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Short Sale Myths
Posted at 12:46 PM, Nov. 4, 2009
7 Short Sale Myths
There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.
As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.
- The Bank Would Rather Foreclose Than Bother With A Short Sale
- You Must Be Behind On Your Mortgage To Negotiate A Short Sale
- There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
- Listing My Home As A Short Sale Is An Embarrassment
- Short Sales Are Impossible And Never Get Approved
- Banks Are Waiting On A Bailout And Not Accepting Short Sales
- Buyers Are Not Interested In Short Sale Properties
These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.
In these times, we all need to know the truth to know how to get back on track.
If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.
Dave Cardwell 925-212-6850
DRE#01846879
Short Sale Agent Danville, Alamo, San Ramon
Posted at 12:40 PM, Nov. 2, 2009
You may find yourself wondering just what a short sale is and how it could affect you either as a buyer or seller. Further, you may not fully understand how the short sales in the greater Alamo, Danville, and San Ramon market is affecting property values and your opportunities. As your Certified Distressed Property Agent, I am available to provide confidential consultation on your specific needs in this unique market. Hopefully, the following article and the link to my short sale web site will provide you with an introduction to the short sale and foreclosure phenomena.
Dave Cardwell
925-212-6850
DRE#01846879
What is a CDPE?
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, visit my short sale web site at www.hosted.cdpe.com/18258 .
CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
Short Sales Explained Danville & Alamo
Posted at 1:53 PM, Oct. 27, 2009
Short Sales Explained
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "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.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world.
Dave Cardwell Earns Short Sale Designation
Posted at 11:56 AM, Oct. 19, 2009
FOR RELEASE: IMMEDIATE
DATE: October 19, 2009 For more information, please contact:
DAVE CARDWELL EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
Dave Cardwell of People & Properties Sotheby’s International Realty has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the San Ramon Valley area, more than 500 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Cardwell. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Dave Cardwell with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
DRE#01846879
Short Sales
Posted at 11:20 AM, Oct. 16, 2009
What is a Short Sale?
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "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.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. Find a CDPE in your area by clicking here. Together, you can identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.
$1 Million Going Further In Many Housing Markets
Posted at 2:08 PM, Sep. 27, 2009
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$1 million going further in many housing markets
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Sep 26, 11:25 PM (ET)
By ADRIAN SAINZ
A million dollars doesn't buy you what it once did. In most U.S. neighborhoods, it now gets you a lot more.
During the housing boom, prices rose so high and so fast that even cookie-cutter homes in the paved suburbs of South Florida and California could cost a cool million. In Santa Clara, Calif., a high-tech hot spot, the median price hit $836,780 in 2007.
That was a long way from the days when a million-dollar home evoked images of marble columns and swimming pools with vanishing edges. Subprime loans allowed more people than ever to buy houses that were once above their means. Higher demand fueled ever-higher prices until the spigot of cheap money was turned off and the housing bubble burst. The recession forced many well-heeled buyers into unemployment lines. And sales of homes over $1 million cratered by more than 50 percent from the peak four years ago.
"Everyone has less money than they once had," said Amy Wright, an agent with The Real Estate Office in Rancho Santa Fe, Calif. "That has certainly affected the nouveau riche, and that's definitely in that $1 million price point."
For people who do have the money, however, it's the best time in years to buy luxury real estate.
Rancho Santa Fe is a luxury enclave in San Diego County that has over the years lured the likes of Howard Hughes and Bill Gates. Equestrian trails border golf courses, and the most expensive home on the market is listed for $29.9 million.
A couple of years ago, the idea of getting a house in Rancho Santa Fe for a paltry $1 million was laughable. Now, foreclosures and financially distressed homeowners account for about 15 percent of sales, and home prices are down 30 percent.
In one golf-course community in the town, a 2,200-square-foot home is listed for $800,000. Residents live in a gated community where Spanish style homes surround a 250-acre Rees Jones-designed golf course and an accompanying 35,000-square foot clubhouse.
In the 20 largest U.S. metro areas, about 2,800 homes sold for more than $1 million in July - down by more than half from July 2005, according to MDA DataQuick. Nationwide, overall home sales were down about 27 percent, according to the National Association of Realtors.
