As a Certified Distressed Property Expert; I see the direct effects of our nations’ economy on our housing market.  Working in the communities of Oak Shores and Heritage Ranch on Lake Nacimiento as a Real Estate agent; it is hard to see homes go into foreclosure.  It’s heartbreaking because most homeowners who are struggling with their finances feel that foreclosure is the answer; however, it can be avoided!

Knowing your financial burden and understanding the many different options available are key to side stepping the devastation of foreclosure.  Please take a few minutes to review the various options you have!

1. Reinstatement- While being the most simple answer to foreclosure; it is also the most difficult to attain.  This option allows a Lake Nacimiento home owner to contact the mortgage company and request the amount owed to date.  They can then pay off the remaining amount.  You can be reinstated up to a day before the foreclosure sale is finalized and the lender does not have to approve this process.

2. Forbearance or Repayment Plan- This option sets up a payment plan between the homeowner and the mortgage company to pay back the amount owed over a time.  The monthly payment on the Lake Nacimiento home will still be paid each month in addition to a portion of the back payments that are owed.

3. Mortgage Modification- Modifying the mortgage allows the loan to be reduced in some way.  Whether the interest rate, principle balance, term of the loan or a combination of the three; there is some type of reduction that will take place.  This usually helps in lowering the monthly payment so that the mortgage becomes affordable again to the homeowner.

4. Rent the Property- This can be an especially good option for those living on Lake Nacimiento!  Many people are looking for a great vacation home to rent out during the summer months or on the weekend.  You can talk with your Lake Nacimiento Real Estate agent about the option of renting your home on a permanent basis or renting it out at certain points of the year to help with payments.

5. Deed-in-Lieu of Foreclosure- Lender approval is required for this option that’s referred to as the “friendly foreclosure.”  Homeowners are required to vacate the home, but are able to simply return the property to the lender and avoid going through the foreclosure process.

6. Bankruptcy- This option only works as an answer to foreclosure in some states and circumstances.  If there are non-mortgage debts that the homeowner has that has caused them to miss their payments; bankruptcy may be an option.

7. Refinance- Refinancing could be a great solution to avoid foreclosure.  Doing so can lower the monthly payments if the homeowners has good credit and they have enough equity in their Lake Nacimiento home.

8. Servicemembers Civil Relief Act (military personnel only)- Due to being deployed, some members of the military come under financial distress and so may qualify for the  Servicememebers Civil Relief Act.  This process will go through the an attorney that is qualified to work with service members who need relief.

9. Sell the Property- If you need to sell your home to avoid going into foreclosure; please let me know.  As a Lake Nacimiento Real Estate agent; I have worked for years with buyers and sellers on Lake Nacimiento and know what it takes to get your home sold in an effective and timely manner!

10. Short Sale- As a Certified Distressed Property Expert; I have experience working with homeowners to avoid foreclosure.  I know the ins and outs of conducting a short sale; which has been a viable option for many.  Basically, a short sale involves your Lake Nacimiento Real Estate agent negotiation with the lender to allow the home to go into a short sale.  The agent will verify the homeowner’s hardship that occurred after the purchase and the request for the short sale.  Hardships can include things such as a job loss, divorce, forced or unplanned relation or mortgage payment increase.

If you are facing foreclosure; please contact me to discuss which option is best for you.  Again, being a Certified Distressed Property Expert has given me the experience and knowledge to deal with these types of situations.  Please feel free to contact me anytime!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Looking to buy a home on Lake Nacimiento?  You may have already started the beginning stages of searching for a home in the gated Oak Shores or Hertiage Ranch communities on Lake Nacimiento online; which is a great way to start!  If you searched for available homes on Lake Nacimiento; you’ve probably come across some certified distressed properties and have wondered if buying a short sale or foreclosure home is the right move for you.

Before you completely discredit buying one of these homes because you’re not sure how it all works; I’d encourage you to continue reading!  can be very rewarding!  It’s important to know what type of home buying process you’re getting into, and to make sure you have found a Buying a short sale or foreclosure home on Lake NacimientoLake Nacimiento Real Estate agent who is an expert in dealing with distressed properties.  This will make the process of buying a short sale or foreclosed home a much smoother and stress free process!

Below are a few of the questions you may have regarding a buying a distressed property on Lake Nacimeinto.

What are the advantages of buying a distressed property on Lake Nacimiento?

