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Recent Short Sale News

How Does a Short Sale Work? (Part 2)

September 1, 2010

A short sale is an arrangement between a homeowner and the bank which holds the home’s mortgage to sell the property for a price less than the value of the mortgage. Short sales have experienced a sharp rise over the past few years as more homeowners find themselves either unable to make their mortgage payments because of a sharp rise in interest rates or unwilling to continue paying their mortgage because the value of the home is less than the cost of the mortgage.

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The Worst Housing Market in 15 Years: 5 Options for Homeowners

August 25, 2010

The housing market in the U.S. is having a meltdown. Last night’s edition of Nightline talked about the bad news. The National Association of Realtors reports the worst month-to-month drop in existing home sales since they started  keeping track in the late 90s. Closings are down more than 25%. That’s a 15-year low. It’s not [...]

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Short Sale Deficiency

August 24, 2010

Will you Still Owe your Bank Money after a SHORT SALE? There’s one thing that many people don’t think about when considering a short sale (here’s an explanation of how a short sale works). That is, will you have to pay the bank the difference between what you owe and the final sales price of [...]

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Study: Short Sale Fraud Costs Lenders $310 Million A Year

August 23, 2010

We’ve been discussing each step of the short sale process. A new study called The Cost of Short Sales, by CoreLogic, illustrates how much risk a lender takes on when they grant a short sale. This study will help you see the other side of the equation. Estimates show that short sales are really hurting [...]

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How BPOs and Short Sales Work

August 19, 2010

BPO Short Sale A BPO, or Broker’s Price Opinion, is essentially an appraisal purchased by the existing mortgage-holder.  It is not as an extensive as a full appraisal- but can be thought of as a “mini-appraisal” in terms of cost and comprehensiveness. A BPO is important because the existing mortgage-holder (typically a bank) is seeking [...]

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9 Simple Steps for Writing a Successful Hardship Letter

August 19, 2010

In the last post I promised to give more details about a part of the short sale process called the hardship letter. This is where you persuade the bank who owns your home to let you sell the property for less than you owe on the mortgage. Yes, a tall order. But it’s not impossible [...]

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Short Sales Rise Dramatically

August 13, 2010

Short Sale Stats/Study A new report by CoreLogic says short sales have tripled to 400,000 across the nation since 2008. This means that the number of yearly short sales nationally has grown by three times in two years. Interestingly,  over half of the short sales happen in four states: Florida, Texas, California and Arizona.  The [...]

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Short Sales – Behind the Scenes

August 11, 2010

How to Prep for a Short Sale There are many things you can do to improve your chances of a successful short sale such as: Starting as early as possible in the default process Having a fully ratified purchase contract Listing agreement Preliminary HUD-1 Homeowner’s signed and dated hardship letter detailing why they are unable [...]

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How Does a Short Sale Work

August 11, 2010

Short sale is a distressed homeowner situation whereby: Net proceeds from sale is less than amount owed to lender. A Short Sale allows the homeowner to sell the home for less than the total amount due – this includes loan amount, closing costs, transaction fees and third party negotiations.  As one of the main approval [...]

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Questions Realtors Should Ask When Interviewing Sellers for a Short Sale Listing

August 10, 2010

1.  Are you sure you don’t want to pursue a loan modification? Have you already pursued a loan modification?  Is a loan modification something you might be interested in a few months? Many sellers have already tried this route and have decided that for some reason this avenue won’t work (either the loan mod is [...]

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