home buying: Dangers Of Short Sales For Home Buyers - 04/06/10 02:51 AM
Dangers Of Short Sales For Home Buyers
This list includes many of the dangers and things that can go wrong for buyers purchasing a short sale.
1. Time: It will take 5 to 6 months or longer to get an answer from the bank.
2. During that time home values may continue to decline.
3. If the bank approves the sale in may no longer appraise at the sales price.
4. It the bank approves the sale you will often have just 30 days to close creating a rush to get all the necessary requirements completed.
5. Interest rates potentially … (0 comments)

home buying: What is a Short Sale? Short Sales Explained - 08/11/09 12:52 AM
A Client of mind just emailed me and asked me to explain a short sale.  I thought I would explain it here on the blog.
Basically the seller of a home owes more than what the house is worth.  Maybe they bought the home recently at the height of the market or refinanced too many times and no longer have equity.  Then the seller has a financial hardship, perhaps a job loss or illness, and can no longer keep the home.  The short sale is a way to avoid foreclosure and sell their house without damaging their credit as badly as … (2 comments)