Orange County Short Sale Specialist: August 2009

Comprar mi Casa en Orange County California

Que tal amigo, se quiere usted Comprar su Casa en Orange County California necesita leer esto y estar bien preparado.

Seguramente si esta ya interesado en hacer su compra ya sea por primera vez o no se pregunta como esta le mercado?, que necesito para comprar ahora?

Pues bien sin hacerle perder mas su tiempo, he puesto una lista de recomendaciones que usted debe seguir para que realice con exito su compra.

1) Consulte con el banco de su preferencia por cuanto lo pueden calificar (Prequalification letter). el Banco le pedira cierta documentacion, (mas tarde hablare de ella) para poder darle us carta de aprovacion de credito.

2) Entreviste por  lo menos a 3 agentes de bienes y raices, Por que?, por que muchas veces los intereses de usted no son los intereses del agente, y lo pueden mal informar, o hacerle perder su tiempo. Serciorece que su agente entendio lo que usted necesita, lo que usted busca y revice el plan de compra que el agente le sugiere, si no se siente agusto trate de platicarlo con el agente y si no hay un acuerdo mutuo consulte con otro agente.

3) Viste Open houses, la finalidad de visitar open houses es para que usted vea de cierto modo el inventario de casas, la calidad, condicion, precio y vecindario. De esa manera usted y su agente pueden hacer la busqueda de casa mas inteligente y perder menos tiempo para encontrar su casa.

4) Revice que los fondos para su enganche (down payment) estan listos y disponibles para cuando su oferta sea aceptada.

5) Una vez que encuentra su casa, haga su oferta, en ella se debe de incluir lo siguiente:

     5.1.- Contracto firmado por todos los compradores

     5.2.- Copia de su carta de aprovacion de credito bancario.

     5.3.- Copia de su primer pagina del reporte de credito.

     5.4.- Copia de su estado de cuenta bancario comprobando su enganche.

     5.5.- Copia de su Deposito para abrir escrow.

Lo invito a que vaya a mi pagina de internet o me escriba un email o mandeme un text message si tiene alguna otra pregunta.

Tambien visite mas seguido mi blog, todos los dias tengo sugerencias y comentarios importantes para usted.

Gracias

Carlos Morales

714-955-1932

www.carlmorales.com

www.orangecountycashortsales.com

cmorales@ochomes-estates.net

Buying a house in Orange County California

Hello

If you are a buyer or prospect buyer and wonder about how the real estate market is doing? or what would you need in order to buy your house in Orange County?

This information is for you.

FOR FIRST TIME HOME BUYERS

This is without any questions a very interesting market, lots of things are happening for good and bad for you as a buyer needs to be very well informed so you can take the steps to succeed in your housing quest.

1.- Obtain a pre-qualification letter from a direct lender (WellsFargo, CHASE, Bank of America, etc.)

2.- Interview at least three real estates, find out how can they help you, what buying strategies they suggest you to follow and work with the one that best suits your needs.

3.- Have your Down Payment ready, (the more the better) even though you can get a house with a little as 3.5% down payment, in a sellers market (which is the case of Orange County) if you have more down payment don't be afraid of putting it down, that could make the difference between you getting the house or not.

4.- Drive by open houses. It is important you work with a Real Estate Agent prior to begin visiting open houses, why? you may get confused with other agents comments. if you are only visiting open houses to find the house you want, it may take you months to find it.

5.- Once you and your realtor found the property you want, write down an offer and have ready all the documentations you need

      5.1.- Purchase Contract

      5.2.- Copy of your Pre-qual letter

      5.3.- Copy of your first page of credit report

      5.4.- Copy of your Bank Statement showing your down payment.

      5.5.- Copy of your Good Faith Deposit Check

      5.6.- and  lots and lots of luck!

Ok. Keep checking my daily postings for buyers, you will find more information like

a) What do you need to prepare before going to any Bank to get your pre-qual letter.

b) How to select a good Real Estate

c) How to find the house?

See you soon

Carlos Morales

www.carlmorales.com

www.orangecountycashortsales.com

714-955-1932

cmorales@ochomes-estates.net

Short Sales, A waste of time? Many articles and reports had been written regarding this topic, but is the short sale process really a 4 to 6 months latency transaction?

Short Sales are not too different from a regular sale, the main difference is that now we involved a third player into the transaction "the seller's lender".

But who needs to make this deal to happen? The Seller? The Buyer? The Seller's Lender? The Buyer's Lender, the listing agent? or the Buyer's Agent?

You will be surpise to know which one of the above players is key to have a successful closing on a short sale.

The number one player is The LISTING AGENT. What?? No no no way is the seller's lender! Well NO.

We as a listing agents are supposed to be professional and trained on this matter and we should know before hands how to deal with a short sale situation.

1.- If this house a qualified short pay off?

