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Short Sales

Short Sales

Relief Act Expiration Leaves Underwater Homeowners Troubled

by Tracy Royce March 8, 2014
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The Mortgage Debt Relief Act of 2007 allowed homeowners who completed a short sale, foreclosure, or loan mod from being taxed on the amount of their forgiven debt. The was law kept getting extended, but just expired at the beginning of this year, January 1st, 2014. The expiration still leaves millions of people wondering how […]

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Short Sales

Two Reasons Why a Short Sale is Like Plastic Surgery

by Tracy Royce November 9, 2013
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Let’s set the record straight. A short sale is an elective procedure, and none of the parties involved are forced to participate. It has been a way, however, for underwater homeowners to have themselves removed from a very ugly weight; tens or thousands of dollars of inequity. A nip there, a tuck there, what’s the […]

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Short Sales

What is a Short Sale? The Definitive Guide

by Brandon Turner September 11, 2013
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In the most basic definition, a short sale is the process of selling a primary residence for less than what is owed with the approval from the current loan company. In other words, if you must sell your home that you owe $500,000 on but the home is only worth $400,000 – the bank may […]

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Short Sales

The Short Life of Short Sales

by Steve Cook September 6, 2013
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The world of distress sales deals is changing.  First it was REOs.  Then foreclosures bought at auction.  Now, short sales are showing signs that soon they’ll be going to way of the Stegosaurus. Buried in a release from Lender Processor Services last week was a notation that the number of short sales has fallen 60 […]

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Short Sales

Can I Lease The House Back to the Seller After I Buy a Short Sale?

by Tracy Royce June 27, 2013
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Purchasing a home where the occupants know the lay of the land, love the house, and are already occupying it seems like win-win. Typically this is called a turn-key rental. However, in a short sale situation, is it still OK for you to rent back the house to the current owners? Let me preface and […]

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Short Sales

Fannie Mae And The Ghost in the Machine

by Tracy Royce May 16, 2013
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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
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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
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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
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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
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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
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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
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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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The Death of Short Sale Buyer Anonymity

by Marty Boardman November 1, 2012
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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
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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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