Short Sales in Santa Monica, More Streamlined?

Short Sales in Santa Monica, More Streamlined?

In April of this year, the Federal Housing Finance Agency (FHFA) set out new guidelines to Fannie Mae and Freddie Mac in order to streamline short sales in the hopes of helping borrowers and communities hard hit by the housing market decline.  These guidelines take effect in June.

The FHFA has directed Fannie Mae and Freddie Mac to develop enhanced and aligned strategies for facilitating short sales, deeds-in-lieu and deeds-for-lease in order to help more homeowners avoid foreclosure.  The changes coming in June set out new timelines for actions by mortgage servicers with regard to short sales.

The new requirements require a mortgage servicer to:

 

1.           Acknowledge receipt of a short sale offer within 3 day business days

 

2.           Notify a borrower within five business days if the information packet provided by the  borrower is incomplete.

 

3.           Review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer.

 

4.           Provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days

 

5.           Make and communicate final decision to the borrower within 60 calendar days of receipt of the offer and complete borrower response package.

It is anticipated that additional enhancements regarding borrower eligibility and evaluation, documentation simplification, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance will be out by the end of 2012.

As always, feel free to contact Kristine with any questions you may have, 310-737-8173

Inspirational Retreat Home, 425 26th St Santa Monica – North of Montana

For the buyers who have been looking for the perfect home, and seem to keep missing an opportunity, this is your time.

425 26TH ST, Santa Monica, CA 90402 (MLS # 11560737)

(all data current as of 3/27/2012)
Price $2,790,000
Beds 5
Baths 6 full, 1 half
Home size 4,876 sq ft
Lot Size 10,725 sq ft
Days on Market 162
Bank Approved Price. For the buyers who have been looking for the perfect home, and seem to keep missing an opportunity, this is your time. Your time to live in coveted North of Montana. Built in 2006, with a large lot, this is a legacy home you keep in the family. A custom home was created with care and thoughtfulness. Fall in love when you walk up to the impressive yet welcoming entry and every room will captivate your heart. Melt stress away in the steam room and lounge by the pool on balmy summer days. Grassy area beside the pool is perfect for outdoor parties or summer barbecues. Gourmet kitchen, laundry up and downstairs, and great closet space. Rare large lot, room to live, and great for entertaining guests. Gorgeous and inspiring home nestled in the perfect spot to reach Santa Monica and Brentwood's finest. A few blocks from Brentwood Country Club and a short walk to Brentwood Country Mart. Please do not disturb occupants. Call agent for showing.

Property Type(s): Single Family, Residential

Last Updated 3/14/2012 Tract n/a
Year Built 2006 Community Santa Monica
Garage Spaces 2.0 County Los Angeles
Total Parking 2 Walk Score ® 62

Price History

Prior to Nov 29, '11 $2,900,000
Nov 29, '11 - Mar 5, '12 $2,800,000
Mar 5, '12 - Today $2,790,000

Additional Details

Building Size 4876 CARETS Listing Status Active
Total Floors 0 Bath Full 6
Bath Half 1 HOAFee1 0.0
Zoning LARE11 Garage Spaces Total 2
Tax Parcel Number 4264004020

Features

Appliances Dishwasher, Garbage Disposal, Refrigerator
Bathroom Features Powder Room
Bedroom Features 2 Master Bedrooms, Main Floor Bedroom
Building Structure Style Mediterranean
Common Walls Detached/No Common Walls
Cooking Appliances Microwave, Range
Cooling Type Central A/C
Eating Areas Dining Area
Entry Location Ground Level w/steps
Fireplace Rooms Living Room
Floor Material Hardwood, Tile (N)
Garage Spaces Total 2
Heating Type Central Furnace
Interior Features Intercom
Laundry Locations Inside, Other - See Remarks
ListingAgreement ExclusiveAgency
Lot Description Lot Shape-Rectangular
Lot Size Source Vendor Enhanced (N)
Other Structural Features Balcony
Parking Features Direct Garage Access
Parking Type Garage
Patio Features Covered Porch
Pool Descriptions Heated
Rooms Den, FamilyRoom, LivingRoom, Other
Spa Descriptions Hot Tub
SpecialConditions Short Pay Subject to Lender
Square Footage Source Vendor Enhanced (N)
View Any View, Tree Top View

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with Winston Cenac DRE# 01524947, Bulldog Realtors, Inc.

(view all details for MLS #11533615)

Search more properties in Venice, CA or call Kristine at 310-737-8173 for more assistance.

Mar Vista Home with a Large Lot!

A fantastic street-to-street large lot in Mar Vista. Perched above Victoria Avenue, with mountain views, your traditional home awaits.
Sit on your front porch, and watch the day go by. Barbecue on the patio of your huge backyard! Inside your living and dining space are perfect for entertaining. Great light, and roomy bedrooms. Perfect as it is or with such a huge lot your opportunities are endless; add-on, build a guest house, pool, or koi pond. The choice is yours, decide soon before someone else does.
Neighbors have split their lot and developed newer homes. This is truly a rare find for a buyer desiring privacy, opportunity, and location.

Virtual Tour

Rare Street-to-Street Lot in Mar Vista

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