Temecula, Murrieta, French Valley, Winchester Real Estate: California: Winchester

This is a September 2011 market report for the French Valley area of Winchester California.

The past 5 months have been slower in volume than last year by almost 10%.  Previous months sales were 84 compared with 92 during the same time period in 2010. There seems to be some significant amount of inventory not being released by banks with REO properties.

 

As for Average Price and Days on Market: The average price in French Valley has remained pretty flat over the last 24 months with the actual figure for last month coming in at $241,000. The Days on Market continues to dance around quite a bit. I believe it’s just a matter of how many short sales actually closed in a given month that causes it to swing up so dramatically.

Finally, here is a look at the different types of sales in French Valley over the last 30 days.

 

For more information on the different types of sales in our local market see our article:
What you should know about REO vs Standard vs Short Sale

For more about French Valley Click Here for French Valley Articles on our site

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 Article originally posted on the AimREG.com blog

Owners of Winchester Real Estate in Winchester, CA 92596 who want to Stop Foreclosuremay eligible for a loan modification under the Making Home Affordable - Home Affordable Loan Modification Program (or HAMP).

HAMP modification steps are:

• First, reduce the interest rate to as low as 2%,
• Next, if necessary, extend the loan term to 40 years,
• Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.

With all the stories out there about the difficulties homeowners have had in trying to get a loan modification you may be wondering if your lender is even doing loan mods.

Are you interested in knowing if your bank is participating in the efforts to do Loan Modifications under the HAMP program?

The chart below shows a percentage of Active Trial Modifications or Permanent Loan Modifications done by each bank with regard to the total number of loans that are eligible under HAMP guidelines.

The results may surprise you.

It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.

For more statistics and to view my complete report, you can see it here - Making Home Affordable - The banks get another report card

If you're looking for a good company to help you with your Loan Modification, contact me. I don't do them myself but I can make sure you get teamed up with a reputable company that only gets paid at the end if they're successful in getting you the loan modification.

-Temecula CA Real Estate Pros

Wachovia has been very aggressive in recent months, training some Winchester Realtors® to work within the system they've set up to Fast-Track qualifying Short Sales. They've also sent out over sixty-six thousand packages to borrowers who are struggling with their payments, notifying them of their Fast-Track program.

Owners of Winchester Real Estate who are having a tough time paying their mortgage (or even those who can forecast a hardship in the near future) are advised to seek the help of a Wachovia Fast-Track Trained Realtor® who can help them understand their options.

Benefits to the seller include:

• Quick approval of hardship (3-4 days)
• Quick approval of sale price and purchase offer (5-7 days)
• Offer approval good for 30 days - Extensions are easy
• YOU DO NOT HAVE TO BE DELINQUENT
• DEFICIENCY IS RELEASED
• May be eligible to receive "Cash for Keys" payout
• Okay for investor to purchase and rent back (But the investor may not be a family member.)

Qualifying loans may have been originated by one of the following lenders:

• Golden West Financial
• World Savings
• Wachovia

Contact Aim Real Estate Group to speak with a Wachovia Fast-Track Trained Realtor® and see if this might be the right option for you!

First time home buyers of Winchester Real Estate will be happy to learn of a new tax credit they may be able to claim in conjunction with the purchase of their new home.

If buyer's were shopping last year they may remember that there was a California tax credit in 2009 as well. One of the major differences between this new program and the one from 2009 is that this program is for the purchase of ANY home and is NOT LIMITED to the purchase of new construction. Even though it was limited to new construction, the program in 2009 was so successful that they ran out of funds 8 months before the program was scheduled to end.

 

AB 183 (signed by Governor Schwarzenegger last week) allocates $200,000,000 to be split equally between buyers of existing homes and buyers of new or previously unoccupied homes.

This program applies to purchases between May 1, 2010 and July 31, 2011 (but you must be on contract by no later than December 31, 2010 to qualify).

 

The new First Time Home Buyer California Tax Credit will allow eligible buyers to claim either 5% of the home's purchase price or $10,000 (whichever is less). The tax credit can be taken in 3 equal installments taken over 3 consecutive years and requires that the purchaser live in the home as their principal residence for 2 years. If the 2 year occupancy requirement is not met, any credit taken would have to be repaid to the state.

