Shandrow Group » Short Sales

Tax Break For Underwater Homes Ends Soon

Mark Shandrow — Fri, 13 Apr 2012 00:42:00 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Time is Ticking to Get a Fresh Start.

According to recent data by CoreLogic, a leading provider of information, analytics and business services, almost 1 in 4 homes with a mortgage are underwater. This number has continued to grow quarter over quarter as real estate values continue to decline.

Many underwater homeowners allow their home to go into foreclosure or choose a short sale, where the home is sold for less than the principal balance, to eliminate the mortgage debt. However, any amount of money that is written off as debt forgiveness can have taxable consequences.

Larry Holmes, CPA of Holmes and Associates, says that “If the bank writes down $100,000 in debt on a loan and you are in the 28% tax bracket, you could end up owing Uncle Sam $28,000 in taxes. And you lose your house and credit too. Ouch!”

The good news is that the 2007 Mortgage Debt Relief Act allowed up to $2 million in debt forgiveness for your principal residence. Over the past five years, hundreds of thousands of families have taken advantage of this to sell their home and get a fresh start. However, time is running out. The 2007 Act expires at the end of 2012 and it is unclear whether or not it will be extended.

“If your house is underwater or close to underwater, you would be wise to sell your home this year,” says Mark Shandrow, Real Estate Broker for Shandrow Group. “Hoping and praying that the market is going to go up and values are going to return is wishful thinking–at best,” continues Shandrow. “With 1 in 4 homes underwater, there is no sign that the market will turn around soon. All of these negative equity homes need to be removed from the market to see values increase. And this could take many many years.”

Shandrow, who has helped hundreds of homeowners, says that short sales are getting a lot easier from years past but still can be very complicated. “Some homeowners have multiple liens, past HOA dues and taxes, that can complicate the process. Each additional element can lengthen the sales process.” Timing is becoming even more critical with the looming expiration of the Mortgage debt relief act.

The good news is that there is a way out of your debt crisis. If your house is worth less than what you owe on it, now is the time to do a short sale–don’t wait for a foreclosure. FHA guidelines allow you to purchase another home within 3-years of a short sale and a whopping 7-years after a foreclosure.

The irony is you could probably short sell your house now and buy a similar home in three years for substantially less.

Call or email Mark Shandrow (mark@shandrowgroup.com or 562-364-9505 ext 100) for a free, no review of your mortgage situation.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

How long does it take to buy a house after a short sale?

Mark Shandrow — Mon, 12 Dec 2011 19:38:23 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

I get this question a lot these days: ”How long until I can buy another house after doing a short sale?”

The answer first depends on why you did the short sale and what type of financing you will be using. If the short sale was a result of economic hardship, you can sometimes get a new loan within 2 years with a VA loans. Here are some simple guidelines for VA loans:

Other VA Credit Considerations

Bankruptcy: Chapter 7 (Straight liquidation and discharge) generally requires at least two years since the discharge. For information of less than 2 years review: VA Pamphlet 26-7 Chapter 4, Section 7e.

Bankruptcy: Chapter 13 (Regular payments made over a period of time) If the applicants all payments satisfactorily, the lender may conclude that the applicant has reestablished satisfactory credit. If the applicant has made at least 12 months worth of satisfactory payments and the Trustee or the Bankruptcy judge approves the new credit, the lender may give favorable consideration to the loan.

Foreclosure: Including Deed-in-Lieu, refer to Bankruptcy, Chapter 7 guidelines.

Short Sale: Must be considered on all qualifying loans, prior derogatory credit generally considered the same as a foreclosure.

If you want to use FHA financing, the guidelines are around 3 years.

If you have any other questions, please don’t hesitate to contact me at mark@shandrowgroup.com.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Another Onslaught of Foreclosures About to Explode

Mark Shandrow — Mon, 06 Jul 2009 20:52:53 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Get ready! We’re not even close to seeing even an inkling of a slowdown in the onslaught of foreclosures.Â This just in from Los Angeles Times real estate writer Don Lee:

“Mortgage defaults have surged to record levels amid rising unemployment and falling home prices. Lenders are expected to move quickly to clear up backlogs as moratoriums on foreclosures expire.

Reporting from Washington — Just as the nation’s housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.

Amid rising unemployment and falling home prices, mortgage defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on the troubled properties, in part because they had signed up for the Obama administration’s home-stability plan, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments.

