Category Archives: Short Sale Info for Realtors

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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Can a Lower Short Sale Price be Better for a Seller’s Tax Situation?

Believe it or not, a lower contract price on a short sale can actually be better for the seller.  I know…I know… it sounds ridiculous, right?  IRS 1099-C rules will come into play, and so a short sale attorney or tax professional should be consulted.  This should really happen BEFORE a seller agrees to ANY […]

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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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Chase Offers Cash for Keys to Short Sale Borrowers

This may sound absurd, but according to the South Florida Sun-Sentinel, Chase is offering certain borrowers a sizable chunk of change for closing a short sale. Borrowers may receive $10,000 – $20,000 from the mortgage giant for agreeing to a short sale.  But not every borrower is eligible, and the borrower cannot ask be to […]

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Exposing the Flaws in CoreLogic’s Short Sale Report

CoreLogic recently released its 2011 Short Sale Research Study.  Of note is CoreLogic’s suggestion that lenders may be incurring unnecessary losses in processing “suspicious” short sales.  (To read the actual report, you’ll need to register at CoreLogic’s website). According to CoreLogic’s own website, here are the highlights of the study: It is estimated that lenders, […]

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CoreLogic: 38% of Home Equity Borrowers are Underwater

CoreLogic reports on something we all probably knew, but now we have a hard number to put on it.  Borrowers with home equity lines of credit (38%) are more likely to be underwater than borrowers without equity lines (18%). The report also states that, of borrowers with negative equity, 2nd-mortgage borrowers have deeper negative equity […]

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The End of HAMP?

In yet another blow to the government’s mostly-failed Home Affordable Modification Program (HAMP), the House plans to vote by the end of the month to cut off funding for the Obama administration’s main foreclosure prevention plan, according to Alan Zibel’s Wall Street Journal blog. In nearly 2 years, the program has assisted approximately 540,000 borrowers, […]

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North Carolina BPO’s Under Legal Scrutiny

In North Carolina, BPO’s (Broker Price Opinions) are done just like they are done in most states…by real estate agents for a fee of roughly $50-$75.  However, the North Carolina Association of Realtors has been spreading the word that this is in violation of state law. That’s right…according to David McGowan, NC REALTORS Director of […]

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