Short Sale Training

I have a new website that explains how to avoid foreclosure by doing a short sale.

The benefits to you of a short sale are:
1. You won't have a foreclosure on your record. Recent reports state that a foreclosure lowers your credit score 140 to 200 points.
2. You can continue living in the house and not make payments during the 4 to 6 months it will take to do a short sale. You could save up a nice down payment to buy a house a couple of years from now when prices are at rock bottom.

To learn all about short sales, visit my new site at www.fleeforeclosure.com. Here's a sample of the kind of to-the-point information that you'll find on the site:

Lenders don't want to own another house and are becoming more agreeable to doing short sales. They avoid the expense of a foreclosure, plus the risk that the property will be vandalized while it sits empty. And now California Senate Bill 1137 signed by Governor Schwarzenegger in 2008 said that banks must avoid foreclosure if at all possible.

Even so, not all short sale attempts work out. A short sale is highly likely to succeed when:
1. You have experienced a legitimate hardship which can be proven,
2. The property is in a marketable area and is in marketable condition, and
3. The remaining value will give the most junior lender a minimum of 20% of the original loan amount.

This means that if you have a first and a second, there must be enough left over from a sale to pay the second something.

A short sale is highly unlikely when:
1. You have not experienced hardship,
2. You have not missed any payments,
3. You are in a Chapter 7 or Chapter 13 bankruptcy plan,
4. There isn't enough time to do a short sale before the bank forecloses,
5. You just did a recent re-fi with cash out and now you want the bank to eat it, or
6. There isn't enough money to pay something to the 2nd trust deed holder after paying off the 1st and all closing costs.

OK, so I said that a short sale is unlikely in those cases, but we have workarounds. The best bet is to contact us and see what is possible in your case.

Many agents don't even know what works and what doesn't. It's just a shot in the dark and this accounts for the high rate of short sale attempts that fail. If a short sale has a very slim chance of working in your case, we'll tell you the truth so you don't waste time and can move on with other plans.

Bank Owned Properties Continue To Dominate Market

Sales of bank-owned property continued to make up the majority of home sales in San Diego County in January.

These sales are pushing statistical prices down. The median price for single-family, re-sale homes dropped 4.4% from December, and was down 29.7% year-over-year.

Sales of single-family, re-sale homes were down 20% from December, but were up 47.7% year-over-year. Sales continue to be concentrated in the lower-priced cities where the bulk of the bank-owned property is: Chula Vista up 128.2%, Escondido up 214.6%, Oceanside up 118.2%, El Cajon up, and Encanto up 214.3%, just to name the cities with the largest number of sales.

Condo sales were down 22.6% month-over-month, but gained 51.4% compared to last January.
The median price for condos fell 6% from December, and was off 37.3% year-over-year.

The sales price to list price ratio decreased 2.7 points to 95.6%. The sales price to list price ratio for condos dropped 1.9 points to 96%.

Days on market for homes dropped ten to 63 days. Days on market for condos was down five to 64 days.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.