Just how big the foreclosure wave will be is unclear. But loan defaults are up sharply. And with many government and banks’ self-imposed foreclosure moratoriums expiring, the biggest lenders indicate that they are likely to move more aggressively to clear up a backlog of troubled mortgages.

Nationally, home sales have been steadying, thanks largely to an abundance of cheap foreclosed properties, government incentives and record low mortgage rates. Housing construction starts have flattened out, helping to bring supply into balance with demand. The rate of housing price declines has slowed as well, even turning up in some communities.

But rising foreclosures will depress home values, pushing more homeowners underwater. Mark Zandi of Moody’s Economy.com estimates that 15.4 million homeowners — or about 1 in 5 of those with first mortgages — owe more on their homes than they are worth.

Also, consumer confidence is already exceedingly low, and another jolt to the housing market could further crimp spending, which has been pummeled by the deep recession and persistent weakness in the job market. The latest unemployment rate, for June, rose to 9.5%, and many analysts predict that it will keep rising until the middle of next year.

The rapid pace of layoffs is of particular concern. Employers shed nearly a half-million jobs in June. Homeowners who are out of work have little chance of having their mortgages modified. That puts many homeowners on a collision course with banks that are preparing to take a more aggressive stance.

“Absolutely,” Chase Bank spokesman Tom Kelly said when asked about an impending surge in foreclosures. Since April 6, Chase has approved modifying 138,000 loans under Obama’s program. But an undisclosed number of other Chase borrowers didn’t meet modification eligibility, and many of those homeowners face possible foreclosure.

Separate from that group, Kelly said, Chase is proceeding to deal with an additional 80,000 borrowers in default whose foreclosure process had been voluntarily halted by the lender starting late last year.

Bank of America, the nation’s largest servicer of home mortgages, also did not release the volume of likely foreclosures. The bank said it had extended offers to modify loans to more than 45,000 borrowers under the Obama plan. Bank of America spokesman Dan Frahm said the company was projecting a “slow increase” in the number of monthly foreclosures, potentially reaching 30% above previous normal levels.

Much will depend on how quickly lenders can push the process along. It generally takes three months to a year from the time a borrower receives a notice of default to a foreclosure sale, in which case the lender usually takes title to the property.

Government and company reports show that the number of completed foreclosures nationwide slowed sharply late last year and into early this year, largely because of various moratoriums in effect during much of the first quarter.

But anecdotal reports indicate that foreclosure sales have started to climb again in the second quarter. And the pipeline is clearly getting fuller.

In the first quarter, some 1.8 million homeowners nationwide fell behind on their loans by 60 to 90 days, a 15% increase from the prior quarter, according to Moody’s Economy.com. The research firm said that loan defaults rose sharply as well, to 844,000 in the first three months of this year.

California accounts for an outsized share of mortgage loan defaults. A stunning 135,431 homeowners in the state were hit with notices of default in the first quarter, an increase of 11% from the earlier peak in the second quarter of 2008, according to real estate information service MDA DataQuick. Foreclosure sales in the state have been moderating after averaging a high of 26,500 a month last summer.

In some communities such as Stockton, Calif., where the real estate market has been among the hardest hit in the nation with home prices plunging 60% in the last two years, many people are expecting a large increase in foreclosures.

Sales of foreclosed houses soared last year as investors and first-time home buyers swarmed over what were considered bargain houses. This year it’s been unusually quiet, says Jerry Abbott, a broker and co-owner of Grupe Real Estate in Stockton. That doesn’t make sense, he said, because he sees many houses in foreclosure in the city.

But just recently, said the 37-year real estate veteran, there’s been a surge of requests for so-called broker price opinions, or appraisals that lenders often ask brokers to provide just before they put a foreclosed property on the market.

“I think it’s going to be a very big wave,” he said. “Just like what we saw through 2008.”

The effect on prices won’t be as severe, Abbott said, because values already have plunged and there’s hearty demand for such properties.

Still, he said, “It will keep prices low. . . . It’ll just slow the recovery down in general.”

Michael Chee, 43, of Burbank is among those worried about what a rise in foreclosures could mean for his home.

Chee was laid off from a healthcare consulting firm in March. With jobless benefits, he figures he will be able to hold on until he finds a new job. His three-bedroom house, though down 20% to 30% in value, isn’t underwater — for the present.

“We’re OK right now,” he said, noting that his brother’s home in Montebello is in foreclosure. “But going forward, who knows? The way things are going. . . .”

