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Jim Patton's Blog

Specializing in Stanislaus, Merced And San Joaquin County Short Sales

By Jim Patton | Agent in Turlock, CA
  • Watching that 19 Inning game reminded me of a short sale

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  May 2, 2013 5:03 PM  |  223 views  |  No comments

    Watching that 19 Inning game reminded me of a short sale
    Oakland Athletics


    I am a huge baseball fan, especially of the Oakland A's.  A couple nights ago the Oakland A's and California Anaheim Los Angeles Angels played a game that went a few extra innings.  Ok, a lot of extra innings.  The game lasted 19 innings and I stayed up and watched it to the very end.  I'm sure glad the A's won or I would have really been disappointed that I stayed up till almost 2 am watching.  

    Now why would watching an extra long baseball game remind me of a short sale?  Well for one thing things were not looking very good for the A's chances of winning the game.  Just like a short sale, sometimes things don't look good for getting that short sale approval.  Sometimes the bank thinks the house is worth much more than it is, or they lose important papers that I have sent them more than once.  It sometimes feels like the bank is throwing me curve ball after curve ball.

    Then in the ninth inning the A's came back and tied the game.  Now they were starting from square one, Going going going...just like the score was 0-0.  Sometimes when doing a Stanislaus County short sale a seller will get told that no they can't short sell. (I've had it happen)  So then we start over and try again. (I've done it before)  We start the whole process all over. Sometimes with the same buyer some times with a new buyer.  I guess that would be like a pinch hitter coming up to bat.

    Late in the game, in the 17th inning the Angels pulled ahead of the A's.  It looked like it was all over for the Green and Gold.  The same thing can happen in a short sale. You can be late in the game, you can see the end then the bank wants more.  Maybe they need more documents from the sellers or more money from the buyer.  Or maybe the buyer changes their mind. (It can happen)

    At the end however the Oakland A's won the game with a walk off home run in the bottom of the 19th inning.  Just like a short sale that has been going on for months, I will keep batting until tWe did it!he last out.  I will keep trying to get the approval until the umpire, in this case the bank, calls that third out.  Usually that would be a foreclosure.  I will pull out all the stops to prevent that.  I have lost very few short sales in those final innings.  I have had many many more walk off home runs. 

    So remember when you are in the middle of your Stanislaus County Short sale things can look bleak.  You might think it's not going to happen.  But just like that 19 inning baseball game, you play until the last out.  As a famous Yankee catcher once said "it aint over till it's over."

    Give me, Jim Patton, a call at 209-633-2839 so we can discuss if a Stanislaus County Short Sale will work for you.   Let's get you out of a bad situation and on the road to a much better one!

     

     

    Jim Patton Stanislaus County Short Sale Agent

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

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  • Another Successful Stanislaus County Short Sale - That was easy!

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  April 29, 2013 4:04 PM  |  227 views  |  No comments

    Another Successful Stanislaus County Short Sale - That was easy!


    Another successful Stanislaus County Short Sale.  This one was one of those short sales thWachovia Bank Short Saleat every agent dreams about.  Some short sales can be nightmares and some are dreams.  This one fell into the later category.  The biggest reason for that is because the short sale bank was Wachovia Bank.  


    Wachovia Bank (now owned by Wells Fargo) has by far the easiest short sale process.  They are the only bank that has a local short sale manager.  They require very few documents in order to approve the short sale.  Most banks require 2 years tax returns, 2 months bank statements, 2 months of pay stubs, an accounting of all assets and expenses and a hardship letter and more.  NOT Wachovia.  They require a hardship letter and a signed authorization letter from the sellers.  That's usually it!


    This particular short sale was one of the smoothest I have ever been a part of.  Check out the time line below:


    March 16, 2013 - Property is listed


    March 19, 2013 - Seller accepts offerHappy Short Sale Seller


    March 19, 2013 - The offer and minimal documents from the seller are submitted to Wachovia.


    March 26, 2013 - Wachovia Bank approves the short sale.


    April 29, 2013 - Escrow closes.  Property Sold!


    Total time from listing to closing - 43 DAYS!  The seller also got a check for $3000!

