Short Sale Info Archives | Page 3 of 6

Will the Bank Pay My HOA Dues As a Part of My Short Sale?

Even without a lien, a large amount of unpaid dues can become an issue. And, if the bank won't pay and you as the seller can't pay - it could make your short sale difficult to close. A better solution is to start on your short sale early while not much is owed on HOA dues, keep those dues current, or, at the very least out of collections.

The IRS Filed A Lien on My Home, Can I Still Do A Short Sale?

Has the IRS field a lien on your home for back taxes? Are you wondering whether you still can do a short sale with the IRS lien filed on your property? The answer of course depends on your individual situation. But, generally the IRS will remove its lien on your property where it can be shown that the lien has no value. If your property is worth less than the liens that are superior to the IRS lien, then the IRS lien probably has no value.

How Does the Bank Determine the Value of My Home in a Short Sale?

In a short sale, the bank will typically order either a Broker Price Opinion (BPO) or an appraisal to determine the value of the home. Most banks use BPOs. The use of BPOs is the source of much controversy among short sale listing agents, short sale sellers and appraisers. Appraisers often object to BPOs and believe that only an appraiser can give an accurate depiction of value.

How Time Can Run Out On Your Santa Maria Short Sale

One of the worst things that distressed Central Coast homeowners do is waiting until the clock is ticking before contacting a short sale agent. When does the clock start ticking? I tell people it starts ticking when you stop paying. Ideally, if you know a financial hardship is imminent, you should begin exploring your options, including a short sale, before any payments are even missed. In its recent Open Letter on Short Sales, the California Association Realtors reports that according to surveyed California Realtors® only about three out of five short sales close.

5 Reasons Why A Loan Modification May Not Be the Answer for You

When considering whether you should pursue a short sale or a loan modification, homeowners should consider and discuss the following issues with their legal counsel and tax advisor. Not every loan modification solves an equity problem. If your house is worth half of what you paid for it, a loan modification may not solve your problem, unless it includes principal reduction as a part of it.

Confessions of a Short Sale Agent: I Already Hate Your Bank

So now you are thinking of a short sale and you think no one could hate your bank more. But, you're wrong. I hate your bank, already. Although you hate your bank, you can't possibly hate them more than me. I hate them all day long. You go to work, come home, and hate your bank at night and on the weekends. But not me, I wake up in the morning, and I hate your bank. I go to bed at night, and I hate your bank.

4 Biggest Mistakes Short Sale Sellers Make

Let the house fall apart. Even though you are short selling your home you should not let you house fall into disrepair. A house full of deferred maintenance is not appealing to buyers. You can lower the price to attract a buyer, but ultimately the lender does have to approve the lowered price.

What information does a bank typically require for a short sale package?

What Happens if the Short Sale Does Not Appraise?

It depends. This is definitely a difficult situation for both the buyer and the seller, usually because appraisals are not ordered and completed until after the short sale approval has been received. Typically, the parties wait for weeks, if not months for the short sale approval, and once received the buyer begins their inspections and their lender orders the appraisal.

Foreclosure Alternative: The Short Sale

Foreclosure Alternative: The Short Sale A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how…