The Obama administration is racing to avert as many foreclosures as possible. So far, more than 240,000 distressed borrowers have been approved on a trial basis under the Home Affordable Modification Program, in which their loans are being reworked so monthly payments are targeted at 31% of their gross income, said Seth Wheeler, a senior advisor to Treasury Secretary Timothy F. Geithner.

Wheeler said the program’s goal was to prevent as many as 4 million borrowers from losing their houses over the next 3 1/2 years. And in August, Treasury officials hope to bolster those efforts with guidelines that could encourage banks to allow more borrowers to sell their properties in a short sale, in which the lender averts a foreclosure by accepting less than the balance of the mortgage.

“We’re very unlikely to implement another moratorium,” Wheeler said. But he noted that Treasury would closely monitor how many foreclosed homes were dumped onto the market, suggesting that officials could take other steps to prevent a flood of lender-owned properties.

Few people would venture a guess on the magnitude of foreclosure increases. Part of that will be driven by the job market and the financial condition of so-called prime borrowers and homeowners holding adjustable-rate mortgages, both of which are showing more stress.

Even as defaults among subprime borrowers have trended lower this year, newly initiated foreclosures involving prime mortgage loans saw a significant increase in the first quarter, jumping 21.5% from the fourth quarter, according to a government report of loan data from national banks and federally regulated thrifts.”

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Will Shadow Inventory Hurt U.S. Housing Market?

Mark Shandrow — Mon, 15 Jun 2009 19:12:37 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Will the ‘shadow inventory’ stunt a housing recovery?

Source: — Tom Petruno, Los Angeles Times

After every bear market on Wall Street, some investors are reluctant to buy because they believe many other investors will be anxious to sell into any rebound, swamping the market and stunting any recovery.

And yet, bull markets get going anyway.

Now the same issue is dogging the housing market.

A new Zillow.com survey of 1,266 homeowners nationwide asks, “If you saw signs of a real estate market turnaround in the next 12 months, how likely would you be to put your home up for sale?”

Twelve percent of homeowners said theyâ€™d be “very likely” to try to sell into an improving market, 8% said theyâ€™d be “likely” to do so and another 12% said theyâ€™d be “somewhat likely.”

Zillow refers to that total of 32% as the “shadow inventory” of homes.

“With almost a third of homeowners poised to jump into the market at the first sign of stabilization, this could create a steady stream of new inventory adding to already record-high inventory levels, thus keeping downward pressure on home prices,” said Stan Humphries, Zillow’s vice president of data and analytics.

By region, just 7% of survey respondents in the West said they were “very likely” to try to sell their homes into an improving market, compared with 10% for the South, 12% for the Midwest and 20% for the Northeast.

Despite the low number for the West, Iâ€™ve often wondered through this housing crash whether California would be particularly vulnerable to a supply overhang — in large part because of the number of aging California baby boomers whose retirement plan had consisted of eventually selling their home (at a big profit) and leaving for a lower-cost state.

For a summary of the Zillow survey, which also delves into home-price expectations and other market issues, go here. A link to the full report isÂ here.

Read Mark Shandrow’s recent comments about the impending flood of Southern California shadow inventory expected to hit the market here, as told to a German TV reporter and camera crew on-set at the Shandrow Group offices in Long Beach.

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Shandrow Group Is Live!

Mark Shandrow — Sun, 26 Apr 2009 21:20:57 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Hello everyone,

I am excited to announce the opening of Shandrow Group, Inc. (SGi) brokerage. I have left Keller Williams International and opened my own brokerage. My experience with Keller Williams was great and gave me the tools necessary to launch my real estate business. However, I decided that I wanted to be able to provide additional services, including property management and government foreclosures. Not only can I walk to work everyday, but also I never have to go to another company meeting!

If you are ever in the neighborhood, please feel to drop by. The address is:

3970 Atlantic Ave,. Suite 210
Long Beach, CA 90807
* Southeast corner of Marshall and Altantic Avenue

Best,
Mark Shandrow
Real Estate Broker
Shandrow Group
t 562-364-9505
mark@shandrowgroup.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

International Tower: Iconic Luxury High-Rise Living by the Shore

Mark Shandrow — Wed, 22 Apr 2009 06:15:12 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Address: 700 E. Ocean Blvd., Long Beach, CA 90802

Stories: 30

Units: 204 condos

Types of Units: Wide selection, including 1 bedroom, 1 bathrooms; 2 bedrooms, 2 bathrooms; 3 bedrooms and 2 bathrooms

Size Range: Approx. 880 sq. ft. to 1,260 sq. ft.

