44 Tavella Place, Foothill Ranch, Calif. 92610 VIP SPECIAL, CALL FOR PRICING INFO CLICK HERE FOR MORE PHOTOS Square Feet: 2,115 Lot Size: 3,794 sq. ft. Rooms: 4 bedrooms, 2.5 baths Here’s your chance to buy a spectacular Orange County two-story home with all the trimmings. Nestled in a private neighborhood, this completely refurbished four-bedroom, [...] Read more »
Do I Have To Be Behind On My To Do A Short Sale?
Probably one of the most common questions that I hear negotiating Short Sales in Los Angeles and Orange County, California is: “Do I have to be behind on my mortgage to do a short sale?” It is a totally logical and fair question. Unfortunately, there is no really clear cut answer. It all depends on [...] Read more »
Benefits of a Short Sale Versus a Foreclosure
A great real estate agent and friend of mine, Aaron Simons, sent me this chart about the consequences of a short sale versus a foreclosure. The chart was developed by the Distressed Property Institute. I think it does an excellent job of dispelling some myths about short sales and their actual consequences to a borrower. [...] Read more »
Countrywide Takeover Will Pay Off, B of A’s CEO Says
This is a great article from the Los Angeles Times about the BofA and Countrywide merger. The most interesting point is that the CEO of BofA, Ken Lewis, thinks that the California real estate market has about another 20% drop in the not too future…I would have to agree. This is one of the first [...] Read more »
How Not to Handle a Short Sale Client
Well, last Friday was the first time I actually “lost” control with a client. We have been negotiating a short sale with this one particular client for about 3 weeks making great progress. In fact, it looks like we will be able to get the approval on the short sale today. This is a personal [...] Read more »
Countrywide Short Sales
I learned an interesting fact the other day from a Countywide Loss Mitigation Negotiator. These are the people that we work with when we are negotiating a short sale. This individual said that Countrywide has over 28,000 short sales in process, but only closes about 7% of these. Wow!! You know what that means? Only [...] Read more »
Testimonial from Tom Johnson About Mark Shandrow
A great client and friend of mine, Tom Johnson, just closed on a SUPER KILLER deal on a duplex in California Heights, Long Beach, CA. It was a short sale that I was able to negotiate with Country Wide. [No Auto Start]BBqiCZ2Y1E4[/No Auto Start] Read more »
3 Reasons Why a Bank Would Want to do a Short Sale
You are probably wondering why a bank would agree to loose ten to hundreds of thousands of dollars on a short sale? The simple reason is that a short sale is less costly to a bank than a foreclosure. Period. It is purely economic. The reasons that short sales are less expensive to a bank [...] Read more »
What is a Short Sale?
With the increase in foreclosures lately you may have heard the term “short sale†and wondered what it was. A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and [...] Read more »
Tax Breaks for Short Sales
In December, 2007, President Bush signed a new law giving tax breaks to homeowners who have mortgage debt forgiven called the Mortgage Forgiveness Debt Relief Act of 2007. Now, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence. This new tax break [...] Read more »
