Posts Tagged ‘short sales’
Mortgage Payments Too High? Here is What You Need to Do
Believe it or not, there are MANY homeowners who are underwater, still, years after the mortgage meltdown. According to Core Logic, 6.1% – 3.1 millions homes – of all mortgaged CA homes have negative equity, as of the first quarter of 2017. Short sales are also increasing recently as many variable mortgages that were obtained…
Read More
Are Short Sales Still Great “Deals?”
Here we go again…short sales seem to be hitting the market once again, due to rates resetting on adjustable interest rate loans. Back in the heyday of the housing market meltdown these types of properties were often times great buys, so long as a buyer had the patience to wait. For those not familiar with…
Read MoreNew Supreme Court Ruling May Impact Short Sales
The latest case on the Supreme Court docket could affect the number and difficulty of future short sales, so if you are short selling, purchasing/planning to purchase a short sale, or if you are an agent who may be selling one, please read on. In Bank of America v. Caulkett, the Supreme Court will soon…
Read MoreBuying After a Past Short Sale? You May Soon be Out of Luck
If you are thinking of buying a home with a conventional loan, and you had a short sale, deed-in-lieu of foreclosure or mortgage loan write-off less than 4 years ago, you better be aware of some changes that will take effect in August (yes, next month). What this may mean is that you have to…
Read MoreReal Estate News for Week of December 9, 2013
Franchise Tax Board Will Not Tax California Short Sellers on Non-Recourse Loans: The FTB has announced that short sellers will not be taxed on non-recourse loans, following the lead of the IRS. This decision seems obvious, given that a short sale does not have debt forgiveness. Good news for those who need to sell their…
Read MoreHappy Ending to a Horrible Short Sale
I used to love short sales…all it took was great organizational skills, persistence, a thick skin and a big mouth, and it was more or less simple to get a short sale closed. But after what my poor buyers just went through it makes me want to stay away from short sales for a while!…
Read MoreAre Short Sales Still Good Deals?
Short sales have received much stigma as of late, and more buyers have been steering clear of them. But for those who are willing to wait them out, can short sales still save you money? In order to answer to this question it is important to dissect the short sale and look at it’s components…
Read MoreShort Sales and HOA Fees: What You Should Know
Someone called me the other day with a question about short sales and HOA fees. She wanted to know whether a homeowner should continue to pay HOA fees if they are involved in short selling their home, and are awaiting lender approval. The answer is YES. Unlike other fees which short sale lenders typically agree…
Read MoreThere is NO Such Thing as Shadow Inventory
You have heard the term “shadow inventory.” It was initially coined to refer to the housing inventory that lenders owned, post-foreclosure, but had not yet placed on the market for sale. It has been feared for years and is the subject of much speculation – how much are those lenders really holding back? Since the…
Read MoreBank of America Issues Notice that May Affect Short Sales
Bank of America issued a notice recently to agents about the possibility of selling off loans in the middle of a short sale, which could drastically affect your short sale (and even cancel it last minute). It is very important that both homeowners and their agents understand what is happening, before listing a property for…
Read More