Year Built: 1965

HOA Dues: Approx. $635/month

Views: Breathtaking panoramic views spanning Catalina Island; the Queen Mary; Rainbow Harbor; the Convention Center Wyland mural; Long Beach and Los Angeles harbors; downtown Los Angeles; mountain ranges; even from the Hollywood Hills to as far as Newport Beach.

Indoor Amenities:

Unparalleled panoramic combination city and ocean views

Stunning floor-to-ceiling glass “curtain” walls

Upgraded luxury fitness and club rooms

24/7 on-site security and concierge

Deluxe fireplaces

Many units outfitted with modern upgrades and interior design

Top quality new floors, ranging from travertine and ceramic tile to freshly laid Berber carpet

Gourmet kitchens featuring new stainless steel appliances, recessed lighting, granite countertops and custom cabinets

Several spacious master bedrooms boast French doors, walk-in closets, in-room baths, cherry wood Murphy beds, desks and built-in bookshelves

Elegant harbor-facing lobby entrance and reception area

Deep soaking tubs

In-unit laundry hook-ups
Disability/wheelchair modifications available

Outdoor Amenities:

Spacious wrap-around balconies

Direct beach access, literally only steps away

Ocean view heated association swimming pool and BBQ patio

Secured subterranean assigned parking, plus guest parking

Convenient proximity to the bustling Pine Avenue, Rainbow Harbor, 2nd Street/Belmont Shore entertainment, business and culture districts

Convenient access to public transit, including Long Beach Transitâ€™s A and D Passport bus lines; only three blocks to the MTA Blue Line station (light rail to downtown Los Angeles); convenient to the 710, 405, 605 & 105 Freeways; approximately 30 minutes to LAX airport.; only steps away from the popular beach bike path that connects to the Los Angeles River Path and to the path to Huntington Beach..

Dramatically Reduced Prices
Dozens of beachfront (and inland) Long Beach condominiums and townhomesâ€”including the historic International Towerâ€”are experiencing dramatic price drops between 30 and 50 percent. Thereâ€™s never been a better time than now to get a great deal on your dream oceanfront abode. To learn more, call the Shandrow Group today at 562.364.9505.

Historical Details (from the International Tower Owners Association):

Live Inside a Legendary Long Beach Landmark
â€œInternational Tower is one of the most significant buildings in the city, and demonstrates architectural and design significance through technological innovation. The buildings structural engineer, T. Y. Lin â€¦ was world renown for his advances in reinforced formed concrete structures, and was referred to as the â€œfather of pre-stressed concreteâ€ because of his achievements in furthering itâ€™s applications in tall buildings, bridges, and other structures. International Tower was one of T. Y. Linâ€™s hallmark designs, and was the tallest pre-stressed concrete building in the world at the time of its completion in early 1966.

The character-defining features of International Tower include its Ocean Boulevard at Shoreline Drive location on a bluff overlooking the shoreline marina area and the Pacific Ocean; a 32-story height; circular massing; floor to ceiling aluminum frame glass curtain walls and sliding doors; continuous metal-railed balconies; and flat roof with penthouse.

International Tower is a true Engineering Trophy that Long Beach is proud to have residing on its shores. It can also be argued that there may be no other high-rise structure, other than International Tower, that better exemplifies the characteristics associated with Mid-Century Modern design criteria, including form and principle, not only in California but nationally.

Through the years International Tower [which its admirers call â€œthe George Jetson building"] â€¦ has become synonymous with the Long Beach Grand Prix. From the very beginning of the famous raceâ€™s history, the tower became known for elaborate parties for the rich and famous during Grand Prix weekend. Many Hollywood celebrities, members of the Los Angeles Lakers, and even members of the rock band â€˜The Rolling Stonesâ€™, have been among the many elite who have been guests at tower race parties.

The tower also has a place in Hollywood history itself, serving as a set for numerous movies and TV shows. The opening scenes of the 1989 â€˜Lethal Weaponâ€™, staring Mel Gibson and Danny Glover, were shot in a penthouse with subsequent scenes outside along Ocean Boulevard. Other shows made for television including several episodes of CSI Miami were also filmed in the lobby and other locations throughout the building between 2005 and 2007.â€

Unbeatable Alamitos Beach Location
Alamitos Beach, which encompasses miles of stunning oceanfront property between downtown Long Beach and Belmont Shore, is at the core of Long Beachâ€™s exciting urban redevelopment renaissance.

