Inventory is low compared to last year, and properties that are priced right do sell immediately. You may want to look a little higher. Some properties in the higher range may come down. What are you looking for - area, square footage, etc.? I would be happy to email you properties that fit your needs as they come on the market and pitch your needs to other agents that may have listings coming on the market.
Feel free to contact me at LindaHomer@Realtor.com or my office phone is 707-636-1612 and cell is 707-328-0125. I would be happy to work with you to find a home that fits your needs.
Linda Homer, CRS GRI
Frank Howard Allen Realtors... more
The fact that you are making the payments is only half of the answer, the other half is that you probably qualify to make the payments and so a modification is not in your future. ASC will not modify your loan if you can afford the payments even if you stop making them. To them, this is a good debt and they will wait and see.
Unfortunately, as you well know, there is no program for you unless you are already a Freddie or Fannie loan.
There is a silver lining and that is that since you have a 7/1 ARM, your interest rate will likely stay the same or go down in this environment. Typically on a 7/1 ARM, the first adjustment could go to the maximum of 5 to 6% above the start rate but it is based on index + margin and the indexes are all low so the ultimate rate should be low as well.
If you would like, I would gladly look at your note and let you know what to expect. My email address is firstname.lastname@example.org and my number is (866) 385-1650... more
When a property shows as 'contingent,' it means that an offer has been accepted and that the buyer is in the process of inspections and lining up their financing. It also might mean the buyer has a house to sell, but that is a less common contingency. It also usually means the home can continue to be shown to other possible buyers for the position of back-up offer if another buyer is interested, and in case the first buyer falters. There are timeframes for these contingencies and without speaking to the listing agent for the property it's not possible to know exactly how long the timeframes are. Hope the answer is useful.
Susan Bryer... more
Assuming that your figures are correct on what your home should sell for and your payoff amount, you should have a 15-20% to put down on the new home after paying all fees and commissions. As long as you qualify for the new loan, and your current home sells, you should be just fine.
Let me know if you need any further assistance, or if you would like a no-charge in-depth analysis of what your current home is worth. (providing you do not have an ongoing relationship with another Real Estate professional)
Best of Luck!
Trustee sale is part of the foreclosure process. It is when the home has been foreclosed on and is sold on the court house steps (cash sale, pay that day, no inspections etc). If it doesn't sell that day it reverts back to the bank that holds the note on it.... more
Just because the house is going up for auction does not necessarily mean it will sell at auction which could buy you a little more time. Many times houses languish in the pre-foreclosure stage for months on end. However, if the house does sell at auction AND the new owner wants to move into the house, recent federal law says the new owner must give you written notice that you have 90 days to vacate. To be guaranteed your 90 days, you must be a tenant with a written unexpired lease AND be a tenant who is paying his/her rent on time. There's also some "cash for keys" offers being made which means that if you are willing to move out and leave the property clean, you can sometimes get paid. The best thing you can do is contact the person/company who sent the letter to see WHEN the house is going up for auction and see what options are available to you. My advice to you is to negotiate the best deal for yourself.... more
Well, if you check, GCS' California Department of Real Estate license is NBA status. This means there is no broker affiliate and they cannot complete acts which require a real estate license. Additionally, the DRE has not issued a no objection letter for an advance fee agreement (per the DRE website). An advance fee agreement is required to RE licensees to collect fees in advance. Licensees cannot be paid in advance, and can only be compensated for work that is actually done. GCS does have affiliate companies that are licensed, but the license does not transfer to other entities. Additionally, the other entities do not have advance fee agreements accepted by the DRE. So, they can't do modification under the exemptions for RE brokers.
Next, they claim they are a "law center", yet are not a legal corporation and are not registered with the California Bar Association or American Bar Association. According to the CA Bar and California Corporations Code, a legal corporation doing business in California must be registered with the CA Bar. Individual attorneys must also be registered. Why they refer to themselves as Green Credit Law Center is beyond me. In addition to being a circumvention of CA laws, it is a violation of CA Bar Ethics for attorneys to split fees with non attorneys, enter into partnerships with non attorneys as is the practice of Capping and Running.