In the month of August, sellers with homes priced above $2 million were cutting prices by an average of 14 percent, compared with the national average of 10 percent, according to Trulia.com.
The good news for luxury homebuyers is that they're getting about 20 percent "more house" than they did two years ago, and the prestige of owning a $1 million home is returning, said John Brian Losh, CEO of luxuryrealestate.com.
That is, if they can afford the payments.
On Friday, the average interest rate for a 30-year "jumbo loan" (defined as a mortgage over $729,750) was 6.18 percent - about a point higher than a conventional fixed-rate mortgage, according to Bankrate.com. That means the mortgage payment for a $1 million home (with a down payment of 20 percent) would run about $4,900 a month, not including property taxes.
A buyer would have to earn at least $200,000 a year to make the payment plus taxes - and only about 4 percent of Americans fall into that tax bracket, 2007 Census data shows.
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National Home Sales Drop
Posted at 10:28 AM, Sep. 27, 2009
U.S. home sales unexpectedly fall
WASHINGTON — Four steps forward, one step back.
Home resales dipped unexpectedly last month, falling 2.7 percent from a month earlier, the National Association of Realtors said Thursday, reversing steady monthly gains since April. Most economists, however, called the drop temporary and said they expected sales to strengthen later this fall.
"It doesn't change the underlying trend of improvement," said Dean Maki, chief U.S. economist at Barclays Capital.
But even if sales do turn upward again, Maki and other economists don't predict prices will follow. Though prices have stabilized this summer, many economists are forecasting a downward turn over the fall and winter and expect prices to finally hit bottom early next year.
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Mortgage Rates Hold Low Levels
Posted at 10:16 AM, Sep. 27, 2009
WASHINGTON — Rates for 30-year home loans were unchanged this week and remain close to record-low levels.
The average rate for a 30-year fixed mortgage was 5.04 percent, the same as a week earlier, mortgage company Freddie Mac said Thursday.
Rates, while above the record low of 4.78 percent hit in the spring, are still attractive for people looking to buy a home or refinance. Applications for home loans rose nearly 13 percent last week from a week earlier as refinancing applications surged, the Mortgage Bankers Association said Wednesday.
With the economy on the mend, the Federal Reserve decided Wednesday to stretch out the pace of a program that has lowered mortgage rates and propped up the housing market this year.
The central bank now plans to reach its goal of buying $1.45 trillion in mortgage-backed securities and debt by the end of March, rather than by the end of this year as originally scheduled. Analysts say mortgage rates should remain low for now but could eventually head higher, and homeowners who want to refinance mortgages shouldn't delay.
The Fed's move is designed to buy more time for the housing and mortgage markets to recover. The Fed "is betting that conditions should be improved by the second quarter of 2010, and therefore it makes sense to stretch out the timetable for supporting the mortgage markets," Brian Bethune, chief U.S. economist at IHS Global Insight wrote Wednesday.
Sharp Increase In Pending Sales For Contra Costa
Posted at 12:35 PM, Jul. 2, 2009
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THERE HAS BEEN A SHARP INCREASE IN SALES ACTIVITY!!!!!
In this day and age we read the newspaper or watch the TV news and believe that the Real Estate sky is falling. All the bad news in the world has to be correct if it is published in the newspaper....right? Well, let me share some information that might help shine a different light on our local Real Estate market. Compared to a year ago, pending sales in Contra Costa County are up a whopping 41%. Not only are they up by such a substantial amount, this is the third consecutive month this has happened. At this point I believe we are experiencing a trend. Areas such as Danville and Alamo are tracking an even greater increase at 67%. Now is the time to contact your Real Estate Professional and explore your opportunities.
Not You're Mothers Meat Loaf
Posted at 11:16 AM, Mar. 30, 2009
THIS IS NOT YOU’RE MOTHER’S MEAT LOAF
I really appreciate comfort food and am constantly looking for something new and different. Inspiration always seems to pop up in unusual places and this meat loaf recipe is no exception. Suzy and I were reading the San Francisco Chronicle one morning and we found an article about three local restaurants that served meat loaf. The one recipe that caught my eye inspired me to create this wonderful tasting treat. As a word of caution, the secret is the fresh sage and thyme.
BACON REDUCTION SAUCE
2 Strips thick bacon
5 cloves garlic
3 cups chicken broth
1 shallot
1 tablespoon olive oil
1 cup white wine (do not use your wife’s Chardonnay as I did)
Step 1 This slice garlic and shallot and add to a sauce pan with the olive oil. Sauté till garlic and shallot clarifies.
Step 2 In a separate pan cook the bacon and save the drippings.
Step 3 Crumble the bacon and add to the garlic and shallot.
Step 4 Add the chicken stock and white wine and simmer till about ½ is left.
NOT YOU’RE MOTHER’S MEAT LOAF
1 pound ground beef
½ pound ground pork
2 tablespoons bacon drippings
7 cloves garlic
1 cup bread crumbs
2 teaspoons fresh sage
3 teaspoons fresh Italian parsley
1 tablespoon Cardwell Farms Honey Mustard
½ cup milk
2 eggs
3 dashes Sontava habanero sauce
1/3 cup ketchup
2 teaspoons Worcestershire sauce
2 teaspoons kosher salt
Step 1 Add all the ingredients in a large bowl and mix thoroughly.
Step 2 In a large baking dish make a loaf free form style.
Step 3 Pre heat your oven to 350 degrees and cook for 45 minutes.
Step 4 Serve two or three slices with the reduction sauce on top.
As a side note you can substitute the Cardwell Farms Honey Mustard with Dijon. Also, use Tabasco or cayenne pepper instead of Sontava. This will easily serve six people and you still should have some left for wonderful sandwiches. If you are serving this for dinner guests I would suggest that you prepare everything in advance and just pop it in the oven when they arrive. There is no doubt that you will enjoy this recipe as Suzy gave it the “Ambrosia” award. She is a tough critic so this is high praise indeed.
ENJOY!
Dave & Suzy Cardwell
Cardwell Farms
Three Hot Sauces
Posted at 12:35 PM, Feb. 20, 2009
THREE HOT SAUCES
Sontava
Sriracha
Chulula
Scoville Scale
Before we visit the above three hot sauces, a quick review of the method that is used to rate heat is in order. Please understand that heat for the sake of heat in a sauce is not desired. Rather, the correct amount of pungency combined with flavor is what works with a wide varsity of foods and beverages.
The Scoville scale is named after it creator, American chemist Wilbur Scoville, who developed the test for heat in peppers in 1912. It starts at zero and goes up to 1,050,000. A bell pepper would rank as zero while a Habanero pepper would rank up to 580,000. For out purposes I will just reproduce the scale threw the Habanero pepper range.
SCOVILLE # PEPPER EXAMPLE
350,000 to 580,000 Red Savina Habanero
100,000 to 350,000 Scotch Bonnet Pepper, Datil pepper
50,000 to 100,000 Thai Pepper, Pequin Pepper
30,000 to 50,000 Cayenne Pepper, Tabasco pepper
10, 000 to 23000 Serrano Pepper
2,500 to 8,000 Jalapeno Peper, Anaheim pepper
500 to 2, 500 Poblano Pepper
100 to 500 Pimento, Pepperoncini
0 Bell pepper
Sontava
This is without question one of the best hot sauces around and is produced in Belize with a lime juice and carrot-puree base. The first flavor that comes to my mind is a sweet salty taste that is followed with a “POW” from the habanero pepper. It is not available in stores in our area so I purchase it on the web from the importer, D.L. Jardine of Buda, Texas (near Austin). In my world I enjoy the XX as it has just the right amount of heat for my tastes while the XXX is too hot for my wife. We enjoy this sauce on many dishes and even use it to make a mean Bloody Mary for our Sunday brunches.
Sriracha
For the longest time I thought that this was a hot sauce that was centered on the Vietnamese community. To my surprise it was named after the Thai seaside city of Si Racha. In our home we use only the Huy Fong brand that can be found in most grocery stores. This Sriracha is a garlic and chili base that is great on most sandwiches, especially meat loaf. Other uses are for buffalo wings, French fries, pasta sauces, egg dishes and even mixed with parmesan cheese on hot popcorn.
