Monday, March 29, 2010

Short Sales and Your Home

A short sale by general definition is: A home that is worth less than the amount of its home loan. This can happen for various reasons: I bought my home when values were elevated. I borrowed money out of my home for upgrades or renovations. I borrowed money out of my home to buy another home. The home I purchased with my equity is not worth what I paid for it. I lost my job and I can't sell my home for what I paid for it... and the list goes on and on. These scenario's may not apply to you or one of your family members exactly, but to sell a home at a time when values have dropped or the market is less than ideal, for some folks they will find themselves in a "Short Sale" territory.

According to lenders,"Short Sales" are becoming a more viable way to sell homes versus foreclosure. Although sellers have to leave their homes when the sale is complete they are spared the heart ache of foreclosure in most cases. Most lenders now realize its cost effective and less turbulent for the families involved if a "Short Sale" is approved.

Currently I am working with EMC/Chase/Washington Mutual on a "Short Sale". They are actually responsive and available for my questions and concerns. We are now negotiating the final sales price and it seems this sale will end in a sale, not a foreclosure. I believe banks have finally realized that "Short Sales" are better for the bottom line and the borrower.

Bank of America/CountryWide. Now work on an electronic support tracking system called "Equator" which helps the agents, representing both buyer and seller to track the progress of the approval.

Wells Fargo/Wachovia/World Savings seem to have a system currently for a tried and true "Short Sale" with out the unreasonable delays experienced by all of us in the past. They have specific documents and procedures that allow the borrower to work through the short sale process in a reasonable time. Some borrowers/sellers will qualify for help with moving costs.

Why bother with a "Short Sale"?? The difference in your time line for recovery in the future can be substantially reduced by working through the short sale process instead of enduring a foreclosure. We all know nothing is set in stone and these are difficult times and decisions to make, but it is worth your time and effort to weigh all your options. Need more information, Please call me.

EMC is part of Chase and Chase bought Washington Mutual.
Bank of America bought CountryWide.
Wells Fargo bought Wachovia who had purchased World Savings.
Sources: Intero Insider, REOVOICE.

Monday, March 1, 2010

Home is Where Your Garden Grows in South County

Heirloom or not to Heirloom that is the question! When choosing your seeds for the garden be sure and compare the genetically modified vegetables against the origins of the heirloom veggies and fruits. For some the difference between the genetically modified seed and the heirloom vegetables, lies in the growing season, transporting the ripe vegetables and shelf life. For the rest of us stay at home, small yard farmers. We will only grow what tastes better than what we can find at the local grocery store. Heirloom seeds are generations old and passed from garden to table just to preserve flavor. Varieties of vegetables as yummy as what grandma grew and brought to our table with-out visiting the store. If you are interested in starting your own heirloom veggie garden listed bellow you will find resources to shop and purchase seeds on
Looking to purchase the "Heirloom" tomatoes locally??? Try:Sherrie Kennedy's tomatoes, east on Sixth Street to Holsclaw Road, make a right and follow it until you see a large tomato sign. For sale: Wednesday through Friday from noon to 5PM and Saturdays from 9AM to 1PM, or until sold out. The only real down side is they are not in season today :(