Posts tagged as:

short sale

Flopping short sales…a no-no

October 17, 2011

There is no shortage of scams in the world of short sales. Chicago Title’s latest newsletter gives an example of the unlawful practice of “flopping,” whereby a seller and buyer are related parties and collude to execute a short sale…only to have the buyer flip the property afterwards and split the proceeds with his partner […]

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First-time homebuyers & short sale trends

October 3, 2011

My managing broker forwarded me this article on short sales and first-time homebuyers. It notes that first-time homebuyers have become a smaller proportion of all short sale buyers, citing frustration with the process. I’d also credit the many buyer agents who actively discourage their clients from engaging a short sale. However, buyers should be savvy; […]

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New law on short sales & deficiency judgment

August 19, 2011

Effective last July 15th, SB 458 expanded protection from deficiency judgment to sellers engaged in a short sale. Under the previous law—SB 931 passed in 2010, a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan. SB 458 now expands this to junior liens. […]

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Closing extension on $8K tax credit

July 1, 2010

Ratified a sale before April 30th but can’t close before June 30th to claim the federal 1st-time homebuyer tax credit? Well lucky you. Congress just approved an extension…and the President will likely sign the bill. Now you’ll have until September 30th, 2010 to close. This should be a relief to lots of buyers stuck in […]

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Webinars on distressed sales

April 20, 2010

Yours truly has a shiny new credential. Yep, I’m SFR: Short Sales and Foreclosure Resource-certified, a designation of the National Association of Realtors meant to heighten agents’ knowledge of the distressed sales market. Much of the training material should be familiar to any agent who’s done short sales and foreclosures. But it also imparted some […]

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Short sale scenario – surprise soft notes

February 11, 2010

The lienholder(s) have approved your short sale. You’re the seller. Escrow is due to close next week. At your signing appointment at the title company, there’s a big surprise: the lienholder(s) want you to sign a promissory note. “No way!” you say. Deal’s off. Buyers not happy. Six months of work down the tubes. It’s […]

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Federal short sale solution

February 5, 2010

Here’s some more information about the federal Home Affordable Foreclosure Alternatives Program (HAFA) that will go into effect on April 5th. Will this be the answer to everyone’s short sale struggles?

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New policy to streamline short sales

January 14, 2010

So the Treasury Department announced the Home Affordable Foreclosure Alternatives Program (HAFA), which will take effect in early April and was created to incentivize lenders to streamline the short sale process. As much as I’d like to see it work, I’m skeptical that lenders would bite. Just ask any struggling homeowner trying to get a […]

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