The term short sale is being used frequently in today’s real estate articles and discussions. A short sale is a strategy to stop the foreclosure of a home if all parties agree to this type of real estate transaction. So here is more information on what a short sale is and why it’s become a [...]
Last week I wrote a post on Short Sales in Ann Arbor, Saline and Ypsilanti Township.
Today I am going to link to the areas of Chelsea, Dexter and Milan. “Short Sales” occur when the...
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If you are currently seeking Foreclosures, Short Sales and REOs in the Wake Forest NC area - I can help! There is a large variety of homes currently available ranging in price from $78,940.00 - $1,329,900.00. All styles such as single family homes, estate homes, condos and townhomes are available.
For a free list of Foreclosures/Short Sales and REOs currently available in the Wake Forest, NC a
Short Sales are getting alot of attention in the Ann Arbor Area. A short sale is when a home owner owes more on their home than the current market conditions will allow them to sell for. You may have...
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I had a rather interesting email sent to me that made me think that others would have a lot to contribute to the subject of it. It is an interesting way to think about solving challenges you are dealing with in short sale investing, but I believe from all the responses we get from this it can serve many people with answers they are seeking for it.
So… here is the email.
Cory,
As in your att
Here you go…PART 2The information on this call is of
HIGH RELEVANCE to anyone in the
business of flipping houses or
doing short sales.
If you missed the email about Part
1, it was all about whether or not
the sky is beginning to fall with
short sales.
Part two starts off with taking
the “are simultaneous closings
really dead?” question, head on
by yours truly.
And this is gratis, folks
Is the Sky Falling With Short Sales?
Here is a very recent conference call where two of my friends Shaun and J.P. discussed “Is the Sky Falling With Short Sale?”
The purpose of this call is to educate on what is REALLY HAPPENING in the market today with short sales.
This PART 1 of a 2 Part Call that was intended to be private, only for a small group of people. But frankly the stuff we d
How is the real estate market in Long Beach? Properties are still being bought and sold for sure but what does the future hold? We are going to try and answer that today or at the very least shed some light on the topic as well.
I will be the first to say that I cannot predict the future but by...
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Debbie Huber,SRA of Huber Appraisal and Home Pride Insections in Las Vegas is today's featured guest blogger. Debbie has been appraising residential homes in Las Vegas for over 20 years and holds the SRA designation (Senior Residential Appraiser). She is...
Here’s the latest in my “man on the street” series of interviews.
It came about after Cory Boatright told me about one of his Shortsaleology members, Ron Harris.
Ron’s a relative new investor from Oklahoma who’d recently flipped a couple of short sales netting him more than enough to completely pay off all his business debt and [...]
Why should anyone care about how many short sales exist in Long Beach? It is important to know how many short sales around available because they can turn into REO (Bank Owned Properties) if banks decide(or owners decide) not to cooperate in the short sale process.
What kind of inventory does Long...
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For the past few weeks there has been confusion about how much should be paid by the home seller in deed stamps on a short sale. A new Florida Dept of Revenue ruling has clarified the matter and saved Floridians money.
In Northeast Florida, th...
For the past few weeks there has been confusion about how much should be paid by the home seller in deed stamps on a short sale. A new Florida Dept of Revenue ruling has clarified the matter and saved Floridians money.
In Northeast Florida, th...
"Please list my property...I'm behind on my payments and I am not sure what to do!"
As I asked my series of questions, I got the feeling...I won't be listing this property..not because I can't.... simply because I won't due to disservice..due to discrepancies....and due to untruths.
Now the particular property that I am talking about is not a house...but a condo. A few that are short sales a
"Please list my property...I'm behind on my payments and I am not sure what to do!"
As I asked my series of questions, I got the feeling...I won't be listing this property..not because I can't.... simply because I won't due to disservice..due to discrepancies....and due to untruths.
