With Home Values Increasing Should You Wait It Out Or Short Sale Your Home?

Posted on Sep 8, 2012 in Roseville and Sacramento Short Sale FAQs

Hi everyone, I’m Mark Peek with Keller Williams Realty, one of Roseville and Sacramento’s leading short sale teams. Today I wanted to talk about the recent news that home values are increasing. I wanted to talk about this because if you are underwater you may be wondering if you should wait for the market to come back and the values to come up or should you complete a short sale on your home. The answer to this question depends on your situation. If you are not that much under water, it might be worth waiting as the market starts to recover. There is no guarantee how long it’s going to be but right now we have the lowest interest rates on home loans that I have ever seen. They have been averaging around 3.5%. Money is very cheap right now and so this is causing the value of homes to increase. We also have a lower inventory then we used to have so if you put those two things together, we are seeing pricing increases and that’s why.

Now the question is whether or not you should wait for the market to recover? I want to encourage you to check out the short or stay calculator on my website and it will tell you how long it will take for you to break even. This means how many years you will make payments before your home and the money you spent breaks even. The problem with your monthly mortgage payments is most of that goes to pay interest. The result is if you are $100,000 or more under water, most of my clients are looking at 10 plus years to recover. Now if you consider completing a short sale and you close that short sale in around six months you can potentially buy another home in two years from the close of that short sale. So in two and a half years, you can buy a home at whatever the interest rates will be in two years and at lower pricing than your house especially if you refinanced. So take that into consideration with the news that’s going on. Also consider this, those low interest rates are not going to be that low forever. So how long before those rates begin to increase and what is that going to do to the affordability of housing? As those rates increase so do the monthly payments and as those monthly payments increase the affordability starts to go away. Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help. If you have any questions about your specific situation, hit start here at the top of the page or give me a call. Either way I will follow up with you and answer all the questions you might have. Thanks and have a great day.

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Is it in Your Best Interest to Complete a HARP 2.0 Refinance or Short Sale on Your Home?

Posted on Aug 7, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I want to talk to you today about whether or not to keep your home if you are underwater or if you are considering a refinance program such as the revised HARP 2.0. One of the things that I would suggest before you think about moving forward and taking a refinance on that is whether or not this makes sense for you. First of all with the payment that you get out of the refinance, would you be willing to rent this property at that current payment? If the answer is no, then the HARP 2.0 refinance is probably not in your best interest.

Number two is how long is it going to take for you to break even if you refinance? If it’s only going to reduce your payment a couple hundred dollars but you are severely underwater is that really in your best interest and how long is it going to take for you to break even again. One of the things I suggest before considering HARP 2.0 refinance is to run the numbers on your residence. Does it make sense for you to stay or should you short sale? If you short sale you can potentially come back and purchase again after closing the short sale in as little as two years. So, does that make sense? Take a look and use the short or stay calculator on my website. Put in your address and information and it will generate a report and give you an idea of how long it’s going to take for you to break even. It will help you decide if a refinance or short sale might be right for you.

If you have a Freddie Mac owned loan you are going to have a hard time and I’m not sure that there is many servicers or lenders out there that are doing Freddie Mac HARP 2.0 refinances. The guidelines are just so rigid on buy-backs out there that a lot of the lenders are afraid to do that. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to answer any questions you may have.

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Why Did My Sacramento Short Sale Get Declined?

Posted on Aug 6, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone my name is Mark Peek with Keller Williams Realty in Roseville and Sacramento thank you for your time today. I work with distressed property owners every day in Roseville and Sacramento and use this blog to share valuable information on your options for avoiding foreclosure. If your Roseville and Sacramento mortgage is underwater and you are unsure what to do visit my website or call me today to learn more about your options.

For my blog today I wanted to speak with you about the possibility of your short sale getting declined in Roseville and Sacramento. It is certainly never a good thing when your short sale gets decline and unfortunately your lender does not always give you the best explanation of why. There are numerous reasons why a short sale is declined including inaccurate paperwork, an invalid hardship, or simply a problem with the negotiator. One thing to remember is that just because your file was declined once does not mean that you cannot get a short sale approval in the future. Some of the Roseville and Sacramento clients I have worked with simply had an unqualified negotiator or their agent did not have short sale experience with that particular lender. If your Roseville and Sacramento short sale is declined it is important to know the reason behind the decision in order to resubmit the file correctly. A good short sale agent does not charge any upfront fees and even if a short sale is declined it is still the top priority to sell your home.

If you have questions on your mortgage or already considering a short sale take a minute to browse my website or call me today to learn more. If you are unsure if a short sale is right for you take a minute to try the Short Or Stay Calculator on my website to find out when your home may be an asset again. Thank you for your time today and I hope to hear from you soon.

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How to Avoid Probate Short Sales with an Affidavit of Death

Posted on Aug 1, 2012 in Roseville and Sacramento Short Sale FAQs

Hi everyone this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I wanted to talk to you today about what to do if you have had a spouse pass away and they were on the title and you do not have a trust. Many people will tell you that you have to do a probate sale. Well that is not necessarily the case all the time; there may be an opportunity to avoid probate in such a case. Sometimes we can get away with filing what’s called an affidavit of death. An affidavit of death will go to the surviving trustee. So it depends on how you held title, you may be able to complete a short sale without having to incur the expenses of a probate attorney and a probate sale.

So if you are in that position and you need some help on your underwater mortgage, give me a call. I would be happy to discuss it with you. I can also have my title officer take a look at your file, verify how you held title and then see if we can get around the probate. I’m willing to do whatever I can to help. I know that in a death situation there are a lot of expenses so if you want to complete a short sale to avoid a foreclosure or you want to try and minimize all of your costs as possible. So if you have any questions, feel free to give me a call, I’m happy to help. Also you can hit start here at the top of the page, enter in your information and I can follow up with you. Also if you are wondering if your home is an asset or how long it’s going to take to become an asset again, you can enter in your property address and find out what the current approximate value is and how long it’s going to take for you to break even and how much it’s going to cost you. Then you can make a decision whether or not a short sale is in your best interest. Again, this is Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help. Thanks and have a good day.

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