Short Sale Info Archives - Page 4 of 8 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

5 Reasons Why A Loan Modification May Not Be the Answer for You

01/29/2011
Seller Info, Short Sale Info

When considering whether you should pursue a short sale or a loan modification, homeowners should consider and discuss the following issues with their legal counsel and tax advisor. Not every loan modification solves an equity problem. If your house is worth half of what you paid for it, a loan modification may not solve your problem, unless it includes principal reduction as a part of it.

Confessions of a Short Sale Agent: I Already Hate Your Bank

11/27/2010
Humor, Short Sale Info

So now you are thinking of a short sale and you think no one could hate your bank more. But, you're wrong. I hate your bank, already. Although you hate your bank, you can't possibly hate them more than me. I hate them all day long. You go to work, come home, and hate your bank at night and on the weekends. But not me, I wake up in the morning, and I hate your bank. I go to bed at night, and I hate your bank.

4 Biggest Mistakes Short Sale Sellers Make

11/18/2010
Short Sale Info

Let the house fall apart. Even though you are short selling your home you should not let you house fall into disrepair. A house full of deferred maintenance is not appealing to buyers. You can lower the price to attract a buyer, but ultimately the lender does have to approve the lowered price.

What information does a bank typically require for a short sale package?

11/15/2010
Seller Info, Short Sale Info

What information does a bank typically require for a short sale package?

What Happens if the Short Sale Does Not Appraise?

11/09/2010
Seller Info, Short Sale Info

It depends. This is definitely a difficult situation for both the buyer and the seller, usually because appraisals are not ordered and completed until after the short sale approval has been received. Typically, the parties wait for weeks, if not months for the short sale approval, and once received the buyer begins their inspections and their lender orders the appraisal.

Foreclosure Alternative: The Short Sale

11/02/2010
Seller Info, Short Sale Info

Foreclosure Alternative: The Short Sale A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how…

Four Things Santa Maria Home Sellers Should Know About the HAFA Short Sale Program

10/28/2010
Seller Info, Short Sale Info

HAFA stands for Home Affordable to Foreclosure Alternatives and it is a government program designed to help home owners who are in danger of losing their home to foreclosure. •1) You must apply for a HAMP (Home Affordable Modification Program) loan modification to be eligible for HAFA. If offered a modification, you can turn the loan modification down, or even if you are turned down under HAMP, you can request a short sale under HAFA if a short sale is the best answer for your situation.

Santa Maria Real Estate Update: Can Investors Purchase Short Sales?

10/26/2010
Short Sale Info

Yes, investors can purchase short sales. There are pitfalls though, such as if the property has a notice of default filed on it. In that case, specific disclaimers MUST be provided to the seller. California law seeks to protect sellers from unscrupulous equity strippers, and as ironic as it may sound, those disclaimers still apply when the property is a short sale. So, even though there is no equity, investors much make sure sellers are aware of their rights.