Alamitos Beachâ€™s commanding ocean views, metropolitan beach condos and majestic estate homes are favorite locations for Hollywood filmmakers. Several recent movies and TV series, including NBCâ€™s Fear Factor, CSI Miami and others, have been filmed on its popular beaches.

Call the Shandrow Groupâ€™s downtown condo team today at 562.364.9505 for more information on units for sale inside the International Tower.Â They sell extremely quickly, so count on us to keep you in-the-know the minute available condos come on the market. Some short sales are currently being offered.

Sincerely,
Mark Shandrow
Real Estate Broker
Shandrow Group
markshandrow.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Ocwen First to Issue Obama’s Making Home Affordable Loan Modifications

Mark Shandrow — Thu, 16 Apr 2009 17:45:43 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Ocwen Financial Corp., a prominent subprime loan servicer and current Shandrow Group client, is officially the first mortgage servicer to begin modifying home loans as part of the Obama administrationâ€™s Making Home Affordable (MHA) program.

The $75 billion government loan modification initiative enables at-risk borrowers lower their monthly payments to help them avoid foreclosure or bankruptcy or both. An increasing number of struggling homeowners are opting to sell their homes via short sales. â€œResponsible homeownersâ€ who meet the straightforward MHA criteria can refinance their loans with interest rates as low as only 2 percent. MHA is scheduled to run through 2012.

If you have questions about the Making Home Affordable initiative and/or subprime loan modification or short sales, call the Shandrow Group for more information today at 562.364.9505.

Ocwen expanded staffing by more than 65 percent in anticipation of the programâ€™s roll-out. Under MHA guidelines, lenders can trim struggling homeowners’ mortgage payments no higher than 38 percent of their income. However, the Treasury Department will share the financial burden with lenders to further lower the debt-to-income ration to 31 percent. Some loans will be eligible to be lengthened over a 40-year term.

Who can participate?

Homeowners who have an unpaid principal balance up to $729,750

Homeowner with loans that originated before Jan. 1

Sincerely,

Your trusted connection to the Southern California real estate market,

Mark Shandrow
Real Estate Broker
Shandrow Group
markshandrow.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

The Meridian at 1400 Ocean Boulevard, Premium Long Beach Condos

Mark Shandrow — Wed, 15 Apr 2009 06:55:06 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Address: 1400 E. Ocean Blvd., Long Beach, CA 90802

Stories: 4

Units: 70 condos

Types of Units: 3 bedrooms, 2 baths, varied floor plans

Approx. Size Range: 1,293 to 1,800-plus sq. ft.

Year Built: 2001

Indoor Amenities:
Cathedral 9-foot ceilings accented with crown molding
Gourmet kitchens featuring granite countertops and tile floors
White European-style cabinets
Gas fireplaces
High-shine hardwood floors
Elegant recessed lighting

Deep soaking tubs
His and her sinks
Spacious deluxe master suites
Majestic ocean views/breezes from most bedrooms and living rooms
State-of-the-art beachfront exercise room
Upscale entertainment clubhouse, complete with billiards table
Convenient laundry access
Secure, Andres Escobar-designed lobby entry with 24/7 concierge and video security
Pet friendly building

Outdoor Amenities:
Direct beach access, literally only steps away
Spacious sun-bathed balconies
Resort-style ocean-view association pool and spa
Sun chair-lined sundeck patio and BBQ for entertaining guests and relaxing
Secure enclosed parking and secure storage lockers
Bicycle storage
Convenient proximity to the bustling Pine Avenue, Rainbow Harbor, 2nd Street/Belmont Shore entertainment, business and culture districts
Convenient access to public transit, including Long Beach Transit’s A and D Passport bus lines

Sweeping Ocean Views and First-Class Amenities
Step outside without ever leaving home from one of the Meridian’s spacious, private oceanfront master bedroom balconies. Here you can extend your living space to include breathtaking panoramic views of the Pacific Ocean, the Queen Mary, Catalina Island, the downtown Long Beach skyline, even as far as Newport Beach and beyond.

