Thursday, October 22, 2009
Saturday, August 22, 2009
York County Virginia: A Great Place for Military Personnel and Families to Live
York County Virginia: A Great Place for Military Personnel and Families to Live
By Elaine VonCannon, ABR, SRES, REALTOR, RE/MAX Hall of Fame, Property Manager
Military personnel stationed at the Coast Guard Base in Yorktown, Camp Perry in Williamsburg, Yorktown Naval Weapons Station, Fort Eustis in Newport News, Downtown Newport News Naval Barracks or Langley Air Force Base, will want to consider purchasing a home in nearby York County VA.
York County: An Excellent Place for Active Duty Military and Families
Why is York County a great choice for military personnel and families? Because York County is situated close enough to the above mentioned military posts so that the commute to work is not a major headache. For some commutes, transiting Interstate 64 is not even necessary, as alternate routes can be selected. Housing prices in York County are comparable to James City County, Williamsburg and Newport News. There are plenty of choices for entertainment, shopping, and dining nearby, so there is no reason to travel too far for any of these activities. York County is halfway between Richmond and Norfolk, so both International Airports can be accessed. The Newport News Airport is convenient to all of York County - another plus when traveling near or far.
York County Public Schools
Families will be pleased to send their children to York County Public Schools -- rated one of the best school systems in Virginia. When York County residents were surveyed about the reason why they chose to live in the county, nearly 35% commented on the high quality of the school system there.
Historic York County VA
Yorktown Battlefields is a National Park Service site. It is the place where the English surrendered during the Revolutionary War and also the site of some pivotal Civil War battles. The historic Early American city of Yorktown is within county boundaries and all are well preserved. Because York County is home to a national park and a major historic site, Lee Hall, there are numerous opportunities for educational and cultural enrichment.
York County is Close to Williamsburg VA
York County is less than a half hour drive to historic Williamsburg, where there are ample choices for entertainment and learning. Colonial Williamsburg is easily accessible from the Colonial Parkway, which intersects York County near the Yorktown Battlefields. Busch Gardens, Water Country USA and other amusements are within a short drive from York County and provide hours of enjoyment for many individuals and families. Many York County residents take a scenic drive on the Colonial Parkway on the weekends, where they find places to picnic, fish, or sunbathe near the rivers and inlets.
York County VA: Close to the Chesapeake Bay
York County Virginia is bordered by the York River to the Northeast and Southeast, where many residents and visitors swim, boat, fish, crab, or sunbathe. There is a public beach right next to the bridge to Gloucester, which crosses the York River to the Northern Neck. The tidal York River feeds into the Chesapeake Bay, so there is plenty of space for the public to enjoy and a wide variety of recreational choices. Because it is located so close to the Chesapeake Bay and one of its major tributaries, York County residents are fond of water related activities such as waterskiing, boating, and fishing. Bikers, walkers and joggers also enjoy the Colonial Parkway, Yorktown National Battlefields and Jamestown Island as a regular place for outdoor physical activities.
In addition to a high quality school system, ample choices for recreation, and proximity to major cities such as Norfolk and Richmond, military residents of York County have commented that the rural nature of the county is appealing to them. York County living is characterized by some of the desirable qualities of country living such as peace and tranquility, friendly neighbors, and low traffic volumes. Yet York County still offers the benefits of living near urban areas where entertainment, culture, dining, shopping and transportation are easily accessible.
By Elaine VonCannon, ABR, SRES, REALTOR, RE/MAX Hall of Fame, Property Manager
Military personnel stationed at the Coast Guard Base in Yorktown, Camp Perry in Williamsburg, Yorktown Naval Weapons Station, Fort Eustis in Newport News, Downtown Newport News Naval Barracks or Langley Air Force Base, will want to consider purchasing a home in nearby York County VA.
York County: An Excellent Place for Active Duty Military and Families
Why is York County a great choice for military personnel and families? Because York County is situated close enough to the above mentioned military posts so that the commute to work is not a major headache. For some commutes, transiting Interstate 64 is not even necessary, as alternate routes can be selected. Housing prices in York County are comparable to James City County, Williamsburg and Newport News. There are plenty of choices for entertainment, shopping, and dining nearby, so there is no reason to travel too far for any of these activities. York County is halfway between Richmond and Norfolk, so both International Airports can be accessed. The Newport News Airport is convenient to all of York County - another plus when traveling near or far.