    This was not a cash sale either.  The buyer was using conventional financing.  This was probably one of the fastest short sales with financing that I have seen.  I wish they all could be this easy.

    If you are falling behind in your mortgage or are facing foreclosure the most important thing to do is to not wait too long.  The bank has started their time line and are heading to foreclosure.  Ignoring it will not stop the bank.  Not all banks are as easy to work with as Wachovia Bank is but it is possible to successfully short sell your home with most banks these days. 


    Give me, Jim Patton, a call at 209-633-2839 so we can discuss if a Stanislaus County Short Sale will work for you.   Let's get you out of a bad situation and on the road to a much better one!

     

     

    Jim Patton Stanislaus County Short Sale Agent

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



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  • A tale of two Stanislaus County Short Sales

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  April 1, 2013 5:20 PM  |  177 views  |  No comments

    A tale of two Stanislaus County Short Sales

    Waiting for the short sale approvalEvery time I list a Stanislaus County Short Sale the seller will ask me how long I think it will take to sell their home. This is one of the most difficult questions to answer.  Unfortunately there is no "Average time" for a short sale.  Like snowflakes, no two short sales are alike.  

    Here is an example of two Stanislaus County Short Sales I am currently working on.

    Short Sale A - Listed on November 6,2012.  Accepted offer on November 15,2012

    The short sale package was sent to the banks immediately.  The first mortgage bank gave us the short sale approval on February 2,2013.  Then after many emails, and phone calls the second mortgage bank gave us the short sale approval on March 27,2013. Short Sale A - 141 days from listing to short sale approval.


    Short SaShort sale approval!le B - Listed on March 16,2013. Accepted offer on March 18, 2013.

    The short sale package was sent to the bank immediately.  This Stanislaus County Short sale had just one bank to deal with.  The bank sent us the short sale approval on March 27,2013.  Short Sale B - 11 days from listing to short sale approval. 

    So I guess my answer could be anywhere from 11 days to 141 days, but 141 days is not the longest short sale I've had.  Even with (or maybe because of) all the government plans and programs Stanislaus County Short Sales are still not all the same.  Even two short sales with the same bank can be very different.  

    So I guess my best answer to the how long will it take questions is, I don't know.  But I will be keeping you up to date along the way.  Unfortunately with most Short Sales there is a lot of waiting, especially for you the seller.  It may seem like nothing is happening but I will be working to get you to that short sale approval and then to a successful closing. 

    Give me, Jim Patton, a call at 209-633-2839 so we can discuss if a Stanislaus County Short Sale will work for you.   Let's get you out of a bad situation and on the road to a much better one!

     

     

    Jim Patton Stanislaus County Short Sale Agent

    Join Activerain here for free!

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



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  • Is Fannie Mae Scamming Stanislaus County Short Sale Sellers?

    Posted Under: Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  March 22, 2013 3:20 PM  |  183 views  |  No comments

    Is Fannie Mae Scamming Stanislaus County Short Sale Sellers?


    Is Fannie Mae scamming Stanislaus County short sale sellers?  It sure seems that way.  At the very least Fannie Mae does not want to do short sales.  Why else would they be coming up with such unbelievable and irrational valuations?  I am speaking from experience and also have read several other blFannie Mae short salesogs by short sale agents around the country that have faced the same thing when it comes to a Fannie Mae short sale.

    Here's what happened in my instance.  I have a Stanislaus County Short Sale listing with a Wells Fargo mortgage that Fannie Mae happens to be the investor.  The home needs some work, such as a NEW ROOF, interior paint, and carpets through out.  Using the available comparable properties I priced this home at $100,000.  I submitted a cash offer of $105,000 for the short sale approval.  The first counter offer from Fannie Mae/Wells Fargo came back at $157,000!!  I did manage to talk them down to $145,000 after sending them comps and photos of the property, still way out of line. 

    But wait, Fannie Mae offers a website for agents to dispute their valuations.   Maybe this will clear things up.  So off I go to the website to dispute their crazy valuation.  Of course after I enter all the information I get to wait for a couple of weeks.  Finally after several calls and emails they come back with their new valuation.   Now they say it's worth $130,000 (before repairs) or $140,000 with repairs.  Still way too high.

