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Extension of the Mortgage Forgiveness Debt Relief Act.

Published August 9, 2012 in Temecula Short Sale - 0 Comments

Extension of the Mortgage Forgiveness Debt Relief Act.

by Sidney Kutchuk

Extension of the mortgage cancellation relief act moves to Senate
Late last week, the Senate Finance Committee crafted and sent to the full Senate a package that would extend the mortgage relief provision for an additional year, through Dec. 31, 2013.

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.

Temecula Short Sale Specialists at Realty Works. 951-215-6745

Published July 29, 2012 in Temecula Short Sale - 0 Comments

 

Temecula Short Sale Specialists at Realty Works.

by Sidney Kutchuk

Temecula Short Sale Specialists at Realty Works.

Temecula Certified Short Sale Expert

Temecula Short Sale Expert

This year may be the last year for Temecula & Murrieta homeowners to get a complete fresh start after a short sale transaction.
For the rest of this year (2012) when a short sale is completed on your primary residence you are protected by both state and federal law from deficiency and tax concerns.

California senate bill 458 passed last year and in a nutshell this bill will not allow a lender to go after a homeowner for any of the deficiency after  the close of a short sale.

The federal mortgage forgiveness and debt relief act of 2007 which stops the I.R.S. from going after a homeowner for the tax liability of a short sale is set to expire Dec 2012.

This leaves a short open window now to get your short sale started and completed this year. If your on the fence wondering if a short sale is the correct option for you, contact the Temecula Short Sale Specialists at Realty Works.
We will walk you through the short sale process. Call  Sidney Kutchuk the broker at Realty Works Temecula for a no cost,no pressure just the facts talk on the Temecula Short Sale process.

 

Temecula Short Sale overview.

Published July 14, 2012 in Temecula Short Sale - 0 Comments

The first factor in a Temecula short sale is to know who is your lender and who is the investor. Yes who is the investor.Lets say you make your mortage payment to Bank of America, you may think your loan is then with Bank of America and thats not aways so.In most cases the bank is just the servicer of your loan and the investor will be another party like, Fannie Mae or Freddie Mac.We are often not working one on one when we as your Temecula short sale agents are working a short sale.We most likely will be working with a servicer and this is just one of the many players we have in your short sale process.

The other factor that you as a seller has, is complete control over who you hire as your agent. You need to have a agent that is a short sale specialist working for you.From start to finish a short sale should take 30 days or less, but that is not the case. Today most short sales are taking 60 to 90 days just to get to the approval stage.So don’t go packing until your agent has the written approval from your lender. Once you have the written approval most short sales will then close in the next 30 days.

This is a simple overview of the time line I see as a short sale specialist.The good news is many banks are now under pressure to do short sales instead of foreclosure and the process is beginning to get better for you the seller who needs a short sale.

THE SHORT SALE AGENTS AT REALTY WORKS CAN HELP YOU
AT NO OUT-POCKET-COST – CALL 951-217-6745 

In a short sale the higher offer is not always the best for your short sale client.

Published July 13, 2012 in Temecula Short Sale - 0 Comments

Highest and best. The Highest Short Sale Offer is not always the best offer. $$$,$$$Aces

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. 

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

by Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   
CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

Temecula Short Sale Expert at Realty Works | 951-215-6745

Published July 6, 2012 in Temecula Short Sale - 0 Comments

Temecula Short Sale Expert | 951-215-6745

by Sidney Kutchuk

Are you looking for a Temecula Short Sale Expert?

 

Murrieta Short Sale Specialist

Temecula Short Sale Expert


I know it’s hard to weed through all the local Realtors who state they are short sale experts.They all want to help you through the short sale process. Once you ask  them a few questions it will be clear as who has the experience that your need to help you with this very complicated type of real estate sale.

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.
 Sidney Kutchuk broker and Short Sale Expert at Realty Works Temecula. 951-215-6745

Short Sale policies that will make it easier for military homeowners.

Published June 29, 2012 in Temecula Short Sale - 0 Comments

 

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.

 

The advantages of preapproval in today Real Estate Market.

Published June 15, 2012 in Temecula Short Sale - 0 Comments

The advantages of preapproval in today Real Estate Market.

The housing market is warming up in many areas, with multiple offers becoming more commonplace.  Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a preapproval.

  • The differences between mortgage prequalification and preapproval are significant. Prequalifying for a mortgage is based solely on what a borrower discloses to the loan officer or broker about his/her earnings, credit score, and total assets, including what is available for a down payment. By contrast, a preapproval requires a borrower to provide documentation of his/her income and assets.
  • The lender typically pulls the borrower’s credit report and score, while the borrower gathers together almost everything else needed for the actual mortgage underwriting: W-2 wage statements; 1099s; recent pay stubs; bank statements; and statements from Individual Retirement Accounts and 401(k)s; and other assets that could show the borrower has the resources. 
  • With so many homes receiving multiple offers, a preapproval is more important in today’s marketplace. 
  • The preapproval letter should include the amount a borrower is qualified to borrow, as well as the loan officer’s contact information.  Some letters may have an estimated monthly payment, but details about the loan time and interest rate are not included.
  • Timing also is important.  Buyers should aim for obtaining a preapproval letter from a lender within 30 to 60 days of the expected purchase date.  That is because some letters expire in 90 days.

This artical is a repost from the Calif Assocation of Realtors newsletter.

Do not avoid Temecula Short Sale Homes.

Published June 14, 2012 in Temecula Short Sale - 0 Comments

Temecula Short Sale Homes are a good buy.        | 951-215-6745

by Sidney Kutchuk

I am seeing Temecula Short Sale Homes starting to receive multiple offers and price increases.
This is happening due to a shortage of inventory/homes now available to Temecula homebuyers and investors.

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.

Temecula Pool Home | Approved Short Sale | 951-676-4663

Published June 7, 2012 in Temecula Short Sale - 0 Comments

Temecula Pool Home | Approved Short Sale | 951-676-4663

Temecula Short Sale Pool home

Overview
Maps
Photos
Description
Neighborhood
Market Stats

$327,663
Single Family Home
Main Features
5 Bedrooms
3 Bathrooms
Interior: 3,400 sqft
Lot: 7,000 sqft
Location
46280 Carpet Ct
Temecula, CA 92592
USA
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Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

       

Listed by: Realty Works Temecula

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