It’s 9 O’Clock: Do You Know Where Your Listing Is? – Call SkippyBean Realty

It’s 9 O’Clock: Do You Know Where Your Listing Is? – Call SkippyBean Realty.

Will a Short Sale hurt my credit?

SkippyBean Realty’s question of the week

That depends because short sales will affect your credit differently depending how many late payments you had on your mortgage before you started the short sale process. We have had homeowners walk away with better credit when they continuted to make their mortgage payments and short sold but let the rest of their credit obligations go vs homeowners who just couldnt make any payments and waited for the short sale finish.  I have seen many instances where my seller’s credit scores were high 700’s and dropped only 60-80 points after the short sale was closed.  The standard “wait time” that lenders have told me are between 18 months – 24 months from when the short sale is closed to when the lending institutions will allow another purchase (granted the credit score is 620 minimum).  In all cases I reccomend that the seller’s contact a credit repair company immediatly after the short sale is finished to have the experts repair as much as they can in that 18-24 month time frame.  Yes it will sometimes cost a month fee or an inital deposit but its well worth it to be able to buy 2 years later and still take advantage of this buyers market.  Remember each situation is unique.  You need to speak with an experienced short sale agent at 1-800-706-7636 in order to know if you should short sale or attempt another route. 

For more information go to http://www.MyShortSale.net and request a Free personalized report on your home.

New Software for ALL SkippyBean Realty Clients!!

IT’S HERE!!!!

All of my homeowners in the East Bay have been wanting a program or access to a program that would give them an accurate….really accurate assessment on their homes market value and whats going on in their neighborhood.  This program is our monthly Market Snapshot that gives all homeowners accurate info on the most recent home sales and most recent active listings, including foreclosures and short sales in their neighborhood. If you own a home you need to check this out.  On top of the home value option it compares local schools with all the information and grades as well as lists local stores.  We can have it set up to a monthly email update, bi-weekly email update, or quarterly email update.

Check us out at http://www.SkippyBeanRealty.com and click on the Market Snapshot tab! Its Zillow times 100!

Short Sales vs. Foreclosure….What’s the difference? SkippyBean Realty

I’m finding that most homeowners in the San Ramon, Danville, Brentwood, Pleasanton, Livermore, and Discovery Bay Real Estate markets are too quick to give up and foreclose when there are a lot more options to consider. I get it…. in most cases homeowners with adjustable rates feel like they were lied to and want to stick it to the bank that didn’t explain the original loan they signed for. The best way to stick it to the bank is to work with the bank…….Let me explain. Yes it would be easier to stop making payments and wait until the sheriff came to kick you out after the foreclosure is sold. Why not try for a loan modification (which will not go through in most cases) but will keep you in the house for months (rent free)? After your denied for the loan mod and have not been making payments for months (hopefully saving your money) apply for a short sale with an experienced short sale expert. Short Sales take anywhere from 4-6 months to close (still not making payments and saving your money) and because you were denied for the loan modification you qualify for the HAFA Program which gives you $3,000 from your bank to help you relocate. It’s a not brainer….. You have not only stayed in your home rent free for months, you were able to save some scratch, and once you closed your short sale you received $3,000 and up from your bank to move.

Lending institutions have a 24 months grace period from when you short sold your home to qualify (if your credit is 640 +) to purchase a new home. This market