Short Sales & Foreclosures 
There are currently 11 blog entries related to this category.
Bank of America Starting a New Trend
Friday, April 20th, 2012 at 11:45am. 158 Views, 0 Comments.
Bank of America recently announced that it is revamping their short sale process and are projecting approvals within 20 days. That is a significant change from the current 3-4 months average for short sale approval. Rumors of other banks joining this movement are also prevelant. Hopefully the tide is finally starting to turn on these challenging sales.
Pending Home Sales Climbing
Tuesday, April 3rd, 2012 at 9:06am. 158 Views, 0 Comments.
Here is a great article from the California Association of Realtors showing that pending sales are increasing in California while the number of bank owned and short sale properties are decreasing. In fact, this article shows that the bank owned inventory has dropped 24% in February compared to the prior year and that short sale inventory has dropped 17%. Locally we have seen this lack of inventory begin to bring back bidding wars on desirable properties. Just this week I called on one house that already had 19 offers in. Our market is on the cusp of switching back to a seller's market. The good inventory is not lasting long. For more information read the full article:
http://www.car.org/newsstand/newsreleases/2012releases/feb2012phsi
Debt Forgivness Act and Short Sales
Wednesday, March 14th, 2012 at 11:48am. 224 Views, 0 Comments.
Here is an interesting blog from www.bubbleinfo.com on the Mortgage-Debt forgiveness act that is soon to expire. This act removes the tax consequences on forgiven debts (which normally shows as taxable income) when a seller short sales their home. The Debt Forgivness act is set to expire at the end of this year. The article notes "For buyers and sellers alike, to have some assurance that your short-sale escrow will close in time, you should be in process by mid-summer at the latest. Otherwise, the sellers will be hoping that the N.A.R. lobbyists can pull off a last-minute miracle, or get the new Congress to approve a new version, and back-date it." Check out the article in full at www.bubbleinfo.com - Blog dated March 14th.
The New "Normal" of Fresno Real Estate
Wednesday, December 29th, 2010 at 2:15pm. 1195 Views, 1 Comments.
The latter half of 2010, in regards to Fresno County real estate, can be summarized in one word – Steady. A new “normal” has descended upon the Central Valley in terms of home sales. After the gulp-inducing rollercoaster ride of highs and lows in home buying during the past five years, this new reality of reliable and predictable pricing offers a certain appeal.
So, what is this new normal for Fresno and Clovis, CA? Selling prices have barely budged in the past six months with a high of $95 per sq. ft. and a low of $93. The average property selling today in Fresno County is a 3 bedroom, 2 bathroom home of approximately 1,700 sq. ft. selling for about $172,000. That is true whether you bought the house today or six months ago.
ForeclosureGate - Legit or a Blip?
Sunday, October 17th, 2010 at 4:04pm. 1050 Views, 0 Comments.
Flooding the news this week are announcements of new and existing foreclosures being suspended due to national attention regarding the legality of lender’s review of paperwork and transfer of title. Attorney Generals in all 50 states have launched investigations regarding lender’s foreclosure proceedings.
Every state processes foreclosures differently. Unlike California, many states require judicial review of foreclosure proceedings. Allegations have surfaced in 23 states stemming from the involvement of the court system and the associated documentation and transfer of title.
So what are the allegations?
Lack of Review of Foreclosure Documentation and Possible Forgery
Law firms in these 23 states review foreclosure documentation in…
HAFA Short Sales - Will They Work?
Friday, August 13th, 2010 at 3:18pm. 1083 Views, 0 Comments.
Home Affordable Foreclosure Alternatives (HAFA)
You may have received a letter from your lender notifying you of a new government programs for homeowner mortgage assistance called “Home Affordable Foreclosure Alternatives (HAFA)." This program appears to hold some promise for streamlining the lengthy short sale process and also offers incentives for homeowners and lenders to participate. Here's some of the basics for those currently upside down on their home:
What is a Short Sale?
A homeowner works with a local realtor to sell their property for a current market rate and the mortgage lender agrees to accept the net proceeds of the sale even if the proceeds are less than the total amount due on the mortgage.
What is HAFA?…
Fresno Condos: A Good Buy?
Monday, July 19th, 2010 at 1:32pm. 658 Views, 0 Comments.
June 2010 --
One of the questions often asked by clients is, "Are condominiums a good investment in the Fresno County area?”
Current Price:
Certainly, the price is compelling. Investors, first time home buyers and retirees are currently picking up Fresno County condos for an average of $106,354 (approx. $74 per square foot). That means mortgage payments hover around $800 for a 1,200 square foot condo. For many buyers, condos provide an extremely affordable and attractive option.
So price isn’t the question right now. But, should you buy is the question. The Central Valley is traditionally a single family home environment. Is there enough demand for condos in Fresno? With volatile real estate swings how does the value of…
2010 Short Sale Tips!
Sunday, July 18th, 2010 at 2:15pm. 356 Views, 0 Comments.
April 2010 --
As many of you know, one of my specialties is short sales. For those who have explored all other options and are faced with the unfortunate reality of being unable to continue to own their home, a short sale is much more advantageous than a foreclosure.
Current Short Sale Statistics
The number of sold short sales (pre-foreclosed homes) in Fresno and Madera county has increased over 30% from last year. 302 homes were sold in 2010's first quarter in comparison to only 206 homes in the first 3 months of 2009.
The irony of referring to these transactions as “short” still remains however. Average days on market was 154 days (over 5 months!) in 2009 and a slight drop to 140 days in 2010. The main reasons short sales…
2010 Hot Real Estate Deals!
Sunday, July 18th, 2010 at 1:54pm. 322 Views, 0 Comments.
Originally Published March 2010 --
A lot of my buyers interested in newer homes are being lured by the prices of Fresno homes along the Highway 99 corridor. New communities sprang up along the 99 during the housing boom of 2005 and 2006 and now with so many homeowners defaulting on their loans, there are some excellent buys in the area.
Clovis vs. West Fresno Foreclosures:
This past month there were 22 homes sold in 93722 and 93723 that were built in 2000 or sooner. 21 of those 22 homes were foreclosures or short sales with the only remaining house being brand new.
A similar number of homes were sold in the newer areas of Clovis (93619, 93730) yet the ratios and prices are quite different. Out of 20 homes sold, 9 were foreclosures or short…
2010 Clovis Property Trends!
Saturday, July 17th, 2010 at 9:31pm. 370 Views, 0 Comments.
Originally Published - January 2010
I have had an increasing number of buyers seeking suburban (over an acre) residential property on the outskirts of Clovis. They are primarily move-up buyers eager for space and privacy, but still desiring a closer proximity to the Clovis resources. Since there are fewer typically for sale (less than 100 sold per year) these types of property historically retain value longer than traditional properties. Judging from recent trends this may be one of the best times in recent history to buy suburban residential land in Clovis.
Pricing Changes?
2006 was the height of the market for suburban properties with a median price of $684,450. 87 homes were sold that year and it was rare to find anything below $400,000 in…