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short sales: Taking a Longer Look at Short Sales - 10/24/11 08:24 PM
With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure.
A recent study finds that, "If a borrower abandoned the property while he was delinquent, sales within 500 feet suffered a 3.1% drop in prices. But a vacant home also in foreclosure — further down the distressed pipeline — lowered nearby home sale prices by 7.1%."
The biggest lenders in the country increased staffing to ensure rapid processing of short sale applications. They’re contributing cash incentives at closing for homeowners who … (3 comments)
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short sales: There Really Ought to Be a Law - 06/30/10 03:02 PM
Short sales have been here and are here in large numbers for quite a while into the future. Many lenders are getting better in certain respects about speeding up their responses, even if it's not a HAFA program which does have numerous requirements, in their regular short sales. There can be many aspects and issues in a short sale depending on the bank or servicing company involved, if a notice of default has been filed, if a notice of sale date is already set, if the HOA dues are delinquent, how many lienholders there are, to name a few.
But what … (1 comments)
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short sales: California Owners in Distress Have a Timeline to List and Sell - 01/05/10 09:33 AM
If your loan was obtained between 2003 and 2007, and you meet certain other guidelines, your timeline (for a non-judicial foreclosure, the most common in California) from the first day of the pre-foreclosure period up through the Notice of Sale, will be about 152 days.The Notice of Default may be filed 30 days after the lender contacts the borrower to explore options avoiding foreclosure for the borrower.Three months after the NOD is filed, the Notice of Trustee's Sale may be recorded and then published over a period of 3 weeks. The borrower has 5 days prior to the sale to cure … (2 comments)
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short sales: Are You Thinking About Selling Your Property As a Short Sale? - 06/22/09 10:31 PM
Although the terms "short pay" or "short sale" are heard frequently, some people are still asking what they mean: It means the property owner owes more on his/her property than it can be sold for, or sold for after paying all the standard closing costs. In other words, the seller is "under water". Briefly, the mortgage holder(s)--there may be more than one loan on the property--must agree to accept the lower payoff amount, which means the bank is losing money on the seller's outstanding loan amount. The owner must "apply" for that approval by submitting financial information and a written statement … (2 comments)
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short sales: Distressed Listings in Long Beach, and More - 04/02/08 02:52 PM
Market samples:Zip code 90803 (Bluff Park, Belmont Shore, Belmont Heights, Naples) - Single family: 5 properties listed as short pay and/or pre-foreclosure, out of 109 single family listings, or 5.5% of the MLS listings are distressed. Condos: 6 properties listed as short pay/NOD (notice of default), out of a total of 55 listings, or about 11% are distressed condos.Zip code 90802 (downtown Long Beach, Alamitos Beach) - Single family: 8 properties listed in short pay and/or NOD, out of 19 houses, or 42% are distressed. Condos: 36 short pay properties, an additional 6 also as pre-foreclosure, are listed out of 278 … (2 comments)
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short sales: When Are Short Sales a Good Buy? - 02/25/08 06:08 PM
Having run 3 searches in my general locale, it seems that short sales are about 30 percent of the current listings and escrows showing in the MLS. And, some short sales are really not priced any lower than other current market listings, so with some properties, the buyer is not going to gain anything but a longer wait period by limiting a search to sellers in trouble. See more with this article at http://longbeachrealestate.blogspot.com/2008/02/when-are-short-sales-good-buy.html … (0 comments)
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Julia Huntsman, CDPE, e-PRO, SFR, Broker
Long Beach,
CA
More about me…
Huntsman Properties
Address: Long Beach, CA, 90803
Cell Phone: (562) 896-2609
Email Me
Talk about housing, neighborhoods, things to think about buying or selling (sometimes it's more than you think), things to think about with credit and loans (things to think about and do), and sometimes some fun stuff!
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