Now the particular property that I am talking about is not a house...but a condo. A few that are short sales a
Banks: No exceptions for short salesNEW YORK - Sept. 22, 2008 - Increasingly, sellers seeking short sales are encountering a new twist.Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due - debts that could burden borrowers for the rest of their lives.Moody's Economy.com estimates that about 10 million
Banks: No exceptions for short salesNEW YORK - Sept. 22, 2008 - Increasingly, sellers seeking short sales are encountering a new twist.Lenders are agreeing to let some short sales go through, but they want the home owners to sign a note promising to pay some or all of the balance due - debts that could burden borrowers for the rest of their lives.Moody's Economy.com estimates that about 10 million
Via Ann Sabbagh:FHA financing and short sales can be "tricky", thus possibly causing delays. The bank holding the title will probably NOT wish to do any repairs as required by FHA. The appraiser will note what the home is lacking in order for FHA to approve lending on the property. These items can include:
•1) Peeling paint
•2) &
Via Ann Sabbagh:FHA financing and short sales can be "tricky", thus possibly causing delays. The bank holding the title will probably NOT wish to do any repairs as required by FHA. The appraiser will note what the home is lacking in order for FHA to approve lending on the property. These items can include:
•1) Peeling paint
•2) &
Forgive me, but I disagree with most of the conventional wisdom that the real estate professionals are passing around now a days regarding how to short sale. I have negotiated quite a few short sales. Conventional Advice Starts off with the Following; "The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale." If you start
You've probably heard by now that the real estate market has crashed. Unfortunately, the crash has caused a lot of grief for homeowners that have had to leave their homes due to foreclosure. Many more are on the verge of foreclosure and simply cannot afford their mortgage payments any longer. A foreclosure causes a chain of events that can leave a family without a home and without hopes of purcha
Since June 1, almost 50% of the homes that have been sold and closed in Loudoun County have been REO properties owned by banks or short sales. Of the 1595 transactions completed, 786 have been distressed properties of one type...
Listen, I have to be honest with you…
I’m always a little suspicious when I read something that seems a bit over the top. And like most of us, my inbox has been just STUFFED for the last few days with emails from folks trying to get me interested in downloading this “Short Sale Manifesto 2.0” [...]
When the amount of a mortgage is more than the home is worth, the property may be a candidate for a short sale. A short sale is when the lender agrees to take less money for the home than the amount that is owed on the mortgage. The balance, technically, can be attached to the seller, so if you are considering a short sale it is important to work with an experienced real estate attorney.A short sa
Can a Tax Deferred Exchange Be Structured? I'm often asked if a real estate investor who is going through a short sale can also structure a tax-deferred exchange in conjunction with the short sale in order to defer the payment of the capital gain taxes that will result from the short sale. It's really a great question because most real estate investors do not realize that a short sale or a t
215 N Main St Santa Ana, CA 92701Price: $449,000 (subject to change)Live Work Loft 2236 sqft built in 2003Property Description:Welcome to this model home in Santa Ana's Tranquil Artist Village. This home boasts over 2,200sqft of living space, high vaulted ceilings, open kitchen with newer stainless steel appliances, newer custom paint, custom window coverings, elegant distinct draperies, walk-in c
27691 Torija Mission Viejo, CA 92691Price: $575,000 (subject to change)Property Description:Take a nice drive by Mission Viejo Lake as you head home to your one level cul-de-sac beauty. Pull up into your driveway, admire your oversized front yard, then go inside through your 2 car attached garage with ample storage space. There you will find your family room with a cozy fireplace and side access t
220 S Firenza Way, Orange, CAPrice: 575,000 (subject to change)3 bedroom, 2.5 bathrooms, 1600 sqftProperty Description:Welcome to your new home located in beautiful Santiago Hills where you enter through the custom landscape and tranquil fountain. This home boast over 1,600sqft of living space which includes, vaulted ceilings, upgraded tile, custom entertainment center, granite counter tops in the
How many short sales are there in Long Beach, CA? According to the MLS that serves the area 26.6% of properties are either attempting a short sale or are about to be one. By the way that is for those who are accurately reporting the situation (this is solely my opinion and more on that later in the...
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San Diego Real Estate Blog
The Short Sales in San Diego County are really gumming up the works. We are working with many San Diego Home Buyers and the short sales, quite frankly can really confuse buyers buying a home or condo in San Diego. I say this because most home buyers that really want to [...]
