Aces of Real Estate: 8 Short Sale Negotiation Strategies

Ready to tear out their hair, many agents and buyers have declared, “I don’t want to look at another short sale!” Like a game of poker, I always look at it as a game of strategies. You just have to know who you are playing with and what their next move is. When you know what to expect, this will help you to negotiate the best deal.

While the seller accepts an offer on a short sale, their short sale bank has to review and approve the price and terms of the offer because, ultimately, the bank will be taking the biggest loss. Each bank handles negotiations differently, but I have found some patterns that make it easier to negotiate. These items need to be considered when making an offer so that there are no surprises, only negotiations:

1. First and foremost, Buyers must understand that short sales take longer than the traditional sale. While the banks have improved on their time frames, they still require anywhere from 2-6 months on average to review the seller’s financial records and the offer. See Short Sale--An Oxymoron--A Word for Wait.

2. Normally the offer has to be reasonable within 10-15% of the comparable properties in the area. The bank will have an appraisal to compare the offer to.

3. Depending on the type of loan the buyer has and the price offered, some banks may pay for termite inspection and work, repairs, and closing costs. A lot of banks tend to be more flexible with VA and FHA buyers.

4. Most short sale banks will not pay towards Homeowner Association (HOA) Dues in the rear. If the seller can, they should continue to pay their HOA dues. The mounting fees seem to be a real source of contention for short sale banks or buyers to accept. The buyer’s first reaction is “why should I pay” for something the seller should have kept up. But if buyer can get the bank to pay closing costs or reduce the price in exchange and looks at it as part of the cost of buying a nice home at a great price, it is easier to accept.

5. Depending on the Bank, they may also ask the buyer to pay for the HOA documents which range anywhere from $200 to $500. Again it is best to look at it as part of the cost for a nice home.

6. Most banks won’t pay for the Buyer’s home warranty. So no need to ask.

7. Normally, the oven/stove will be sold with the home; however, the seller will often want to sell any other appliances separately outside escrow.

8. If the seller has two loans on the home, the first lien holder offers the second lien holder money to release their interest. Depending on the situation, a second lien holder may ask for more money than the first lien holder is willing to give. It may seem that you are in a stalemate. Without the second lien holders' cooperation, the sale cannot happen. While the seller cannot contribute any more money, and the banks cannot ask the buyer to contribute. If it is a great house, rather than let it go, the buyers may offer to contribute to the cause.

Short Sales definitely have a longer bumpier ride with less frills than a traditional sale normally does. However, with the help of a knowledgeable short sale specialist, one who understands the game and with these ace strategies you may be able buy a great home at a lower price. The long ride and some added cost may be well worth it.

Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

Short Sale Now or Pay Tax Consequences

A seller recently called me in a panic, "I received a 1099C from the bank and I owe the IRS almost $18,000." She had done a Short Sale last year and was preparing her taxes. She received the Bank's 1099 Form showing the forgiven debt, the difference between what the house sold for and what she owed.

However, the good news for this seller is the Mortgage Forgiveness Debt Relief Act of 2007. The law saved her from having to pay this huge tax. Once the seller filed the IRS Form 982, the problem was corrected on her taxes.

According to the IRS, "The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief."

Prior to 2007,the difference between what the house sold for and was owed, was considered forgiven debt, and may have been taxable.

Since the law only protects those that qualify until of the end of 2012, if you have been considering a short sale now is the time to do it. Since short sale bank approvals can take anywhere from 3-6 months, you need to start making plans .

While I always advise sellers considering a short sale to consult with their attorneys and/or an accountant, you will also want to consult with a Realtor who has the Short Sale Foreclosure Resource designation from the National Association of Realtors. Agents with this designation have gone through special training to specialize in short sales.

For more information, you will want to visit the IRS website on Mortgage Debt Relief Act of 2007 .


Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

An Exciting World of Its Own--Santee Town Center Park East (Santee Parks Part 10)

It was a warm July night in 2010, when I first visited the wonderful world of the Santee Town Center Community Park East located at 550 Park Center Drive, tucked away behind the Sportsplex and Cameron YMCA. People scattered across the giant grassy area on blankets and lawn chairs in front of the concert stage, preparing to hear the sounds of the Corvettes. Many enjoyed their picnic dinners while listening to the music. Children danced to the sounds of rock and roll. It was a delightful sight.


The following September, I vounteered at the first Santee Wine and Blue Grass Festival held at the park organized by the Santee Park and Recreation Committee. What an exciting affair!



On July 4th, the city held a concert festival in celebration of the nation's birth. The locals picniced and strolled around vendor booths. A live band played and people danced, while waiting for the clock to stike 9pm and the fireworks to fill the sky.


Recently, I visited the park again on a lazy Sunday afternoon. As we pulled into one of the large parking lots, I was amazed to see the athletic fields that lied beneath where all the festivities I had been to had taken place. The 40 acres of park includes the Cameron YMCA and the Sportsplex just across two bridges that transcend the San Diego River Bed.



The park was a buzz with activity. My husband and I stolled along the walkway with our dog. As we entered the park, I spotted a gentleman flying a remote control airplane to the delight of all who watched. Lots of open sky to zoom and zag.



As we walked further on, to my amazement, there were lighted synthetic turf football and soccer fields, home to the Santee Pop Warner Ravens. A few soccer games were winding down, and players were gathering up their nets.

I noticed people picnicing at tables, some even under gazebos, along the way. We even stopped to rest on one of the benches that doted the walk way.



The park also includes grills, restrooms, a jungle gym playground area, a concession stand, and a trail system interlinked to all parts of the park.



You will want to visit the Santee Town Center Park East to see this exciting world of its own.


by Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

A Park Amongst the Heavens--Sky Ranch Park (Santee Parks Part 9)

If you are looking for a spectacular view and a new park in Santee to visit, Sky Ranch Park is the place for you. This 1.3 acre mini-park is located in the newer Sky Ranch development at 5850 Cala Lily Street.

The small Santee City park blends in with the rest of the Sky Ranch neighborhood, careful you may drive right by it.


The park has scenic views overlooking the surrounding Santee and El Cajon regions, including Gillespie Field Airport and nearby mountains.



While it is a small park, there is a covered giant playground area along with picnic shelters, picnic tables and barbecue grills. You can stroll along a walkway surrounging the open grassy area or rest on one of the benches and enjoy the solitude.


Dogs on leashes are allowed. Open dawn to dusk, it fits in perfectly with the executive home neighborhood.





by Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

A Tucked Away Wonder--Shadow Hill Park (Santee Parks Part 8)

This eastern Santee park is tucked away in the Shadow Hills neighborhood off Woodside Road on the east side of Highway 67. It is located, off of Woodside Road, at 9161 Shadow Hill Road, between the newer Black Horse Estates and the Sky Ranch subdivisions.

The Shadow Hill Park, like many in Santee, features benches where you can just sit and enjoy the sunshine on a warm day or rest under the shade of a tree. Young children race about the large playground equipment. For the adults and teens, there is basket ball and tennis courts. People can barbecue on grills, plan parties under the covered gazebo. or just share a sack lunch on a picnic bench. Air jumps are also permitted with plenty of green space for children to run and play.

You will find a small bridge leading to a set of benches and a few trails to explore. Time to get away and enjoy another one of the Free Santee Parks.

For more information go to the Santee City website or for more information about other Santee Parks see my blog series on Talkin Real Estate.


Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585 begin_of_the_skype_highlighting (619)258-8585 end_of_the_skype_highlighting

Stroll Down Mast Park West Trail (Santee Parks Part 7)

One of the newest trails in Santee opened in May 2011. It is an extension of Mast Park. The Trail head is a half-mile-long located just south of Carlton Oaks Boulevard just off of Carlton Hills Boulevard.





You can access the trail on the west side of Carlton Hills Boulevard or you can enter park the Mast Park west end parking and walk under the bridge where the Boy Scout Troup 51 has painted several nature murals leading you to the trail entrance.

