shortsale: Not Another Short Sale Blog - Oh Please!!! - 03/16/10 10:57 AM
Well, yes this IS another short sale blog.  I have been reading other people's blogs and writing my own as well about those people professing to be short sale specialists or experts.  I am one of those so called "experts" claiming that title from having taken the CDPE (Certified Distressed Property Expert) and having paid my hard earned $300 or whatever it was at the time.  And I agree that just because someone took a course and paid some money doesn't a short sale expert make.
So I have been thinking a lot lately about what does make one an expert.  Of course … (4 comments)

shortsale: Happy Short Sale Client - 01/18/10 11:41 AM
I love it when it all comes together, especially after working long and hard on putting a successful short sale together.  Here's what my recent clients said, "Karen did an outstanding job of helping us through a very long and stressful process involving the short sale of our home.  She maintained excellent communication with us throughout the entire process and was positive, but honest about possible outcomes.  Since we live out of state our relationship and communication was completely by phone and email.  She went above and beyond while our house was on the market by making extra trips to trade keys, talk to neighbors, … (1 comments)

shortsale: 71% of Short Sales Fail - 11/06/09 02:33 AM
I went to a very informative seminar put on by Bank of America this week and was stunned to learn that 71% of short sales fail.  The no. 1 reason is that the proper documentation is not submitted timely.  If we, as agents are going to due diligence in the representation of our sellers, the necessary documentation should begin to be gathered as soon as it is apparent that a short sale will be attempted.  Don't wait until an offer is received.  Then once that acceptable offer is received, a complete package is ready to be sent into the lender, with no further delay.  … (6 comments)

shortsale: Options to Foreclosure - 05/05/09 01:43 PM
Foreclosure is one resolution when a homeowner finds that they can no longer afford to make their monthly payments.  But there are other possible solutions.
1) Attempt a workout with the lender.  Call your lender and ask them if they can offer you a loan modification whereby your payments can be reduced or you can get a reduction in your interest rate.
2) List your property with a qualified agent to do a short sale on your property.  This is where the agent would represent you to negotiate between your lender that has the lien on your property and a potential … (0 comments)

shortsale: Situations Causing Foreclosure or Short Sale - 05/02/09 06:02 PM
Probably the most common causes of a homeowner finding themselves in a distressed situation with their home are:
1) Interest rates adjusting to a much higher rate and homeowner unable to make the increased monthly  payment
2) Job loss, business failure or reduction in income
3) Illness or death of the wage earner or family member
4) Divorce or separation
5) Relocation
6) Military service
7) Credit card debt
Anyone of us can find ourselves in a situation where we may be faced with the prospect of losing our home, including me.  It only takes a month or two of one of these things happening and … (0 comments)

shortsale: Foreclosure and Short Sale the Same? Not by a longshot! - 05/01/09 02:43 PM
Many homeowners and fellow real estate agents, are now becoming more knowledgeable about the differences between foreclosures and short sales.  This is a very good thing.  Basically the main difference is that a bank owned property is one in which the owner has gone through foreclosure and the home home they previously owned, is now owned by the bank.  The short sale property is still in the seller's name and still owned by them, but is on it's way to foreclosure and being bank owned.  The owners will work with a qualified real estate agent to negotiate with the lender(s) to accept less from … (0 comments)

shortsale: Loan Modification - 01/12/09 12:33 PM
Many homeowners that would otherwise be in a distressed financial situation can now fine hope in a loan modificxation program offerd by their present leinholder.  Many leinholders of your first mortgages can be contacted to see if they will modify your present loan, to save you from having to go through foreclosure or a much dreaded short sale, because you can no longer afford to make your monthly payment.  Go to your lender that currently carries your mortgage and inquire about a loan modification program.  Log into their website and enter "loan modification" into keyword for give them a call.  Not all … (1 comments)

shortsale: Advise Foreclosure Rather Than Shortsale? - 12/16/08 01:53 PM
Under what circumstance might it be a better option for a homeowner to consider letting their property go into foreclosure, rather than attempting a shortsale?  I think I have one.
I have a potential elderly client that is considering doing short sales on two condos of which she is sole owner.  She is in her late 70's and does not plan on making any purchases which require good credit, including that of another home.  She lives in another state and does not have money to clean up the condos that have been badly misused by the past renters.  I could use the listings … (0 comments)