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Short Sale

Author: Alisha Chen
Categories: Market News

Short Sale

  1. What is a Short Sale? A short sale in the field of real estate is selling a property for less than the amount owed on the current owner’s outstanding mortgage amount.
  2. Why would someone do a short Sale? A short sale is usually a sign of a financially distressed property owner who needs to sell the property before the lender completes a foreclosure process.  Short Sales are also more common when the value of the homes drops below the previously purchased prices due to local, state, national, or global economic reasons.
  3. What is the benefit of a Short Sale? For the property owner, the financial consequences of a short sale may be less severe than a foreclosure for both the property owner and the lender.  For a property buyer, a short sale can be a good opportunity if approached cautiously.  For the lender, a legitimate and reasonable price and term can cut down on the lender’s costs and losses in a foreclosure process.
  4. How would a Short Sale impact my Credit Report? Typically, a short sale record is impacted in a shorter period of time than a foreclosure.  Also, if you want to purchase a home in the future, most future lenders will see a short sale more positively than a foreclosure.  To most lenders, a short sale means the property owner has the desire to cooperate with the lender to cut down their losses.  Whereas most foreclosures are seen as less than cooperative efforts given to resolve the financial issues for both parties.
  5. Are all Short Sales successful?   The lender must approve the short sale.  A common reason why lenders may not approve a short sale is due to fraud activities, offer price and terms being significantly below the market value, and undisclosed non-arms length parties in the transaction.  Another factor is the lack of knowledge and experience with agents when performing a Short Sale.  In Alisha’s over 20 years of real estate experience, she has seen a number of unsuccessful short sale listings that end up as foreclosed properties due to the lack of knowledge and experience of agents.  Short Sales are NOT one of the listings that property owners should be gambling with less than experienced agents.  The consequences can be more prolonged and severe.
  6. How to increase the chances of Successful Short Sales? Alisha has encountered fully cooperative property owners when conducting a short sale transaction and prospective property owners seeking to take advantage of the lender’s timeline.  Short Sales typically take 3-4X amount of work and time to complete than a standard transaction.  There are a greater number of non-traditional challenges, tasks, knowledge, and experiences encountered in a Short Sale than in a standard sale.  Many times, even the Short Sale managers assigned to our transaction have little knowledge or experience in conducting a Short Sale.  Besides assisting the property owners, and pre-screening buyer offers, Alisha may need to educate and present more information to educate the lender’s Short Managers assigned to us as well.  This is a lot of work in one transaction  As a result, Alisha will only assist property owners who genuinely seek to lessen his/her own negative financial consequences while cooperating with the lenders to move on honestly and reasonably.
  7. What is Alisha’s knowledge and experience in Short Sales? Alisha has successfully closed 100% of her Short Sale listings in various parts of California!  She has also closed many more short sales representing buyers.  Alisha has past clients who have successfully completed a Short Sale listing with Alisha and were able to purchase multiple homes a few years later.  Clients who followed Alisha’s advice most closely were able to cut short the waiting time to become property owners again.  It took a few years of following diligent instructions from Alisha to build up their credit again while generating income and savings.  However, they are now proud property owners of multiple properties!
  8. Have Questions? Feel free to contact Alisha to go over your situation.  If you are in financial distress, don’t wait and delay any longer!  The sooner we help you resolve challenges, the faster you will be on your road to recovery!
Don’t delay!  Call Alisha today!  (949) 864-9306

Real estate is not just a career that I enjoy, but also my passion and investment. I have used my real estate knowledge to help many others already; contact me so I can also help you!  Please feel free to visit my Testimony page and see how many people I have already helped and continue to help!

  • To read more previous Market News content, please Click Here
  • To read Alisha’s Client Testimonials, please Click Here
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Alisha’s Like-Minded Quotes

