Archive for the 'Shortsales' Category

Forth Hoyt’s Resume

FH_Logo_Alternate_Color_Print

Simple, Straightforward Real Estate…

 

 

Forth Hoyt CRS

CDPE, IMSD, Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO, Master’s Club Life Member

Sacramento Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist
Certified Home Retention Specialist
Certified Pre-Foreclosure Specialist
Certified Short Sale Specialist

 

California Real Estate License #01319540

[email protected]

Objective:

To assist you and your family with your real estate needs.  To enable a quick, professional, efficient, hassle free transaction.

Designations

 

Summary of Qualifications


Brief History

-2005-present

Keller Williams, Folsom, Ca. (KW is the second largest brokerage in our area.)

Team Leader; The Hoyt Group.  2013 top 3% in production for office.

-2003-2005

RE/MAX Gold, Granite Bay (RE/MAX Gold is third largest brokerage in our area)

Lead Listing Specialist with Team Conway. Team Conway was the #1 Agent Team with RE/MAX Gold in 2003, 2004 with my assistance- I listed and sold up to 42 listings annually, as a team we did over 250  transactions annually consistently #1 or #2 agent team; RE/MAX Gold.

-2001-2002

RE/MAX Gold, Granite Bay

Obtained my real estate agents license in 2001 and began working as lead generator and marketing consultant/coordinator for the Ric Chen. The 2002 yr. #1 listing agent; RE/MAX Gold.

Real Estate and Related Education

Forth Hoyt has become one of the Sacramento area’s premier real estate agents, and a Sacramento short sale and pre-foreclosure specialist. Through his devotion to learning, his work ethic and tenacity and fifteen years of Sacramento area Real Estate Experience and hundreds of transactions, Forth has the knowledge and background to provide you with a winning real estate experience!

CRS, CDPE, IMSD,Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO,  Master’s Club Life Member

Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist

Certified Home Retention Specialist

Certified Pre-Foreclosure Specialist

Certified Pre-Foreclosure Specialist

Short Sale And Foreclosure Resource Designation

Forth Hoyt Logo

SFR_cmyk.jpg picture by justthegrownups The National Association of Realtors

Only Short Sales and Foreclosure Resource Program

Authored by Forth Hoyt | Discussion: 2 Comments »

El Dorado Hills and El Dorado County Approved Short Sales Continue To Surge

El Dorado Hills County Approved And Pended along With Closed Short Sales

El Dorado County Approved And Pended Along With Closed Short Sales

Looking For Short Sale Information in El Dorado County?

Need Short Sale Market Stats or Short Sale Market Information For El Dorado Hills? Sacramento Area Multi-Certified Short Sale Specialist Forth Hoyt Shares Short Sale Market Facts for El Dorado County and El Dorado Hills

The Short Sale is becoming a more viable foreclosure option in El Dorado Hills and El Dorado County.  Short Sales are going pending and approved in El Dorado County much much more successfully than in the past. See the graph above and the chart below that illustrate that short sales are going pending and approved much more that in the past.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 187 203 8.6% 227 203 -10.6%
Sold 40 46 15% 21 46 119%
Pended 59 98 66.1% 48 98 104.2%

With the short sale being approved, going pending, and actually closing escrow in El Dorado County so much more frequently and consistently, I wondered how they were doing as a foreclosure option in El Dorado Hills? So lets take a look at El Dorado hills short sale information

But first:

The Chart Below shows that El Dorado Hills has an inventory of Active Short Sales that is barely more than 1/4 of the active short sales in El Dorado County, yet Pended and Approved Short Sales and Closed Short Sales that is nearly half of the entire El Dorado County Short Sale Inventory for these categories!

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

With so much talk about short sales as an option to foreclosure, and with many new Government short sale Programs it’s nice to see they are actually closing and getting short sale approval on more and more short sales.

When you look at the year over year numbers, you can really see that short sales in El Dorado Hills are definitely trending upward and being successfully used as an anti-foreclosure tool in El Dorado Hills

The Chart above and graph below show that, not surprisingly,nearly half of the pended short sales in El Dorado County were short sales that were approved and went pending in El Dorado Hills.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 55 68 23.6% 79 68 -13.9%
Sold 12 20 66.7% 5 20 300%
Pended 19 46 142.1% 18 46 155.6%

With so much talk about  giving homeowners foreclosure options, stopping foreclosure and working homeowners to avoid losing their homes, (except for a principle reduction loan modification that makes sense!) you might think that the foreclosure filings such as notice of default and notice of trustee sales in El Dorado Hills And El Dorado County would both be down. NOT THE CASE!  Foreclosure filings for both El Dorado Hills and El Dorado County are both way up, yet the postponement of the El Dorado County Trustee Sale (at the courthouse steps) have just continued…


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Making an Offer on a Short Sale? What You Need to Know…

Buying A shortsale? 

