Nothing has generated more buyer interest the past few years than the words “foreclosure” and “short sale”.
Many perceive buying foreclosures and/or short sales as a way to purchase property at a very good price.
In some cases, this may very well be true.
Often times, REOs can be purchase for 40% to 50% of the previous sales […]
Entries Tagged as 'Short Sales'
SF Peninsula Distressed Property
January 25th, 2010 · No Comments
Tags: Foreclosures · Short Sales
Foreclosure Opportunities in East Palo Alto and Menlo Park
December 3rd, 2009 · No Comments
One of the most active and strongest markets on the San Francisco Peninsula can be found in the Belle Haven area of Menlo Park and in East Palo Alto.
Most of the listings in these areas are either short sales or foreclosures.
Run-down fixer uppers can be found sometimes below $200,000 and generally between $200,00 and $250,000.
These […]
Tags: Foreclosures · First-time home buyers · Short Sales · East Palo Alto real estate · Menlo Park Real Estate · Investment Real Estate
More information on Short Sales
May 3rd, 2009 · No Comments
Chicago Title has put together a good summary about some of the issues involved with a short sale.
A short sale generally will require a 2 year wait prior to purchasing another home.
Howver if you are not more than 60 days on your loan payment, this time period may be shorter.
Tags: Foreclosures · Short Sales · Credit Information · Sub-Prime Mortgage Issue
A short sale does not mean you do not owe the lender any more money
April 30th, 2009 · No Comments
Many homeowners believe that if their lender agrees to a short sale, they have no further obligation to the lender.
This is not true!
As the Wall Street Journal reports today, many lenders are being more proactive about going after homeowners for the remaining unpaid balance on loan. For example, if the mortgage balance is $400,000 and the […]
Tags: Foreclosures · Short Sales · Credit Information · Real Estate Finance
Understanding the tax implications of a short sale
April 30th, 2009 · 5 Comments
I have written several posts advising homeowners in trouble with their mortgage to consult both their attorney and their CPA before agreeing to a short sale.
The Wall Street Journal has written a good post highlighting the potential tax impacts of doing a short sale.
Homeowners could be tax on the gain in their property even if […]
Tags: Foreclosures · Short Sales · Real Estate Finance
Do any of these government mortgage relief programs work?
April 1st, 2009 · 1 Comment
I have generally been pretty skeptical about whether any of these much talk-about government programs will actually help any homeowners? Are these programs just more of the “promise a lot, deliver a little” that we seem to get out of Washington DC the past 10 years or will they actually help people.
I like to stay […]
Tags: Short Sales · Foreclosures · First-time home buyers · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Do you need help selling your home with a short sale?
March 27th, 2009 · No Comments
I have recently sold a short sale in Redwood City representing the buyer and another short sale in East Palo Alto representing the seller.
Do you need help evaluating your options? I am glad to help. I have undergone short sale specific traing and have the process and procedure down. It is still time consuming but […]
Tags: Foreclosures · Short Sales · Credit Information · Helpful Sites · Sub-Prime Mortgage Issue
Obama Home Mortgage Rescue Plan part 6
March 23rd, 2009 · No Comments
One of the things President Obama promised was greater use of the internet to make information about government programs and activites more accessible to the general public.
The MakingHomeAffordable website is now up and runnning.
This is a very useful site which will help homeowners determine if they are eligible for either the refinance plan or the […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Obama Home Mortgage Rescue Plan part 5
March 4th, 2009 · No Comments
Obama’s plan contains 2 main parts:
1. Refinance options for loans that are up to 105% of the current market value of the home.
2. Loan modifcation programs for people where option #1 does not apply and they are having a hard time making the monthly payments.
Obama has named the plan #1 - Making Homes Affordable.
Katie Curmutte, […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Do you qualify for Obama refinance plan?
February 27th, 2009 · 2 Comments
Exact details on Obama’s refinance plan will be out March 4, 2009.
Expect the lenders to take a few weeks to digest the information and set their in-house systems up to handle these requests.
Diane Tuman of Zillow gives good detailed information on what the plan is expected to be.
Tags: Foreclosures · Short Sales · Helpful Sites · Sub-Prime Mortgage Issue · Real Estate Finance