short sales « Home Loan Information

4Mar/104

When is a property officially a "Short Sale"?

Continuing the great and enlightening discussion on the topic of short sales it has come time for the bane of the web: a poll. Actually polls are not the bane of the web but they are also usually skewed and completely unscientific when used in this manner. However, which is the same as but, your opinion and perspective is invited on this particular matter.

Having taught and “done” short sales for a number of years, in fact well before they were one of the biggest buzz-words in the industry, I have had the chance to work with many agents, sellers, buyer, banks, and lenders in multiple aspects of the process. Still there are “gaps” in understanding, approach and even the timing of a short sale. Moreover, and more personally important to me as the lender offering financing to people who are purchasing short sales, the timing of when a property officially becomes a short sale.

Tagged as: atlanta, Real Estate, short sales Continue reading

2Mar/100

Short Sales pitfalls to avoid (agents and buyers)

You have almost certainly heard the phrase “short sale” over the last several months. As the nation’s housing market imploded and millions of people began falling behind on their mortgage payments and started facing foreclosure short sales have become much more popular. Many “short sales experts” began showing up around 2007 who had not even heard the term until the attended a class or read an article by someone who may have been familiar with short sales for many years.

Opportunity also breeds scams and the short sales opportunity almost immediately saw hundreds of websites come into existence claiming to be part of a “Government Loan Modification Program”. If you are facing foreclosure and you are searching for help online be warned – NEVER pay anyone upfront for help avoiding foreclosure or to negotiate a short sale for you. NEVER assign your deed or sign a contract giving another party control of your property. Consult a reputable personal asset protection attorney in your area and ask them how much experience they have had with short sales. The same goes for any real estate agent who says they have short sale experience.

httpv://www.youtube.com/watch?v=iePknXWCKLw

Almost every lender will “consider” a short sale. If you are a home buyer or a buyer’s agent looking at a “short sale listing” the very first question to ask is “has the short sale been approved at a specific dollar amount?” If it has then you have a short sale and you should make your offer based on that knowledge. However, if the answer is “the short sale has been approved and they will consider offers” then it is not a short sale. It is a listing for a home for sale with the possibility of negotiating a short sale.

If the short sale has not been approved to a specific dollar value plan on 45 to 180 days of negotiating. If the short sale has been approved to a specific dollar value and you want to offer less than that amount ditto.

Tagged as: home buying, Real Estate, short sales No Comments

19Nov/080

Twitter Tweets about Short Sales November 19, 2008

As a part of my research for my BlogTalkRadio shows I collect data from all over the internet. I used to keep these quiet but now, at least from time to time, I share these with anyone who wants to read them. If you are unfamiliar with Twitter it is a

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20Jan/070

Short Sales – From The Lender's View (2007)

Short sales – it seems like there are more experts than there are opportunities. I do not claim to be a short sales expert but I have been teaching them for about 7 years. This is a short video from January of 2007 that was “supposed” to end up in some big online production by another group but never made it.

It has been viewed about 15,000 times and I think I have answered about 750 emails as a result of this little video so feel free to contact me with your questions as well.

Tagged as: short sales, video No Comments

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