San Diego Real Estate Blog
Zip Code of 91915 of Chula Vista includes EastLake, Windingwalk and Otay Ranch. July 2008 shows 216 single family detached homes – this does not include condos or town homes – that are for sale in the MLS marked Subject to Court or Lender Approval. Although some of these homes might [...]
San Diego Real Estate Blog
In the Zip Code of 91914 of Chula Vista in July 2008 shows 119 single family detached homes – this does not include condos or town homes – that are for sale in the MLS marked Subject to Court or Lender Approval. Although some of these homes might be marked for [...]
San Diego Real Estate Blog
Chula Vista 91913 Zip Code in July 2008 shows 291 single family detached homes – this does not include condos or town homes – that are for sale in the MLS marked Subject to Court or Lender Approval. Although some of these homes might be marked for court approval purposes the [...]
San Diego Real Estate Blog
Chula Vista 91911 in July 2008 shows 210 single family detached homes – no condos or town homes – that are for sale in the MLS marked Subject to Court or Lender Approval. Although some of these homes might be marked for court approval purposes the vast majority of these are [...]
San Diego Real Estate Blog
Chula Vista Short Sales in 91910 Report July 2008
July 2008 Chula Vista 91910 shows 189 single family detached homes – no condos or town homes – that are for sale in the MLS marked Subject to Court or Lender Approval. Although some of these homes might be marked for court approval [...]
For those who think that short sales are easy -- when banks accept less than the full amount owed on a mortgage to avoid foreclosure -- L.A. Times writer Diane Wedner offers up some cautions, including great patience with the banks for a response:RESIDENTIAL short sales sound like a picnic: Owners need to sell their homes for less than they owe, lenders forgive the difference and buyers grab a goo
Short Sales is one of the most popular terms in real estate today. What is a short sale? – It is the obtaining a property for a smaller amount than what is owed on it from the lender.
Because of recently declining prices in homes, banks and lending institutions are making more deals than they have [...]
Mike Pahua is your Orange County Short Sale Realtor. If you want to purchase a home that is a short sale then you need to speak with an agent who understands how they work and how to negotiate your offer for you. Call Mike Pahua at 949-309-2400 ext 5 Have you made an offer a short sale lately?Did you wait around for weeks only to hear nothing?Did the price seem too good to be true?SOME AGENTS DO
With the current housing mess people think that banks would be chomping at the bit to approve short sales. That is when a lender approves for a sale which is less than the face mortgage balance. Banks and lenders do not operate under a charity model. They will only approve a short [...]
Since the real estate boom of 2003-2005 the Tucson real estate market has been flooded with homes going into foreclosure, short sale homes, and bank-owned homes. Many consumers aren’t completely clear on what a short sale is, but the easy explanation is this: Whenever you are trying to sell your home for less than what [...]
There are many homes on the market today, a good number of them listed as short sales. The basic definition in the Tampa market of a short sale is a home that will be sold for less than the actual amount owed.
Patience is a key word for buyers in making an offer on a short [...]
In the June 2008 issue of Southern Nevada Realtor, GLVAR attorney, Deanne Rymarowicz, addresses the subject of managing short sales. In this article she answers some very specific questions real estate agents are currently dealing with in our market. I...
It is interesting how the learning curve in real estate truly reflects who is doing the business. It amazes me how every day I am coaching and advising real estate agents on how to handle a short sale or REO...
Short Sale Process In Orange County CA Short Sale Video By Fred Sed List your home with Fred Sed, Orange County Short Sale Agent YOUR ORANGE COUNTY SHORT SALE REALTOR at 949-274-3733 IS YOUR HOME WORTH LESS THAN YOU PAID AND LESS THAN YOU OWE THE BANK? YOU'RE NOT ALONE....... MOST PEOPLE WHO PURCHASED A HOME DURING THE LAST 4-5 YEARS ARE IN THE SAME SITUATION IF THEY DIDN'T PUT 30% DOWN! IS YOUR
Short sales have been in the local news again with a lot of hype. A short sale is when a bank will except less than what is owed on the home as full payment. Home owners sell their homes after...
Short Sales is one of the most popular terms in real estate today. What is a short sale? – It is the obtaining a property for a smaller amount than what is owed on it from the lender.
