|Former Wachovia & World Savings Loans Faster Short Sale Program!!|
| Thinking of doing a short sale? Was your original mortgage with World Savings or Wachovia? ( Even if since changed to Wells Fargo.) Would you like to be on the fast track to a successful short sale?
If you are struggling making payments on your former Wachovia or World Savings loan and experiencing a hardship, you might be eligible for Wells Fargo’s Faster Track Short Sale Program, which features:
• Pre-Approved Short Sale- Better to market your property
My name is Bob Phillips, and I am a licensed agent, trained in both a CDPE “Certified Distressed Property Expert” and DRE certified SFR “Distressed Properties Specialist”. In addition, I have been trained by Wells Fargo in their “Fast Track” Short Sale program.
Former Wachovia and World Savings loans, make Wells Fargo one of the best lenders to work with if you have to do a short sale. What better time to take advantage of their program?
I service all of South Orange County, including: Newport Beach, Corona del Mar, Newport Coast, Laguna Beach, Irvine, Portola Hills, Foothill Ranch, Lake Forest, Mission Viejo, Rancho Santa Margarita, Coto de Caza, Ladera Ranch, Laguna Hills, Laguna Niguel, San Juan Capistrano, Dana Point, Capistrano Beach, and San Clemente.
Please feel free to give me a call at 949-643-2100. I am both experienced and qualified to answer most questions you may have, regarding either a Loan Modification or a Short Sale of your property.
Bob Phillips, Realty ONE Group
California DRE License #00581357
Have you ever heard the saying, “You never get a second chance for a first impression?”
If you’re going to have a South Orange County home for sale, it is important to appreciate the significance a first impression has on your potential buyer.
When buyers drive up to your property and take their first look at your home, they will instantly be forming ideas about your house and how it might fit for their family.
When you are trying to entice a buyer to make an offer on your house, you must consider the curb appeal – how your house looks from the outside, or while standing on the curb – of your home for sale.
In fact, some surveys show that curb appeal can affect a buyer’s decision even more than price or square footage.
Below are seven simple and inexpensive things you can do to improve your home’s curb appeal.
- Plant a few shrubs or decorative flowers in the front yard to bring color to your lawn.
- Is your front door looking a little worse for wear? Give it a fresh coat of paint or replace it with a new one.
- Keep your grass well watered so it appears green and lush.
- Remove anything your pet leaves lying around, such as bones, chew toys or droppings.
- Take a look at your gutters. If they look damaged or are hanging loose from the roof, be sure to have them repaired before showing the house.
- Clean up your flowerbeds by removing weeds and trimming overgrown plants.
- Add a bench, a garden ornament or a couple of beautiful pots to make your front yard more attractive.
These are just a few ways you can improve the curb appeal of your home for sale and make a great first impression on buyers.
A good next step for preparing your home for sale is inviting a trusted, local real estate professional to your home for a preview. In South Orange County, with over 36 year’s local experience, I would be such a choice.
An agent’s experience in the real estate market can help you plan your strategy to get top-dollar for your home and help you improve the curb appeal at the same time. If you’re thinking of selling your house, shoot me an email, or give me a call, and let’s talk about the possibilities.
28,000 Orange County Homeowners Are No Longer Underwater
By Jeff Collins of the Orange County Register, March 19th, 2013
“Rising home values pushed nearly 28,000 Orange County homeowners “above water” last year, meaning their homes no longer are worth less than the amount owed on their mortgages, CoreLogic reported Tuesday.
The number of underwater homeowners fell to 15.3 percent of all homes with a mortgage versus 20.2 percent in the fourth quarter of 2011.
Overall, 84,524 Orange County homeowners owed more for their homes than they were worth in the fourth quarter of last year, the Irvine-based property-data firm said. That’s 27,756 fewer than in the fourth quarter of 2011.
Nationwide, 1.7 million U.S. homeowners moved out of negative equity during 2012. CoreLogic reported that 10.4 million – or 21.5 percent of borrowers – were underwater. That’s down from 10.6 million, or 22 percent in the fourth quarter of 2011.
