There are a 158 homes in some stage of the foreclosure process in Calabasas. You can search online for homes that are bank owned, have a sale date set or a notice of default filed here.
Most of the San Fernando Valley has been riding the real estate roller coaster since August of 2007 and it hasn't been such a great ride for most of the Valley. Our neighbors on both sides have seen price drops year over year. Agoura had a 6.2% drop in the price per square foot and Woodland Hills had a 5% drop in the price per square foot from December 2009 to December 2010.
Calabasas real estate has managed to hold its own during 2010, even gain a little bit increasing 4.6% from an average of $322 per square foot in December of 2009 to $344 per square foot in December of 2010.
When a mortgage becomes unaffordable, avoiding foreclosure becomes a primary goal. It is a unique situation that adjusts priorities and changes perspectives. For the millions of homeowners unable to make their mortgage payments today, there are alternatives to foreclosure that can lead to an entirely different, more positive financial outcome.
One of the leading solutions to foreclosure today is a short sale. In a short sale, the lender agrees to accept the sale amount, even if it is less than what is owed on the mortgage. In this report, you’ll see how the consequences of foreclosure compare to those of a short sale. As a CDPE-designated agent, I have been extensively trained in the alternatives to foreclosure and can help you make an informed decision.
Our goal is to help you get your life back to normal as quickly as possible, and part of that is your ability to own a home again. Here, a short sale can help. After previous mortgage difficulties, owning a home in the near future will depend on your loan eligibility, which is severely impaired by foreclosure. A successfully negotiated short sale will allow you to be eligible for a Fannie Mae-backed loan in only two years, as opposed to five years after a
foreclosure (seven years if the property is not your primary residence).
What would it mean to own a home again in three to five years?
When attempting to acquire a mortgage through another company, your loan application will ask whether you’ve had a property foreclosure in the last seven years. These applications do not ask about any past short sales, meaning if you have avoided foreclosure through a short sale, your chances of securing a future loan with lower interest rates are substantially better.
Also, you can immediately apply for an FHA (Federal Housing Administration) loan after a successful short sale, assuming you are current on your mortgage payments before the sale. If you aren’t current, you will be eligible after just three years. If you want to determine your
eligibility for this process, contact me as soon as possible.
Your Future Credit
A short sale may only lower your credit score by as little as 50 points.
When facing the possibility of foreclosure, your credit score is also at stake – something that has become a stronger factor in lenders’ decisions to provide loans, low interest rates, credit cards, etc.
A short sale, by itself, can lower your credit score by as little as 50 points, as opposed to anywhere from 250 to over 300 points in a foreclosure. In addition, a drop in credit due to a short sale can be recovered as quickly as one year, while a foreclosure will affect your credit for at least three years.
Your credit history, which is also taken into account for loans, does not keep record of past short sales, but foreclosure will be publicly recorded for at least 10 years.
Your Future Employment
Current and future employers have the legal right to check their employees’ credit, and many of them do so regularly. If an employer checks your credit, you want the report as clean as possible. Unlike foreclosure, a short sale is not directly reported on your credit (it will usually say “paid as agreed”, “paid as negotiated”, or “settled”).
If your job requires a security clearance – such as police, military or government work – a foreclosure most often presents an issue. Since short sales are currently not explicitly reported on credit reports, they do not challenge most security clearances.
Your Deficiency Judgment
In most states, lenders have the ability to pursue a deficiency judgment, or the difference between the amount the home sold for and what was owed on the mortgage. In some successful short sales, the lender may surrender this ability. However, if the lender does not give up this right, a short sale will present a much smaller deficiency because they typically sell for much more than a foreclosed property.
Contact us for all the information you’ll need to know about deficiencies.
A short sale offers more than the opportunity to strengthen your future financial stability. It offers peace of mind. The value of this foreclosure alternative is why I have taken the time to understand and master the short sale process.
You deserve a professional level of guidance in your situation, and I offer extensive knowledge and access to updated information about foreclosure avoidance. As CDPE-designated agents, we have made a commitment to helping as many homeowners as possible. A short sale could make a huge difference in your financial future, so please contact us right away. Please call Tracey Thomas at 818-652-2937 or Steve Stratton at 818-414-0200.
We are here to educate you about all of your options for either saving your home, or getting out of your loan with your integrity. We believe that it is our social duty to lift Americans up when circumstances are at their toughest. That’s part of our responsibility as innovators at the forefront of helping every day people change their home loan circumstances.
One of the ways we accomplish this feat is by offering information. After all, information is power, right?
If truth be told; at no other time in recent history have we collectively needed a helping hand more than we do right now. The key to raising our communities and society as a whole out of the depths of despondency, and back up into financial and social prosperity is to make certain everyone is fully aware of all their choices. If we can help you gracefully transition out of a financially toxic situation, then finally our communities can be productive again – and you can journey forward discovering new and unfounded dreams.
When it’s time to walk away from your home so you can begin building for a better, more harmonious future, are here to help you sift through your options. A Short Sale, while not your first option for saving your home; is your last, best option before your lender forecloses on your mortgage.