*** Other Restrictions apply ***

Please contact your Temecula Realtors®(serving all of the Temecula Valley) for more information.

----------------------------- 

The Federal Home Buyer Tax Credit program is set to expire April 30, 2010. (As long as a binding contract is in place, the closing can take place on or before June 30, 2010 and still qualify.)

 

-Winchester Real Estate Pros

 

 

Alternative Purchase Options

Do you want to purchase Winchester Real Estate?

Have you been turned down for a Home Loan?

Was it for one of the following reasons?:

• Low Fico
• Debt to income ratio too high
• Not enough money for big down payment and closing costs
• Investor with TOO MANY LOANS (Many may have heard of the rescission last year by Fannie and Freddie of the "no more than 4 loans" rule. The number went up to 10. But, trying to find a lender that will approve you with more than 4, is a completely different story. AND WHAT IF YOU WANT MORE THAN 10??
• Recent Bankruptcy - yesterday?
• Recent Divorce - in the middle of a divorce?
• In the middle of a lawsuit

By teaming up with the right Temecula Area Realtor (who MUST be a Deal Engineer) you might still be able to purchase at today's prices and enjoy some of the following benefits:

• Quick transaction - Quick occupancy
• APPRECIATION
• No waiting on the Banks for a DENIAL of your loan application and no hassle of trying to get your earnest money deposit back after paying for a home inspection and appraisal up front.
• No limit to the number of properties you can purchase (if you have the means, we'll help you buy 100!)
• Buy 1 day out of Bankruptcy
• Buy in the middle of a lawsuit
• Proven techniques used by Donald Trump, Louis Brown, James Smith, Ron LeGrand, Bruce Norris and thousands of other Real Estate buyers & sellers - but so mainstream that the California Association of Realtors® has all the contracts and disclosures pre-printed, vetted by their legal departments and ready for the right Deal Engineer to put to them to use for YOU!

 To find out more about your options, contact Aim Real Estate Group for a free consultation. Straight answers - no obligations.

See the Alternative Purchase Options page at AimREG.com

- Temecula Area Homes for Sale

STOP Foreclosure on Winchester Real Estate today!

If you want to stop the foreclosure process on your Murrieta California home please read on.

• Are you behind on mortgage payments?
• Have you received a Notice of Default or Notice of Trustee's Sale from your lender?
• Is your home worth far less than your outstanding loan balances?
• Is your mortgage payment too high?
• Do you want to minimize damage to your credit?
• Is your loan about to adjust and you will be unable to afford the new payment?
• Did you experience a loss of income?
• Do you want to AVOID or STOP FORECLOSURE?

If you answered yes to any of these questions, please contact us for an honest, confidential, professional consultation with no obligation.

 

David Northup (the supervising broker for Aim Real Estate Group) has been certified by the National Association of Realtors® as a Short Sales and Foreclosure Resource.

 

You can be sure you're getting the latest information from a qualified professional that lives HERE and has a great local reputation to maintain.

While Short Sale is one option that may be presented, we'll FIRST explore ALL the options available to you that may allow you to STAY IN YOUR HOME.

Some of the options that may still be available to you are:

• Traditional Refinance
• Lender workout
     - Forbearance
     - Reinstatement
     - Repayment Plan
     - Loan Modification / HAMP Program
• Sell and bring cash to closing
• ALTERNATIVE SELLING OPTIONS (This area is not as well known by many agents but it might, through the help of a knowledgeable and creative Realtor®, provide a solution for you that will not damage your credit any further.)
• Short Sale / HAFA
• Deed in lieu of foreclosure
• Lastly - Foreclosure

Each of these have different ramifications on credit worthiness and your credit score moving forward. We always recommend that you seek the advise of a Certified Public Accountant and an attorney before making any decision. You need to make an informed choice.

You owe it to yourself to become informed on your options and chart a course for recovery now. Once a notice of default has been issued by the lender, the clock is ticking and every day becomes VERY important. To do nothing is to choose foreclosure. Take charge of your situation and plan for your fresh start today.

Don't delay. Contact one of our Winchester - Temecula Realtors® TODAY and receive a professional evaluation of your situation with NO Obligations.