com/search-mls/#PropertyID=37124811   Just viewed this REO that is in poor shape, but appears to be a good buy for someone who likes to paint and do other small projects

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-6751658840975839702011-06-20T08:26:00.001-07:002011-06-20T08:26:50.050-07:002011-06-20T08:26:50.050-07:00

Is the Equator system any better than just calling the negotiator?  My short answer is "NO!"  I grant you that the equator system is more organized and for a type "A" personality like me that's good, but they have many of the same problems.  They do NOT respond on time and provide you with false or misleading information.  The entire system needs to improve, but I don't see that happening soon. 

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-59461283350394322912011-06-18T09:49:00.001-07:002011-06-18T09:49:42.467-07:002011-06-18T09:49:42.467-07:00

What can I say about Homeowners' Associations.  I deal with them in several ways. 1.       I attempt to get the bank to pay for the delinquency. 2.       I ask them to take less than what is owed 3.       I ask the buyer to come up with some money to throw at them 4.       I sometimes ask the two real estate agents to participate in the loss  I am writing this today because I ran into a new

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-75846892357831143762011-06-17T09:58:00.001-07:002011-06-17T09:58:22.706-07:002011-06-17T09:58:22.706-07:00

I get asked all the time, "What are the banks thinking?"  My response is that, "there is no rhyme or reason in their thought process!"  I am guessing that there are very low paid, underappreciated and over worked employees who are handling these accounts.  They get constantly yelled at by their supervisors' and the real estate agents that they deal with.  However with that said I have taken the

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-9716313025258653912011-06-16T11:41:00.001-07:002011-06-16T11:41:39.634-07:002011-06-16T11:41:39.634-07:00

I must be a gluten for punishment or just enjoy helping people out of situations they are placed into be others or themselves.  In my case its the latter.  After handling over 100 short sale transactions, I still can't get over the denial of some clients NOT willing to loose their home and holding out to the very last minute.  I don't think gender plays any role, nor does any financial expertise,

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-52719997795740975682011-06-10T11:15:00.001-07:002011-06-10T11:15:38.020-07:002011-06-10T11:15:38.020-07:00

As the deadline approaches for the expiring FHA condo certifications make sure that you check to see it your complex is approved. 

Joe Homsnoreply@blogger.com1tag:blogger.com,1999:blog-8673423487107287048.post-6464074587739679112011-06-08T11:11:00.001-07:002011-06-08T11:11:36.905-07:002011-06-08T11:11:36.905-07:00

O.K. guys, renting condos in the Villas like crazy.  In the past month rented a 3 Bed/2 Bath 1/Car for $1900 a month, 3 Bed/1Bath 1/Car upper unit for $1700, 2/Bed 1/Bath 1/Car for $1450 a month.  Rents are going up and prices for investors are still down.

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-12685057612732193902011-06-07T09:11:00.001-07:002011-06-07T09:11:19.698-07:002011-06-07T09:11:19.698-07:00

Successful real estate agent must be prepared to go that extra mile for your clients, especially in today's market.  From resolving issues with tenants, to cleaning up a mess left by someone showing the home.  It is good practice to go out of your way to assist.  -- Joe Homs VP & General Manager Realty World Wright Realty Partners 27742 Vista Del Lago, STE J-3 Mission Viejo, Ca 92692 On the

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-52257029225826667442011-06-01T10:31:00.001-07:002011-06-01T10:31:58.326-07:002011-06-01T10:31:58.326-07:00

Step #8: Deficiency Judgments     Pay very close attention to what I am about to tell you. Not reading this section can cost you thousands of dollars!           Homeowners can still be on the hook for the difference between what they "short-sell" their home for and what is actually owed the bank on the original note through what is called a "deficiency judgment."            Deficiency

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-19088998141307225292011-05-31T10:06:00.001-07:002011-05-31T10:06:16.174-07:002011-05-31T10:06:16.174-07:00

Step 7: Negotiating With the Bank            Contrary to popular opinion, short sales don't have to take months. The reasons they often take so long are numerous but working with an experienced professional is guaranteed to speed things along.   The 4 Critical Questions: Answer them properly and get your short sale offer approved in 15 minutes.   1)   What's the value? 2)   What's the offer?

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-71393479122440851192011-05-27T10:47:00.001-07:002011-05-27T10:47:20.196-07:002011-05-27T10:47:20.196-07:00

Step 6: Submit Your Short Sale Package           It's time to talk to the bank. The very first communication I have with the bank is over the phone. If I haven't worked with the bank before, I'll simply call the bank, explain who I am and what my role is and then ask where I need to send the "Authorization to Release Information Form" so that the bank will authorize a negotiator to speak with me

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-75254652919667627022011-05-26T12:32:00.001-07:002011-05-26T12:32:57.183-07:002011-05-26T12:32:57.183-07:00

Step 5: Selecting the Very Best Offer            Offers come in all shapes and sizes and as they say, bigger is not always the best. Here's an example of what I'm talking about:   Subject property asking price based on detailed BPO and experienced agent's knowledge of market: $329,000.00. Time on market: 7 days. Offers received: 3   Buyer #1:  These folks got their offer in fast. They are

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-44315992080476172402011-05-25T14:44:00.001-07:002011-05-25T14:44:30.646-07:002011-05-25T14:44:30.646-07:00

Step 4: Listing Your Home for Sale         Let's assume now you're qualified for a short sale and that you've found an expert to guide you safely through the process and that he or she has created a solid BPO and determined the "30-Day Sales Price", that is, the price that you can reasonably expect to obtain from more than one motivated and qualified buyer(s) within 30 days.            In

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-76376631121615135322011-05-24T14:53:00.001-07:002011-05-24T14:53:58.962-07:002011-05-24T14:53:58.962-07:00

Step 4: Listing Your Home for Sale         Let's assume now you're qualified for a short sale and that you've found an expert to guide you safely through the process and that he or she has created a solid BPO and determined the "30-Day Sales Price", that is, the price that you can reasonably expect to obtain from more than one motivated and qualified buyer(s) within 30 days.            In

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-46526436190097566942011-05-23T12:17:00.001-07:002011-05-23T12:17:56.610-07:002011-05-23T12:17:56.610-07:00

Step 2: Finding Real Expert Help            Let me be clear. I've intentionally created distinctions throughout this book between what I consider to be typical real estate sales people and true real estate professionals because it's critical for you to be able to make the right choice, the first time. Remember, you'll only get one shot at a successful short sale.            So here's the

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-44096634164104312932011-05-20T11:32:00.001-07:002011-05-20T11:32:59.673-07:002011-05-20T11:32:59.673-07:00

Step 1: Qualifying For a Short Sale   If you can answer YES to the following 3 questions, you very likely do qualify for a real estate short sale.       Has Your Home's Market Value Dropped? Hard comparable sales will be used to substantiate that the home is worth less than the unpaid balance owed the lender.  The expert you choose should be able to provide a thorough BPO (Broker Price

Joe Homsnoreply@blogger.com0tag:blogger.com,1999:blog-8673423487107287048.post-33829096463638689382011-05-19T09:16:00.001-07:002011-05-19T09:16:23.329-07:002011-05-19T09:16:23.329-07:00

Tax Consequences of a Short Sale   If the lender agrees to your short sale, in some cases the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness according to the Mortgage Forgiveness Debt Relief Act of 2007 however since I cannot legally provide any tax or

Joe Homsnoreply@blogger.com0