Jerry Boren, sells two

Luxury Short Sale

Homes in Lake Tahoe,

Nevada

  

Buchanan Estate

 Jerry Boren, McCall Realty, Lake Tahoe, Nevada & Who’s Who of Luxury Real Estate sold 2 luxury short sale homes in August 2010, both over $1.3 million dollars.  If I had one bit of advice to give a homeowner looking to sell their high-end home as a short sale, I would urge them to find an agent that specializes in luxury homes and who also has the experience and history in closing short sales,” said Jerry. “Besides that, having worked with high-end short sales, I can say they are quite different than the normal sale. “   

For more information on the sale of these homes or Jerry Boren, please call 775-771-3088 or jerrybboren@msn.com

 

 

 

 

 

 

 

 

 

Lakeview

 

Multi million dollar Short Sale estate in Lake Tahoe Closed Escrow/Sold….

Buchanan Estate, Lake Tahoe, Nevada.

This dramatic property designed by Antonio Bruno, A.I.A. is perched atop nearly 10 acres. 7,500 square feet of exceptional privacy, spaciousness and understated elegance. Rarely do properties of such distinction become available; and rarer still is this pinnacle setting, over-looking Lake Tahoe and the surrounding mountains. This property was built in 1987 and needs some updating to return the home to its trophy status. For more information and pictures click on link: 

http://www.realtor.com/realestateandhomes-detail/178-Buchanan_Stateline_NV_89449_1110287395

Call Jerry & Gayle Boren for additional information.   775.771.3088 or 775.742.2523. 

I came across this article by Mike Whitney,  a well respected freelance writer that states what some of us have been thinking for months.  JERRY BOREN, LAKE TAHOE, NEVADA/CALIFORNIA BROKER, THE BOREN GROUP/McCALL REALTY

A recently released report from First American Core Logic shows that “distressed sales accounted for 29 per cent of all sales nationwide.” Nearly one-third of all home sales are distressed REOs. Also, according to a report from Clear Capital, “Home prices nationally have dropped 3.9 percent quarter to quarter, the first quarterly drop in nine months. (Thanks to Diana Olick, Realty Check, CNBC) Bottom line: More people are being forced from their homes, the banks are facing bigger losses, and the housing market is on the skids.The Obama administration’s Home Affordable Modification Program (HAMP) has largely been a bust. Of the 3 to 4 million potential modifications, only 170,000 homeowners have successfully converted into a new mortgage. Under the new “principal reduction” plan, borrowers will be able to refinance into a FHA loan if lenders agree to slash the face-value of the mortgage. This puts the government on the hook if the homeowner defaults, which will lead to heftier losses for Uncle Sam.

One of the main sticking points with the new program has been second liens, which are the home equity loans that were made using the mortgage as collateral. Falling home prices have made these loans essentially worthless, but the banks have resisted writing them off altogether because hundreds of billions of dollars are at stake. Even so, the four biggest banks have signed on to the new program hoping to stem the surge in foreclosures. Here’s an excerpt from an article on Housing wire that shows how desperate the banks are to stop the bleeding:”Two major banks are expecting major increases in foreclosures, by the end of 2010.

“According to the Irvine Housing blog, Bank of America, which currently forecloses on 7,500 homes every month, will see that number rise to 45,000 by December 2010…..

“JPMorgan Chase is forecasting bigger foreclosure numbers in the coming months. According to a presentation at the end of February, JPMorgan expects the amount of real estate owned (REO) properties in its portfolio to reach between 33,000 to 45,000 in Q410. By comparison, in Q409, REO inventories were at 23,100.” (“Big Banks Prepare for Major Rise in Foreclosures Ending 2010″ Jon Prior, Housing wire.)

Bank of America’s 6X increase in projected foreclosures is a real eye-popper. It suggests that housing prices (particularly in California) have quite a bit further to tumble. This will affect everything from private consumption to state revenues. It’s a disaster.

Worth noting is that subprime defaults are largely over, and that, the new wave of foreclosures is made up of option ARMs, primes and Alt As. Many of these are high-income individuals who are using “strategic default” as a way to cut their losses and walk away from what has turned out to be a bad business deal. In fact, the data show that well-heeled homeowners are almost twice as likely to default as middle or low income people. So much for moral hazard.

