Short Sale Info Archives - Page 3 of 8 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Two Loans with Two Lenders: Short Sale Approval Received in 41 Days!

04/17/2011
Short Sale Info

I have another short sale success story to report. I just closed a short sale that was fully approved by both short sale lenders, Select Portfolio Servicing (SPS) and Specialized Loan Servicing (SLS), within 41 days of submitting the short sale application. Working with two short sale lenders can be difficult, and I do think that this is the number one reason most short sales fail. Negotiating between two lenders can add a significant amount of time to the approval process. However, by staying in almost constant contact with both lenders I was able to negotiate this short sale in record time, with no seller contribution and the deficiency waived on both loans.

Will My Lender Pay My Delinquent Property Taxes As A Part of My Short Sale?

04/10/2011
Short Sale Info

The answer is maybe. It is not uncommon for a short sale seller in financial distress to have unpaid property taxes. During the housing boom, many lenders did not require tax and insurance impounds.

Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!

04/07/2011
Short Sale Info

I just received short sale approval from Wells Fargo in 26 days! It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box.

Short Sale vs. Foreclosure When You Have a HELOC in California

03/29/2011
Short Sale Info

Just walking away may seem like the easiest way out, but it may in fact make things more complicated for you. If you have a HELOC, I do believe a short sale is usually worth the hassle. At the very least, a short sale gives you the opportunity to negotiate with your lender up front - and, foreclosure is always there as an option, but a short sale isn't.

Will the Bank Pay My HOA Dues As a Part of My Short Sale?

03/26/2011
Short Sale Info

Even without a lien, a large amount of unpaid dues can become an issue. And, if the bank won't pay and you as the seller can't pay - it could make your short sale difficult to close. A better solution is to start on your short sale early while not much is owed on HOA dues, keep those dues current, or, at the very least out of collections.

The IRS Filed A Lien on My Home, Can I Still Do A Short Sale?

03/23/2011
Short Sale Info

Has the IRS field a lien on your home for back taxes? Are you wondering whether you still can do a short sale with the IRS lien filed on your property? The answer of course depends on your individual situation. But, generally the IRS will remove its lien on your property where it can be shown that the lien has no value. If your property is worth less than the liens that are superior to the IRS lien, then the IRS lien probably has no value.

How Does the Bank Determine the Value of My Home in a Short Sale?

03/20/2011
Short Sale Info

In a short sale, the bank will typically order either a Broker Price Opinion (BPO) or an appraisal to determine the value of the home. Most banks use BPOs. The use of BPOs is the source of much controversy among short sale listing agents, short sale sellers and appraisers. Appraisers often object to BPOs and believe that only an appraiser can give an accurate depiction of value.

How Time Can Run Out On Your Santa Maria Short Sale

03/13/2011
Short Sale Info

One of the worst things that distressed Central Coast homeowners do is waiting until the clock is ticking before contacting a short sale agent. When does the clock start ticking? I tell people it starts ticking when you stop paying. Ideally, if you know a financial hardship is imminent, you should begin exploring your options, including a short sale, before any payments are even missed. In its recent Open Letter on Short Sales, the California Association Realtors reports that according to surveyed California Realtors® only about three out of five short sales close.