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        <title>Real Estate Blog</title>
        <link>http://www.mysantacruzrealestate.com/blog/santa-cruz-foreclosures/</link>
        <description></description>
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            <guid>http://www.mysantacruzrealestate.com/blog/the-basics-you-need-to-know-about-short-sales-in-santa-cruz.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/the-basics-you-need-to-know-about-short-sales-in-santa-cruz.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>The Basics You Need to Know About Short Sales in Santa Cruz</title>
            <description> <![CDATA[ 
Short sales in Santa Cruz are used by homeowners to prevent losing their homes to foreclosure.  When you see an advertisement for a short sale, the home is in pre-foreclosure.


What is a short sale? It is an agreement between the sellers of a home in the beginning stages of foreclosure and their lender which allows the home to be sold for less than the existing loan balance. If an agreement is reached by all parties, a short sale could save the sellers’ credit by avoiding a foreclosure.


A short sale is not a short process, however.  It is a lengthy process with many legal and financial aspects.


The basic short sale process flows as follows:


• The seller contacts the lender to discuss the possibility of a short sale.• The seller issues a letter authorizing release of the loan and property information to the buyer or escrow agency.• A settlement statement is reviewed by the lender. The statement includes the proposed selling price, the amount left to be repaid and itemized expenses.• The seller completes a hardship letter for short sale in Santa Cruz, including a description of all the financial difficulties the seller is going through.  The lender validates and confirms all financial difficulties.• The seller provides the financial documents including paycheck stubs, bank statements, a personal financial statement, monthly budget assessment and anything else required by the lender.• Once approved, the buyer can proceed with the purchase.What are the benefits of a short sale?  The seller is relieved of the debt they cannot afford, a foreclosure proceeding by the lender is avoided and the buyer purchases the home at a discounted price.


Whether you’re a seller who is interested in selling your home as a short sale or a buyer who wants to purchase a short sale in Santa Cruz, I can help. Please call me today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.


For additional information, please visit my home page at www.MySantaCruzRealEstate.com.


Links:


Short Sale


Letter authorizing release


Hardship Letter
 ]]> </description>
            <pubDate>Fri, 04 May 2012 01:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/seek-professional-advice-when-buying-a-foreclosed-santa-cruz-home.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/seek-professional-advice-when-buying-a-foreclosed-santa-cruz-home.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Seek Professional Advice When Buying a Foreclosed Santa Cruz Home</title>
            <description> <![CDATA[ 
When driving through local neighborhoods, you might notice many “For Sale” signs that have foreclosure banners attached to the top. While this distressed financial situation is unfortunate for the owner, a Santa Cruz home in foreclosure could be a great investment for you.


Purchasing a foreclosed property might seem extremely complex. If you’re interested in a great real estate deal, but feel a little overwhelmed, it’s important to cut the confusion and contract with professionals who are experts in distressed properties. They can walk you through the process, eliminate foreclosure frustration and get you the best deal.


Here are a few tips to help you successfully buy a Santa Cruz home in foreclosure:


• Find a good real estate agent. When interviewing real estate agents, you want to make sure you find one who specializes in foreclosures. Then ask for referrals from clients who have been through this process with them — you can gain a lot of insight from people they’ve worked with.


• Have the house thoroughly inspected. Most banks are selling foreclosed properties “as is.” This means the house could be in bad condition if it’s been stripped and abandoned. Make sure you have a good home inspector go over every inch to ensure there are no major issues.


• Get quotes on renovations. After the inspector has given you a list of problems and needed updates, find a good contractor or two to take a look and give you an estimate on what they would charge to renovate. You’ll want to determine if the renovations are worth the investment.


Buying a foreclosure can be an amazing deal. And with the right professionals on your side, you’ll minimize your risk and come away with a great investment.


If you’re considering purchasing a Santa Cruz home in foreclosure, please call 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.


For additional information please visit my home page at www.MySantaCruzRealEstate.com.