Obama’s revised HAMP program could keep as many as one million homeowners out of foreclosure, but, even so, it’s just a drop in the bucket. Foreclosures and short sales will soar into 2011 no matter what the government does. In fact, the torrent has already begun as CNBC’s Diana Olick reports on Tuesday:

“Lender Processing Services just put out its “Mortgage Monitor Report and we have a new record: The nation’s foreclosure inventories reached record highs. February’s foreclosure rate of 3.31 per cent represented a 51.1 per cent year-over-year increase. The percentage of new problem loans also remains at a five-year high. The total number of non-current first-lien mortgages and REO properties is now more than 7.9 million loans. Furthermore, the percentage of new problem loans is also at its highest level in five years.” (CNBC, Diana Olick, Realty Check.)

Whoa. 8 million homeowners are behind on their payments! And, that’s not all; mortgage applications dropped 9.6 per cent last week while the Refinance Index (refis) fell 9 per cent in the same period. So, mortgage apps are down even though the First time Homebuyer Tax Credit is still in effect (it ends in two weeks) and, even though this is the “peak season” for home sales.

So, why the sudden spike in foreclosures a full four years into the housing crash?

Because the banks have been withholding supply to keep prices artificially high. There may have been an understanding between the banks and the Fed (a quid pro quo?) to keep inventory low so it looked like Bernanke’s $1.25 trillion Quantitative Easing (QE) program was actually stabilizing the market. But now that the banks are stuffed with reserves, there’s no need to continue the charade. So the dumping of backlog homes has begun. That will cause inventories to rise and prices to fall. More homeowners will slip into negative equity which will lead to even more foreclosures. It’s a vicious circle. If the coming wave of foreclosures is anything close to Bank of America’s projections, there’s a world of pain ahead.

By Mike Whitney

NEW YORK (CNNMoney.com) — Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.

“Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, which connects short sellers with buyers. “They’re hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales.”

These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

And Bank of America (BAC, Fortune 500), the country’s largest mortgage servicer, has more than doubled the number of short sales it processed in recent months.

Elizabeth Weintraub, a Sacramento, Calif.-area real estate agent who handles many short sales, was amazed at how quickly a recent deal went through. “Bank of America approved it in 24 days,” she said. “That flipped me out.”

This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers.

Beware: You lost your house but still have to pay

“In the past, many short sales would never come to fruition and the ones that did averaged over half a year to complete,” said Chris Saitta, CEO of Equator, which produces short sale software.

“Things would just fall into a black hole and not come out again,” added Weintraub.

And even when banks did agree to the sale, the process could be further complicated if the original owner had a second mortgage.

In most cases, the first lender is repaid in full before any money flows to a second-lein holder. And because most distressed borrowers are severely underwater, there’s usually nothing left to send on. As a result, second-lein holders are left holding the bag and have been killing many deals.

But that has been changing. For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. “The lenders lose 50% on a foreclosure and only 30% on a short sale,” said Glenn Kelman, founder of the real estate Web site Redfin. “And short sales offer a way to get distressed properties off their books quickly.”

And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing.

Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 “relocation incentive” and servicers will get $1,500 for handling a short sale.

The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims.

Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they’re willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

Equator’s Saiita anticipates a short sale explosion in response to the new program. “The challenge will be handling all the volume,” he said.

The company has already tweaked its software, which 58 servicers use, to handle the new HAFA rules. And that should help reduce the time it takes to execute a sale, which currently averages 88 days.

The boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners.

Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale.

Administration’s latest attempt to stem the housing crisis.  The Obama administration will offer homeowners $1,500 to sell for less than the mortgage balance.  Click on link below.  http://www.msnbc.msn.com/id/35756755/ns/business-the_new_york_times/

That is why banks are telling their customers that call asking about a short sale to hire a well qualified short sale company/realtor and let them take care of it.

I would go one step further and say to you that I will take the burden of all that goes along with avoiding foreclosure and selling your home as a short sale off your shoulders and into my hands.  

