Category Archives: Short Sale Info for Realtors

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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What does the Fiscal Cliff mean for Short Sales?

By now, we’ve all heard of the looming “fiscal cliff” that awaits us if Congress doesn’t come to an agreement on tax legislation by the end of 2012.  There are several tax laws that must be extended, modified, or allowed to expire, but one is of particular importance to the real estate industry. The Mortgage […]

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North Carolina Receives Aid for Short Sales

In April, 49 state attorney general offices and several federal agencies reached a $25 billion settlement with 5 major lenders (Wells Fargo, Bank of America, Citi, Chase, and Ally/GMAC).  The settlement was the result of suspect lending practices and automated foreclosure processes (“robosigning”). The state of North Carolina received approximately $338 million from the settlement. […]

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Time Running Out on Tax Forgiveness for Short Sales

One of the most important pieces of real estate and tax legislation is set to expire at the end of 2012.  The Mortgage Forgiveness Debt Relief Act has benefited countless borrowers who have sold their home in a short sale and had their debt “forgiven” by their lender. For a brief explanation of how this […]

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New Guidelines to Make Short Sale Approval Easier

For the 2nd time this year, Fannie Mae and Freddie Mac will issue more guidelines to make short sale approval easier for eligible borrowers.  Back in June, Fannie Mae issued guidelines to speed up the process, but these new guidelines (effective November 1st, 2012) are aimed at overcoming some of the obstacles that borrowers face […]

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Asheville Realtors Offer Short Sale Workshop

Kudos to the Asheville Board of Realtors (along with the Haywood County and Hendersonville Board) for organizing a series of short sale seminars.  The seminars will be held Saturday, August 4 from 10am-Noon AND 1-3 pm at the Affordable Housing Fair and also from 9am – 2pm at First Baptist Church, 5 Oak Street, Asheville. More […]

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Broker Price Opinion Bill Signed by Governor Bev Perdue

I’ve been writing about the potential law change regarding BPO’s in North Carolina for some time now.  And when Senate Bill 521 passed through the legislature, it was widely discussed online in other forums, blogs, and news media.  But the bill wasn’t yet a law, because the governor hadn’t signed it.  Well, all that changed […]

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10 Reasons to Consider a Short Sale

The sale of a home or piece of property at a price below the amount needed to pay off your existing loan is known as a short sale.  It can offer a better solution than foreclosure.  Due to the housing crisis, many lenders are more lenient about accepting short sales than ever before.  This option […]

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Federal Disclosure Requirements to Protect Homeowners

By now, we’ve all heard of foreclosure rescue companies, loan modification services, and the like.  Many of these companies offer an invaluable service and are worth every penny they make in the process.  However, there are some groups out there who are either unknowingly charging illegal fees to underwater homeowners or who are complete and […]

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What Every Seller Should Know About Cancellation of Debt in a Short Sale

The basic premise behind a short sale is that the seller will negotiate with their lender to sell the house for less than what is owed.  If the lender also agrees to “cancel” or “forgive” the short amount, then there may be a resulting tax liability for that amount.  According to a recent article on […]

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