Links:


Purchasing a foreclosed property


Interviewing Real Estate Agents


Home inspector


 
 ]]> </description>
            <pubDate>Tue, 24 Apr 2012 01:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/how-to-buy-santa-cruz-foreclosures.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/how-to-buy-santa-cruz-foreclosures.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>How to Buy Santa Cruz Foreclosures</title>
            <description> <![CDATA[ 
Consider buying foreclosed properties if you are looking for real estate bargains. Foreclosure is a legal process in which the insurer or lender repossesses the property from the borrower who defaulted on their loan.  Santa Cruz foreclosures are easy to find with just a little work.


Here are nine tips to help you find the best Santa Cruz foreclosures:


1. Find a real estate agent: The first step is to get a reliable and trusted real estate agent.  Never try to purchase a foreclosed property by yourself.


2. Get pre-approved for a loan: If you’re not paying cash, pre-approval is a must. It means you have met with a loan officer and he or she has “pre-approved” you for a certain amount you can afford.


3. Locate foreclosed properties: You can locate properties scheduled for foreclosure sales by checking classified newspaper ads for listings under Foreclosure Notices, Auction Sales or Sheriff’s Sales.  But your real estate agent is your best source!


4. Check with local lending institutions and government agencies:  The FHA (Federal Housing Administration), HUD (Department of Housing and Urban Development) and local banks are also good places to find information about foreclosed properties.


5. Inspect: Have the foreclosed property inspected to determine its condition and market value. There may be problems that you and your agent can’t see.


6. Determine ownership: Identify potential ownership problems and find existing liens by having a title search conducted on the foreclosed property.


7. Contact the trustee: Contact the trustee of the foreclosure sale to inquire about the minimum bid the lender will accept.


8. Make an offer: Follow the submission guidelines carefully.  Many offers are rejected due to incomplete paperwork or missing signatures.


9. Obtain Title Insurance: Once you have purchased your foreclosure property, you must purchase title insurance, have the deed signed into your name and transfer the utilities.


Santa Cruz foreclosures can be complicated, so make yourself aware of your state’s legal procedures for acquiring foreclosed properties.  Your real estate agent should be a big help with this.


If you are ready to look for foreclosed properties, call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com, and we’ll get this process started.


For additional information please visit my homepage at www.MySantaCruzRealEstate.com.


Links:


Get pre-approved for a loan


Determine ownership


Obtain title insurance
 ]]> </description>
            <pubDate>Sat, 14 Apr 2012 01:01:00 -0700</pubDate>
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        <item>
            <guid>http://www.mysantacruzrealestate.com/blog/dont-let-a-short-sale-of-your-santa-cruz-real-estate-turn-you-into-a-fool.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/dont-let-a-short-sale-of-your-santa-cruz-real-estate-turn-you-into-a-fool.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Don’t Let a Short Sale of Your Santa Cruz Real Estate Turn You into a Fool</title>
            <description> <![CDATA[ 
If you are financially distressed, it might be time to cut your losses and minimize the damage to your financial future. If you’re feeling the economic pressure of an impending foreclosure, then consider putting your Santa Cruz real estate up for a short sale.


While it might seem like short sales should be a speedy process, they’ve been known to play havoc with many unsuspecting sellers. In honor of April Fool’s Day, we’ve created a list of the many short sale pitfalls sellers encounter.


• Settle your accounts – Strive to pay off all your other debt. Your bank might not approve your short sale application if you have judgments from other creditors pending.


• Pay your HOAs – Even if you’re defaulting on your mortgage, it’s important to meet your monthly Home Owner’s Association dues. Your HOA usually has to approve a short sale, so you definitely want to be in good standing when it’s time for them to sign on the dotted line.


• Make sure your buyer is pre-approved – Talk with your real estate agent and have them ensure that your buyer is legitimate. If there is any wavering on the buyer’s side, the bank might not want to deal with the hassle and you’ll be declined. 


• Get your documents together – Your bank will want copies of all documents concerning your Santa Cruz real estate before they even consider approving a short sale. Remember, they are forgiving you of debt, so do your best to make them want to help you.


• Don’t give up – Even if you’re declined for a short sale several times, there’s a chance they’ll approve you the next go around. Find out why you were declined and try to remedy the situation as soon as possible.


Don’t let a short sale fall through and turn you into a fool this April. Follow the tips above and you’ll be prepared to present a credible account to your bank.