Because of recently declining prices in homes, banks and lending institutions are making more deals than they have [...]
Although short sales share the same name in the stock market they aren’t similar in real estate. The term in real estate refers to a transaction where a homeowner sells a home to a buyer for less than the amount owed on a mortgage. Then the bank or other lender may accept the shorted proceeds [...]
Although short sales share the same name in the stock market they aren’t similar in real estate. The term in real estate refers to a transaction where a homeowner sells a home to a buyer for less than the amount owed on a mortgage. Then the bank or other lender may accept the shorted proceeds [...]
The new catch-phrase in Pickens County GA real estate, as with markets across the country, is "possible short-sale".
In real estate terms, a short sale is the sale of a home for less than what is owed to the lender. This usually occurs when the borrower is substantially behind on mortgage payments and is faced with foreclosure, but in which the lender is willing to take an upfront loss rather
Important Tax information shared by Sue Rogers, Manager and Licensed Title AGent of True Title, Inc., 1265 W. Granada Blvd., Ste 1, Ormond Beach, FL 32174.
On December 20th, Bush signed into law a measure that will change the tax effects for a homeowner in foreclosure. These are critical changes that may change your [...]
Important Tax information shared by Sue Rogers, Manager and Licensed Title AGent of True Title, Inc., 1265 W. Granada Blvd., Ste 1, Ormond Beach, FL 32174.
On December 20th, Bush signed into law a measure that will change the tax effects for a homeowner in foreclosure. These are critical changes that may change your [...]
This morning’s Wall Street Journal had an interesting article on “Why Lenders Are Leery of Short Sales“.
In articles posted to “thecincyblog” I have tried to educate consumers on: “Crucial Sort Sale Advice for the Greater Cincinnati Area“, “Foreclosure Assistance“, “How To Understand The Mortgage Mess” and “4 Truths About the Subprime Bailout“. And while the [...]
Do you get the feeling the lenders are rejecting short sale requests without really thinking about it? And do you wonder why? I do. I am finding that the lenders are taking more time to say NO to short sale requests. It is puzzling to me because once that home is foreclosed on, it then becomes a REO property which means that it will more than likely sell for less than what the short sale offers were for. Below are two lists that will help convince a lender to agree to a Short Sale instead of forcing a foreclosure: SHORT SALEFewer legal costs Greater recovery ratio Fewer non-performing loans Lower reserves Existing loans more marketable to secondary market Fewer R.E.O. marketing costs Fewer repairs likely Greater marketability of property Likely greater value fro
Roughly 20 percent of all U.S. home sales in March were “short sales” according to a real estate industry survey conducted by Washington-based Campbell Communications. According to their research, two-thirds of short sales are initiated by homeowners and one-third are launched by mortgage lenders (as a foreclosure alternative).
In a typical home transaction the seller gets [...]
A sparkling pool for summer fun. Does the pump work? Got a body to hide? This is a great place for it.
Does the heat and air work? Does the plumbing? Don’t expect any disclosures. The banks REFUSE to make any. Buyer beware!
Bank owned property can make a great investment, if you’ve got the patience [...]
The process of a short sale is not an easy matter. It is difficult and time consuming. I think it best to find a real estate agent with experience in this matter. It should be noted that many agents do not have this experience as many of the agents in the business today came in when it was an up market and many of these same agents who are swelling the ranks now will leave the business during this down market. Those agents who have been through at least one up and down market will most likely have the experience you will require. These are the agents you need to work with.Before listing the property for sale however the owner will need to contact the lender and probably ask for the 'Loss Mitigation Department' or similar titled department and speak to a member of this department who actual
Barbie and Blaine didn’t get the home they were trying buy! .
WHY YOU ASK? Because it was a short sale. It was listed at a ridiculously low price. My guestimate was that the house was worth about 280,000, even in current condition and in today’s market.
But it was listed for 230,000, and was by far superior [...]
Yes Virginia short sales do get to closing. Is it the easiest route to homeownership? No the easiest way is to find an owner who is aware of the current market conditions in Northern Virginia and prices their home to reflect the market. Can a short sale work for buyers who are looking for a [...]
