Category Archives for Short Sales

Short Sale – 2547 Cowan Way Livermore

This Beautiful 5 bedroom, 4 bath 4,030 sqft home with many great features sold as a Short Sale.

Congratulations to our new home owners!

I am 100% committed to assisting you in reaching your real estate goals. My focus is to provide the quality of service that will exceed your expectations before during and after every transaction. Please contact me with any questions you may have.



Natalie Swanson
925-580-9829 

www.NatalieSwanson.com

Another Short Sale Sold! – 1827 Helsinki Way Livermore

Another successful short sale in a great Livermore neighborhood. Congratulations to our buyers The Bells!

With patience, understanding, team work, and flexibility of the ALL the parties involved, these sales can occur successfully.  I am committed to going the extra mile to help distressed Sellers/Buyers. Please don't hesitate to call with any questions.

Natalie Swanson

925-580-9829

Short Sale Seminar

At the end of your rope and don't know what to do with a current mortgage that needs to be refinanced?  Struggling with an ongoing loan modification that just doesn't seem to be headed in the right direction?  We have answers for you.  You and your friends can attend this complimentary short sale seminar at the LIvermore Library.  My short sale negotiator will be present to answer all your important questions. 

Please RSVP to this seminar today!

Thursday, February 21, 2013

6:30pm to 7:30pm

Livermore Civic Center Library

Conference Room B

1188 South Livermore Ave.

Short Sale Negotiator Making A Big Impact

Considering a short sale?   If so,  call me so I can arrange for you  to meet the most important member of my short sale team, David Dufresne.

As a key member of my business team,  David has helped my clients complete successful short sales in difficult circumstances.  Not only is he an expert Short Sale Negotiator, he has been a real "life-saver"  to some home owners.  He  uses Senate Bill  458 to change contribution Policies of lenders, and in essence is changing the direction of some sales from South to the North.   He puts the impossible sale back on life support and helps us makes sense of most short sale messes.SB 458's  unintended consequences became apparent when junior lien holders such as PNC. E*Trade, National City and Greentree Mortgage,  among others,  didn't want to give up their rights to pursue remaining debt on Non Purchase Money  “recourse loans”  OR their right to punish distressed homeowner with  Purchase Money “NON-Recourse Loans”.When a 2nd lien holder bank does not accept the maximum contributions allowed by the 1st lien holder, investor, or Mortgage Giants Fannie Mae or Freddy Mac, they may either write off the loss of the loan( non-recourse) or they may pursue the homeowner through judgement or collections "recourse". 

On two recent short sales,  with the scenarios outlined below,  GMAC refused to allow the Buyers or Agents to contribute to the short sale because of their internal Policies changes. These changes forced both homes towards foreclosure:
 
Scenario #1:
 
San Ramon Ca. 94583
 
1.            Homeowner was laid off
2.            Central Mortgage 1st lien Holder approved the short sale offering $6000.00 the 2nd  
3.            GMAC 2nd rejected the $6,000.00 and requested $30,000.00
4.            Buyers/Agents agreed to pay the difference of $24,000.00
5.            1st lien holder approved the contribution by the buyers and the agents
6.            2nd lien holder rejected offer and told us they would only accept funds from 1st lien or the home
7.            Home was facing Foreclosure.
 
Scenario #2:
 
San Ramon Ca. 94583
 
1.            Homeowner let go from his position due to  injury and can no longer perform a Job.
2.            Loans are Recourse Money
3.            GMAC 1st offered the (PNC) 2nd lien holder $10,000.
4.            2nd lien holder requested $87,000.00
5.            Buyers/Agents could negotiate 2nd to $40,000.00
6.            Buyers and Agents agreed to contribute to 2nd to close the deal
7.            GMAC 1st won't allow Buyers/Agents to contribute and requires 2nd to accept $10,000.00
8.            PNC 2nd refused the $10,000.00 offer
9.            Home was facing Foreclosure
10.          Seller is facing Judgment due to extreme high balanced owed…  over $100,000.00
 
 

David Dufresne,  as a top short sale negotiator in the Bay Area, and  with the help of Senator Ellen Corbett’s office,  was able to convince big banks like GMAC/Ally Bank that their interpretation of SB458 was incorrect.  Due to his work, these bank  issued Approval letters allowing the contributions that had been offered and then ultimately allowed the  escrow to proceed to closing.   The work completed prevented the possible foreclosures and harm to the distressed homeowners. 

