Well it has been a common scenario that the banks will forgive a deficiency...until now. I recently got an approval for a short sale from Bank Of America and the Short Sale Approval Letter which said:  " XXXX and or it's investors may pursue a deficiency judgement for the difference in the payment recieved and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy."

Another Realtor who does a lot of short sales in my office said this was the first he has heard of this happening. After reading this approval letter, my sellers decided to withdraw their offer to short sale and I took their house off the market. Their options were short sale and have the possibility of a deficiency judgement or foreclose and have one as well. They did not qualify for a loan mod. I counseled them to seek the advice of an a good short sale and bankruptcy attorney.

With everything tightening up, it's getting harder and harder to close on short sales. Can I get an AMEN ?

 

This Camera Delivers What You Need - The Canon SX20is
02/17/2010
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I have the 10 megapixel version of this camera and love it. It's a Canon Powershot SX10is. Now they make it in a 12 mp which is the SX20is. You can adjust the resolution to a low setting and not have to resize pics to put in your mls. It even takes… more
$25 Could Save You or Someone a BIG HEADACHE.
02/12/2010
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$25 COULD HAVE SAVED A HEADACHED - While a friend of mine was away for Thanksgiving some neighbors of his called him to tell him that a hose had burst on his washer and flooded his house in an inch of water… for several days. So, then came the… more
What does it cost to burn a bulb for a year?
02/12/2010
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Did you know that a 100 watt incandescent bulb left burning one year would cost about $87 and an equivalent fluorescent bulb of 13watts ( same amount of lumens ) would be $21 for the year. Fluorescent bulbs may cost more ( about $8 ) but they can… more
NO PET POLICY HURTS RESALE
02/12/2010
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A RESALE FACT: If you live in a condo or community that does not allow pets, then you have axed at least half of your potential buyers. Can you say wow? So my advice to you is to not buy into a building that does not allow for cats and dogs. It just… more
State of the Market In Florida - Statistics ( June 2009)
06/14/2009
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Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in April and 11 MSAs also showed gains in condo sales. The national median sales price for existing single-family homes in March 2009 was $174, 900,… more
This Cat Litter Will Help You Sell A House
06/14/2009
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Good kitty litter makes all the difference Yes, I said kitty litter. Why do I care about kitty litter?.. because this brand of kitty litter is going to help you sell your house. How? Because a house that smells like kitty litter leaves an… more
Condos in St Pete Beach
06/09/2009
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Condo prices in St Pete Beach are holding their own. There are very few condos on the gulfside priced less than $300k. Across Gulf Blvd ( not gulf front) you could find a condo for less than $250k with most falling between $200 and $250k. A condo in… more
Don't Buy Palm Oil and you will Save Orangutans
07/27/2008
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I haven't been on to blog in awhile and I usually try to keep it real estate related,… but,… this is very important. I just saw this on the news. Orangutans are being killed to stop them from eating the fruit that you get palm oil from. So the… more
HOW TO PREPARE A HOUSE TO BE VACANT
04/11/2008
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Here are some tips on how to prepare a house to be vacant. A vacant house is going to develop smells. You will open the door and it will smell musty. Every smell that was in that house is going to be amplified from having been closed up. Houses need… more
 

Barry Smith

St Petersburg, FL

More about me…

Excellent Service Realty

Address: 8435 4th St N, #5, St Petersburg, FL , 33702

Office Phone: (727) 249-3050

Cell Phone: (727) 773-6677

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