Friday, July 6, 2012

San Diego Short Sale Recap San Diego Short Sale Homes First-Half 2012

San Diego Short Sale Recap



San Diego Short Sale Homes First-Half of 2012 Stats




In San Diego, how many homes are being sold by short sale? San Diego short sales are outnumbering San Diego foreclosures in all categories. In today’s interesting San Diego real estate market, the effects of short sales are being felt. Here are some current details compiled from the SANDICOR MLS system according to San Diego short sale specialist Gary Kent at the Gary Kent Team of Keller Williams in La Jolla.

Active San Diego short sale listings of houses for sale today are at 404, with another 236 condos on the market. The surprising number (or not that surprising) is that in San Diego there are 3,187 short sale homes in escrow in the Pending or Contingent status in the MLS. Condos number 1,918 in the same status. This shows us that many San Diego home owners are looking for relief for their underwater homes.

Closed sales on San Diego short sales for the first half of 2012 are 2,555 for detached houses and another 1,569 for condos. For the month of June 2012 there were 450 houses and 245 condos sold and closed.

Compared to San Diego short sales, there are only 156 houses and 68 condos that are bank-owned and on the market for sale today. In June there were 293 REO houses and 159 REO condos sold and closed, with the first half sales coming in at 1,844 and another 1,031 bank-owned condos sold.

As an REO agent, Gary Kent and his team have sold over 800 homes for bank clients and were recently ranked in the top 250 agent teams in the nation by Real Trends. These numbers support the idea that there is a big shift by the lenders to help distressed San Diego home owners complete a short sale on their house or condo.

This is a significant part of the market. Many San Diego home owners are wondering if a short sale on their San Diego home is possible. The first step for most is to determine whether they have any equity in their San Diego home or see how long it will take to recover to the point where they will once again owe less than the market value. San Diego short sale specialist Gary Kent has developed www.ShortOrStaySanDiego.com to help San Diego home owners easily determine this. In addition, he has written a comprehensive free San Diego short sale guide, available at www.MyShortSaleGuide.com .

Tuesday, July 3, 2012

San Diego Short Sale Guide - Hardship Letter example

San Diego – My Short Sale Guide Blog Series –

San Diego Short Sale Hardship Letter SAMPLE Hardship Letter

The Hardship Letter is an integral part of the San Diego short sale solution and should be written by the seller and NOT their representative. It is used to explain to the lender the reasons the borrower needs to do a short sale. Such reasons include divorce, job loss, decreased income, medical issues, etc. can and should be included.

Usually just a one page letter with the pertinent information will suffice. I’ll provide some examples over the next few pages however a simple letter in the following form should suffice:

Date

Lender Name

Address

Loan Number

Dear Sir/Madam,

{Explain your hardship and why you must utilize a short sale on your San Diego home- some example hardship reasons are listed below}

Unemployment

Reduced Income

Divorce

Medical Bills

Too Much Debt

Death of my Spouse

Death of a family member

Payment Increase

Business Failure

Job Relocation

Illness

Military Service

Incarceration

Other (Please Specify)

Borrower's Signature Date

Co-borrower’s Signature Date

NOTE ! Please keep your hardship letter as a Word document. We may suggest changes and you don’t want to re-type the whole darn thing.

Call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.

San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.

To find out how much your home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.

Monday, July 2, 2012

On my San Diego Short Sale, Will the bank pay me anything to move out?

My San Diego Home, Can I Get Paid To Do A Short Sale? San Diego Short Sale Relocation Money

A frequent question our San Diego Home owners ask us when they need to do a short sale is “Will the bank pay me anything to short sell my San Diego home?”
This term has several names but the more official term is “relocation assistance” and the more familiar is “cash for keys.”

Sometimes the answer is yes. The short sale program called HAFA already has a formula to help homeowners with the move out of the home.
While “cash for keys” is very common after a San Diego foreclosure, this is a new option on short sales in San Diego.

Other major banks, such as Bank of America, Wells Fargo & Chase may consider it on a case-by-case basis.
A big hurdle depends on just who owns the loan and what their guidelines are. Remember, the company
that you make your mortgage payment to, might not be the same one that actually owns the loan.
They may be what is called a “Loan Servicer.” But, often they will have guidelines that will allow them
to offer something to the San Diego short sale seller to help them move.

So, if you own a San Diego home and are concerned about how much your home is worth compared to home much you owe,
you have options. One is to contact San Diego short sale expert Gary Kent at 858-457-5368.
Another is to visit www.ShortOrStaySanDiego.com put in your property information along with your loan information and
Gary will send you a report that will give you an idea if you have any equity or how long (months/years) before your
San Diego home is worth more than your loans.