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 [...]
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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 [...]
Continue Reading →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 [...]
Continue Reading →The BPO is the Broker Price Opinion. It’s an opinion of the value of a home by a licensed real estate agent, not by a certified appraiser. Before any home goes on the market, your real estate agent will conduct a Market Analysis of your home, neighborhood and neighboring sub-divisions. He or she will recommend [...]
Continue Reading →Aside from the normal list of problems that a home can encounter through the Escrow process, there are a few things that happen that are specific to Short Sales that can kill the deal. I’ve outlined 5 that I have come across and a little bit about each experience.
Failure to Provide Documentation
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Continue Reading →I see questions about this all the time, and I understand what the confusion is. I recently pushed a new buyer through on a previous buyer’s approval on a short sale listing that I had, and the lender accepted the new contract, but it took some work, because the terms had changed and we had [...]
Continue Reading →I hear time and time again that you have to be behind on your payments to do a short sale; that you have to prove that you’ve suffered reduced income to do a short sale. You don’t. This is currently false information.
If you understand the mathematical components of a short sale, you will see [...]
Continue Reading →I was shocked to search my own website for the term “What is a short sale” only to find no results. How could that be? I’ve written a bunch of stuff on short sales. Well, I’m solving that little problem right now with yet another basic post on the definition of a short sale.
What [...]
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