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short sale: Short Sale Information and Frequently Asked Questions!! - 03/22/09 03:09 PM
There continues to be a TON of misinformation and false expectations out there about "short sales." Following is a very thorough and accurate breakdown and description of the short sale process. It is not for the faint of heart, is not easy, is not quick, and is not successful in the greater Phoenix area about 90% of the time. Read David's article and you'll better understand why.
Via Boca Raton Florida Homes for Sale David Serle (RE/MAX Services):
We are all doing a lot of short sales right now so I came up with answers to some frequently … (3 comments)
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short sale: Writing a Hardship Letter (for a Short Sale) - 03/08/09 03:48 AM
Via Chris Ann Cleland, GRI (Long & Foster):
In today's real estate market, I meet a lot of home owners that are facing a short sale situation. A short sale occurs when the home seller's mortgage company accepts less than what is owed in the sale of the home.
The beginning of the short sale process is communicating with your mortgage company and letting them know that you are experiencing difficulty in making your monthly mortgage payments. This is done through a hardship letter. And as simple as it may seem, it is a very intimidating letter to write.
In a hardship letter, … (5 comments)
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short sale: MUST READ FOR ALL AGENTS THAT SELL SHORT SALES - KEEP THIS FANNIE MAE SERVICING GUIDE IN YOUR FILES AND ON THE WALL OF YOUR OFFICE. - 02/26/09 11:22 PM
Via Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:
* * * * HARD CORE REAL ESTATE INFORMATION * * * *
THIS SERVICING GUIDE FROM FANNIE MAE CONFIRMS WHAT COUNSEL TO THE NORTHERN VIRGINIA ASSOCIATION OF REALTORS HAS ADVISED FOR MONTHS. . . . . . BANKS FOR SHORT SALE OWNERS MAY NOT LOWER YOUR COMMISSION. IF THE LENDER CONDITIONS APPROVAL OF A SHORT SALE ON A REDUCTION OF THE CO-OP OFFERED IN THE MLS, it violated Fannie Mae Guidelines.
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DATE: Wednesday, February 25, 2009.
No Negotiation of Preforeclosure Sales CommissionServicing Guide, Part VII, Section 504.02: Contacting Selected BorrowersEffective March 1, … (0 comments)
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short sale: Calling all Bankruptcy Attorneys - 02/24/09 01:32 PM
I've been hoping I would never have to blog this story, but it's become such a prevalent story in our country and economy, I suppose it was inevitable. The law of averages caught up to me!
One of my homeowner clients in Arizona is in financial trouble. Due to circumstances beyond her control, Elaine (we'll call her) is not able to keep with her mortgage loan payments. She has a first loan and a second loan on her home, and has made a valiant attempt at negotiating loan modifications with both lenders. Elaine's first is an interest-only loan, and the … (10 comments)
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short sale: Short Sale Financial Worksheet Information - 02/06/09 05:59 PM
I've always been a big believer in the saying, "Why reinvent the wheel?" I sat down to start working on a comprehensive list of all the items lender(s) require when attempting a short sale when I ran across the below post by another excellent AR blogger in Charlotte. His compilation is so complete, simple and straightforward, I decided to just re-blog it here.
One other comment... I'm not a huge fan of short sales, mainly because of the lack of systems and communications by the banks that make them so incredibly challenging, frustrating and often painful. As a result, … (10 comments)
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Randy Hooker ~ Gilbert, Chandler, Mesa, Queen Creek
Gilbert,
AZ
More about me…
Dreamcatcher Realty / Greater Phoenix Area
Address: Gilbert, Chandler, Mesa, Queen Creek, Phoenix - Arizona
Office Phone: (480) 926-8777
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