If you know of anyone in a similar circumstance,  and who also might be in need of good advise, PLEASE  contact Myself or David at David@solutionsforshortsales.org to discuss your situation. Or go to www.fassb.com(Foreclosure Alternative Short Sale Broker network) for more information regarding short sales.

 

 
 

Short Sales and Mortgage Debt Relief Act of 2007: What Now?

 

I had to repost this from my favorite KCM Blog.  I hope you find this information.  I did!

Will  the Mortgage Forgiveness Debt Relief Act of 200 be extended past its current expiration scheduled for the end of the year?  As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

The reason this act is important in today’s housing market is that, without the act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to year’s end in order to avoid a tax consequence.

In February, DSNews reported:

“Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007…

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.”

In today’s political environment, the passage of any budget proposal could be considered doubtful. However, both parties seem to be in agreement that this provision should be extended. We can only hope that it doesn’t fall victim to an election year.

Disclaimer: As with all tax issues, we strongly suggest you consult with your accountant to find out how this may impact you and your family.

Considering a short sale?  I can help.  Contact me today.   925-580-9829 or homes@natalieswanson.com


Short Sales are Here For Awhile Longer

I hate to say it, but short sales are here for the long haul, meaning,…..at least another 5 years.  We might as well get used to it.   We all know that short does not mean short, so if you are wanting a "deal" as some people say to me,  then you need to get educated about some of the pit-falls and frustrations about the process.

Banks are not giving homes away, so don't expect to get a steal.  If you expect the unexpected, than you will not be disappointed with the short sale process.  I spend a good amount of time trying to educate folks about what to expect, so that even the "unexpected" happens, you are able to cope.  If you want a free education on the process,  please contact me.  I'm happy to sit down with you and teach you how to find the real deal and not go crazy or waste time in the process.

If you are considering purchasing a short sale you might find these statistics interesting.   Here in the Livermore short sale market you will see roughly 25 to 30% of the market to be in this category.   Contact me for more details.  If you want to see any properties here in town, please visit my website where you can access listings for free.

Natalie Swanson

www.natalieswanson.com

925-580-9829

Should Appraisers Use Distressed Properties as Comparables?

Clients often ask me if appraisers use distressed sales (short sales and foreclosures) as comparables when doing an appraisal on non-distressed properties.  Last month, the Appraisal Institute issued a paper on the subject, and in it,  explained the following:

“Foreclosures and short sales can provide important information for appraisers, who develop valuations based on market data and market forces.”  This is especially true when the number of traditional sales is limited.

“An appraiser should not ignore foreclosure sales and short sales if consideration of such sales is necessary to develop a credible value opinion.”

And they explained the possible differences between short sales and foreclosures:

“A short sale … might have involved atypical seller motivations and so might not be an ideal comp…”

A sale of a bank-owned property might have involved typical motivations, so the fact that it was a foreclosed property would not render it ineligible as a comp.”

The bottom line is that some will argue that distressed properties should not be used when appraising non-distressed properties. However, there is no longer any doubt that they will be. 

If you are interested in purchasing a home or need information about your own Upcoming sale, I'm here to answer your questions.

Contact me for more information: 925-580-9829 or Homes@NatalieSwanson.com

Just Sold! 1934 Elm Street $230,000

 

I've just sold 1934 Elm Street for $230,000!

I am happy to talk with you regarding any of your real estate needs in finding your new home, selling your present home or just chatting about today's real estate market.

If you would like information on the marketability of your home, please contact me at 925-580-9829 or Homes@NatalieSwanson.com

Your Pleasanton Market Summary

Average price per square foot for Pleasanton CA was $302, a decrease of 78.6% compared to the same period last year. The median sales price for homes in Pleasanton CA for Oct 11 to Dec 11 was $581,000 based on 244 home sales. Compared to the same period one year ago, the median home sales price decreased 17%, or $118,672, and the number of home sales decreased 9.3%. There are currently 160 resale and new homes in Pleasanton on Trulia, including 13 open houses, as well as 179 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Pleasanton CA was $854,152 for the week ending Jan 25, which represents a decrease of 1.2%, or $10,247, compared to the prior week.

Pleasanton Market Summary

Contact me for more information – 925-580-9829 or Homes@NatalieSwanson.com