Short Sale Info Archives - Page 5 of 8 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

What is a BPO and how can it Affect a Short Sale?

10/21/2010
Seller Info, Short Sale Info

A BPO is an acronym that stands for Broker Price Opinion. As a part of approving a short sale, a bank will order either an appraisal or a Broker Price Opinion (or both) to determine the market value of the property.

Can I offer less than the asking price on an approved short sale?

10/19/2010
Buyer Info, Short Sale Info

The answer to this is, yes, definitely. An approved short sale is a short sale where the bank has already indicated acceptable price and terms. As the HAFA program comes into greater usage, we will supposedly see more approved short sales on the market. The HAFA program provides a way for sellers to get an approved price on their short sale before listing it on the market.

How to Sell A Home with Tenants: 3 Tips

10/16/2010
Seller Info, Short Sale Info

Make sure you know when the lease will end, and when the tenants will begin a month to month tenancy. These are important facts to relay when selling a home with tenants. Investor buyers willl want to know, and other buyer will want to know when the tenants can vacate the property. Also, make sure you know how much notice the tenants are entitled to for showings - a well written lease will include a provision about notice.

Short Sale Alert: One Loan? No More Deficiencies After a Short Sale in California.

10/14/2010
Short Sale Info

I think this is probably the most significant development for short sale sellers since the housing bust began and frankly it makes me proud to be a Californian. In my mind it was the right thing for the legislature to do. California Senate Bill 931 prevents first lien holders who approve a short sale from then turning around and pursuing the homeowners for the deficiency.

Santa Maria Short Sale Alert: Contingent Short Sales?

10/13/2010
Buyer Info, Santa Maria, Short Sale Info

Contingent short sales are all over the Santa Maria market. Santa Maria home buyers are always asking me about them. They linger on the market. Often the seller is requesting no more showings. But why? With so many buyers looking for homes and condos in Santa Maria, why do these properties linger on the market? The answer is of course bank delay

Top 5 Short Sale Myths

10/08/2010
Seller Info, Short Sale Info

Myth #1: I have to be an owner occupant to qualify for a short sale. Where did this myth come from? I’ve done short sales for investors and non-owner occupants. They happen all the time. I just listed a home where the lender told the owner to do a short sale on their rental property. You can sell your investment or rental property via short sale.

Santa Maria Real Estate: Tips for Buying Santa Maria Short Sales

10/06/2010
Buyer Info, Santa Maria, Short Sale Info

1) Be prepared for an “as-is” purchase. Many times there is deferred maintenance on short sale listings. Often owners in financial distress stop performing maintenance on the home either willfully and because they lack the funds. You can ask a short sale seller to make repairs, but often they are unable or unwilling to do so since they are losing their home. You can also approach the short sale lender and ask that they allow the cost of the repairs to be deducted from their “net” but often the answer will be no, even if the repairs are required by your lender in order to originate your new loan.

Short Sale Flipping Information

09/29/2010
Seller Info, Short Sale Info

The California Department of Real Estate issued a warning in March 2010 against the practice of short sale flipping when the short sale lender is unaware that they are being presented with an under market bid for the home. Short