York County Public Schools
Families will be pleased to send their children to York County Public Schools -- rated one of the best school systems in Virginia. When York County residents were surveyed about the reason why they chose to live in the county, nearly 35% commented on the high quality of the school system there.
Historic York County VA
Yorktown Battlefields is a National Park Service site. It is the place where the English surrendered during the Revolutionary War and also the site of some pivotal Civil War battles. The historic Early American city of Yorktown is within county boundaries and all are well preserved. Because York County is home to a national park and a major historic site, Lee Hall, there are numerous opportunities for educational and cultural enrichment.
York County is Close to Williamsburg VA
York County is less than a half hour drive to historic Williamsburg, where there are ample choices for entertainment and learning. Colonial Williamsburg is easily accessible from the Colonial Parkway, which intersects York County near the Yorktown Battlefields. Busch Gardens, Water Country USA and other amusements are within a short drive from York County and provide hours of enjoyment for many individuals and families. Many York County residents take a scenic drive on the Colonial Parkway on the weekends, where they find places to picnic, fish, or sunbathe near the rivers and inlets.
York County VA: Close to the Chesapeake Bay
York County Virginia is bordered by the York River to the Northeast and Southeast, where many residents and visitors swim, boat, fish, crab, or sunbathe. There is a public beach right next to the bridge to Gloucester, which crosses the York River to the Northern Neck. The tidal York River feeds into the Chesapeake Bay, so there is plenty of space for the public to enjoy and a wide variety of recreational choices. Because it is located so close to the Chesapeake Bay and one of its major tributaries, York County residents are fond of water related activities such as waterskiing, boating, and fishing. Bikers, walkers and joggers also enjoy the Colonial Parkway, Yorktown National Battlefields and Jamestown Island as a regular place for outdoor physical activities.
In addition to a high quality school system, ample choices for recreation, and proximity to major cities such as Norfolk and Richmond, military residents of York County have commented that the rural nature of the county is appealing to them. York County living is characterized by some of the desirable qualities of country living such as peace and tranquility, friendly neighbors, and low traffic volumes. Yet York County still offers the benefits of living near urban areas where entertainment, culture, dining, shopping and transportation are easily accessible.
Location, Resale and Staycation: Three New Buzzwords for Real Estate
Location, Resale and Staycation: Three New Buzzwords for Real Estate
By Elaine VonCannon, ABR, SRES, REALTOR, RE/MAX Hal of Fame, Property Manager
For those who are buying a home right now, there are several important details on locating the best property that are being ignored and must be considered. Many homebuyers are looking for a primary residence. First time homebuyers are searching for a home to live in this year in order to take advantage of the $8,000 tax credit.
As I take homebuyers out in search of a residence, I have noted a pattern of behavior that is becoming more and more common. Homebuyers are looking for the deal of the century. They are basing their buying decisions solely on price. Yet as they focus on the best price that can possibly be negotiated, (which does matter) they lose sight of other parameters that need to be applied to the purchase of a home.
Purchasing a home in the right location for a person's chosen lifestyle, and eventual resale value, should be paramount in the homebuyer's mind. Yet price continues to be the main focus in buying property.
Short Sales and Foreclosures: Property Pricing Realities
It is true that pricing has been reduced on homes, especially in some of the larger markets, such as California, Florida, and urban markets -- where values have fallen dramatically. According to an article published by Les Christie on Money.com, "nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth."
Between foreclosures and short sales there are good home buying deals to be had, but home buyers must remember that on these types of purchases banks will generally not go below 20-25% of appraised values.
In the case of purchasing foreclosed properties, homebuyers should be cautious about the condition of the home. If a homebuyer is purchasing a foreclosed property, it is wise to enter into the deal with capital for improvements, because these homes have been neglected due to lack of money. Some foreclosed properties have been intentionally damaged by angry homeowners who have had to abandon their homes under stressful financial circumstances.
With regard to short sales on homes, banks may take up to six months to approve a short sale. Some lenders are folding in the middle of the process, which adds more time to complete a short sale, because negotiations must begin again with the new lender.