The San Fernando Valley Real Estate Reality
The reality for San Fernando Valley Real Estate is at a crossroads. There are a lot of people dealing with home loans that are much higher than the value of their properties. This isn’t going to remedy itself. As the Southern California Real Estate Market continues to come back down to earth, so to speak, it is destined that Short Sales will remain somewhat prevalent until home values even out.
Our stance on this is; we want to make sure you’ve exhausted all your other options, first and foremost, before moving forward on this path. Secondly, if a Short Sale is in your best interest, we will work diligently to create the best outcome possible during this lengthy and life changing roller coaster.
Okay, Wait, Wait, Wait… What Exactly is a Short Sale?
A Short Sale is when your lender allows you to put your home on the market for less than you owe on the total principle. Bluntly stated, your lender is essentially cutting their losses by giving you the opportunity of paying back only the fair market value your home is worth. You can probably surmise why Selling Short can be an ugly process, e.g. lenders are never happy to lose money. Keep in mind, it’s neither your fault that the economy has bottomed out as much as it has, nor is it your responsibility that your lender’s home loan is worth more than your actual house.
Short selling your home in the current San Fernando Valley market could prove to be the right choice… if you’ve exhausted all of your other options.
Some of the benefits for a Short Sale include:
That being said, your bank or lender has to approve a Short Sale, just like a Home Loan Modification, because they’ll be taking a big financial hit; at least in terms of what your initial loan had led them to expect from you when times were positive.
Like I said above, your lender needs to approve a Short Sale. You must show signs of extreme financial hardships for your lender to make a Short Sale mutually beneficial. You’ll have to exhibit job loss, or the elimination of an important stream of income to convince your lender that endorsing a Short Sale is in their best interest. Also just like a Home Loan Modification, your lender requires a Hardship Letter and financial documentation to authorize a Short Sale.
Now, if you do indeed owe more than your home is worth on the current real estate market, you can prove hardship, and you’re behind on your mortgage; your lender might be willing to sanction a Short Sale.
The Last Option
Okay, so you’ve tried everything to save your home. It’s time to walk away with dignity and leave open as many future potentials as you can. We deeply understand the emotional stress that losing your home induces. We also know that you want to secure your credit as much as possible so you can rebuild your quality of life efficiently and quickly.
A Short Sale is shedding the past in the most honorable way; while leaving yourself with more positive options for the future. We team of compassionate experts ready to help you overcome your challenging financial circumstances, and assist you in rebuilding your life with as much authority as WE can.
Embarking on the process of a Short Sell is not necessarily easy; it’s not supposed to be easy… During the Short Sale process, empowerment lies in being gracefully navigated through each twist and turn, so that you’re left with a true clean slate. We can help you create a map that will steer you towards the most promising outcome.
If you’re a San Fernando Valley resident who needs help with your Short Sale, please give us a call to discuss your situation. We’d love to be a part of your recovery. Please call Tracey Thomas at 818-652-2937 or Steve Stratton at 818-414-0200 for more information. We're here to help you. We’d love to be a part of your recovery.
Mountain View Estates offers some of the largest and most luxurious lots in all of Calabasas. This private community of 385 homes is located off of Mureau Road in between Gates Canyon Park and Hidden Hills. The unique Mountain View Estates location is surrounded by the protected Santa Monica National recreation area and is also convenient to shopping, schools and transportation.
Driving along tree lined Mureau Road and entering the meticulously maintained Mountain View grounds you get a sense of years gone by. The drive to the gates is bordered by two ponds with fountains that spray water into the sky. The stone guard gate is reminiscent of old England.
The neighborhood children attend Las Virgenes Schools; Round Meadow Elementary, A E Wright Middle School and Calabasas High School.
The home owners association dues include tennis courts, security and access to hiking trails.
The estates in Mountain View were built between 1990 and 1998 by Morrison Development. Most of the homes are quite large, some with six or even seven bedrooms. The floor plans include generous sized rooms perfect for entertaining. Some homes feature a two story foyer with a grand stair case that curves around to the upper level. Square footage can range from 4,500 to over 7,000 and most have spacious kitchens that open to a huge flat back yard. These back yards have it all. Many have pools, putting greens, porticos, cabanas, patios with pergolas, BBQ islands. Some homes have views of the mountains. Prices range from $1.5 million to over $4.5 million.
If you're looking for a home in Calabasas with lots of room on a large, flat, usable lot, Mountain View Estates is a community that you should consider.
Recently listed on Newcastle Drive, a 6 bedroom, 6 bath Mediterranean with hardwood flooring, custom woodwork, master retreat with fireplace and lush private back yard, with pool and spa is offered at $2 million.
Also, just listed on Collingwood for $1.9 million, a 4 bedroom with home theater, marble floors, family room with wet bar. The estate also includes a wall of windows that has amazing views.
 |
|
|
Real Estate Broker specializing in extreme marketing of homes in Calabasas, Woodland Hills, Tarzana, Encino, Sherman Oaks, Agoura, West Lake Village, West Hills, and Granada Hills.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
