6 Tax Facts Chico Home Sellers Should Know
November 16th, 2012 categories: Chico Sellers
Ready to sell? Call the Top Chico Listing Agent for guidance. In 2011, Sandi Bauman and her Team sold more than 170 properties. The average Chico Realtor sells 10. It would be our pleasure and privilege to discuss your unique property. Call 530-864-5407 or email [email protected].
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Short Sale vs. Foreclosure. Which Is Best For Me?
November 14th, 2012 categories: Chico Sellers, Short Sales
When your mortgage payments are no longer affordable, you have several options to consider. For homeowners in this situation, two of the most common courses of action are short sale or foreclosure. But what is the difference between short sales and foreclosures – and which is the better option for most homeowners? Read on to learn more about short sale vs. foreclosure.
What is the Difference Between a Short Sale and a Foreclosure in California?
Short Sale: In a short sale, a lender agrees to accept less than payment in full to allow the homeowner to sell the property. Lenders are willing to allow a short sale when they conclude that accepting a short pay will result in a higher payoff for them compared to foreclosing on the property.
To qualify for a short sale, lenders generally require the property owner to have a hardship. The lender requires a hardship letter from the homeowner explaining the hardship and outlining why he/she wants to sell the home. Hardships do not always have to be of a financial nature. Short sales do negatively impact a homeowner’s credit but not generally as severely as a foreclosure.
Foreclosure: In a foreclosure, the homeowner has stopped paying the mortgage and the lender takes over the home to recover their principal investment. Foreclosure is usually not a favorable option for the lender or the homeowner, as it results in a black mark on the homeowner’s credit rating that will last for years. Before beginning the foreclosure process, lenders in California must contact the homeowner to explore alternatives before foreclosing on the home. After this process is completed, the lender is allowed to file a “Notice of Default” which starts the foreclosure process. After 90 days have passed, the lender must perform some legal procedures, and may then file a “Notice of Trustee’s Sale,” which alerts the homeowner to the auction date of the home. This document is served to the homeowner and a copy is posted on the property itself. This process generally takes 21 days, but delays often occur due to possible short sales or the filing of bankruptcy and/or lawsuits.
Which is the Best Option – Short Sale or Foreclosure?
Foreclosure is almost always considered the last resort for the homeowner because it is so damaging to one’s credit score. An experienced short sale negotiation team, like the Sandi Bauman Team at Chico Homes, can help you short sell your home, while trying to reduce the credit impact the homeowner will experience. If you’re considering a short sale, you should keep in mind that most real estate agents do not have the knowledge or resources to successfully complete a short sale. And if they do, they may not address critical issues during the process. Make sure you do your homework prior to listing your home for sale as a short sale!
Need help with your Chico Short Sale?
Let’s explore your distressed property options in Chico. We also handle most of Butte, Glenn and Tehama Counties! For a confidential consultation with The Sandi Bauman Team short sale negotiators, call 530-864-5407 or email [email protected].
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What Is HAFA?
November 10th, 2012 categories: Short Sales, Uncategorized
“Home Affordable Foreclosure Alternatives” is a government sponsored initiative program overseen by he U.S. Territory Department and administered by Fannie Mae. Learn more here: www.makinghomeaffordable.gov/
Truth be told, there sometimes seems to be no rhyme or reason as to why a homeowner may or may not qualify for HAFA.
HAFA has it’s specific guidelines, which are easy enough to discern. In addition, most lenders have overlay guidelines that can change as often as we change our underwear.
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As Chico short sale negotiators, we will submit our client’s files for cash incentives available through HAFA or their specific lender(s). However, there can never be a guarantee of funds for a seller at close. The guidelines are always changing.
Let’s explore your options! For a confidential consultation with The Sandi Bauman Team short sale negotiators, call 530-864-5407 or email [email protected].
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Interest rates are at an all time low!
October 27th, 2012 categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News, Uncategorized
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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Are Loans Really Harder to Get Now Than They Were 5 Years Ago?
October 20th, 2012 categories: Chico Buyers, Chico Financing
by Justin Bowman, Summit Funding
When I tell someone what I do for a living I usually get a response like, “Wow isn’t it impossible to get a loan right now?” To that I would say with certainty, “Absolutely not!”
There is a perception that because the market is doing so poorly, that funds are harder to obtain. The truth is, there are a multitude of available programs on the market for all types of borrowers. Such products range from the traditional conventional loans, requiring 3% down to other unique products that require as little as .5% for the entire transaction!
