1. Get help from a short sale expert
A real estate agent experienced in short sales can identify which homes are being offered as short sales, help you determine a purchase price, and advise you on what to include in your offer to make the lender view it favorably. Ask agents how many buyers they’ve represented in short sales and, of those, how many successfully closed the transaction.

2. Build a team
Ask agents to recommend real estate attorneys knowledgeable in short sales and title experts. A title officer can do a title search to identify all the liens attached to a property you’re interested in. Because each lienholder must consent to a short sale, a property with multiple liens, like first and second mortgages, mechanic’s and condominium liens, or homeowners association liens, will be harder to purchase.

A title search may cost $250 to $300 up front, but it can help weed out less desirable properties requiring multiple approvals.

3. Know the home’s fair market value
By agreeing to a short sale, lenders are consenting to lose money on the loan they made to the sellers to purchase the home. Their goal is to keep those losses as low as possible. If your offer is dramatically less than the home’s fair market value, it may be rejected. Your agent can help you identify the price that’s good for you. The lender will determine whether approval is in its best interest.

4. Expect delays
There are two stages to a short sale. First, the sellers must consent to your purchase offer. Then they must submit it to their lender, along with documentation to convince the lender to agree to the sale.

The lender approval process can take weeks or months, even longer if the lender counteroffers. Expect bigger delays if several lienholders are involved; each can make a counteroffer or reject your offer.

5. Firm up your financing
Lenders will weigh your ability to close the transaction. If you’re preapproved for a mortgage, have a large downpayment, and can close at any time, they’ll consider your offer stronger than that of a buyer whose financing is less secure.

6. Avoid contingencies
If you must sell your current home before you can close on the short-sale property, or you need to close by a firm deadline, your offer may present too many moving parts for a lender to approve it.

Also, consider ordering an inspection so you’re fully informed about the home. Keep in mind that lenders are unlikely to approve an offer seeking repairs or credits for such work. You’ll probably have to purchase the home “as is,” which means in its present condition.

This article includes general information about tax laws and consequences, but isn’t intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By: G. M. Filisko
HouseLogic

The Flocking crew is having a great day raising money, an doing our theme laps! We will be here for 24hrs!

Don’t forget your veggie! Today from 3pm to 7pm. Want to know what is in season well here is just a teas, Cherimoyas, strawberries & spinach just to name a few! San Marcos Farmer’s Market at Cal State University

We are also looking forward to the San Marcos Grand Spring Festival on April 3rd from 9am to 5pm. Lots of venders to check out from local business owners to the Beer Garden, to Halau Hula O Ka’eo Hula Group! Come on out an spend some time in our community.

Best Wishes,
  365 Days In San Marcos

 Please register by Jan. 21 at the San Marcos Community Center or on the web at: http://activenet.com/sanmarcosreg      

 Hope to see you there!

             KW

An again one of the great benefits CSUSM Farmers Market offers is a EBT booth. If you or your family is on SSI, Wic or Disability they have a $20 match program. Once your signed up and approved you spend a minimum of $20 and will match your $20! Once a month you go to the booth an receive your $20 card that wont expire & you don’t have to spend it all in one visit.

Something else you should also know is this market is certified by the state, ensuring that the produce is being sold by the grower, is grown in California, and meets all California quality standards! Take some time support your local growers, your local college an feed your family so great fresh foods!

Have fun, and send me your Farmers Market photo’s they could end up in the next Farmers Market Blog. If your photo gets chosen you will automatically go into a drawing for a $25 Gift Certificate to one of our local venders. Drawings are done every 3 months!

It’s a great day to get some fresh veggies, go an enjoy!

KW

 Relay For Life Flyer

The 1st one of the 2011 season is this Friday Jan. 7, 2011 6pm -10pm

Ages: 4-12yrs     Cost: $25 per child ($5 sibling discount) Parents are asked to register in advance at the San Marcos Community Center. Please call (760)744-9000 for more information.

 A quicker home sale can be reached by keeping in mind the market area you’re in as well as needs of  buyers looking in your area. Creating a fresh inspiring look just for them, with less of your tastes a more open slate to let their minds run free with visions of themselves in your home will help accomplish a faster sale.

 “The difference between a ‘For Sale’ and a ‘Sold’ sign often boils down to effectively staging a home to appeal first time home buyer, retirees down sizing or in this market real estate  investors.  Home sellers should have a good idea of the type of buyer who will make an offer and, since everyone likes an updated home, some simple refreshes can achieve an updated look and feel.” A fresh coat of paint can do wonders but make sure your choosing a neutral color not one that just your going to be in love with. Dust off the ceiling fans that have been collecting dust over the past few months. Add some fresh towels, a new shower curtain, an a new trash can in the bath room an just see the difference it will make!

 There will also be curbside recycling courtecy of EDCO. Trees may be placed curbside on regular collection days during the two weeks after christmas at no extra charge. Trees must be cut into four-foot lengths an trimmings & stands must be removed.