"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Tuesday, November 8, 2011
Short Sale Package Checklist
Unfortunately the time has come. The bank refuses to modify your loan and your forced to try to short sell your home before it is foreclosed on. Here is a checklist of items most banks will want in the initial package;
Homeowner should provide the following:
- Authorization Letter - gives your Realtor permission to represent you and talk about your account
- Hardship Letter - Explain exactly why you can no longer afford to pay your Mortgage. State clearly your hardship. It doesn't need to be super long, just a paragraph or two is okay.
- Tax Returns - Last 2 Years
- Last 3 Bank Statements - all pages
- Last 4 Paystubs - If you have been working, or are on Unemployment
- Monthly Expense Sheet - Detail Expenses and Bills
- Proof of Assets - Savings, IRA, Life Insurance, Stocks Bonds, Trust Funds, Home equity Lines, etc...
- Pictures & Estimates of Repairs
- Copies of any Liens or Litigation
- Credit Report - If it shows negatively that your no longer paying other bills, homes, etc...
Your agent will work on gathering the following:
- From the Buyer:
- Purchase Offer,
- Earnest Money Deposit Check Copy,
- Proof of funds,
- Pre Approval Letter from buyers lender
- Estimated HUD-1 - from Attorney/Escrow
- Comparable Sales/CMA
- Listing Agreement
Submitting all of the items at one time is recommend. Be prepared to fax the information multiple times to multiple fax numbers from the lender. It is very common for the lender to be "unable to find" your short sale package or request.
Agent Tip: Keep a log of the fax number, time & date of each fax sent. Many lenders have digital fax logs and can "Magically" find your fax when you ask them to check their log. Give them the number, time and date of the fax.
HOPE THIS HELPS..... GOOD LUCK ON YOUR SHORT SALE :)
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Monday, September 19, 2011
All a Buyer Needs is Vision
Almost every home purchase can be financed with the versatile FHA 203K Renovation Loan.
Even if a property needs to be torn down or demolished, as long as even a part of the foundation remains a new home can be built using funds from a 203K.
In addition to repair and renovation costs, the actual price of demolition can be factored into the loan.
Contact me today for more details.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
www.Barbarainc.com
Barbarainc@gmail.com
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Source: Corinthian Title Co.
Friday, July 22, 2011
LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
www.Barbarainc.com
Barbarainc@gmail.com
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Source: C.A.R. News
Monday, April 4, 2011
Find a REALTOR®
Find a REALTOR®
For most of us, a home is the single biggest purchase in our lives. The enormity of the financial transaction aside, finding the right home to fit our particular needs and wants is no easy undertaking. Just as you wouldn't buy a car, computer or camcorder without doing some research into various models and prices, you shouldn't consider purchasing a home without some expert advice and guidance. Though some people may think of using the services of a REALTOR® only when selling their homes, a REALTOR® can be invaluable when buying one as well.
For instance, a REALTOR® can help you determine how much home you can afford based on your financial situation, help you get prequalified for a loan, and even inform you about available financing options. A REALTOR® also is an expert on the neighborhood, and can provide detailed information about schools, transportation, local taxes and community characteristics. Using a REALTOR® is also one way of gaining access to homes listed on the Multiple Listing Service (MLS), an important marketing tool used by REALTORS® to inform other REALTORS® about available properties. That means a REALTOR® can give you information about a wide range of available homes from which to choose. When it comes to finding out ifyou're paying too much, a REALTOR® can provide you with market analyses comparing asking and selling prices of homes in the neighborhood. Finally, a REALTOR® can serve as the liaison between you and the seller, bringing to the table negotiating expertise and knowledge about required disclosures and the housing market.
So, where do you find a REALTOR®?
Like finding any good professional, the best way to find a REALTOR® is through recommendation from friends or those who have bought or sold homes recently. Ask for references and check each thoroughly. Also, interview several REALTORS® before you decide on one.
It's important to find a professional who is a REALTOR®. Why? A REALTOR® is someone who, as a member of the local, state and national trade associations, adheres to a strict code of ethics. Recently, the NATIONAL ASSOCIATION OF REALTORS® commissioned a nationwide survey to determine whether REALTORS® were doing their job professionally. The results were impressive: 97 percent of respondents indicated they received "excellent" or "very good" service from their REALTOR®.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Source: C.A.R.
