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For anyone that deals with Short Sales on a daily basis then you are aware of the ability of a seller of a primary residence to apply for a waiver of the tax indebtedness from the short sale of their home. For a short summary when a person has a short sale on their home because of a financial hardship when the sale is closed the bank has to deal with the difference between what the collected on the sale of the home and what was owed. This short fall (4 comments)
I ask you take a good look around your area at the REO listings. We know how much of that market is Fannie Mae and Freddie Mac. Both mortgage behemoths have taken to listing their foreclosure homes at or close to market value. Gone are the fire sale days of picking up homes for pennies on the dollar. Now true there are still many smaller investors/banks that are willing to cut their losses and dump their foreclosure properties but, that well is drying up also. I guess the revelation hit (2 comments)
Those of us that are in that niche market of Short Sales understand all the issues with these transactions. They are many times twice the work of a normal real estate transaction. Short Sales are time consuming and many times we are waiting, waiting, and waiting for the banks and in some cases their asset management companies to communicate with us. Many times we follow that old military adage of rushing around to do nothing but “Hurry Up and Wait”. So imagine my pleasant surprise to receive the following email: (0 comments)
short sales: Short Sale Consulting Should Always be Honest - 11/04/11 12:47 AM
Short Sale Consulting Should Always be Honest Honesty is the best policy and for homeowners in a distressed situation they deserve to have straight answers to some very difficult questions. The first part of any Short Sale listing appointment that we go on begins with a consultation to answer any and all questions. Many of the times these homeowners have suffered already so much. They have also in many cases been mislead by others that are in positions of leadership. I have met with homeowners that have had attorneys tell them they have no hope and their only choice is bankruptcy. These (0 comments)
short sales: Distressed Homeowners Beware Scams Promising to Sue Your Lender. - 06/01/11 07:42 PM
Distressed Homeowners Beware Scams Promising to Sue Your Lender.I met with one of my sellers last night to discuss our strategy going forward. We are in a short sale situation and the homeowners have fought the long hard fight to keep up with the mortgage payments. They recently received a mailing that for all intention purposes looks like an invitation from a legal firm to join in on a lawsuit suing their mortgage bank for "fraudulent lender practices". They call it a "Mass Joinder Litigation Lawsuit" it looks official to the homeowner. However, it does not take much digging to find out (4 comments)
short sales: OK New Bank of America Program Rollout for Short Sales - 03/03/11 06:03 PM
OK New Bank of America Program Rollout for Short SalesOne of my new short sale clients and myself were contacted yesterday offering us a new Bank of America short sale program. The Cooperative Short Sale Program is supposed to streamline the short sale process. The contact person emailed me several pages explaining the new program for the homeowner to read over and sign. The program sounds too good to be true but we will see. The streamlined process breaks down like this:The Cooperative Short Sale Program* You are responsible for all maintenance and expenses on the property until it is sold* Financial hardship and inability (10 comments)
short sales: Bank of America Short sale approval in just 65 DAYS! - 11/01/10 05:37 PM
Bank of America Short Sale Approval in just 65 DAYS!Let me tell you I was pushing and praying. Of course the fact that it was a HUD/FHA loan so it did not go through Equator could have had something to do with it. I was actually pretty happy with the responsiveness of the negotiators on this short sale. I got the initial contact after just less then 30 days. After that of course with plenty of emails from me we moved right along. Now granted we have not closed yet. But the ball is now in the buyer's court. I have alerted the buyer's (5 comments)
short sales: The end of a long hard road Short Sale Closed! - 09/10/10 11:35 PM
The end of a long hard road Short Sale Closed! This was one short sale that did not have to be such a hard transaction if the other agent was more experienced with short sales and lending. While in short sales the most of the work is on the listing agent the buyer's agent is not completely without responsibility. I had to lead, push, pull, and train people to get this one closed. Got the approval letter over a month ago. You would have thought with a "Cash" transaction we would have closed soon thereafter right? NOT! Well it (3 comments)
Can you see your self in the this wonderful home on Starmount Golf Course and Country Club in Greensboro, NC. It has a tax value of $1,040,000 but sold at auction for only $840,000.
Then you have a great example of a short sale in this excellent home:
This excellent example of available short sales sold for just $475,000 yet the tax value is $626,000 the actual market values on these homes are much more then tax value.
So for those thinking of moving (2 comments)
short sales: Third times a charm for a home sale in Greensboro, NC - 04/25/10 12:07 PM
Third times a charm for a home sale in Greensboro, NC. Well selling a home is not usually such a challenge even if it is a short sale home. I have a home in south eastern Greensboro, North Carolina. For unfortunate reasons the owner needed me to pursue a short sale on the home. We actually had it under the first contract within three weeks of listing it. OK contract #1 came in after three weeks of working on a short sale approval the buyer pulled out. Only three weeks into the process he changes his mind. That was on a (3 comments)
short sales: CitiMortgage Short Sale Speed Record! - 03/27/10 06:36 PM
OK a really good experience with a short sale! Go figure. I sent in a contract on one of my short sale listings and got an approval in THREE WEEKS!!!!!! You want to talk about shocked! Of course it was a pleasent surprise but a surprise for sure. Now want to know the best part. The original buyer withdrew his offer three days before the approval came through so I put it back active and had mulitple offers in a few days. We took a full price CASH offer. Hey LIFE IS GOOD!! You know what that means TIME TO DO (8 comments)
short sales: Homeowners beware if you think you are free and clear after a foreclosure! - 02/03/10 11:31 PM
Homeowners beware if you think you are free and clear after a foreclosure! New precedents are being set everywhere. In Coral Gables, Florida a homeowner thought he had put the worse behind him two years ago after the foreclosure. Recently in Miami Dade County court a judge gave permission to pursue him for over $40,000 from the difference in the sale price and the mortgage payoff. Others are also finding out the hard way to be very careful and to hire a competent attorney and broker. If you pursue a short sale be careful also. Be very aware of what you (4 comments)
short sales: Banks and their ancient process for Foreclosures - 11/16/08 10:11 AM
I just read some wonderful news on an AR member's blog. Kelly Willey from Florida was just raving about how nice it was that Suntrust had a very streamlined system for Short Sales. Which got me to thinking. Why don't the banks react to the changing markets and fix their outdated procedures of dealing with Short Sales and Foreclosures? I mean the profess to not want to have all this real estate but, they continue to make it take months upon months to get the homes listed. Then even after that they take forever to accept offers. THEN there is the closing. I mean if (2 comments)
Greensboro, NC Real Estate Larry Story's Blog of the Triad!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.