If you’re considering a short sale on your Santa Cruz real estate, please call 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.


For additional information visit my home page at www.MySantaCruzRealEstate.com.


Links:


Short sales


Home Owner’s Association Declined for a short sale


 
 ]]> </description>
            <pubDate>Sun, 08 Apr 2012 01:01:00 -0700</pubDate>
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        <item>
            <guid>http://www.mysantacruzrealestate.com/blog/good-news-for-santa-cruz-real-estate-buyers-and-sellers.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/good-news-for-santa-cruz-real-estate-buyers-and-sellers.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Good News for Santa Cruz Real Estate Buyers and Sellers!</title>
            <description> <![CDATA[ 
There’s good news for buyers and sellers of Santa Cruz real estate: The U.S. Economic and Housing Market Outlook that came out the end of February is encouraging. According to this research done by Freddie Mac, both the economy and the housing market are showing cautious signs of recovery.


Here are some of the changes stimulating these improvements in both nationwide and Santa Cruz real estate markets:


• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.


• In January, existing home sales were at their highest since May 2010, according to the National Association of REALTORS®.


• Job gains have exceeded expectations for the past two months.


• In January, the unemployment rate fell to its lowest since 2009. In December, jobless claims were at their lowest level since 2008.


• Applications for weekly unemployment benefits decreased for the third consecutive week, to 348,000; the fewest since the first week of March 2008.


• Home builder confidence continues to grow.


• Households are paying off their debts and accessing credit more easily.


• Historically low mortgage rates continue. According to Freddie Mac, the national average rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January.


Thinking of buying or selling Santa Cruz real estate? Please give me a call at 831.662.6522 or email me at Lauren@LaurenSpencer.com to talk about how I can help you take advantage of the upcoming spring and summer selling season.


For additional real estate information, visit my homepage at www.MySantaCruzRealEstate.com.


Links:


U.S. Economic and Housing Market Outlook


Mortgage Bankers Association


Unemployment rate fell to the lowest since 2009
 ]]> </description>
            <pubDate>Sat, 17 Mar 2012 01:01:00 -0700</pubDate>
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        <item>
            <guid>http://www.mysantacruzrealestate.com/blog/santa-cruz-real-estate-urban-legends.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/santa-cruz-real-estate-urban-legends.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Santa Cruz Real Estate Urban Legends</title>
            <description> <![CDATA[ 
Urban legends can be found within every industry, and Santa Cruz real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isnt as easy as it sounds and is probably just what you think &mdash; a big fat myth.

Whether youre an experienced buyer or its your first time purchasing Santa Cruz real estate, do your research and dont get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years. 

1.&nbsp;You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, theyre not always a great deal. Banks are required to sell a property as close to fair market value as possible, and only drop the price in small increments after 60 to 90 days. Foreclosed homes are also usually in worse repair and banks are less likely to negotiate on them.

2.&nbsp;As a first-time homebuyer, its easy to get 100 percent financing. While some homebuyers might be nostalgic for the subprime mortgage era when anyone could obtain full financing &mdash; that just isnt the case any longer. While there is assistance out there, most first-time buyer programs require that you put down a certain amount.

3.&nbsp;A fixer-upper means a lowball offer. Gone are the days when just because a home needed a little cosmetic help you could make an incredibly low offer. Dont do it because youll get rejected, and the buyer wont take you seriously. 

The market may be down, but that doesnt mean youre going to walk away with a steal. Save your money, keep your credit score in check and dont fall prey to any of these common Santa Cruz real estate urban legends.&nbsp; 

If youre in the market for a new home or youd like to hear about more urban legends that buyers typically fall for, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.

For additional information, please visit my website at www.MySantaCruzRealEstate.com.

Links:

First time purchasing Santa Cruz real estate 

Foreclosed homes

Lowball offer
 ]]> </description>
            <pubDate>Thu, 22 Dec 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/get-a-deal-on-luxury-santa-cruz-real-estate.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/get-a-deal-on-luxury-santa-cruz-real-estate.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Get a Deal on Luxury Santa Cruz Real Estate</title>
            <description> <![CDATA[ 
In todays precarious job market, many luxury homeowners are finding they cant afford their massive, custom-designed properties any longer. As the once rich are having to quickly sell or abandon their Santa Cruz real estate, you might be able to snag a good deal on a distressed luxury home.