Yes Virginia short sales do get to closing. Is it the easiest route to homeownership? No the easiest way is to find an owner who is aware of the current market conditions in Northern Virginia and prices their home to reflect the market. Can a short sale work for buyers who are looking for a [...]
There has been a conspiracy for years that Walmart will offer the lowest prices and when everyone else is out of business they will raise prices since we will have to use their services. I am not convinced of this argument, but their is a similar issue taking place in the housing industry.
How would you feel [...]
Looking for another reason why a government bailout is becoming closer to a sure thing? Because we live in a country in which self interest is not only encouraged, but often forced upon companies which must answer to shareholders, investors and Wall Street. And few sectors of the economy demonstrate this self-interest more than mortgage lenders, which is why calls by John McCain for voluntary compliance by lenders for workouts in the name of "helping your country" not only reveals his economic ignorance, but makes me wonder if he, like Rip Van Winkle, has been asleep for the last 30 years. Whatever national values he might have fought for when he was captured and tortured in a POW camp for 5 years seems to be long gone (one thinks he might have seen the writing on that wall when he ran a
Lately, I have noticed a lot more “short sales” happening in the condo/housing market in Atlanta, and wanted to learn more about them, so I started doing a lot of research. I have found a couple of good articles for buyers about short sales and the pros and cons that can occur with one. [...]
I don't recommend Realtors take on Short Sales on their own. Their tedious, time consuming and a buden to ones real estate production. Short Sale Education alone won't do. Get a good team together and your success in short sales will be acheived. This is how we do it. We have an Acquisition specialist who brings us the dealsWe have a Realtor who lists the deals (as required by the lenders)We have a Negotiator who handles the preparation of the short sale packets and negotiations with the lendersWe have an established buyer network to purchase our short salesAll in all this set up of team work has created increased listings, increased overall production, increased interest in our operations and subsequently incr
It is easy to get exited when one is looking for homes and sees a 3400 sq/ft home in a new urban area like Gilbert, Arizona built in 2004 listed at $299,000 with a huge yard and pool. Keep in mind, this house originally sold for $575k. You read the description and think it sounds perfect...it's advertised as a short sale, but surely you can put up with a little extra work and inconvenience if it will net you a smoking deal right? My Grandmother, and probably yours too, used to say, "If it sounds too good to be true, then it probably is"....and once again my Grandmother is right.Some agents are advertising short sales well below what is reasonable and what a bank will accept trying to create a bidding atmosphere. They have no intention of getting a
It is easy to get exited when one is looking for homes and sees a 3400 sq/ft home in a new urban area like Gilbert, Arizona built in 2004 listed at $299,000 with a huge yard and pool. Keep in mind, this house originally sold for $575k. You read the description and think it sounds perfect...it's advertised as a short sale, but surely you can put up with a little extra work and
Before this happens, there is the possibility of a short sale. This option is an agreement between the homeowner and the lender that discounts the mortgage due to a financial hardship. It’s better for both parties than a fore-closure too. Not surprisingly, with the massive sub-prime loans, ARMs, and investor held mortgages, short sales are [...]
The other day I was showing a buyer through a multi-family, and the owner/broker told us that he was going to apply for a short sale if we offered anything under 400,000 He owed that amount on the building; his wife had bought it as an investment [...]
Allow me to rant a minute about short sales. One of my buyer’s has been trying to buy a house that is a short sale, i.e. the owner owes more on the mortgage than the house is now worth. Banks will sometimes accept less than the mortgage to get out of having to [...]
Despues de leer el articulo "Taxes en Short Sales y Foreclosures,†pocos dueños de casa que estan vendiendo sus propiedades como short sales en San Jose, lo miraron como un alivio porque muchos refinanciaron o compraron sus casas con zero de enganche.
Cuando publique este articulo, habian varios "bills†que fueron introducidos per nada havia sido [...]
Most Crofton residents won’t be affected by the new tax bill signed by President Bush yesterday, but anyone who purchased or refinanced their home in the past 2–3 years could be, if the loan balance is higher than today’s selling price. That situation is known as a “short sale”.
