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FAQ

Short Sales Affect Your Credit

March 10, 2010

You probably know by now that completing a short sale is much, much better then giving up and quitting and letting the bank take the home via foreclosure.  You probably also know that although, much better than a foreclosure, the short sale will affect your credit.
What you probably don’t know is that in most cases [...]

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The Bank’s View

February 25, 2010

It’s important to understand the bank’s viewpoint.
BPO (Bank’s Appraisal is High)
They think the home is worth more so their REO comparisons have a “happy ending.” Meaning, they think they can resell the home for more then your offer.
You Want More Closing Costs so You Increase The Price (the Net to Seller Remains the Same).
They believe [...]

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I need my home listed ASAP!

February 5, 2010

This happens quite a bit.  I get a call from someone about their short sale and they are frantically wanting to get the home on the market.  In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for [...]

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What does “PMI” have to do with a Short Sale?

January 29, 2010

Here’s your scenario:
PMI (Private Mortgage Insurance, also known as Mortgage Insurance) company has a policy on the shorted loan that says they will pay the investor 20% of the loan amount.  So if you have a 400K loan, that’s $80K total payout.  In order to pay this, the insurance policy has certain things in place [...]

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Lenders Pursue Mortgage Payoffs Long After Home Owners Default

January 28, 2010

According to business week, this is a common practice, one that makes it scary to even think about a deed in lieu or a foreclosure.
Deficiency judgments were rare in the 15 years since the last real estate slump, said Ben Hillard, a former investment banker who now is a real estate and corporate attorney at [...]

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Program 3648 – Other Certifications

January 19, 2010

After a late night of browsing I stumbled onto a site that said it had Certified Program 3648 Advisors.  I thought for sure this would be something that I would be immediately certified in, simply due to the sheer volume of short sales I’ve been able to complete in the last few years.
NOT SO!  Apparently [...]

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Bank of America Short Sales

January 13, 2010

To say that Bank of America short sales are the worst is to say that World War II sucked.  It doesn’t even come close to describing what it is like to deal with Bank of America on a short sale. That being said, they are predictable at least, once you know few things.
Here’s a few [...]

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Here’s An Example Of An Agent Who Does Not Do Short Sales

January 4, 2010

I read this on a forum post the other day and thought, this is the perfect example of an agent who does not understand the short sale process.  Before you read on, please be aware that a short sale involves getting all the parties to agree, so it’s more than a simple negotiation with the [...]

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Do You Have An FHA Mortgage? Short Sales Are A Breeze

December 22, 2009

If you have an FHA mortgage then you might qualify for your lender to “pre-approve” your short sale with what is called a “Pre-Foreclosure Sale.”  I can’t tell you specifically how the two are really different at the end of the day.   However, I can tell you that we are closing short sales in record [...]

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Short Sale FAQ – Do you have to be late or behind?

December 17, 2009

The short answer is finally yes. 
You must be at least 30 days delinquent for a short sale.
In over a year with shorts sales, we noticed a trend in the last 60 days to get more agressive with borrowers who have the financial ability to pay. 
Previously, if you moved out of the home and could “barely” afford [...]

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