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1) Santa Barbara, Calif.

Average short-sale price: $283,825

Average discount vs. nondistressed sales: 42.69%

Santa Barbara experienced the biggest increase in short-sale purchases, which rose 107% during the fourth quarter from a year prior, nationwide, according to RealtyTrac. Real-estate agents say buyers returned to the market late last year in search of deals as home prices appeared to bottom out: the median sales price of all properties in the city was roughly $600,000 at the end of 2012, down from about $700,000 in 2010 and approximately $800,000 in 2008, according to listings site Trulia.

2) Phoenix

Average short-sale price: $149,094

Average discount vs. nondistressed sales: 37.84%

Buyers have been

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By AnnaMaria Andriotis

Owners of high-end properties who fall into arrears have more options

 

When the owners of high-end homes fall way behind on their mortgage payments, foreclosure is not a foregone conclusion. 

Lenders can be more willing to craft a new payment plan to make high-dollar homes more affordable. Paperwork and procedures are also often delayed, keeping homeowners in some states in their homes for two or more years after they’ve stopped making mortgage payments. And in some cases, lenders are offering homeowners tens of thousands of dollars in cash in exchange for their agreeing to a short sale, in which a home is sold for less than the borrower owes on the mortgage.

Repossession rates show the

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Daily Real Estate News |     Thursday, February 21, 2013    Short sales transactions can take up to three times longer than a traditional transaction. A lot can go wrong in that timeframe. Here are the most common delays we see.  

1. Poor short sale candidate. Establish objective criteria up front, conduct an extensive interview with the buyer,

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Real estate professionals who find themselves stuck in the short sale process can turn to a recently expanded tool from Fannie Mae.

The HomePath for Short Sales tool can be used by agents to escalate the short sale process. The tool is only for loans owned by Fannie Mae.

When agents escalate a case, Fannie Mae will contact the appropriate agent or servicer to address the challenge that may be stalling the process. Examples of issues that can hinder the process include valuation disputes, delays by servicers, or uncooperative subordinate lien holders.

Agents can also use the tool to receive a recommended list price from the GSE before listing the property.

“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan,

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Below you will find useful information;  If you are either in a Short Sale or contemplating one, here is an idea of what will happen to your buying capability.  Here is the answers for Conventional, FHA, VA, USDA.

How Do We Handle A Short Sale Transaction

The Cascade Team connects our clients with our in-house short sale department to work with you throughout the process. Because we are not attorney's or credit counselors, we have negotiated to provide our clients a FREE attorney consultation  to provide information on the impacts of a short sale, credit implications, concerns regarding deficiencies, etc.  There is NO COST to you for this service.  In addition, our short sale team will work with you to ensure all the information required by the

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Daily Real Estate News | Friday, January 18, 2013  

The Consumer Financial Protection Bureau released new guidelines for mortgage servicers on Thursday that set out to help protect home owners who may be facing foreclosure. 

CFPB Director Richard Cordraysays the new rules are aimed at trying to prevent “unnecessary foreclosures” as well as “ensure fair treatment for all borrowers and establish strong protections for those struggling to save their homes.” 

Among the CFPB’s new guidelines: 

• Mortgage servicers are prohibited from foreclosing on a home owner who is seeking loan modifications. Servicers will be unable to file a

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Daily Real Estate News | Tuesday, January 15, 2013  

Some refer to “zombie titles” as a little-known horror in the fallout of the foreclosure crisis. Thousands of home owners are discovering they may be legally liable for a home they thought they no longer owned. In some of these cases, home owners receive a notice of a foreclosure sale and move out to give the home to the bank. But then the bank never completes the foreclosure. "The banks are just deciding not to foreclose, even though the home owners never caught up with their payments," Daren

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There are a lot of reports and new law reviews on the Internet.  I gathered the points that I beleive are most significant to potential buyers and sellers of real estate and have listed them here for review.

• The Mortgage Forgiveness Debt Relief Act was recently given a one year extension through 2013. Without this Act, homeowners who sell thier primary residence via a short sale or loose their home in a foreclosure have the loss amount added to thier ordinary income for the year which can create sizable tax bills.  Although the losses will be forgiven through 2013, FICO reports that a short sale or foreclosure will give up to a 160 point drop in the debtor's credit score. 

• The “Pease Limitations” was first introduced in the Omnibus Budget

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The Fiscal Cliff was narrowly averted, although there are still some headwinds in front of us.  With that comes an extension of the Mortgage Forgiveness Act through 2013.  While that doesn't benefit all states, it should help the national housing market stay on a course of recovery.  However, there are also some major changes coming with the HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) program.  Here are the changes.

1. Servicers are now required to respond within 30 days rather than 45 days.

2.  Pre-determined hardship (90+ days delinquent and FICO below 620) with affidavit required.  Borrowers who are 90 days or more delinquent and have a FICO score that is less than 620 will be deemed to have a “pre-determined” hardship. Servicers do not need

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You May Qualify for H.A.F.A. If so, you may be eligible to receive:

• No Deficiency Judgment
• No Damage To Your Credit
• Relocation Incentive
• No Waiting To Re-Purchase

If you want to sell and possibly benefit from this government program, contact us to learn more about it and see if you may qualify*

Avoid Foreclosure - Know Your Options

Do you owe more than your home is worth?

Are you facing foreclosure or, worse, bankruptcy?

Do you want to save your credit and AVOID Foreclosure?

Before you give up and think that letting your property go into foreclosure, and/or file  bankruptcy, are you only options, learn what possible consequences you may be faced with and why a Short Sale may be the right option for you. You CAN avoid

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