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Never before in history has so much wealth just disappeared. About 15 million Americans purchased homes during the US housing market run-up from 2004-2006. A significant percentage of these people 1) overpaid (based on today’s values), 2) were victimized by predatory lending practices (and got lousy loans they could not afford) or 3) took advantage [...]
Sometimes you will see me, or other Realtors advertise Listings as “Approved Short Sales”. These can be sweet deals because they offer the discounted price that a short sale should and they are already approved by the lender, so there will be none of the lengthy delays associated with most short sales. Here’s how it [...]
Current market conditions, specifically the historically low interest rates and deeply discounted home prices, make it a perfect time for you to purchase a home in foreclosure. No need to limit yourself to any neighborhood. You’ll find foreclosure deals in even the toniest hoods. But, unless you have a ton of time, nerves of steel [...]
The short sale is conducted in exactly the same manner as a traditional sale…with one important additional step. When a suitable buyer is found your “application for a short payoff” is submitted, along with the offer, to the lender. The application includes an explanation of the hardship that led to this situation. The application also [...]
We’re often asked how the REO system works and how buyers can be successful buying these. REO stands for “real estate owned” and it refers to foreclosure property that is now bank owned. The bank, having lent money with the home as collateral, now has been given title to the property either through a deed-in-lieu [...]
California and thirty-three other states use a non-judicial foreclosure process. Trust Deeds are used instead of mortgages and real estate purchases involve three parties; the trustor (borrower), the beneficiary (lender), and the trustee (neutral third party receiving the right to foreclose). The Trust Deed includes a “power of sale” clause that gives the trustee the [...]
Getting it wrong can be a mess! Just like buying at auctions, probate sales or REO sales, buying a home that is being sold “short” requires some special handling. Being aware of how the process works can make the difference between a great deal and a great deal of hassle. So, my first advice is [...]
This topic comes up all the time. Hoping to get an inside track on a short sale deal that is, “hot” buyers ask me if we can offer to buy some personal item from the homeowner after the close of escrow. You know, like promise to overpay them by $2500 for their couch or some [...]