- The first advantage is that you’ll be buying a home from a highly motivated seller.  Whether it’s bank owned, or the seller is just trying to get out from under their mortgage; the emotions of the sale are lessened and the main goal is to make sure the home is sold.  You’ll also find the price to be a great deal for the home!  You’ll notice that foreclosed homes on Lake Nacimiento in Oak Shores and Heritage Ranch are the best deals because lenders are anxious to get them off their hands and their books.  A short sale will still be very reasonably priced, and the chances of the home being in great condition are good because the home owner wants to make sure buyers see it as move-in ready.

What are the disadvantages of buying a distressed property?

- Because they are so well priced; many buyers are interested in these properties on Lake Nacimiento so competition can be a big factor.  Another disadvantage is that foreclosed properties oftentimes need a lot of TLC.  Being willing to roll up your sleeves and do some work on these great deals will pay off in the end!  You’ll also find that the short sale or foreclosed home buying process can be a much longer process.  Be prepared for a lot of paperwork and hoops to jump through.  However, having a certified distressed property Lake Nacimiento Real Estate agent on your side will be very beneficial.  They’ll know exactly what you’re likely to face and will understand how to deal with any situation that arises.

Are there any tips for buying a distressed property?

- Yes!  Although it may seem like a more challenging process, there are things you can do to make the process run smoothly.

1. Be sure to get a home inspection before you make an offer or put down any money!  Even though many banks will sell a foreclosure “as is”, and short sales don’t offer much in the way of making repairs before you purchase; you’ll have an idea of what you’re getting into.  You want to be fully aware of any issues with the house prior to buying so you know how much additional money you will need to put in the home.
2. Get preapproved!  This is vital in speeding up the home buying process.  Not only do banks and sellers want to know you have your financing in order and are fully ready to buy; the stiff competition for these homes warrants the need to be prepared.

What type of loan should I get for buying a distressed property?

- If you’re a first time home buyer; a Federal Housing Administration (FHA) loan may be the type of loan you want to choose.  They offer programs that help you with a home that needs major repairs.   They also only require 3.5% down as opposed to the typical 20% down on a new loan. Your Lake Nacimiento Real Estate agent will be able to walk you through this process and help you determine which type of loan is right for you.

I hope these answers help you as you consider buying a short sale or foreclosed home on Lake Nacimeinto!  Of course this is an overview, and I would be happy to discuss this process more in depth with you or answer any other questions you may have.  Feel free to contact me today to get started!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Lake Nacimiento is getting ready to kick off the New Year and my team and I at Oak Shores Realty are excited for 2011!  Experts predict that foreclosure listings will flood the market and we’re ready!  The Oak Shores Realty team is well-trained and certified in distressed and foreclosure properties.  We’re able to help all those interested in buying a short sale or foreclosed home on Lake Nacimiento through the entire home buying process.

While we know that going into foreclosure is not an ideal situation for sellers, buyers do not need to shy away from this opportunity.  Many looking for a home in Oak Shores or Heritage Ranch on Lake Nacimiento don’t want to consider a distressed property home as the process can tend to take a little longer.  However, if you have the patience and are willing to walk through each step of the process; you can find a great deal on a beautiful Lake Nacimiento home!  Below are 7 steps to get you started as you consider buying a foreclosed home on Lake Nacimiento:

1. Understand the Foreclosure Process- Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan.  The foreclosure process can end one of four ways.

•    The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure
•    The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history
•    A third party buys the property at a public auction at the end of the pre-foreclosure period
•    The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.

2. Choose a Foreclosure Stage You’re Comfortable With- Whether you find a short sale or a bank owned foreclosure property; your Lake Nacimiento Real Estate agent can help you determine which type is right for you.

3. Find a Real Estate Agent- This is key in the foreclosure home buying process.  Not every agent can easily navigate through the foreclosure process due to lack of experience.  At Oak Shores Realty, we deal with foreclosure properties on a daily basis and have helped many Lake Nacimiento home buyers purchase a foreclosed home.

4. Find Foreclosed Properties- View an extensive list of foreclosed properties on our website, www.OakShoresRealty.com! Let me know if you find one that interests you, and I’d be happy to set up an appointment for you to take a look!

