Poway Short Sales 

It is now common knowledge that the economy has seen better days.  Even in the beautiful San Diego town of Poway, banks and homeowners are using creative means to solve the issue of possible foreclosure.  Unemployment levels are rising and with no end in sight, lenders have to allow short sales for financial survival or take the consequences of an excess of foreclosures inundating the market.  

Short sales, up until about two years ago, were not even considered a viable way to sell real estate.  Lenders wouldn’t allow short sales or would make them next to impossible to process because it meant that they would be allowing a sale of the property below what is owed by the homeowner.  But today, even in Poway, real estate owners and lenders agree that it is a better alternative than foreclosure for everyone involved. 

If you are a homeowner, the very first decision you must make is to select a real estate agent who is intimate with short sales in Poway.  They will do a walk through of your home, take pictures, get short sale package done and give you advice as to what needs to be taken care of before the home can be put on the market. 

Whether or not a short sale is the perfect option for your situation, when it comes to preparing your property for showing, minor repairs and cosmetic details need to be addressed.  This will give your Poway real estate agent a better chance of selling your home quickly. 

If you’re a buyer, let your Poway real estate agent know that you are looking for short sales.  Of course, it is necessary that the agent knows you can qualify for a loan from a lender.  When working with short sales, the loan amount you qualify for could be different so securing that information will make the process smoother. 

It looks like Zillow is moving toward the short sale direction as well. I wonder what their plans are? If anyone out there has any tips please comment below

I heard today of a company in Phoenix that comes out to the home after the short seller moves out and cleans out the remaining furniture and sells it for a profit. Does anyone know of a company in Poway or San Diego? 

Well Sorrento Valley isn't Poway but I figured it was close enough to warrant a little blurb on why it is so important to do a short sale and avoid the public humiliation!

Here is the article 10 News San Diego

You hear us speak over and over again about the human need to grow. If we are not growing we are feeling like we are dying a slow death. Don't sit in limbo and do nothing or wait for some government bailout. Be a leader, step up and handle the problem by doing a short sale. Limbo and the stress from it is what will kill you not a Short Sale. Foreclosure Radar has a great article about taking action and doing a short sale on their website

...but it sure is the BEST! Let's face it folks loan mods are a scam. The only solution here is to get you out of the McMansion and into the home that you can afford


REINSTATEMENT: If you were behind in payments, but your financial circumstances have improved enough to allow you to resume payments, call your bank. Find out what you owe, pay off your arrears. At that point, you are considered current once again.

FORBEARANCE: This is a temporary repayment plan set up between you and your bank. It allows you to repay missed payments and legal fees, and is usually set up on a short term basis. Or, it is placed at the very end of the loan. Ask your bank for details.

REFINANCE: This usually involves a new loan with reduced payments. If your credit is still intact and you have enough equity, this may be possible. However, this could increase your payments.

LOAN MODIFICATION: This involves lots of paperwork, and you will have to reveal every aspect of your income and expenses, but it may be worth the effort. Find out if your bank is willing to work with you and if you qualify, based on their requirements. If the bank approves our application, it may consider reducing the interest rate in order to lower your mortgage payments. Go to http://makinghomeaffordable.gov/ and see if you are eligible DO NOT PAY ANYONE. You can do this yourself online. It is super simple! 

SELL THE PROPERTY: This decision is based on the equity you have in the property. If you know you’ll have to take a loss, decide whether you can afford to bring some money to the closing table in order to sell the house.

RENT YOUR PROPERTY: This is just what it sounds like. If you can rent your property for enough money each month to make your mortgage payments, or to come close, consider this alternative.

BANKRUPTCY: This is the B-word that everyone wants to avoid. Unfortunately, even if you declare bankruptcy, it may be only a temporary relief. Eventually, if you can’t make the payments, the bank will foreclose. Most people want to avoid this step because it typically results in a 10 year hit on your credit rating.

DEED IN LIEU of FORECLOSURE: This is the one you’re heard about where you put the keys in an envelope, mail them back to the bank, and say goodbye. While this saves the banks time and money on a foreclosure process, you will lose any equity you had in the house. If this works, it usually results in a minimum two year hit on your credit. Before you bring the house keys to the post office, talk to your bank and to your attorney.

SHORT SALE: By now, everybody has heard this term. A short sale comes about when you want sell your home for less then you owe on the mortgage and your bank is willing to go along with the idea. Short sales have become very common and many people actually brag about selling their homes this way. Short sales are no longer considered a stigma in polite society. While a short sale will impact your credit rating, its effects are usually much shorter term than those of a foreclosure. However, be aware that your bank may still ask you to pay the difference between the sale and what you owe.

Buy the a Poway Bargain Short Sale Today before the credit runs out!

Attention Buyers and Investors: I just launched my new search feature on my site for pre-foreclosures. Check it out and tell me what you think! I know it will help us find a smokin deal for you easier, quicker and faster from the comfort of your computer