Hayes Realty Group

John J Hayes Always stay on "PAR" with your real estate needs Serving Sacramento, Folsom, El Dorado Hills, El Dorado County      Sunday August 20th, 2017

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This Strategy Makes El Dorado Hills Short Sales Easier

said September 18th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful. He told a story about negotiating a price on a product he was purchasing. The first person he talked to told him that he couldn't buy something in bulk for a certain price. Rather than argue with her, he instead hung up and called back in. The next person...

How A El Dorado Hills Short Sale Will Reduce Your Loan Balance Faster Than A Loan Modification

said September 17th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Some homeowners have watched the value of their home be drop by 30-50%. They paid $700,000 for a house that is now worth $400,000. They want a principal reduction, but their lender won't agree to it. Lenders will drop your interest rate to 2% for five years. But, they are very reluctant to grant principal reductions. Let me explain why. They are forced to take huge write off on their books when they give you a principal...

How A Folsom Short Sale Can Help Save The Folsom Housing Market

said September 13th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

Folsom CA – Short Sales and foreclosures have a big impact on home values. But, how they affect them varies dramatically. Every short sale helps stabilize the housing market. The reason is because short sales sell for much more than a foreclosed property does. Most short sales have a homeowner who still lives there. The homeowner has kept the home in good shape. They mow and water the lawn, trim the bushes, and keep up on the house. Now, let's contrast this...

How A El Dorado Hills Short Sale Can Help Save The El Dorado Hills Housing Market

said September 13th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Short Sales and foreclosures have a big impact on home values. But, how they affect them varies dramatically. Every short sale helps stabilize the housing market. The reason is because short sales sell for much more than a foreclosed property does. Most short sales have a homeowner who still lives there. The homeowner has kept the home in good shape. They mow and water the lawn, trim the bushes, and keep up on the house. Now, let's...

El Dorado Hills Short Sales: How Banks Were Able To Make Risky Loans With Little To No Risk

said September 11th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Bear Stearns was a survivor. It survived the Great Depression without laying off any employees. It survived World War II, and 9/11. What killed it off during a time of peace and relative stability? The problem was that it had engorged itself on risky mortgages. In my opinion, the banks were playing a risky game. They would make risky loans and then sell them to Wall Street Firms like Bear Stearns. The Wall Street Firms would pay...

Yes, There Actually Are Guidelines For Lenders Approving Or Denying A El Dorado Hills Short Sale

said September 6th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Convincing a lender to approve a short sale isn't that difficult when you know the guidelines they are forced to follow. I have mentioned it elsewhere on this blog, but I will mention it again. Around 80% of all loans held by large national lenders (such a Bank of America or Wells Fargo) are not owned by that bank. In these cases, the lender is acting as a servicer for the actual owner of the loan. They...

El Dorado Hills Short Sale Question: Accept Only One Offer At A Time Or Multiple Offers?

said September 6th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – There is a debate among short sale realtors on how to handle offers on short sales. Some realtors think you should accept only one offer on a short sale and then push that offer thru with the lender. Another group thinks an agent should keep soliciting offers until the lender approves one. There are pros and cons for each group's idea. I personally think that a middle ground is best. If you submit multiple offers, then the...

How To Write A Hardship Letter For A Folsom Short Sale

said September 3rd, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

Folsom CA – A hardship letter is one of the most important items in a short sale. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt. In clear terms, you need to layout exactly why you can no longer afford to keep the property. Under no circumstance should you say any of the following. * "I don't want the house anymore." * "It doesn't make sense to keep the house because...

How A El Dorado Hills Short Sale Can Stop Foreclosure

said August 21st, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification. If you do not want to keep your home, then you need to consider your options. There are 3 options if you do not want to keep your home. Option #1: Do nothing and the lender forecloses on the house. Option #2: Deed in Lieu of Foreclosure. I don't recommend this...

How a Folsom Short Sale works on a loan owned by Fannie Mae

said August 16th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

Folsom CA – Fannie Mae stands for Federal National Mortgage Association. Fannie Mae is a quasi-government enterprise that was created to buy mortgages from banks, thereby allowing them to make more loans. Short Sales on a Fannie Mae owned loan are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac. That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail...