short sale: Lien On Me! - 11/29/09 09:36 PM
I had a new Short Sale experience this week. A prospective short sale client asked me about how the second lien on their property would be handled as part of the transaction. I, making an assumption, asked if both liens were with the same mortgage company. The seller responded that they were not, the second lien was held by his mother who had loaned the sellers money for repairs to the home and had filed a lien on the property with the county.
I'm not caught off guard often, but that was a new scenario for me. I said, let me check with … (6 comments)
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short sale: Are You Ready for a Short Sale Throwdown? - 11/08/09 10:52 PM
I love food... and Sunday nights there is nothing I enjoy more than watching the Iron Chef on the Food Network... but this post is inspired by the show which follows Iron Chef, Throwdown with Bobby Flay.
I like to consider myself the Bobby Flay of Dallas Short Sales. I still can remember almost 6 years ago when I listed my first Short Sale how hard it was to find anyone in my market who had ever heard of a Short Sale, let alone had worked a Short Sale deal themselves. Even today, Short Sales seem to be less … (7 comments)
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short sale: An Overvalued Short Sale Appraisal... Now What? - 10/25/09 10:45 PM
In a market where getting properties to appraise for sale price is a common challenge faced by agents, I found myself on the other end of the spectrum this week.
I have been working a Short Sale on a condo in a highrise building and this week the Short Sale lender came back with an appraisal that was over $40,000 more than the offer that was submitted. This caught me entirely off guard since both the buyer's agent and I thought we were "on target" in the contract price.
I make it a policy not to call out individual lenders in … (6 comments)
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short sale: Not So SPEECHLESS SUNDAY: Short Sales... Who is Helping You Weather the Storm? - 10/11/09 04:13 PM
We all know that selling a home, any home, can be a daunting task. There is a reason why many home sellers who try to sell by themselves eventually end up listing their home with a REALTOR®. The process can be even more complicated, stressful and stormy if you are trying to sell your home as a Short Sale. Who do you have on your side, working to create a break in the storm clouds for you?
Choosing to work with a REALTOR® who is an experienced Short Sale Specialist can make all the difference. Coordinating with your Mortgage Company(s), … (5 comments)
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short sale: On the Golden Rule & Long-term Client Relationship Building - 09/27/08 05:24 PM
It's happening more and more frequently lately. The phone rings and I find myself speaking with someone who found my website or blog and who has a bunch of short sale questions. Sometimes it's for them, sometimes it's for a relative, but most often it is for someone who currently has their home listed with another agent.
Now, I do not solicit other agent's listings. In fact, while I will discuss with a caller what a short sale is, and why they should make sure that an agent assisting them with a short sale should know something about how to do a … (10 comments)
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short sale: SHORT SALE OPPORTUNITY: 8920 Holliday Lane, Aubrey, Texas 76227 - 08/09/08 10:08 PM
No longer available. Contact us about other properties.
… (6 comments)
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short sale: Short Sale Opportunity! - 7826 Meadowglen Drive, Sachse, TX 75048 - 07/12/08 11:37 AM
No longer available. Contact us about other properties.
… (2 comments)
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short sale: Real Estate Fraud… What were you thinking? - 06/28/08 11:54 PM
In my business dealings as a short sale specialist I hear a lot of interesting stories. I am AMAZED at how many calls each week I get from people who have been victims of real estate and/or mortgage fraud. They really are victims... because these people's lives have been totally turned upside down. The stories are all similar, and most leave me wanting to ask, "What were you thinking when you signed those papers?"
I have had Short Sale clients who bought homes as investments sight unseen. I have had clients who bought homes after being approached by "a friend of a … (12 comments)
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short sale: Short Sale Opportunity - 2802 Lindbergh Dr., Dallas - $82,500 - 05/22/08 06:03 PM
SOLD
… (0 comments)
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short sale: SHORT SALE - 927 Warfield Way, Richardson - $124,000 - 04/19/08 01:31 PM
SOLD
… (0 comments)
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short sale: Dallas area Foreclosure Postings on the Rise - 01/23/08 11:29 AM
I try to look for and emphasize the good news in the real estate market... and there is a lot of good news out there. Interest rates are low, buyers seem to be interested in buying again after what seemed to be a slow 4th quarter of 2007. Well priced and well updated homes are in high demand in several areas of town, and inventory is still high enough that buyers have some good choices.
But some numbers just are difficult to ignore! Case in point, I was reading the newspaper last week and sadly was not entirely shocked to see a story … (0 comments)
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short sale: Debt Forgiveness means Relief - 01/17/08 07:25 PM
On December 20, 2007, President Bush signed legislation that created a three-year window during which home owners will not be taxed on debt forgiven during refinancing or the sale of their home. This is very significant for those homeowners considering a Short Sale.
