About Shasta County, CA

I NEED TO SHORT SALE MY HOME !!! Are you sure? Part II of II, Cottonwood CA Homes For Sale

LOAN MODIFICATION --- SHORT SALE --- FORECLOSURE

How many times have you heard someone mention the term Short Selling a home? Why would you want to Short Sell your home? Are you are no longer able to make the mortgage payments and you owe more than the market value of the home? Short Sale MAYBE the solution, but have you considered all your options?

In Part I of our series we discussed the Loan Modification as the first step in pursuing a solution to a mortgage problem. Today we will look at some of the main issues to consider with a Short Sale versus Foreclosure on a home. Cottonwood CA Homes For Sale

SHORT SALE: Selling a property for less than the amount owed on the mortgage(s) including any 1st and 2nd mortgage. If there are 1st and 2nd mortgages the approval of both lenders will be required .

Things to Consider:

1. Recourse Debt: If you sell your home for less than the amount owed the lender may have legal right to pursue collection at a later time. Debt relief may be considered taxable gain by the IRS. It is important that you find out the type of debt, the agreement you are making with your lender(s). Purchase money loans versus cashout loans, that were not used to increase the value of the property, maybe handled differently by the lender and/or IRS.
2. Legal Counsel/Tax Advise: Seek competent Legal counsel and Tax advice before entering into any agreement and determine which course of actionis right for you.
3. Credit Rating: Advisers have different opinions on the impact to credit scores from either a Short Sale or Foreclosure. There are a number of factors that determine how quickly your credit will recover. Some lenders would lend in 2-3 years and some would lend in 2 to5-7 years relative to Short-Sale versus Foreclosure history.
4. 3rd Party liens: IRS, property tax, HOA; mechanics liens and judgments reduce the likely hood of a successful Short Sale. At the very least these items prolong a process that generally takes more time than a standard real estate transaction.
5. Current Payment Status: If a payment has been missed it is wise to seek solutions as soon as possible. Pursuing a Short Sale generally does not stop the Foreclosure process.
6. Beware of any company that guarantees your Short Sale success. There are many factors that influence the success of Short Sales and a number of those factors are beyond the control of the Seller and the Agent.
7. Sales Commissions are paid by the Lender:There is no benefit in attempting to Short Sale your home as a For Sale By Owner (FSBO). The amount of work involved in working with the lender is extraordinary. Even the real estate agents that do them don't "like" doing them.
8. P.U.S.H: Prepare for a sale. Utilize all available resources. Stage the home to sell. Hope for the best. A positive attitude is healthy and helpful in making decisions and processing all of life's experiences.

FORECLOSURE: Process by which a property owner's rights of ownership are terminated by the party of legal interest (lender). This process varies from state to state. In California the most common method is through non-judicial foreclosure /Trustee's Sale. Although a judicial foreclosure provides the lender additional rights it takes longer and is not common practice in California.

Things to Consider:

1. Recourse Debt:If your home is foreclosed and the lender sells the property for less than is owed, the lender may have legal right to pursue collection at a later time. Debt relief may be considered taxable gain by the IRS. It is important that you find out the type of debt on the property. Determine whether the mortgages were purchase money loans versus cashout, home equity loans. Loans that were not used to increase the value of the property, maybe handled differently by the lender or IRS.
2. 3rd Party liens: IRS, property tax, HOA; mechanics liens and judgments may not survive the foreclosure process.
3. Legal Counsel/Tax Advise: I would like to imphasize seek competent Legal counsel and Tax advice before entering into any agreement and determine which course of action is right for you. Cottonwood CA Homes For Sale

If you have questions help is a phone call away 530-347-6122 or email steve@chainrealestate.net

SEARCH COTTONWOOD REAL ESTATE SEARCH COTTONWOOD INFORMATION

This information is provided by your Realtor, and is not a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Cottonwood CA homes for sale

I NEED TO SHORT SALE MY HOME !!! Are you sure? Cottonwood CA Homes For Sale

LOAN MODIFICATION --- SHORT SALE --- FORECLOSURE

How many times have you heard someone mention Short Selling a home in the recent real estate market? Why would you want to Short Sell your home? Are you are no longer able to make the mortgage payments and you owe more than the market value of the home? Short Sale MAYBE the solution, but have you considered all your options? First things first, the loan modification should be the first option you consider. Cottonwood CA Homes For Sale

LOAN MODIFICATION: A Change in interest, term or loan principal resulting in reduced payments. You as the homeowner may contact your lender. Most lenders are motivated to help you stay in your home. You will need to provide a list of information and documentation to be considered for a loan modification. Loan modifications may be temporary or permanent depending on the lender and your agreement. Free assistance is available from FHA and HOPE Alliance.

Things to Consider:

1. Beware of any company that requests up front payment or requests you sign over your rights to your home. There are companies that provide assistance in obtaining loan modifications. It is illegal SB94, in California, to request up front payments or progressive payments for so called services. California Licensed Real Estate Agents may assist you with loan modifications.

2. Beware of any company that suggests that you short sell your property without first at least considering the loan modification process.

3. Not all lenders are the same: The programs that are available will vary widely depending on whether you have a conventional, FHA, fannie mae, freddie mac loan and your loan servicer.

4. Repayment ability: If your loan payment is to be reduced you will need to demonstrate repayment ability. If you have had a event, like a job loss, or other change that hinders your ability to make the mortgage payments, then you should also consider the other options available to you.

5. Current Payment Status: You do not have to miss payments to seek a loan modification. Check with your lender to find out their policy.