Short sales and foreclosures do factor into property pricing. When a home in a neighborhood is sold for less than it is worth, pricing drops in that neighborhood.
So, with pricing in many markets at a three to five year low, why do home buyers continue to focus only on a great deal? Why have the cardinal rules of real estate purchases been pushed to the side? Location, resale values and lifestyle, which I refer here to as staycation, are just as important as price.
I will give an example of some of the major markets where I sell real estate, James City County, Williamsburg and Norfolk, and give a brief overview of how the rules of real estate purchase apply in these markets.
Williamsburg and James City County
For the avid golfer or person entering retirement, or even the family looking to raise children in a good school district, Williamsburg and James City County offer a wonderful lifestyle. There are numerous golf courses, dining, entertainment and continuing education opportunities. In addition Williamsburg and James City County offer one of the top school districts in Southeastern Virginia. In my experience over the long-term selling real estate in this market, resale values remain strong in well-established neighborhoods. In an age where the staycation, or staying at home during scheduled vacations, is becoming more common, Williamsburg has plenty of choices for quality entertainment. These include Busch Gardens and Water Country USA, Jamestown Settlement, the Colonial Williamsburg Foundation, and numerous outdoor festivals and events that are free and open to the public. All of these factors should inform the purchase of a home in the Williamsburg and James City County real estate market.
Economic, Commercial and Residential Development in Norfolk, VA
In Norfolk, Virginia, where I have closed several residential property deals recently, the opening of a light rail system with stations in Ghent, downtown, and South Norfolk, has created tremendous real estate opportunities in both the residential and commercial sectors. In neighborhoods where light rail train stations will be located, resale values on properties purchased are sure to rise eventually. There are several reasons for this upswing in value. Urban professionals and families are embracing this state-of-the-art transportation system, and public and private organizations and investors are preparing for the influx of new traffic by updating existing properties and committing to building new projects. Taking light rail will cut down on time spent in traffic jams, and leave more time for recreation and spending time with loved ones - a desirable lifestyle for many. With access to Chesapeake Bay Beaches, the Elizabeth and Lafayette Rivers, boating, swimming and recreating on or near the water are widely enjoyed in Norfolk, a world-class port city. Waterside is a main staging area for national and international festivals, and new light rail stations will be located nearby. Norfolk is an excellent place for a staycation. All of these factors should inform the purchase of a new home in this location.
In summary, location, resale, and lifestyle need to come to the forefront once again when individuals are deciding on where to purchase a home. Price will always be an important factor in the purchase of a home, but it should not be the only deciding point
As I take homebuyers out in search of a residence, I have noted a pattern of behavior that is becoming more and more common. Homebuyers are looking for the deal of the century. They are basing their buying decisions solely on price. Yet as they focus on the best price that can possibly be negotiated, (which does matter) they lose sight of other parameters that need to be applied to the purchase of a home.
Purchasing a home in the right location for a person's chosen lifestyle, and eventual resale value, should be paramount in the homebuyer's mind. Yet price continues to be the main focus in buying property.
Short Sales and Foreclosures: Property Pricing Realities
It is true that pricing has been reduced on homes, especially in some of the larger markets, such as California, Florida, and urban markets -- where values have fallen dramatically. According to an article published by Les Christie on Money.com, "nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth."
Between foreclosures and short sales there are good home buying deals to be had, but home buyers must remember that on these types of purchases banks will generally not go below 20-25% of appraised values.
In the case of purchasing foreclosed properties, homebuyers should be cautious about the condition of the home. If a homebuyer is purchasing a foreclosed property, it is wise to enter into the deal with capital for improvements, because these homes have been neglected due to lack of money. Some foreclosed properties have been intentionally damaged by angry homeowners who have had to abandon their homes under stressful financial circumstances.
With regard to short sales on homes, banks may take up to six months to approve a short sale. Some lenders are folding in the middle of the process, which adds more time to complete a short sale, because negotiations must begin again with the new lender.
Short sales and foreclosures do factor into property pricing. When a home in a neighborhood is sold for less than it is worth, pricing drops in that neighborhood.
So, with pricing in many markets at a three to five year low, why do home buyers continue to focus only on a great deal? Why have the cardinal rules of real estate purchases been pushed to the side? Location, resale values and lifestyle, which I refer here to as staycation, are just as important as price.