Homeowners were taxed on any amount forgiven by a lender in a short sale negotiation or foreclosure, in the past, creating a tremendous financial burden. Now, under The Mortgage Relief Act (click here), the loan amount written off by your lender will no longer be considered taxable for debts forgiven between Jan. 1, 2007, and Dec. 31, 2009.
“When you’re worried about making your payments, higher taxes are the last thing you need to worry about,” President Bush said. “This is going to make a happy holiday for many homeowners.”
Senator George Voinovich, R-Ohio, who authored this legislation, said &ld
1. There are predators out there and they know how to find distress sales, short sales and pre-foreclosures.
Not everyone who wants to buy your home or property is a predator. However they’re out there. So, just be aware to read carefully and remember DON’T PAY TO ANYONE TO DO A SHORT SALE FOR YOU!
2. How do I protect myself from those, not looking out for my best interest?
If your selling a property yourself, have an attorney look over any contract BEFORE YOU SIGN IT.
Hire a Realtor to market your home or property. Be sure to interview as many as you need to find one you are comfortable with to:
Trust to act in your best interest, review and explain details of any offer
Have the experience to get you sale done. An inexperienced Agent can cost you a deal or worse… your home.
All offers should provide that the contract is for a short sale and subject to 3rd party approval.
3. Time is limited when the foreclosure process starts. After Three mis
Almost every realtor here knows about short sales and the long time process that some of the banks can take to respond to any offer. Most consumers may not be willing to wait the time period necessary to get a response, and some short sales are listed too late to get a response prior to being auctioned. What do we do? The answer is inform. Many times in a short sale situation, the house is selling for a substantial reduction in price than it originally did. If buyers know that they are getting a $500,000 house for $350,000 if they wait an extra week or two, then they might be a little more patient about the whole process. Everyone wants a transaction completed ASAP, especially during the holiday season. Buy informing and keeping the client appraised of the situation, we create consumers that will be less susceptible to the hype and panic and ones that are making an informed decision.
Featured Short Sale Listing2706 W. Cleveland St,Tampa
If you are late with a mortgage payment or you know you can not keep up with your mortgage call your mortgage company and let them know what’s happening.
Call a Realtor with real experience, dealing with mortgage company’s loss mitigation or short sales department.
Do not ignore letters from you mortgage company or their attorneys. Foreclosure is much worse than a short sale or pre-foreclosure sale.
Once you’ve identified at least 2 Realtors who know how to handle a short sale or pre-foreclosure sale, select the agent with the better marketing plan. The real estate market is getting flooded with short sales and pre-Foreclosures and listing the home does not guarantee a sale. It takes skill and knowledge to compete in the Tampa real estate market.
Once a contract is written and the proper package is submitted to the lender or lenders it is important that the buyer and the buyers age
A muchos les sorprende que uno puede perder su casa al venderla en short sale o dejar que se la quite el banco en la ejecucion hipotecaria (foreclosure) y aun asi tener la obligacion de pagar taxes sobre la cantidad que el banco perdio despues de la transaccion. (Lea la “Guia para Dueños de Casa: [...]
Here is a list of current foreclosures, short sales, pre foreclosures, foreclosures and bank owned properties in the Central Florida Area including Orlando, Windermere, Kissimmee and Davenport. Whether you are looking for a distressed condominium or a Multi Million Dollar home you can find it here. All listings are current as of 11/1/07.
Orlando, FL Distressed Homes: New [...]
Looking for an Ann Arbor investment property or flip...Look no further!You can find some steals and deals that are available to Ann Arbor buyers right now! There are 78 condos priced below $100,000! This is an excellent place to shop if you are an investor or would like to buy a cheap condo. There are almost 387 condos priced below $200,000. Condos that will require a Short Sale to be sold or which are in the Pre-Foreclosure or redemption period are available in all price ranges...including the luxury market. Click Here to view two condo steals. Since this link might not stay active more than seven days, the addresses for a couple of deals are: 827 ASA GRAY #358 and 2124 Pauline Blvd #308, courtesy of Ann Arbor Area Board of Realtors MLS, IDX. Likewise, click here to view two bank owned steals at 5000 DEXTER-ANN ARBOR RD and 2136 CHAMPAGNE. There are 7 homes under $100,000 in Ann Arbor and 179 under $200,000. With our average home
Lets list some of the consequences of a short sale that will help pull the information together and help in getting the head out the sand: What types of problems may come up? Sale doesn't close - SELLERForeclosurePotential servicing of two properties (if seller has acquired a new home or rental)Costs of failed escrowTime and cost of listingAlienation of future clientSale doesn't close - BUYERLoss of other purchase opportunitiesCost of acquisition loan (fees, appraisal, etc) and due diligenceSale of previous residence / need to find a new residenceCosts of failed escrowAlienation of pot
El sueño
Es el año 2005, para otros 2006, y para otros 2007, y usted esta feliz por que finalmente realize su sueño Americano (o Suño Latino) de comprar su propia casa.