“The scourge of negative equity continues to recede across the country,” said Anand Nallathambi, president and CEO of CoreLogic. “With fewer borrowers underwater, the fundamentals underpinning the housing market will continue to strengthen.”
Nallathamb predicted that the trend will continue throughout this year.
CoreLogic also reported:
- 19,828 county homeowners, or 3.6 percent of borrowers, had zero to 5 percent equity in their home.
- The total of negative equity and “near-negative equity” borrowers is now at 104,352, or 3.6 percent of all Orange County borrowers.
- A significant chunk of homeowners likely remain unable to sell their homes without a loss after paying commissions and closing costs.
- In California, 1.7 million homeowners, or 25.2 percent of California borrowers with a mortgage, were underwater during the fourth quarter of 2012.” ( End of article.)
As this year’s extreme seller’s market gains momentum, even more “underwater” home owners stand to be lifted into an equity position. Because of the serious lack of housing inventory, this has become the best time in the past 6 years to be selling a house in Orange County – especially if you won’t be buying again, for a while, in this area.
As a CDPE ( Certified Distressed Property Expert.) I am both well trained and highly experienced, to assist you in considering your options, whether to try to stay in your home, modify your existing mortgage, sell your underwater home in a short sale, or sell it in a standard or equity sale. Drop me an email or give me a call, and let’s discuss your options.
Is It Safe to Sell Your House Now?
By Ruth Simon, The Wall Street Journal
It might finally be time to come out of the basement.
Seven years after the housing market began to collapse, rising prices and thinner inventories are presenting new opportunities for home sellers. Some hot markets are even seeing multiple offers for the same property—a phenomenon rarely seen since the boom years—as buyers become more confident and seek to take advantage of today’s near-record-low mortgage rates.
Home prices nationally climbed 8.3% in December from the same period a year earlier,
according to CoreLogic, a real-estate analytics company. The increase was the largest since May 2006 and the 10th consecutive monthly gain. The CoreLogic figures include foreclosures and other distressed sales.
The gains are good news for would-be sellers who have been stranded on the sidelines since home prices peaked in 2006. Nearly one in four homeowners and renters say now is a good time to sell a home, according to a survey released this month by Fannie Mae, the government-backed mortgage company, up from 11% a year earlier.
“You will unambiguously see more people test the water,” says Thomas Lawler, an independent housing economist in Leesburg, Va. He expects home prices to rise another 3% this year.
Thinking about selling? You are likely to find a buyer more quickly and at a better price if you factor in local market conditions and recent sales before setting an asking price, burnish your home’s Internet profile and plan ahead for a home appraisal.
Acting soon may pay off as well. While trends vary by region, buyer search activity generally peaks in March and April, while seller listings peak in July, says Jed Kolko, chief economist at real-estate website Trulia.com. “Most sellers would be better off if they pushed the process up a couple of months,” he says.
Sellers could face headwinds if mortgage rates jump or the economy weakens, while the supply of homes for sale is likely to increase over the next few months, creating more competition, say real-estate agents.
Don’t expect to make a killing. Even after the recent gains, home prices remain about 27%
below their 2006 highs, according to CoreLogic.
In some markets, prices remain so low that selling is likely to prove painful—unless you are
looking to buy a more expensive home at a discount.
“The only reason I would sell today is if I wanted something more than I currently have,” says Craig Beggins, president of Century 21 Beggins Enterprises in Tampa Bay, Fla., where prices are still off more than 40% from their 2006 peak.
Still, in many markets, sellers have more of an edge than they have had in years. One big
reason: The number of existing homes on the market dropped to 1.74 million in January, down 25% from a year earlier and the lowest level since December 1999, according to the National Association of Realtors.
Houses are also selling faster. The median number of days on the market for homes in January was 71, according to the Realtors group, meaning half of all homes sold within that time. That’s down from 99 days one year ago.
Elizabeth Tolli first put her 4,400-square-foot St. Petersburg, Fla., house up for sale in late 2009, but took the listing down a year later after not receiving any offers. She recently put it back on the market.
