The answer is, maybe.  Before April of this year,  this would have been put in the “myth” category.  We have handled many files in which the Seller continued making their payments throughout the short sale.  However, back in April we had two BOA files and a Wells Fargo file rejected in one week because the…

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Ok, maybe short sales won’t save the planet (does that mean that I don’t really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior?  I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our banking system…

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Oh Those Pesky 2nd’s

10% of the amount owed:   As we all know the land of short sales is anything but settled.  Even after three years of doing this full time there always seems to be something new coming or going…like unsecured promissory notes or confession of judgments.  Over the summer all of the investors and servicers for…

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Multiple Short Sale Offers

NORTH CAROLINA SHORT SALE ADDENDUM. The North Carolina Short Sale Addendum to the Offer to Purchase and Contract states: “Buyer and Seller understand that additional offers may be received by the Seller’s Agent, which must be presented to the Seller pursuant to North Carolina law. Such offers may be accepted by the Seller as backup…

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We strongly suggest that the Seller use his/her own closing attorney for a short sale. Our firm requires it if we are facilitating the short sale. Why? Well, if the Seller docs are prepared by the Buyer’s closing attorney, as is usually done in a real estate closing in North Carolina, the Seller ends up…

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In North Carolina we now have a Due Diligence Period that can be negotiated and put in the Offer to Purchase and Contract (Offer to Purchase). We could have done it with the old contract but it is now a prominent part of the new Offer to Purchase. In a short sale situation, however, the…

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The simple answer is as soon as possible. I know that the Buyers don’t want to spend $350 for a home inspection before they know if the short sale will get approved. I get that, but lets analyze why it is better to get it done sooner rather than later: 1. Think “AS IS” contract….

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Completing a short sale involves much more than just sending in an offer that the bank accepts. By definition the Seller’s mortgage and judgment lien debts must be negotiated. There are three issues of liability that face the real estate agent and/or a third party facilitator who takes on the job of negotiating a short…

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I should start off by clarifying that the bank the mortgage payment is going to usually does not own the loan.  Most often they are just servicing the loan.  The loan is owned by an “investor.”  That could be another bank, a hedge fund, an investment group, Fannie Mae, Freddie Mac, a company or an…

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