I will give an example of some of the major markets where I sell real estate, James City County, Williamsburg and Norfolk, and give a brief overview of how the rules of real estate purchase apply in these markets.
Williamsburg and James City County
For the avid golfer or person entering retirement, or even the family looking to raise children in a good school district, Williamsburg and James City County offer a wonderful lifestyle. There are numerous golf courses, dining, entertainment and continuing education opportunities. In addition Williamsburg and James City County offer one of the top school districts in Southeastern Virginia. In my experience over the long-term selling real estate in this market, resale values remain strong in well-established neighborhoods. In an age where the staycation, or staying at home during scheduled vacations, is becoming more common, Williamsburg has plenty of choices for quality entertainment. These include Busch Gardens and Water Country USA, Jamestown Settlement, the Colonial Williamsburg Foundation, and numerous outdoor festivals and events that are free and open to the public. All of these factors should inform the purchase of a home in the Williamsburg and James City County real estate market.
Economic, Commercial and Residential Development in Norfolk, VA
In Norfolk, Virginia, where I have closed several residential property deals recently, the opening of a light rail system with stations in Ghent, downtown, and South Norfolk, has created tremendous real estate opportunities in both the residential and commercial sectors. In neighborhoods where light rail train stations will be located, resale values on properties purchased are sure to rise eventually. There are several reasons for this upswing in value. Urban professionals and families are embracing this state-of-the-art transportation system, and public and private organizations and investors are preparing for the influx of new traffic by updating existing properties and committing to building new projects. Taking light rail will cut down on time spent in traffic jams, and leave more time for recreation and spending time with loved ones - a desirable lifestyle for many. With access to Chesapeake Bay Beaches, the Elizabeth and Lafayette Rivers, boating, swimming and recreating on or near the water are widely enjoyed in Norfolk, a world-class port city. Waterside is a main staging area for national and international festivals, and new light rail stations will be located nearby. Norfolk is an excellent place for a staycation. All of these factors should inform the purchase of a new home in this location.
In summary, location, resale, and lifestyle need to come to the forefront once again when individuals are deciding on where to purchase a home. Price will always be an important factor in the purchase of a home, but it should not be the only deciding point
Sunday, April 19, 2009
Tarp Money, Short Sales and Chase Bank, Can Any One Help?
Tarp Money, Short Sales and Chase Bank, Can Any One Help?By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER
I am having so much trouble with the short sales department of Chase Bank. Chase holds the 1st mortgage on a property I have listed. Wachovia held the 2nd. Finally Wachovia bowed to Chase.
This happened after a Trustee Sales was to be done. In fact 15 minutes before the sale was to take place. Then 2 weeks later Wachovia bowed to Chase.
Chase had already countered an offer, and the counter had been accepted. Chase represented by M. Harmon has not sent the contract back or an approval letter.
M. Harmon, who works in the short sale department at Chase said the case was closed and that the short sale would not happen. Then M. Harmon's supervisor was contacted and the case was reopen. M. Harmon left me a voice mail 2 weeks ago and said the case was active. Still no one has heard again from M. Harmon or Chase.
I have no email for this man M. Harmon, only one number and a fax number. When you call M. Harmon is always goes to his voice mail. He never returns calls.
The process with the offer and counter started the 1st of February and it is still going on. Does anyone know a person a Chase that I can talk to move this matter forward? Please contact me and let me know.
The buyer is getting tired of waiting and you cannot blame them. Chase is stalling, why I do not know when you have a buyer who wants to close. Why would they want a property with an HOA to pay and to set for months? They will not get much more money that what the buyers has accepted from the counter they did. It makes no sense like M. Harmon of Chase bank makes no sense.
STOP FLUSHING MONEY
down the dain, this is what Chase
Banks seems to be doing!
If you are aware of fraud, waste, abuse, mismanagement or misrepresentations affiliated with the Troubled Asset Relief Program, please contact the SIGTARP Hotline! (877) SIG-2009
By Mail:Office of the Special Inspector GeneralFor The Troubled Asset Relief ProgramHotline1500 Pennsylvania Ave., NW, Suite 1064Washington, D.C. 20220
By Mail:Office of the Special Inspector GeneralFor The Troubled Asset Relief ProgramHotline1500 Pennsylvania Ave., NW, Suite 1064Washington, D.C. 20220
To see more listings or lean more about Virginia counties and listings visit
Here is a comment I had placed on this Blog on the Active Rain Blog Site:
Countrywide is exactly the same, except Tippany Francis (the person who wrecked two of my short sales on the same property) doesn't have voicemail. Just an automated system that tells you to call back later.
