Short Sale Info
Reno-Sparks Short Sale Information
In this page I have compiled some of the most helpful articles, interviews and links I have written and read through the years about short sales.
(click headline to read full article)
"Unlike foreclosures, there is no standard for reporting short sales. Some lenders may report as 'agreed settlement short of full payment' and some may not report them at all."
"If you get approved for HAFA, deficiency is canceled and you will get a minimum of $3,000 relocation fee."
"I chose this particular client because I think many would be able to relate with their situation (hardships, used their savings to try to keep the house, came from California, etc..). They are also a good example to follow—submitting their documents on time and devoted all the way to the end."
"Yes, you do forfeit the home either way. But the outcome for you down the road - whether you let your lender come and take your house, or whether you take charge, sell the home, and settle your debts yourself - will make a difference in your life for years to come. "
"What is a short sale? A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and advice for the real estate professional. "
"I am becoming a big fan of short sales over modifications because a person can turn around and buy a home with a new FHA loan as soon as one day after closing on the short sale. Of course, this is only an option if you maintainted (on time) payments to your lender, but I have seen several clients successfully do this. Obviously, if you can successfully short sale and then buy another home that is much more affordable, that is an ideal situation."
"Short sales in Reno were few and far in between, Reno foreclosures barely started and median price of homes in Reno was $315,000. This was December 2007, the first time we had Randi over for an interview, we asked her to share her thoughts on a 'new' emerging trend called 'short sales'. Four years later and handling more than 90% of all our short sales the last half decade, she's back -- with more wisdom and knowledge to share. "
"..there is a very distinct difference between a short sale and a foreclosure when it comes to mortgage lending. The two largest mortgage entities are Fannie Mae and Freddie Mac. In their underwriting bulletins, where they provide instructions to mortgage brokers, they clearly state that they will back a loan to a short sale participant in only three years, but people who let their house go to foreclosure must wait seven years."
"Jay Thompson of the famed'Phoenix real estate guy' is candid on his short sale heartbreaks and triumphs. A great resource of real short sale experiences."
"If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable."
"The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP), (3) providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP), and (4) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA)."
"The objective of this study was to take a scientific, data-driven approach to analyzing mortgage short sales. "
"Potential Losses Expected to Exceed $375 Million in 2011"
"I have gone through short sale crashes due to this reason. And these cold blooded people on the second will not even look at the short sale package if the payoff on the HUD1 (that the first lien-holder is offering to them) does not meet their payoff requirement (in essence, saying: “we want more money!”)."
"The new law reportedly signed by Gov. Jerry Brown will prevent first and second lien-holders (financial institutions who hold the note of the house) from pursuing homeowners in California who have gone through a short sale. It is a well known fact that first and second lien holders had the right to pursue home owners for 12 months to as long as 6 years after the short sale; which always seem to vary as new laws are signed."
"Homeowners, the worst mistake you can make is to go into denial and stay in your 'happy place' and not make those hard decisions. Let’s review. The best steps you can take are preventative. When you see yourself getting close to needing to sell in order to avoid foreclosure:"
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- Peace of mind: knowing that your agent looks out for your best interest. Joe will tell you the truth whether it benefits him or not. Intellectual honesty.
- Someone who cares: Joe has writen over 300 articles in the last 3 years, helping hundreds of people make the best possible decision in buying/selling homes in Reno-Sparks.
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- Market knowledge: studied and followed the Reno-Sparks real estate market since 2006 (median prices, supply & demand and months supply of inventory).
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"Joe was prompt, thorough, accurate, reliable, helpful and encouraging. It's people like him who make you want to come back for future business" - Chad Henton, Omgeo LLC
"If there is someone who should have listened to Joe but didn't, it is I. Joe told me I needed to sell by summer 2007, I thought the market was going to get better and decided to do otherwise. Learn from my lesson even if you don't agree with him, listen to what he has to say. You will not be disappointed." - Emily Abadia, Accountant
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Disclaimer: All information in this Blog are deemed reliable but not guaranteed. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions."