1/2 of a short sale. The new trend.Yes many of my current short sales are only 1/2 short. What do I mean?In the past most all of my short sales were way under water and involved two loans a first and a 2nd trust deed.With the real estate market here in Temecula CA recovering now many of my short sale clients are coming to me still with two loan but only short on the 2nd loan. Their question is always the same " Can I still do a short sale when I am only short on my 2nd loan "Yes of course it's possible, in fact it makes my job a bit easier. You still need a hardship. I have completed many Temecula short sales now were my seller's have been only short with their second lender. In fact the market has improved so fast here in my market that with many of my short sales, we started out as sh... 11/17/2013

In TEMECULA, California for the month of OCTOBER, 2013, there were a total of 530 transactions ranging in price from $139,000 to $6,488,800 Here are the home sales for the month of OCTOBER 2013 for our TEMECULA, California community. Seems like the STANDARD SALES are holding their own once again! There were 157 Active Listings 150 Standard Listings, 3 Bank Owned (REO) Listings, and 4 Short Sale Listings ---------------------------------------------------------------------------------------------------------- There were 132 Pending Sales  95 STANDARD SALES, 34 Short Sales,  2 HUD Sales and 1 Bank Owned (REO) sales --------------------------------------------------------------------------------------------------------- There were 167 Closed Sales 148 STANDARD SALES, 15 short sales, 3 Bank... 11/13/2013

Tight credit squeezing first-time homebuyers out of the market was the headline in a recent CNBC.com blog post. If that’s true, then how sustainable is housing recovery? First-time buyers are also considered instrumental to a recovery historically, because they create the move-up market, but investors, largely using cash, have replaced them. Related: Buying a home after bankruptcy, the first step According to Lawrence Yun, chief economist for the National Association of Realtors: "Single home buyers have been suppressed for the past three years by restrictive mortgage lending standards, which favor dual-income households who are more likely to have higher credit scores," (Not to mention Lawrence, that two incomes help them qualify for the higher home prices) How is the lack of first tim... 11/06/2013

Central Temecula Ca 92591 Real Estate Market Report.Thinking of buying or selling a home in Temecula CA?View the market report below by Sidney Kutchuk,Broker at Realty Works Temecula View Sidney Kutchuk's Market Videos 11/06/2013

Failed Loan Modifications make great Short Sales.Is your loan modification starting to fail. Having second thoughts to if you did the right thing.  Its a proven fact that most loan mods do fail. I can turn a failed loan modification into an approved short sale.Lets talk about you getting a fresh start for your family via a short sale. Contact the Temecula Short Sale Agents at Realty Works Temecula 951-217-6745 11/05/2013

The FHA Back to Work – Extenuating Circumstances program has arrived, providing Americans with the shortest possible path back to home ownership. It used to be that you would have to wait three years before applying for an FHA loan following a foreclosure, deed-in-lieu, short sale, or bankruptcy.  Now, that wait has been shortened to just a year. The three-year waiting requirement was already the second-shortest wait of all mortgage backers.  Only the VA’s two-year waiting requirement was shorter.  By comparison, to get a Fannie Mae- or Freddie Mac-backed mortgage, the waiting requirement is seven years. In order to qualify for the loan, unforeseen events must have caused your household to lose 20 percent or more of its income for at least six months. Your past credit history must show ... 11/05/2013

Do you find Short Sales confusing? This is a major problem. Homeowners are confused about the short sale process.There is the standard short sale,the traditional short sale,the cooperative short sale,the HAFA short sale and so many more.... Incentives,no incentives,relocation assistance,no relo... You need a Temecula Short Sale Specialist get you through the short sale maze. Call the short sale agents at Realty Works 951-217-6745  Temecula Short Sale agents at Realty Works - 41720 Winchester Rd #J,Temecula CA 92590 11/03/2013

Here's the scoop. The market has slowed down, it's even rolling backwards a touch, that's probably a healthy thing, but many houses are now taking 2 months to sell.  That said, here's the last house Terkel sold, in 9 days. Over market value and it appraised.  Thinking about selling, you may want to talk to me!    11/01/2013

Will the mortgage interest deduction still be there for today’s home buyers? The Sixteenth Amendment (ratified in 1913), empowered Congress “to lay and collect taxes on incomes, from whatever source derived.”. As an offset for the taxes, interest paid (for any reason) was deducted. Keep in mind that during the pre-WWI period, there was very little interest expenses paid by individuals. Homeowners typically owned their houses outright. It was not designed to encourage home ownership. Indeed, when the interest rate deduction was first  considered, home financing was non-existent, and home ownership was not thought of as a public policy. It is not part of any grand scheme of social engineering, as some have called it. It simply has existed since the Federal Income tax came about a century ... 10/30/2013

When it comes to real estate and lending, one of the most closely watched government reports is the monthly jobs report.Monthly the government reports on the national unemployment rate and the results while they may impact mortgage rates don't give us a clear picture on housing recovery. The real impact on the real estate market is buried deeper than most of the media is digging. Fortunately Jed Kolko, Chief Economist at Trulia goes below the surface and mines some data that paints a clearer picture of the long term health of housing. Each month, Trulia looks at three statistics in the monthly jobs report to see whether housing is helping jobs and whether jobs are helping housing. You can read their complete September report here Residential construction employment - to see if housing i... 10/29/2013

