Patty McMillen

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The short sales have been leading the market this year and I’m anticipating more to come.  Good news in the short sale department is now BANK OF AMERICA is now allowing me to submit backup offers on transactions if the original buyer fails to perform..this is a new procedure that they just implemented.  What this means for a buyer is that we don’t have to start the whole process again, I can just continue with the original transaction and still have the same specialist at Bank of America.  This change will save everyone time without repeating the number of process steps.

Mediation is a method of resolving disputes in which a neutral person (mediator) facilitates discussion and negotiation between the parties to a dispute.  The mediator does not have authority to impose a settlement upon the parties but instead explores with the parties the possibility of settlement.

We are still a long way from economic growth and increased employment, the pace of job cuts seems to be slowing and there are signs of life in the housing market that indicate a possible recovery is on it’s way…if not already happening.  California experienced a 59 percent peak-to-trough decline in price, hitting bottom in 2009 vs a 29 percent peak-to-trough decline experienced by the national market.  Some economist believe this steep decline indicates the state is further along in its return to a normal market than the national market…I just hope these guys are right for once!