Uncompromising Integrity, Unsurpassed Service

Property Search

It would be my pleasure to assist you with your property search. My website will provide you with all the tools you need to find the right property for you.

My website allows you to view my current listings, search for properties or sign up to receive Property Alerts, my service that sends you e-mails when new properties that you may be interested in become available.

Also you can set up a search to see what is happening in your neighborhood and keep informed!

Thank you for visiting my website!

3% of my earned commission will be donated to the Prader-Willi California Foundation

Featured Property

Offered at $2,299,000

Property Address

2710 EASTON DR Burlingame, CA 94010

Total Photos: 9

Property Photos

7 Myths about a Short Sale

A Short Sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth 1 – The Bank Would Rather Foreclose Than Bother With A Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a Short Sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a Short Sale than a foreclosure.

The qualifications for a Short Sale include:

Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth 2 – You Must Be Behind On Your Mortgage To Negotiate A Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth 3 – There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that Foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a Foreclosure with a legitimate contract. For Real Estate professionals who understand foreclosures and Short Sales, there is time available until the foreclosure process is complete.

Myth 4 – Listing My Home As A Short Sale Is An Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be Short Sales or Foreclosures, you are not alone. In San Mateo County the number of people who owe more on their house than it is worth or are in Foreclosure / Short Sale is 40-45% and rising.

Myth 5 – Short Sales Are Impossible And Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth 6 – Banks Are Waiting On A Bailout And Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth 7 – Buyers Are Not Interested In Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

Current median prices

Real Estate Market Chart by Altos Research www.altosresearch.com

SEARCH FORECLOSURES

Late on mortgage payments: 7 Options

Everyone’s situation is different. This report is only a guide. It should not be a substitute to talking with your CPA/attorney about your individual situation.
OPTION 1: Pay down/Sell This is an option if you have money to spare. We can sell your home and you pay the difference between what your house sells for and what you owe your lender. The positive to this is you can keep your credit intact. The negative is that you need disposable dollars to do this.
OPTION 2: Short Sale A short sale is where we will sell your home for less than what you owe. We need to negotiate with your lender(s) to accept less than what you owe. It will make a difference if your loan is a purchase money (non-recourse) or non-purchase money (recourse). Note: There can be tax ramifications depending on if you have a recourse or non-recourse loan. We can explain the difference if you give us a call. The positive is that you can pay off your loan(s) without any money out of your pocket. The negative depends on how many payments you missed. It can reduce your credit score 50-150 points. *
OPTION 3: Walk-away/Foreclosure This is a situation where you just walk away from your house. You can still have negative tax consequences and it can affect your credit by approximately 250 points. In most cases, a short sale is a better option. *
OPTION 4: Bankruptcy Sometimes you will be advised to file bankruptcy. In a lot of cases, people will suggest this because they do not know about other options as mentioned above. This should be a last resort. It can affect your credit by approximately 400 points and your credit for the long-term. *
OPTION 5: Deed in Lieu of This is a situation where you basically hand the keys over to your lender. In most cases, the last thing your lender wants is the property back, and if they do, it is normally prior to foreclosure. At this point, your credit is probably already negatively affected. If you were current with your payments, why would your lender take the property back?
OPTION 6: Loan Modification with your Lender This is a situation where you want to stay in your property, but can’t afford your current payment(s). The lender might renegotiate interest rates or reduce your payment and add it on to the backend of your loan.
OPTION 7: Rent You can rent your property out until the market turns upwards. In most cases, there will be a negative between the rent and your loan payment(s). Most of the experts feel this market will take 2-4 years to turn-around. You should be prepared to rent out your property a couple of years.
*(Reductions to credit scores are estimates only. Individual situations will produce varying results).