When Terkel sells your Temecula home - it takes 2 days!  You heard that right, this property sold recently and took 22 offers over a weekend! Needless to say, Terkel sold it over asking and over appraised value! This is why you hire Terkel Sorensen to sell your house!  What's the logic you ask?  Well, faily simple, when I sold this house, the difference in price was negotiated to be $16,000 over the asking price!The price? Hire Terkel and pay and little more for the expert, and net an extra $16k.  Remember, that extra price tag goes to bringing a LOT of people through your property and to getting many offers, over asking, then negotiating a solid buyer to maintain the high price! It can be done.  If you want to find out your home value,  click here See Temecula market statistics here.  10/23/2013

Much has been made of Fannie Mae’s recent announcement of the increase in their down payment requirements for their loan programs. But how much do these changes affect most homebuyers? The Fannie Mae My Community 97 loan program has been the conventional alternative to FHA financing for many years.  Even though it had higher minimum credit score requirements, the 3% down payment and less expensive mortgage insurance made it a viable alternative. It still is, but now more down payment will be required. Related: Changes on the way for FHA loans Effective November 15, the program will now be Fannie Mae My Community 95. The difference, as you’ve probably guessed. is the minimum down payment for My Community has been increased from 3% to 5%. Related: 10 Things Not to Do while your loan is in... 10/22/2013

Temecula Reverse Mortgage Question - We live on a huge property (over 5 acres) can we get a reverse mortgage? The answer is, maybe! (Don'tcha just hate that?) FHA-HECM and reverse mortgage lenders have some restrictions for HECM Reverse Mortgages - Top 10 Questions on larger parcels of land . Is the size of the property common for the area? If so, no problem. Is the property contiguous and not broken up into different parcels? Only the parcel with the home on it can be considered for the reverse. (No value will be given to additional parcels) Is it taxed as one parcel? (Property with the home should have it’s own tax bill) FHA will not allow HECM Reverse Mortgages on income producing property so a farm, business or commercial use will disqualify the property. Does the property have “re... 10/18/2013

Temecula Short Sale Information | 951-217-6745Sidney Kutchuk broker at Realty Works Temecula offers FREE advise on the Short Sale Process.  Let me help you decide if a short sale is the correct option for you.Certified HAFA Temecula Short Sale Agent.   10/17/2013

You’ve applied, and have been approved for, a home loan. You spend several weeks or months searching for the perfect property with your real estate agent. After your offer is accepted, you anxiously anticipate closing day. Your belongings are packed and you’re ready to move into your new home. Then, right before closing, your loan officer informs you there’s a problem. The lender pulled another credit report, and it doesn’t look good. You might not be buying that house after all. Related: 10 Things not to do while you home loan is in process This type of devastating situation does indeed happen, but luckily it can be prevented. Many lenders are required to pull a new credit report at closing to determine if there are any new credit obligations. For example, if your first report included... 10/17/2013

Just got off the phone with a client that asked me to handle their short sale here in Temecula. I asked them how did they come to me. The answer was they searched the internet for a short sale agent in Temeculaand found me and thought I had an honest face. That was nice to hear and by the way I am a honest short sale agent. Lucky them. 10/16/2013

How to Sell My Home Fast in Temecula in Winter 2013-2014 There are many reasons to sell a home fast in Temecula in Winter 2013-2014: job transfers or PCS orders for military members, divorce, job loss, the list goes on and on. Whatever the reason, relax.  Winter being after the summer move season, it may give you pause whether it is possible to sell a home, but it is.  For the fastest sale of your home in Temecula, a good local broker (like Frank Delzompo) knows investors ready to pay cash and close usually in a week or two, of course for a wholesale price rather than the highest price that would usually involve a buyer getting financed and take 30-plus days.  For more of a “retail” price for your home, read on… First, let’s outline five mistakes made by home sellers and, second, we’ll ... 10/16/2013

Congratulations!  You’ve been pre-approved for your home loan, you found the right home at the right price with the right terms and you’re ready to really get on the road to homeownership. The road to homeownership has just begun for you and to keep you on course here are 10 Things NOT TO DO while your home loan is in process. Don't quit your job or decide you’d like to be an entrepreneur Don't decide you’d like to become a high paid commission salesperson Don't buy a new car or trade-up to a bigger lease Don’t decide to furnish or decorate your new home before you own it. Don't forget to pay your bills -- even the ones in dispute Don't open new credit cards -- even if you're getting 20% off Don’t co-sign for anyone for anything Don't accept a cash gift from the bank of mom and dad (or ... 10/16/2013

Change comes slowly for the Veterans Administration but this is one change we should be proud of and who better to benefit than our active duty military and veterans? On September 26, 2013 VA Circular 26-13-18 provided an “interim policy” for granting VA loans to same sex couples. Like most “interim” policies it raised more questions than it answered. The Veterans Administration is an extension of the military and as a result it relies on rules regulations that have been in place for decades. For them to make a change of this magnitude might even be considered “revolutionary”. Related: What are VA non-allowable costs? The Veterans Administration was created in 1930 and the VA Home Loan Guaranty program was part of the original GI Bill passed in 1944, so many of their regulations and gui... 10/14/2013

In TEMECULA, California for the month of September, 2013, there were a total of 512 transactions ranging in price from $74,999 to $2,200,000. Here are the home sales for the month of September 2013 for our TEMECULA, California community. Seems like the STANDARD SALES are holding their own once again! There were 143 Active Listings 131 Standard Listings, 7 Short Sale Listings, 5 Bank Owned (REO) Listings ---------------------------------------------------------------------------------------------------------- There were 124 Pending Sales  91 STANDARD SALES, 25 Short Sales, 2 Bank Owned (REO) and 6 HUD Sales ---------------------------------------------------------------------------------------------------------- There were 172 Closed Sales 144 STANDARD SALES, 20 short sales, 6 Bank Owned... 10/13/2013