New Short Sale Guidelines in Summary

The following article was created by David Romero, CEO, Century 21 Award, on March 10, 2010.

"The new Short Sale Process will be crucially important in 2010. We believe that having timely information on this issue is vital to our community. Scroll down to find the latest updates and information on the new Short Sale process.

The Treasury department has released new rules to help simplify the ’short sale’ process. For months, we have been preparing our followers for this great announcement. It should mean we will have less foreclosures in 2010. The sellers will be able to leave the property with dignity and on a timetable. Our neighborhoods will have less vacant houses. The negative impact on real estate values will not be as severe.

As of now, these seem to be the key points:

Mortgage servicers have 10 days to accept or deny a short sale request. After a sale is completed, the borrower could be completely released from debt.
Borrowers are eligible to receive a $1,500 moving allowance, if they sell their home through a short sale.
Mortgage servicers will receive $1,000 for each completed short sale.
Investors who hold first mortgages can get as much as $1,000 for allowing second lienholders to release their liens.
Second lienholders can get only as much as $3,000 in proceeds from short sale to release their liens.
The property must be the homeowner’s principal residence.
The homeowner is delinquent on the mortgage or default looks likely.
The loan was made before Jan. 1 this year and is less than $729,750
The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income."

If you would like to consider a short sale, or simply have a straight conversation about the options available to you, please call me today. I'm here to help.

Follow me on Twitter for the fastest foreclosure updates

The quickest way to view my newest Foreclosures is to follow me on Twitter. You can click the link on the right side of my blog. That's usually where I post the videos first and the teasers of any properties getting ready to be listed.

Speaking of "teasers"...this is your last chance to check out my latest foreclosure in Valley Center. I posted the video on this 5 bed 5 bath beauty and today I received the listing agreement. It will be on the MLS within 48 hours so this is your last chance to beat the crowds. Call for a personal viewing today!

Are You in the "Inner Circle" of a Top Foreclosure Specialist?

oreIf you're constantly running "a day late & a dollar short" with bank owned properties, you need to change your strategy. Instead of long nights on inaccurate websites that are just "fishing" for your business, you really need to bite the bullet and realize you DON'T know all there is to know about buying a foreclosed property and you need a guide. A map. A specialist. An REO agent who has an "Inner Circle" that may be a little tougher to get into, but ultimately, you get a great house at an unbelievably great price for a fraction of the effort.

Why would an agent with REAL information about great deals give it away to the dozens of investors who call each week. Well, they don't. They have a special group of investors and home buyers who are loyal to them...and the agent is loyal right back. Most hot deal hunters are afraid of missing out on any foreclosure or insider info, so they don't commit to an agent. These are typically the same people who will end up at a cocktail party in 5 years saying, "Wow, the deals I could have had in 2010." Wouldn't you rather be the one at the party talking about the deals you did get?

I hope I don't offend anyone too much with the following statements, but the truth really needs to come out. You don't go to your doctor, pick his/her brain about how to do a surgery, and then try to do it yourself to save money. Change the scenario and insert lawyer, CPA, etc. Top professionals in any industry deserve respect and loyalty. Contrary to popular belief, there are, in fact, top professionals in the real estate industry even in light of the black eye the industry has received in the last few years. Your job? Find one. Get referrals. Check them out online. Ask for references.

But don't call me, ask for my hottest deals, and then tell me you don't want to commit. I am loyal to my clients. I have an "Inner Circle". Those are the buyers that get inside my foreclosed properties BEFORE they are listed. Those same buyers know market trends before they become the "buzz" and then old news. I network with other foreclosure agents as well looking for specific properties for my buyers. I save my buyers time, huge money, and they always end up with a property in a fraction of the time they spent searching endlessly on the internet. I bring the deals to them. That's what you should expect from your agent. But commit to your agent. Find a full time professional with up to the minute market expertise and an exhaustive knowledge of social media.

My 'Inner Circle" clients are prepared to discuss their financial needs, get preapproved from a respected lender who performs, are motivated, understand the market or want to learn, don't "low ball" deals and they are a joy to work with. If this fits your buying personality, and you are excited about this real estate market, call me. Let's see if we're a match.

After all, don't you really want to BUY a foreclosed home and not just look for them??????

One more thing, if you get my voicemail, send me a text. Do whatever it takes to get my attention. You've wasted enough time running in circles. Let's get your home today!