The best reason I can come up with for the banks refusing to allow shortsales is because they can keep showing a loss in their financial reports and ask for more government bail out money. Then, once they've foreclosed on thousands of properties and received all the bailout money there is to be had, they will sell the property to the federal government and let it be their problem. In the mean time their CEOs are still making $250K+/yr plus benefits, plus private car services, plus catered lunch meetings, plus private offices that look more like San Francisco penthouses, plus an expense account, plus a hot, young secretary, plus......
And the homeowners have no protections, have no options, have no money, have no home and the tax payers continue to pay to support the leisurely lifestyle of the CEOs. My client was the seller, she and her husband didn't buy a bad loan or a loan they couldn't afford, after they bought the house he left her and their teenage daughter and never paid child support or spousal support. The seller continued to make her payments and raise her daughter by herself; until last summer. When her hours were cut at work for budgeting purposes (did I mention she's a nurse at a retirement home?) she could no longer afford her house payment. Throughout the past 9 months my client has tried to remain positive and keep the foreclosure from her daughter but now they are living in an apartment only a fraction of the size of their average-sized house and she still is not receiving any of the assistance that was promised to distressed homeowners.
Personally, I don't disagree with the government's spending, or even how much they spent, just what they spent it on.
The best reason I can come up with for the banks refusing to allow shortsales is because they can keep showing a loss in their financial reports and ask for more government bail out money. Then, once they've foreclosed on thousands of properties and received all the bailout money there is to be had, they will sell the property to the federal government and let it be their problem. In the mean time their CEOs are still making $250K+/yr plus benefits, plus private car services, plus catered lunch meetings, plus private offices that look more like San Francisco penthouses, plus an expense account, plus a hot, young secretary, plus......
And the homeowners have no protections, have no options, have no money, have no home and the tax payers continue to pay to support the leisurely lifestyle of the CEOs. My client was the seller, she and her husband didn't buy a bad loan or a loan they couldn't afford, after they bought the house he left her and their teenage daughter and never paid child support or spousal support. The seller continued to make her payments and raise her daughter by herself; until last summer. When her hours were cut at work for budgeting purposes (did I mention she's a nurse at a retirement home?) she could no longer afford her house payment. Throughout the past 9 months my client has tried to remain positive and keep the foreclosure from her daughter but now they are living in an apartment only a fraction of the size of their average-sized house and she still is not receiving any of the assistance that was promised to distressed homeowners.
Personally, I don't disagree with the government's spending, or even how much they spent, just what they spent it on.
UPDATE;
BLOGGED ABOUT CHASE, GOT KICKED OFF FACEBOOK FOR IT. OH, WELL, NO GREAT LOST. REPORTED THEN TO SIGTARP. GPT A CALL TODAY FROM SIGTARP. F\THEY COULD NOT GO ANYTHING HOWEVER............
HOWEVER, THEY TOLD ME ALL BANKS ARE REGULATED BY OCC AND TO REPORT ANY MISCOMDUCT TO THE OCC.........SO HERE GOES. I HAD MY SELLER CALL AND REPORT CHASE AND WACHOVIA.
HERE IS THE INFO........Email or call OCC at Customer.assistance@occ.treasure.gov OR 1-800-613-6743 They regulate banks! Info from SigTarp.
CHASE CALLED ME TODAY (M.HARMON). CHASE NEEDS A NEW HUD, 4TH ONE I MIGHT ADD, AND A NEW CLOSE DATE AS THEY ARE ONLY MONTHS OFF. I INFORMED THEM THAT THIS WAS A FANNI MAE LOAN SO THEY COULD NOT GFORCE ME TO CUT MY COMMISSION. ALSO I WAS BLOGGIN ALL OVE THE NET ABOUT WHAT IS GOING ON WITH THIS TRANSACTION.
