Litchfield Park and Goodyear Distressed Homeowners: Bank of America's New Cooperative Short Sale Program

If you are a Distressed Homeowner in Litchfield Park or Goodyear and have a Bank of America loan, your Short Sale experience could be less frustrating. Bank of America recently announced their new Cooperative Short Sale Program. This is great news for Distressed Homeowners because a cooperative approach to Short Sales minimizes many of the challenges in a traditional Short Sale. In order to understand how this approach is beneficial, let's take a brief look at the potential pitfalls of a tradition Short Sale.

Pitfalls of a Traditional Short Sale

• Short Sale Process begins AFTER buyer's offer is received
• The sales price of the property is not evaluated by the bank until AFTER an offer is received
• Multiple counter-offers can occur before and after the investor reviews the Short Sale
• The Short Sale Approval or Denial Decision is at the END of the process
• The bank may add stipulations to the Short Sale at the END of the process
• High fallout rates for traditional Short Sales
• Long decision timeline between the time a buyer's offer is received and an approval or denial
• Buyers get frustrated and walk

The Shift to Cooperative Short Sales

Bank of America is not the first to introduce such a cooperative approach to Short Sales. Most of you have heard about HAFA, the federal government began the shift to Cooperative Short Sales when they implemented the Home Affordable Foreclosure Alternative (HAFA) program in April of 2010. Fannie Mae and Freddie Mac soon implemented their HAFA programs in August of 2010. Bank of America has followed suit by launching their own Cooperative Short Sale program this year.

Advantages of a Cooperative Short Sale

The single biggest advantage of a Cooperative Short Sale for Litchfield Park and Goodyear Homeowners is that the terms of the Short Sale are decided BEFORE listing and marketing the property. Before listing the property, Bank of America will provide the terms such as the list price and deficiency judgements. In doing so, the bank is able to provide a shorter decision time once an offer is received. In fact, Bank of America claims that once an offer is received, they will provide a decision in 10 days! Which means Buyer's will be less frustrated with the purchase process. In addition, Bank of America is offering $2500 in relocation assistance.

Disadvantages of Bank of America's Cooperative Short Sale Program

With the Bank of America Cooperative Short Sale program, the investor "may" require the right to pursue a deficiency. It "may" however, be waived, it will be determined by your individual situation. But at least you will know before you proceed with your Short Sale.

Your Next Step

It is important to contact a Realtor® who specializes in Short Sales in your area before you proceed. Your agent will get you started on your Short Sale journey and ensure you follow the right steps with Bank of America. In addition, you may qualify for HAFA and it is important to determine that early on in your process. Although the process is similar, HAFA has one benefit, your bank must waive the right to a deficiency judgement. In addition, the HAFA program offers $3000 in relocation assistance.

If you or someone you know is feeling the financial pinch of today's economy, let me help relieve your mortgage payment pressure by educating you about your foreclosure alternatives. The time is now to escape the grip of foreclosure and take control of your financial future.Don't hesitate to check out our website for the free resources at:

www.WestValleyShortSales.co

You will find valuable information regarding foreclosure, strategic foreclosure, and short sales that can help you make the right choice. The West Valley Home Team at Welcome Home Realty specializes in real estate in the West Valley, including Litchfield Park, Goodyear, Avondale, Buckeye and the surrounding areas. If you would like a free confidential consultation please call 623-252-9350.

7 Smart Strategies for Kitchen Remodeling

By: John Riha

Published: September 21, 2009

Keep the same footprint, add storage, and design adequate lighting so you preserve value and keep costs on track.

1. Establish your priorities

Simple enough? Not so fast. The National Kitchen and Bath Association (NKBA) recommends spending at least six months planning before beginning the work. That way, you can thoroughly evaluate your priorities and won't be tempted to change your mind during construction. Contractors often have clauses in their contracts that specify additional costs for amendments to original plans. Planning points to consider include:

• Avoid traffic jams. A walkway through the kitchen should be at least 36 inches wide, according to the NKBA. Work aisles for one cook should be a minimum of 42 inches wide and at least 48 inches wide for households with multiple cooks.

• Consider children. Avoid sharp, square corners on countertops, and make sure microwave ovens are installed at the heights recommended by the NKBA—3 inches below the shoulder of the principle user but not more than 54 inches from the floor.

• Access to the outside. If you want to easily reach entertaining areas, such as a deck or a patio, factor a new exterior door into your plans.

Because planning a kitchen is complex, consider hiring a professional designer. A pro can help make style decisions and foresee potential problems, so you can avoid costly mistakes. In addition, a pro makes sure contractors and installers are sequenced properly so that workflow is cost-effective. Expect fees around $50 to $150 per hour, or 5% to 15% of the total cost of the project.

