Over the last two years, Wells Fargo, Chase, and Bank of America have come to understand that many homeowners underwater on their home head down the path of non-payment and foreclosure simply because their credit and finances will not allow them to move. After pilot programs around the U.S., the three major lenders have began… Continue Reading
Category Archives: Short Sale
Top 10 Reasons Why a Short Sale Approval is Delayed
How long will it take for a short sale approval? Definitely one of those questions that many buyers and sellers are asking. When we first began riding the wave of short sales in 2008, lenders were simply not prepared for the high volume of requests. But as we move through the housing market crash, lenders… Continue Reading
Do I qualify for the modified HARP program?
On October 25th, President Obama visited Nevada, one of the hardest hit foreclosure areas in the United States, and announced changes in the HARP program to help more homeowners who are underwater on their mortgage. Based on calculations from The Federal Housing Finance Administration an “estimated an additional 1 million people would qualify. Moody’s Analytics… Continue Reading
Writing an offer on a short sale? Top 5 things to watch out for when buying a short sale.
I could have titled this Top 100 things because in reality every short sale deal proposes a unique surprise to deal with between offer and closing. But, there are several items that seem to come up over and over again, that even the best of us can be surprised when managing a short sale contract… Continue Reading
My Bank of America short sale offer was accepted. How long until the short sale is approved?
Q -So I just made an offer on a short sale where the seller received a NOD almost 60 days ago. The seller agreed to the terms, so my question is how long do I have to typically wait to see if the seller’s lender disapproves or approves the offer. Their lender is BofA and… Continue Reading
Is the seller going to clean up their mess?
Q. We just put in a offer on a home in South San Jose and it is a short sale home but our agent thinks it may be a forclosure now, not sure yet. The house is trashed with stuff (garbage, furniture, toys, junk .etc) oh, and a bunch of mouse droppings. Will we have… Continue Reading
Short Sale Deals. Really?
The new Multiple Listing System (MLS) software provides a quick glance of information pertinent to real estate professionals about the daily real estate world. This “hot” list includes New Listings, Pending Sales, Reduced List Price, Sold, and Increased List Price. Increased list price? It caught my eye when I realized in the last week, 32… Continue Reading
Why should I short sale my home?
Anytime a home owner can no longer afford to make their house payments and the home’s value is less than what is owed, a short sale should be considered. You do not have to be behind on your payments to request a lender to approve a short sale. For a home owner to qualify for… Continue Reading
Buying a Short Sale: From a Buyer’s Perspective
I have a friend who is a very intelligent person, highly organized, and very resourceful. He decided to purchase a short sale utilizing the listing agent of the home. He has been kind enough to detail out his experience and has allowed me to share step by step here. His experience is not unlike many… Continue Reading
Are short sales real deals?
Coming from an analytical background, I find myself digging through the local real estate statistics for San Jose and Santa Clara County into the wee hours of the morning more times than I should admit. I am always in search of a trend whether it is about one of the neighborhoods I work for or… Continue Reading