portland short sales: The Short Sale Deficiency Plan.
- 05/28/10 09:59 AM
A couple of years ago most of my short sales would have ended with no deficiency judgments for the home seller. Nowadays that's still my ultimate goal, but it's not quite the foregone conlusion that it used to be. A lot depends on who the lien holder is and the financial condition of the seller. Some lenders will not change the language on their approval letters no matter what you threaten. That being the case, I always ask my clients prior to listing their home for short sale what their plan is regarding deficiency. If the approval letter comes back without any guarantee … (0 comments)
portland short sales: Short Sales are "AS IS"!
- 04/25/10 08:58 AM
My disclaimer: I'm not an attorney or a CPA. I just do a lot of short sales and therefore have formed an opinion. And you know what they say about opinions! Short Sales are "AS IS". If you're an agent listing short sales, you really need to let the buyer's agent know that the bank won't do any repairs and the seller often doesn't have any money for repairs. This is almost an absolute. Are there exceptions? I never say never, but let's say almost never. There's nothing more frustrating than a listing agent who doesn't educate the buyer's agent to … (2 comments)
portland short sales: New State Laws Encouraging Default?
- 04/07/10 07:39 AM
My disclaimer: I'm not an attorney or a CPA. I just do a lot of short sales and therefore have formed an opinion. And you know what they say about opinions! Some states are starting to put laws into effect to help protect homeowners facing foreclsoure. One such state is Oregon (my home state). One such law is House Bill 3656. I haven't yet decided whether I think this is a good rule or a bad one. House bill 3656 just signed by our Governor and made law on March 10th, 2010 does something helpful. . . or maybe not. In summary, … (1 comments)
A couple of years ago most of my short sales would have ended with no deficiency judgments for the home seller. Nowadays that's still my ultimate goal, but it's not quite the foregone conlusion that it used to be. A lot depends on who the lien holder is and the financial condition of the seller. Some lenders will not change the language on their approval letters no matter what you threaten. That being the case, I always ask my clients prior to listing their home for short sale what their plan is regarding deficiency. If the approval letter comes back without any guarantee … (0 comments)
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