How to Choose a Short Sale Agent
January 10, 2012
There are many nuances to a short sale transaction and every short sale is unique. Therefore the short sale agent you choose can make or break the deal, so choose wisely. When researching for a short sale agent, experience is very important. Research your local market and see who has the other local short sale listings. If you have access to the MLS find out which agents have closed the most short sales. Meet with the perspective agents and make sure you are comfortable with them and don’t be afraid to ask for referrals.  Pat Holkesvig and Homes-In-NorCal.com has successfully negotiated numerous Manteca short sales, Lodi short sales, Tracy short sales, Lathrop short sales and Stockton short sales. When you choose Homes-In-NorCal.com to represent you in a short sale transaction, you can have peace of mind knowing you have chosen an expert short sale team who:
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will protect your interests
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knows the local market
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uses online technology to market your home effectively
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is familiar with the paperwork, negotiations and complexity involved
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is familiar with several lenders and their specific short sale process
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will negotiate with the lender(s)
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will stay on top of things throughout the process
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knows how to expedite your transaction
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uses online tools and resources for transaction efficiency and convenience
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is capable of sorting out any problems on a timely basis
Homes-In-NorCal.com is the San Joaquin Central Valley’s short sale specialist! Call Pat Holkesvig at 209-471-6516 or send an email to info@homes-in-stockton.com
Who Owns My Mortgage and Why Do I Need To Know?
January 1, 2012
Don’t be afraid to ask the customer service representative for your mortgage servicer who owns your mortgage. The owner, who is often referred to as the investor, might be different from the servicing company or bank that collects and processes your payments. Lenders often sell off the servicing rights, too. So it is very common for the owner and the servicer to be different entities. Many people don’t realize, if you have an issue concerning the terms of your note and mortgage you may need to contact the owner, and not the servicer. The owner has the final approval of any loan modifications or short sales approval terms. This can pose a huge problem because so many people have no idea who this man behind the curtain is controlling their fate. Two of the most common mortgage holders are Freddie Mac and Fannie Mae, however there are many more. If you are not sure who owns your mortgage there are a few links that can help you. You can start by checking to see if Freddie Mac or Fannie Mae own your mortgage. If neither Freddie or Fannie owns your mortgage, you can try searching the MERS servicer ID database for other investors. If you are still unable to determine who owns your loan, send a written request for the investor’s contact information to your mortgage servicer.  Â
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
September 11, 2011
Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss on short sales upon approval. However, if this is the case and the bank knows they have no intention of approving a short sale, why do they not only allow but encourage the seller to go through months of the process?
Each month  that a seller is delinquent further contributes to the decline of that seller’s credit. Banks require homeowners to be delinquent and they must be rejected for a modification prior to entering the short sale process. Then, banks take many months to process short sales, propose extremely high counter offers or frequently claim to lose documents that have already been submitted. The customer service workers often say they are poorly trained and can rarely answer any inquiries regarding short sale status. Upon receiving denial letters banks will not provide precise reasons or numbers. Sellers and buyers are left wondering how and why the home foreclosed.
Does any of this sound familiar to you? Are you a buyer or seller who has been through a similar scenario? If so, make your voice heard. The attached New York Times article is looking for your short sale stories.
Stockton short sales coming together!
September 8, 2011
We specialize in pre-foreclosure short sales in Stockton in San Joaquin County and are finally finding that the banks willing to cooperate. We have established relationships with banks and mortgage servicers to process short sales. They cooperate with us because we save them money and get the done. Sellers list with us because short sales can provide credit, tax and deficiency repayment benefits.  Here’s how it works:
· We assist the seller in gathering financial information to support their hardship.
· We contact the banks and or mortgage servicers on behalf of our clients.
· We find a buyer and submit the supporting sale documentation to the bank.
· We coordinate with the title company, attorneys, mortgage insurance companies, public trustees, etc. for the approval of the short sale.
Over a Quarter of All 2010 Home Sales Were Foreclosures
February 25, 2011
According to RealtyTrac 26% of all home sales last year were foreclosures. In the Stockton area 72% of sales were bank or government held and 50% were REOs. Short sales accounted for  22% of all Stockton homes sold last year. Leaving 28% that were not bank or government related sales. For more information on the Stockton real estate market, feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.
Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate , 3756 Popolo Cir, Stockton, CA, 95212
November 30, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
HAFA PRICED APPROVED SHORT SALE. Terrific home in Villa Antinori Estates~ 5 bed/ 3 bath on .28 acre corner lot with no rear neighbors. Bedroom and bath downstairs. Possible RV/boat parking. 4 car garage with 220 wiring in garage for shop/sink. Master bath has a soaking tub!
Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3591 Quail Lakes Dr # 167, Stockton, CA, 95207
November 30, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Lower Unit in Back. Kitchen and bath updated! Laminate flooring in living area. Perfect for a college student!
Home Sales Up in US but Down in CA - Lenders Partially to Blame
October 27, 2010
National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales are still down 19.1 % from the same period last year and demand for homes has decreased since the homebuyer tax credit expired last April.
However, California hasn’t experienced this national upswing in sales and the downward trend continues to be a problem. Buyers already have concerns about foreclosure reversals and lenders have already limited the number investors due to putting limits on how many properties they can purchase. Wouldn’t it be better to have a strong buyer with 25% down than a high risk FHA buyer at 3.5% down? This perpetuates the problem only causing more defaults. To make matters worse, many lenders are increasing their demands for short sale purchase prices, often demanding prices tens of thousands of dollars over the prevailing local assessed value. This is not only a disturbing trend to short sale homeowners and homebuyers but to the local communities affected. When lenders demand unreasonable prices in a weak market they discourage what few buyers there are, allowing properties, often vacant, to sit for months or even years. It is these types of practices that encourage the increase of city violations, HOA penalty fees, theft, vandalism and vagrant squatters, resulting in a further decrease in local property values.
Stockton, CA, Short Sale Stockton Home for Sale & Stockton Real Estate 1078 Oxford Way_Stockton_ CA_95204
October 14, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Great Stockton short sale in UOP/Oxford Manor location! Charming older home with wood floors and big kitchen. Kitchen with tile counters and floors. Fireplace in living room. French Doors open to outside fountain area. This is a wonderful large home with tons of older home character
Foreclosures - Suspended or Expedited? Depends on Who You Ask
October 8, 2010
On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they were suspending thousands of foreclosures due to inaccurate handling of documents. It is estimated that there are documentation problems in 80 percent of currently pending foreclosures.
Just when it seems the government and banks are beginning to act responsibly, Wells Fargo announced they will cease to delay foreclosure proceedings. Wells Fargo cited mortgage investors, including Fannie Mae and Freddie Mac, as the reason for this policy change. Which could mean, other banks will soon follow. This means an active short sale will no longer be an acceptable reason to prevent foreclosure proceedings. For those facing foreclosure on a Wells Fargo loan this means you must act swiftly to complete a short sale or the clock will run out. Unless Fannie Mae and Freddie Mac also act responsibly, all of this is just one step forward and two steps back.
