Category Archives: Short-Sales Opporunities and Advice

Want to Buy a Home but past “Short-Sale” or Foreclosure is keeping you out? Help is HERE!

Join Allison and I was we interview Jon Maddux of and their unique web site dedicated to helping the “Boomerang” buyer, or the buyer who recently went through a “Short-Sale” or “foreclosure” own a home again.

Had a recent Foreclosure or "Short-Sale"? You just MIGHT be able to buy again!
Had a recent Foreclosure or “Short-Sale”? You just MIGHT be able to buy again!

The folks who brought you “Walking Away from Debt” which advocated “Short-Selling” or letting your home go to Foreclosure, are now attempting to alert the 10,000,000 or so “ex-homeowners” of programs available to these families to once again realize the American Dream. Or as they say,  Homeownership Is Within Reach!

Questions for John: PH: 619.704.8917 Fax: 877.815.1060

Co-founder / Sr. Mortgage Banker 

491 2nd Street, Suite 102, Encinitas, CA 92024




Sonoma County, Ca FORECLOSURE REPORT–January 2013 Cancellations leading the pack, REO market going, going, gone?

Here in Sonoma County, California, “The Wine Country with the Coast”, the last report from (January ’13), shows the impact of the “Homeowner’s Bill of Rights” and the huge national settlement set by the 49 attorneys general–


Cancellations–where the bank stalls the foreclosure process are NOW leading the pack over the  bank “Foreclosing” on a house (down -60% over last year!) and “Sold to a 3rd Party where the bank sells at the courtsteps (down -32% over last year but PLUS 40% for the month!!). You can see in January that the “Cancellations far outnumber the “REO” and “Sold to 3rd party” by substantial amounts. The numbers for the month of January are:

Cancellations or foreclosure stalled and put off:  164

Foreclosed homes where the bank has proceeded with the foreclosure process: 46

“Sold to a 3rd party” or where the bank sold at the courtsteps: 38.


As you can see the REO market is on the wane with modificatioins (Cancellations) seeming to be hitting stride as predicted by the Attorneys General  historic settlement–NO MORE FORECLOSING! Short-Sales or loan modifications!

January 1st, 2013–Homeowner’s Bill of Rights goes into effect!!

Come this January 1st a whole new era in the foreclosure/distressed Market Place will come alive–the “Homeowner’s Bill of Rights”, most every state will have one, goes into effect. Some of the more dramatic highlights:

  • Tenants with valid leases written PRIOR to the foreclosure can have them REMAIN in effect. Tenant leases a home for a year, in writing, Seller goes belly-up, lease MUST be honored by new owner. However, any fraudulent work will have the lease dismissed.
  • You’ll see the Attorney’s circling as the HBR gives the homeowner broad reach–just how BROAD will be determined by the courts in the months to come. “Robo-signings” will be no more but if they happen and fraud is detected injunction relief will be the Homeowner’s tool! Here are all of the new “Rights”.


Big Medicine for a BIG Problem!

Holiday Halt for Foreclosures, BUT, Is your loan owned by Fannie or Freddie?

In Sonoma County, Ca., most “bubble” loans (loans originated 2004-2007) were not sold to Fannie or Freddie. However, double check with the sites below to see if your loan is owned by Fannie and Freddie. If you are in foreclosure, you may have a holiday delay in the sale of your home.  The links below will help you figure it out.

Short-Sale Sellers and their Agents–Please! Get a grip on the transaction. Chronicles of a Frustrated Realtor Team.



Short-Sales in Sonoma County, California–WHOA IS ME!  I had a client call me yesterday with a list of three properties. I pulled up all three and everyone was a “Short-Sale”. This client is in that market “sweet-spot” of  $0-$250,000. But I’d also include ANYTHING under $300,000. There was a total of 5 photos between the THREE listings. This is, in MY humble opinion, complete and utter BS!! We are allowed 24 photos PER listing in our MLS. WHEN did it become the NORM for a “Short-Seller” to ONLY have 1 photo in the MLS? Do the Realtors NOT realize we use these sales for comparable sales? What does ONE photo do for us when we are using these properties for comparables? Secondly, is this a tool to DISCOURAGE offers? Is the property on the market simply to “Stall” foreclosure? Why do I say this? Two of the properties had showing times of 2-5pm on Tuesday and Wednesday ONLY!! Another, 24 hours notice! And this is a SELLER!! NOT a tenant!

