Posts Tagged ‘home’

Short Sales: How they’re done and why

March 11, 2010

What short sales are, how they are done, and whyIf there are any services that Chris Gabledon, realtor for EXIT Realty SCV, can do well, processing a short sale is at the top of the list.

No doubt, since the economy began tumbling in the last quarter of 2007, much of the news we heard about the realty market shifted from the rise in property values and property-flipping by liquid investors to the alarming number of mortgages that have gone “under water”.  Highlighted in Michael Moore’s 2009 documentary, “Capitalism: A Love Story“, were the foreclosures and evictions of families from their long-time homes.  Some families, however, managed to escape foreclosure by undergoing a short sale.

What is a short sale, anyway?  According to Wikipedia:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.  It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.   Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.  This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

If the definition had some “lawyerese”, here are the highlights:

  • Mortgage to date + proceeds from sale < balance owed on property’s loan
  • Selling the property at a loss is better than nothing
  • Avoids foreclosure, large fees for the bank, and poorer credit scores for the borrowers
  • Borrowers may still have an obligation to pay the loan

If you find that conducting a short sale is in your best interests, this is how it’s done.  Using the services of a realtor may ease the process:

  1. Verify the value of your property.
  2. Add up all the costs of selling the property.
  3. Determine the amount owed against the property.
  4. Subtract the total amount owing against the property from the estimated proceeds from the sale.
  5. Contact the lender or lenders.
  6. Ask the lender what its procedures are for a short sale.
  7. Sell the property.

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Francis M. Unson

EXIT Realty

January 29, 2010

Please retweetAccording to the Department of Commerce, December saw a 4% drop in new home starts, while 2009 was the worst year in home starts in decades.  However, the outlook for 2010 is much more positive, as the department has seen that builders in 2010 have pulled 11% more permits for home starts than last month.  Builders are forecasting that 2010 will offer a more favorable climate for housing construction and sales as a result of a recovering economy and declining unemployment.

Chris Gabledon, Realtor for EXIT Realty in Santa Clarita, California

Chris Gabledon, Realtor for EXIT Realty

Chris Gabledon, realtor for EXIT Realty SCV, looks forward to serving prospective home buyers in the coming year.  A realtor in the Santa Clarita Valley since 1998, he provides services such as helping buyers and sellers with real estate transactions, and processing short sales, loan modifications, relocations, and guidance in navigating the real estate market.  If you are looking for a company that can help you buy or sell property in a timely manner, or are looking for alternatives to foreclosure, look no further than Chris Gabledon!

Chris Gabledon, Realtor for EXIT Realty SCV

Chris Gabledon, Realtor for EXIT Realty SCV

Chris Gabledon, Realtor for EXIT Realty SCV
23734 Valencia Blvd., Suite 307
Valencia, CA 91355
Ph: 661.254.3948 Ext. 213
chrisgabledon [AT] aol [DOT] com
Lic. #01227710

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Francis M. Unson

How to Build a Rainwater Collection System

January 19, 2010

Given the amount of rain that has arrived so far from the storm systems that are hitting Southern California, it brings to mind how desert dwellers (and Santa Clarita is near a desert region) make the most of the rainfall.  In order to collect as much of that rainfall as possible, people have built into their houses or businesses a rainwater collector.  While the water isn’t potable for human consumption, the water collected can be used for watering the plants or for the bathroom.  Read more

The following YouTube video, by bsntechdotcom, discusses what materials are needed to create an elevated rainwater collection system.

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Francis M. Unson