    You may be wondering why Fannie Mae doesn't want to do short sales?  It's my opinion (and it's shared by others) that FaFannie Mae is Scamming Sellersnnie Mae would rather sell your home after they foreclose on it.  Of course they still list it at their highly inflated value but now they have an ace up their sleeve.   The graciously offer their "Homepath Mortgage" on the home.  Why do they do that?  Well the "Homepath Mortgage" does not require an appraisal.   So now Fannie Mae can list homes at over inflated prices and they don't have to worry about some other lender not agreeing with their value.  Pretty slick huh? 

    This all kind of sounds familiar.  Kind of like what was going on in 2004, 2005, 2006 when lenders were pushing through loans even though they did not actually appraise for the purchase price.  We all know what happened after that don't we?  Of course when it's the government doing it I guess it's ok.  If the market crashes again they can just bail themselves out again.  So what do you think, is Fannie Mae scamming Stanislaus County short sale sellers?

    Give me, Jim Patton, a call at 209-633-2839 so we can discuss if a Stanislaus County Short Sale will work for you.   Let's get you out of a bad situation and on the road to a much better one!

     

     

    Jim Patton Stanislaus County Short Sale Agent

    Join Activerain here for free!

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



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  • Considering a Loan Modification? ... Ask Yourself These 5 Questions First!

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  February 14, 2013 4:44 PM  |  178 views  |  No comments

    Considering a Loan Modification? ... Ask Yourself These 5 Questions First!

    Ask yourself these questions.
    If you are falling behind in your monthly mortgage payment and are thinking about a loan modification ask yourself these five questions.  


    1. Has your bank already begun the foreclosure process?

    If your bank has already begun the foreclosure process then the clock is ticking.   Just starting the modification process will most likely not delay the foreclosure in most cases.  

    2.  How much other debt do you have?

    While a loan modification may sound like the perfect solution if you have a high debt-to-income ratio your chances of receiving a loan modification are pretty slim.

    3.  Is the issue causing your hardship temporary?

    For most homeowners facing foreclosure the cause of their hardship is not temporary.   Loan modifications are in most cases a temporary solution.   More than half of the people that receive loan modifications are at least 30 days delinquent within 6 months.

    4.  Is it mandatory that you remain in your home?

    This is a tough one for most home owners because they have a strong emotional bond with their Falling behind on your mortgage?home.   If thought through logically most people would agree it's a bad financial decision to keep throwing money at a home that is upside down by many many thousands of dollars.   What would your answer be to this question if you could sell your home as a Stanislaus County Short Sale now and in a couple of years buy an even newer and nicer home for less than you are currently paying?

    5.  Have you considered other options?

    Other options include selling your home in a short sale.   You may be able to sell your home now and get out from under that massive debt that you now face.   Most banks are willing to work with you on a short sale of your home.  A short sale on your home is much less damaging to your credit than a foreclosure would be so you can get back to being a home owner much sooner.


    If you want more information about a Stanislaus County Short Sale give me, Jim Patton, a call at 209-633-2839 and we can discuss your situation.  I look forward to hearing from you.

     

     

    Jim Patton Stanislaus County Short Sale Agent

    Join Activerain here for free!

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



              Want to know more about me, google me:      

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  • Hey Wells Fargo - one of us is wrong - And It's NOT Me! Part 1

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  January 17, 2013 4:58 PM  |  189 views  |  No comments

    Hey Wells Fargo - one of us is wrong - And It's NOT Me!  Part 1

    I am currently working on a Wells Fargo short sale.  I have done lot's of Stanislaus County Short Sales over the last few years.  I have been selling real estate here in Stanislaus County for nine years Wells Fargo Short Salenow.  I have lived in Stanislaus County all of my life and that's over half a century.  (Putting it that way really makes me feel old)  I mention all of this because of what is going on with this particular Stanislaus County Short Sale with Wells Fargo.

    This particular home is listed at $100,000.  We have a cash offer of $105,000.   It needs some work including a new roof.  It's definitely not in brand new condition.  I priced this home at what it is currently worth in it's PRESENT condition.  There have even been two recent sales on the same street of the same exact model home and they both sold at $98,000.  One was a short sale and one was a bank owned sale.

