Short Sales: What's Next?

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Presentation by Melissa Zavala, from the California Association of Realtors Expo, October 2013. Although decreasing steadily, short sales are still a reality. Get tips on how to close your current transactions and insight on what lies ahead for short sales.

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Short Sales: What's Next?

  1. 1. MELISSA ZAVALA BRE #01324959 SHORT SALES WHAT’S NEXT? Friday, October 11, 13
  2. 2. U.S. STATS 10.7 million homeowners are upside down by 125% for more 8.3 million are treading water Friday, October 11, 13
  3. 3. Population 36,637,290 Unemployment 8.8% Median Household Income $60,883 Percentage of Vacant Homes 8.56% CALIFORNIA STATE DEMOGRAPHICS Friday, October 11, 13
  4. 4. Metro Area Unemploy- ment Rate Under- water % Distressed Sales % Cash Sales % San Jose - Sunnyvale - Santa Clara 6.9% 9% 15% 19% San Francisco - Oakland - Fremont 6.5% 17% 22% 24% CALIFORNIA METRO AREAS LEADING REAL ESTATE RECOVERY SOURCE: REALTYTRAC Friday, October 11, 13
  5. 5. Metro Area Unemploy- ment Rate Under- water % Distressed Sales % Cash Sales % Visalia - Porterville 12.8% 38% 39% 31% Fresno 12.3% 39% 39% 29% Stockton 12% 36% 47% 34% CALIFORNIA METRO AREAS LAGGING IN REAL ESTATE RECOVERY SOURCE: REALTYTRAC Friday, October 11, 13
  6. 6. What’s Next? •Mortgage Debt Relief Act of 2007 Expires (and AB 30 is gone) •End of Gov’t Backing for GSE’s •Impact of Government Shutdown •Short Sale Incentive Programs? Friday, October 11, 13
  7. 7. Hot Topics in Short Sale World California Homeowner Bills of Rights Mortgage Debt Relief Act of 2007 FHA Back to Work Program Mortgagee Letter 2013-23 HAFA Program Friday, October 11, 13
  8. 8. Due Diligence Listing Activities Learn About the Lenders Identify the Hardship Order a Property Profile or Title Report Have Borrower Complete a Statement of Information Learn About any Loan Mod or Bankruptcy Activity Identify Uncooperative Sellers Friday, October 11, 13
  9. 9. How to Get Your Transactions Closed Responding to Offers HOA Issues Interim Communication with the Buyer’s Agent and Buyer’s Lender Don’t Bite Off More than You Can Chew! Friday, October 11, 13
  10. 10. Let’s Talk Melissa Zavala, Broker 760.839.3838 www.shortsaleexpeditor.com info@shortsaleexpeditor.com Friday, October 11, 13

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