“I feel more confident, even if prices aren’t at the height they were six or seven years ago,” says Ms. Tolli, who has set a $1.2 million asking price for the five-bedroom waterfront property. That is more than it would have fetched a year or two ago, she says, but still well below its peak value of more than $2 million.
If you are thinking of making a move, start by assessing conditions in your local market. Lanny Baker, chief executive of ZipRealty, an online real-estate brokerage based in Emeryville, Calif., suggests focusing on five measures: price changes, the inventory of homes for sale, competition from foreclosures, the average time it takes a home to sell and the gap between selling prices and list prices.
In markets such as Las Vegas, San Francisco, Los Angeles and Washington, D.C., “prices are up, competition is down, bank competition is down more, days on the market are shorter, and the prices being realized relative to the list price have really improved,” all good news for sellers, Mr. Baker says.
But sellers shouldn’t be complacent. Here are some steps to consider.
Interview multiple agents. Some people prefer to handle the selling process themselves. But if you plan to use a real-estate agent, start by interviewing several contenders.
Mr. Baker of ZipRealty suggests narrowing your search to agents who have handled many sales in your neighborhood. They are likely to have the best view of local market conditions and can better assess what your home may sell for and how it should be marketed, he says.
Nancy Vaske, a jewelry designer in Chicago, interviewed four brokers before putting her 1,800-square-foot condominium on the market this past week for an asking price of $995,000.
“I wanted to know whether they had sold any units in my building because it’s a specific market in the city, and whether they’ve represented the buyer or the seller,” she says.
The broker Ms. Vaske chose has represented both sellers and buyers in her building,
and “probably knows more details about the workings of this building than most residents do,” she says.
Adjust your sights to today’s market. Set aside what you home might have fetched in 2006 and focus instead on what homes are selling for today.
Dan Elsea, president of Real Estate One in Detroit, uses recent sales as his guide, paying
particular attention to properties that have received multiple offers. He prefers the homes he sells to be among the five lowest-priced properties among similar homes. “Typically, a buyer will see and remember five homes at a time,” he explains.
Pay attention to how long competing homes have been on the market. These days, well-priced homes often sell in a week or two, while homes that languish for months are typically priced at unrealistic levels.
Don’t overreach. Given today’s thin inventories, it is tempting to reach for the stars. But if you get greedy and set the price too high, you are likely to wind up in a downward spiral.
“You are going to have your largest viewing audience in your first days on the market, when the house is the newest product on the shelf,” says Lloyd Fox, a broker at Long Realty in Scottsdale, Ariz. If the price is too high, buyers and agents are likely to relegate your listing to the sidelines.
Properly priced homes are likely to get eight to 10 showings their first week on the market and an offer soon after, Mr. Fox says. If not, “you have missed the market” and it’s likely a price cut is in order, he adds.
Make the Internet work for you. Most home buyers and agents are now starting the search process online, which means it is important to make the Internet a key part of your marketing strategy. Begin by carefully selecting the photos you will post online.
For maximum impact, start with the photo “that is going to tell the best story of your home,” whether it’s the front view or a special feature, says Mr. Fox, the Scottsdale broker. Too many shots of a single room could bore buyers, he adds.
For Kenneth Vaughan’s Phoenix home, Mr. Fox started with a photo of the home’s exterior to show its “curb appeal,” followed by photos of the living room, kitchen, backyard and master bedroom and bathroom. The home, which is selling for $119,900, received three full-priced offers in the first week, says Mr. Vaughan, a retired police officer.
Factor in Internet searches when setting your listing price. Because most buyers tend to search in $25,000 or $50,000 increments, you can maximize your exposure by pricing your home at a round number, such as $400,000. That way the house will show up when buyers search for homes in the $350,000 to $400,000 range and for those priced at $400,000 to $450,000.
Weigh multiple offers carefully. In cases of multiple bidders, you should focus not just on price, but also on terms.
In comparing two competing bids at similar prices, Kristine Lambrecht, an agent at Real Estate One in Clarkston, Mich., recommends choosing the buyer who is putting down more cash or is willing to forgo an inspection, since those deals are likely to close sooner and with fewer hassles. If she thinks the appraisal will be lower than the sale price, she will take a slightly lower bid if the buyer is willing to guarantee the purchase price.
