David Clark

Step1 First, know your competition. Visit real estate websites and drive around you neighborhood and look for homes for sale that are similar to yours in size, bedrooms, bathrooms, lot and square footage size. Find out the asking price and calculate the price per square foot. You can also visit realtor.com and forsalebyowner.com to get a more detailed list of homes on the market in your area.

Step2 Second, visit as many open houses as you can to find out how your home compares to others. Check out upgrades and renovations. Next, learn how much homes have sold for recently. Sale information is public and can be found at your county clerk's office or the local town hall. Trulia.com and zillow.com have recently sold features that will list all info about properties in your area.

Step3 Third, consider getting a comparative market analysis which will compare your home to similar nearby recently sold homes. It will give you a suggested range to price your home. Now you have all the data you need to compare your home to others in your neighborhood and local area. Evaluate the info and ask yourself how your home stacks up with the others. Compare what condition it is in and how it compares in location, features and remodel projects.

For More Info call David clark or go to www.thinkrealestatethinkclark.com

NACA (Neighborhood Assistance Corporation of America)

David Clark is a NACA referral agent. I have serviced several NACA members to help them through out the home buying process. To sign up for NACA.
1. Click on side tab at side were it say NACA referral agent.
NACA referral agent
2. Fill out your information.
3. Click on Home Page tab for NACA.
4. Click NACA workshop at bottom of page.(put in zipcode)
5. Sign up for NACA worshop.
6. Give David Clark a call (443-286-0042) after you sign up for details and information about NACA.

The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA's primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market. Investing in working peopleThe NACA homeownership program is our answer to the huge subprime and predatory lending industry. NACA has conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. NACA's track record of helping people who have credit problems become homeowners or refinance out of a predatory loan debunks the myth that high rates and fees are necessary to compensate for their "credit risk." Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA's confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership. NACA - America's Best Mortgage ProgramThe incredible NACA mortgage allows NACA Members to purchase or refinance homes with:
no down payment,
no closing costs,
no fees,
no requirement for perfect credit,
and at a below-market interest rate. Everyone gets the same incredible terms, including the below-market interest rate, regardless of their credit score or other factors. NACA also provides free, comprehensive housing services. NACA counsels Members into the extraordinary NACA mortgage using character-based lending criteria that takes each Member's circumstances into account to determine whether they are ready for homeownership and what they can afford. This is in contrast to risk-based pricing where people are often given loans they cannot afford while brokers and others make tremendous fees and profits. Property renovation and foreclosure preventionNACA also provides property renovation assistance and Membership Assistance for NACA homeowners. NACA's Home and Neighborhood Development ("HAND") Department addresses repair issues, and where appropriate provides rehab assistance throughout the renovation process. NACA's Membership Assistance Program (MAP) provides comprehensive counseling for Members who are delinquent on their home payments, including establishing payment agreements and providing financial assistance to help Members avoid foreclosure. Innovative technologyThe NACA program has developed state-of-the-art mortgage software for web-based counseling, processing and underwriting., called "NACA Lynx", which is the envy of the mortgage industry. This is a paperless system that allows for character lending, loan processing and underwriting to be done on a very large scale. Powerful national advocacy NACA has revolutionized mortgage lending with its mortgage services and advocacy. NACA's organizing department continues the aggressive advocacy against predatory lenders and the fight for economic justice. NACA is a high-profile organization, with its program and advocacy featured in the national media, including the Wall Street Journal, Prime Time Live, Boston Globe, Washington Post, major news outlets, and local networks nationwide. NACA's committed staff and contacting NACAOur staff of hundreds of dedicated staff is committed to working with you to access this incredible mortgage product and to advocate for strong neighborhoods and economic justice. We are always looking for qualified staff-see our current job listings for details. To keep updated on NACA services, campaigns, and relevant legislative happenings, sign up by clicking on side tab were it says NACA referral agent.

Short Sales and Credit

Sellers may wonder whether letting a property go into foreclosure would be easier and smarter than going through a short sale. With a foreclosure, and depending on state laws regarding foreclosure, a seller could stay in the property, essentially rent free, for four months to a year before being forced to vacate. But that fact alone does not mean a foreclosure is better.
Whereas a short sale involves offering the home for sale, generally listed through MLS. Potential home buyers will make appointments to view the home, some will make lowball offers, agents might hold open houses and, in general, a seller's life will be disrupted, all in the hopes that a buyer will buy the home.
Basics of a Short Sale
Short sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Not all lenders will negotiate a short sale, and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender's loss mitigation department to find out.
You can't just wake up one morning and decide you're going to sell your home at a loss by asking for a short sale. It used to be that lenders wouldn't even consider a short sale if your payments are current, but that is changing. However, realize that lenders will be more agreeable to negotiation if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts. Doing a short sale is not for the faint of heart.
How is the Seller's Credit Affected?
According to David Steep, division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by going through foreclosure as giving the lender a deed-in-lieu of foreclosure. Steep says the points lost on a FICO score are as follows:
Foreclosure or Deed-in-Lieu of ForeclosureBoth of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.
Short SaleThe effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420.
Catherine Coy, a mortgage broker in southern California, agrees. "The effect on a consumer's credit report -- foreclosure vs. short sale -- is the difference between being hit by a train or a bus," says Coy.
Waiting Period Before Buying Another Home
Foreclosure or Deed-in-Lieu of ForeclosureSteep says a seller who wants to buy another home after foreclosure will end up waiting about 24 to 72 months before a lender will offer any kind of interest rate that makes sense.
Coy says, "The good news is a short sale will allow the consumer to obtain an institutional loan for a new home within two years".
For more information, see the Fannie Mae Selling Guide online. Click on the PDF link in the yellow box and see page 75.
Short SaleSome agents say the good news for short sale sellers is the wait is much shorter before buying another home, and new Fannie Mae guidelines make that a true statement.
Can a seller buy again under two years? Partially true, says Coy, "It's an utter myth that a consumer 'can buy again in about 18 months at a good interest rate.' However, new Fannie Mae guidelines now require only 24 months' seasoning, and that's good news for agents who specialize in short sales."
Short Sale / Foreclosure Deficiency Judgments
The bad news is a seller could be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a trustee's sale wipes out the right to a deficiency, except for certain junior lienholder conditions. In California, purchase money loans are not subject to deficiency judgments; however, hard money loans, equity loans and refinances are, providing certain conditions apply. Some other states have laws regarding personal guarantees, which could also result in a deficiency judgment, if the home owner is held personally liable for loan repayment.
The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer.
If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale. Coy says that according to "Score Factor Code #22, there's no credit score advantage to a short sale over a foreclosure." The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. But seek legal and tax advice before making that decision.