Tracy, CA

Thank you LITTON

I faxed my short sale authorization for my clients last Thursday!!!

& you won't believe what happened next!!!

I got a fax 2 business days later from LITTON asking for me to send in 5 pertinent documents to get this short sale going.

It is great.

Now the wait :)

my gut tells me that they are on the ball.....

stay tuned for the outcome.

call me if you want help short saleing your home at 209-321-6122 in Tracy, CA or nearby...

WHO is the judge? Short Sale Hardships

When it comes to a short sale WHO IS THE JUDGE on what a hardship is or is not? Is it your local Realtor, your neighbor, you, the lender? Bottom line it is the lender, and each lender is different, I'll go as far as to say each negotiator is different, to determine what is or is not a hardship.

I had a prospective Short Sale seller in Tracy, CA ask me if I thought their situation was a hardship that would be approved by the bank to short sale their home. I couldn't and wouldn't answer their question.

Personally, I don't want to be the one to make that decision.

I've been working the past 5 years in Tracy and Mountain House, CA helping home owners short sale their homes. Homeowners are typically 30- 50% upside down in our local real estate market. I've seen short sales get approved that in my opinion no hardship existed. I've seen short sales get denied when I was certain there was a hardship.

I tell prospective short sale clients I will leave hardship determination up to their lender. I'm here to help you, the seller, if you want to proceed with a short sale, then I will do what I can to get your short sale approved.

Are you the judge, or do you allow the bank to determine what is and is not a short sale hardship?

Susan Goulding

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Real Estate Investors - Great news for you -- you can now buy a foreclosure, fix it up and flip it to a sell it to an FHA Mortgage First Time Home Owner. Become a local Philanthropist by buying foreclosure homes and then help a first time home buyer use an FHA mortgage to purchase your property.

FHA First Time Home Buyers - Great news for you! 1st time home buyers who are using an FHA Mortgage to purchase their first home can NOW buy a fixed up home the day it goes on the market. 1st time home buyers you no longer have to wait 90 Days to use your FHA loans to buy that great home. A foreclosure someone has fixed up and now it meets the FHA loan criteria.

The FHA Loan waiver will apply to all FHA Loan contracts written Feb 1, 2010 or after. FHA Buyers have until Feb 1, 2011 to take advantage of this waiver. FHA first time home buyers you now have one year to BUY!!!

Here are a couple of things to be aware of with the 90 Day FHA Flip Rule Waiver:
1. Investors or Equity Sellers who sell their home or foreclosure this applies to YOU.
2. Arms Length Transaction - You can not be related to the person buying or selling the property. (Mom or Dad can't buy a foreclosure, then sell it to their children who are using an FHA loan within 90 days.)
3. If the sale price is 20% or more than the first purchase there must be an explanation how the value was increased. Repairs, rehab work, etc. (This may be difficult if the seller does not keep good records to any renovations that are done.)

Questions:
What if no work was performed?
What if the property was bought on the auction steps, and flipped right away?
What if, What if, What if.....Contact us today for answer to these and any other questions you may have as watch as changes happen daily.

Don't forget the First Time Home Buyer's Tax Credit was extended until April 30th.

Tracy & Mountain House Real Estate Information

Tracy 1st Time Home Buyers Information

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