Author: Alisha Chen
Categories: Education,Fun and Wow
  1. “Common sense is the foundation for hope, justice, and sustainability.” ~Alisha Chen
  2. “Justice delayed is justice denied.” ~William E Gladstone
  3. “If we stand for nothing, we fall for anything” ~Alexander Hamilton
  4. “Never do anything against conscience even if the state demands it.” ~Albert Einstein
  5. “Strive not to be a success, but rather to be of value.” ~Albert Einstein
  6. “Information is not knowledge. The only source of knowledge is experience.  You need experience to gain wisdom.”     ~Albert Einstein
  7. “Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny.  Whatever affects one directly, affects all indirectly.”     ~Martin Luther King, Jr.
  8. “Everyone knew it was impossible, until a fool who didn’t know came along and did it.” ~Albert Einstein
  9. “A trustworthy person is one who tells you the truth despite potential negative consequences to him or herself.” ~Alisha Chen
  10. “The true sign of intelligence is not knowledge but imagination.” ~Albert Einstein
  11. “Justice will not be served until those who are unaffected are as outraged as those who are.” ~Benjamin Franklin
  12. “Education is what remains after one has forgotten what one has learned in school.” ~Albert Einstein
  13. “Once we accept our limits, we go beyond them.” ~Albert Einstein
  14. “Various people can be at the same place, same time, same event, but personal insights gathered usually determines the value and degree of vision of each person.” ~Alisha Chen
  15. “We cannot solve our problems with the same thinking we used when we created them.” ~Albert Einstein
  16. “Everything that exists in your life, does so because of two things: something you did or something you didn’t do.”     ~Albert Einstein
  17. “Men marry women with the hope they will never change. Women marry men with the hope they will change.  Invariably they are both disappointed.”     ~Albert Einstein
  18. “If you want to live a happy life, tie it to a goal, not to people or things.” ~Albert Einstein
  19. “Kindness and justice are not synonymous. Be kind and advocate and work for justice.  Lives depend on it.”     ~Bernice King
  20. “A great marriage is not when the ‘perfect couple’ comes together. It is when an imperfect couple learns to enjoy their differences.”     ~Albert Einstein
  21. Don’t listen to the person who has the answers; listen to the person who has the questions.” ~Albert Einstein
  22. “Assumptions and judgments without diligent verifications are often the root of problems.” ~Alisha Chen
  23. “The only thing more dangerous than ignorance is arrogance.” ~Albert Einstein
  24. “Peace cannot be kept by force; it can only be achieved by understanding.” ~Albert Einstein
  25. “We usually base our decisions on tolerance or principle.” ~Alisha Chen
  • To read more Inspirational & Fun content, please Click Here
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Basic Truth About the Real Estate Industry

Author: Alisha Chen
Categories: Market News

#01 – BASIC TRUTH ABOUT THE REAL ESTATE INDUSTRY

The field of real estate brokerage and agents by law and common sense should be one of the higher requirements and practices careers.  Some of the most valuable, personal, and confidential items are stored and displayed in homes.  Yet over 20 years in my real estate career, the basic agent property etiquette has been violated repeatedly.  In fact, this basic etiquette has gotten worse and worse each year.  This means a severe lack of ethics has been viewed as unimportant.  While the society in the U.S. industry has overemphasized creating conflicting laws and guidelines, not much has been done to teach children from a young age about common etiquette.  If we investigate the root of most problems in society and workplaces, the cause has been the deterioration of ethics disguised by many other branch issues such as knowledge, experience, communication, training, and degrees.

Common Issues Encountered

  1. Real Estate System – There are many real estate test-taking programs offering answers for test takers to memorize in order to pass the exam without understanding the contents.

  2. Read more
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Did you know…Right Time to Buy or Sell Your Home can save you thousands?

Author: Alisha Chen
Categories: Market News

Many of us are very busy daily with work, family, friends, church, serving, activities and events that we forget to review our investment status. There are many laws and regulations that can benefit homeowners, but majority of people are not aware of them. Different market, economy, geographical location, lifestyle changes, career environment, financial status all play a part of factors to determine when to do what in order to best leverage out your financial gain.

Did you know that each person has up to $250,000 owner occupied equity gain tax free? For example, if you have purchased a home at $300,000 and today is worth $700,000 and you have occupied the property for your own usage within the last 2 years out of 5, you may be eligible for a $250,000 per person tax free when you sell for a profit! That means the average people would have to work at least 5 years to have a net of $250,000!

If you are married, you have up to $500,000 tax free gain for the same criteria. If you have exceeded that maximum allowable equity gain, you will be subjected to tax. For example, if you have purchased the property at $200,000 and today is worth $900,000. As an owner-occupied single person given $250,000 tax free gain, you will need to pay tax on the remaining $450,000 gain, which is very hefty. However, if we had planned this out a few years before on all of your properties, we can sell right above your maximum allowable tax free equity gain, purchase another home for you to live in and start accumulating the equity again to leverage out your tax free equity.

