Short Sell, Bankruptcy, Loan Modification, Foreclosure… What do I do?

I know times are tough, you aren’t sure what to do, but you know one thing, you need to do something. Maybe you are upside down in your home (www.123shortsalenow.com) and tired of throwing good money at a bad problem. Maybe you can’t afford your house payments anymore due to an adjusting loan. You’ve tried talking with your lender about a loan modification and after months you have gotten nowhere and you are frustrated and scared.

Your bills are mounting, your credit cards are maxed, you are starting to receive creditor calls…well it could be time to talk to an experienced a real estate professional and possibly a bankruptcy attorney to step in and help you with your problems. Watch this video to see me, Julie Cosgrove (Owner/Broker of Keller Williams Realty), interview bankruptcy attorney David Drivon. Listen to what he has to say about how a bankruptcy can benefit you in these tough times. Get some of the answers you have been searching for. They will steer you in the right direction for YOU. They can assist with BOTH your real estate needs (short sales, deed-in-lieu of foreclosure, avoid foreclosure, loan modification) and/or your bankruptcy needs.

Whichever option fits you and your needs the best; you can rest assured that our experience can assist you quickly and competently. And with our offer of a free consultation you have nothing to lose and everything to gain.

Wachovia / Wells Fargo reaching out to Homeowners

Wachovia / Wells Fargo reaching out Homeowners
Wachovia has been very aggressive in recent months, training some California Realtors® to work within the system they’ve set up to Fast-Track qualifying Short Sales. They’ve also sent out over sixty-six thousand packages to borrowers who are struggling with their payments, notifying them of their Fast-Track program.

Owners of California Real Estate who are having a tough time paying their mortgage (or even those who can forecast a hardship in the near future) are advised to seek the help of a Wachovia Fast-Track Trained Realtor® who can help them understand their options.

Benefits to the seller include:

•Quick approval of hardship (3-4 days)
•Quick approval of sale price and purchase offer (5-7 days)
•Offer approval good for 30 days
•YOU DO NOT HAVE TO BE DELINQUENT
•DEFICIENCY IS RELEASED
•May be eligible to receive “Cash for Keys” payout
•Okay for investor to purchase and rent back (But the investor may not be a family member.)
Qualifying loans may have been originated by one of the following lenders:

•Golden West Financial
•World Savings
•Wachovia
Contact Aim Real Estate Group to speak with a Wachovia Fast-Track Trained Realtor® and see if this might be the right option for you!
VERY IMPORTANT! DON’T WAIT UNTIL YOU ONLY HAVE 2 WEEKS BEFORE A FORECLOSURE DATE! IT WON’T GET APPROVED.
Fast Track Realtors know already that you have been denied for the Loan Modification program.
Contact The Cosgrove Rea Estate Investment Group @ Keller Williams Realty. http://www.cosgroverealestateinvest.com

Current Real Estate Market in San Joaquin county

According to this article in AOL news, the average estimated value of a home in San Joaquin, CA was $85,810 in December 2009, up 0.23% from November 2009, compared to a CA state average of $329,960 in the same month and a national average of $253,865. Homeowners can use average estimated value to gauge the current equity in their home or to determine a potential sales price.  Average estimated value can help indicate if purchasing a home in this area will yield a positive return.

Even more interesting is the average sales price of a house in San Joaquin, CA was $95,000 in December 2009, up 0.78% from November 2009. Homeowners can use average sales price to help them determine a price point for their home.  Conversely, home buyers can use average sales price to estimate the price they could expect to pay.  Higher average sales prices may indicate better than average homes, while lower average sales prices may indicate homes in less demand (discounting special circumstances such as foreclosures).

According to the present market condition, the valley has made certain progress. Although the market condition of San Joaquin county is going up, the difference between sale price and sold price is big. There are heavy negotiations done over the market and as a result of which there is much difference between sale and sold price. Some of the important points to be noted are as follows:

-Inventory has fallen in the valley.

-Pending and selling activity has grown up to a higher extent as compared to the past 7 years.

-There is a moratorium on REOs / Bank Owned Foreclosures.

For home buyers, it is a great opportunity to buy homes as there are a lot of bargain is going on at the market. In addition to that, the interest rates have become very low. They are as low as 5%, so the buyers can now take the advantage of market. Now home buyers will see an increase in the bidding on more desirable homes.

This is the right time for the investors to invest in San Joaquin County. There are lots of homes availablein which the price tag is less than 100K, so this is the perfect time for the investors to invest. Since the supply and demand continue to converge, it proves to be more beneficial for the home owners. The present day real estate market is very beneficial for the investors, home buyers and home owners.

Short Sale Risk Management

Is your agent watching out for your best interest in your “Short Sale” ?  Be advised, not all of them will.  I was showing a house yesterday, and the seller happened to be there.  I of course asked her if she had any offers.  She said they did but had not accepted it yet. She hadn’t even seen it yet.  When I got back to my office, the agent had already put the house “sale pending” .  My clients did want to write an offer so I called the owner right away to see if she had accepted the other short sale offer and she said she still had not even seen the offer.  The agent took it upon himself to say that the seller didn’t need to market the property any longer because he already had an offer (one that he wrote) was accepted.  It is under market value and the seller could get more for her property.  What is important here is that if the seller has to pay any taxes on this property, then they truly need to get the highest and best offer.  It is also the only fair thing to do for the bank as well.  I have to ask myself, is that agent going to make something on the back end?  Is this buyer a friend or business partner trying to pick up a property that will benefit him?  These are the things you need to watch out for,  unscrupulous agents.  This is part of the reason we are in this mess in the first place, agents trying to make a deal that shouldn’t be made.  I don’t know for sure what this agent is up to but what I do know is that he has no right to say what the seller is accepting.  It is time to start dealing with fair honest people on your short sales, loan modifications or any other real estate transaction you may have.  Make sure the agent you are dealing with has  a good reputation, systems in place for your short sale and has your best interest in mind.

Julie Cosgrove, Keller Williams Realty, Central Valley. www.cosgroverealestateinvest.com

Short sale vs Foreclosure

Did you know that a person who looses their home to foreclosure will be ineligible for a Fannie Mae back loan for up to 5 years and an investor who looses their investment property to foreclosure will be ineligible for a Fannie Mae loan up to 7 years.  That is why you would want to consider doing a short sale before letting your home go to foreclosure.  There is no cost out of your pocket to sell home in a short sale and it will only affect your credit up to 2 years.  Just think, after 2 years you can reestablish yourself and be on the road to recovery.  Visit my website at cosgroverealestateinvest.com  and look under Short Sale for more information or give me a call at 209 298-0252 and I can help answer your questions.