THE LATEST HITCH IS WACHOVIA WHO WERE DRAGGING THEIR FEET, THE LETTER THEY SENT RELEASING THE SECOND EXPIRED ON APRIL 16TH. TODAY IS APRIL 21ST. NOW THEY NEED A NEW LETTER FROM CHASE. IT NEVEDR STOPS!
HELPPPPPPPPPPPPPPPP
AND THE BEAT GOES ON................
Saturday, March 7, 2009
Options to Foreclosure: Short Sales or Property Management?
Options to Foreclosure: Short Sales or Property Management?
By Elaine VonCannon, ABR, SRES, REALTOR, Team Leader, Property Manager, Notary
In today's real estate climate, a short sale is becoming more common, though no less time consuming and challenging then it ever was. Banks and mortgage lenders scrutinize short sales because they stand to lose some of their investment, as does the homeowner. I am writing this article to illustrate that a short sale can actually prevent foreclosure, if it is done with enough expertise and foresight. A short sale may actually preserve a person's credit rating and help them to exit from a property they can no longer afford.
If the short sale is not likely to be approved by the lender, another possibility is turning the home, condo or townhouse over to a property rental manager. It is better to show a rental income on the property rather than a loss. There's no reason to report a loss due to lack of affordability when the home is rentable.
Find an Experienced and Compassionate REALTOR for a Short Sale
If the homeowner opts for a short sale, it's a good idea to select a qualified REALTOR with expertise in the area. Other characteristics a REALTOR should have are compassion and patience. The person losing their home is probably not in the best state of mind, so an understanding REALTOR is helpful. Since lenders often take three to four months to decide upon short sales, patience is a much needed attribute as well.
Finding the Right Mortgage Broker for a Short Sale
In addition to meeting the requirements of the lender, the homeowner must also sometimes negotiate a second mortgage with another lender. In this case, the first mortgage company must work with the second company to forgive the debt.
Although most mortgage companies do have a short sale department, it is often a challenge to find it because employees are sometimes unaware it even exists. The seller must either be persistent without being too aggressive or give a REALTOR permission to work with the lender. Tapping into the appropriate department is sometimes a challenge. The seller must grant the REALTOR permission and give him or her the loan number first.
Inspection of the Short Sale
When a buyer purchases a short sale property it is 'as is.' Home buyers who are wanting more information can request an inspection, for informational purposes only. The seller is not required to fix anything that is broken, and the buyer needs to be aware of this. An inspection can be performed prior to an offer with the permission of the listing agent. The buyer may back out of the sale at this point if there are repair issues revealed in the inspection.
However, the buyer cannot make an offer and then back out after the home inspection. So the time to complete an inspection on a short sale is before making an offer. Likewise, on short sales where homeowners association documents exist, it is best for the buyer to review the rules and regulations before the offer is made, in case there are objectionable terms.
What are the Necessary Documents for a Short Sale?
Lenders will only consider a short sale if the seller is behind two or three payments. There are some primary documents required by the lender for short sales. These include a hardship letter and financials. Sellers should be prepared to provide other information as requested, since many lenders have different rules with short sales on properties.
How Long Does the Home Buyer or Seller Have to Wait for a Short Sale to Complete?
The process of short sale on a property often takes about four months. First the REALTOR must contact the lender(s) and begin the process. Then he or she must have all offers for short sale submitted and reviewed by the lender(s) - which may take from 60-120 days. The lender(s) may reject all offers, or counter with others. The outcome could solidify a sale or begin the process all over again.
Some Final Thoughts on Short Sales
Whether the REALTOR is a buying or listing agent, he or she must still have empathy for the person who is selling. This is often a highly emotional time for the seller. They may be upset. Perhaps they do not want to move from their dream home. A REALTOR who has empathy will have more success in navigating the difficult waters of short sales.
POST NOTES:
I have had known people who in the past 12 months have to have taken the path of the short sale. The holder of the 1st mortgage was Chase, the holder of the 2nd mortgage was Wachovia, who I have been told are the 2 worst banks to deal with. You will call they will keep you on hold for up to an hour and them they will answer and tell you that they cannot take the call at this time and hang up! If you show any kind of emotion of being mad they will not help you at all!