5. Check the Property Liens- A lien is a legal claim on a property by a lender or other entity that is owed money by the owner of the property. In addition to the outstanding mortgage balance, buyers need to be aware of other liens, which can drive up the purchase price. Examples include outstanding property taxes and unpaid repairs or remodeling done by a contractor.  Your Lake Nacimiento Real Estate agent will be able to let you know if there are any outstanding liens on the home in which you’re interested.

6. Do the Math- While the asking price on the foreclosure may seem like a steal; be sure to calculate any repairs or upgrades that you plan to make in the home.  This will help you determine how much money you’ll actually be putting into this home.

7. Find Financing- Before you begin your Lake Nacimiento foreclosed home search; be sure to secure financing.  There may be many buyers looking at the same home and the home sale can easily come down to those who already have financing in place.  This will also help you determine how much you can afford.

I hope these tips are helpful as you think about buying a foreclosed home in Lake Nacimiento!  Please feel free to contact me with any questions you may have or to get started!  I look forward to hearing from you and helping you through the home buying process!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

It’s been a year of ups and downs for, not only Lake Nacimiento Real Estate, but the national housing market as well.  With the end of 2010 quickly approaching, we’re looking ahead to what the New Year brings!  I’ve enjoyed working with the communities of Oak Shores and Heritage Ranch on Lake Nacimiento even with the market still picking itself up from the rubble of the recession.  At Oak Shores Realty, we’re optimistic about the future and although the market still may take a few years to fully recover, we can expect 2011 to see a continual stabilization.

Inman News recently put out an article that gave insight into where the market is headed for 2011.  There are some pros and cons as the housing market is trying to adjust, and I wanted to give you an idea of some of the trends for 2011.

1. Mortgage Rates- Mortgage rates will remain low and are expected to continue below 5% for the majority of 2011.

2. Foreclosures- There will be more foreclosed homes coming on the market next year. This will result in an abundance of supply, but also a somewhat lower quality of homes.  While many try to steer clear of foreclosure homes; Oak Shores Realty specializes in short sale and foreclosure homes and can help you buy one of these homes!  We have years of experience in dealing with negotiations and the additional paperwork that goes along with these types of sales and have been very successful in helping people find the foreclosure home that fits their needs and lifestyle!

3. Lower Prices- It’s expected that home prices will drop another 5-10% this coming year due to the amount of foreclosures coming on the market.  This is great news for those hoping to buy a home in Oak Shores or Heritage Ranch on Lake Nacimiento!

Although the national housing market is not expected to improve drastically within the next year, this is the process we will have to go through to heal and many are very optimistic about the upswing for 2012.  Those interested in buying a home on Lake Nacimiento will benefit from steady mortgage rates and home prices.

If you need to sell your Lake Nacimiento home within the coming year; please let me know!  I can help you each step of the way!  You may be concerned about your home being underwater and are currently facing a possible foreclosure on your home, however there’s another option!  I’m a certified short sale expert and can help save your home from going into foreclosure.

Please contact me with any questions about the Lake Nacimiento Real Estate market or to start searching for your new Lake Nacimiento home!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Helping people through each process of the real estate market is my goal and I’ve had the privilege of helping many people throughout my experience as a Lake Nacimiento Real Estate agent.  I recently earned a new designation of Certified Distressed Property Expert and wanted to share this exciting news with you.  Please take a moment to read this recent press release!

GRACE BORZINI EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN
DANGER OF FORECLOSURE

Grace Borzini of Oak Shores Realty in San Luis Obispo County has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the San Luis Obsipo County area, 9% more homes than last year are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Borzini. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Borzini with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.  You can also contact Borzini directly with any questions at 831-595-9939 or visit www.OakShoresRealty.com for further information.

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Thank you for your continued support!  If you have any questions about avoiding foreclosures, short sales or buying a home on Lake Nacimiento; please let me know!  I would enjoy the opportunity to help your navigate through the Lake Nacimiento Real Estate Market!

Grace Borzini
Your Oak Shores Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

We’re all well aware that the entire nation is experiencing a buyer’s market trend and Lake Nacimiento is no different!  There are many great homes in the gated Oak Shores community as well as Heritage Ranch which are both situated on beautiful Lake Nacimiento.  Because there is a surplus of homes and not as many buyers; this creates an ideal opportunity for those hoping to purchase a Lake Nacimiento home!  If you’re considering beginning your home search in Oak Shores or Heritage Ranch- now is the time!

