A common question. I’ll do my best to answer it for you.
When a real estate transaction closes, there is a document created called a HUD-1 Settlement Statement. The HUD-1 is a spreadsheet of sorts that outlines the flow of money for the two parties involved in the transaction.
Who are the two parties? The buyer [...]
Continue Reading →Not every house for sale is a clean offer. Sometimes there are special conditions on the property that will affect the transaction timeline. One example of this would be “Short Sale Approval Required” or as our Arizona MLS abbreviates it, “Short Sale Aprvl Req.”
Here is a quick list of the Special Listing Conditions that [...]
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One question that I hear over and over again is, “should I short sale my house?”
Before you can short sale your home, you need to know if your house is under water. If you’re asking the above question, you probably already know the answer. If you don’t, you might want an evaluation of your [...]
Continue Reading →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 [...]
Continue Reading →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 [...]
Continue Reading →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 [...]
Continue Reading →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, [...]
Continue Reading →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 [...]
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