There are many more benefits that may benefit each person or family based on lifestyle, needs and goal. Most successful people in the U.S. invest into real estate because they can work years less by knowing how to leverage real estate laws. Real Estate is my passion and I enjoy helping people plan for the long term in order to best leverage and utilize their wealth by working smarter and understanding the tax laws.

Real estate is not just a career that I enjoy, but also my passion and investment. I have used my real estate knowledge to help many others already; contact me so I can also help you!  Please feel free to visit my Testimony page and see how many people I have already helped and continue to help!

  • To read more previous Market News contents, please Click Here
  • To read Alisha’s Client Testimonials, please Click Here
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Why Am I Required to Have a Condo Insurance H06 Policy?

Author: Alisha Chen
Categories: Market News
Buying a condo is different from buying a standalone home. Especially when it comes to insurance coverage. Buying a condo means you are becoming a partner with other owners. Plus, the common areas are insured by one or more master insurance policies. Most condo master policies do not cover the interior of the condo. Tiis is why condo “walls in” policies, also known as an H06 policy, exist. In the event of damage or a loss to the condo interior, this form of condo insurance covers the unit owner. A key point to remember when a mortgage is involved, the lender requires a certain level of H06 policy coverage.

What is an H06 Policy?

Master condo policies cover the buildings, common grounds, and even liability in case someone is hurt on the premises. But, many master policies stop their coverage at the interior walls of each condo unit. That means the unit owner is on their own when it comes to the interior and its contents. That is where an H06 policy steps in. An H06 or walls in policy is purchased by the unit owner through an insurance agency and for the most part, the owner decides on the level of coverage. One area of importance to remember is that these condo policies may not cover all perils. For instance, coverage for other areas such as flood or wind/hail damage may require an additional policy or riders.

Does the Condo Master Insurance Policy Ever Cover the Interior?

Yes, but this is not common. When considering a condo purchase, it is key to get a copy of the master policies. Plus, make sure to have a thorough discussion with the master policy insurance agent. It is key for a potential condo owner to understand the coverages and exclusions. At this time, it will be known if the master policy covers the condo interior and the unit owner’s personal contents. Keep in mind that if the master policy does cover the walls in, pay attention to the policy deductible. It may be a very large deductible. In this case, ask your insurance agent if supplemental coverage is allowed.

How Much H06 Coverage Does My Mortgage Lender Require?

If a buyer pays cash for the condo, then the unit owner may choose any coverage they choose. Even waive the policy altogether. Yet when a mortgage is involved, there are lender requirements. As a general rule of thumb, lenders will require coverage equal to 20% of the condo unit value. For instance if the condo is purchased for $200,000, the H06 condo policy must have at least $50,000 coverage. Furthermore, if your mortgage requires escrows for taxes and insurance, this insurance will be in the escrows. The master policy is typically included in a unit owner’s HOA dues. Although, condominium complexes with only a few units may handle this differently.
  • To read more previous Market News contents, please Click Here
  • To read Alisha’s Client Testimonials, please Click Here
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A Day in Life

Author: Alisha Chen
Categories: Education,Fun and Wow
Last Wednesday, a passenger in a taxi heading for Stafford station leaned over to ask the driver a question and gently tapped him on the shoulder to get his attention. The driver screamed, lost control of the cab, nearly hit a bus, drove up over the curb and stopped just inches from a large plate glass window. For a few moments, everything was silent in the cab. Then the shaking driver said “Are you OK?  I’m so sorry, but you scared the daylights out of me.” The badly shaken passenger apologized to the driver and said, “I didn’t realize that a mere tap on the shoulder would startle someone so badly.” The driver replied, “No, no, I’m the one who is sorry. It’s entirely my fault. Today is my very first day driving a cab. I’ve been driving a hearse for 25 years.” ~ A reported true story from Manchester Evening Times
  • To read more Inspirational & Fun content, please Click Here
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KABC 790am Radio Interview with Alisha Chen

Author: Alisha Chen
Categories: Media Interviews
 

Interview with Alisha Chen – Disclosure:  Not long after this interview has been conducted, Tri-Emerald Lending has been in several lawsuits with various people and entities due to their inability and lack of payments per their financial obligations.  Tri-Emerald Financial, last known to be based in Lake Forest also still owes Cornerstone Real Estate International in several transaction payments rewarded by the court up to date.  After communicating with others, they were known to owe payments to some of their employees, partners, etc.  As a result, we no longer work with them nor associate ourselves with them.

  • To read more previous Media Interview content, please Click Here
  • To read Alisha’s Client Testimonials, please Click Here

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