foreclosure: Short Sales - When do I have to move? - 03/03/10 01:49 AM
One of the most common questions I'm asked by distressed homeowners is "How long does the short sale take?"
The real question behind the question is "When do I have to move?"
At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that;
(a)    They don't have to pack up and move immediately
(b)   They have time to save up some cash toward their moving expenses or … (6 comments)

foreclosure: Will lenders consider a short sale when the mortgages are current? - 01/02/10 01:23 PM
A Realtor recently asked me an excellent question: As a Realtor, I'm representing a seller of a home with a first mortgage and a second mortgage. While both mortgages are current, the sum of both mortgages exceed the value of the property. Will lenders consider a short sale when the mortgages are current?
My response:
The short answer is a resounding "yes".  The lender will consider a short sale even if the borrower is current, the question is how will that impact the final terms of the short sale.
A very important and early disclosure is warranted here. Short sale Realtors … (1 comments)

foreclosure: The Last 24 Hours of a Short Sale - 12/14/09 12:41 PM
OK fellow short sale trench mates, here's a topic that buyers and their agents rarely understand; the last 24 hours of a short sale.
Short sale listing agents know that most short sale lenders require an advance copy of the HUD statement 24 hours prior to the closing. That's when the havoc starts. The banks want to rename fees, nitpick prorations and move line items from one section to another.  The short sale negotiation could have taken eight months and the bank could have $300,000 ready to be wired to them, but often, in the last few hours everyone has to … (5 comments)

foreclosure: Sellers Have To Help Us Help Them In A Short Sale - 12/12/09 01:47 PM
Articles and blogs nationwide report that only 15% to 25% of short sale transactions close. However, I close dozens of short sales a year with a success rate of about 80%. We are striving to increase our success rate to above 90%.
Guess what the primary reason for short sale failure is in our office;
Lender inefficiency? No
High BPO's? No
Buyers backing out? No
The number one reason? The sellers themselves!
We can persevere with the lender.  We can appeal the high BPO. We can find new buyers if the current one backs out. But when the seller loses focus … (9 comments)

 
Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) Rainmaker large

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Keller Williams Realty Louisville East (502) 664-7827

Address: 1230 S. Hurstbourne Lane, Louisville, KY, 40222

Office: (502) 664-7827

Mobile: (502) 664-7827

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