Multiple Listing Service Your listing contract should specify whether or not the house will be listed with the local Paradise MLS (multiple listing service). It is definitely in your interest to have the house listed. This is because your sales force is automatically multiplied by however many agents are members of the local Paradise MLS. If your house is not listed, then you only have one real estate agent working for you instead of many.
This is where selling "by owner" generally fails.
Owners see that an agent puts a sign in the yard, prepares brochures, holds open houses, advertises in the paper and on the internet and they think this is how houses are sold. It is easy to understand why owners believe that, but it just isn't so.
Listing agents do those things for three main reasons.First, because the home owners expect them to. Second, because it shows other sellers how much they do to market a home and it gets more listings. Third, because it brings in clients who want to buy "some" house - though it probably will not be yours.
Practically no one buys the house in the ad or a home they visit during an open house. Think about your own experiences when you bought the house you are now selling. How did you find it? Probably through your agent, who found it in the Multiple Listing Service.
The MLS is a huge network and practically every local agent is a member -- and those agents have clients looking to buy a home. That network is what sells your house.
Nearly 2 million housing units in the United States are in foreclosure or are bank-owned, and more are expected to follow.
With foreclosures on the rise, homeowners are looking for a viable solution to their problems.When compared to foreclosures, short sales are clearly the better route.
According to the National Association of Realtors, almost 500,000 transactions last year were short sales, representing almost 10 percent of all home sales.
Banks are beginning to go along with short sales in increasing numbers. Short Sales almost tripled to 40,000 in the first six months of 2009, compared to the same months in 2008. However, in the first half of 2009, there were 25 foreclosures started or completed for each short sale transaction.
It's really finally dawning on banks that they're better off with a short sale.
Nestled in the foothills of the Sierra Nevada Mountains rising from the broad valley below in gentle northern California, the community of Paradise is aptly named. Tall pines abound, summers are cool at night, and the winter brings a dusting of snow to this quiet, picturesque community along a ridge top. Although California home prices can be high, Paradise CA offers great northern California retirement living at an enviable price, with many housing options.
There's a reason why Northern California Retirement has become so popular. Actually, there are lots of reasons: Northern California has more to offer in one package than any other state. From mountains to seacoast, deserts to lush forests, teeming cities to wilderness, Northern California is a land of dizzying contrasts. It could take several lifetimes just to see all of it. In fact, even within a single region of Northern California, the contrasts are incredible.
When you think of the word 'retirement', what vision comes to mind?
Fishing, hunting, bird watching, gardening, houseboating, nature walks, no city traffic, rivers and lakes, beautiful sunsets, spectacular canyon views with tall pine trees? You get the picture.... Paradise, California -- All it's name implies!
Nearly 2 million housing units in the United States are in foreclosure or are bank-owned, and more are expected to follow.
With foreclosures on the rise, homeowners are looking for a viable solution to their problems. When compared to foreclosures, short sales are clearly the better route.
According to the National Association of Realtors, almost 500,000 transactions last year were short sales, representing almost 10 percent of all home sales.
Banks are beginning to go along with short sales in increasing numbers. Short Sales almost tripled to 40,000 in the first six months of 2009, compared to the same months in 2008. However, in the first half of 2009, there were 25 foreclosures started or completed for each short sale transaction. It's really finally dawning on banks that they're better off with a short sale.
Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to these requirements, you may not qualify for a short sale.
• The Home's Market Value Has Dropped.
Hard comparable sales must substantiate that the Paradise California home is worth less than the unpaid balance due to the lender. This unpaid balance may include a prepayment penalty.
• The Mortgage is in or Near Default Status.
It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.
• The Seller Has Fallen on Hard Times.
The seller must submit a letter of hardship that explains why the Paradise Californiahomeowner cannot pay the difference due upon sale, including why the seller has or will stop making the monthly payments.
A few examples that do NOT constitute a hardship are: 1. Bad purchase decisions. Blowing your paycheck on a home theater system with surround sound does not qualify as a hardship. 2. Unhappy with the neighbors. Even if every home on your block has turned into pot growing houses, that will not qualify as a hardship. 3. Buying another home. The lender will not care if you have decided the home is no longer suitable for you or your family. 4. Pregnancy. Increasing the size of your family or starting a family is not considered a hardship. 5. Moving into an apartment. If you decide to move out of your home, that is a lifestyle decision and not a very good reason to abandon your home.
Examples of hardship are: 1. Unemployment 2. Divorce 3. Medical emergency or sudden illness 4. Bankruptcy 5. Death
• The Seller Has No Assets The lender will probably want to see a copy of the seller's tax returns and / or a financial statement. If the lender discovers assets, the lender may not grant the Paradise California short sale because the lender will feel that the seller has the ability to pay the short difference. Sellers with assets may still be granted a short sale but could be required to pay back the shortfall.
For example, if the Paradise seller has cash in a savings account, owns other real estate, stocks, bonds or even IRA accounts, the lender will most likely determine that the seller has assets. However, the lender might discount the amount the seller is required to pay back.
Many entities profit from short sales, but there is no seller short sale profit.
Short SaleConsequences
A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a Paradise short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.
• Blemished Credit Report
A short sale will show up on your credit report. It's a pre-foreclosure that has been redeemed. Short sales affect credit ratings.
I love real estate of all kinds in Paradise! I would love to be your trusted Real Estate Professional. If you are looking forButte County's finest luxury properties or a deal on a foreclosure, I can assist you with the top technological gadgets, tools and customer service available. Due to the current economy, I am also well versed in short sales and would be happy to speak confidentially about your unique situation should you need to sell. From FREE monthly market reports to FREEMLS searches, I am here for YOU!
With all the bad news about underwater homeowners and strategic walkaways, you might think that American homeowners' equity holdings are in the tank. But the least-publicized recent statistic on real estate is that, despite these scary reports, home equity is again on the rise.
According to the Fed's most recent "flow of funds" survey, homeowners' net equity grew by nearly $1 trillion from the recession's nadir in the first quarter of 2009 through the third quarter. From June 30 to Sept. 30, net equity rose by $418 billion.
After three years of unprecedented shrinkage in home equity -- and three years of rapid expansions in the number of underwater borrowers with negative equity -- there are signs that the down cycle may be shifting.
Nearly 2 million housing units in the United States are in foreclosure or are bank-owned, and more are expected to follow. 
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