Tag Archives: short sale

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 […]

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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 […]

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Investment Lot – Fairview, NC

lot-photo

This was an investment lot near Asheville, North Carolina with a Bank of America loan.  The final sale price was approximately 44% of the outstanding loan balance.     But that’s not the best part…the best part is that the short sale approval letter from Bank of America waived any right to pursue the deficiency […]

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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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