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Short Sales Update May 2011 Yorba Linda Placentia and Orange County
I attended a seminar given by Allen Sealenbinder, VP of Portfolio Rentention with Bank of America, Western Region.  This seminar was held at Black Gold Golf Course in Yorba Linda, California at the end of April, 2011.
Here are some of the bullet points from this three hour seminar:
In a short sale, cash means nothing to the bank.  The highest net is all the bank cares about.  So, buyers agents calling saying their clients' offer is cash carries no weight as it might in a regular sale. Home owners under water need to worry about more than just the 1st and 2nd lien holders.  Private Mortgage Insurance companies sometimes are often involved (especially if the home owners put less than 20% down on the property when they purchased).  In a short sale transaction, there can be up to SIX or MORE parties to the transaction that need to approve the short sale - The 1st Lien Holder (e.g. Bank of America, Chase), the 2nd Lien Holder (who has the 2nd), the 1st mortgage insurance company, the 2nd's mortgage insurance company.  Add another loan to the equation and you can see how complicated this becomes.  Even if 2 of the parties ... more

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