If you have questions help is a phone call away 530-347-6122 or email steve@chainrealestate.net

SEARCH COTTONWOOD REAL ESTATE SEARCH COTTONWOOD INFORMATION

This information is provided by your Realtor, and is not a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Cottonwood CA homes for sale

In the ever changing and evolving complex world of our global economy and our national economy, how has the profession of a Real Estate Agent or Realtor changed?

Are the older traditional methods still relevant with all the technological changes in our Industry? Has social networking resulted in a division from traditional real estate and that of the latest trending technology solutions for real estate?

With the new mobile solutions that allow us to basically do most of our business on our cell phones, to using video and pod casting for better ways to communicate with our Consumer along with the creation of better websites that provide the Consumer with the tools they can use to better learn about local, national and global real estate markets, have we left the majority of Realtors and Real Estate Agents behind?

My personal opinion while qualifying the fact that I am a "Technologist" and have been so for longer than I care to share is that the answer would be NO. Real estate is and will always be a "relationship-based" profession. A good agent with a mature business and who has lived and worked within his or her community for a long time can be just as successful as those Real Estate Agents and Realtors who are using every leading edge technology solution.

I would encourage all agents to invest in learning how technology can better help you in your business, however I will always know that it is the work we do on behalf of our clients that enables us to remain in business and to continue to build our business. Relationship is everything in our Industry and the REAL in Real Estate Agent means connection to helping our clients reach their goals and staying in touch on both a personal and professional level.

The job does not end when the keys change hands. That's the REAL part of being a Real Estate Agent!

I am Jeanean Gendron, your Redding and Shasta County Specialist. You can reach me at 530 276-7417. I answer my phone.

Here are the city of Redding and Shasta County demographics and links to the many things available to the people who live The Shasta Lifestyle here in Redding and Shasta County. Enjoy! Shasta County, Land area is 3,785.2 square miles, Density 47.4 people per square mile, versus California Density at 217.2 people per square mile. Population (2006 estimate): 179,951. House Hold Income: Median $37,696, Persons below poverty is 13.4% and Home ownership rate is 66.1%. Education: High School graduates: 83.3% of adults 25 and up. Bachelor’s degree is 16.6% of adults 25+ Redding, population is 90,033 (in 2000), incorporated in 1887. Average temperature in January is 55 and average July temperature is 98.

Information Links for Recreation and County and City Resources: Shasta County: A Guide to Shasta County ~ Shasta County Parks, Trails and Open Space Plan Shasta County Guide to Recreation ~ California State Parks - Shasta Cascade ~ City of Redding Information Center ~ Turtle Bay Museum ~ Redding Convention Center ~ Cascade Theatre Schreder Planetarium ~ Turtle Bay Exploration Park ~ Shasta State Historica Park ~ Sacramento River Trail/Caldwell Park ~ Sacramento River Trail Map Redding Community Services ~ Shasta County Library ~ Shasta Historical Society

Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

Redding Properties and Land

New Homes Shasta County

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Short Sale Help for Sellers

Jeanean Gendron ~ I love Redding and Shasta County, California

530 276-7417

We're often asked this question by friends, family and clients and while it's important to clarify that not all homes hit bottom at the same time, if we look purely at local MLS numbers and current market activity, we can safely say that Redding's Real Estate market in general has seen the bottom.

The decline of home values has slowed down in our area and our "pending" sales continue to increase every month...causing sales activity to remain solid. A recent index by Zillow, indicated that Redding's home values for the month of September were up 0.1% compared to August and down 20.6% compared to September 2008. In one of their recent surveys, we see that 84% of homeowners believe their home has reached bottom. Some interesting statistics in this survey indicate that:

• 41% think their home's value will increase in the next six months
• 43% think their home's value will stay the same
• 17% think their home's value will decrease

Experts in our industry are reporting favorable home prices in many parts of the country, including our home state of California. Bidding wars you say? Yes. Prices so good that they have ignited bidding wars as first-time buyers compete with investors for many of the same foreclosed properties. It's been years since we've seen property values so low that people (normally not investors) are investing in great neighborhoods and creating some positive cash flow for themselves.

On the other hand, one must also consider several external elements before speculating on how soon home values will begin to appreciate again.Some of these factors include but are not limited to;

• The economy
• Unemployment
• National Issues
• Consumer Confidence

With all that being said, I personally believe we have hit bottom here inthe beautiful North State, but I'm staying realistic to the fact that it will take at least a decade if not longer for home values toreach double-digit appreciation. To say that we are at a turning point is more accurate, and that dear friend, is good news!

Got questions pertaining to real estate? Visit our website.

Chris and Maria Jeantet, Realtors
Redding, CA
Coldwell Banker C&C Properties
(530) 510-8880

We are so excited about this year's Christmas Show here in Redding! We bought our tickets and now we can hardly contain ourselves, you'd think we were five years old! Afterall, isn't that what Christmas is all about, being a child again!

Christmas is the most magical time of the year, and nothing brings the magic of the season alive like A Cascade Christmas right here in our little town of Redding! This dance spectacular by the Dance Project continues to be a huge hit for the local community. Lavish costumes, precision choreography and beautiful backdrops will transport the entire family into a world where sugarplums dance, ice skaters waltz, and Santa's elves make children's dreams come true....oh I can hardly wait!

Opening Thanksgiving weekend for an 8 performance run, A Cascade Christmas is affordably priced so the whole family can attend this captivating and heartwarming holiday show, but get your tickets and holiday gift certificates early!

Tickets range from $10 - $25, call Cascade Theatre Box Office by phone at (530) 243-8877 or 1-877-646-4849.