2. Keep the same footprint

No matter the size and scope of your planned kitchen, you can save major expense by not rearranging walls, and by locating any new plumbing fixtures near existing plumbing pipes. Not only will you save on demolition and reconstruction, you'll greatly reduce the amount of dust and debris your project generates.

3. Match appliances to your skill level

A six-burner commercial-grade range and luxury-brand refrigerator might make eye-catching centerpieces, but be sure they fit your lifestyle, says Molly Erin McCabe, owner of A Kitchen That Works design firm in Bainbridge Island, Wash. "It's probably the part of a kitchen project where people tend to overspend the most."

The high price is only worth the investment if you're an exceptional cook. Otherwise, save thousands with trusted brands that receive high marks at consumer review websites, like www.ePinions.com and www.amazon.com, and resources such as Consumer Reports.

4. Create a well-designed lighting scheme

Some guidelines:

• Install task lighting, such as recessed or track lights, over sinks and food prep areas; assign at least two fixtures per task to eliminate shadows. Under-cabinet lights illuminate clean-up and are great for reading cookbooks. Pendant lights over counters bring the light source close to work surfaces.

• Ambient lighting includes flush-mounted ceiling fixtures, wall sconces, and track lights. Consider dimmer switches with ambient lighting to control intensity and mood.

5. Focus on durability

"People are putting more emphasis on functionality and durability in the kitchen," says McCabe. That may mean resisting bargain prices and focusing on products that combine low-maintenance with long warranty periods. "Solid-surface countertops [Corian, Silestone] are a perfect example," adds McCabe. "They may cost a little more, but they're going to look as good in 10 years as they did the day they were installed."

If you're not planning to stay in your house that long, products with substantial warranties can become a selling point. "Individual upgrades don't necessarily give you a 100% return," says Frank Gregoire, a real estate appraiser in St. Petersburg, Fla. "But they can give you an edge when it comes time to market your home for sale" if other for-sale homes have similar features.

6. Add storage, not space

To add storage without bumping out walls:

• Specify upper cabinets that reach the ceiling. They may cost a bit more, but you'll gain valuable storage space. In addition, you won't have to worry about dusting the tops.

• Hang it up. Install small shelving units on unused wall areas, and add narrow spice racks and shelves on the insides of cabinet doors. Use a ceiling-mounted pot rack to keep bulkier pots and pans from cluttering cabinets. Add hooks to the backs of closet doors for aprons, brooms, and mops.

7. Communicate effectively—and often

Having a good rapport with your project manager or construction team is essential for staying on budget. "Poor communication is a leading cause of kitchen projects going sour," says McCabe. To keep the sweetness in your project:

• Drop by the project during work hours as often as possible. Your presence assures subcontractors and other workers of your commitment to getting good results.

• Establish a communication routine. Hang a message board on-site where you and the project manager can leave each other daily communiques. Give your email address and cell phone number to subs and team leaders.

• Set house rules. Be clear about smoking, boom box noise levels, which bathroom is available, and where workers should park their vehicles.

Consumers spend more money on kitchen remodeling than any other home improvement project, according to the Home Improvement Research Institute, and with good reason. They're the hub of home life, and a source of pride. With a little strategizing, you can ensure your new kitchen gives you years of satisfaction.

John Riha has written seven books on home improvement and hundreds of articles on home-related topics. He's been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1972 suburban house has been an ongoing source of maintenance experience.

Litchfield Park and Goodyear Homeowners:  Lenders Primed for Short Sales in 2011

Short sales are a terrific option for Litchfield Park and Goodyear homeowners struggling with unaffordable mortgage payments.  In fact, lenders' losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales.  Lenders are projected to incur losses as severe as 85 percent in foreclosure!  Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back $15,000!

It's common sense that lenders will be looking toward the short sale solution.  Even though they are accepting less than is owed on the property, they lose far less than in a foreclosure sale.  In fact, in the Litchfield Park and Goodyear area, short sale transactions have increased significantly.

It may be a surprise to many homeowners that lenders actually want to work out a solutions that benefits all parties.  Oftentimes, the lender is seen as the villain in the situation.  I've found that the lenders want to avoid foreclosure just as much as homeowners.

As a CDPE Realtor, I am specifically trained to help homeowners avoid the emotional stronghold of foreclosure and work with the lenders to find a suitable solution.  Learn more about your alternatives to foreclosure in the free report located on our website:

www.WestValleyShortSales.co

Stop struggling with the anxiety of your situation.  Getting started today will give you more time to execute proven strategies for a greater hold on hope for the future.

Good luck and make it a GREAT 2011!!

If you or someone you know is feeling the financial pinch of today's economy, let me help relieve your mortgage payment pressure by educating you about your foreclosure alternatives.  The time is now to escape the grip of foreclosure and take control of your financial future.  Don't hesitate to check out our website for the FREE resources at:

www.WestValleyShortSales.co.

