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Real Estate Short Sale Questions and Answers |
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Question: What exactly is a short sale?
We are looking at a second option for buying a house if the one we want doesn't work out. Our second option is bank owned but the old owners are still living there. They were served with a 30day eviction notice. When talking with our mortgage broker today he said we could do a short sale...what exactly is that. Our real estate agent was just going to wait until after the house was listed on the market and the listing agent for the bank owned property said as soon as it becomes available we would be the first one's to see it. Does it sound like a short sale would work because I have no idea what a short sale is?Answer: A short sale is an "arrangement" between the ...
A short sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.Answer: buying a house for less than what the lender is owed on it. ...
buying a house for less than what the lender is owed on it. be careful a short sale if the lender agrees is a good thing for the buyer, but be sure to get a current apprasial from ur choice of appraisers, dont let the realtor tell u the house is worth x as it was appraised 6 months ago. property values have fallen across the usa, and the short sale could still cost u more than the house appraises for, and that isnt a good situation. second the departing owner may do things to the property, and u wont like the condition u find at final inspection etc. glAnswer: A short sale is simply the lender allowing the homeowner to ...
A short sale is simply the lender allowing the homeowner to sell the house for less than they owe. It can be a good deal for a buyer because it's typically below market value, and in good condition. Unlike foreclosures that people trash before they have to leave.
There is no reason you shouldn't write an offer on the house if it is what you want.Answer: A "short sale" is when the selling price of the ...
A "short sale" is when the selling price of the house is less than the current oustanding balance of the mortgage.Question: Can I say no to a low ball offer on my short sale, or is it up to the bank?
I know the bank has to accept the offer but can I refuse to even submit a offer to the bank, just curious...Answer: No, if you are short selling you already agreed to let the ...
No, if you are short selling you already agreed to let the bank handle it as they see fit.Question: Is there a new foreclosure law stating a deficiency by a short sale on a primary residence is forgiven?
I keep hearing about a new law, that might be part of a presidential order, forgiving the short sale deficiency of a primary residence. Can someone provide confirmation of this new law? If so what are the guildlines, how does it work and what defines a primary residence according to this new law? Everyone who has shared this with me has been in the state of Arizona, is this new law only applicable there?Answer: There are options for anyone facing foreclosure and finding ...
There are options for anyone facing foreclosure and finding out the laws that apply to you. The changes in law are national not state oriented. 1-888-995-HOPE is a government hot line that may be able to give you all the answers you may need. If you are dealing with the threat of foreclosure you do have options. Good Luck to you!Answer: I can't see a law like that existing w/o bankrupting the ...
I can't see a law like that existing w/o bankrupting the banks themselves.
There is no such law at this time, but there may be a proposed law.
Lets all pray that the government is not stupid enough to sign something like that.Answer: There is no law like that at the present time.
However I ...
There is no law like that at the present time.
However I have been an activist in the Democratic Party for over forty years.
I have been agitating for changes in our mortgage lending laws for years.
I am currently working with a Democratic candidate for Congress.
We are trying to unseat a do nothing Republican Congressman and I think that we have a good chance of winning.
When we win, we will be holding hearings on this whole mortgage mess.
We will be proposing legislation that will do away with this mess, make the lenders much less arrogant and more willing to work with people.
Ther is no such law on the books, yet.
We will have a Democratic President, a Democratic Congress and a Democratic Senate.
The greedy Republican mortgage lenders have been living off the backs of the working people for much too much time.
The greedy Republican mortgage lenders will learn a lesson they will never forget when we take over the government in 2008.
The Republican creeps will go down in flames in 2008!!!!Answer: A primary residence is the home that you live in... Not a ...
A primary residence is the home that you live in... Not a rental that you rent out. You can go to the Dept of real estate and check out any new laws that have passed. The recent one having to do with foreclosures has certain criteria you need to meet.
http://www.dre.ca.gov/Answer: You heard incorrectly about the new law. What WAS signed ...
You heard incorrectly about the new law. What WAS signed was a law making any such deficiency no longer taxable income. In the past, if the lender did not pursue the deficiency, the income could be reported on Form 1099 and had to be considered taxable income.
The new law says nothing about forgiveness of the deficiency. The lender still has the option of taking you to court to obtain a deficiency judgment.Answer: "Acemill" is absolutely correct, and should be ...
"Acemill" is absolutely correct, and should be marked as "Best Answer. In the past, an approved short sale counted as Taxable Income because in effect the homeowner was being given $X amount of dollars off of their mortgage.
On a side note, when I getshort sale's completed, I make sure that the lender signs off that they will consider the payment as paid in full & will not attempt to receive a deficiency judgment against the homeowner so this shouldn't even be an issue.
Best of luck,
Rich
http://www.youngrealestateinvesting.comQuestion: What does it mean when a property is listed as a "short sale?"?
I've seen several houses that note that the property is for sale as a 'short sale' but don't understand what that means to me as a buyer.Answer: The owner wants to sell the property before it goes into ...
The owner wants to sell the property before it goes into foreclosure. It had to sell quicly.
To you as a buyer, you'll get the house at or below market value.
It is best to speak to a Real Estate Attorney when looking into short sales (which you need anyways when buying a house)Answer: it means the lender is willing to sell it for less than ...
it means the lender is willing to sell it for less than whats owed on it, means nothing to the buyer, implies a bargin, but not necessarily true, unless they are selling it for less than what the current appraisal is. far to many folks in todays world got inflated appraisals, borrowed the maximum up to 100 or 125% of the apprasied value, yes u could borrow more than the property is worth, then they defaulted and the lenders have gotten the properties back where the borrower owed more than they are worth, so the lender is selling for less, they call it a short sale, but dont always tell u the true value, be careful, due your due dilegence and get a good current appraisal, dont let the realtor or lender tell you well it appraised for x dollars 6 months ago, get a current one before making a decesion gl.Answer: It means that the person will accept offers for less than ...
It means that the person will accept offers for less than the mortgage amount owed on it. Basically, any reasonable offer will not be turned down - but it also means that the bank is calling the shots - not the owner. It may take several days for the bank to either accept or counter your offer. Also, your realtor may steer you away from these because their whole commission may not be paid.Answer: http://ezinearticles.com/?What-is-a-Real-Estate-Short-Sale?& ...
http://ezinearticles.com/?What-is-a-Real-Estate-Short-Sale?&id=638791
A short sale occurs when the value of the home is less than the mortgage...the seller is upside down
Please view this link for more informationAnswer: all those answers are great, however, you don't always ...
all those answers are great, however, you don't always need a real estate attorney. As a former Realtor in Colorado, we did all the work for the buyer! those banks are really difficult to work with though, they take FOREVER to respond to an offer and sometimes they try and cheat Realtors out of their commission (which is how they get paid for all the work they are doing!)Answer: It means that the home is going into foreclosure. The ...
It means that the home is going into foreclosure. The homeowner owes more than what the property can sell for, so they are attempting to get the bank(s) to take less than is owed on the property.
Can be a lenghty process and the buyer waits around for a long time with no answers. Buying a house that is a short sale requires lots of patience.Answer: Short Sale=Bank will take less than owed
Hope this ...
Short Sale=Bank will take less than owed
Hope this helps
Terry Smith
http://www.Welcome2Arizona.com |
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Bank Foreclosure
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