ill Joyce starts every short-sale journey with “The Speech.”
In a what’s-ahead warning to homebuyers, the Roseville real estate broker promises something resembling burning deserts, howling winds and crops destroyed by hail. Buyers will be tested and tortured, he tells them. They will endure privations beyond all expectations.
And then they might fail.
via – Modbee.com.
Real estate brokers who have long complained about the time it takes to complete a short sale now have two U.S. congressmen in their corner who are sponsoring a bill that would require lenders to respond to consumer short sale requests within 45 days.
Lenders have been pushing more short sales as the industry recognizes them as a viable alternative to foreclosure. Short sales in the U.S. have tripled since 2008, according to data analyzer CoreLogic.
via bubbleinfo.com.
When one falls victim to a down housing market, putting the house up for a short sale is always better than being foreclosed on.
In a down housing market, or when a person falls into a situation where their personal housing market is down, circumstances may lead to having to sell the home.
When a home cannot be sold for what is owed on it, then homeowners must engage in a short sale.
via suite101.com.
After completing a short sale, the seller may discover a foreclosure would have been the better option.
By the end of the first decade of the twenty-first century, “short sale” had become a buzzword in the real estate industry. While some real estate sales professionals seized the opportunity and found ways to profit from the short sale explosion, other real estate professionals avoided short sales like the proverbial plague or reluctantly maneuvered clients through the unsavory transactions.
IF THE AMERICAN HOME OWNER IS IN A POSITION OF NEGATIVE EQUITY, WHY CANNOT THEY CLAIM A FINANCIAL LOSS FOR TAX PURPOSES AND “WRITE IT OFF” as a corporation can do when they lose money on investments or P&L???? Why is the American home owner the entity that many would FORCE to have to HOLD THE PROPERTY WITH NO MARKET VALUE, LIVE IN IT AND CONTINUE TO PAY FOR IT WHEN IT NO LONGER MAKES ANY FINANCIAL SENSE.
via Active Rain..
There is a lot of information – and mis-information – out there about foreclosures and short sales. And not knowing which are hard facts could put your home and family in a perilous position.
Eileen Smith, a REALTOR® from Tucker, GA cautions “Don’t let one of these myths land you and your family in foreclosure”:
via REALTOR.com® Blogs.
If you are a Bank of America, or a former Countrywide, mortgage holder and have been trying to get someone on the phone, things may be getting better. The company has recently hired 2,000 more employees for the default management department.
How long does it take to complete a short sale? If you have a prime loan from GMAC, it takes a full six months: painful. But what’s much worse is that GMAC is by far the fastest mortgage servicer of the lot:
via Seeking Alpha.
