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Hello,
My name is Scott Gormley,
Broker/Owner of Oak Valley Mortgage and I thank
you for considering Oak Valley Mortgage to
represent you in one of the largest decisions of
your life! I graduated from Chico State
with a degree in Business and Marketing. I was the 2006
Chairman of the Chico Association of Realtors Affiliate Committee
and member of the Chico Chamber of Commerce. I am
committed to our community through fundraisers
and events in appreciation for what Chico offers
in return, a great lifestyle. Feel free to look around our website
and contact us with any questions you may have.
There is a lot of valuable information within the site
that will benefit potential home buyers, home owners, investors
and Realtors. I am committed to providing the best
service available to our clients. Oak Valley
Mortgage's mission is to become the only company
you will need to finance your future.
pnbsp;/p pimg src=http://activerain.com/image_store/uploads/6/0/6/6/5/ar121078540156606.jpg height=225 alt= width=300 //p p align=centernbsp;/p pShort Sales are a hot topic right now, as homeowners, homebuyers, real estate professionals and lenders simply can't avoid them in today's real estate market. Existing homeowners are calling their lender to see if a short sale is the right exit-strategy for them, with little money left to make the mortgage payments. On the flipside, homebuyers are calling lenders daily to find out what financing options are available to purchase one./p pLets start with a good definition of a short sale, as people often mix the concept up with a foreclosure, REO, etc.../p pspan style=text-decoration: underline;strongShort Sale/strong/span: The sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes./p pLike anything else...there are some great deals out there and there are some really bad ones...Simple logic should tell a perspective homebuyer that if the homeowner was unable to make their mortgage payments, they probably weren't keeping up with the maintenance on the home. In big red letters, each short-sale on the market should read, span style=text-decoration: underline;strongBUYERS MUST PERFORM THEIR DUE DILLEGANCE AND MOVE FORWARD WITH CAUTION. DON'T ASSUME ANYTHING! /strong/span/p pEveryone wants a great deal. And yes, there are some strongGREAT DEALS/strong out there! I've been looking to purchase a secondary residence in Southern California. Homes that were selling for $550,000-600,000 at the peak of the market 1-2 years ago are now in the $275,000-300,000 range! Certainly things will turn back around and many will stand to do well from a long-term perspective in real estate. Again, I emphasize long-term. Once we get out of the market we are currently in, things will once again rebound. Why? History always repeats itself. Home prices simply need to catch up with the times./p pI've personally walked through well over 200 short sale properties in the past few months. After seeing enough of them, you get to see the good, the bad and the ugly. Ugly to where the house would be a great movie set for the next Arachnophobia movie, where you swear it was a homicide scene at some point before you entered. Appliances and fixtures missing...all the way down to the toilets!/p pIn between the search though, there are some real gems!/p pAs people call me to get pre-qualified to find out how much home they can afford on a short-sale, I note the following items below, as a short-sale transaction can run differently than your normal home seller/home buyer transaction./p ol li pTypically, short sale properties are sold as is and without warranties from the bank currently holding the mortgage. Banks do this to remove themselves from disclosing anything pertinent to the property, which could ultimately be a problem. Why? They were the lender...not the homeowner. As such, there could be things wrong with the property that they are unaware of and don't want to be held liable for problems down the road. This is why I highly recommend hiring a great inspector to look at the home from head to toe once you have narrowed your search down to 1 or 2 properties. Foundation problems, structural damage, water/mold damage and so on can be very costly to fix./p /li li pWhen dealing with a short sale, don't expect the bank to respond quickly. Every bank is different. You would think the bank is taking a loss and would want the bad loan off their books as soon as possible. It's not that the bank doesn't. However, banks are simply inundated with short sales right now. I've talked to bank representatives that have hundreds of files in and around their desk. How does one decide which file gets picked up in the course of a day? I recommend having a great real estate agent that will go to bat for you and will be on the phone with the bank first thing in the morning; to make sure your offer and file get looked at over the sea of others. I've seen a direct correlation between clear lines of communication and closed deals as opposed to poor communication and deals that never happen. As such, I can stress the importance of working with a great real estate agent and lender that will help you through the process./p /li li pLow-Balling the bank's approved short sale asking price can be a no-no. I have several clients that have put offers in for HIGHER than the banks approved short sale asking price, only to not hear from the bank for over 2 months! Yet perspective homebuyers think they can low-ball a bank and put an offer in lower than the approved selling price, feeling the bank won't pass it up because the bank must be desperate to sell the home. Many times, I have seen otherwise. Remember, banks are essentially throwing money at bad money. They are already taking a loss. If the bank is looking through hundreds of files and choosing which ones deserve the most attention...where will your file and offer lie?/p /li li pFinally, if the home needs rehabbing or fixing up, I tell people to consider the cost of doing so in relation to other homes on the market which are turn-key and ready to move into with little or no money needed./p /li /ol pnbsp;img title=California Mortgage Broker src=http://activerain.com/image_store/uploads/5/3/7/7/7/ar121078580377735.jpg height=186 alt=Scott Gormley width=136 //p pWritten By:/p pScott Gormley/p pBroker/Owner/p pOak Valley Mortgage/p pDirect: 530-592-8362/p pEmail: span style=text-decoration: underline;a href=mailto:Scott@OakValleyMortgage.comScott@OakValleyMortgage.com/a/span/p pWebsite: span style=text-decoration: underline;a href=http://www.oakvalleymortgage.com/www.OakValleyMortgage.com/a/span/p pYou Find the Perfect Home, We'll Find the Perfect Loan!/p
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