Category Archives: Short Sale Info for Buyers

The Hard Decline (aka the Short Sale Mulligan)

I currently represent the buyer in a short sale transaction, and the lender is Wells Fargo.  Within a couple of weeks of submitting our purchase contract to the lender, the list agent received a “hard decline” from Wells. A hard decline is short sale lingo for starting over.  The frustrating thing is that there is […]

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The Mortgage Insurance Monkey Wrench

We’ve all heard of banks declining short sales.  It happens every day.  But even when a lender approves a short sale, there may still be another hurdle to clear before the sale can close. Mortgage insurers may have to approve the sale, even after the lender has already done so.  Confused?  Let me explain. First, […]

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First-time Buyers are Shying Away from Short Sales

A recent survey from Campbell/Inside Mortgage Finance shows that first-time buyers are less likely to pursue a short sale property than they were just 2 years ago.  According to the survey, which was reported by HousingWire.com, first-time buyers accounted for nearly 55% of short sales sold in November 2009.  However, by August 2011, that figure […]

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Can Buyers Sue Short Sale List Agents?

I recently came across an article by Walter Sanford, a former real estate agent who now coaches and trains real estate agents.  The article poses a hypothetical situation, whereby a listing agent successfully moves a short sale to the point of closing…and then the bank reneges.  

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Realtors Still Hate Short Sales

It really is sad that the mortgage industry and Realtors can’t seem to get along and process short sales quickly and effectively. From the banks’ standpoint, short sales bring in more money than foreclosures.  From the Realtors’ standpoint, short sales represent aggressively-priced listings (usually). But according to the California Association of Realtors, short sales are […]

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Foreclosures Taking Loooooonger

507 days…that’s how long it takes (on average) for a home to go to foreclosure after the owner stops making payments, according to an article in the USA Today.  LPS Applied Analytics, a mortgage industry research firm, says that in December 2010 the nationwide average was 410 days, and that by January the figure had […]

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Wikileaks to Target Bank of America?

(This article was updated on Jan. 31, 2011) Well, it’s the new year, and we’ve already got another story of a major bank being caught with its pants down…potentially.  According to Reuters, Wikileaks founder Julian Assange previously said he had intended to “take down” a major U.S. bank and reveal an “ecosystem of corruption” from […]

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Buyer’s Feet Stave off Foreclosure (for now)!

A client of mine just sold her house in North Carolina and moved to Nevada, just outside of Las Vegas.  As you probably know, Nevada is full of foreclosures and short sales.  So, naturally, my client contracted to buy a short sale.  During the escrow period (and during short sale negotiations with the lender), she […]

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Short Sales Offer Advantages over Foreclosures

I recently came across one of the better articles I’ve seen yet advising  sellers in pre-foreclosure.  Tara-Nicholle Nelson’s piece “Short Sales, Tall Benefits” was featured on Inman.com.  The article also address buyers, and she reiterates a point made earlier on this site…problems in banks’ foreclosure processes have led to title issues for buyers.  The advantage […]

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Is it Worth Your Time to Buy a Short Sale?

I recently saw an interesting article by Tim Manni on HSH.com, advising buyers on the short sale process. Given all the potential headaches of short sales, buyers often ask if they should be looking into short sale properties or if they should steer clear altogether. According to the article, buyers should align themselves with “a pro who is familiar with short sales.” That makes sense…but then the article delivers the buyer’s wake-up call…

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