The finely fenced walking trail weaves through a thickly wooded area that leads to a shaded bench area where you can rest, or just to enjoy a veiw of a river pond where ducks wade and feed off the natural wildlife.



The trail ends at Carlton Oaks Golf Course, where one day there is hope to extend the trail. In the future, Santee,San Diego and the San Diego River Conservancy hope to create a system of trails for bicycle and pedestrian corridors, along both sides of the river from the East County to the rest of San Diego.


Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

Big Rock Park--West Santee Neighborhood Park (Santee Parks Part 6)

If you live in the west end of Santee, you will want to visit this five-acre neighborhood park with entrances located off Mesa & Prospect and also on Arlette St. adjacent to Chet F. Harritt Elementary School. Not only does this Santee Park offers lots of fun activity areas including basketball, volleyball, and tennis courts, it has gazebo picnic benches, grills, two playgrounds and an open green space.

The park like many of the Santee Parks, it is dog friendly with special time for off leash playtime: Monday through Friday, dawn to 9:00 a.m.

The park is also the home of the City’s summer day camp. A modular building (CSD-1) in the northwest corner of the park has served as the recreation program classroom.

One of the other exciting activities, that many of the Santee Parks permit, are Air Jumps.

Before or at the end of you visit to this park, you will want to hike on one of the Trailheads to the Mission Trails Regional Park located next to the park .

Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

Woodglen Vista Park, a Neighborhood Park Geared to All Ages (Santee Parks Part 5)

When I look back over the years of living in Santee, my family has spent many hours at the Woodglen Vista Park, located at 10250 Woodglen Vista Drive, Santee, CA 92071, just behind Cajon Park Elementary. As toddlers and young children, my sons romped around on the playground equipment and enjoyed exploring the large lush green areas and trees.

As my sons grew older, we played games of tennis on the two courts; they played friendly games of basketball on the full size basketball court; and in the spring, they practiced or played on the baseball/softball field.

In their adolescence and teen years, when they took to biking and skateboarding, they spent many hours doing their flips and tricks in the Skate and BMX Park.

We celebrated many family birthdays under the large picnic pavilion. On the weekends and during the summer, people enjoy grilling on the barbecues preparing meals to enjoy on the picnic tables.

Recently, the park fenced off an area where owners can relax in chairs and watch their dogs run free off their leashes.

While there is a lot of activity at this park, it is spread out over 10 acres allowing for even people looking for solitude to find it. This is a great neighborhood park to visit and enjoy some time with one another or by yourself.

For more information about the park, visit Woodglen Vista Park.

Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

Santee Lakes an Outdoor Heaven & Fun Run September 24th (Santee Parks Part 4)

If you are looking for a tranquil place to fish or a place to enjoy some quality family time, you need look no further for an outdoor heaven.

Fifty years ago Padre Dam Municipal Water District created the popular 190 acre Santee Lakes by recycling waste water into seven lakes. The focus of the Lakes is Recreation, Restoration, and Re-investment.

Besides fishing, where you only need a low cost fishing permit for the day, Santee Lakes has a menu of outdoor opportunities such as boat rentals including row boats, kayaks, canoes, peddle boats; Camping with 300 full hookup RV campsites and the recent addition of 10 cabins on or near the lake; picnic areas for large and small groups; playgrounds; and even a Sensory Gardens for the sight impaired. Please see the Santee Lake website for more information.

You won't want to miss the second annual Lap the Lakes 5K Run/Walk and 1/2 mile Jr Fun Run on Saturday September 24,2011, hosted by the Santee Lakes Foundation. For more details go to the Santee Lakes Website for details.

If you haven't visited this haven for outdoor activities, you will need to do it today. Even if you just take a stroll or feed the ducks.

