Are Short Sales Getting Easier Or More Difficult?

Posted on Oct 5, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate in Roseville and Sacramento, your short sale specialist. I wanted to talk today about short sales and whether or not they are getting easier or harder.

As an agent that’s closed dozens of short sales over the years I can tell you that the market has changed a bit on getting them approved. The number one reason I’m seeing short sales get rejected or declined is because of value. In California we have an inventory shortage and as a result our values have escalated as well as the very low interest rates. The counter offers that we’re getting from the servicers and investors, especially if they’re Fannie Mae owned, are coming in at above market value. What do you need to do in order to get your short sale approved? There are some tips and tricks that you can put into play to get around this because at the end of the day how much is the buyer willing to pay above appraised value to close your transaction? We’ve had many of these valuation issues and we’ve been able to get through them and get the short sale closed.

Also I’m seeing short sales being declined for multiple reasons, invalid hardships, documentation reasons, but mostly they are because of valuation and hardship. What this really means to me is that they need something additional in the file to get it approved and I just have to find out what that is. Some of the issues we’ve had that have made short sales more difficult have all been overcome by the right documentation or speaking with the right person that has the authority to make a reasonable decision on the file. Again, it’s important to make sure you’re working with an agent that has the ability to determine what’s actually needed to get your short sale approved and closed. Experience does matter.

My suggestion to you is that if you’re interviewing agents out there it’s important to know that your short sale agent has closed many transactions, not just a couple. We’ve closed dozens and dozens of short sale transactions and from them we’ve learned a tremendous amount. This experience gives us the edge in getting your short sale approved. If you have any specific questions about your situation or your short sale, you can give me a call or click Start Here at the top of the page and fill in your contact information.

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Is it True that the Mortgage Debt Relief Act is going to Be Extended?

Posted on Aug 20, 2012 in Roseville and Sacramento Short Sale FAQs

Hi I’m Mark Peek with Keller Williams Realty, one of Roseville and Sacramento’s leading short sale teams. Mortgage Debt Relief Act, what does that mean to you? Well a lot of you have asked the question of whether or not the Mortgage Debt Relief Act is going to be extended. The likelihood is it will be extended. Again the Mortgage Debt Relief Act essentially forgives the difference that could be potentially taxed in the short sale so if you owe $300,000 on a property on your balance and the net proceeds are $150,000, which means there is $150,000 that is forgiven in the short sale. The lender will send you a 1099 at the end of the tax year. Without the Mortgage Debt Relief Act, owner occupied individuals may be faced with a challenge regarding taxation. That’s a hot topic right now and recently the Senate has been pushing for an extension on this. One of the things that caught my attention is how long they are extending it for. This original law took effect in 2007 and the hope that it was going to be extended. There are still a lot of homeowners out there that are underwater on their homes.

Right now they are proposing to extend it only one year so what does that mean to you? If that’s the case and they are only going to extend it on a year by year basis then they are also thinking they will stop it. The fact that it’s only on a year extension has me a little concerned as to what is going to happen after 2013. If anyone is on the fence and considering a short sale, this bill is likely to be passed, it’s likely to happen after the election.

Again, I’m Mark Peek with Keller Williams, one of Roseville and Sacramento’s leading short sale teams and we’re here to help. If you would like more information, I would love to talk with you and see if a short sale might be a good option for you. Please contact me today and I look forward to speaking with you soon.

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Short Sale Information For Specialized Loan Servicing

Posted on Aug 9, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate; I’m your short sale specialist for the Roseville and Sacramento area. If you’re having trouble paying your mortgage or are in the middle of foreclosure, I want to encourage you to reach out to me for help. I can provide you with some information on doing a short sale on your home and help you determine if this is a path that you would like to take to avoid foreclosure.

I wanted to talk to you today about Specialized Loan Servicing (SLS). Do you happen to have a loan with them that you need some help with? Something happened that I found quite interesting when we submitted the file on a short sale. With SLS, you have to know where everything is in the process and keep up on it. In this particular case, SLS gave us a counteroffer before they even knew what the value of the property was. How did they counter us? They essentially used an automated valuation, something similar to www.Zillow.com or other type of online appraisal system. In this case, the value was quite off, by about $30,000. So, we knew better and knew that the broker price opinion hadn’t been uploaded because there was no way they could have come up with the number they offered us. This is where an automated valuation doesn’t always work. You actually need someone out there in the field taking photos and evaluating the property so you can get an accurate value of the property so you can properly negotiate the short sale.

If you have any questions about Specialized Loan Servicing or have had a similar situation happen to you and your short sale was declined because the counteroffer was just too high, please just give me a call because I’d be happy to talk to you about it. Again, my name is Mark Peek with Keller Williams, your short sale specialist for the Roseville and Sacramento area.

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Do You Have A Mortgage With New York Community Bank And Want To Short Sale?

Posted on Jul 9, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek with Keller Williams Real Estate, your short sale specialist in the Roseville and Sacramento area. I wanted to talk to you today about New York Community Bank. Do you have a mortgage with New York Community Bank? If you do, I’m actually hearing quite a few different things about their short sale process right now.

I’ve completed a couple of short sales with them and the most interesting thing I hear from other real estate agents or sellers is that you can’t fax or email a short sale package to them. They require you to physically mail it. I find this quite ridiculous because it’s 2012 and I completed a short sale with them last year and I didn’t mail the short sale package in. I faxed it in to the short sale department. This is one of those times where you always listen to what bank employees tell you to do and you don’t actually have to do it that way. You don’t necessarily have to follow all of the directions. I will say that they are very specific in what they ask for in their short sale package.

If you have a mortgage with New York Community Bank and are interested in doing a short sale, make sure that the person you are working with doesn’t take no for an answer. They may tell you no and your real estate agent may have to push a little bit to get the short sale completed. If you have any additional questions about doing a short sale with New York Community Bank, please give me a call or fill out the form on my website allowing me to contact you. I look forward to speaking with you about your specific situation and providing you with the information and resources you need to successfully short sale your home.

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