Real Estate Information Archive

                                                                Half Moon Bay short sale

                                                   1006 Dwight Ave, Half Moon Bay 94019                                     

Charming home on local HMB coastside.  Plenty of sun & yard space on this corner lot with upgraded stone work.   Custom fireplace, hardwood flooring, and upgraded cabinets and countertops are some of the upgrades on this listing.

• 1020 Sq Ft
• 3 bedroom / 1.5 bath
• corner lot
• 2 car garage

A Short  distance to local school and shopping.

Great short sale opportunity purchase here!

Call Danny D at 650-400-7670 

                                                 Borrower Gets 2nd Lien Removed

I have written a few times on the National Mortgage Settlement that has the nations biggest banks give relief of some sort to distressed homeowners.  The relief has come in different ways...short sale settlement, cash to relocate, principle reductions, loan modifications and maybe even wiping away the lien altogether.

Currently I have been working on a short sale where just recently, the 2nd lien holder was able to get the entire

$132,000 second lien removed, extinguished, gone.  Great for the homeowner and great for me, for i no longer have to work on the 2nd lien short sale.  This does not affect any current 1st lien activity.  Your first lien is separate and needs to be handled accordingly.  

Call your bank!  They just got reemed for 22 billion from your states district attorneys.  Maybe you are one of the 80,000 homeowners in California.  Call Now!

Call Team Danny D for more info.  650-400-7670

Danny D ~ broker / owner

Team Danny D Realty 

El Granada, Ca

www.TeamDannyD.com

                           Mortgage Insurance Delegation Approved for Fannie Mae / Freddie Mac

Why did your short sale note get approved ?  Why did it take so long?  One of the many reasons could be that your lien holder took out a Mortgage Insurance policy on your loan.  No, Mr. Amateur Short Sale agent, it is not the MI you think it is.  

Mortgage Insurance has been a pain in my A** for years.  The servicer and the investor all agree to terms on a short sale, however, a third party monster called (Mortgage Insurance) sometimes will kill the deal or extend it until it gets closer to the foreclosure date.  To move forward, the MI company will need to sign off on the short sale.  Very few servicers have the authority or strength to battle the MI company to agree to terms.  I would usually have to go around my servicer and negotiate with the MI company directly to get my approval in hand.

GOOD NEWS!  For most loans in the country, meaning all Fannie Mae and Freddie Mac loans, all major MI companies have delegated the authority to sign off on the short sale to the servicer.   This is great news.  It will shave off weeks in processing and increase the approval ratios of MI backed short sales. 

Good Luck!

Danny D

Short Sale & REO Pro

www.TeamDannyD.com 

650-400-7670

El Granada, Ca  94018

                        Will the Mortgage Debt Relief Act Extended?

What is it?  Here is the IRS definition:

he Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition

​or go to   http://www.irs.gov/individuals/article/0,,id=179414,00.html

In plain terms:  

When a person sells their home for less than what they owe on a mortgage, the difference is shifted to the seller by the mortgage lender as INCOME.  Income is taxed!  Since 2007, that added income has been waived on approved short sale taxpayers.  This Act expires in 2012.

Will they extend?  Most likely.  Team Danny D will keep you posted.

Call Team Danny D for all your options on your distressed home options at 650.400.7670

Danny Dimas ~ broker/owner

Shorty Sale & REO Pro

Team Danny D Realty

El Granada, Ca 94018

www.TeamDannyD.com

#01863442

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                                                      coastside Ranch Home - $440,000

Three bedroom, 2 bath with 1332 Sq Ft.  Large kitchen and family room area.  Hardwood flooring, maple cabinets, and wood burning fireplace.  Great location in central El Granada.  Walk to the beach, local park and schools.

Free list of all Coastside Bank Owned and Active Short Sales- call Danny D 650.400.7670

Danny D.  - Broker, Owner

Team Danny D 

El Granada, Ca

www.TeamDannyD.com

#01863442

                                      Team Danny D Buyer Scores a short sale in El Granada

Buying a short sale can be 50/50 these days.  I have always stated that it is up to your buyer agent to "screen" the list agent before putting an offer in on a short sale listing.  

Just under two months ago, I toured a couple short sales in El Granada, my buyers liked a home that was available in two locations and both were short sales.  Screening the number one choice property, I called the agent and asked my normal list of questions.  After I hung up with the other agent, I told my buyers that i felt comfortable with the list agent's chances of succeeding.  I WAS RIGHT!

Two weeks later, the short sale was approved and 30 days after that...my buyer closed on a new home.  SUCCESS on the buyer end!  

By the way...the other home went pending, fell through and is due to foreclose in less than a month.