Until the Mortgage Forgiveness Debt Relief act of 2007 was signed into law, homeowners utilizing a Short Sale solution to sell their home for less than they owed on it received a 1099 Form from their lender in the amount of the debt forgiven by the lender as part of the Short Sale. This often times created additional … (5 comments)
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short sale: Dallas area Foreclosure Outlook Dreary - 12/14/07 07:32 PM
Several stories in various media outlets today have reported frightening foreclosure statistics for the Dallas / Fort Worth area. Hopefully anyone who may be impacted and who qualifies for a Short Sale is exploring that option. Some of the regional numbers reported indicated an expected 30% year-over-year increase in the forecast for January.
According to some of the stories, Denton and Tarrant Counties are expected to see increases while for Dallas and Collin Counties the rates are expected to be even or even slightly lower. In addition to Dallas County, I have also worked listings in both Denton and Tarrant counties this year and based on what I experienced personally, these numbers are … (3 comments)
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short sale: 3 Short Sale Questions - 12/11/07 04:36 PM
As a response to one of my other Blog postings, Angela Martinez asked me the following questions:
"Over the past year or so "Short Sales" have become more & more common in my area (Contra Costa County, California.) I have participated in several. Some successsful, some not so successful.
1. What training would you recomend?
2. What is your best advise when working with the Lender's?
3. Have you found a rule of thumb as to what Lender's will except or not. (i.e. How short will they go.)"
I thought since we are a community and we might all have different insights/opinions that Angela … (4 comments)
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short sale: Be Smart: Make the Right choice, not the Easy one. - 12/09/07 02:27 PM
I like Gail Tassey's Blog here on AR. She had a posting on Friday titled "Go ahead Tiger Sell it yourself". It was a relatively short posting but really got me thinking. Real Estate seems to be one of the few business situations where many people base their choice regarding representation on non-business criteria.
I had a prospective Short Sale listing client interview me last week. She is in a bad situation and needs significant assistance and based on what she shared with me, she needs it FAST! She is almost out of time and I am confident I could help her (and told … (6 comments)
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short sale: Mortgage Bailout Plan - Basic Facts & Perspective - 12/08/07 03:51 PM
Since Thursday's announcement of the government's mortgage bailout plan I have received numerous phone calls from distressed home owners asking if this plan will allow them to keep their homes and avoid foreclosure. The short answer to that question is "maybe", but for the majority of homeowners considering a Short Sale the answer is "probably not".
There have been many news accounts of the plan that was presented yesterday. You would be hard pressed not to be able to find an accurate reporting of the announcement in your local newspaper today or on any of the major internet news websites, but … (2 comments)
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short sale: Take 2 Aspirin and call a Short Sale Specialist! - 11/17/07 01:01 PM
I recently saw another agent who specializes in Short Sales suggest that not every agent who works Short Sale transactions has the ability to conduct them properly. I believe that this is only the case if they do not prepare themselves properly. Unfortunately many do not and try to navigate the Short Sale terrain without the right knowledge or a good map!
Short Sales are definitely a niche market and definitely require some sort of training, experience, guidance or mentoring to understand and work properly (assuming you have your client's best interest at heart). Any agent can get the training or guidance … (15 comments)
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short sale: Short sales & foreclosures: As Nevada goes, so goes the nation? - 11/16/07 04:48 PM
I've already confessed that I'm a news junkie (Is there a 12-step program for that?) and that I listen to a lot of National Public Radio, so I won't get into that again. What I will mention is that I love that our local public radio station (KERA 90.1 FM) broadcasts the audio portion of The NewsHour with Jim Lehrer and I can listen to it on my way home from the office every evening and that between this show and The Diane Rehm Show in the morning I come up with great topics to write about.
Las Vegas has been in … (6 comments)
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short sale: Corporate Profits, Short Sales & the Changing Market. - 11/13/07 03:42 PM
I was listening to the radio again this morning and heard a story about how Home Depot's quarterly profits were down 27% from the same period a year ago. While I know that many retailers are experiencing slower sales, (and I have heard that many expect this to be the worst December Holiday selling season in many years) what bothered me most about this story was the commentator's remarks about this being attributable to the slower real estate market and people not wanting to fix-up or repair their homes since prices are eroding and they aren't selling... talk about sending the … (3 comments)
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short sale: Home Values in a Changing Market - 11/12/07 12:38 PM
As a Realtor® one of the most common questions I get asked is "What is my house worth?" In my opinion, there are two reasonable answers to that question. One answer is that based on current knowledge or a market analysis, in your opinion their home is worth an approximate amount. The second answer (which is perhaps more accurate, if somewhat less precise) is that their house is worth what a buyer is willing to pay for it at that moment in time.
I love to be a part of any conversation at a social gathering when the topic of home prices … (5 comments)
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