You Do Have Options… Call Today!                       Contact Jerry Boren at  775.771.3088  or  800.587.1110.

We are here to help… we understand that being in a position to have to consider a way to avoid foreclosure is not something you ever thought you would have to worry about in your lifetime. We also understand that in these tough economic times, your circumstances have probably changed dramatically and quickly.

Time is not on your side... If you are experiencing a financial hardship, and have a real need to sell your home, and owe more than it is worth… There are options for you.

Contact Jerry Boren at  775.771.3088  or  800.587.1110.

Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days. 

The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.

 Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.

 

Evidence of what direction the real estate market is  

headed will never get any more definitive

We understand the overwhelming stress and emotional havoc you’ve been going through in trying to deal with your lender, but you can have a successful outcome to a situation that may appear to have no hope.

As exclusive partners with Trilogy Property Solutions, we have a unique and easy approach to a process that is misunderstood by most people.  Jerry & Gayle Boren in association with Trilogy Property Solutions will help protect your credit by negotiating the quickest and most legal short sale possible while requesting relief from deficiency judgments and promissory notes.  Don’t wait until it’s too late to protect your credit from the long term damage of a foreclosure; take the necessary steps to protect your credit and your future options by beginning the process today.

Simply put, you will get an offer on your home immediately and Trilogy Property Solutions will deal directly with the banks to get you out of your debt obligations. 

The Good News:

1.  You have no upfront or hidden fees and no fees at closing.

2.  Your home will be listed with one of the best real estate firms in Northern

      Nevada and or California.

3.  You do not need to talk with your mortgage company.

4.  You get a valid offer on your home immediately.

5.  Trilogy Property Solutions has closed over 600 Short Sales.

Our goal is to consistently provide a level of service that exceeds the expectations of our clients.  We work closely with you every step of the way to insure the best possible outcome for you.  We use the top short sale attorneys to guide us in being up to date on new laws and real estate codes.

 We realize this is a tough situation and we encourage you to consult your accountant and or attorney before starting the short sale process.  Thank you for visiting Lake Tahoe Short Sale Specialist and we look forward to hearing from you.

THE BOREN GROUP… with more than 40 years of experience in Lake Tahoe real estate, Jerry & Gayle Boren are a team of seasoned professionals that have grasped the fact that Short Sales are becoming the wave of the future.  By joining forces with one of the most successful Short Sale companies in the country, we are offering an unparalleled service to homeowners that provide immediate communication with their banks and a quick solution to their financial problems.

This Spectacular Lakeview Home is a Short Sale in Lake Tahoe, Nevada.

This elegant lake view home features a massive stone fireplace, handsome wood floors and an open floor plan. The fully furnished residence has stupendous attention to detail throughout each living space. The top-of-the-line kitchen offers plenty of counter seating, while the dining area is perfect for entertaining. A large marble bath, a walk-in closet, and views of Lake Tahoe create an inviting master retreat. Additionally, four guest bedrooms provide ample space for family and friends. A media/game room includes a full size pool table and wet bar. Several large decks are ideal for relaxing amid vistas that include the lake and Sierra Mountains. An affluent and active four-season lifestyle is assured with this retreat and access to world class skiing is just minutes away.

Why a Short Sale?

A Short Sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a Short Sale, the Bank or Mortgage Lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.

This negotiation is all done through communication with a Bank’s Loss Mitigation Department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt.

In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor/Borrower is or still can be liable. In some cases it is not a settlement-in-full. A deficiency balance will remain while the Mortgage Broker, real estate agent / Broker, Loan Officers, Title and Closing Agents still remain in the transaction. 

A Short Sale typically is conducted to prevent a home foreclosure. Often a Bank will choose to allow a Short Sale if they believe that it will result in a smaller financial loss than foreclosing.

For the home owner, the advantages include avoidance of having a foreclosure on their credit history and less damage to their credit score. Additionally, a Short Sale is typically faster and less expensive than a foreclosure.

In conclusion, a Short Sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or a sale of a debt, generally on a piece of real estate, short of the full debt amount.

For a private showing, please call Jerry Boren, Who’s Who of Luxury Real Estate at (775)771-3088.