Antioch, CA

NOTHING SHORT ABOUT SHORT SALES!

Get ready to sweat the small stuff to make a hardship deal go through.

Desperate homeowners across the country are finding that getting a short sale approved can take six months or longer, and in many cases, these deals collapse due to a variety of complications. Knowing how to approach a short sale will increase your chance of success. We, The Tietz Team, had a short sale that took 6 months to close representing the buyer. We have listings that are short sales here in Antioch, CA and the Lenders are responding more quickly and some are easing up on Hardship Qualifications.

A short sale occurs when a mortgage holder agrees to accept less than the balance due on a home because of a hardship. Many homeowners owe more than their home's value and because of that and the probability of having a 3 to 5 year arm that has suddenly reached the end of the lower rates and has graduated to higher rates they are facing foreclosures because they can no longer afford the mortgage payments. Understanding that this is just one scenario that has contributed to the problem there are many others. Borrowing money against their equity, when they had equity, balloon payments, interest only loans, just to name a few.

Short sales and foreclosures accounted for one third of all US home sales in June, according to the National Association of Realtors. I suppose they are speaking about Short Sales and REO Sales. Here in Antioch, CA over 80% of sales are REO or Bank Owned sales but short sales are on the rise because of better Bank Communications. One snag involving short sales is the fact that there may be two liens, a first and second mortgage. If both loans are with the same bank the process becomes easier, if they are with two separate banks "Stay Away". In many cases, second lien holders, such as home equity lenders, withhold approval taking their chances with a foreclosure proceeding.

Tips for a successful short sale

•· Make your financial hardship letter a compelling one.

•· Gather all required financial statements and other items and submit them with the offer.

•· Work with a Realtor that has short sale experience.

•· Find a buyer who is preapproved for a mortgage, same goes for an REO.

•· Make your offer as clean as possible, exclude a lot of contingencies from the buyer. This will kill the deal

•· Be patient and in Antioch, CA don't expect an answer from the owners lender in less than 2 weeks

I received a call this morning from Carol Lloyd, who is writing an article for the San Francisco Chronicle Business section regarding the real estate market conditions in Antioch, CA. She found my web site because I have been reporting real time market stats (example to the left). She asked me to analyze the data in more detail for her article. I went to the Contra Costa County MLS and searched all single family homes sold since 1/1/05 through 3/31/08.

The number of homes sold in the 1st quarter of 2008 has increased to 204 compared with the 1st quarter of 2007 at 176. However the price per square foot has decreased dramatically with $154 in the 1st quarter of 2008 compared to $260 in the 1st quarter of 2007.

Get up to $40,000 to help you buy your first home in Antioch, Contra Costa County, California.

In this issue of Golden Nuggets we will take a look at Down Payment Assistance in the City of Antioch, California.

Summary: The City of Antiochoffers First Time Home Buyer's Down Payment Assistance up to a maximum of $40,000. The assistance is a 0% interest loan bound with an equity share clause. To be eligible for the assistance the home must be in the incorporated areas of Antioch and you must meet the income guideline restrictions, based on the number of persons living in the home.

Contra Costa County offers the American Dream Down Payment Initiative (ADDI) to assist eligible buyers with up to 6% in down payment assistance.

The State of California offers up to an additional 6% in assistance through several programs designed to help First Time Home Buyers, plus a bonus of $7,500 because Antioch is a high cost area.

Special financing may also be available, including additional Down Payment Assistance and Below Market Interest Rates. Restrictions Apply.

To see if you are eligible for assistance contact Nate Ellis.

or Call 888-808-NATE (6283)

Nate Ellis "Mr. Danke Schoen" is the Vice President of the Contra Costa Realtors in Motion(CCRIM) real estate marketing group. Nate Ellis specializes in assisting First Time Home Buyers with no money down by leveraging Down Payment Assistance in the form of grants and "silent seconds". Nate Ellis is a certified lender for the City of Walnut Creek, City of Concord and City of Pittsburg First Time Home Buyer program, as well as several other San Francisco Bay Area Cities. Nate Ellis is also the Chairman of the Mt Diablo Housing Opportunity Center(MtDHOC) steering committee. The MtDHOC acts as the central resource for Contra Costa County's housing needs and education regarding: First Time Home Buyers, Foreclosure Prevention, Senior Housing and Landlord and Tennant resources. Nate Ellis is also a Certified Money Management Volunteer (CMMV) for Money Management International and assists people with credit evaluation and financial education. Nate Ellis is a certified CalHFA, CalPERS and FHA Lender. Nate Ellis is a Loan Officer for Residential Pacific Mortgage 3201 Danville Blvd, Alamo, CA 94507. Equal Housing Lender. Any rates or programs quoted or referenced are not guaranteed and are subject to terms and conditions. All offers and programs may be withdrawn at any time. ©Copyright 2008 MrDankeSchoen Nate Ellis http://www.cahousingblog.com/ Nate@BuilditBuyitRefiit.com Help a Teacher, Cop, Firefighter or EMT be a Good Neighbor.