Short Sales

When is an Offer on a Short Sale Too Low?

by Jon Griffith Short Sales
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A short sale is not a bargain by default. Sometimes a lender will accept an amount below the Broker Price Opinion which could equal savings over the long term, in a market that’s increasing in value, obviously. If the market prices are still on the decline (more supply than demand), then buying a bargain below [...]

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Should We Stop Paying Our Mortgage?

by Jon Griffith Personal Finances
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That’s really not a question that I can answer for you.  But, what I can tell you is that there are investors who hold notes on homes who will absolutely refuse to consider you for a short sale unless you’re past due by at least 30 days. My initial response to this is complete rejection.  [...]

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When Do We Start the Short Sale Process?

by Jon Griffith Short Sales
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If you’ve exhausted all other options, or those options are something you don’t qualify for, such as loan modification, refinance, etc., and you’re on your last leg, then that is the time to start the short sale process. After all other options are exhausted, you have only one remedy to prevent foreclosure other than paying [...]

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How Do I Know If I Qualify for a Short Sale?

by Jon Griffith Short Sales
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There really are only a few qualifiers that place you in the Short Sale category.  The most obvious would be that your home is worth less than you owe on the note. The real question you want to ask yourself is:  “Is there a reason we need to sell our house?” Whether or not you [...]

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What is the Red Tape?

by Jon Griffith Short Sales
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There are no doubt an abundance of obstacles. Most of the problems we face through the process of short selling your home are directly related to two problems, 1) bank employees following policies and procedures, and 2) work load. In order to manage any large number of low-wage employees, which is what we’re dealing with, [...]

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When the Short Sale Offer is Too Low

by Jon Griffith Short Sales

Upon receiving an offer from a seller, the seller’s lender sends someone out to provide a price opinion of the property’s value.  This number is stacked against the current offer, and if it falls within a certain range, the bank will approve the file. In our current Phoenix market, we’re expecting another round of defaults [...]

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Nationstar Mortgage: We Won’t Help You Until you Stop Paying Us

by Jon Griffith Short Sales

What? Yep.  That’s the conversation I just had with a customer service representative at Nationstar Mortgage.  “The investor will reject all attempts for a short sale if the seller is not delinquent on their mortgage payments.” As of Wednesday, August 25th – A quick follow up note on this: The loan servicing company is hired [...]

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The Lender Does Not Pay For Anything in a Short Sale

by Jon Griffith Short Sales

This is one of those misunderstood technicalities that I face every time I work with a potential short sale candidate.  The common mis-understanding has been that when a home is sold short of what is owed, the lender or lien-holder pays the associated costs of closing the transaction such as broker commissions, seller’s closing costs, [...]

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