Category Archives: Short Sale Info for Sellers

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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Short Sales Increase as Banks Realize Their Benefits

2012 is shaping up to be a big year for short sales, and it should come as no surprise.  Nationwide, short sales peaked in the first quarter of 2009 (105,000 short sale transactions nationwide), but preliminary data indicates that 2012 could come close to those same levels. According to a report from RealtyTrac (A Building […]

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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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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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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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Two-mortgage home in Gated Community

This property languished on the market with 2 different real estate firms before my colleague and I got the listing.  It had 2 mortgages, both with New York Community Bank (formerly AmTrust).  The mortgage debt was nearly $500,000.  In addition, property taxes, homeowners association dues, and a homeowners association assessment were all successfully negotiated.

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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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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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