Tuesday, March 22, 2011
FHA Annual Mortgage Insurance Premium to Increase
If you are still on the fence about buying a home, you should know that the Federal Housing Administration (FHA) is increasing mortgage insurance premiums on FHA home loans as of April 18, 2011. This deadline applies to the FHA case assignment date.
This increase could cost you (buyers) more money each month for your total monthly mortgage payment. If you are close to contract, BUY NOW before the new mortgage insurance premium takes effect. You MUST have an active loan application for the subject property prior to April 18, 2011.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
www.Barbarainc.com
Barbarainc@gmail.com
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Source: Prospect Mortgage, Felisa Schlosser-Loan Officer
Wednesday, March 9, 2011
Short Sale Lender Satisfaction Survey....Not much satisfaction to speak of!
For release:
March 8, 2011
LOS ANGELES (March 8) – Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to a Short Sale Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The survey gauges REALTORS®’ experience in working with short sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.
“It’s disappointing that less than three in five short sales close, despite every effort by the REALTOR®, home seller and potential home buyer,” said C.A.R. President Beth L. Peerce. “Many underwater homeowners who have been hit by the recent economic crisis can no longer afford to stay in their home and just need to sell their home as expeditiously as possible are unable to largely because of the complex and cumbersome short sale process,” she said.
Of the REALTORS® surveyed, 94 percent participated in a short sale transaction during 2010, demonstrating the surplus of short sale listings in today’s real estate environment.
The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays.
Nearly three-fourths (70 percent) of REALTORS® said that closing their most recent short sale transaction with a lender or servicer was “difficult” or “extremely difficult,” while only 10 percent said it was “easy” or “extremely easy.”
“The lack of standardization, long approval process, and lack of lender approvals are hampering what should be a 45-day short sale process,” said Peerce. “Instead we’re hearing the typical response time for lenders is at least 60 days, and in many instances, their response time exceeds 6 months.”
More than half (63 percent) of REALTORS® said that lenders took more than 60 days to return a written response of the approval or disapproval of the short sale agreement submitted. Only 4 percent said they received a written response in less than 14 days.
Additionally, 44 percent of REALTORS® said that lenders took more than five business days to return any form of communication to REALTORS®. Only 14 percent said lenders responded “within one business day.”
“The survey results show that the short sale system is clearly flawed and must be standardized and streamlined to reduce the inventory of foreclosures,” said Peerce. “Increasing the number of successful short sale transactions is one important way we can help California families avoid foreclosure and move our economy closer to recovery,” she added.
Further illustrating faulty communication problems, 64 percent of REALTORS® were “not satisfied” or “not at all satisfied” with the timeliness of lenders’ response to their inquiries, while only 22 percent said they were “satisfied” or “extremely satisfied.”
Moreover, nearly three-fourths (74 percent) of REALTORS® were “not satisfied” or “not at all satisfied” with the amount of time it took to hear whether a transaction was approved or disapproved, while 16 percent said they were “satisfied” or “extremely satisfied.”
In overall satisfaction with the lender they worked with, 67 percent of REALTORS® were “not satisfied” or “not at all satisfied,” while 19 percent were “satisfied” or “extremely satisfied.”
C.A.R.’s Short Sale Lender Satisfaction Survey was conducted during the last two weeks of December 2010 to gauge REALTORS®’ experience in working with lenders or servicers of short sales, bank-owned properties (REOs), and foreclosures. The survey was delivered to 20,000 REALTORS®, with 2,150 responding to the survey.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Source: C.A.R.
Tuesday, March 1, 2011
Made in the U.S.A. - Buy a Home, Create Jobs!
When you purchase a home of your own, you empower yourself and so many others.
You're investing in one of the last handmade American products.
