Comments on: Short Sales

By: Alexis Jameson

Alexis Jameson — Tue, 29 Sep 2009 00:55:02 +0000

Unfortunately no one really does know the truth about
starting in real estate until you get started.
It is a demanding job and you have to be able to talk (sell) people.
If you don’t go out and get the business you will be like 90%
of other agents and only have a few deals a year.
Both can do wonders for a person’s business. Thanks again!

By: Will Tempe Condo Pro

Will Tempe Condo Pro — Sat, 15 Aug 2009 20:39:58 +0000

State of the Market?
Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.

A mortgage lender friend of mine says that April will be his best month since 2005.
I wrote purchase contracts on two different properties today and received offers on two different listings this weekend. This constitutes the busiest weekend I have had in four years. One of the offers I received was for full price.
My wife, an escrow officer, says that April will be her busiest month since 2005. About 50% of the transactions are refinancing of existing mortgages and 50% purchase contracts. Yes, most of the contracts are of lower priced foreclosures but its still promising to see that so many people believe prices now “make sense”.
We have received more buyer leads over the last two weeks than we have in four years.
We are finding properties priced low enough that one can easily enjoy positive cash flow if they buy and then rent the property out.

I’m not saying that we can now declare that the bust is over and full steam ahead but if things keep going in this direction we very well may be seeing the beginning of a recovery.

By: Janet

Janet — Thu, 15 Jan 2009 04:45:18 +0000

Thanks Jillayne!!

By: Buenos Aires Real Estate

Buenos Aires Real Estate — Sun, 11 Jan 2009 12:27:41 +0000

Where can I find a list of foreclosures in the NYC area?

Thanks
Jp.

By: Is Excise Tax Payable on Short Sale Debt Forgiveness? | Rain City Guide

Is Excise Tax Payable on Short Sale Debt Forgiveness? | Rain City Guide — Sat, 10 Jan 2009 21:36:53 +0000

[...] Short Sales [...]

By: cc

cc — Fri, 31 Oct 2008 15:40:43 +0000

Thanks for clarifying.

cc.

By: ARDELL

ARDELL — Thu, 30 Oct 2008 16:50:17 +0000

“- Given this will be a cash sale, is the HUD 1 they are requesting really necessary?”

CC, I don’t know anything aboug South Carolina, but I do know that the HUD 1 is necessary regardless of how you will be paying for the property. The HUD 1 tells your Dad’s lender what they will be getting as a payoff after expenses of sale, and is required for any short sale. They also want to review the detail from gross sale price to their net payoff to make sure there aren’t big fees in there, such as agent fees above the amount they allow. So they need to see the detail of costs and not just the gross sale price, and the HUD 1 gives them that detail.

By: CC

CC — Thu, 30 Oct 2008 15:16:27 +0000

Yes the 1st & 2nd are with the same bank. I’ll check back for any additional thoughts you may have.

By: Kary L. Krismer

Kary L. Krismer — Thu, 30 Oct 2008 14:43:30 +0000

I’m relieved to see that you are dealing with an attorney, and seemingly you’ve asked a lot of good questions.

I don’t see bankruptcy as helping much. The main thing it would do would allow time to bring the loan current, but you seemingly have the cash to do that if push came to shove.

You’re right there’s a risk of going to the courthouse steps. That could be very situation dependent.

Is the first and second held by the same bank? If not, you may have issues there.

No other questions come to mind, but if I think of any, I’ll post them.

By: CC

CC — Thu, 30 Oct 2008 14:18:34 +0000

Thanks to both of you. I’m working with the Loss Mitigation Division of Wells Fargo. Keeping the house is to keep my dad from being so upset about the situation he is in that his health deterioriates further. The sale is scheduled in a few days and I’ve been advised by some in the real estate business that I don’t want to end up on the courthouse steps because there may be others willing to put up 15k-17k-20k to get investment property. He would NEVER even agree to discuss bankruptcy much less file to protect it.
My attorney hasn’t yet given me those alternatives.
What are further questions I need to raise? Here is what I’veasked so far:
What would be the tax consequence for dad on the forgiveness of the remainder of the debt?
- Does SC law allow for Wells Fargo to go pursue a deficiency judgment for the difference between the loan amount & the amound paid? — Have you seen where a bank might pursue that if it is an option?
- Given this will be a cash sale, is the HUD 1 they are requesting really necessary?
- What are the consequences for the estate if medicaid challenges the sale because it is within the 2-5 year period?
Did I miss anything?