Next, there is the issue of debt settlement. This also requires a prorater's license in accordance with California's Check Sellers, Bill Payers and Proraters law. You can check yourself on the State of California Department of Corporations website or call the DOC directly.
Although GCS doesn't have a California Department of Corporations Finance Lender's License, an affiliate company does. However, the Commissioner of the California Department of Corporations has determined that the CFL license does not cover loan modifications. In fact the CA DOC issued a Desist and Refrain order against 2nd Chance Negotiations for doing loan modifications.
It is my understanding that many firms are having the borrower execute a power of attorney to hire an attorney and act as the borrower's act. I haven't found anything to show that this is legal or in anyway circumvent licensing laws that outlined in the CA Business and Professions Code and other CA Codes. In fact, the City of Los Angeles recently outlawed this practice.
In regard to them being a failed wholesale lender, I have no idea as to this fact, but it is my understanding that they were a subprime lender.
Unfortunately, many modification companies have very little concerns for laws and regulations. Check out Bad Biz Finders for more information on the activities of modification companies.... more
The notice on the door is all you need to know. Auctions often get postponed multiple times, but if you got the notice, it's not a mistake. If you send me your address I would be happy to check my foreclosure sources to get more details.... more
In most Multiple listing Services, Active O means that the property is under a contract with an Option Period, in which the buyer can walk away without penalty for a specified # of days. During the Option period, Inspections and other due diligence are performed, repairs and other concessions are negotiated.
In some cases houses that sold at the high in 2005 have been selling for as much as 35% lower.
For example, I am working with a buyer and we just submitted an offer on a house listed at $375,000 that sold for $540,000 in 2005. This is not unusual at all right now, there are mnay great values here, in some great neighborhoods. Its an opportunity that does not happen often and we are happy that prices are now more affordable for many homebuyers. Banks are taking anywhere from 1 week to 2 months to respond to offers.... more
Tracy, I'm a bit confused by "DRE sanctioined"? The Department of Real Estate works with licensees and NOT attorneys unless the attorney seeks a license (which they can due to being an attorney). I don't understand the "court orders" either. The AG of California, Jerry Brown, just setted a huge lawsuit with BofA and Countrywide to rewrite "option ARM" programs to 90% of current value but it concerns just these loans and just Countrywide homeowners. So I suspect these guys are trying to cash in on a court decision by "showing" the consumer just how they can collect! Is this a Contingent Fee operation--you perform THEN get paid, or is it a fee up front with no gaurantee of a settlement? I'm also a bit disconcerted about the "Green Credit" name which is either a horrible parody or an attempt to cash in on the "Green" movement. Keep us posted as to your discoveries as I'm seeing more and more loan guys who are now touting themselves as "Loan Modification Specialists" and collecting fees for something the consumer can do themselves.... more
First, I would suggest you talk to your credit union, bank or mortgage broker and ask them their opinion. My understanding is generally it takes 5-7 years because of the time it takes to get it off your credit report, but it really depends on the lender's policy and may vary with the circumstances. If lenders start taking into account the unusual market conditions we've had the last few years, and they're eager to make loans, the time may be shorter or they may make the loan with a higher interest rate to compensate for what they perceive as added risk. It also may depend on your relationship with the lender. For example, if it's a credit union or bank with whom you've otherwise had an excellent credit history, they may make you a loan within a shorter time. Another alternative may be a seller that's willing to finance your purchase and make you the loan themselves. Good Luck!
Here is the listing on MLS for 3836 Sedgemoore Drive, Santa Rosa
This is a great Fountaingrove house! The house currently has a 'Contingent - Release' status - since 09/07. This means the sale of the house is contingent upon the sale of the buyers property and there is a release clause (usually 24 - 72 hours). A good chance for others without that criteria to bump the first buyer.
So, if you are interested in seeing the house, please give me a call or email me; I can arrange a showing for you.
Otherwise, I can search for similar properties for you also.