Category Archives: Short Sale Info for Sellers

Asheville Short Sale with 2 Wells Fargo Liens

This short sale involved a beautiful townhome near the Asheville Farmer’s Market.  I am still amazed that homes in this neighborhood are selling around $200,000.  But that’s the reality of the real estate downturn. This short sale scenario was one that I see quite often – a first mortgage and a home equity line.  While […]

Also posted in Closed Short Sales, Wells Fargo | Comments closed

Luxury Homeowners have more Pre-foreclosure Options

For high-end, luxury, or executive homeowners, there is typically more time to work out a foreclosure alternative with lenders, whether it be a short sale, a loan modification, a forbearance agreement, or deed-in-lieu.  Additionally, some lenders will even pay cash to the homeowner of up to $30,000 (this only happens in a short sale, and it actually […]

Also posted in Foreclosure News, North Carolina Short Sale News | Tagged , , | Comments closed

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 […]

Also posted in Bank of America, Short Sale Info for Buyers, Short Sale Info for Realtors, Strange but True, Wells Fargo | Comments closed

Yet Another Successful Asheville Short Sale with Wells Fargo

This condo was a pretty typical Asheville short sale.  There was one mortgage with Wells Fargo.  At the time I took the listing, the mortgage was not in default, and HOA fees and property taxes were also current.  There is a misconception among borrowers that they must be in default by as much as 90 […]

Also posted in Closed Short Sales, Wells Fargo | Tagged , , , , , | Comments closed

Wells Fargo Home Equity Short Sale near Asheville

This just sold in February 2013.  It was a bit unusual in that there was a HELOC (home equity line of credit), but no purchase mortgage ahead of it.  The loan was with Wells Fargo Home Equity.  Dealing with WF Home Equity is completely different than negotiating with WF Home Mortgage.  WF Home Mortgage uses […]

Also posted in Closed Short Sales, Wells Fargo | Comments closed

Mortgage Forgiveness Debt Relief Act Extended for 2013

Homeowners facing the possibility of short sale or foreclosure got a little bit of good news this month.  As part of the “Fiscal Cliff” deal reached by Congress, the Mortgage Forgiveness Debt Relief Act was extended until the end of 2013.  According to Forbes.com, homeowners who go through a short sale or foreclosure (on their primary […]

Also posted in Foreclosure News, North Carolina Short Sale News | Comments closed

Biltmore Lake Condo – 3 Lien Short Sale!

This condo sale closed just before the end of the year, and it took only about 3 and a half months from the time we put the property on the market until the time it closed.  Once the offer came in, we needed just about 2 months to close the sale.  There were 2 mortgages […]

Also posted in Closed Short Sales, Wells Fargo | Comments closed

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 […]

Also posted in Foreclosure News, Short Sale Info for Realtors | Comments closed

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. […]

Also posted in Bank of America, North Carolina Short Sale News, Short Sale Info for Realtors, Wells Fargo | Tagged , , , , | Comments closed

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 […]

Also posted in Foreclosure News, North Carolina Short Sale News, Short Sale Info for Realtors | Comments closed