short sales: Short Sales Risk Management Questions
- 03/03/11 08:07 AM
Hello A/R I am not a short salespecialist and don't take short sale listings....however I do work with Buyers in purchasing short sale properties, as do my sales associates so want to make sure I understand certain potential risk management issues I have recently run across I thought I would also throw this out for feedback from the A/R community prior to updating my policy manual. Loan payoff "deficiency". Let's assume a short sale closes escrow and there is a $100k deficiency on the loan payoff. It is my understanding that unless the lender specifically and in writingagrees to forgive that $100k loan payoff deficiency, that promissary note continues and the lender can, … (0 comments)
short sales: Do lenders prefer REO's over Short Sales?
- 07/19/09 08:49 AM
I came across some interesting information recently that may help shed new light on why short sales (short pays) are so difficult and time consuming and so often end up going nowhere (except to foreclosure). Under a short sale, we can pretty much assume the bank will incur a realized loss on the difference between the approved short pay amount and the outstanding mortgage balance. However.... if foreclosed, a lender may be able to apply to TARP for relief (bailout) and recover the cost of the loan amount written off. Then later... if the home is sold at foreclosure auction, or not, and repossessed as an REO asset and … (4 comments)
e-PRO REALTOR Larry Hansen, CPA and Broker / Owner of Calif Desert Realty resides at PGA WEST in La Quinta, CA and specializes in gated and golf communites in La Quinta PGA West and surrounding areas. Visit his website at www.CalifDesertRealty.om and his La Quinta, CA neighborhood listings at www.Point2Homes.com
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