Brendan & Brenda Winans Luxury Real Estate & Short Sales

New Protection For Homeowners Doing Short Sales

On July 15th, 2011, Gov. Jerry Brown signed SB 458 into law with an urgency clause making it effective immediately.

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders – those in first position and in junior position- will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

Junior lein holders tend to get the proverbial “shaft” in the short sale process (usually a $3-6K contribution, regardless of how much is owed). Many are known for requesting/requiring a promissory note to be held by the seller after the short sale closes, in order to achieve short sale acceptance. This will no longer be allowed.

Once a short sale is close, it is final! Banks are no longer allowed to pursue additional monies or agreements.

For a copy of SB 458 click the link: SB 458.

Brendan and Brenda Winans are full time professional Realtors®. To search through thousands of California listings, please click the link/logo below.

Modifying your mortgage? Perhaps you should modify your expectations!

If you live in the Bakersfield area, and you've defaulted on your mortgage... chances are that Brenda and I know about it! Don't let that scare you, we're here to help!

There is a theme amongst struggling homeowners, when approached regarding their mortgage situation. A knee-jerk response that people seem to be responding with. "I'm modifying my mortgage, thank you" they say (not everyone says thank you). What seems to baffle me is that the homeowner will make this statement with full confidence that this is the solution to all of their problems, that it will go through, that foreclosure is not even a threat, and that there is no need to even consider a short sale. Unfortunately, when you review the statistics of how many people apply for a modification vs. how many people actually receive a modification, you begin to see how little your chances actually are for getting a realistic modification. How about looking at the number of people that apply for modifications and wind up in a foreclosure situation.

The most common scenario that we've witnessed time and time again, is the one where Mr. or Mrs. Homeowner apply for a modification, they are asked for documentation, they are strung along for weeks and weeks (meanwhile the clock is ticking, and foreclosure is nearing). At this point one of two things usually happens. Mr. or Mrs. Homeowner either receive the news that they do not qualify for a loan modification, several days before foreclosure leaving them with no option but to accept the foreclosure. Often times, Mr. or Mrs. Homeowner will not hear anything at all from the bank, time will run out, and the home will proceed to the sales, both scenarios resulting in the same situation.

I am not saying that you should not pursue a loan modification. If you are struggling to make your mortgage payment, I completely understand wanting to do absolutely everything you can to stay in your home. However, I am simply trying to make people aware of the statistics. Do not allow your bank to drag you along, all the while you think you're "getting a loan modification" when in fact they're keeping you from stopping the foreclosure. If you're about 30-45 days from your foreclosure date, it's time to talk to an agent regarding a short sale. Short sales are a time consuming process, that only become harder the closer you get to foreclosure. Not to mention, you will probably stay in your home longer with the short sale process, than you will with the loan modification process.

If you, or someone you know, are struggling to make your mortgage payment, don't wait, give us a call today. You can contact us -here-.

For more information regarding Short Sales, please click here.

Brendan and Brenda Winans are full time professional Realtors®. To search through thousands of California listings, please click the link/logo below.

I Want To Sell, But I’m Not A “Short Sale”

There are homes that we list on a monthly basis that are not short sales or foreclosures. These sellers have equity, and have the ability to make a profit on their home. Whether it is to upsize or downsize, many homeowners have the need to sell in this buyer’s market. Buyers are out and determined to purchase that perfect house. Along with marketing and pricing, my sellers are meeting or exceeding their bottom line goals. If you have any questions on the value, equity, and/or steps to sell your home, give me a call.

Brendan and Brenda Winans are full time professional Realtors®. To search through thousands of California listings, please click the link/logo below.

9004 Hughes Ln. Bakersfield, CA. 93313 -- $274,000

4 Beds | 3.5 Baths

2696 Sqft.

Come and join Brenda and me at this beautiful open house, this weekend 6/18.

Enter the Private Casitas from the courtyard, inside you'll find a kitchenette with granite counters and a marble bath. The Grande entry welcomes you into a custom home with 10' ceilings and 8' doors, crown mouldings and arched mahogany stained doors complete the elegance within.

In our business, we try to maintain a realistic "edge" that, in turn, will allow us to say "yes I can confidently reach or exceed your financial goal", or "perhaps now is not the best time for you to sell, and you may better reach your goals by listing later on". We have observed, many times, that a home will be priced much higher than the "similar" properties near it, and it will sit and sit and sit and sit..... you get the point, it does not sell. In today's market, there are plenty of homes for buyers to choose from. Most of the homes are in need of some repair while others are literally in a turn-key condition. Matched with careful analysis of sales activity within the neighborhood, your marketing focus must zero in on the unique qualities of your home, what makes it "stand out".

Where can you improve your home and get the most for your value? The following are a few ideas:

• Update your landscaping by cleaning or planting simple flowers and/or basic shrubbery.
• Clean, paint and make the home smell fresh.
• Replace the garage door.
• Clear the home of all clutter, open space is key.
• Replace items that are cracked or broken, buyers like to see that things are complete.
• Replace the front door or paint it.