Redding Short Sale Team

How to Short Sale to Avoid Foreclosure – Redding CA.

Banks and other lending institutions are continuing to make strides in helping homeowners who want to sale their home inorder to avoid the sting of foreclosure.

For many years now homeowners have been turning to this foreclosure solution.

What is a short sale?

A short sale is when the lender on the property i.e. Bank of America, Chase, Wells Fargo, etc. agree to accept a purchase price from a new buyer that is smaller than the amount the current homeowner owes on the mortgage.

Another reason why short sales may become even more popular…

If the mortgage interest deduction is eliminated by the the US Congress because of the fiscal cliff issues, it would give many more underwater homeowners and other distressed property owners one more reason NOT to hang on to their homes.

Short Sales are a common and much needed real estate transaction in this US economy.

Want to learn about your options?

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

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How to Short Sale to Avoid Foreclosure – Redding CA.

Short Sales take over Foreclosures -Redding CA

A short sale in a real estate transaction is when the mortgage lender on the property agrees to accept the mortgage payoff for less the the amount owed on the home.  

Why would banks agree to this?

Banks and mortgage lenders are becoming easier to work with on short sales vs. the other alternative which maybe foreclosure.

A foreclosure to a bank will mean a larger loss to the bank due to legal fees, taxes, insurance and property maintenance.

Large banks such as Bank of America, Chase and Wells Fargo are offer homeowners incentives to cooperate in a short sale vs. the bank having to contend with a foreclosure.

The short sale process use to take six month to a year, banks are now working to streamline the process and the process is taking about three months now to get a short sale approved

Do you want to know if a short sale can benefit you?

Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

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LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Short Sales take over Foreclosures-Redding CA

Tax Relief for Distressed Property Owners-Short Sale-Redding CA

The pressure is on for 2012 US congress to extend  the mortgage tax relief for homeonwers who may have mortgage debt canceled or forgiven through a short sale.

Did you know the Department of Justice made a settlement with big banks such as GMAC, Ally Bank, CitiMortgage, Chase, Wells Fargo and the biggie Bank of America.

This settlement to the big banks included approx. $25 Billion a Billion with a “B” to help struggling homeowners with loan modifications and other solutions to avoid foreclosure or short sale their home.

The fight is one for the extension of the mortgage debt relief act, extending the tax exemption.

It is anybodys guess if the tax exemptions will be extended.

Learn your options.

Any tax extension may ease the pressure on some distressed homeowners. But it would not eliminate it. All extensions ultimately will have another expiration date, possibly just one more year away.

Short sale real estate transactions can take several months, and the timelines are likely to stretch as homeowners, escrow officers and real estate agents rush to beat the deadlines.

Is a short sale right for you? What happens to the tax extension?

Ask us. Direct (530) 921-1063

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Tax Relief for Distressed Property Owners-Short Sale-Redding CA

My Neighborhood is Going Down Hill -Redding CA-Short Sale

A very, very common condition in real estate is the area or neighborhood conditions can change. It is just a matter of fact and of life that situations change.

Often homeowners would like to move but think they can not because they owe more on the mortgage can then could possibly sale the property for.

A “short sale” makes it possible.

In a short sale real estate transaction the lender on the property from Bank of America to Wells Fargo – may work with the homeowner to sell the property for less then is owed on the mortgage.

This process takes several months and requires participation of the homeowners, but it may just be the fix for a difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask questions.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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My Neighborhood is Going Down Hill-Redding CA-Short Sale

Why do Banks take short sales?-Redding CA

A short sale is how a homeowner can sell the property for less than what is owed on the mortgage. This requires approval from the bank that has the mortgage on the property.

Once the short sale is approved, the lender may either ask for the difference in what is owed, token payments that are a fraction of what is owed or nothing at all.

One of the goals of the Redding Short Sale Team in handling the short sale is to negotiate complete forgiveness of the deficiency.

Most Banks (Bank of America, Wells Fargo and Chase) prefer that underwater homeowners do a short sale rather than give up their property to foreclosure.

How a short sale is better for both the homeowner and the banks.

Not only can the struggling homeowner buy another home years earlier and easier than if they went through a foreclosure, the banks make more money. Which you know the bank will like.

Be careful, if an offer to purchase comes in too low, the banks will opt for a foreclosure instead. Your bank will do what is best for the bank. If they can make more money on the short sale they will take it.

Foreclosures are tremendously expensive for a bank and they really don’t want your property.

Ways to Contact Us Direct (530) 921-1063 Laura Reilly

or OnLine

Short Sale Certified by the National Association of Realtors License #01760446

Check Out My Credentials Here

LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!

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Why do Banks take short sales?-Redding CA

Short Sale Faster with Bank of America-Redding CA

Bank of America has stepped forward to try and improve the short sale situation for homeowners.

Bank of America is working to find common ground between buyers, sellers and real estate agents by making the short sale process more transparent.

Bank of America seems to have finally realized that they must change their business model in order to meet the demands of their short sale mortgagea and help to stabilize the housing market and America.

Everyon should take advantage of this opportunity for a successful closing.
Real Estate agents, homeowners and buyer can use this to help and prevent unnecessary frustration.

When loan modification is not possible on an underwater property then a short sale is the option, Bank of America is providing “transition funding”.

Money to assist then homeowner to move and relocate to a new rental.

The short sale must be initiated by the end of this year and closed by the end of 2013. Not all short sales qualify so you will need to start now.

Contact us direct (530) 921-1063 Laura Reilly

There use to be many horror stories about lost paperwork, delays and uncertainty. Buyers have been put off from making offers on short sales because of fear of a 1 year close and the need to get on with their lives.

Will the Bank of America