To have Team Danny D represent you on a short sale purchase...call Danny at 650.400.7670

Team Danny D

Short Sale & REO Pro

RealtySource Inc.

El Granada, Ca 94018

www.TeamDannyD.com

#01863442

A Thank you to Team Danny D!

Specializing in short sales, some homeowners  think our team is only after the sale of their property as a short sale...it is true that we are specialists in short sales, however, that is not our only expertise.  We are also home retention specialists.

When a distressed homeowner contacts us, one of the first questions we ask is

"do you want to keep your home?"

 if so, I ask a series of questions to see where they are at in the process and if I can direct them into a home retention option.  Most vent on the process, some do not know where to start.  Team Danny D DOES NOT modify loans, however, we can lead you in the right direction and coach you to success.  Working with banks full time, we know how they think, how to put together the packages, inside contact information and some knowledge on the existing programs available to you as a distressed homeowner. 

Recently, Team Danny D helped a homeowner to loan modification SUCCESS!  How?  We coached her through it.  We started by giving her the phone numbers and websites to start her process. Then, when she hit a wall on bank communication, we gave her the scoop on working with banks and how to deal with it.  Some follow up phone calls and some time later (about 2months), she was modified and able to keep her home.  The homeowner did it all by herself and at no cost!   No need to pay an attorney mill to modify your loan.

Here is Shirley's thank you email to Team Danny D:

Hello,It has been awhile but I want to thank you from the bottom of my heart.You were so kind , knowledgeable  and informative.I do have a modification through my home loan servicer.Boy there are a lot of sharks and just plain nasty people out there who want to capitalize on someones bad misfortune...but NOT you....Thank you for your support, emails, and the cards I now receive.If I am  ever ready to sell...I indeed will contact you!  Shirley

If you just need a consultation on where to start, call Team Danny D! 650.400.7670

Team Danny D

RealtySource Inc.

El Granada, Ca

wwwTeamDannyD.com

#01863442

Big Brother is Watching!

Any good agent will track their website hits to see where the traffic is coming from.  To see my "return on investment" for some sites i subscribe too, I track my site once a week.  

It is very common for me to catch a major bank stalking my site while i am processing a short sale with them.  They are verifying if I am marketing actively, time on market, and any other info they can dig out about the property before they approve my short sale.

Today, I noticed Wells Fargo on my site two days ago....not a big deal.  They are always on my site, however, currently i do not have any short sales processing with Wells Fargo.  So what are they doing on there?

Probably checking to see if I am flipping the last short sale I just got approved with them.  You see, all agents and all parties to a short sale must sign an affidavit that says that it is a "arms-length" transaction.  There is a lot of fraud in short sales and they are just following up to see if any occurred.  Flipping is not fraud, but it is if there are similar parties involved in the previous short sale.

Do they have time to do this?  I cant seem to grasp the notion that they do...so maybe there is a Wells Fargo employee in Des Moines, iowa who wants to move to the coast and likes my site.

Danny Dimas

Team Danny D

RealtySource Inc.

650.400.7670

www.TeamDannyD.com

#01863442

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Why do Short Sales Take 6 Months?

THEY DONT!  AT LEAST ON AVERAGE.

If you are waiting past 4 months and still no answer on your short sale then most likely it is not being worked properly.  The slowest banks take around 4 months to complete.  The better lenders take 30-45 days.  The middle class lenders will take 2-3 months if worked properly. The best...4 days!

Now, sometimes it is not the agent.  Example:  the lender ordered an appraisal and it was done by a rookie appraiser from Stockton, Ca.  The coast is not Stockton and requires much more experience to come up with value.  The lender had guidelines to stick by the appraiser's value for 90 days, therefore nothing could close until a new appraisal was done 90 days later at the correct value.  

A experienced short sale agent will have an idea of how long it will take to complete.  That agent will also have weekly updates on progress of the short sale and you can usually see where the file is going based off of the weekly reports.

Need foreclosure Help?  Call Team Danny D for your options in selling or buying a short sale home.  650.400.7670

Click here to get more information- Short Sale Info

Danny Dimas of Team Danny D

Short Sale & REO Pro

RealtySource Inc.

www.TeamDannyD.com

#01863442

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What is different when buying a short sale? 

Answer:  Almost nothing as a buyer.  Other than it is not guaranteed to be approved at your offer price.  Also, it takes much longer to close escrow.  As a buyer you just sit back and wait and hope that the listing agent knows how to process and successfully complete the transaction.

For more information on how to screen list agents on their ability to close a short sale transaction, call Team Danny D- 650.400.7670

www.TeamDannyD.com 

Danny Dimas

Short Sale & REO Pro

RealtySource Inc.

#01863442

Team Danny D | Promote Your Page Too