There are many horror stories associated with short sales and foreclosures, but if you do your research, are patient and can act quickly, you might be able to purchase the home of your dreams. If you want to take advantage of this sour market, then consider the following guidelines &mdash; and happy house hunting! 

&bull;&nbsp;Find an agent who has experience with distressed real estate. Interview Santa Cruz real estate agents to find out their history of dealing with foreclosures and short sales.

&bull;&nbsp;Research comparables. Investigate to make sure its actually a good deal by looking at other luxury homes that have sold in the area. Your agent can give you valuable information on comparables.

&bull;&nbsp;Be patient. Its easy to get anxious when it comes to making such a large purchase, but remember that these properties are in turmoil &mdash; which can take some time to resolve.

&bull;&nbsp;Hire a home inspector. If youre going to be investing big bucks, pay a home inspector up front to check out the home. Just because its a luxury property doesnt mean that it hasnt been neglected for the past couple of years. Youll want to know what kind of damage and repairs youll be dealing with.

&bull;&nbsp;Make an offer quickly. Other potential buyers and real estate investors will be keeping an eye out for enticing properties too, so be ready for competition.

&bull;&nbsp;Have your finances together. Pay as much as possible in cash. It will be more enticing to the lender, who actually makes the final decision on a short sale or foreclosure. 

If you want to purchase luxury Santa Cruz real estate at a great price, consider distressed properties going to short sale or foreclosure. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com, if youre ready to start looking or would like more information. 

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:&nbsp; 

Interview Santa Cruz real estate agents

Short sales

Foreclosures
 ]]> </description>
            <pubDate>Sun, 16 Oct 2011 23:01:00 -0700</pubDate>
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        <item>
            <guid>http://www.mysantacruzrealestate.com/blog/3-tips-to-get-short-sale-offers-on-your-santa-cruz-home-accepted-by-your-lender.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/3-tips-to-get-short-sale-offers-on-your-santa-cruz-home-accepted-by-your-lender.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>3 Tips to Get Short Sale Offers on Your Santa Cruz Home Accepted by Your Lender</title>
            <description> <![CDATA[ 
When a buyer makes a short sale offer on your Santa Cruz home, its impossible to know for sure if the offer will be accepted by the lender.&nbsp; Even when youve negotiated the offer with the buyer and come to an agreement that meets both of your needs, theres still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Santa Cruz home accepted by the lender:

1.&nbsp;Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:

a.&nbsp;lost your jobb.&nbsp;reduced hours/pay at current jobc.&nbsp;have to move more than 75 miles from home to get a new jobd.&nbsp;death of a borrowere.&nbsp;divorcef.&nbsp;onset of a disabling illness

2.&nbsp;Negotiate with the buyer to exclude terms and contingencies that complicate the sale. Lenders do not like to accept short sales when they include time contingencies or when the short sale is contingent on the sale of another home.

3.&nbsp;Submit paperwork as a complete package. Ask your lender for a list of all documents needed. Fill out the paperwork and collect all other documents required. Make copies of everything. Put together a complete package, including all the documents your lender requested, and only then send the entire package to your lender. If the lender later tells you they cant find a particular document, dont waste your time arguing about it, just resend the information  its easy to do because you already have copies prepared!

If youd like more information on the possibility of selling your Santa Cruz home as a short sale, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Short sale

Hardship letter 

Profit and loss statement
 ]]> </description>
            <pubDate>Tue, 04 Oct 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/short-sale-101-for-santa-cruz-real-estate.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/short-sale-101-for-santa-cruz-real-estate.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Short Sale 101 for Santa Cruz Real Estate</title>
            <description> <![CDATA[ 
Todays economy has been rough on most everyones pocketbooks, and when it comes to prioritizing payments, mortgage payments can take a hit. If you find yourself in a bind, owing more than your Santa Cruz real estate is worth and you cant afford your current mortgage, then you might want to consider talking to your real estate agent and bank about the possibility of a short sale.