Short Sale Buying in Sacramento

Short Sale Buying

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

Some of the other risks faced by buyers of short-sale properties include:

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

 Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

Some of the other risks faced by buyers of short-sale properties include:

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

 Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

Some of the other risks faced by buyers of short-sale properties include:

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

 

Courtesy: YOUR INTERACTIVE MAGAZINE
 
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 

 

 

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Sacramento Short Sales… All the rage in 2010

Sacramento  Short Sales Shark Attack

Shark

“Just when you thought it was safe to go back in the water…”

“Houston, we have a problem…”

“We’re not in Kansas anymore, Toto!

Can’t think of any more silly quotes right now, been a long day, but I just got an email from Chris McLaughlin, one of the nations top real estate attorneys and a huge investor of real estate; hope he doesn’t mind, but it was so interesting I thought I’d pass it on to you here.

 

 

Forth,

Just when you thought things were turning the corner…
looks like we could be in for a double dip recession.

Don’t take my word for it … why do you think the FHA recently gave the green light for property flipping to FHA buyers?  They know things are going to get worse, so they need to start moving more properties ASAP.

Here’s why:

#1 While the subprime crisis may be showing signs of
stabilizing, the ARM crisis is just beginning to rear
its ugly head. 

According to one business journalist: “The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won’t be realistic.”

Look for more short sales coming in 2010.

#2. Municipal Defaults: yep, local towns and counties
are feeling the pinch with foreclosures and tax
defaults draining their coffers.  And when a town
goes broke, it will put their resident’s property
even further underwater.

Look for more short sales coming in 2010.

#3.  Commercial Real-Estate Collapse: The second
largest chain of malls has already declared
bankruptcy.  Obligations needing refinancing
in the commercial market are in the trillions.
And most of them, even with positive cash flows,
are as underwater as residential mortgages.  As
these businesses crash, they will cause even
more unemployment.

Look for more short sales coming in 2010.

#4.  Loan modifications aren’t working.  Unless
and until there is meaningful principal reduction,
most people getting a loan modification will stop
making their payments if they are $100,000+
upside down on their home.  And there are A LOT
of people upside down.  Look for lots of “jingle
mail,” where the homeowner just sends back the
keys, in 2010. 

Look for more short sales coming in 2010. 

But look for a lot more buyers now that FHA has given the green light. 

Are you seeing a theme yet?

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A Clogged Foreclosure Pipeline- And over 13% of Loans are Delinquent-

Foreclosure Rates May Soar

Foreclosure Notice in Sacramento

Foreclosure Notice in Sacramento

Courtesy Chris Mcglaughlin

One in every 7.5 homeowners either fell into delinquency or foreclosure as of November 30, 2009, according to the December mortgage monitor report from Lender Processing Services.  The total number of delinquencies reached a record high of 9.97%, a 5.46% increase from the previous month and a 21.29% increase from November 2008. Loans falling into more severe delinquent categories reached 5.01% through November, compared to 1.52% of loans improved toward a current status.  That’s compared to November’s mortgage monitor report, when 4.02% of current mortgages through December 2008 fell into delinquency by October 2009.  More than 4% of the loans that were current in December 2008, fell behind by 60 days or more, including foreclosure, by the end of November 2009. 

Click here for Sacramento short sale help.

It’s the highest rate for that part of the year since LPS began reporting the data.  The foreclosure rate in November reached 3.19%, a 1.46% increase from the previous month and an 81.41% increase from November 2008. This doesn’t include the amount of homes falling into the shadow inventory of foreclosure. Some data providers like First American CoreLogic speculate that number could be as high as 1.7 million as the roadblocks of the government incentive programs and moratoriums clog the foreclosure pipeline.  “Foreclosure starts continued to decline as a result of loss mitigation efforts like the federal government’s Home Affordable Modification Program (HAMP) and elevated delinquent loan volumes,” according to the report. “The reduction in foreclosure starts, combined with the steady increase in the number of seriously delinquent loans, has resulted in an ever-growing ‘shadow’ inventory of troubled properties.”  The states with the most non-current loans were Florida, Nevada and Mississippi. Those with the fewest were North Dakota, South Dakota and Alaska.

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Foreclosure Timelines

Understanding Foreclosure

Foreclosure– how do you mean that?