Cholula
Cholula is my favorite sauce for egg dishes and Mexican food. This hot sauce has been made for three generations by the same family in Jalisco, Mexico, and is a special blend of red peppers, piquin peppers and spices. In my world it has a medium heat and a flavor that adds to the food without taking any of its characteristics away. Cholula is widely distributed in our area as I have yet to find a store that does not carry it.
A Great Cup Of Coffee
Posted at 10:22 AM, Feb. 3, 2009
A GREAT CUP OF COFFEE
Some time ago I was in the restaurant profession working for a national chain whose headquarters was in Chicago. One of the positions that I held was Director of Purchasing which afforded me the opportunity to become self-educated on any number of unique and interesting areas in the food and beverage industry. This is how I was introduced to Hawaiian coffee in general and Kona Coffee in particular. I soon discovered that a blend of Columbian and Kona coffee beans resulted in a smooth cup of java. Kona by itself was just not the answer for my taste until Suzy and I had a vacation on Maui. We were shopping for provisions when I purchased an eight ounce bag of 100% Kona whole bean coffee. Gone was the slight bitter aftertaste that I experienced with other cups of coffee. This wonderful, smooth, rich cup of brew is a coffee lover’s delight.
This whole bean treat is roasted and produced by the Maui Coffee Company. Two brothers founded this very small company in 1992 and market a full line of Hawaiian products. However, if you are looking for a great cup of coffee, then settle for nothing less then their 100% whole bean Kona.
Maui Coffee Co.
Lahaina, Hawaii 96761
(800)909-5662
www.mauicoffeeco.com
Great Vegatable Soup
Posted at 10:53 AM, Jan. 25, 2009
This is a Minestrone style soup that finds its inspiration from Northern Italy. Perfect for the winter when the days are cold and we all could use a bowl of comfort and warmth. I discovered the basic recipe when I was perusing an eight year old Sunset magazine. The whole presentation just leapt off the page and seemingly begged me to give it a try.
There are a few things that should be pointed out to you before you embark on this soup adventure. First, there will never be an ingredient or recipe step that is conveniently left out. This is an old restaurant trick that chefs would use so that the finished product is never quite is like the original. Second, I will try to walk you through the process so that the results are satisfactory.
With this recipe I have always used my own chicken stock. This is easy to do as I soak the beans over night before cooking. As a result, you can make chicken stock at the same time and use for the soup the following day. You should not worry over much about the exact amounts of vegetables for the soup as a little more than called for will not make a large difference. (Buying one leek as opposed to a bunch is a bit of a problem.) If you use more pancetta you can reduce the amount of olive oil. Increasing the potato amounts will add more texture. Adding some garlic during step three is up to you. Last, I like to prepare this soup and let it sit for three days in the refrigerator, resulting in the flavors settling together. At this time you should taste for salt and add as needed.
The yield should serve eight people and of course it can be frozen for later meals.
Genoese Vegetable Soup
Ingredients:
¾ pounds dried lima beans
1 leek
¼ pound of thin-sliced pancetta finely chopped (I used ½ pound)
12 tablespoons extra-virgin olive oil (Who measures olive oil?)
1 cup chopped onion
1 cup chopped celery
1/3 cup finely chopped Italian parsley (Regular works find)
50 oz can chicken broth (I used my own)
1 28 oz can diced tomatoes with Italian seasonings
1 Yukon Gold potato cut into ½-inch chunks (about ½ pound-more is ok)
2 carrots cut into ½ inch pieces
3 cups finely shredded cabbage
3 cups thinly sliced chard
1/3 pound green beans cut into ½ inch pieces
½ pound zucchini cut into ½ inch pieces
Salt and pepper to taste (I added no salt and it was fine with the ½ pound of pancetta
1. Soak and cook lima beans
2. Cut leak and thinly slice crosswise
3. Cook pancetta in 2 tablespoons of olive oil. Add leek, onion, celery, parsley till vegetables are clarified.
4. Add 2 ½ cups bean-cooking liquid, drained beans, broth, tomatoes with juice, potatoes, and carrots. Cook at simmer for about 10 minutes.
5. Add cabbage, Swiss chard, green beans, and zucchini. Cook covered about 20 minutes on low heat.
6. Serve or refrigerate for later.
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