Most Recent News Affecting Short Sales

Hello everybody, wanted to share with you something of great importance if you live in California and are considering doing a Short sale on your house..

Most current News affecting Short Sales…

Senate Bill 931 was recently passed giving much relief
to sellers who are in a short sale position.

The bill expands existing anti-deficiency laws for first lien
holders regarding loans secured by properties of 1-4
units to short sales and took effect on January 1, 2011.

In part, the new law provides that: “No judgment shall be
rendered for any deficiency under a note secured by a primary
deed of trust or first mortgage for a dwelling of not in excess of
four units, after all in which the trustor or mortgagor sells
the dwelling for less than the remaining quantity of the indebtedness
due at some time of sale while using written consent of the holder
of the first deed of trust or first mortgage.”

This is great news, with Senate Bill 931 homeowners will no longer
be responsible for a deficiency on first mortgages in California.

Full text available here: http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.html

For additional information or if you would like to have a professional
Opinion to help you with your short sales at no cost,
please contact us today.

Selling Your Home In A Glut

Sell Your Home: One of 4.03 Million just like it

I once read that the odds of a squirrel stealing your keys are 1 in 4 million.

Do you feel really lucky?

If you do and you think this could be your day, you might want to take a stab at selling your house before your lender runs out of patience and forecloses. Right now there are a little more than 4 million houses on the market. Do you think you can do it by the end of business today?

If you’ve gotten a letter from your lender telling you that you need to either pony up some cash to reinstate your loan or face foreclosure, you may decide that selling your home is the only logical solution you have. So you plant a big “For Sale” sign in your yard, string up some fancy balloons and wait. And wait.

The foreclosure clock runs very quickly, especially when you have to try to sell a big ticket item that’s as in demand as back rubs in a leper colony. That clock could seem like it’s running even faster if you decide to go it alone and save money on a real estate commission.

Houses will sell, but if you have very little equity or your home isn’t in pristine condition, it could take even longer. You can increase your home’s chances of selling, but it might require you to pump some cash into your property in the form of repairs. If you don’t have the money to reinstate your mortgage, it’s unlikely you can raise enough cash to make repairs that might make it more appealing to a potential buyer.

If the idea of negotiating with a potential seller doesn’t appeal to you, it would be in your best interest to call a trained real estate professional. Is selling your best solution in today’s market? By getting ahold of a professional with a thorough knowledge of the local real estate market, you can find out what all of your options are.

An independent analysis by a trained professional can give you a free, objective look at what you might be able to work out with your lender. If your real estate professional recommends selling, a full marketing plan can be developed that can best position your home for the quickest sale possible.

Make the call. It can’t hurt – and it could very well be the difference between an equitable solution to your crushing foreclosure problems and major disappointment.

An Interview with JJ

Jean-Jacques “JJ” Dege was recently featured on Scot Kenkel’s Short Sale Secrets.

Click on the link below to hear the full-length interview where he talks about his experience with short sales:

http://www.blogtalkradio.com/scotkenkel/2009/03/19/Short-Sale-Secrets-for-Brokers-and-Agents