en-us Michelle Otto's Blog http://www.michelleotto.com/ Could it be a good time to Sell? http://www.michelleotto.com/blogpost-23896/Sellers-Market.html bank owned homes available and they are selling quickly to the highest bidder.  We are flooded with Short Sales.  Although Short Sales are moving quicker it is still a long process.  Available homes are receiving multiple offers and usually sell over asking price.  More and more Standard Sales are popping up.  Since most people don't have enough equity to sell, those that can are taking advantage of the market.  If you find yourself in a position to sell why not?  Maybe you will not make a great profit like you would have when prices hit an all time high, but if your intention is to buy another home then sell and take advantage of a low price on your new home purchase.  If you have been thinking your current home does not fit your needs any longer consider this just may be the perfect time to get your dream home! ]]> Michelle Otto Wed, 28 Apr 2010 12:00:00 PST GOTTA HAVE A HEART http://www.michelleotto.com/blogpost-20961/Gotta-Have-A-Heart.html On Saturday February 27th, I had the pleasure of attending The For You Network "You Gotta Have Heart" awards luncheon. For You Network is a group for women in Southern California. This organization offers women a way to share knowledge, promote business and build personal relationships.

The awards were presented by Cindy Ashton. Cindy Ashton was born with only a 20% chance of survival. By age 14 Cindy had already undergone 3 heart surgeries. Overcoming her physical limitations Cindy has become a successful singer, performer and motivational speaker.

Delores Burgess also graced us with her beautiful voice. Delores performed "Funny Valentine"”and an original piece "Loving Me" written by her for her one woman stage play "Fighting for the Title". Delores is a two time breast cancer survivor. She travels around the country performing and educating women to be proactive in the fight against breast cancer.

Awards were presented to Women who are successful in business while having a "heart". Luncheon attendees donated toiletries to benefit the women of SafeHouse in Riverside. Cindy Ashton closed the afternoon with "All I ask of you" from Phantom of the Opera. I left the event with a feeling of gratitude. Not only is this organization focused on creating success in the lives and business of their members, they truly do reach out and give back to the community.

]]> Michelle Otto Thu, 4 Mar 2010 12:00:00 PST Distressed Homeowners http://www.michelleotto.com/blogpost-20588/Distressed-Homeowners.html Today we are faced with a horrible economy, high unemployment and home values that for many are half of what they were 3 years ago. So if you are a distressed homeowner what are your options? Even if you can get your bank to work with you, LOAN MODIFICATIONS DON'T WORK! Approximately 50% of loan modifications fail with in the first 6 months. So then what's the next step for a distressed homeowner- do a short sale.

Basically a homeowner will list their home at current market value and work with bank to accept an offer. If bank agrees then homeowner is released from the difference of what home sold for compared to what they owed. Short Sales have gotten a bad rap because it can take so long for the bank to agree that by the time the short sale has been approved the buyer may be long gone. It is critical to have a qualified agent represent you and will be diligent in the negotiations with the bank. The current trend is that banks are working more with short sales rather than foreclosing and they are starting to move a lot quicker. Once a short sale is approved the bank will halt the foreclosure process.

What does this mean to your credit? Your credit will take a hit due to late mortgage payments, but a short sale usually only brings your credit down by 50 points. A foreclosure will bring your credit down on average a minimum of 200 points and up to 400 points- OUCH! Before making any decisions on how to proceed with the sale of your home, always talk to your accountant and a Real Estate Attorney. So is there a light at the end of the tunnel? Absolutely! Although your credit will be damaged, usually with in 2 years you will be able to purchase another home.

]]> Michelle Otto Wed, 24 Feb 2010 12:00:00 PST Hello and Welcome http://www.michelleotto.com/blogpost-19502/Hello-And-Welcome.html Michelle Otto Mon, 15 Feb 2010 12:00:00 PST