short sale: Death of a Short Sale
- 05/09/12 09:31 PM
RIP, Short Sale from Hell. It was inevitable that this Short Sale would die a long and painful death. The indicators have been there all along; multiple banks, a second that has been sold multiple times, deadlines that came and went, a real estate market that has continued to improve since last fall. And finally, today, the public announcement of the Trustee Sale on the steps of the courthouse. Could we have done anything differently? The very, very frustrating thing is that, no, we could not have done anything differently. We provided a solid contract with few contingencies. My client was … (4 comments)
short sale: Why does a short sale take so long?
- 02/18/12 12:21 AM
Why does a short sale take so long? Dear Holly, I am under contract to buy a short sale. My agent said that now we start waiting. Is that true? Is there nothing else we can do? What are we waiting for? Any advice would be greatly appreciated. Sincerely, Confused by the Short Sale Dear Confused by the Short Sale, Buying a Short Sale property can be a frustrating proposition. At the end of the process, hopefully you will end up purchasing a property for a very good value. Be warned, however, that your agent was right. Now is the time … (3 comments)
short sale: Buyers: What you are up against when you are shopping for a 'deal'
- 10/22/11 01:33 AM
If you listen to the media, you would believe that there is a real estate deal to be had on every corner. There may be deals out there, but they are not as easy to purchase as you might think. If you are in the market for a 'deal,' you need to go into your search process well prepared and with great enthusiasm. Well prepared means fully approved for financing, subject to identification of the property. This does not mean you have had a casual conversation with a lender where they pulled your credit and told you it all looks good. Why is this … (4 comments)
short sale: Are you Considering Buying a Short Sale?
- 10/07/11 12:09 AM
As we have gone through the real estate crisis, the term 'short sale' has been used often in the media. Not everyone is familiar with exactly what this means and whether or not a short sale might be the right type of purchase for them. I have made a short video explaining what a Short Sale is and some of the considerations that a buyer should think about before writing a contract to purchase. If after watching this video, you think that purchasing a Short Sale in Northern Virginia might be right for you, please contact me and we can start … (3 comments)
short sale: Foreclosure or Short Sale? Does it Matter?
- 08/31/11 07:33 AM
You have gotten in over your head with your mortgage for reasons out of your control (medical issues, job loss, life event) and need to get out from under your monthly payment. Should you just walk away from your house? This is an issue that more and more home owners are facing. It is important that you understand the difference between Foreclosure (the bank taking ownership of you home due to missed payments) and Short Sale (selling your home on the open market for market value less than what you owe on your mortgage). If you go the Foreclosure route, you … (2 comments)
short sale: Short Sale Listing Agent In Orange County, California | When To Talk To A Realtor® About A Short Sale | Short Sale Listing Agents
- 11/21/10 11:49 PM
Despite all of the press about short sales, there continues to be confusion about who should consider a short sale and who will not be eligible. This post by Karen Fiddler is a well thought out essay on why (and who) to consider a short sale and how to determine the best real estate agent to help you through the process. Her point that we are all community members and that our objective is not the 'quick cash' but rather the referral and good will that doing the 'right thing' will bring to our business is important. Thanks for a great … (0 comments)
short sale: A Scrooge in Our Midst
- 12/14/09 02:57 AM
Last night I heard a story about a local foreclosure. I have been believing that many of these stories are tragic...but, this one is most certainly NOT. If anything, it reads a little bit like the Christmas story, "A Christmas Carol," by Charles Dickens. Imagine a neighborhood where the homes sell for between $950,000 and $1,400,000. Now imagine an owner who refinanced last year, pulling a lot of cash out of his 15 year old home. His house had appreciated significantly in 15 years, and so he very likely pulled out a large sum of money. He and his wife bought … (5 comments)
short sale: Surprised By The High Foreclosure Numbers? I'm Not...
- 10/15/09 09:30 AM
Any Realtor® who has been in the trenches since the beginning of the year, and has worked with Short Sales, probably understands why the Foreclosure numbers that were released today were so high. According the the numbers released today, October 15, 2009, by RealtyTrac, the Foreclosure rate increased by 5% from summer to fall. I bet many of these homes were unsuccessfully settled Short Sales. I was fortunate enough to be able to sit in a Broker Only Short Sale Session with Lem Marshall, Special Counsel for Virginia Association of Realtors last week. He spent a lot of time discussing how … (0 comments)
short sale: Short Sale Information...Want to Share?
- 03/11/09 10:57 AM
One of my greatest frustrations in working on short sales is the lack of process, and information, available about the transaction. It makes it very difficult to set the expectations for my clients. It occurred to me today, that we have a huge community here that could share information. It won't make the process faster, or more efficient, but it might help us all to set accurate expectations about how long it will take to get short sale approval. Since it seems to vary from bank to bank, the more specific you can be the better. Here is what I have … (11 comments)
short sale: Saga of a Shortsale
- 01/30/09 01:17 AM
I am a little bit frustrated. We put our offer in on December 29, 2008 and have yet to hear if it has been accepted. I know that this is the way it goes with short sales. I know it is made even more complicated by the fact that the sellers had both a 1st and 2nd Trust on the property. Who knows how many total investors were involved in those two mortgages? Who knows how long the approval process will take? I also know that I have first time buyers (who went in to this with their eyes wide open) … (9 comments)
short sale: FREE Home Buyer Seminar at the Cascades Library, THIS SATURDAY 11/22/08
- 09/04/08 05:27 AM
If you haven't had a chance to RSVP to our FREE Fall Home Buyer Seminar, please do not hesitate! We need to get an accurate count of the number of folks attending so that we can have enough materials on-hand. The number to RSVP is 1-877-531-4636, ext. 430. In addition to the information below, we will also be addressing different types of loans AND providing you with an understanding of what Short Sales and Foreclosures are and how the process of buying one of these properties can affect you as a buyer (what to expect since the process and timelines can … (0 comments)
RIP, Short Sale from Hell. It was inevitable that this Short Sale would die a long and painful death. The indicators have been there all along; multiple banks, a second that has been sold multiple times, deadlines that came and went, a real estate market that has continued to improve since last fall. And finally, today, the public announcement of the Trustee Sale on the steps of the courthouse. Could we have done anything differently? The very, very frustrating thing is that, no, we could not have done anything differently. We provided a solid contract with few contingencies. My client was … (4 comments)
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