Clean up your act. Even in a market where inventories are thin, a home isn’t likely to sell if it looks shabby or crowded. At a minimum, you’ll need to touch up the paint, clean the carpet and pare your possessions.
Suzanne Peltier, who lives in Farmington Hills, Mich., hired a handyman to patch loose bricks and touch up the paint on her four-bedroom Colonial before putting it on the market. She also removed some of her furniture so the home looks bigger.
Julie Kaczor, a broker at Baird & Warner Real Estate in Chicago’s western suburbs, advises
clients to get rid of magazine racks, statues, fireplace tools and anything else that can clutter up the edges of a room. She looks for inexpensive fixes with good payoffs, such as a fresh coat of paint, removing outdated window treatments or a carpet cleaning.
Ron Phipps, principal broker at Phipps Realty in Warwick, R.I., often sends clients to other
sellers’ open houses to size up the competition and get a better sense of how buyers may view their home. “It’s a good way to do counterintelligence,” he says. “It’s also a good way to see what works in terms of staging and presentation and what makes you uncomfortable.”
Plan ahead for the appraisal. About 30% of real-estate agents reported that low appraisals had resulted in the cancellation, delay or renegotiation of a purchase, according to a January survey by the National Association of Realtors.
You can reduce the chances you will encounter problems by providing the appraiser with
examples of comparable sales and pointing out special features. Barbara Moody, an agent
at Coldwell Banker United Realtors in Sugar Land, Texas, prepares a booklet for appraisers that includes examples of comparable sales, information about the home and receipts for substantial upgrades such as a swimming pool or kitchen renovation.
When a recent sale was almost torpedoed by a low valuation, Ms. Moody showed the appraiser comparable homes he had missed. The result: The appraiser raised his valuation by $7,000 to $129,000. The buyer and seller then split the difference between the appraised value and the $132,000 price they had initially agreed on.
Jan Baker, the home’s former owner, says the deal would have fallen through without the
higher appraisal. “I would have had to have rented it again,” says Ms. Baker, a lawyer who
purchased the home in 2005 for $136,900 and now lives in Midland, Texas.
There is a lot of misleading and incorrect information about South Orange County real estate short sales.
Many people don’t have a clear understanding of the purpose of short sales or how they actually work.
Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property.
The proceeds from the sale are used to repay a pre-negotiated portion of the balance to settle the debt.
A short sale can be a solution for homeowners who really need to sell their home but owe more on the mortgage than the home is worth.
Understanding the short sale process can help make the most out of a real estate sale.
Here are some common myths and why they are false:
A short sale damages one’s credit record as much as foreclosure
In many cases a short sale is less damaging to your credit record than a foreclosure. Some lenders may think that the short seller acted in a more responsible manner than simply walking away from the property.
Although the amount paid may have been less than the mortgage balance outstanding, the loan was settled with the lender. Opting for foreclosure is often seen as a lack of responsibility.
To qualify for a short sale one must be behind on payments
This might have been true in the past, but it’s not anymore.
You just need to be able to prove that you are in financial hardship, which could be due to death in the family, divorce, job loss, mortgage rate hike or even loss of property value.
After a short sale you can’t buy again for five to seven years
This may be true in some cases, but not all. In certain situations the waiting period can be reduced as low as two or three years before you are allowed to purchase another home.
It would be wise to speak with licensed real estate professional or home financing specialist to get the most current options in the marketplace.
Pass it on
These are just a few examples of commonly believed short sale myths. A clear understanding of the short sale and the benefits it can provide, is important for financially strapped homeowners.
I am an experienced Certified Distressed Property Expert, ( C.D.P.E.) one of the most thoroughly trained designations available to a Realtor.
Feel free to pass this important information on to someone that you feel would benefit from it. If you, or they, have additional questions about short sales, you might also check out my CDPE website: http://hosted.cdpe.com/south-o-c-short-sales or better yet, just shoot me an email ( BobPhillipsRE@gmail.com ) or give me a call/text: 949-887-5305