Usted finalmente tiene una casa donde puede construir un futuro para usted y su familia. Segun su agente y su prestamista, ellos le prometieron que [...]
La solucion
Si usted esta en una situacion similar a las explicadas en el primer articulo, el primer paso que debe hacer es (*si usted tiene tiempo*) reparar su credito (cuidado con las companias que offrecen reparar su credito) hantes de refinanciar y calcular si usted tiene suficiente plus valia (equity) para beneficiarse del refinanciamiento. Si [...]
Otras soluciones
Si ninguna de las opciones que le he explicado le ayudan a resolver su problema, usted todavia tiene mas opciones.
Sin embargo tenga por entendido que las siguientes soluciones tienen consequencias con su credito, legalmente y con los impuestos. Las consequencias con su credito les puedo explicar en detalle personalmente. Pero, si usted quere informarse [...]
OK, ahora que usted tiene entendido todas sus opciones disponibles cuando esta apunto de perder su casa o ya no puede seguir haciendo los pagos hipotecarios o esta vendiendo su casa como short sale o no tiene posibilidades de refinanciar; yo le dire las consequencias que podria tener cuando haga un short sale, deed-in-lieu of [...]
While everyone is talking about multiple housing related issues, it seems that people are failing to report on the monumental record we set this week. Southern California, for the first time this millennium has hit a record of 10,000 short sales. The record occurred this week and we are currently riding high with 10,195 short sales. As you can see from the above chart, the trajectory is rather clear unlike the predictions many housing pundits are making. It is interesting to also note that while short sales are drastically increasing, inventory is either holding steady or dropping. Even if it is slightly down, this is a major change in the market as well. Since overall sales are dropping off the cliff we can safely assume one thing is going on. For each short sale that hits the market, we have some stuntman mortgage holder taking his home off the market thinking that housing Santa Clause will come in December. Why do people think winter is a good selling season? Clearly i
Here we are – Short Sales!
SHORT SALES
A short sale occurs when the seller owes more on the property than it’s worth… it’s that simple. But ah, yes, it does get more complicated from here. One of two scenarios generally occur.
Scenario 1: The seller may be willing and/or able to bring money to the table in order to complete the transaction. If this occurs, this is not considered a “short sale” but sometimes you’ll hear this seller referred to as being upside-down on a transaction.
Scenario 2: The seller approaches the lender (s) to work out some sort of reduced payoff. Sometimes they need to approach both their first trust and second trust lenders and they need to work together to come up with feasible options. In this case, the lender becomes a 3rd party to the transaction and has to “approve” any terms or contracts that the seller agrees to.
In a way, it seems un
Here we are – Short Sales!
SHORT SALES
A short sale occurs when the seller owes more on the property than it’s worth… it’s that simple. But ah, yes, it does get more complicated from here. One of two scenarios generally occur.
Scenario 1: The seller may be willing and/or able to bring money to the table in [...]
So, I’m sure I intrigued a lot of you yesterday with this fun topic! Frankly I was a little worn out, but decided to have another go of it today.
REO
REO stands for “Real Estate Owned” and is the term used when the bank (lender) now owns the real property and is selling it. It’s happens when there are no bidders at foreclosure OR if the bids are too low - the bank will have a representative present at the foreclosure auction to prevent a sale from occurring at a price lower than they are willing to accept.
