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Short Sales

Fannie Mae And The Ghost in the Machine

by Tracy Royce May 16, 2013

As a short sale and pre-foreclosure specialist, my prerogative and fiduciary is with distressed sellers. Working between sellers, buyers, lenders, HOA’s, 2nd lien holders, agents, attorneys, and title agents becomes something of a juggling act. However, the bottom line is that we offer solutions in the marketplace, for which we ultimately profit. With my experience, [...]

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Short Sales

Short Sale Vs Foreclosure

by Tracy Royce March 21, 2013

As Investors and Buyers, coming to the aid of a distressed Seller is what we’re supposed to be highly skilled at. Depending on their situation, and the condition of the home, their options may become more and more limited. It may come down to not what they want, but what options they have left. In [...]

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Short Sales

Four Questions To Ask A Short Sale Listing Agent

by Katherine Grote March 15, 2013

In the past year of working with primarily short sales, I’ve gained enough experience to fill at least one book. I’ve dealt with just about every possible scenario from multiple lenders involved in the transaction to having to dispute valuations from 3rd party agents. Although I was certified through an awesome organization, nothing prepared me [...]

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Short Sales

Deed Restrictions and Short Sales: Can You Still Profit?

by Tracy Royce February 21, 2013

In the Investor community, garnering an edge in your marketplace and being “legally creative” can pay the bills. Such has been the case, and subject of much debate, around short sales and quick re-sales. As a disclaimer, none of the information posted in this article is to be construed as legal advice, and is posted [...]

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Short Sales

How to Win During Inspections When Buying a Short Sale

by Tracy Royce February 7, 2013

Let’s assume that you’re the type of buyer that is A-OK with putting in an offer on a short sale. (I’ll give you a second to clean up the coffee you just snorted out from laughing). Let’s stretch a little and say, said short sale has been accepted at a price that seems to make [...]

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Short Sales

Short Sale Could be the Next REO as Short Sale Process Gets Easier

by Tracy Royce January 31, 2013

What is a short sale? Although at this point it might go without saying, a short sale as it relates to housing is when the owner owes more than the property is worth. The short sale process entails negotiating with the current lenders to have them accept an offer from a new Buyer to purchase [...]

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Short Sales

Three Tips for the Adamant Short Sale Addict

by Katherine Grote December 28, 2012

Have you ever had one of those days where you really questioned your career choice? I had one of those days not long after I made the decision to specialize in short sales. It really happened quite innocently. I had a guy call me who was upside down on his condo and in trouble. My husband said, [...]

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Short Sales

The Death of Short Sale Buyer Anonymity

by Marty Boardman November 1, 2012

Did you know the Witness Protection Program isn’t called the Witness Protection Program? The U.S. Marshals Service’s website refers to it as the Witness Security Program. Created in 1971, it has “relocated and given new identities to more than 8,300 witnesses and 9,800 of their family members.” Much to my surprise, the U.S. Marshal’s service [...]

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Short Sales

Interesting Dynamics of Short Sales

by Ken Corsini July 11, 2012

It seems that in recent months, there is a shrinking foreclosure inventory and a shift towards more short sales. I know in our business, we are buying more and more short sales as a result of the changing market. With the increase in short sale business, we have found that there are a different set [...]

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Short Sales

Value Disputes and Bank of America Short Sales

by Melissa Zavala May 22, 2012

If you have completed more than a handful of short sales, then you have likely have been involved in a value dispute with the short sale lender. During the course of the short sale, the short sale lender sends out another Broker to complete a Broker Price Opinion (BPO) for the short sale listing. The bank then, [...]

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Short Sales

How to Address Closing Cost Credits in Short Sale Transactions

by Melissa Zavala May 15, 2012

Agents, buyers and sellers are abuzz because it’s a seller’s market again. Just a few weeks ago an agent friend of mine received 24 offers on his short sale listing, and another property in my area got 10 offers the very same weekend. When reviewing short sale offers with clients, it is important to look at [...]

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Short Sales

Updates to the HAFA Program

by Melissa Zavala May 8, 2012

The Home Affordable Foreclosure Alternatives Program (HAFA) is a government-sponsored program aimed to provide additional alternatives to foreclosure. Aside from loan modification (the government’s HAMP program) and underwater refinance (the government’s HARP program), the Treasury has also provided options for distressed borrowers through short sale and deed-in-lieu of foreclosure. This program is a little bit tricky, and you really need to [...]

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Short Sales

Short Sales – How to Manage the BPO

by Melissa Zavala May 1, 2012

I’m not going to say that I am super strong. I’ve done some martial arts and some kickboxing, but if I hit you, I probably wouldn’t take you to the floor. Nevertheless, I know the best way to fight a bad Broker Price Opinion (BPO). I can knock that baby to the floor in three easy moves. And… [...]

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Short Sales

Improved Short Sale Processing Time – Fact or Fiction?

by Melissa Zavala April 24, 2012

If you are considering the purchase of a short sale or if you are an listing short sales, 2012 may be the year for you. First off, the Mortgage Forgiveness Debt Relief Act of 2007, which protects certain short sale sellers from tax liability, is set to expire at the end of the year. The [...]

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Short Sales

Short Sale Changes at Bank of America

by Melissa Zavala April 17, 2012

We all know that Friday the 13th is considered to be bad luck according to western superstition. Yet, ironically, on Friday, April 13, Bank of America made a few major changes that may make our short sale processing times more efficient. The goal of these changes is to make short sale processing through Equator (the Internet-based platform) [...]

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