Buying a Foreclosure.

Looking to buy a foreclosure, or bank owned property at a great price?? 

 Click here

www.ehow.com/how_111013_buy-foreclosed-home.html 

 or click on the buyers resource button for more information.

Avoid foreclosure!!

We can help you avoid possible foreclosure. We buy houses!

We represent several groups of investors who may be willing to purchase your home. Click here for more details. You, the homeowner, do not pay any realtor fees for most of these scenarios.

http://images.kw.com/docs/0/8/4/084502/1251493089286_Avoid_foreclosure_in_2009.doc

Homeowner facing Foreclosure?

Options that a homeowner has to avoid foreclosure.

 www.ehow.com/how_7235_avoid-foreclosure.html 

or click on the Seller Resources button.

Do you need to do a short sale? Click here.
http://tomlyons.yourkwagent.com/atj/user/AdditionalGetAction.do?pageId=127435

 
Short Sales
 
            A short sale is the name for the situation where the owner of the house owes more on the property than the property is currently worth. In Alameda County Ca., in 2008-09, there are thousands of homeowners who are “upside down”, or in a short sale situation, and are currently trying to sell their house.
            Short sales can take more time to complete and are more complicated than dealing with REO’s, or bank owned properties. In addition to approving the buyers price for the property in question, the lender must also approve that the seller in finally insolvent and cannot pay the mortgage. If the owner can pay the banks mortgage … well then most banks will not approve a short sale. The sellers must submit, to the bank, all of their financial, tax, credit, and income information. They must prove to the bank that they can’t make the payments. If the seller can show financial insolvency and the bank approves this and the buyers purchase offer, then the bank may approve the short sale. Here’s a “to do” list on short sales:
·        Seller must prove to the bank that they can’t make the payments.
·        Seller must already have missed consecutive mortgage payments
·        The bank and the seller must approve the buyer’s purchase offer
·        The buyer should inspect, and evaluate the property and determine what current market value is
·        Lender should provide clear title to the buyer. Be careful with this one, in a short sale situation the owners frequently have second mortgages, and / or equity lines on the property. You have to make sure that all such liens on the property are released.

           
         
   For 2009-2010 lenders are becoming much more open to doing, and completing short sales. In May of 2009 the Federal Treasury started offering financial incentives to lenders for helping homeowners avoid foreclosure by using short sales to help homeowners. Major banks are in the process of streamlining their ability, adding employees and adding experienced people to their staffs, to complete a home owner short sale in a shorter period of time.
 
            Other homeowner benefits for doing a short sale include:
·        A successful short sale stays on your credit for a shorter period of time. (2 years for a short sale … 7 years for a foreclosure, or deed in lieu of foreclosure)
·        Your credit scores are impacted less with a short sale. Credit scores are affected approx. 80 points with a short sale …. Where typically a foreclosure or deed in lieu of foreclosure may affect your credit by as much as 150 points.
·        Because you can re-establish your credit more quickly, you can then be able to make large credit purchases, such as an auto, or house purchase that much sooner.
 
           
            The Tom Lyons Real Estate team is an experienced real estate team that handles dozens of short sale each year.
We offer you:
·        A team of experienced real estate professionals to help with your short sale at no charge to you. That’s correct. If your short sale is successful, the bank pays all realtor fees. You the homeowner pay nothing.
 
Tom Lyons Real Estate Team
925-216-1105
Thank you!!

Here are up to date 2009 - 2010 links on short sale information. First is info on lender being more open to short sales.
www.nytimes.com/2009/05/17/realestate/17mort.html

Next is government information, released in October of 2009, on how the Federal Government will make it easier for homeowners to complete a short sale in 2010.
http://news.yahoo.com/s/nm/20091002/bs_nm/us_treasury_foreclosures_plan

How to handle a short sale
homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm


Wachovia Short Sale information
Wells Fargo bank, formerly Wachovia Bank has streamlined the short sale process as of 10/2009. Short sale approvals can be obtained in as little as 30 days.
Click here for more info.
http://tomlyons.activerain.com/


Obama Administration Announces

 

Financial Incentives and Uniform Process for Short Sales

 

  Posted 5/25/2009
 

 

            Responding to the call of the National Association of REALTORS®, the Obama Administration has announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP).  For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure (DIL). 

 

 

 
  • Borrowers (Homeowners).  Borrowers qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period.  Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.
  • Incentives.  Incentives include:  (1) $1,000 for servicers for successful completion of a short sale or DIL; (2) $1,500 for borrowers to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).
  • Standardized Documents.  The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter.  The goal is to minimize complexity and increase use of the short sale option.
  • Property Valuation by Appraisal or BPO.  Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements.  The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.


  • Timeline.  Servicers must give borrowers at least 90 days to market and sell the property, or up to one year, depending on market conditions.  Property must be listed with a licensed real estate professional with experience in the neighborhood.  No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement. 

  • Commissions.  The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.

  • No Borrower Fees.  Servicers may not charge fees to borrowers for participating in the FAP.
  • Program Expiration.  The program is in effect through 2012.
  • DIL Option.  Servicers have the option to require the borrower to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).