The Meridian, situated only six blocks west of Shoreline Drive, is one of Alamitos Beach’s newest and most sought-after luxury oceanfront condominium developments. The exclusive 4-story structure was built by the Anastasi Construction Company in 2001, just one year after the completion of its popular resort-style sister dwelling next door, 1500 E. Ocean Blvd.

Dramatically Reduced Prices
Dozens of beachfront and inland Long Beach condominiums and townhomes are experiencing price drops between 30 and 50 percent. There’s never been a better time to get a great deal on your dream oceanfront abode than now. To learn more, call Mark at 562.364.9505.

Prime Alamitos Beach Location
Alamitos Beach, which encompasses miles of stunning oceanfront property between downtown Long Beach and Belmont Shore, is at the core of Long Beachâ€™s exciting urban redevelopment renaissance.

Alamitos Beachâ€™s commanding ocean views, metropolitan beach condos and majestic estate homes are favorite locations for Hollywood filmmakers. Several recent movies and TV series, including NBCâ€™s Fear Factor, CSI Miami and others, have been filmed on its popular beaches.

Call the Shandrow Groupâ€™s downtown condo team today at 562.364.9505 for more information on units for sale at 1400 E. Ocean Blvd.

Sincerely,

Mark Shandrow
Real Estate Broker
Shandrow Group
markshandrow.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Historic Bank-Owned Home for Sale in L.A.’s Wilshire Area

Mark Shandrow — Tue, 24 Mar 2009 00:24:22 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Call Today to Schedule a Personal Tour

Orâ€”NEW!â€”Make an offer online NOW!

Address: 1424 S. New Hampshire Ave. Los Angeles, CA 90006-4510

Home Type: Historic single-family, single-story, BANK-OWNED

Price: $369,900

Square Feet: 1,281 sq. ft.

Lot Size: sq. 4,150 sq. ft.

Rooms: 3 bedrooms, 2 baths

Year Built: 1907

Extras:

Newer windows and roof
Central heating/cooling air
Recently renovated kitchen and bathroom
Recently refurbished hardwood floors and fixtures
Secure private driveway
Close to local entertainment, museums, dining and shopping
Close proximity to public transit

Neighborhood: Historic Mid-City Wilshire
The spacious, 3-bedroom, 2-bath vintage architecture dwelling is nestled in the Wilshire regionâ€™s Mid-City district, one of Los Angelesâ€™ most diverse and affluent areas. The Mid-City neighborhood, once home to singer-songwriter Ray Charles, is the also site of several famous historical landmarks, including St. Elmo Village and the bustling Miracle Mile.

Walking-Distance Access to Art, Culture and Entertainment
A bonus for Mid-City residents is the within-walking-distance convenience of shops, restaurants and museums and cultural attractions, including the Page Museum, the Los Angeles County Museum of Art and the La Brea Tar Pits. Each is an integral part of the Mid-City bordering Miracle Mile District. The popular one-mile Miracle Mile commands a high-rise and boutique lined, vibrant section of Wilshire Boulevard between Fairfax and La Brea Avenues. Other close-by destinations are The Grove, an upscale shopping and entertainment complex, and the quaint Los Angeles Farmers Market.

Striking Architecture and Historical Preservation
This historical Mid-City home is nestled among some of the cityâ€™s most magnificent traditional residential architecture. The area is currently benefiting from a full-swing historical preservation movement.

School District: The Los Angeles Unified School District
This turn-of-the-century bank-owned home is zoned for schools in the Los Angeles Unified School District.

Elementary: Magnolia Avenue Elementary

Middle School: Berendo Middle School

High School: Joseph Pomeroy Widney High School

This Mid-City property is only one of dozens of great investment bank-owned homes for sale on the Shandrow Groupâ€™s exclusive (and ever-growing!) list. Call us today at 562-364-9505 to access some of Southern Californiaâ€™s hottest bank-owned homes for saleâ€”BEFORE they come on the market.

Your trusted connection to Southern Californiaâ€™s exciting bank-owned home sales market,

Sincerely,

Mark Shandrow
REO Broker-Associate
The Shandrow Group
markshandrow.com

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Top Reasons to Sell Your Home Via Short Sale

Mark Shandrow — Fri, 13 Mar 2009 20:19:54 +0000

Shandrow Group - Long Beach Real Estate | LA & Orange County Homes For Sale

Perhaps youâ€™re â€œupside downâ€ on your house and can no longer afford your mortgage payments. Maybe you owe more than the property is worth and simply canâ€™t refinance. Or, it may be that you still canâ€™t handle your house payments even after modifying your loan or reducing your interest rate. Times are tight and youâ€™re running out of options.

