Bank of America has made a change to its short sale process in regards to backup offers. According to BofA, based on agent feedback and to reduce overall cycle times, the bank is reducing the window agents have for submitting a backup offer on a short sale. Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid.
When a backup offer becomes necessary, agents should contact their short sale specialist immediately, and let the specialist know if they have a backup offer to submit.
Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Any backup offer will require analysis and investor approval, regardless how similar it may be to the previous offer.
If no backup offer is available, the short sale will be closed in Equator by the short sale specialist. The agent should return to marketing the property and may initiate a new short sale in Equator when a new offer on the property is received.
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The nation’s largest banks are luring a select number of homeowners to complete short sales with the promise of cash, in some cases as much as $35,000 for each deal.
Read the full story
http://www.signonsandiego.com/news/2011/oct/08/banks-offer-cash-troubled-homeowners-completed-sho/
Recently it has been noticed that people are becoming more curious about buying homes in El Dorado hills. This can be attributed to the fact that these days, people are increasingly becoming attracted to a peaceful and calm life. El Dorado hills is a carefully planned haven, nestled between the beautiful Lake Tahoe Basin and the San Francisco Bay Area, in California. The place provides a wonderful view of the Sacramento Valley and the Sierra Nevada Mountains. Moreover, many of the progressive companies of California have found base in the 885-acre El Dorado Hills Business Park which is a reason for the business people to rejoice and buy homes in El Dorado hills.
Many powerful and influential people of the United States of America have already built their homes in El Dorado hills. If you also want to be their neighbor, you need to first get in touch with a good real estate broker of El Dorado hills. Then you need to be aware of the on-going market price of the real estate here. When this article was written, the average price of homes in El Dorado hills was around $429,000 (3-bedroom house). If you think that is within your budget, then you can proceed further with your plans.
Even though there are a lot of websites of real estate companies that showcase the available homes in El Dorado hills, along with their “attractive offers”, it is better to go to the place in discussion and check them out for yourself, before finalizing on anything. You might also want to discuss the mortgage options and other financial terms with your mortgage bank agent before going ahead with your plans to buy the chosen property.
Find out what kind of amenities you would like to have near a place you want to live in and then, narrow down your search for homes in El Dorado hills. Also, specify to your broker about how large or small you want your preferred house to be.
Moving to a different location is a psychologically significant phase in anybody’s life. If you are looking for homes in El Dorado hills to shift with your family, first consult the family members to ensure that all of them are ready to move in there.
Contact me for all your real estate needs.
Written by Brodie Stephens
www.brodiestephens.com
With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures. To assist both REALTORS® and consumers, C.A.R. will launch a website specifically focused on short sales.
On the new site, which launches Friday, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.
Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, what to expect as a buyer or seller of a short-sale property, and whether they qualify for government programs to keep their home.
For additional information, and to get the URL for the short sale website, check the homepage of car.org on Friday, March 25.
Summary: Investing in real estate in El Dorado County could be great idea if you are looking for a new home or are a great sports enthusiast. If other criteria like school district and services are satisfactory for the neighbourhood you plan to buy in then attractive prices are available on new homes especially single family homes. If you are a golf enthusiast the owning property in Sacramento would give you access to some great golf courses and clubhouses in the country. Use the services of reputed brokers and buy only what your budget permits.
If you are looking to invest in real estate El Dorado County then like all property investments you need to check on some key trends, features of the place where the property you plan to buy is located in and take stock of the reasons why you are investing.
Whether you are a first time or seasoned buyer, buying a home or other real estate in El Dorado County, budget must be the first priority when deliberating on buying real estate. One of the ways to assess how much you can afford to pay for something like a home is by working backward on the expenditure. Calculate what you’re paying for the rent. From this assess how much you can actually afford to spend monthly for a home.
If you are going to take out a mortgage for your home or real estate in El Dorado county then ensure you avoid a bad mortgage with a high interest or ones which will require you to pay more than what your current rent is. Choose mortgages which include tax and other expenditure and make sure your mortgage payments are safe.
The location of your real estate in El Dorado should be the next priority on your list. Neighbourhoods, school, availability of maintenance services and other such details about a place may look trivial at the first glance especially if you really liked the property but they are crucial factors that cannot be ignored.
Sacramento including El Dorado have seen a rising trend in single family homes in the past couple of years with just two percent of sales being devoted to luxury homes. New homes continue to be amongst the best value real estate in El Dorado county with new construction having to face a stiff competition from the large amount of bank owned and short sale property that have been put on the market. Try to buy while these conditions last.
If you are an ardent sports lover then investing in real estate in El Dorado County could give you several opportunities to take up your passion for sport again. Sacramento has some of the best golf courses in the country. With 17.9 square miles of land along the western boundary of El Dorado County, golf lovers have plenty of space and sunshine. The Serrano Country Club is a prestigious golf course in the El Dorado area. Apart from amazing golf courses, there are club houses, great sights to enjoy and a vibrant community that celebrates strong American traditions and you can be part of.
You could enlist the services of a broker, check online for properties or visit El Dorado Hills real estate or El Dorado Hills homes for sale to obtain listings of real estate in El Dorado County.
Written by Brodie Stephens
www.brodiestephens.com