You will find valuable information regarding foreclosure, strategic foreclosure, loan modification, short sales and more that can help you make the right choice.

The West Valley Home Team at Welcome Home Realty specializes in real estate in Phoenix's West Valley, including Litchfield Park, Goodyear, Avondale, and Buckeye.  If you would like a free confidential consultation please call 623-252-9350.

Beginning the New Year with the possibility of losing your home is not a situation any homeowner wants to be in.  Unfortunately due to unaffordable mortgage payments, there are millions of Americans that are facing foreclosure.  And numerous Litchfield Park & Goodyear homeowners are feeling the squeeze too.

The good news is that now more than ever lenders are motivated to work with local homeowners to reach a resolution.  With all of the options available, 2011 is the year for struggling Litchfield Park & Goodyear homeowners to take action!

As your local Litchfield Park & Goodyear CDPE-Designated agent, I am proud to provide a free community resource for Litchfield Park & Goodyear homeowners searching for information regarding foreclosure alternatives, including short sales, loan modifications and deeds-in-lieu of foreclosure.  Our website describes several opportunities for local homeowners to avoid the negative financial impact of foreclosure.  In addition, our site provides free valuable reports that can help you take control of your finances in 2011.

To learn more, visit our site at:

www.WestValleyShortSales.co/

Don't forget to check out the free reports!

Happy New Year!

If you or someone you know is feeling the financial pinch of today's economy, let me help relieve your mortgage payment pressure by educating you about your foreclosure alternatives.  The time is now to escape the grip of foreclosure and take control of your financial future.Don't hesitate to check out our website for the free resources at www.WestValleyShortSales.co/.  You will find valuable information regarding foreclosure, strategic foreclosure, and short sales that can help you make the right choice.

The West Valley Home Team at Welcome Home Realty specializes in real estate in the West Valley, including Litchfield Park, Goodyear, Avondale, Buckeye and the surrounding areas. If you would like a free confidential consultation please call 623-252-9350.

The holidays should be a time of joy, but for many Litchfield Park and Goodyear Residents, this is also a time of increased financial strain. Remember that there are foreclosure alternatives such as mortgage modifications and short sales to help struggling homeowners. Contact your local Certified Distressed Property Expert (CDPE) Realtor® to discuss your options.

You can also visit our website at www.TheWestValleyHomeTeam.com and visit our FORECLOSURE/SHORT SALE RESOURCES PAGE. This community resource is availale for free and defines foreclosure alternatives, including short sales, loan modifications and forebearance.

To help you start thinking about your alternatives here are the top 5 short sale questions Litchfield Park and Goodyear distressed homeowners ask us:

1. What is a short sale?

A short sale is the sale of a home when the proceeds from the sale do not fully pay off the existing loan(s). The lender agrees to accept a discounted payoff to satisfy the loan and transfer the title to the new owners.

2. Is a short sale right for me?

The only way to find out if a short sale is right for you is to speak to real estate, legal and tax professinals that can assess your current situation.

3. Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall - Each month you do not have enough money to pay all of your bills. A lender will want to see that you cannot afford, or that you will soon not be able to afford your mortgage.
3. Insolvency - The lender will want to check your financial documentation to make sure that you do not have enough liquid assts to pay down your mortgage or debt to help your situation.

4. What are examples of hardships?

1. Unemployment
2. Divorce
3. Medical emergency/sudden illness
4. Bankruptcy
5. Death

5. Who should I consult if considering a short sale or foreclosing?

If you are considering a short sale or even foreclosing on your property you should first do some homework and educate yourself. Your first step should be to contact a local Realtor® trained, educated and specializing in helping distressed homeowners. That realtor will then advise you to contact the appropriate real estate legal and tax professionals that can determine which route is best for your financial future.

Are you or someone you know facing Mortgage Troubles or Possible Foreclosure in the West Valley? You are not alone and you have options. Check out www.TheWestValleyHomeTeam.com for more information regarding foreclosure, strategic foreclosure, and short sales that can help you make the right choice. We specialize in real estate in the West Valley, including Litchfield Park, Goodyear, Avondale, Buckeye and the surrounding areas. Don't hesitate to use our website for the resources. If you would like a free confidential consultation please call 623-252-9350.

Litchfield Park's 23rd Annual Christmas in the Park

One of my favorite winter festivals is almost here!  For the 23rd year Litchfield Park is hosting a small town holiday celebration full of fun activitiesfor the entire family. Litchfield Park's Christmas in the Park will be held on Saturday December 11th in Old Litchfield.  The celebration will include over 70 artist and craft booths as well as Litchfield's old fashioned Annual Christmas in the Park Parade down Old Litchfield Road.  The parade features marching bands, drill teams,vintage automobiles, floats and of course the arrival of Santa.  Christmas in the Park always has great live entertainment, bouncers, rides, food and snow!  This year there will be BBQ from Texas Roadhouse and a DJ with a street dance as well.  Of course the local restaurants like Taps Signature Wine And Cuisine and AJ's Persian Food will still be open if you want to step in and say hi.

