Bank of America Streamlines Short Sale Process

Our RE/MAX office has been fortunate to be selected to participate with a 3^rd party which will streamline the Short Sale process with regards to Bank of America (BofA) defaulting loans.  Dignified Transition Solutions (DTS) runs a Cooperative Short Sale Program for BofA where borrowers are selected, screened and pre-approved for a program which looks to make Short Sales much less cumbersome for all parties involved.

The benefits I see for a borrower enrolling in this program are:

1.  The borrower does not have to supply any financial documents such as bank statements, tax returns, paystubs, etc.

2.  The streamlined process eliminates the extensive and burdensome process of traditional short ales.

3.  The property does not have to be a principal residence.  Vacant, rental and investment properties can qualify for the program.

4.  The borrower receives a $2,500 cash incentive upon closing of the short sale.

As an approved agency, we also have the ability to recommend other Bank of America borrowers to DTS in the hopes of qualifying them for this special program.

If you currently own a property heading towards Short Sale or Foreclosure, contact us anytime for more information about this program, or any other special programs available.  (Lenders pay our fees, so there is never any cost to you.)

Cynthia Nemelka, Owner

RE/MAX Diamond Realty

27070 Sun City Blvd.

Menifee, CA  92586

(951) 259-9019

Team Dad & Daughters

We Work Here – We Live Here – We Give Here

www.TeamDadAndDaughters.com

Where have all the Houses gone??

When your agent says there aren't many homes to show you, you may be hesitant to believe them because of all the FOR SALE signs you see.  But, you better believe them, because available inventory here in the Menifee has hit the lowest numbers I have ever seen. 

There are currently only 175 ACTIVE residential listings FOR SALE on the market as of 8/22/2012.  And here they ALL are.  (For info on the properties, click on the links below and then click on the "ML#" for details.)

The "Sale Type" is broken down as follows:

118 Standard Sale
            51 Age restricted Senior Homes (55+)
                    http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770835-685

            67 Family Homes
                    1 property at $99,999 or less
                         http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114769992-687

                    10 properties between $100,000-$149,999
                         http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114766752-11

                    21 properties between $150,000-$249,999                              
                        http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114767478-206

                    36 properties at $250,000 +
                        http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114767945-699

 36   Short Sale
           http://www.mrmlsmatrix.com/DE.asp?k=929188XD9bB&p=DE-114769139-557

19   REO  (bank owned)
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114769244-38

2     Probate
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770643-526

1     HUD owned
            http://www.mrmlsmatrix.com/DE.asp?k=1830058XVMcb&p=DE-114770742-4

Although continued rumors about the banks' "shadow inventory" abound, the latest I have heard is that they are waiting until after the elections to release them.  Hmmm... we'll see about that.

In the meantime, Diligence & Patience is key for buyers right now.

Menifee Homes August 2012 Report

August is officially here and we all know what that means vacations, BBQ’s, days spent at the beach and those last few weeks of summer break before the kids go back to school. In this analysis we will be looking at how the Menifee real estate market is doing for the month of August. The following stats are based on single family residences, detached, with 3+ bedrooms and 2+ baths.

·         Total Active Listed on the Market in August: 71

·         Average Menifee Home Listed Price: $275,312

·         # of Menifee Homes Sold in July: 104

·         Average Sold Menifee Home Price: $217,103

·         Average Days on the Market in July: 74

 

What jumps out at me when I see these numbers is that there are 71 “Active” Menifee homes on the market but we closed over 100 last month. We are closing more than we get getting on the market.  That is a huge indicator of super tight supply issues.  With such shrinking supply it is no wonder why the Menifee home prices are moving up.

Looking at the beginning of 2012 we see some stark contrast in homes on the market. For instance, in January there were 263 Menifee homes for sale as opposed to only 71 in August, a reduction of a whopping 78% of homes on the market! And we have seen a corresponding leap in active list pricing. In August we have a list price of $275,312 vs. January’s list price of $223,935 an increase of almost 23%. Let’s hope that we continue to see a steady climb in home prices in the months to follow.

As August comes to a close we are gearing up for another school year and everyone’s favorite, back to school shopping. Hope you have all had a nice summer.

Please don’t hesitate to contact me if you are ready to enter into the market. I would be happy to help in any of your real estate needs.   

Stefan West, Broker/Owner of West Realty, Temecula