So, when looking at a listing that is REO, it simply means the bank owns it… the bank IS the seller. The good news is that they will clear up any title problems remaining from the foreclosure. The bad news is that the property will still be sold in as-is condition; and there will be an addendum to the Regional Sales Contract that will override some of the provisions therein. Interestingly, they are
So, I’m sure I intrigued a lot of you yesterday with this fun topic! Frankly I was a little worn out, but decided to have another go of it today.
REO
REO stands for “Real Estate Owned” and is the term used when the bank (lender) now owns the real property and is selling it. It’s [...]
These days there seems to be a lot of talk about real estate foreclosures. In fact, in the year 2008 approximately 2,000,000 (that’s TWO MILLION) ARMs (Adjustable Rate Mortgages) will adjust… pretty staggering, isn’t it? And as they adjust, there will be some that simply cannot make the payments. For a multitude of reasons, people find themselves in this situation every day.
I am going to focus most of this week’s blog topics around foreclosures, short sales, being a seller, being a buyer, risks, pitfalls, upsides (if I can find any) and general information that is pertinent.
Today, let’s look at foreclosure. Foreclosure is a process the mortgage holder begins when payments are not made in a timely fashion. When you sat at the settlement table and signed documents, one of them outlined where, when, how much and to whom payments would be made. It also went on to detail what would happen if you failed to make
Lately there has been lots of hype about buying foreclosures and short sales and how you can buy properties for 50%-75% below market value. Well while there may have been a few such deals made, in actuality most of the time you get the property for anywhere between 5%-35% below market value. In the next [...]
The couple found a solution to their dilemma -- a "short sale," in which a lender agrees to accept less than the total amount remaining on the mortgage, allowing the homeowner to sell the property at a lower price and pay off the small er loan balance.As foreclosures soar nationwide, lenders are more eager to negotiate short sales to avoid the expense and hassles of seizing a delinquent customer's property. Foreclosing on a house and selling it in an auction costs $50,000, on average, in New England, and that amount is on top of the funds the lender needs to pay off the loan itself.
I am sure that a lot of you have been reading about the mortgage melt down. It is all over the news, the papers and quite the topic. Short sales are now the way to go for a lot of people who have homes that are worth less than the mortgage amount due on them. What is a short sale? How does it work?From The New York Times, Short Sales.
I can keep this post short. When a bank will accept less than what is owed on a property it is called a short sale. When a borrower falls behind on his or her mortgage payments lenders can ask the borrower to pay the entire mortgage off immediatly.
Most borrowers can not do that so that bank starts the foreclosure process. To avoid foreclosure the borrower can give the home back to the bank, we call this deed in lieu of foreclosure, or the borrower can sell the property and pay off the mortgage, or the borrower, and maybe a Realtor can negotiate with the bank to accept less than what is owed on the property.
It costs banks money to go through the foreclosure process and after it is over and the home is on the market they still might not get what is owed on it and recoup their costs, which is why they may agree to a short sale.
I will write more short posts on the subject in the future. The reason I have not written many is because they attract a lot o
Recently, more short sale properties have come on the market. A short sale is a situation where a property seller needs to sell and the sale proceeds are not sufficient to pay off the existing mortgage. It is an alternative to foreclosure. The term short sale or short pay refers to a process whereby the mortgage company must agree to a reduced payoff for the sale to take place. All sale costs must be included and the seller receives nothing, except debt relief and not have a foreclosure on their record.
Foreclosure.com America’s most complete residential foreclosure property listing service is getting into the Education and Training business through Webinars. The next webinar is schedule for July 26th at 9:00 PM ET.
The Foreclosure.com Webinar is an interactive online real estate training experience that fosters an exchange of ideas and information in real-time.The 90-minute educational bi-monthly sessions are live, which means that you get instant answers directly from the experts to those burning real estate questions that keep you awake at night. See, hear and interact with the experts right from your own computer.
Featured will be some of the top real estate minds and gurus from around the nation who will share their secrets to success and provide information that you can use right away.
On July 26th catch James Gage — undoubtedly one of America’s premiere authorities on creative real estate investing and negotiating — will provide helpful tips and advice on how t
So California is slowly cooling off. Foreclosures are at all time highs and no one has any equity. There are two solutions that I can possibly foresee: Lease Option or Short Sale. You can check...
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