Don't miss out on the festivities!!  I know I won't!  For more information visit www.litchield-park.org.

Wigwam Farmer's Market in Litchfield Park

On November 21st the Wigwam went "farm fresh" with the debut of the Wigwam's Farmer's Market.  Held on the front lawn of the resort, the farmer's market features producer-only farm produce.  In addition there is a varitey of local artisans and local vendors.  In addition to farm fresh produce, choose from items such as hummus, preserves, baked goods, pasta, gourmet popcorn and more.  The market will be held every Sunday morning from 9am to 1:30 pm through April.

Goodyear City Market

The City of Goodyear hosts a local marketplace for residents and vistors.  The Goodyear City Market is held the first Saturday of each month from October through May. Purchase produce grown locally, handmade arts and crafts, and food items such as salsa, goat cheese, hummus, honey and apple butter.  Located at the Goodyear Ballpark's Front Parking Lot.

Tonopah Rob's Farmer's Market

Tonopah Rob's Vegetable Farm hosts a weekly farmer's market on Estrella Pkwy and Van Buren in Goodyear.  Every Sunday various local vendors along with the Vegetable Stand set up from 8am to 1pm.  This market has lots of farm fresh vegetables and sometimes even fresh eggs.  In addition local vendors provide a variety of honey, ice cream, cheeses, tamales, bread and more!

Your First Step to Selling Your Litchfield Park or Goodyear Property: Get Pre-Qualified?

Sellers get pre-qualiied?  No, it's not a misprint.  Selling a home in today's market can almost feel like going through the buying process again.  Typically when a homeowner sells a home, they don't have to deal with the bank because they are paying the loan off in full.  Usually it is when someone buys a home that they have to get pre-qualified and get an approval from the bank.  With today's economy, however, those Litchfield Park and Goodyear homeowners who owe more on their home than it is worth, and, wish to sell the property, need to get pre-qualified.

GET PRE-QUALIFIED

The first thing every Litchfield Park and Goodyear homeowner should do is contact a local Realtor® that specializes in helping distressed homeowners.  A knowledgeable and educated agent can assist with contacting the professionals needed to determine if a short sale or a foreclosure is a more viable choice.  The agent should advise the homeowner to speak with the appropriate real estate, tax, legal and credit experts before proceeding.

Every homeowner should know that there are numerous future financial, legal and tax implications from foreclosing as well as a short sale.  Therefore it is essential that each distressed homeowner get pre-qualified (or have their financial situation analyzed by the appropriate professionals) in order to know which route is better for their financial future.  If you determine that a short sale is the best choice, your Realtor® will assist you with getting a short sale package together for the bank(s).

GET A SHORT SALE APPROVAL:  THE PURPOSE OF THE SHORT SALE PACKAGE

When a homeowner first purchases a home, they provide a credit history as well as other financial documentation to the lender proving credit worthiness and the ability to repay that loan through monthly mortgage payments.  The lender's main concern at that point is that the buyer can afford this home and are able to pay the payments on a consistent basis.  All supporting documents were included so the underwriter could verify the information provided on the loan application.  Based on the buyer's overall financial picture, the underwriter could approve or decline a loan for a new home.

Unlike purchasing a home, when doing a short sale, the current lender now wants to know what has changed since the mortgage application was submitted that has hindered the homeowner's ability to repay the loan. The package sent into the bank is very similar to the package sent in for loan approval, only all documentation is provided to verify a hardship.  Once again the homeowner's financial situation is being analyzed.  Familiar documents such as banks statements, pay stubs, tax returns, etc., are required.  The main difference, however, is that the lender is now analyzing a package to determine if the bank will approve or decline the homeowner to sell the home for less than the amount owed.

Be on the look out for the next Distressed Homeowners Blog about the basics of the short sale process that every distressed homeowner in Litchfield Park and Goodyear should know!

"Your First Steps to Avoid Foreclosure."

www.TheWestValleyHomeTeam.com * cinda.rose@thewestvalleyhometeam.com

Cinda Rose, REALTOR®

CDPE, CSSN, SFR

623-252-9350

Are you or someone you know facing Mortgage Troubles or Possible Foreclosure in the West Valley?  You are not alone and you have options.  Check out www.TheWestValleyHomeTeam.com for more information regarding foreclosure, strategic foreclosure, and short sales that can help you make the right choice.  We specialize in real estate in the West Valley, including Litchfield Park, Goodyear, Avondale, Buckeye and the surrounding areas.