Will HR 1498 Really Speed Up The Short Sale Process

(April 12) a bill regarding short sales was introduced into the House of Representatives. H.R. 1498, “Prompt Decision for Qualification of Short Sale Act of 2011”, was submitted by Representatives Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.) Its purpose is summarized, “To require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.”

HR 1948 “Prompt Decision for Qualification of Short Sale Act 2011”  focus is to get the banks/mortgage servicers to respond to sellers within 45 days with a decision. The intent is to reduce the time it takes to close a short sale and hopefully forestall the property from going into foreclosure. Read the rest of this entry

Owning A Home Still The Best Investment

The results of a recent survey, conducted by the Pew Research Center on the benefits of owning a home, were unexpected due to the downturn in the housing market. 81% of the 2,142 respondents still believe that owning a home is the best long-term investment a person can make.

“Home ownership topped the list of long-term financial goals for Americans, according to the study; respondents rated home ownership, as well as living comfortably in retirement, more important than sending children to college or leaving offspring an inheritance.” Read the rest of this entry

San Ramon & Danville Brokers Tour April 7

35 Open Houses on broker’s tour this week – Alamo – San Ramon – Danville

The homes I previewed are:

Crow Canyon Country Club – 2 really nice properties:

  • 4 bedroom 2 bath Clearwater Golf Villa (detached) on a corner lot. View of the golf course. Nicely remodeled and well priced at $629,900
  • 4 bedroom 2.5  bath Single Family Detached home – Hillsborough model – backs to open space – has 3 car garage. Updated and remodeled at $749,000

A duet and golf villa in Blackhawk – both priced really well. The golf villa updated to perfection sold in one day. As Realtors we have  a sense Read the rest of this entry

San Ramon-Danville Brokers Tour March 23

There we 30 plus homes on the broker’s tour today. I made it to 10 homes as the trek was longer because of the rain – lots of rain and wind. In any event, I found some really good buys – especially for the first time home buyer.

I would say the best opportunity is a property located in Twin Creeks on Canyon Creek Dr. Unfortunately for the owners this is a short sale as they put a lot of money into remodeling for which they are unable to sell and recoup their money. Always a sad situation. Read the rest of this entry

How Long Must I Wait to Buy A Home After Short Sale, Foreclosure or Bankruptcy

It seems as the majority of people I interact with have gone through some sort of financial crisis ranging from losing their home to a short sale, foreclosure or bankruptcy – all due to the changing economy and in many cases loss of income.

Many of these same people have re-establish themselves and are now back on “their feet” as the saying goes and want to purchase a home. The question asked by many:

How long before I can buy a house again?

Here is an overview of some of the guidelines for obtaining a mortgage after either a short sale, foreclosure or bankruptcy: Read the rest of this entry

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