short sale: No you can't buy your son's home as a short sale!
- 05/08/13 02:17 PM
Coeur d'Alene Idaho short sale question: Can I buy my son's home as a short sale? A buyer I am working with sent me an email asking me to write up an offer on a short sale we hadn't looked at. She said she didn't need to see it, she had been watching it closely for a long time and just wanted me to write up her offer and submit it. It is in a tiny little town about an hour from Coeur d'Alene and really down in the boondocks. Before I did anything I wanted to talk to the listing … (5 comments)
short sale: Homeowners are STILL being ripped off by Loan Modification Companies!
- 04/06/13 04:22 AM
Coeur d'Alene, Idaho It's been a while since loan modification alerts have been a hot topic in the news, but an encounter I had this week reminded me that the scammers are alive and well, and still preying on distressed homeowners. I wrote about a crackdown called Operation Loan Lies back in 2009 when Idaho Attorney General Lawrence Wasden shut down Apply 2 Save, a loan modification assistance company based in Coeur d'Alene after receiving 400 complaints. Distressed homeowners is several states had paid hefty sums to Apply 2 Save for assistance in obtaining loan modifications, and got nothing in return. There … (4 comments)
short sale: Coeur d'Alene Short Sale SUCCESS! Sometimes everything goes right...
- 11/07/12 02:03 PM
Today I got a message from a short sale client of mine. She wants to cancel the purchase agreement on her home and cancel the listing. Normally that kind of a message wouldn't be good news, but this time it is hard not to find some joy in the message. You see, when we started the short sale process she was in default on her mortgage and unemployed. She was discouraged at her inability to find a job and depressed about losing her home. To make a long story short, she found a job and is one of the fortunate few … (1 comments)
short sale: Waiting period to get a new mortgage after a short sale
- 11/02/12 01:27 PM
There seems to be some mixed messages regarding whether or not you have to wait two years before you can apply for a mortgage after a short sale. In the material that follows you'll see that you actually don't have to wait two years and in some cases you can apply for a mortgage as soon as the short sale is discharged. Under the right circumstances of reestablishing credit and an underwriter exception you may be able to qualify for a new home loan in even short less time than the general periods mentioned below. Conventional and VA loans require two years minimum … (1 comments)
short sale: No, you can't buy your son's home as a short sale!
- 09/13/12 01:57 PM
A buyer sent me an email asking me to write up an offer on a short sale we hadn't looked at. She said she didn't need to see it; she had been watching it closely for a long time and just wanted me to write up her offer and submit it. It is in a tiny little town about an hour from Coeur d'Alene and really down in the boondocks.
Before I did anything I wanted to talk to the listing agent and find out what the short sale situation was. We had a long talk, he told me about the … (1 comments)
short sale: Q & A: Why is one home a short sale and the other one isn't?
- 09/11/12 12:32 PM
"There are two homes for sale on my street. They were built about the same time and sold for the same price. How come one is a short sale and the other one isn't?" A seller can be in a short sale situation for a number of reasons. It always has to do with the CURRENT market value of the home versus what they owe on the home. Anyone who bought a home in 2005-2008 in Coeur d'Alene, at the top of the price run-up, has seen their home value decline. Let's use two of my clients as real life examples: One bought a … (0 comments)
short sale: Here's an explanation of what a HAFA short sale is in Coeur d'Alene, Idaho
- 09/19/11 03:42 PM
Janna Rankin Scharf, GRI, CLHMS, SFR - Coeur d'Alene Idaho Short Sale Specialist "What is a HAFA short sale?" We are starting to see more and more of these now in Coeur d'Alene, and there are some important differences between a HAFA short sale and the typical short sale transactions that have generally been driving us to frustration done the past couple of years. First of all, HAFA is the acronym for Home Affordable Foreclosure Alternatives. HAFA is an option for homeowners who have been unsuccessful in modifying their home mortgage through the HAMP program. HAMP, being the acronym for Home … (3 comments)
short sale: New short sale bill would require lenders to provide response in REASONABLE time!
- 09/29/10 05:05 AM
Janna Rankin Scharf, GRI, CLHMS, SFR - Coeur d'Alene Idaho Real Estate New short sale bill would require lenders to provide response in REASONABLE time! Now that would be AMAZING! I won't be holding my breath..... The new bill, H.R. 6133, Prompt Decision for Qualification of Short Sale Act of 2010, has been introduced in an effort by Congress to require lenders to speed up their time table of response. It routinely takes MONTHS for a response, while potential buyers bail on their attempts to purchase the home and frustrated sellers lose their home to foreclosure.
National Association of REALTORS President, … (10 comments)
short sale: SNEAKY.....BANK OF AMERICA.......LOAN MODS.......... TAKES THE CAKE...........
- 06/10/10 05:29 AM
The following blog post caught my eye this morning as I was preparing a new short sale listing contract. My new client is a family man who has tried in frustration for months to modify his mortgage. The story he tells of his exercise in frustration unfortunately is all too common. There isn't a day that goes by that I don't hear a similar story. It is disheartening to watch good people attempt to do everything within their power to make the best of a bad situation NOT of their making, and be treated this way.
I have clients that have … (8 comments)
short sale: Here's a great article on short sales and deficiencies. Know what you are doing!
- 04/30/09 05:03 AM
A short sale is one option of avoiding foreclosure for those who have fallen on hard times. But while it can be a good option, depending on your personal circumstances, it is not for everyone. Home sellers, please be careful! Make sure you are using a real estate agent who knows what they are doing. Keep in mind that each lender will have different policies for negotiation. Some are notoriously difficult to work with, while others are relatively pleasant. But every short sale is a complicated event that requires skill and attention to detail. And PATIENCE! With so many people in … (1 comments)
Coeur d'Alene Idaho short sale question: Can I buy my son's home as a short sale?
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