Redding Short Sale Team

Wells Fargo Short Sale Facts – Redding CA

Wells Fargo bank owns 18% of their loans. They do not “own” most of the loans so what this means is when we are dealing with Wells Fargo home loans, we really are dealing with someone else.

69% of the loans Wells Fargo services are Fannie Mae, Freddie Mac or Ginnie Mae. 13% are private investors.

These are the people making the decisions about your Wells Fargo short sale transaction.

Fact – Wells Fargo has traditional been more flexible with HOA fees if the offer is for full market value or close to the Wells Fargo based asking price.

The Redding Short Sale Team will coordinate the existing homeowners, escrow and HOA if involved, Wells Fargo and the new buyers in the real estate transaction.

If an offer to purchase your home is received 30 days before a foreclosure sale date, Wells Fargo may postpone the foreclosure sale.

Time is of the essence in order to get a valuation (45-60 days) and a buyer along with being assigned a Wells Fargo negotiator.

We can help, find out what the process is.

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

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Wells Fargo Short Sale Facts – Redding CA

Chase Short Sale Facts – Redding CA

Deficiencies judgements in the State of California on Chase First Lien Mortgages short sales real estate transactions are waived 100% of the time.

Chase bank is beginning to offering struggling homeowners up to $48,500 in moving incentive payments. This moving incentive is only being offered to Chase homeowners who are already behind on their payments and is determined by what portfolio the loan falls in.

There is no way for the Redding Short Sale team to determine which homeowners will qualify for these moving incentives.

The best advice the Redding Short Sale Team can give to struggling Chase homeowners is they should work with an experienced short sale real estate agent.

Contact us directly to learn about the short sale process.
Direct (530) 921-1063 Laura Reilly-Realtor

Time is of the essence. Chase short sale negotiators are not permitted to reveal the “Chase” Price Opinion for compliance reasons.

It takes about 2 weeks from the time the valuation is done before Chase has a property value. So the sooner your start the better.

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

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Chase Short Sale Facts – 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

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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

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

Short Sales are Not the Same as Foreclosures -Redding CA

The Redding Short Sale Team writes a great deal about real estate short sales in Redding, and we discuss avoiding foreclosures and their effect on homeowners and our Shasta County Properties.

Short sales are not the same thing as a foreclosure, but for some people looking into moving and selling their opportunities in Redding CA, short sales might be your best bet.

Short sale real estate transactions offer homeowners who are underwater on their property an opportunity to release themselves of their mortgage debt without going into foreclosure.

When a foreclosure occurs, the bank or lien holders take over full ownership of the home.

What happens during a short sale, the homeowners agree to put the house up for sale, but the purchase price is less than what is still owed on the mortgage.

In turn the bank agrees to accept less then the full amount owed on the mortgage.
A short sale is when a lender is being paid off “short”, less than the amount owed.

A short sale takes several months to complete. The sale of the property is not solely left to the discretion of the property owner, as is the case during a traditional property sale in Redding CA.

A offer to buy the real estate must pass through the bank or bank(s) for approval before going into a traditional escrow.

For this reason, short sales can sometimes take months to come to fruition, a process that will require patience by the homeowner, potential buyer and agents involved.

The best advice homeowners need when approaching a short sale is to not go the process alone.

Having the expertise of a property short sales agent at your side can make the entire process as easy as possible in this difficult situation.

The Redding Short Sale Team has experience dealing with banks and property owners, ask us for free advise.

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

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Short Sales are not the same as Foreclosures-Redding CA

Short Sales and Housing Shortage In Redding CA

A short sale is the sale of property where a seller homeowner agrees to sell the home for less than they owe on the mortgage.

This process is helpful to banks and homeowners alike, this process HAS been far too long for all but the most tenacious of home buyers and can take several months to a year to complete.

But alot of that is about to change.

Starting Nov. 1, Fannie Mae and Freddie Mac the housing giants; gave nine private mortgage insurers the ability to approve short sales and deeds in lieu of foreclosure for distressed homeowners without requiring a separate review.

The amazing move is expected to reduce delays, costs and uncertainty involved in processing short sales and deed in lieu, according to mortgage giant Freddie Mac.

The Redding Short Sale Team applauds the nation’s mortgage insurers for committing to work with homeowners and buyer and the servicers to help more borrowers obtain short sales and other foreclosure alternative.

Short sales and deeds in lieu of foreclosure are important tools to prevent foreclosures and help struggling homeowners.

Are you interested in learning about the short sale process and if it can help you?

Contact us…

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

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

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Short Sales and Housing Shortage In Redding CA

Advice on Short Sales-Where to Get Help-Redding CA

For homeowners in Redding CA considering a short sale of their home, it is important to have good legal advise from an attorney, and experienced real estate agent and a tax accountant who can help guide the homeowners.

The homeowner can learn about the positive effects of doing a short sale, such as debt relief and debt forgiveness.

Some of the negative side effects of a short sale is a ding on your credit, you will have to move out of the house.

It is so important that homeowners who are thinking about going forward in a short sale real estate transaction hire a very experienced real estate agent.

The Redding short sale team can provide you with a free list of consultants and free resources to turn to for advise.

One common issue is when the bank approves a short sale but the homeowner has other liens on the title.

We will negotiate with all lien holders on the title in order to get the property sold.

Contact us today if you are thinking about a short sale.

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

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

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Advice on Short Sales-Where to Get Help-Redding CA

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

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Why do Banks take short sales?-Redding CA

Short Sale Resource-Redding CA

What is a short sale?

A short sale, is the process of selling property for less than the mortgage that is owed on the home.

What Banks can do a short sale.

All of them!

There are so many families in Redding CA looking for short sale information, because of the current real estate market conditions. It can be difficult to sell a home , when you have to move.

Banks and mortgage lenders are better prepared to handle this complicated transaction.

The Real Estate Agent.

We at the Redding Short Sale Team has assembled an experienced team to help with all the people that contact us for short sale help.

Time is of the essence so it’s important to call as soon as possible.

The Redding Short Sale Team specializes in general single family residential real estate, we will be working with first-time home buyers and investor who are looking to purchase property in Redding Ca.

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

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

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Short Sale Resource-Redding CA

GMAC Home Loan-How to Sell-Short Sale-Redding CA

What is a short sale?

A Short Sale is when a homeowner must sell their property, but the real estate will not sale for enough money to cover the current mortgage. The home is considered “underwater”. GMAC may be willing to accept less then is owed on the current mortgage. This is called a “short sale”, because GMAC is getting paid “short” on the loan.

Will a short sale affect my credit?

A short sale will affect your credit. But since a short sale generally takes less time to complete than a foreclosure, the time for reported delinquency can be shorter. And by successfully selling your home through a short sale, your loan will be reported to the credit agencies by GMAC as “paid for less than full balance”.

GMAC and the homeowner can disagree with the valuation for the property.

If we disagree with the listing price or valuation for your home. The Redding Short Sale Team will supply MLS listings for comparable properties (both current and nearby) with comments and photos directly to the GMAC negotiatior.

Want to learn more about the short sale process? Contact us Today.

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

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GMAC Home Loan-How to Sell-Short Sale-Redding CA