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Extension of the mortgage cancellation relief act moves to Senate
The Senate was unable to act on the bill before adjourning for its August break and the party conventions. The Senate reconvenes Sept. 10. Chairman Baucus (D-MT) had hoped to finish this package before the election in order to provide certainty about the extension (or not) of more than 50 provisions. Nonetheless, it is not known if the package also would be considered in the House before the election.
Without this extension the Mortgage forgiveness and debt relief act will sunset at the end of 2012.This act offeres relief to homeowners who would formerly owe taxes on forgiven mortgage debt after a short sale.
Source: Calif Association of Realtors Newsline.
Highest and best. The Highest Short Sale Offer is not always the best offer. $$$,$$$
Today I was reviewing multiple offers on one of my Temecula Short Sale listings. I thoroughly review all offers for my clients and advise them which one to accept. One offer stood out as it was written for $15,000.00 over the listed price. That offer was not accepted. Why…..?
Well we tend to focus on price,but in a short sale were the seller nets ZERO the goal is to get them to closing before the bank forecloses on the property. So in reviewing all offers I have to strategize and select the short sale offer I think has the best chance of closing.
OK so here is why the highest offer may not be the best and I had to learn this lesson the hard way.
If you get impressed by the highest offer and submit it to the bank for short sale approval and they approve it, your safe if the offer is cash and the buyer closes. If the buyer is not a cash buyer the headaches begin.
Will the property appraise, if not, does the buyer have the funds to bridge the gap? What happens if the buyer walks and many do. Now you have to re-market and chances are the next offer or your backup will be for less.
Trying to now convince the lender that they should take a lower offer is a up hill battle and you may run out of time to recover.
Think it through and don’t focus on Highest and Best offer. In a short sale the highest offer is not always the best offer.
At Realty Works Property Management we offer you a full service program at a flat rate of $99.00 per month. This rate is the same for any rental homes in the Temecula & Murrieta area. We know how to promote and manage Temecula homes for rent.
Are you looking for a Temecula Short Sale Expert?
At Realty Works Temecula we have been helping Temecula and Murrieta homeowners sell using the short sale process for over 17 years. We can make this complicated type of real estate sale look easy and with no lock box,signage or drama.Give me a call at 951-215-6745 this is my direct line and I will take the time to go over the short sale process and answer all your questions.You decide, if a short sale is the best option for you and your family.We are here to help you and we are your local real estate experts.
What does it cost? There is no out-of-pocket cost to you and in many short sales I have been able to get your lenders to offer you relocation costs of $3,000.00 I am a true Temecula Short Sale Expert,call me for your free no pressure consultation.
FEDERAL HOUSING FINANCE AGENCY
FHFA Announces Short Sale Assistance for Military
Homeowners with Fannie Mae or Freddie Mac Loans
Federal Housing Finance Agency (FHFA) Acting Director Edward J.
DeMarco today announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.
Read the complete news release.
I am seeing Temecula Short Sale Homes starting to receive multiple offers and price increases.
I also see that more buyers and their agents are accepting the fact that Temecula short sales homes are well worth the wait for the short sale to be approved. An average Temecula Short Sale approval is taking 4 months to complete, and fewer and fewer short sales are failing. I personally see a 95% success rate on my Temecula short sale listings.
Another positive factor with our local Temecula Short Sale market is that almost all the major lenders such as Bank of America and Chase have streamlined the short sale process and continue to shrink the time needed to complete a short sale.
I see the major lenders making a large effort to help correct the real estate market by offering large incentives to both sellers and buyers in a short sale transaction.The results of these incentives is that the inventory of distressed and underwater properties turn faster and we can return to a standard real estate market in a shorter time with less foreclosures.
Temecula Short Sale Homes are good buys,don’t ignore large this segment of our real estate market. Call or email us at Realty Works Temecula for more details.
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