Understanding Foreclosure Timelines

Understanding Foreclosure Timelines

Foreclosure: a process and an event…

Most of the time, Foreclosure means one of a couple of things; a process, as in “my Brother is in foreclosure”, or it can be an actual event: “that 4600 square foot home went for $243,000 at the foreclore sale the other day…”

You see, foreclosure as a process means the three steps a bank or investor goes through to take a  home or piece of property back;

The legal Foreclosure Time-Lines in California:

After you are 60 days past due on your mortgage payment, (or 90 days since your last payment), the bank can file a notice of default:

Then, 90 days after that, the Notice of Trustee Sale can be filed. No earlier than 20 days later, the Trustee Sale can be held-

So;

60 days late = Notice of default

90 days = Notice of Trustee Sale

21 days= Trustee sale

The fastest your bank can take a home back in California is 171 days late on payments or 211 days since the last payment.  Most banks and servicers are being very slow to file the initial Notice of Default- almost all wait over six months.  The Notice of Trustee Sale may take up to a year after the Notice of Default is filed.  Even after the Notice of Trustee Sale is filed, the banks/sevicers are now re-scheduling over 3/4 of the Trustee Sales, many for an additional 30, 60,or 90 days initially and then rescheduling again if they have made contact with the homeowner and there is any hope of a loan modification or short sale.  They don’t want any more foreclosures unless it is clear there is no  foreclosure solution. The writing is on the wall: Less foreclosures and more short sales for 2010 and beyond!

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Sacramento Trustee Sale Report… More Postponements

December Sacramento Trustee Sale Report 

November California Notice of Default and Notice of Trustee Sale Numbers…

 Notice Of Defaults vs. Trustee Sales Nov 09

 

Graph of California Notice of Defaults/Trustee Sales

Courtesy dr.housingbubble.com

Sacramento Trustee Sales Continue to be Re-Scheduled on nearly 90% of trustee sales at 720 9TH ST  downtown Sacramento most days. Imperfect foreclosure, and/or new policies under the HAMP/TARP guidelines are usually blamed.

The whole state of California has been experiencing this too, lately, even though Fannie Mae said on Dec. 15th that they were not going to re-schedule or postpone any more Trustee Sales.

According to Sean O’tooles blog on ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for for November 2009. Despite apparent headline month-over-month declines in foreclosure activity, the real story requires looking at changes in the average daily activity. November had only 18 days on which filings could be recorded or trustee sales held because of fewer days in the month, Veterans Day and the Thanksgiving Holiday, while October had 22 recording days, and 21 trustee sale days. After adjusting for this difference in days we find little month-over-month change in the statistics, with the exception of Notices of Trustee Sale which declined 13.4 percent, Cancellations which rose 40.0 percent and Sales to 3rd Parties which rose 8.0 percent on a daily average basis.

“We’ve been waiting to see some impact from the Home Affordable Modification Program,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “The 40 percent increase in cancellations this month is likely just the beginning of what we expect will be a wave of cancellations under this program”.

Foreclosure Filings

Notice of Default

Prior Month Prior Year
-18.98% 35.41%

Notice of Trustee Sale

Prior Month Prior Year
29.14% -4.03%

It is important to recognize that the decline in Foreclosure Filings is primarily due to a difference in the number of days documents can be recorded month-over-month and not fewer filings each day. With just 18 recording days in November versus 22 in October, average daily filings of Notices of Default only declined 1 percent, while Notices of Trustee Sale declined 13.4 percent from the prior month.

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Sacramento Short Sale Buying Tips: Qualifying the Short Sale

Buying a Sacramento short sale will definitely become easier and easier in the next several months and the process will continue to evolve, change, and morph into a more traditional transaction for years to come.

 

Buying A Short Sale

Contact a Certified Short Sale Agent about buying a short sale.

However; your Buyers Agent- if they are at all experienced with with todays market- will know that there are some short sales will never close!Secondary Mortgages (any Junior Liens) that have been added after the purchase or have been refinanced (any non purchase money loans) are full recourse in California– the first will go away with the house– no matter what; if it goes to foreclosure, closes as a short sale, whatever… but non-purchase money seconds may stay intact and become non-secured debt… just like credit card debt.Short Sale qualifying is just asking questions; the right questions will allow yor agent to find shortsales that have a high chance of being approved: Your Short Sale Specialist will find out things like:1) The Kind of loans involved; recourse or non-recourse.2) If recourse; the sellers (think homeowners) financial situation, hardship status and/or their willingness/ability to make a contribution, sign a note, or otherwise pay off any secondary note holders demand (which may be full recourse).3) Which banks are involved and their policies regarding first liens, secondary liens, recourse debt, hardship rules etc.4) Know the market, the absolute market value of the home– (banks don’t like to leave money on the table) what the Broker’s Price Opinion, or Appraised value of the home will be and the amount of money the first will be short; and the policies of each bank involved–If you don’t know these things gong in, you will find them out during the process, usually weeks or months into the short sale processContact a Certified Short Sale Agent about buying a short sale right here.  Many, many times, the short sale you have fallen in love with and cannot live without may very well become an REO.There is also the chance that your short sale will, at the eleventh hour, not be approved because the banks or servicers suddenly want to include language stating the seller agrees that the lender has the right to pursue a deficiency judgment or the balance unpaid on the promissory note… Many homeowners, when they realize this problem is not going away, file bankruptcy– again, at the eleventh hour- after you and your family have been waiting months for the home of your dreams.Make sure your Buyer’s agent is also a Sacramento short sale listing agent and a Sacramento Short Sale Specialist and works with a team that specializes in these complicated and ever-changing transactions!Short sale negotiating is definitely a moving target– it is nearly a full-time job just to stay on top of educated of all the different banks, servicers, secondary investors rules of procedure and the institutional/political policy changes.Some short sales will never close! Find out why!By the way…here’s where I remind everyone that I am NOT a lawyer, and that if you have any questions or concerns about your legal situation– get an attorney! I have several great Real Estate Law, Mortgage Law, Contract Law and Bankruptcy Law specialists that I can refer you to!

