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Temecula, CA

Short Sales - Patience is the Key

Jane Grant -   Southwest Real Estate, Inc.,  Temecula: Real Estate Brokerage in Temecula, CA

Each short sale is different  - Due to the fact that there are many moving parts involved as well as different players:

 

The Players:

  • Banks - (each have their own Loss Mitigation department that handles  business a little bit differently)

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    • I would like to hear from some loss mitigation managers here?
    • Please give us your comments on this blog regarding your procedures that you use to handle your inventory.  This will help educate Mr. and Mrs. Buyer.

 

  • Borrower/Owner - (Depending on how much they owe and if they have a 2nd or 3rd Trust Deed) Is their short sale package complete?
  • I would like to mention here that people loosing their homes are hoping for a short sale so that they do not have foreclosure on their credit report.  Many are victims of bad loans and it is not always their fault.  They need to be treated with respect and compassion. 

 

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In my opinion a house should not be listed until the short sale package is accepted in the first place.  However, many owners anxious to get out from under their loans will list their property before their Short Sale Package is approved.  

  • A short sale package is what the borrowers' bank uses to determine if they will accept less than the borrower owes in the first place.  The Borrower/Owner has to substantiate that they cannot make the payments due to lack of income or some other situation or hardship. 

Then, if the borrower/owner has the short sale package approved, the bank will determine what they will accept for a short sale price.  This is usually done by using a Broker Price Opinion.

 

Bank Owned Homes

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  • (If the Short Sale is not approved by the bank then the home becomes a Bank Owned Property when the borrower/owner has run out of time to "cure" the debt.) 
  • The foreclosure process has gone through all steps. Notice of Default and Trustee's Sale are complete.  Property's title is in the Banks Name. 
  • The Borrower now has a "Foreclosure" on their credit report.
  • If the property does not sell at the Trustee's sale, (most do not), then the bank will re-list the property with another Real Estate agent. 

 

 

The Parts:

  • The Condition of the house -  If the house has problems, such as water damage, that is a good reason for it to sit for a long time. This leads the general public to think that all houses are sitting and all houses should be purchased lower than the listing price.

 

  • The Location of the house -  If the house is in a prime area, and in good condition, then there are probably going to be multiple offers higher than the listing price.

 

 

The savvy buyer versus The Impatient Buyer

The savvy buyer follows this plan:

 

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  • The Savvy buyer will wait and understands how long a short sale can take.
    • Due to the quantity of short sales being submitted to the banks loss mitigation manager, on a daily basis. 
    • And the fact that the loan could have been sold/packaged in a bundle of loans and several investment banks may need to be contacted to approve the offer.

 

  • The savvy buyer has been educated by reading investment articles on the Internet, in books  and television shows.  He/she also listens to his/her Real Estate Agent who explains that the short sale process can be profitable but slow.

 

  • The savvy buyer makes a full price or above full price offer depending on the most recent sale amounts of comparable properties, provided by his/her agent.

 

  • The savvy buyer realizes that making a clean offer with no contingencies is best.

 

  • The savvy buyer places several offers at the same time on several houses knowing that at least one will be accepted.

 

  • The Savvy Buyer closes escrow on a home after a longer than expected escrow, sometimes 60 or 90 days. 

 

  • The Savvy Buyer is in a position several years later to sell the house for a nice profit.

 

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The impatient buyer follows this plan:

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  • The Impatient Buyer makes a lower offer than the listing price, "thinking that everyone should be just head over heels that he has made an offer at all".

 

  • The Impatient Buyer is amazed that his offer is not jumped on and accepted immediately.

After only one or two weeks........

  • The Impatient Buyer gets so angry thinking that it is someone's fault, his agent, the listing agent, the bank...that he cancels the offers and does not buy anything.

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Which plan makes sense to you?

What Do Jay Leno & Dick Cheney Have In Common? Temecula Wine!

Tom Plant - Murrieta Real Estate Expert  - Coldwell Banker Residential Brokerage: Real Estate Agent in Murrieta, CA

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We are abundantly blessed in the Temecula Valley. Our climate provides ideal conditions for growing fruits and vegetables and wine grapes are no exception. Our wine country continues to draw tourists and rave reviews. One of the newest additions is the Briar Rose Winery, open for tasting by appointment only.

 

Laura and I were anxious to pay them a visit having heard rave reviews. Jay Leno I was told stopped by one day and left with a case of their Cabernet Sauvignon. We arranged a visit recently and were delighted by what we saw and tasted. We were led to a table for two and greeted by the sommelier Gabriel.