So what gives? When did a Short-Seller become a “protected class” of Seller? No open houses, NO broker’s open houses, One photo, 24 hours notice, ONLY showing ONE DAY between 1 and 4pm. YES–this is OUR NORM when it comes to Short-Sellers. It’s frickin’ maddening!! Why is this? Because the Seller doesn’t really give a damm if they DO the short-sale.  They probably have NOT made a payment in months, given up on the property, but a CPA or accountant or FRIEND told them they could get OUT of their house, have little credit hit and walk away owing the bank NOTHING. You THINK this would be a great incentive but NO–they treat the process with disdain and indifference.

We have had Sellers selling “short” state they will NOT clean up their yard waste, debris, personal junk in the backyard. One agent actually writes an addendum stating this. I’m putting forth a Short-Sale Proclamation shortly-WHAT WE, as a team, will DO to sell your home as a Short-Seller and what we will NOT do! Stay tuned!!

Loan Modification blues! Get the low-down on Loan Modficiations and WHY a “Short-Sale” may be the Solution for You.

Here in Sonoma County,California loan mods are either Spectacular or ho-hum! The “Ho-Hum” does NOT solve YOUR problem of an assett undervalued and a loan OVER-valued. Here’s some tips and tricks on “Loan Modificaitons” which may help you make up your mind. As always, a Tax person or CPA  and attorney should ALWAYS be consulted on matters of loan modificaitons and Short-Sales:

Short-Sales set new record for June Sales here in Sonoma County, California

Short-Sales for June 2012 set a record number of closed escrows with  150 here in Sonoma County,California. This is up 27% over LAST year at this time!  Days on the market are also shortening as Bank’s react to new legislation to assist distressed homeowners in disposing of their houses without foreclosure. The total distressed market here in Sonoma County, however, has dropped to only40% of total sales. It had been averaging over 50%. But due to the lack of REO (real estate owned) or foreclosed upon homes, sales of REO’s accounted for only 94 sales in June DOWN 38% over last year at this time. The “equity or regular” Seller is making a big time comeback here in Sonoma County California! BUT look for short-sales to surge higher as the big Attorney General settlements throughout the nation demanded MORE short-sales for homeowner’s in distress.

Record month for Short-Sales 150 for June!


Short Sales UP OVER last Year but STILL NOT Dramatic Numbers!

Here in the “Wine Country” of Sonoma County, California–our short-sales are UP but NOT that dramatically. The recent collective settlement of the Attorney Generals of the United States, promising some 250,000 MORE short-sales has YET to hit home. The HUGE $28 Billion settlement may see bigger numbers coming about in the next quarter. So this SUMMER will be critical. Here’s the run down from all of 2011 and INTO this year up to May, 2012:

THE BIG $28 Billion Settlement with the big banks may result in More Short-Sales. Time will tell. The last Three Months are ON THE RISE so let's hope more is to come!

Sonoma County, California buyers–Avoiding 5 pitfalls of a Short-Sale

Top 5 Ways to Avoid a BAD Short-Sale!

  1. Marketing of the Property is Inept!—one photo taken from across the street at twilight is NOT
    marketing and shows an inherent absence of a “Standard of care” to the Seller.
    This can mean a couple of things—the seller REALLY DOES NOT want to sell and is
    stalling or the AGENT doesn’t have a clue and is inept—either way NOT a
    formulae for success
  2. Property  Condition—selling a home is selling a home—Remember- a short-sale simply has
    ONE major contingency—getting the bank to take less on the amount owed on the
    property. That’s IT! Property should have curb appeal, interior staging or at
    LEAST cleaning up, be accessible, have a lockbox and be desirable. If it is NOT
    any of the above stay away! Continue reading Sonoma County, California buyers–Avoiding 5 pitfalls of a Short-Sale

Foreclosure Process for California, Sonoma County distressed property owners–KNOW THE RULES!

Foreclosure process in California with Milestones

Sonoma County, California, Alli and I have heartbreaking stories with many home owners in “property distress” who DO NOT know the rules or “milestones” associated with the foreclosure process.

First and foremost is ALWAYS open your mail. I know this is daunting when bills are piling up but you COULD have a juicy compromise from the BANK which could stave off foreclosure! Check with top-flight professionals who know the ropes of foreclosure or selling under financial “distress”. We have CPA’s and Attorneys who KNOW the right questions to ask you. And if a “Short-Sale” is a viable alternative then GIVE ALLISON and I a call for a free consultation. Remember, as Realtors we DO NOT charge UPFRONT FEES! We work on a concept known as a “contingent fee” which means basically–we don’t get paid until WE perform and have the OUTCOME you so desire. In the case of a short-sale it would be a successful sale with the banks and all involved lenders allowing you to sell without any further financial consequences for recourse. Talk to us if you are in need! 707-799-3617. Asset preservation–Family preservation!