Real estate blog entries tagged with short sales by San Diego Short Sales, Orange County Short Sales (John McConnin, Esq)

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short sales: short sales in California - CA FTB clears up the non recourse loans issue - 10/27/09 11:12 PM

Non Recourse Loans (see CCP 580b)
Short Sales and Taxation by the State of California has become a little less risky.

In July of 2009 the California wrote this in one of their tax newsletters

"The most common situations when a foreclosure or a short sale does … (0 comments)

short sales: Is it right to walk away from your Mortgage - The law says yes in CA - 07/09/09 01:01 PM

I blogged on this subject many months ago. Recently the debate has popped up again.
A recent study determined that homeowers are willing to walkaway after their homes start to decline by more than 10%.
http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/06-26-2009/0005051034&EDATE=

There is a debate here on activerain about whether this is a … (4 comments)

short sales: short sales - who should be doing the negotiating - 02/22/09 09:06 PM

There is an interesting current thread started on activerain discussing who should be doing the short sale negotiating.
There were various answers - the agent, the broker, someone hired by the broker, the title company, an attorney.
I suggest a combination.
Getting short sales approved is not that hard if the … (3 comments)

short sales: Loan Modifications from the lender - just before short sale approval - 12/16/08 05:41 PM

How many of your sellers have gotten unsolcited loan modfication approvals. Mine have.
Other Realtors have told me the same thing has a happened to their clients.

After you get a negotiator assigned you may wish to prepare your clients.
Unexpected approvals may be coming to derail your short sale.
… (6 comments)

short sales: Lenders will not release the deficiency in a short sale - What to do - 10/09/08 02:42 PM

Question:
Is there a way to get the first and the second to sign off on any deficiency owed. the first is getting 90% of their amount owed and the second is getting $4K of the $73K owed. They are saying this short sale does not release the Sellers of the … (0 comments)

short sales: California Sues Countrywide - Opens the door for homeowners in distress - 06/26/08 07:00 PM

This lawsuit (link below to a san diego news article) may give homeowners the leverage they need to strengthen their arguments just enough to avoid taxation and fight the destruction to their credit.
Watching for the facts that come out of this case.
If you own Real Estate in San Diego … (0 comments)

short sales: short sales, deficiencies and 1099s question from a realtor - 10/09/07 02:23 PM

There were some comments to one of my earlier blog entries on short sales.
Comment 1:
A real estate short sale is when you owe more than your properties currently valued but you need to sell. You find a buyer and negotiate with the lender to approve the sale (a short sale). … (4 comments)

short sales: Real Estate Short Sale law? - Full and final Settlement? - 09/22/07 09:18 PM

If you type short sale into google - you will see the ads from all of the short sale advisors and short sale realtors out there. One statement you consistently see is - a short sale enables the borrower to avoid a deficiency because it is a full and final settlement … (12 comments)

short sales: Are Short sales practices destroying the market? (part 2) - 09/04/07 01:41 AM

Below is a comment from a thoughtful Realtor - with some interesting points. I will break his comment down. His comment is in quotes and my thoughts are below each section.
"Interesting take John. But it's been my experience that the lender will not even talk to me until I have … (11 comments)

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