Steve Loynd's Blog – October 2009 Archive (2)
Interest only land loan, from Bank of America is killing this client.
The Short sale and the Sole Proprietor
I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.
He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.
The current market value is approximately half the purchase price, or $160,000 less than the… Continue
I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.
He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.
The current market value is approximately half the purchase price, or $160,000 less than the… Continue
Added by Steve Loynd on October 22, 2009 at 4:06am — 6 Comments
My Saxon Rant...
Saxon..the Oxen of the Short sale industry.
If you have an Oxen in your field....you will be expected to feed it and protect it everyday. For these daily chores you will be ignored, pushed around and drooled upon. If you meet one of these lumbering creatures while traveling in the road, you may honk all you wish but you will not be allowed to pass...traffic will come to a grinding halt.
The lesson of trying to work with oxen is this,,they will tear up your… Continue
If you have an Oxen in your field....you will be expected to feed it and protect it everyday. For these daily chores you will be ignored, pushed around and drooled upon. If you meet one of these lumbering creatures while traveling in the road, you may honk all you wish but you will not be allowed to pass...traffic will come to a grinding halt.
The lesson of trying to work with oxen is this,,they will tear up your… Continue
Added by Steve Loynd on October 18, 2009 at 4:26am — 6 Comments
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