A great effort has been made by the government to subsidize commodities in efforts to stabilize the economy and offer opportunities to potential homebuyers who, on their own, could not afford the luxury of owning a home. They are helping make it possible to live the “American dream” and become home owners.
Additionally, there is a new sensitivity among borrowers that there is an unjustified amount of paperwork needed for loan approval. An environment of full documentation has over taken the once popular, and very detrimental, low and no documentation loans within the last few years. It is hard for people to come to terms with the new way (or really, the old way) of qualifying. What must be understood is that the era of minimal required documentation is over. We can no longer take the risks that led to this financial uncertainty. Even though we are now steering away from the “we will take your word for it” mentality, it makes for a much healthier economy knowing that the house that is being purchased has a much smaller risk of defaulting.
All this said, I am doing more low-down payment loans now than I did before the market fell. With outstanding products available such as conventional loans with 3% down, FHA & CHF programs with less than 1% down , Home Path loans with 3% down and no mortgage insurance. Eligibility is considered even with credit scores as low as 580 and debt to income ratios as high as 55%!
In today’s market, borrowers need a realistic outlook on how much they can actually afford and provide the necessary documentation to prove they actually can. Happy House Hunting!
Justin Bowman
Sales Manager/ Mortgage Advisor
NMLS# 219579
Office 530.267.6264
Fax 530.267.6286
Website www.summitfunding.net
Email [email protected]
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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Top Ten Signs You Are Being Scammed
October 13th, 2012 categories: Uncategorized
Please, please use caution when engaging an individual or a company to assist you with a loan modification!
These tips to avoid mortgage fraud are simple, but important!
I list a lot of REO property. That means that I have talked to a lot of former homeowners that have lost their home to foreclosure. I hear stories every day from distraught families that have paid, in good faith, someone to help them secure a loan modification so that they could stay in their home. Many of these people borrowed money from their retirement, or from family members, to pay an upfront fee. One woman paid $5000 out of pocket on a home that was only worth $50,000 and was still foreclosed on.
Ready to move? The Sandi Bauman Team! at Chico Homes would love to assist! Whether you’re moving into the greater Chico area or out, we can help. We have developed a very strong network of friends and top producing agents across the United States. Finding a fabulous agent to represent you can be a daunting task. We will take the time to locate and interview on your behalf! Call today: 530-864-5407.
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2344 Cassandra Drive. Horse Property Near Chico, CA!
October 6th, 2012 categories: Chico CA Real Estate News, Chico California Photos, Chico Luxury Home Listings, Relocate to Chico, Uncategorized
Beautiful country properties with horse facilities don’t come along too often near Chico….
The owner paid $627k, and states another $400k were invested in improvements. The views are unparalleled, and are appreciated from nearly every room. 180 degrees of valley, bluffs, and rolling hills. Sprinkle your pasture with a few horses, and the setting is complete! Only about 12 minutes to Chico, but it feels as if you’re in another world. The home is a gorgeous mix of high quality and warm designer touches. All of the details you would expect to see in an estate home, including granite, slate, Bosch, custom cabinets, quality fixtures. With east/west exposure, the lighting is wonderful throughout the day. Home includes 3 bedrooms, formal living/dining rooms, breakfast nook and family room. Lovely master suite with a large walk-in closet, tub with to-die-for views, and open shower. Grounds include a 4 bay shop and 2 car garage, fencing/cross fencing, 3 pastures, RV pad with hookups. Pomegranate, apple, cherry, orange, grapefruit, fig, apricot abound in the orchard! Admirable horse facilities: 4 stall barn with runs, wash rack, hay storage, granite base and mats. 3 irrigated pastures, 100×50 arena. Acres and acres to ride!
Virtual tour also available. Please click here!
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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Most Common Pricing Mistakes, Chico CA Real Estate
September 30th, 2012 categories: Chico Sellers
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Buying and Selling Walkability Scores in Chico
September 16th, 2012 categories: Chico CA Real Estate News
Interested in the Walkability Score of your home in Chico? Scouting out Chico neighborhoods ahead of time?
Check here: www.walkscore.com!
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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Top Ten Legal Mistakes Buyers Make When Purchasing Chico Real Estate
August 29th, 2012 categories: Chico Buyers
Ready to begin searching for that perfect Chico home, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
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