 

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We tasted several wines, all delicious, and learned a lot about wine and the reputation Briar Rose has earned. There are only a handful of restaurants that serve their wine, and it is on the menu at the Vice Presidential estate in the nation's capitol. We had a delightful time there and had a brief visit with Dorian, one of the winery owners. We plan many return visits!

 

BR wineryDorian & Laura

 

 

Murrieta Real Estate Expert – Tom Plant, REALTOR® - Coldwell Banker Residential Brokerage    

Active Rain Ambassador   (951) 907-9701

It would be my honor to show you the incredible Temecula Valley, a place I’m very proud to call home.

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It's A Beautiful Day - In Concert.

Gene Wunderlich - Selling Southwest California Homes / Temecula & Murrieta: Real Estate Agent in Temecula, CA
10-5 beautiful day
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Last night Jon & Jane Laskin of the Musicians Workshop presented another of their fabulous In-Home Concerts at an estate home in Tenaja. About 150 people came out on a cool, rainy evening to enjoy the sounds of It's  Beautiful Day. If you're not familiar with the band, leader David LaFlamme started this band in 1967 in San Francisco. Though they never quite reached the peak of fame of some of their contemporaries like Santana, Jefferson Airplane, Quicksilver Messenger Service or the Grateful Dead, their main anthem "White Bird" is easily recognizable to those of you who lived through the Summer of Love, as are several of their other hits like 'Bombay Calling', 'Time Is' and 'Girl With No Eyes'.

david laflammeAs you might imagine, when you hold a concert in somebodys living room, it's an intimate occasion - even if it's a huge living room. That's what makes the In-Home Concert series such a hit with fans. You can check out previous featured acts here. Last night we shared a meal with the band and ended up sitting less than 2 feet away during the performance.

linda laflammeAnd did they ROCK! They played a solid hour of hits and then took a short break to sign CD's and original album covers and chat and drink a little vino and then they came back on for another half hour of entertainment. They were obviously enjoying themselves and, as a result, the rest of us did too. David regaled us with short stories between songs about the genesis of some of the material, about escaping out the back door of an old church with Steve Miller as the cops were coming thru the front door and about traveling thru India with the Maharishi in the early 70's.

toby grayThe last time I saw these folks live was in 1971 or 1972 on a bill with Quicksilver and The New Riders of The Purple Sage (or maybe it was Santana - there is much that's unclear about those days). Their music hasn't lost a beat. Both David & Linda retain fine voices with great range, David's fiddle goes from a gentle sigh to a rasping yell in a moment showing why the value of rock & roll fiddle has always been underrated. His instrumental duets with lead guitar Rob Espinosa were electric and his vocal duets with Linda were perfection. They've been together 35 years through kids, grandkids and numerous concerts and the compatibility shows through in every nuance of their music.

val fuentesThe band is made up of David LaFlamme and his wife Linda. She's not the original wife Linda who started the band in 1967 but she's the Linda that's been there since 1970 so she's the voice you know. Drummer Val Fuentes is also an original to the band, Toby Gray on Bass and Gary Thomas on Keyboards have been with them for 20 years and lead guitarist Rob Espinosa is the newcomer with only about 8 years tenure. 

bdIf David LaFlamme and It's A Beautiful Day make it to your part of the country, don't write them off as an over-the-hill gang. They will rock your socks off. Not only that they are congenial, personable, eager to sign autographs and talk about family or the old days. But not the good old days - because as David says, there's still plenty of good days left to come.

I wish I could revisit all the places my camera has been

Temecula, CA Photography Photography by Dave Keys 888.216.1231: Virtual Assistant in Temecula, CA

I've been pretty lucky. My travel has spanned half the globe. Maui did its part to make the case for that claim. I've not been many places that intrigue me like China and Egypt.

My revamped site for my Temecula CA Photography side business has actually turned into a place I like to visit just to see where my memory takes me only because of the help it has from the images I've gathered from Rome, Venice, Auschwitz, Amsterdam, Maui and a host of others.

Temecula - Brand New Homes only $269,000

Jane Grant -   Southwest Real Estate, Inc.,  Temecula: Real Estate Brokerage in Temecula, CA

Beautiful 2200 sq. ft. 4 bedrooms, New Construction, Temecula These homes come with community pool, Spa, work out room and are reduced to $269,000.00.

Park with several B-B-Q's. Come see this lovely community. Upper-scale homes with many amenities. You will not find a better deal on a home. This home has been reduced for quick sale. Only one at this price. Call me or e-mail me today. info@soreal.biz Call Toll Free at: 866-621-0155 2203 Sq. Ft. of Living Space 2 Car Attached Garage Jane Grant, Southwest Real Estate, Inc. Call me for a private showing: 866-621-0155. This price is only for Standing inventory..... Visit me on the web at: www.riversidecounty4closures.com