Orange County Short Sale Specialist

SHORT SALE TIP

The Mortgage Forgiveness Debt Relief Act
 

If I sold my home at a loss and the remaining loan is forgiven,

does this constitute a cancellation of debt?

Does the Mortgage Forgiveness Debt Relief Act apply

to debt incurred to refinance a home?

Do you want answers to these types of questions?
The IRS speaks here.

Our next Short Sale Tip will address how California is handling this issue.

As always, we recommend that you consult with your accountant or attorney

to obtain advice as to how the information presented by the IRS will impact you.

Newport Beach Homes and Condos Sales Report

If you wonder whether this economy has impacted in anyway cities like Newport Beach, Huntington Beach, Dana Point, Rancho Santa Margarita, the answer is very simple.

It has impacted the sales volume, but not in a way to be worried about, keep in mind that "high end properties" always take longer time to sell than traditional homes.

The total units sold in the last 4 months (May, June, July and August) reflect a very steady and consistent market.  

This graph can show you the total unit sold in the last 4 months. It is great! considering that we are in the middle of the ugliest financial crisis in the last 20 years, the number are very good.

If you are a buyer and wants to acquire a property in the area of Newport Beach, Huntington Beach, Dana Point and Rancho Santa Margarita, please call me, I will gladly assist you.

If you are a seller and you are not sure whether this is the best market for you to sell your property, please call me, I will do a specific market analysis for your property and I will get it sold.

Visit my website www.carlmorales.com www.orangecountycashortsale.com

Thank you

Carlos Morales

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

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

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