Freddie Mac indicates that in order to be eligible for short sale, the property cannot be vacant (without an applicable exception). The short sale package and offer is in the review cycle and I'm told the next step is underwriting. I have not been a
Read more…I am taking a SS listing that has a first and second, the second being an equity line of credit of around $40,000 used for something other than the house. This home is a rental home. The money from the second was not used on the house, but for other
Read more…Hello Everyone I am the Broker of my office and one of my agents ask me to be the listing agent for his home he is doing a short sale on. I explained to that agent that he would not get any commission at all and he is find with it. Is it a violation
Read more…Saw a property in Florida that just came on the market for short sale.
Property is probably worth around 180K (my quick comps based on adjacent properties). Listing agent told me they just started the short sale process and may take months (as usua
Read more…Today an agent in my office asked for some advice and I was stumped. She is representing a buyer on a short sale property. The listing agent has told her that because the seller has missed so many payments if an offer is presented and it meets the le
Read more…I am about to turn in an offer for a property in Miami, FL.
I was involved in a few REO home deals before and the seller (bank) always have dictated title and closing agent, I just get my own attorney and pay for it out of my pocket.
Down here, it i
Read more…Hi. I am new around these parts. This forum is obviously filled with Short Sale Superstars! I'm merely an individual real estate investor still trying to figure out how to be the most effective investor I can be.
I invest in several markets in Fl
Read more…I'm hearing that HUD will not allow the BUYER to pay part of the commission on a HUD Pre Foreclosure Sale?? Can anyone who knows for sure, confirm or deny this?
Here's the situation, it's a low priced sale and I have a minimum commission on my
Read more…Trying to clarify some information that I heard from my tax preparer, does anyone know that as of 2012 any forgiven debit (that lender writes off as a result of a short sale) will be required to be counted as income for the homeowner?
Read more…Bayview finally had a BPO done weeks ago and now again no response, voice message boxes all full, no answer on other numbers and some numbers do not work. This is my longest Short Sale ever and I can not tell the buyers anything about time frames etc
Read more…In process of doing a short sale with Washington Federal. I was told today by two separate people at the bank that they do not do short sales and just take home back in foreclosure. Has anyone dealt with Washington Federal?
Read more…If there was ever a time to allow an "arms length" transaction this would be it. A young married couple were killed together in a motorcycle accident leaving three sons 28 years old and younger. The sons want to keep their parents home,(value is le
Read more…I have been communicating with a person at Bank of America who asked me to pass this along.
Several changes in our Short Sale (SS) process that will have an immediate impact your members. Many are included in the link below…
Read more…I'm working on a MetLife short sale with a FHA loan. I was starting to see the writing on the wall that there was probably a hard time ahead with the bank. Luckily I found your site and a posting by someone saying to contact FHA directly. I never
Read more…Re short sale in Fla.
If The bank has countered an offer to a potential purchaser and the potential purchaser may walk. There is a second potential purchaser who is willing to accept the same offer. Does the procedure need to start all over again wi
Read more…Hi all,
I completed a short sale two years ago on a Chase first and now Chase is pursuing the seller for the deficiency (through Allied Intl Credit). Chase says they have not sold the loan to Allied. I'm trying to get the deficiency waived (about $44
Read more…The buyer needs a sellers contribution for his down payment and has increased his offer by that amount. This is a BOA short sale, and of course "contribution" is just semantics since it just means the buyer is financing closing costs, but will that
Read more…seems like a pretty basic question and I should know the answer but I am unsure. If an offer is signed by both buyer and seller and submitted for 3rd party approval is it contingent or active status in MLS?
Read more…Anybody working HOA's? ...building relationships with HOA Managers and Board of Directors and then advertising in the Community Newsletter; having homeowner options panels, loan mod how-to classes, short sale info etc... would be a great win-win ...h
Read more…A Foreign National owner needs to sell 3 of his 6 properties where he can no longer afford to pay for all 6 properties. The issue is that all 6 of these mortgages are with the same bank and I want to see if there is a possibilty to still do it. The p
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