The owner may even have 2 to 3 offers in on the property and they will still place it to be Auction off or Trustee Sale, while the owner is in the short sale process. The do not care! YET THESE 2 BANKS RECEIVED BAIL OUT MONEY, THEY ARE STILL AND CURRENTLY PUTTING PEOPLE ON THE STREETS AND THEY HAVE NOT ACCOUNTED FOR ANY OF THE FUNDS THEY HAVE GOTTEN OR WHERE THE FUNDS WENT. SO WHY CAN THEY NOT DO A SHORT SALE, TO HELP SOMEONE?
For more articles on real estate, please visit my web sites, http://www.voncannonrealestates.com/ and http://www.estatesinvirginia.com/
By Elaine VonCannon, ABR, SRES, REALTOR, Team Leader, Property Manager, Notary
In today's real estate climate, a short sale is becoming more common, though no less time consuming and challenging then it ever was. Banks and mortgage lenders scrutinize short sales because they stand to lose some of their investment, as does the homeowner. I am writing this article to illustrate that a short sale can actually prevent foreclosure, if it is done with enough expertise and foresight. A short sale may actually preserve a person's credit rating and help them to exit from a property they can no longer afford.
If the short sale is not likely to be approved by the lender, another possibility is turning the home, condo or townhouse over to a property rental manager. It is better to show a rental income on the property rather than a loss. There's no reason to report a loss due to lack of affordability when the home is rentable.
Find an Experienced and Compassionate REALTOR for a Short Sale
If the homeowner opts for a short sale, it's a good idea to select a qualified REALTOR with expertise in the area. Other characteristics a REALTOR should have are compassion and patience. The person losing their home is probably not in the best state of mind, so an understanding REALTOR is helpful. Since lenders often take three to four months to decide upon short sales, patience is a much needed attribute as well.
Finding the Right Mortgage Broker for a Short Sale
In addition to meeting the requirements of the lender, the homeowner must also sometimes negotiate a second mortgage with another lender. In this case, the first mortgage company must work with the second company to forgive the debt.
Although most mortgage companies do have a short sale department, it is often a challenge to find it because employees are sometimes unaware it even exists. The seller must either be persistent without being too aggressive or give a REALTOR permission to work with the lender. Tapping into the appropriate department is sometimes a challenge. The seller must grant the REALTOR permission and give him or her the loan number first.
Inspection of the Short Sale
When a buyer purchases a short sale property it is 'as is.' Home buyers who are wanting more information can request an inspection, for informational purposes only. The seller is not required to fix anything that is broken, and the buyer needs to be aware of this. An inspection can be performed prior to an offer with the permission of the listing agent. The buyer may back out of the sale at this point if there are repair issues revealed in the inspection.
However, the buyer cannot make an offer and then back out after the home inspection. So the time to complete an inspection on a short sale is before making an offer. Likewise, on short sales where homeowners association documents exist, it is best for the buyer to review the rules and regulations before the offer is made, in case there are objectionable terms.
What are the Necessary Documents for a Short Sale?
Lenders will only consider a short sale if the seller is behind two or three payments. There are some primary documents required by the lender for short sales. These include a hardship letter and financials. Sellers should be prepared to provide other information as requested, since many lenders have different rules with short sales on properties.
How Long Does the Home Buyer or Seller Have to Wait for a Short Sale to Complete?
The process of short sale on a property often takes about four months. First the REALTOR must contact the lender(s) and begin the process. Then he or she must have all offers for short sale submitted and reviewed by the lender(s) - which may take from 60-120 days. The lender(s) may reject all offers, or counter with others. The outcome could solidify a sale or begin the process all over again.
Some Final Thoughts on Short Sales
Whether the REALTOR is a buying or listing agent, he or she must still have empathy for the person who is selling. This is often a highly emotional time for the seller. They may be upset. Perhaps they do not want to move from their dream home. A REALTOR who has empathy will have more success in navigating the difficult waters of short sales.
POST NOTES:
I have had known people who in the past 12 months have to have taken the path of the short sale. The holder of the 1st mortgage was Chase, the holder of the 2nd mortgage was Wachovia, who I have been told are the 2 worst banks to deal with. You will call they will keep you on hold for up to an hour and them they will answer and tell you that they cannot take the call at this time and hang up! If you show any kind of emotion of being mad they will not help you at all!