Or perhaps youâ€™re one of the millions of Americans whoâ€™ve recently lost their jobs in the wake of the current economic downturn. Perhaps your option ARM mortgage loan is ballooning faster than you can keep up with.

At this point, you probably fear that foreclosure is your only option, or perhaps even filing for bankruptcy. For most of us, neither devastating, credit-ruining event is an option weâ€™re willing to give in to. Thereâ€™s just too much riding on your family’s futureâ€”and your future credit scoreâ€”to give up. You want nothing more than to avoid letting the bank put your home on the foreclosure auction block. So what can you do? Who can help?

This is where a Shandrow Group-assisted short sale comes in. By now youâ€™ve probably heard an earful about short sales as a “last-ditch effort” for avoiding foreclosure. You might be skeptical about doing one â€¦ but are you truly informed on exactly what a short sale is and what a short sale, otherwise known as a pre-foreclosure sale, can do for you in your time of need?

First, just what is a short sale?

Basically, itâ€™s when the sellerâ€™s bank or mortgage lender accepts less than what is owed on a home (aka a â€œdiscounted payoffâ€) to quickly offload an existing troubled mortgage. Many banks and lenders are attracted to short sales because theyâ€™re one of the most economic means of recouping their losses on a distressed property that they would have otherwise foreclosed on. Plus, a short sale helps lenders, banks and sellers avoid the long, drawn-out, complicated process of a costly foreclosure.

So why should you consider a short sale? What are the benefits to you, the seller? And who can you trust with a short sale?

You can look to the Shandrow Groupâ€™s Top Reasons to Sell Your Home Via Short Sale (immediately below) for the answers to those extremely pressing, timely questions. Youâ€™ll be clued-in in no time, and if you have any remaining questions, you can always call me, Mark Shandrow and the Shandrow Group team, at (562) 364-9505. Weâ€™re here to help.

Top Reasons to Sell Your Home Via Short Sale:

1. The power to avoid foreclosure.

With a short sale, you, the seller, win by taking foreclosure out of the equation. Short sales give you the power to sell your home, even if you owe more than your home is worth. Banks are often willing to forgive much of the mortgage debt you owe and you walk away with the pride of knowing you did not get foreclosed upon.

An increasing number of mortgage lenders are accommodating troubled homeowners to stave off the long, drawn-out, extremely complicated foreclosure process. They are willing to make concessions in the sellerâ€™s favor to avoid taking over a losing asset, especially in the current declining housing market.

By with stopping a foreclosure via a short sale, you will not have to endure the crushing impact (nor the social stigma) of a foreclosure plaguing your credit history.

2. The power to avoid bankruptcy.

Short selling your home has the potential to save you from having to file for bankruptcy, not to mention skirting years of hassle and phone calls from increasingly aggressive debt collections agencies.

Again, as with avoiding foreclosure, with a short sale you will not have to endure the crushing impact (nor the social stigma) of a bankruptcy on your credit report.

Also, in effect, youâ€™ll be doing your part to ease the countryâ€™s foreclosure crisis and reduce the epidemic of neighborhood blight at the same time.

3. A speedy sale.

Less time spent on selling your home equals less hassle and fewer headaches for you. The faster you amicably offload a property you can no longer afford, the faster you can move on and start fresh. Short sales are typically INCREDIBLY FAST Â transactions; many Shandrow Group-assisted short sales take only 30 days to close.

4. The power to better control your credit score impact.

In keeping with the Shandrow Groupâ€™s professional commitment to full disclosure, it is important to note that a short sale can impact your FICO credit score by approximately 75 to 100 points (depending on your own personal credit history), as opposed to a foreclosure or deed-in-lieu transaction, which can reduce your credit score by 250 to 280 points (again, depending on your own personal credit history).

Plus, a short sale filing record will likely remain on your credit report for as little as two years. According to the Fair Credit Reporting Act, a bankruptcy filing remains on a personâ€™s credit report for 7 to 10 years. A foreclosure will negatively impact your credit score for 7 to 10 years as well.

For more on the Shandrow Groupâ€™s successful short sales knowledge, experience and proven track record, check out yesterday’s postâ€”an honest look at the benefits to short sales buyers.

Best,

Your trusted connection to the Southern California real estate market,

Sincerely,

Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com

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