Foreclosure auctions in Palos Verdes, South Torrance and the Beach Cities

What are the opportunities for Investors, Home Buyers and Homeowners Upside Down in their Mortgages

What are the Advantages of a Short Sale to the Upside Down Homeowner?

• Less Damaging to Credit_Rating: A Foreclosure will severely damage ones credit_rating for 7 years, but a Short Sale may be  less damaging and its effect does not last as long.
• Major Banks are Encouraging Short Sales over Foreclosure: Fannie Mae (FNMA) recently changed their underwriting policy so that a past home owner now has to wait 5 years after a Foreclosure before FNMA will underwrite a new loan. If the homeowner conducted a Short Sale the wait time is just 2 Years! Freddie Mac also offers participating Banks a $2,200 incentive to conduct a Short Sale versus Foreclosure.
• Probable Relief from HELOC 2nd Mortgage: When the 1st Mortgage Bank forecloses, the 2nd TD HELOC loan is not deleted from your debt. The 2nd TD HELOC Mortgage Bank may take legal means to collect their debt after the Foreclosure. With a Short Sale, we negotiate with both lenders to highly reduce or totally eliminate the HELOC loan debt.
• Dignified Solution: With a Short Sale, we sell your home just like your neighbors have done. It’s a dignified resolution to a tough situation. On the other hand, after a Foreclosure, a Sheriff performs a lock out, the grass turns brown, and a Bank Sales Rep places ‘Bank Foreclosure For Sale’ signs in front of the property for your neighbors to see.
• “Cash for Cooperation”: Some of the banks we work with are now offering home owners a Cash incentive in order to Cooperate with a short sale, versus allowing the property to be Foreclosed on by the Bank. Which Banks and amount of Cash offered, is on a case by case basis.
• If the homeowner is facing an auction scheduled, a short sale may be able to (in our experience it always has) stop the auction from taking place thus allowing the homeowner many more weeks or months in the home to regroup and strategize.  We are uniquely positioned to assist these homeowners immediately and our service does not cost them a penny.

HOWEVER the window for conducting a short sale without tax penalty is quickly drawing near!  The benefits created from the 2007 Mortgage Forgiveness Debt Relief Act of 2007 EXPIRE on 12/31/2012.  Homeowners upside down in their mortgages must NOT wait as if one waits too long into the 2012 year, the short sale may not close in time to satisfy the deadline!

What are the Advantages of a Short Sale to the Investor or Home Buyer?

When I’m asked by my Buying Clients and Investors how best to take advantage of the “Foreclosure Market”, the preconception is that the Bank Owned homes are the properties wherein the greatest discounts can be achieved.  This is not the case.  There is so much scrutiny and oversight from government agencies and the banks’ investors that the banks selling an REO Property are just as motivated as any other “Mr. and Mrs. Homeowner” to extract the highest price possible. 

In fact, when I’m calling bank REO Asset managers, I’m getting the standard response (from all the banks), “…sorry, we can’t consider any offers until the property’s been on the MLS for at least 5 days…”  The banks KNOW that the best chance to get the highest price is to have maximum exposure through the multiple listing service.

So that leaves the Home Buyer or Investor two choices … either go to the auction and try to buy (you will need cash, you won’t be able to inspect the property and you may not get clear title) OR use the strategy that I’ve developed to negotiate with the Homeowner. 

What we’re doing is creating WIN – WIN situations for all parties and if you would like to know more, DO NOT REPLY to this email, rather send me an email to george.fotion@homeispalosverdes.com.  So whether you are a homeowner upside down in your mortgage, or you’re an investor or buyer or know someone in either category that could really benefit from this, send me an email and we will set an appointment to discuss further.

By the way, the map above shows just the Single Family Residences.  There are a few, just a handful, but a few Multi-Family units (apartments, duplexes, triplexes and quads)

As always, thank you for reading your newsletter!

Rancho Palos Verdes CA Bank Owned Home

as of 1/25/2012

4 Bedrooms
2 Bathrooms
1,672 Sqft Living Area (Source: Tax Assessor)
6,930 Sqft Lot Area (Source: Tax Assessor)
MLS Area: Los Verdes
Bank took back on 1/25/2012 $763,000

This property is NOT listed for sale

For more details and availability, respond to this ad

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