A little addition to my last post about short sales vs foreclosures I want to give you more details on what is required from the seller’s side when trying to conduct a short sale transaction. As indicated in the previous post, there needs to be a reason (i.e. “hardship”) that caused your situation to change…
Tag Archive: Short sales
Why short sales might be your best option…
I wanted to add one thought to yesterday’s blog about short sales. Even though it seems like there are a lot of negative factors that need to be considered when getting into a short sale transaction, I do believe that they might be your BEST OPTION when trying to score a great deal on a…
De-mystifying short sales and foreclosures
By now you’ve definitely heard a lot about so called “short sales” and “foreclosures”. In my market area, which is Miami Beach, Florida,roughly 25% of all Miami Beach condos that are being sold are either short sales or foreclosures. In some other markets, this number could be as high as 75-80%. In either case, the…
More Wealthy Default on Their Mansions – The Wealth Report – WSJ
By Robert Frank The sub-prime crisis has turned into the super-prime crisis. Homeowners with mortgages of more than $1 million are now defaulting at nearly three times last year’s rate, according to a Bloomberg article. Payments on about 12% of mortgages exceeding $1 million were 90 days or more overdue in September, up from 4.7%…
Short sales: Playing by the new rules
WASHINGTON – Dec. 8, 2009 – The U.S. Treasury hopes to speed transactions under its new short sale rules, but details count, and Realtors should understand the process if they hope to avoid delays. While the new rules become effective no later than April 5, 2010, lenders have been encouraged to make them official as…