Contact a Certified Short Sale Agent about buying a short sale.

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Sacramento Short Sales Will Definately Improve in 2010

 

Sacramento Foreclosure Solution Expert Report

Short Sale Help Is On The Way! BofA Implements The REOTrans Equator Short Sale Process Module.

Sacramento Short Sales are here to stay… and with more and more defaults and homeowners in foreclosure, short sales will become even more and more rampant in Sacramento.

Bank-of-America-RGB

Bandk of Amerioca Short Sale System

Short Sale Help

The problems with most Sacramento short sale transactions are the extremely slow communication, processing, negotiating and approval of short sale files.Even though their are several banks that have been really good to work with; Wachovia has been good for a long time, Chase is becoming a breeze; Wells Fargo is getting things lined up, and now even Freddie Mac and Fannie Mae are pledging to help the Short Sale Process to become smoother.

Click here for Sacramento short sale help.

The “writing is on the wall” for 2010 to become the year that servicers, banks, institutions and secondary investors all get their act together to help make the short sale process more mainstream, less painful, confusing and stressful for buyers!

Over the last few years; often times, after Sacramento buyers have written offers on two, three, even four or more short sales without success, they just quit looking at short sales altogether and look for an REO or equity sale…

We will Surely look back at 2010 as the year the game changed… as more and more banks implement systems to make the Short Sale Processmore streamlined, easier to manage and even transparent; more like traditional real estate transactions! Sacramento’s real estate market will see a huge change as Bank of America gets its act together and starts closing short sales faster and more consistently

Click here for Sacramento short sale help.

The new Equator Short Sale Processing Module  (formerly known as REOtrans) has been launched as the industry’s first short sale processingonline portal. The amount of people I talk to here in the Sacramento area just amazes me; its like one of every three or four people I visit with about their mortgage have a BorA or Countrywide BofA

Although Equator has declined to name the lender, the new Internet based platform, as recently reported by the San Francisco Chronicle, will be used by Bank of America. A representative from BofA recently told the Chronicle that they were using the Equator platform to manage the short sale process. Great news, as Bank America is hands down the WORST bank to deal with on short sale files right now! 

The Short Sale platform will allow everyone involved in the transaction to work together, in real time with access to all documents, processing requests etc. and will be a huge asset in helping to shorten the time frames of short-sale approvals.

As reported in DSNews:

“This is the first time that short sales have been handled through an electronic platform,” said Equator CEOChris Saitta. “With our new system, everyone works together in real time, dramatically improving communication and approval timeliness for our client, its borrowers, vendors, and real estate agents.”

Just think– The short sale process becoming more like traditional real estate!

Click here for Sacramento short sale help.

If you are a buyer or a homeowner with questions about your options, Contact me today for Sacramento Short Sale Help!

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Some Short Sales are just ‘UNCLOSEABLE’…

 

 

The Sacramento Short Sale “Mirage”

Buyers pursue short sales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump, ask your agent to call the listing agent to find out if the home has already got offers and may be going Contingent. Also find out about how many banks, which banks, if the loans were purchase money  also, if there is a second, is it an original loan or  was it added later or refinanced. Are there full recourse loans involved? Will there be Seller Contributions? These questions and whether the home is owner occupied, if it is a second home, the owners financial situation… these all have an impact on whether or not the deal has a chance to be approved.
 
 
Click here for your free short sale guide and glossary.
 
 
Deficincy judgemnt
 
 “…May pursue a deficiency judgement for the difference…”
 
 
If the listing agent doesn’t have quick answers and a logical plan  when ask “what is your plan for getting short sale approval?”- This Short Sale may be a “mirage”- some are uncloseable… you might just walk away.
Find a better situation.
Because you might want to think twice about making an offer on a pre-foreclosure, short sale home. It’s not as simple as you may believe, some will never close and very few can close in 60 days or less.

Many of my Sacramento short sale home buyers have waited 4 to 6 months to close on a short sale, sometimes longer.

What is a Short Sale?

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.Be aware that the seller need not be in default — to have stopped making mortgage payments — before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

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