To help you prepare for those conversations, here are the basics about short sales:

&bull;&nbsp;What is a short sale? A short sale is an agreement that your Santa Cruz real estate agent negotiates between you and your bank to sell your home for less than you still owe. The bank absorbs the loss so that the seller doesnt have to repay the balance of the mortgage.

&bull;&nbsp;Why would you do this? Your home is now worth less than you owe, which is called being underwater, and you have a financial hardship. There are a number of things that could put you in financial hardship and have you considering a short sale &mdash; such as unemployment, job transfer, illness, underemployment or divorce.

&bull;&nbsp;How does it work? A real estate agent lists your home at its current market value. Then a buyer places an offer that is usually much less than the amount required to pay off the loan. The seller or agent (if the seller has given written permission for the agent to do so) takes the short sale purchase agreement to the bank holding the mortgage in hopes that theyll accept it. 

&bull;&nbsp;What do you need? Basic guidelines usually include a hardship letter about why you need a short sale, bank statements for the last three months, two years of tax returns and permission for your real estate agent to negotiate short sale terms with your bank.

&bull;&nbsp;How should you proceed? Most accountants agree that a short sale is better for your credit score than a foreclosure. Talk to your agent and have him or her refer you to an accountant who can evaluate your situation and help you take the steps necessary to secure a good financial future.

Theres a lot more to short sales than Ive outlined here, but this gives you a starting point.

If youre finding it difficult to meet your monthly mortgage payments and still owe more than your home is worth, then you might want to consider a short sale for your Santa Cruz real estate. It can decrease your debt and release you from that monthly financial burden. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information. 

For additional information visit my website at www.MySantaCruzRealEstate.com

Links: 

Short sale 

Underwater

Hardship letter
 ]]> </description>
            <pubDate>Sun, 18 Sep 2011 23:01:00 -0700</pubDate>
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        <item>
            <guid>http://www.mysantacruzrealestate.com/blog/streamlining-short-sales-for-santa-cruz-home-owners-and-home-owners-nationwide.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/streamlining-short-sales-for-santa-cruz-home-owners-and-home-owners-nationwide.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Streamlining Short Sales for Santa Cruz Home Owners and Home Owners Nationwide</title>
            <description> <![CDATA[ 
Just over a year ago, the federal government launched the Home Affordable Foreclosure Alternatives (HAFA) program.&nbsp; It was supposed to streamline the short sale process for Santa Cruz home owners and home owners nationwide.&nbsp; This article provides an update on HAFA.

How does HAFA benefit Santa Cruz home owners?

Home owners who dont qualify for a loan modification can apply for a short sale through HAFA.&nbsp; If the home owner qualifies for a HAFA short sale, the difference between the sale price of the house and the loan balance is forgiven.&nbsp; In addition, HAFA offers qualified home owners $3,000 for moving expenses.

How well is HAFA working?

From April, 2010, to December, 2010, HAFA had disbursed just $9.5 million of the $4.1 billion in its budget.&nbsp; And, through May, 2011, only 8,541 HAFA short sales had been completed.

However, HAFA short sales have increased.&nbsp; There were only 320 HAFA short sales pending in September, 2010. Now, there are 18,000 pending nationwide.

What went wrong with HAFA?&nbsp; 

Because the loan balance is forgiven with HAFA short sales, lenders cannot collect that amount.&nbsp; Lenders can collect the loan balance on short sales that go through them, so the majority of short sales are still handled by individual lenders programs.&nbsp; Although HAFA provides a $1,500 incentive to the lender, it isnt enough to entice them to go along with the program. 

Whats next for HAFA?

The HAFA program expires at the end of 2012, and by then, the U.S. Treasury hopes to have a model process with uniform documents that banks could use to speed the process and avoid greater losses that come with foreclosure.&nbsp; In the meantime, changes are being made to HAFA to ease eligibility requirements.

If you have any questions about selling your Santa Cruz home, whether through a regular sale or a short sale, please give me a call at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Short sale 

HAFA

How does HAFA benefit Santa Cruz home owners
 ]]> </description>
            <pubDate>Sat, 27 Aug 2011 23:01:00 -0700</pubDate>
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