short sale

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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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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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 Basic Short Sale Process

by Jon Griffith Short Sales

Handling a Short Sale for a client is a very complicated and detailed process, but at its core, there are only a few basic steps involved.  The real success of the Short Sale is attributed to the experience level of the agent representing the seller.  If they don’t know what they’re doing, it’s likely you [...]

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The Truth About Loan Modification

by Jon Griffith Loan Modifications

When applying for a loan modification, be prepared to disclose your entire financial life to whomever is negotiating your modification.  If you try to do it, you will fail, unless you are persistent, or insane.  Some attorneys require $3000 up front retainers to even begin negotiating with the bank.  There is no guarantee that it [...]

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Buyer Backs Out on Short Sale

by Jon Griffith Uncategorized

Ever heard that one before? If you list and negotiate short sales, I’m sure you have. During the past year, the time frame required to close a short sale has increased as more and more properties hit the market in a distressed state. Short sales occur when the bank allows the owner to sell the [...]

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