You are creating jobs for Furniture Movers, Moving Van Companies, Realtors, Their Assistants, The Escrow Company Employees, Title Company Employees, Your Loan Officer, The Mortgage Company Employees, Your Personal Bankers, Your Mail Carrier, Termite Companies, Home Inspectors, Misc. Building Contractors, The Appraiser, Possibly a Gardener or Pool Service, City Utility Workers-like Water and Electricity, Home Owner Association Employees, Trash Service... the list goes on....
Most of the above started out as small businesses or from people who work from home.
There is a trickle down effect that creates jobs for many people. So take pride in your purchase!! And, remember to fill your home with appliances, furniture, clothing, CARS and toys... MADE IN AMERICA!
"Making HOMEOWNERSHIP Simple!"
Barbara Ann Paul Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Saturday, January 22, 2011
FIRST TIME BUYERS: What is a SHORT SALE? How is it different from a FORECLOSURE?
As a First Time Home Buyer Specialist, I often have to start educating my clients early-on about what a "short sale" is, and how it is different than a "foreclosure." We talk about "regular, more traditional" sales and how each offer needs to be tailored to each property, depending on the type of sale.
-Traditional Sales-
*Referred to as Regular or Non-Distress sales.
*ALL terms are negotiable, unless otherwise directed
*These homes are usually being lived in by the Owner or a Tenant
*Super easy to work with. Can usually close within 30 days.
*Caution: Seller may need to buy new home before closing on existing home. You will know right away if this is the case via counter offer, MLS Info or the agent.
-Bank Owned Property-
*Often called REO or Foreclosure property
*The Lender owns the property and they are required to transfer clear title (NO LIENS)
*Once the property has reverted back to the bank, the price is at it's lowest!
*Banks will not counter offer, They accept the highest and best offer submitted (there can be up to 20 or 50)
*Banks are easy to work with and usually respond to your offer within 24-72 hours. The longest response time I have seen was a week. (not the case when dealing with a short sale.)
*Banks can close in 30-45 days (not usually the case when dealing with a short sale.)
*Banks will usually give the buyer closing cost assistance and usually always perform all termite damage repairs.
*Always Vacant
-Short Sale-
*Also called a Pre-Foreclosure or Short Pay
*The Owner of the property is trying to sell the property for less than what the owner owe's the bank on the existing mortgage(s)
*Often there are 2 lenders who need to agree to the short sale. (95% of short sale's that don't go through are because the 1st lender will only allow the 2nd lender to get $1,000 - and usually the second lender doesn't agree to these terms.) TRY to make offers on homes with 1 lender - you will have a better shot at a successful short sale.
*Seller may not be transferring Clear Title, due to the fact that they are in distress and often months behind on payments, Sometimes Liens appear on the title month after sale from debt that the original owner may have had with someone else. The paperwork takes time to process and sometimes liens pop up later that you may need to take to court and deal with.
*Often times (since the seller is in a distressed situation or facing a hardship like job loss, medical bills, or divorce etc.) the buyer has to bring additional funds into escrow to close the property. I have seen a short sale get down to the last few days in escrow, and the appraisal comes back high-right before closing, and so the price of the house has to be raised to meet the appraisal value. Since the sellers have no money, the buyer was asked to come up with an additional $6,000 within the week. Needless to say the deal was cancelled. I have seen this happen with Past Due H.O.A. Fee's as well.
*If in fact a short sale does work out you can get a really good deal, (but if the same house foreclosed you will get the best deal)
*Although the seller of a short sale has accepted your offer, they have to submit it to the bank and you may have to wait 1,2,3 or even 9 months for a response from the bank about whether or not they will accept a short sale on the property.
*Once escrow is opened you will need 45-90 days to close it. Short sales are never guaranteed to close (- So what happens if you have given your landlord your 30 day notice??)
*Short Sales have NO Closing costs credited to the buyer
*Short Sales have NO repairs done to satisfy Buyer regardless of what the Inspector says about the condition of the property.
*A common problem with short sales is the buyer losing out on money paying an inspector up to $450 to inspect a property that they will never own.
* Often times the homeowner is living in the property, or is renting it out. What kind of condition do you think they will leave it in??
If You or someone you know would like to talk about buying you first home, Give me a call and I will help you through each step. Call 619-850-4174 and ask for Barbara.
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
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