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short sales: Bankers & Politicians need to get with it, Period! - 02/23/12 02:12 PM
Bankers & Politicians need to get with it, Period! Will the Senate Approve the Bill to expedite Shorts Sales to 75 days or sooner?
The Answer to this question is not a simple Yes as common sense would dictate. Last year there were at the minimum of six bills related to short sales and none made it beyond committee level.

 Last week Senator Lisa Murkowski,(R)-Alaska introduced a bill that the Short Sale request of a home owner must be replied to within 75 days. In other words approve, deny or request to extend the response period up to an … (19 comments)

short sales: A Tragic Journey from a Short Sale to Foreclosure. - 08/15/10 05:32 PM
I was involved in a Tragic Journey from a Short Sale to Foreclosure. I represented the buyer and another agent represented the seller. The seller had an Attorney, who had a successful track record of negotiating short sales.
The history:  We have written at least eight or ten FHA Offers, without getting any accepted.  We lost out to Conventional Loan buyers, Cash Buyers and buyers who had large down payments. Finally May 2009 we received the "good news"...." Congratulations your offer was accepted".  Then the journey began.
We continued searching, writing offers with no results. The communications between agents, principals were … (120 comments)

short sales: Well it finally has come to this! I am considering a Short Sale! - 07/16/10 03:04 AM
Well it finally has come to this! I am considering a Short Sale!
"...Well it finally has come to this! I am considering a Short Sale. .."Two days ago I receive this e-mail from a client, whom I sold a house at the top of the market. The plan was that he would enlarge the square feet and then sell it for a profit if need be. Long story short he never did the addition. Periodically called me, emailed me to see if he could refinance. Sadly the numbers did not make sense.
I suggested the same course of action enlarge … (3 comments)

short sales: The bank forecloses on your home and then files a lawsuit against you, how is this possible? - 06/13/10 03:27 AM
The bank forecloses on your home and then files a lawsuit against you. How is this possible?  I was reading in RISMEDIA on June 8, 2010, about a home seller who has sold his home in a short sale. He sold it for approximately $200,000.00 less than the first and second mortgage he owed on the property. The Mortgage lender has agreed not to pursue further action to recoup their losses.
Evidently there are many home sellers who did not negotiate this clause into the transaction. Hence there are many lenders who file lawsuits and are going after foreclosures and short … (16 comments)

short sales: Did you know that more than half of the homes sold in 2009 were Short Sales or REO's? - 04/02/10 10:31 PM
Recently I was reading about a very telling statistic. The California Association of Realtors has published that more than 50% of all first-time homebuyers sales were either short sales or foreclosure transactions.
These short sales presented many first time buyers with great opportunities. To be able to step into the market which a few years ago looked like an impossible event? The buyers see many benefits to purchase a short sale. (As a Realtor who is in Escrow now for ten months on a short sale, I have a different perspective). Patience is an absolute necessity, for all parties, buyers, sellers, … (63 comments)

short sales: Did you know, that Undisclosed Payment in a Short Sale Transaction May be Illegal? - 03/18/10 07:15 PM
  Did you know that undisclosed payments in a Short Sale Transaction may be illegal? According to The California Association of Realtors undisclosed, specifically those payments that are paid outside of Escrow may violate the Law. In particular it could be a violation of RESPA, or it could be considered Lender Fraud and a violation of licensing laws just to name a few.
An example they site is, when a Short sale Seller's Senior Lender authorizes a payment to eliminate a junior lien. This would seem OK, but then the junior lender demands that the buyer pays an additional Dollar Amount outside … (7 comments)

short sales: Wells Fargo doesn't want to play nice with ....... Wells Fargo - 12/18/09 12:20 AM
This post is via Ken Crotts a Certified Short Sale Specialist. IF you were not in the Real Estate bussiness or market you would think this is an episode from Laurel & Hardy "who is on first?"
I am in a shortsale transaction with an Attorney, who has been pre-paid by the seller. So let's see how many months has it been since May? It is not fair to anyone, buyers,sellers, agents nor tax payers.

Via Ken Crotts (Windermere Real Estate):
We are currently in the process of completing a short sale with one of the lending industries giants, Wells Fargo. … (4 comments)