So you have to sell. Here is what you should do.
FIND A REALTOR
1. You can not do this on your own.…Continue
Added by Marcy Moyer on August 31, 2011 at 6:18pm — No Comments
I did it! I just closed on a Short Sale and it took about 3 months all in all. This was a fairly uncomplicated deal however there were numerous challenges along the way. It is quite an experience being a realtor, negotiator, a friend, emotional supporter and all the various hats we wear to get these done.
Would I do it again, yes indeed! I will take the lessons I learned and become more efficient on my next one.
Here's onward and upward!
Added by Terri Novitsky on August 30, 2011 at 5:57pm — No Comments
Wednesday, August 24th, 2011, 11:00 pm
Second-quarter pre-foreclosure sales jumped 19% from the previous quarter, suggesting more banks and distressed borrowers are searching for efficient ways to offload properties near foreclosure, RealtyTrac said.
Third parties acquired 102,407 pre-foreclosures in the second quarter, while 162,680 bank-owned homes were sold in the same period.
Pre-foreclosure sales are generally short sales and properties sold within…Continue
Added by Chris B Johnson CDPE,SFR,HAFA on August 30, 2011 at 5:23pm — No Comments
MARKET COMMENT Mortgage bond prices fell last week, which pushed mortgage interest rates higher. Rates started off on a bad note Monday as stocks surged higher. This negative movement continued throughout midweek as durable goods orders rose 4%, considerably stronger than the expected 1.9% increase. Stocks took a roller coaster ride and fell a bit Thursday morning, which helped support mortgage rates. Rates rebounded slightly Friday morning as Q2 GDP came in lower than…Continue
Added by Kenneth Bargers on August 29, 2011 at 8:44am — No Comments
There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash. Since condos are…Continue
Added by Marcy Moyer on August 27, 2011 at 5:39pm — No Comments
Has anyone just recently dealt with Nationstar taking over a First Horizon loan? Just had a buyer walk from the deal and then found out Nationstar took over, I have a new offer but now Nationstar is telling me because the seller has moved out of the house and it's an FHA loan they more than likely won't look at my new offer tell they approve the seller. Timeline they said is typically 30 days, and they also noted they are a little behind. Anyone else get this response from Nationstar? Any…Continue
If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world. HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to…Continue
Added by Marcy Moyer on August 23, 2011 at 12:05pm — No Comments
MARKET COMMENT Mortgage bond prices finished near unchanged last week but whipsawed up and down throughout the middle of the week. Rates started off on a bad note Monday in reaction to stronger than expected data. Housing starts, industrial production, and capacity use data all surprised to the upside. European debt worries resulted in flight to quality buying Wednesday and rates improved considerably that morning. Unfortunately those gains were erased Thursday afternoon…Continue
Added by Kenneth Bargers on August 22, 2011 at 8:55am — No Comments
The Federal Housing Administration will require mortgage servicers to place specific borrowers into trial modifications before collecting a fee for the…Continue
Added by Chris B Johnson CDPE,SFR,HAFA on August 20, 2011 at 5:11pm — No Comments
Added by Joanne Finochio on August 15, 2011 at 8:02pm — No Comments
Added by Kenneth Bargers on August 15, 2011 at 9:33am — No Comments
Added by Chris B Johnson CDPE,SFR,HAFA on August 13, 2011 at 6:17pm — No Comments
I have been doing short sales for about 3 years, I have seen a lot but I am still learning. I known that banks sometimes might denied a short sale in the following cases:
Added by John E. Roberts on August 8, 2011 at 3:41pm — No Comments
Added by Kenneth Bargers on August 8, 2011 at 9:41am — No Comments
The question of whether to short sell a home in probate used to be rare, but now unfortunately it is not. There are estates where the owner dies, owes more than the house is worth, and a decision needs to be made by the Personal Representative (executor) as to what to do.
My opinion, try it. If it is in the best interest of the bank/investor to short sell rather than foreclose they will do it. If it is not, they won't and will take it to foreclosure.
So who benefits if the home…Continue
Added by Marcy Moyer on August 7, 2011 at 10:56pm — No Comments
Added by Chris B Johnson CDPE,SFR,HAFA on August 3, 2011 at 5:52pm — No Comments
Quote: "A growing reason short sale deals fall through or take longer is because of mortgage insurance purchased after the homeowner closes on the deal and the loan is later…Continue
Added by Dawn Barrier on August 2, 2011 at 4:33pm — No Comments