The owner may even have 2 to 3 offers in on the property and they will still place it to be Auction off or Trustee Sale, while the owner is in the short sale process. The do not care! YET THESE 2 BANKS RECEIVED BAIL OUT MONEY, THEY ARE STILL AND CURRENTLY PUTTING PEOPLE ON THE STREETS AND THEY HAVE NOT ACCOUNTED FOR ANY OF THE FUNDS THEY HAVE GOTTEN OR WHERE THE FUNDS WENT. SO WHY CAN THEY NOT DO A SHORT SALE, TO HELP SOMEONE?
For more articles on real estate, please visit my web sites, http://www.voncannonrealestates.com/ and http://www.estatesinvirginia.com/
IF BANKS DO NOT HELP PEOPLE THEY SHOULD GIVE BACK THE MONEY!
IF BANKS DO NOT HELP PEOPLE THEY SHOULD GIVE BACK THE MONEY!
By: Elaine VonCannon ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER
I am having trouble with Chase and Wachovia in a short sale. Wachovia will not work with Chase, it took 4 months to get Chase to even respond. The poor people will go to trustee sale on March 13th, and these 2 banks who both got bail out money will work together. Chase has the 1st mortgage and Wachovia has the second. They keep referring my sellers to different people and NO ONE WILL DO ANYTHING! MAYBE, THE BANKS WHO WILL NOT HELP PEOPLE SHOULD HAVE TO GIVE BACK THE MONEY! I FOR ONE DO NOT WANT MY TAX DOLLARS GOING TO BANKS WHO ARE SUCH IDIOTS! DOES ANY ONE AGREE WITH ME?
HERE ARE SAMPLES OF EMAILS THAT MY CLIENT HAS TO CONTEND WITH DAILY ON THE SHORT SALE OF THEIR HOME AND THE BANKS THAT ARE CHASE AND WACHOVIA! THIS IS SO CRAZY!!!!
Hi Wanda, Who is Kyla? I thought she was out of the picture now that McKenzie had taken over? Has she taken the case back from McKenzie? I called Wachovia on Thursday, March 5 at about 12:30 and spoke with Selene. Selene talked with Corrine and Corrine is aware of the 3/13 trustee sale. Corrine said she is working on our file, but has not completed it. She could not give me an exact date as to when she would complete it, but she is going to try to complete it before 3/13. Selene said Corrine is not just "blowing me off" that she really is working on our case and Selene thinks she'll complete it before 3/13. I also left a message for Gail N, the Supervisor who told me back in November that Wachovia would accept the $3000. Have you gotten in contact with Gail N yet? If not, would you contact her next week?
Thank you and I hope you had a great week end. It was in the 70's here!
Best Regards, S………..
----- Original Message -----
Sent: Thursday, March 05, 2009 7:53 PM
Subject: Re: Fw: Moving
Called McKenzie and he is out of the office for a few days...but did speak to Maria and she said that they are just waiting for Wachovia to release lien call and left another message for Kyla.
Quoting S……….
Good Morning Wanda,
Hope you are having a good week. Can you give me an update on what's happened this week? (if anything...) As you can imagine, we are getting more anxious by the day.
Thank you! Best, S………..
----- Original Message -----
Sent: Friday, February 27, 2009 1:52 PM
Subject: FW: Moving
-----Original Message-----
Sent: Friday, February 27, 2009 1:44 PM
Subject: Re: Moving
OK, been on the phone all morning...but This time did talk to the loss mit. dept and spoke to Robby he said that loan was a Fannie Mae loan and they will not postponed the sale date until they get an answer for Wachovia...McKenzie has been calling them. File is ready to submit to Fannie Mae just need for them to sign off. Called Wachovia and finally spoke to someone on the short sale dept. She said that file is noted that McKenzie has been calling and needs to speak to someone and that there is a trustee sale date. She sent Corrina a email to call either me or McKenzie and transferred me to voice mail to leave another message.
----- Original Message -----
Sent: Friday, February 27, 2009 9:30 AM
Subject: Re: Moving
Good Morning Everyone, Due to the fact that we cannot get an answer from McKenzie about the March 13th deadline, we decided we could not continue waiting so we will be moving the week of March 9. If you need to reach us that week, please call our cell phones.
Thank you all for everything you have done for us.
Best Regards, S
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