Here are a few tips, compiled by FrontDoor.com, on how to get the most from the current buyer’s market to ensure you get the best deal possible on your Lake Nacimiento home!

1. Take a Leisurely Look- In a slow market, you don’t have to jump on the first Lake Nacimineto home you like. Look at as many as you can; you’re likely to notice which ones have lingered on the market and therefore might be open to a price reduction.

2.  Investigate the Foreclosure Market- The housing market downturn, along with the related collapse of the subprime mortgage market, has caused foreclosures to spike nationwide and especially in California. Foreclosed homes now sit empty and can be had at bargain prices. My team and I at Oak Shores Realty specialize in foreclosed properties, so be sure to check out the foreclosed homes that are available!

3.  Ask for Free Upgrades or Repairs- Don’t be shy. Sellers may be willing to make major repairs (like replacing a leaky roof) to secure the sale.

4.  Offer 15 % Below the Asking Price- First offers are usually slightly below the seller’s asking price, but in a buyer’s market on Lake Nacimiento, you can test a substantial price cut. Understand, however, that if the price has already been reduced, a deeper cut may not fly.  As your Lake Nacimiento Real Estate Agent, I can help you come up with a solid offer.

5.  Play the Time Card to Your Advantage- In your offer, stipulate a small time frame for the seller’s response, 24-48 hours, to encourage acceptance, but demand ample time to conduct inspections, get the contract approved by an attorney, and so on.

6.  Ask for a Written Warranty- A year of coverage on appliances, structural repairs, and so on can prove extremely valuable for your Oak Shores or Heritage Ranch home.

7.  Negotiate Your Closing Date- Maybe a couple months of breathing room would help you.  You may need more time to scrape together your down payment, or you’d be better off moving after the kids finish the school year, etc. To seal the deal, a motivated seller may be willing to wait until you’re ready to close on the Lake Nacimiento home.

8.  Reject the Counteroffer-  A buyer’s market on Lake Nacimiento is a good time to test where the true bottom line is because you’re less likely to lose the sale. If the risk won’t kill you, be firm on your offer and see what happens. (But don’t insult the seller; that benefits no one.)  Again, your Lake Nacimiento Real Estate agent can help you determine this.

If you’re ready to begin your search for a home in Oak Shores or Heritage Ranch on Lake Nacimiento; let me know!  I have years of experience in the Lake Nacimiento Real Estate market which means I can help you find a home in Oak Shores or Heritage Ranch that fits your needs and lifestyle!   Contact me today to get started; I look forward to hearing from you!

Grace Borzini

Your Oak Shores Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

Across the nation everyone is feeling the strain from the struggling economy and foreclosure properties have been on the rise, even in the beautiful gated community of Oak Shores and Heritage Ranch on Lake Nacimiento.  If you are on the brink of facing foreclosure in your Oak Shores or Heritage Ranch home, don’t get discouraged!  There’s a great alternative to foreclosures which has also been on the rise in response to the real estate market trends.  Although selling your Lake Nacimiento home may not be an option at this point because your mortgage is under water, going through the short sale process is far less damaging than a foreclosure.

A short sale is simply an agreement between you and your lender to sell your home for less than you currently owe on it.  Of course, lenders are not required to agree to a short sale for your home, but the government is strongly encouraging all lenders to do so.  A recent article on HouseLogic.com pointed out some advantages to a short sale for your Oak Shores or Heritage Ranch home on Lake Nacimiento.

1.    You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to three years or more after a foreclosure.

2.    You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.

3.    You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA (Home Affordable Foreclosure Alternative) short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.

4.    You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the Oak Shores and Heritage Ranch communities.

You may be now be wondering how to begin with the short sale process for your Lake Nacimiento home.  The best first step is to find a Lake Nacimiento Real Estate agent that can guide you each step of the way.  Short sales can be complicated with many variables that come into play for each home.  Your Lake Nacimiento Real Estate agent will be able to come along side of you to deal with all of the parties involved.   If you need an agent, I would be happy to work with you!  I have years of experience dealing with short sale homes in the Lake Nacimiento communities and I can help you get out from under the burden of your home in a smooth and efficient manner.  Contact me today to avoid foreclosure in your Lake Nacimiento home!

Grace Borzini

Your Oak Shores Real Estate Expert
Oak Shores Realty

Oak Shores Real Estate
View Oak Shores Listings
Visit My Website
Email Me

Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!