Archive for the 'Short sales' Category
Ca-short sales exempt from the deficiency judgment, but not for Refi!
October 7th, 2010 categories: Real Estate news, Short sales
The Inman News published this article on short sales and the new law that passed:
California Gov. Arnold Schwarzenegger has signed into law a bill that protects homeowners who get their lender’s approval for a short sale from deficiency judgments, but vetoed related legislation that would have extended similar protections to homeowners who have refinanced their mortgage.
SB 931 was supported by the California Association of Realtors, although the group said the bill did not go far enough because it does not protect homeowners engaging in short sales from attempts by junior lien holders — owners of notes associated with so-called “piggyback loans” — from seeking a deficiency judgment.
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Becoming a homeowner again after a short sale-How soon can you do it?
May 18th, 2010 categories: Short sales
As a real estate agent, I always get confronted with the burning question regarding short sales and homeownership. Because there is a lot of confusion onthisp topic, I want to clarify this as much as possible, especially because FHA came out with an interesting new guideline that might surprise many short sale homeowners who wish to buy again after doing a short sale. Read the rest of this entry »
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Short Sale 1-Year Wait Turned into $100,000 Gain for the Buyer!
June 26th, 2009 categories: Short sales
The expression “good things happen to people who wait” resonates deeply with my client who had to wait for one year to finalize a short sale on the house that I helped him buy.
Therefore, when one of my friends who also works together with my husband as an engineer, told me that he wanted to buy a house in spring of 2008, I told him: “You need to wait one more year, as our market is in fast decline, and I want you to get the best house for your money.”
He really appreciated my honesty, but wanted to start looking anyway. We made numerous offers on short sales, until we came across a beautiful 4-bedroom home in the Empire Ranch area in Folsom that he absolutely fell in love with.
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Happy Ending Short Sale Scenario
September 25th, 2008 categories: Short sales
The approximate translation of a Romanian proverb goes like this: “Don’t drown right before reaching the shore,” which of course has to do with someone’s ability to follow through and be persistent in achieving his/her goal, even though it might seem impossible to accomplish and one is ready to give up.
In saying this I have to tell you that sometimes not getting an offer accepted as a short sale after months and months of waiting can be good thing, as most of the times the house will end up in foreclosure and you might be able to get it cheaper, so don’t lose hope. Read the rest of this entry »
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Buyers-To buy a short sale or not?
September 25th, 2008 categories: Short sales
Sacramento real estate has become an oasis of hot deals, especially the bank repos and the shorts sales, but needless to say most buyers prefer the bank owned properties, as they are faster and less frustrating to deal with than the dreaded and time consuming short sales (short sales are as the name denotes a short pay off accepted by the bank, or a loss that the bank is willing to take in order to avoid an expensive foreclosure process).
Therefore, if you’re trying to buy a short sale, it’s going to take for ever to obtain the bank’s final approval, and sometimes not even six months can give you enough time to get the offer accepted, which is why most agents advise clients to run as fast as they can in the opposite direction when coming across the dreaded, but so enticingly priced short sales. Read the rest of this entry »
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