    If this home was in pristine condition with the new roof and new carpets, fresh paint inside and out, new appliances and cleaned up front and back landscaping it would probably be worth somewhere around $130,000.   Unfortunately Wells Fargo thinks it's worth more.  And not just a little bit more but a LOT more.   Wells Fargo's counter offer is at $157,000!!

    Of course I have brought this to the attention of Wells Fargo.   I sent the negotiator multiple emails, including photos of the home and it's shortcomings.   I told him about the recently sold comps.  I asked if I could see Wells Fargo's Brokers Price Opinion (BPO).  I know they had one done because I was contacted by the person doing the BPO because they needed access to the property. 

    The negotiator's response was:


    We do not have a BPO. The counter is based off the investors valuation. You have an example of another short sale and REO? That is the problem. The investor is trying to stabilize the market by not accepting offesr below what they believe to be fair market value, and they have been sticking to their valuations. If the counter is too far off, we will have to decline it.


    First off Mr. Negotiator you are wrong when you say there is not a BPO.  See my comment above.  Secondly while I think it is laudable that "the investors" want to stabilize the market by not accepting low offers just how in the world are they going to "stabilize the market" by insisting on unrealistic One of us is Wrong!values?   No one is going to pay over $20,000 more than a home is worth no matter how badly you would like to "stabilize the market." 

    And further more Mr.Negotiator if you were to check with someone that actually knows this local market (Hey, like me!) you would know that well over half of all homes sold last year were either Short Sales or Bank Owned sales.   So unfortunately those are your comparable properties.  So again I say - Hey Wells Fargo, One of Us is Wrong, and it's NOT me! 

    If you are facing foreclosure and are not sure what to do, or are thinking about buying a Stanislaus County Short Sale give me, JIM PATTON, a call at 209-633-2839.   I look forward to hearing from you.


     

     

    Jim Patton Stanislaus County Short Sale Agent

    Join Activerain here for free!

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



              Want to know more about me, google me:      

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  • Stanislaus County Short Sales - Mortgage Foregiveness Extended!

    Posted Under: Home Buying in Stanislaus County, Home Selling in Stanislaus County, Foreclosure in Stanislaus County  |  January 2, 2013 12:27 PM  |  180 views  |  No comments

    Stanislaus County Short Sales - Mortgage Foregiveness Extended!Time was running out!

    You may have heard by now that our elected officials got together and averted the "fiscal cliff"... for now.  One of the items that I and several of my Stanislaus County Short Sale sellers were very concerned about was the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.  This was set to expire on 12/31/12.   

    Back in the days before this act was passed (pre 2007) if you successfully completed a short sale on your Stanislaus County home the amount of forgiven debt was considered income.  I know it doesn't make any sense at all, but we are dealing with the IRS here.   So let's say you owed $200,000 on your Stanislaus County home but could only short sell it for $100,000 you would get a 1099 from the IRS claiming that you had $100,000 in income. 

    Big Tax DebtThe Mortgage Forgiveness Debt Relief Act and Debt Cancellation has now been extended to 12/31/13.  NOW is the time to list your Stanislaus County home for sale.   There are lots of buyers looking to buy right now.  Interest rates are still great!    All of my listings are getting multiple offers within days of going on the market.   And now in most cases you will not be facing a huge tax bill at the end of the year because you did a Stanislaus County Short Sale on your home.

     

    If you are facing foreclosure and are not sure what to do, or are thinking about buying a Stanislaus County Short Sale give me, JIM PATTON, a call at 209-633-2839.   I look forward to hearing from you.

     

     

    Jim Patton Stanislaus County Short Sale Agent

    Join Activerain here for free!

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    Jim Patton - Realtor, Short Sale Specialist, CDPE

    Century 21 M&M and Associates

    DRE# 01423125

    Ph. 209-633-2839

    www.JPattonHomes.com


    The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

    The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

    MY SERVICE AREA:

    My Service Area



              Want to know more about me, google me:      

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              Check out my Facebook page:

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