2.- Is my seller in distress? does he qualify and his house qualifies for a short sale?

3.- Do they have all the documents to have a complete short sale package ready to submit to the lender?

Remember that the function of the seller's lender in a short sale is only to accept to receive a short pay off of the current amount owed by the seller. The lender is not the one leading the short saleor the one indicating what is missing or what is needed to take a short sale decision.

As a short sale specialist, we need to prepare our sellers with all documents and requirements the lender most likely will need to proof the seller is not able to pay the mortgage monthly payment or to contribute with any money in order to pay off the loan amount owned by them.

A well prepared listing agent can contribute to reduce the short sale time lines up to 50%, meaning, instead of taking 3 to 6 months, they may take from 1 to 2 months.

Remember if you are an agent, and do not have enough experience with short sales, be professional and refer the client, you will look good and authentic.

If you are a home owner facing foreclosure or you know you are not going to be able to continue making your mortgage monthly payment in soon future, hire a professional Realtor, make sure he or she has the experience to negotiate the short sale.

Check the link below to see how important we as listing agents are in a short sale transaction, let's not blaime only the lender, we need to do our part! 

http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm

For further information and contact please link to my website www.carlmorales.com

or email me at cmorales@ochomes-estates.net

Telephone: 714-955-1932

Hello!

One of the greatest places to move into in Southern California is without a question Newport Beach.

In this occasion I'd like to speak about The Harbor View Community, isn't it great?

well, if you are a buyer and are not very sure about this community, I invite you to visit my website at

www.carlmorales.comyou will find plenty information about the Newport Beach City, and if you would like to search for any specific residence in the Harbor View Community, just go ahead and customize your search in my website.

If you are thinking or someone you know is thinking on moving to a quite and prestogious neighborhood in Southern California, I'd would like to recommend you to drive by or to schedule a Caravan with me to visit the harbor View Community, most commonly known as the ports streets.

Talk to you soon

Carl Morales

Email: cmorales@ochomes-estates.net

www.carlmorales.com

714-955-1932

Si usted tiene la siguiente pregunta en su cabeza

"Que es mas conveniente, modificar o vender la casa"

El departamento encargado de aceptar tanto la modificacion como la venta corta o "Short Sale" es el mismo, y se requieren practicamente los mismos papels, sin embargo hay una diferencia.

1) La Modificacion es con el objetivo de ayudarlo a usted a conservar la propiedad siempre y cuando tenga los ingresos necesarios para que el banco acepte la modificacion.

Hablare en otro Blog que se requiere para hacer la modificacion. Por lo pronto veamos que puede hacer si tiene la pregunta anterior, Modificar o Vender la casa.

1) La casa vale menos de lo que usted le debe al banco?

2) Esta su casa en proceso de reposicion?

3) Los pagos de su casa son muy altos?

4) Quiere disminuir el daño a su credito?

5) Su ingreso o el ingreso total de la casa ha disminuido?

6) Sus pagos estan programados para cambiar pronto?

7) Tiene algun familiar enfermo o gastos medicos o funerales?

Si respondio SI a alguna de las preguntas, NECESITA consultar sus opciones para EVITAR FORECLOSURE

Llameme Carlos Morales Especialista en Short Sales y Retencion de Casas

Visite mi pagina www.carlmorales.com

Telefono 714-955-1932

In a nut shell.

1) Credit Score wise, short sales are less damaging than foreclosures.

2) There are less points taken away from a Short Sale than a foreclosure.

3) You get the proud to say "I sold my house" rather than "I got kicked out of my house"

4) You will be able to buy another house again after 2 years of closing escrow on your short sale.

5) A foreclosure leyend will be a BIG obstacle to get credit for pretty much everything.

   a) Another House.

   b) A Car loan (if you do get it, your rate will be 3 times higher)

   c) Credit Card aplications.

   d) Store credit.

   e) I have even heard that for employement applications a foreclosure is an issue to get the job.

    f) etc. (You see how much you are losing just for procastinating about short saling your home?)

 6) In a short sale you know when you are going to move, so you have time to locate a new place.

7) Some lenders are willing to help you to move out.

For more information about Short Sale, contact me.

I am a short sale agent specialist.

visit my website at www.carlmorales.com

email me: cmorales@ochomes-estates.net

Number: 714-955-1932 

What is better deal a Short Sale or a Foreclosure?

 The answer to this question will depend on what are you looking for, but I can explain you some of the facts you need to remember on each of the cases

 Foreclosures

 •1)      Very often the homeowner is upset about the foreclosure and they have taken their anger on the property by destroying it and sometimes the damage is not at a glance.

•2)      In a foreclosure home you are against the clock, meaning, if you don't close in time, in most cases the lender is going to charge you a per diem for every day you delay the escrow.

•3)      There are very few cases where the lender is willing to credit some money to the buyer because of the house conditions.

