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short sales: SHORT SALES... Looking at the Bright Side... - 10/23/09 11:07 PM
I've been doing a lot of Short Sales for the past couple of years. I've done short sales on and off through the years, before the term "short sale" had even been coined. We used to call it "upside down mortgage". It was an infrequent occurrence. I was good at it because I really wanted to help my clients move out of their financial quagmire, so I was very persistent with the bank. There was no "Loss Mitigation" at that time, or at least I wasn't aware of any such term.
My, how things have changed in the past few … (11 comments)
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short sales: 7 things I learned doing short sales for past 3 years - 09/10/09 02:08 PM
My Agents and I have done a lot of short sales in Myrtle Beach. I concur with Joe on many points. Although a short sale will reflect negatively on the seller's credit, it doesn't have nearly the impact of a foreclosure, or even a voluntary foreclosure (deed-in-lieu of foreclosure).
On the Credit Report a Short Sale shows as a "Settled Debt" and can stay on there for four to six years. The Short Sale itself does not adversely impact the credit; the late mortgage payments do.
Can you do a Short Sale without being late with your mortgage payments? It depends. … (3 comments)
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short sales: It's Not French; You Ought To Know What It Means! This is Real Estate 2009, Baby, Survival of The Fittest! - 12/03/08 12:02 AM
Throw away all the old rules; this is no longer "order writing", but it's not sales either. This is Real Estate 2009, Survival of The Fittest... How do you stay in the game and profit? EDUCATION! I'm going to throw some terms your way. If you are not sure what they mean, hurry up and learn! If you haven't implemented them lately, what are you waiting for? Owner financing: The current tight money situation has put this one back on the menu. If you have listings just lingering on the market with no takers and your sellers … (23 comments)
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short sales: Myrtle Beach Foreclosures - 10/21/08 10:06 PM
With over 25% of sales activity comprised of foreclosures, a Myrtle Beach Agent can no longer be oblivious to them. As a company, we have had a large number of transactions this year in the distressed sale category: Short Sales, Foreclosures, REO's. ForeclosuresAuthority.com is our new website address for these listings. They are updated and posted regularly. The Horry County Foreclosure Sale occurs once a month at the Courthouse on the first Monday of every month. The secondary auction for the deficiency judgment properties occurs on the first Wednesday of every month. Our website also contains Bank … (1 comments)
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short sales: Short Sales, Foreclosures and REO... Part 2 - 06/12/08 11:08 PM
Foreclosures: These are the big Daddies of them all; the do or die, the final chapter. It may take six months for these to go down, but when they do, that's it: your property is history; you lose it!
In the states where a"Deficiency Judgment" is still an option, you still have 30 days to redeem your property by paying the bank ALL that you owe them, plus, plus, plus (the cost of the foreclosure process is not cheap and that gets added to the tab). I'm yet to see a person redeem their property, but it does happen … (8 comments)
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short sales: Short Sales, Foreclosures and REO's - 06/12/08 09:32 PM
I was talking with an agent friend of mine today and she confessed that she didn't know the difference between Short Sales, Foreclosures and REO's.
If an Agent doesn't know, I'm sure many others are confused as well. Here is the scoop, and it's spread over the span of three posts, so you'll have to come back to my blog later for part 2 - Foreclosures and part 3 - REO's.
1. Short Sale: This is the name of the transaction where you owe the bank more than the property is now worth and the bank agrees to let … (14 comments)
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short sales: Have You Seen That "I Love Lucy!" Episode? - 01/26/08 10:03 PM
Where she is working in the chocolate factory and the assembly line starts going faster and faster and she tries to cope with the increasing speed. She starts by neatly organizing the candy in the boxes, carefully placing each morsel. As the speed increases, she copes with it by shoving the candy in the boxes by the handful and when the speed is increased yet again, she starts stashing it in her shirt and her mouth. It was a hilarious episode that had the audience in stitches.
That was me this week. Activity here is at a feverish pitch. Frenzied "looking"; … (11 comments)
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Myrtle Beach Real Estate by Mirela Monte
Myrtle Beach,
SC
More about me…
Mirela Monte, Your Myrtle Beach Real Estate Connection
Address: BUYERS' CHOICE REALTY, 702-3 Sea Mountain Hwy., North Myrtle Beach, SC, 29582
Office Phone: (843) 280-7283
Cell Phone: (843) 251-2378
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