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 

                           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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                                      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

The California Association of Realtors has created a site for consumers and agents to find information and resources specific to a short sale in California.

It contains news articles, forums, tips on short sales, and articles written on the subject of a short sale in our state.

Check it out!  To get there go to:

http://www.shortsalescalifornia.org/

You can also find more information on Team Danny D's site by clicking on the stop sign.  Always contact an experienced home retention specialist to go over your options when facing foreclosure...Call Team Danny D! 650.400.7670

www.TeamDannyD.com

Danny Dimas

Short Sale & REO Pro

RealtySource Inc.

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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2011- Year of the short sale

It is definitely the year of shortsales on the Half Moon Bay coastside (including La Honda and Pescadero).  Here are the local stats so far in 2011 - the year of the short sale:

Active Short Sales:

• 21 total active
• 186 average days on market
• $653,744 average list price
• 2059 average sq ft home

Pending Short Sales:

• 18 total short sales
• $571,747 average list price
• 226 average days on market
• 1806 average sq ft home

Closed Short Sales:

• 3 Total closed in 2011 as of March 24, 2011 
• $1,800,000 for a 4 bedroom in Ocean Colony
• $485,000 for a 3 bedroom in El Granada

Looking to sale or purchase a short sale property on the coast?  Choose experience and knowledge to guide you in today's distressed market.  Team Danny D is the right choice.  Contact Team Danny D for a FREE 28 page booklet.

www.TeamDannyD.com

Danny Dimas

Short Sale & REO Pro

RealtySource Inc.

650.400.7670

#01863442

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Q: Can I see the short sale listing in Moss Beach? 

A: NO

Why Not?  I dont have an answer for that because I am not the list agent but i can speculate on some reasons why.  First off, we are talking about a active listing that is showing "ACTIVE" in the MLS but not available to see...so why is it active?  Why list?  Or just withdraw from MLS until ready?

Could be a number of reasons and the possible reasons i list below are for entertainment reasons only and please dont assume i am insinuating that this is the case for a specific property on the coast.

• agent hoarding listing to double dip the commission.  maybe, but most lenders will not let realtors double dip commissions on short sales.
• Seller short sale package not complete.  Agent activated listing too soon and the sellers have yet to submit their short sale paperwork
• Fraud- common practice for agents to gain a short sale listing, put one of their own investor buyers in the transaction for a lower than market value price...then flipping to another buyer for more money. All during same escrow.  Your arguement is that it is not fraud if disclosed..hmmm, OK, I agree, however, what lender will agree to a short sale at $400k when the market value is $500k unless something was not disclosed...thus making it FRAUD.   So why put on market?  Because most lenders require that the short sale listing be put active in the MLS as part of the short sale protocal.

Call Team Danny D for all your local Short Sale and REO services. 650.400.7670

Team Danny D

Short Sale & REO Pro

RealtySource Inc.

www.TeamDannyD.com

#01863442

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What are Extensions?

When you are in pre-foreclosure you are issued a formal auction date on your foreclosure.  This is the day the lien holder takes the home back at the court house steps.  Most short sale clients have missed enough payments to get that ugly ceritifed letter in the mail that states that their home will be auctioned on that specific date.

What to do?  Well, if your home is listed and you have a looming auction date ahead, in some cases, you can get it extended to give you time to execute a short sale.  Common knowledge???  I think so.  Guaranteed, No!  Case by case.  It also takes a lot of diligence and paperwork to call off the trustee attorneys.

Call Danny for your options to sell in today's market! 650.400.7670

Team Danny D

Short Sale & REO Pro

RealtySource Inc.

www.TeamDannyD.com

#01863442 

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Which Banks are Good and Bad to work with on Short Sales?

My team and I have created a White and Black List to itemize which lenders we will not work with and which banks are easy to work with.  Having completed dozens of short sales, we have created this list by first hand experience.

Also on the lists are tips on how the specific lenders work.  What guidelines they may have and a estimated timeline for approval.  Will your lien holder give you a full release on the short sale???  They might not, I know who will and who will not.   Again, the data is based on experience. 

If you are late on your payment and you have a auction date set...Isn't important that you hire somebody who will know how to succeed in short sales?  Most consumers have one opportunity to salvage the home and sell before it forecloses.  Do not hire an agent without interviewing and asking about their experience in short sales.

To set up an interview and see if your bank is cooperative with short sales call  Danny Dimas  of Team Danny D,  650-400-7670.

or go to www.TeamDannyD.com and click on the red stop sign.

Team Danny D

Short Sale & REO Pro

Email- dannydimas@gmail.com

Realtysource inc.

#01863442

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