short sales: Why Would a Seller Want to do a Short-Sale? - 07/21/09 10:19 AM
Ask Steve!
Why would a seller want to do a short-sale?"
Bernard E. Las Vegas, NV
The seller can avoid having a foreclosure on their credit report; conceivably live in the property "mortgage free" during the lengthy short-sale process; and it's the "right thing to do" when in default. Walking … (3 comments)
short sales: Earnest Money Deposit Language for the Short-Sale Contract - 07/04/09 02:33 PM
Leslie Carver, Team Carver, Prudential Americana Group, REALTORS, Henderson, NV, and a Certified Short-Sale Professional, includes the following contract language when representing a buyer. This language allows a buyer to cancel the contract and receive their earnest money deposit ("EMD") back with written request, but without a signature from the seller(s) after an agreed-upon time period … (10 comments)
short sales: Is Countrywide Going After Sellers/Borrowers for Deficiency Judgments in Nevada? - 04/22/09 10:59 PM
Nevada is a "recourse" loan state. It is not a "walk away state." Creditors could "go after" borrowers/sellers and seek a judgment for any deficiency for a home loan. Here's what two Certified Short Sale Professionals had to say when I asked them whether Countrywide or any other lenders were seeking deficiency judgments in Las Vegas, Nevada. According to Don … (2 comments)
short sales: Short-Sale Listing Agents May Be Misusing Nevada Forms! - 03/01/09 05:44 PM
Some short-sale listing agents may be circumventing the intent of NRED Form 636 and 637 which went into effect under SB69. They are presenting offers directly to the seller's lienholders. Their intent appears to be avoiding having an offer presented and accepted by their seller's subject to lienholder(s) approval, thus, requiring them to place the listing … (4 comments)
short sales: 12 QUESTIONS TO ASK THE SHORT SALE LISTING AGENT - 02/20/09 07:56 PM
According to Kathryn Bovard, Broker/Manager of Prudential Americana Group, REALTORS in Las Vegas, NV, one of the best advice tips she's seen comes from PAGR agent Debbie Tuttle.
"12 Questions to Ask The Short Sale Listing Agent"
Have you ever closed a short sale before?
How do you handle offers? Do you submit them … (12 comments)
short sales: MORTGAGE FORGIVENESS DEBT RELIEF ACT EXTENDED! - 02/14/09 11:29 AM
The Mortgage Forgiveness Debt Relief Act of 2007 was extended for 3 more years! The Act now extends through 2012 under the Emergency Economic Stabilization Act. In addition to calendar years 2007-2009, the Act now includes 2010-2012! Additionally, you should tell your clients to ask their tax attorney or CPA if they might qualify … (1 comments)
short sales: Short Sales - HUD - 09/24/08 01:02 PM
Recenty, I was asked whether HUD has specific requirements for an FHA-insured Short Sale. According to Sue Goad Sue@GoadTeam.com with Century 21 Infinity/The Goad Team in Las Vegas, NV, " The process tends to be about 30 days longer as the bank gives their approval, and then Fannie Mae gives their approval. So, it's … (1 comments)
short sales: Short Sales and IRS Tax Liens - 07/03/08 07:34 PM
According to Darrell Walker of Keller-Williams Realty Las Vegas, if the tax lien on the property is unenforceable, meaning, the IRS can not collect because the value is not there, the IRS can issue a release of the tax lien. The purpose of attaching the tax lien to the property is, if … (2 comments)
short sales: Contract Clauses for Short Sales - Buyers - 06/02/08 08:49 PM
An unqualified Buyer, in any transaction or market, should never be permitted to tie up a Seller's property. This maxim has never been more true! Most experts agree, in most cases, the Seller and the Seller's agent should not believe the Buyer, the Buyer's agent, or the Buyer's lender/mortgage broker as to the loan qualification of a … (2 comments)
short sales: Short Sales and Opening Escrow - 05/25/08 04:04 PM
Is it in your clients best interest to open escrow immediately following an accepted offer that is contingent upon the Seller's lienholders approval to the Seller's satisfaction? If not, try this Short Sale Contract Clause - "Upon Seller receiving written notification of their lienholder(s) approval of the short sale to the Seller's satisfaction, … (2 comments)
short sales: Short Sales & Earnest Money Deposit (EMD) - 04/26/08 12:17 AM
When a buyer makes an offer on a potential "short sale" property, should the buyer put up an earnest money deposit (EMD) at the time of the offer, or rather within a specified time period after the lender approves the sale? If so, a contract clause might read: "Buyer shall deposit S__________ … (11 comments)
short sales: Short Sales & Deficiency Judgments in Nevada - 04/21/08 07:46 PM
Can a lender seek a deficiency judgment against a borrower/seller in a short sale transaction? YES! According to Christine Zambrano Gilbert, Esq., General Counsel for Realty Executives of Nevada, deficiency judgments are allowed in the State of Nevada , as they are in most states. However, the borrower/seller and lender can agree in a written … (12 comments)
short sales: Contract Clauses for Short Sales - 03/13/08 04:37 PM
Here's some contract clauses you may find helpful:
1. This sale is contingent upon lender approval of a short sale and seller's satisfaction.
2. Buyer and Seller acknowledge that the short sale process may be lengthy, and there may be substantial delays in the closing process while the lender evaluates the acceptability … (0 comments)
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