Virginia Hall
ABR, CRS, e-Pro, GRI, SFR
Coldwell Banker Residential Brokerage
VirginiaHall.com
Direct (619)258-8585

Mast Park a Hidden Neighborhood Jewel (Santee Parks Part 3)

This park is located at 9125 Carlton Hills Blvd, Santee, CA . The park entrance is just behind the Carlton Oaks Plaza business center and Santee Llibrary at the corner of Carlton Hills Boulevard and Carlton Oaks Boulevard. The park is open dawn to dusk and features a large playground, a basketball court, an extensive trail system, a sand volleyball court and an equestrian trail.

At first you might be concerned about what looks like a small parking lot, but keep driving and you will find more parking below the main lot.
On my recent visit, I discovered that the park now has a fenced off-leash dog area where dogs can romp freely.
Besides walking along the natural habitat areas and extensive trail system surrounding the park; in the past, I have used the park for birthday picnics. We celebrated on picnic tables under sheltered gazebos with restrooms nearby. The park offers plenty of trees and green areas as well Barbecue Grills for hot dogs. If the play equipment and a basketball court aren’t enough, Air Jumps are also permitted.

A delightful park to visit. For more information on this park and others visit Santee Parks.

Virginia Hall
Coldwell Banker Residential Brokerage
619)258-8585
Virginia@VirginiaHall.com
VirginiaHall.com

Cool Off at the Santee Aquatics Center (Santee Parks Part 2)

Children bored with summer? Need some low impact aerobic exercise? But don’t have a pool. The City of Santee has joined with the Cameron Family YMCA to offer year round swimming and pool activities to the general public, as well as the YMCA members.

For a small fee, the general public can enjoy the Santee Aquatics Center that has a 25 meter by 25 yard training pool, an activity pool with a play structure, water slide, water exercise area, and locker rooms.

For those like myself, who have an aversion to sweat exercise, you can enjoy a good aerobic workout in the Water Exercise classes, or just swim laps. The lap pools are separate from the water structure and slides.

Families with children can enjoy hours of splashing and playing on the slide and the water structure. Children under age 7 must have an adult in the water. Maximum two children to one adult.

You can't miss the colorful Santee Aquatics Center located at the Cameron Family YMCA, 10123 Riverwalk Dr., Santee, just east of Cuyamaca St. You will want to visit the Santee City’s website to see the current schedules.

For more information about programs offer at the Cameron Family YMCA and City of Santee Aquatics Center call (619) 449-9622 .

Virginia Hall
Coldwell Banker Residential Brokerage
619)258-8585
Virginia@VirginiaHall.com
VirginiaHall.com

Mission Trails Regional Park—Urban Nature Escape (Santee Parks Part 1)

When buying a home, schools and parks are always important. Santee has a number of parks that I would like to share. This is the first part of a ten part series on the parks of Santee.

While Mission Trails Regional Park is not truly a Santee City Park, a portion of the nearly 5,800 acre park is located at the west end of Santee located off Mission Gorge and Father Junipero Trail and is one of my favorite parks to visit.

Centrally located, Mission Trails Regional Park provides a quick, natural escape from the urban hustle and bustle. Mission Trails Regional Park has been called the third Jewel in the City of San Diego Park System.

In particular, this park is one that I often get calls from buyers searching for homes in the area. People love to stroll through the trees, perhaps watch a few birds. Others like to hike along the 40 miles of trails that include open space and rugged hills, including Cowles Mountain. Others bike across the Grassland trails. Families love to visit the Old Mission Dam, and watch the waterfall, cross the river bridge or enjoy a picnic lunch. Mission Trails Regional Park has something to offer everyone, including Fido on a leash.

Opened in 1974, Mission Trails Regional Park has become one of the largest urban parks in the United States. Originally used by the Kumeyaay, the park is the site of the Old Mission Dam, built to store water for the Mission San Diego de Alcala.

Campers visit Kumeyaay Lake, for a weekend of primitive camping with nature, where they might see the endangered Least Bell’s Vireo bird.

You will want to visit the state-of-the-art Visitor & Interpretive numerous informative hikes Center, For more information and Trail and Habitat maps visit http://www.mtrp.org/park.asp .