•4)      Multiple buyers will be jumping to buy that house, just because is a "Bank Owned" so you will enter in a bidding competition.

•5)      You don't know what could happen after closing of escrow.

 Short Sales

 •1)      The entire process takes longer than a foreclosure, but when the short sale is handled by a Short Sale Specialist, it may take a little less time.

•2)      The condition of the property is very often better than a foreclosure.

•3)      Normally there will be less competition than a foreclosure.

•4)      Very often the seller's lender is willing to cooperate more with the buyer.

•5)      There will be no hidden facts about the property since the home owner lives there and he will be able to disclose and transfer the property to you like any other standard sale.

If you are on the market and you don't know what is better, contact me:

I will happily answer to all your real estate questions, visit me at my website

    www.carlmorales.com

Thank You

Carl Morales

714-955-1932

Estimado visitante, he decidido escribir este mensaje en español para todas aquellas personas que tienen dudas con respecto a que hacer con su casa cuando ya no pueden pagarla y falta información en el idioma español.

Cuando usted tiene una problema que afecta su situación actual para efectuar sus pagos, antes de tomar la decisión si hacer una modificación o hacer una venta corta (Short-Sale) tiene que considerar lo siguiente:

1) Que problema tiene actualmente que le esta afectando para hacer sus pagos, (Ejemplo: Pérdida de empleo, Reducción de salario, pérdida de algún familiar que ayudaba a hacer los pagos, Problemas de Salud, Problemas con la ley (algún miembro está en la cárcel).

2) Una vez que sabe el motivo por el cual no puede hacer los pagos, analice si esta situación es temporal o permante, si es temporal es por un tiempo corto o un plazo largo.

3) Analice sus ingresos acutales (reales) sin contar con ayuda de rentas de cuarto o garge. Recuerde que ese ingreso no es 100% confiable por lo tanto no lo considere como parte de su ingreso del hogar.

Una vez que tiene identificado el problema por el cual los pagos de su casa no pueden efectuarse, es momento de llamar a su lender. Si el problema es temporal, explíquecelo al prestamista, probablemente ellos puedan ajustarle los pagos por un periodo te tiempo para que usted reestablesca.

Si el lender despues de revisar su situación le dice que no califica para algun plan de pagos o modificación, podría empezar a considerar vender la casa.

Consulte con algún real estate con respecto al valor actual de su propiedad, no siempre será el valor negativo y tal vez hasta puede venderal y salvar su ganancia.

Para mayor informción comuníquese conmigo.

Estaré listo para servirle.

Carlos Morales

This is the question that pretty much everybody have in their minds, and its not only within the Irvine community but in general all orange county, How is the current market doing?

Well, several of my colleagues and I have agreed that in Orange County the buyers have left the bench and now they are buying, in the last 3 months we've seen an increasing trend on prices, inventories getting narrowed, multiple offers on properties that you would think will not sell, and the most amazing and unbelievable fact, CASH Buyers offering more money on listings.

For years, it was custom that cash buyers offered less money of the current listing price or in some cases less than the current market value, since they were cash buyers, the transaction is more secure and easy than one with a loan contingency, but now, in today's market we can see cash buyers battling with one another to win a property, this is with no question an unbelievable time in real estate.

If you are wondering, should I buy now? should I wait? let me tell you something, if you are waiting for prices to come down, forget it, even though no one can ensure the future, the markets speaks by itself, it is moving and its moving very fast.

Just to give an example on how fast this market is moving, in January 2009, I closed escrow with one of my clients in garden grove, he bought a 5 bedrooms and 3 bathrooms home for 350,000  recently we made an appraisal on the property and it went up to 450,000! Can you believe that!

Don't waist your time any more, if you are thinking on buying a property, do it now!

Prices still are affordable, interest rates are low and the inventory is running out!

for comments or more information please link the address below.

www.carlmorales.com

or send me an email at cmorales@ochomes-estates.net

Thank you

Carlos Morales

Hello My Fellow Colleagues,

It is very common in California and I'm assuming in other states, that a lot of Real Estate Agents are now doing Modifications, is this legal? Are we as Realtors entitle to do Modification Services?

This is what I think, we should all understand our function as Realtors, people trust on us, people deposit their hopes when they talk to a Real Estate, and we should always remember that.

Even though the documentation and the department that deal with this king of request is the same with the lender "Loss and Mitigation" I would recommend to all the Real Estates interested in becoming a "Modificator" to read the new RESPA regulations and if possible to partner with an Attorney for at least the begining, until you gain real knowledge and confidence on how to present the entire paper work.

A real good modification takes a lot of time, efforts and dedications, I've come across to a lot of "modificators" just making things worst.

At the end, if we do our diligencies, people will be thankful and if we don't get a comission for a modification, we will get a referral and you will have that client for life.

Your comments and opinions are highly appreciated.

Thank you