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YOUR PLACE TO CALL HOME: Is short sale the answer to financial troubles?

Sun, 11 Mar 2012 14:37:54 +0000

YOUR PLACE TO CALL HOME: Is short sale the answer to financial troubles?
The news has been filled with tragic stories of homes lost to financial hardship and foreclosure. The good news is that foreclosure doesn't have to happen to you. A 'short sale" may be an option for you. When you bought your home, your lender agreed to …
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Judge's jilted wife faces sale of £6m 18th century manor home she adores as …
Now the spurned wife of High Court judge Sir Nicholas Mostyn faces losing the £6 million home she adores. The judge has put the 117-acre Hertfordshire estate the couple used to share on the market – despite the fact that he and wife Lucy, 53, have yet …
Read more on Daily Mail

Can I get a great deal on a house using a “short sale” at this point in time?

Sat, 10 Mar 2012 14:34:00 +0000

Question by Scotty S: Can I get a great deal on a house using a “short sale” at this point in time?
Title says it all.

Are short sales hot right now? Can I get a good house for significantly under value by using one of these?

Best answer:

Answer by Palm Springs Real Estate
There are some great deals on Short Sales right now. Short Sales can take a little longer to close than a normal home purchase. The Bank is the seller and sometimes they move at a slower pace. Short sales are not always the best deal, check with a good Realtor in your area and see if there are other homes that may be better for you. Make sure you pick a good location, location is everything in Real Estate.

What do you think? Answer below!

Mangled Mortgage: Everything You Need To Know About Foreclosures, Short Sales, and Loan Modifications

Mon, 06 Feb 2012 14:38:21 +0000

Mangled Mortgage: Everything You Need To Know About Foreclosures, Short Sales, and Loan Modifications

“If you plan to be involved in real estate in the next several years, you need to read this book.”

Two of the biggest questions surrounding the housing industry today are:

How did we get here?

and

What h

List Price: $ 2.99

Price: $ 2.99

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Has anyone dealt with a house that is a “short sale”?

Tue, 10 Jan 2012 14:33:54 +0000

Question by advisor20: Has anyone dealt with a house that is a “short sale”?
I put a bid in on a house listed for short sale – it’s in pre foreclosure. Our bid is only k below asking price. It’s been a week and I have not gotten any response from the bid. This is going to be my second time dealing with a foreclosed home and it ending up going nowhere. I’m already approved for financing. It seems like every house I look at is in foreclosure

Best answer:

Answer by Lisa L
The company holding the mortgage has to agree to the short sale so that could be the hold up. Be sure you have an iron clad agreement from the company also. The attorney handling your closing needs to be in close contact with the mortgage company involved with the sale.

What do you think? Answer below!

Short Sale: Avoid Foreclosure

Thu, 17 Nov 2011 14:22:36 +0000

There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit. Contact a knowledgeable RE/MAX agent to find out more.
Video Rating: 4 / 5

What does it mean when a house is a “short sale” ?

Fri, 11 Nov 2011 14:34:08 +0000

Question by motya: What does it mean when a house is a “short sale” ?
We want to buy a house and it is great in every way, but we were reading the description and it said that it was a short sale. What does it mean? And also, is it bad if a house is so close to the railroad it seems like it is in your backyard? ( literally probably 5 y or 10 yards away – very, very close) Will the house shake?

please answer!!!!
Thanks!

Best answer:

Answer by William
Go to wikipedia.org and look up “short sale.” The railroad issue is one that only you can evaluate.

What do you think? Answer below!

Q&A: after I have sold my house under ” Short Sale”,?

Wed, 21 Sep 2011 14:34:52 +0000

Question by Hong L: after I have sold my house under ” Short Sale”,?
do I still liability between sale price and loan amount ? such as I have owed more than house value; that means I have sold my house ” short sale” was 6,000 after the lender has approved but I have bought my house 0,000; the different was 4,000 that is amount do I still owe or ” Forgiveness” by IRS? Thank

Best answer:

Answer by BloodBath
The lender has to approve the short sale
You lender takes the hit, not you.

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Sold In 19 Days Or I Buy It Myself Short sale my home fast

Thu, 14 Jul 2011 14:23:53 +0000

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Q&A: After doing a “short sale” of a house when does a bank typically send out a 1099? (if they do at all)?

Mon, 09 May 2011 14:42:52 +0000

Question by DBA: After doing a “short sale” of a house when does a bank typically send out a 1099? (if they do at all)?
I recently had to short sale a house I owned. The bank accepted the short sale as full and final satisfaction of the loan I owed them. I did not owe them as much as some people I have heard stories of. I am hoping I do not receive a 1099 form from them. If I do I am just wondering when I will receive it. The house closed 2 weeks ago (approx). thanks in advance!

Best answer:

Answer by Henry
You will get a 1099 January 2011.

Give your answer to this question below!

In real estate what does a “short sale” mean to a buyer?

Thu, 21 Apr 2011 14:38:33 +0000

Question by Ms. MD: In real estate what does a “short sale” mean to a buyer?
I’m looking to buy a new home. I know what a “short sale” means for the owner of the home but I’m not sure what it means for the buyer. For example, if the house is listed for ,000 does this mean that I should make an offer higher than that or could I get the house for cheaper than the ,000? I realize that all sales are different but I was just wondering what is the general rule for buying a “short sale” house. Thanks for your help!

Best answer:

Answer by stephen t
It all depends on what the lender is willing to take for the property. You can offer less than 80K but you should do a little research. Look on the days on the market, the longer on the market the more willing they will take a lower price, beware of where in the foreclosure process they property is. It does not hurt to offer a lower price, it is a buyer’s market and there is plenty of inventory so buyers can be picky. Beware, short sales can be a headache/nightmare dealing with getting the approvals from the lender/seller and a lot of potential buyers move on due to frustration.

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